Bank Supports Development of Innovations
With the support of Baltic International Bank, another cycle of Commercialization Reactor, the international project of technologies development and commercialisation, was launched in Riga in early June. This forum is devoted to using scientific research and technology in perspective business projects.
The chief organiser of the event is the Latvian Investment and Development Agency (Latvijas Investīciju un attīstības aģentūra) in collaboration with Virtual CEO Ltd. The goal of the project is to establish innovative and attractive companies for venture investment on the basis of technological developments created in Latvia and the CIS countries, thus promoting cooperation between entrepreneurs and scientists.
In total, 12 technologies, which could develop into successful businesses with the support of investment capital, have been presented to entrepreneurs from Riga at this year forum. As a result, a few pre-companies were established on the basis of several presented products, e.g. enzyme production technique (Georgia), PDLC-based, electrochromic smart films (Russia), high-accuracy chronograph (Latvia), new-generation profilometer / surface roughness tester (Russia), technology for biomass-derived heat, synthesis gas (syngas) and fertilizers (Russia), antibiotics-free feed additive eliminating the need for vaccinations (Georgia).
In 2009-2010 the Commercialization Reactor presented 36 technologies. The first company which was established on the basis of one of the technologies, Naco Technologies Ltd has already received investments at amount of EUR 900k. Six more companies are going to receive investments in the nearest future.
Baltic International Bank has been supporting the implementation of the Commercialization Reactor project since 2009, trying to promote the events which contribute to the establishment of perspective business contacts, development of advanced technologies and creation of new business solutions, which, eventually, also bring benefit to the Latvian national economy.
The bank devotes special attention to venture investment. Thus, in 2011, with the bank’s support, the idea of establishing a club of investors among the clients was implemented. This club will be engaged in business angel investment.