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New High-Tech Companies to Emerge in Riga with the Support of Baltic International Bank

News - October 29, 2015


The 10th Commercialization Reactor Ignition Event, a conference organised by new business platform Commercialization Reactor, will take place at the Faculty of Architecture and Urban Planning of the Riga Technical University as early as 6 and 7 November this year. The conference will bring together researchers and potential entrepreneurs to create new globally competitive high-tech enterprises.
The Commercialization Reactor, a platform for the creation of new businesses, has been supported by Baltic International Bank for several years now. 30 high-tech enterprises have been created by the Commercialization Reactor during the five years of its existence. Approximately EUR 3 million have been invested in new scientific companies during the first four years of the operation of the platform, while the amount of investments over the last year has been much larger, amounting to about EUR 2 million.
‘It is specifically strong niche companies that we must try and compete with in the international arena. Global investment trends show that the wealthy people around the world are interested in investing their funds in sustainable projects which are based on technologies and deliver benefits to the society and the environment. The disappearance of geographical boundaries in capital management is the second strong trend. More than ever before, Latvian entrepreneurs have the possibility to attract the attention of international investors and to create unique products with which to compete on the global stage,’ explains Mrs Ilona Gulcaka, Chairperson of the Management Board of Baltic International Bank, supporter of the platform.

‘We can say with confidence that Latvia is on its way to global leadership in the commercialization of technologies. The approximately 30 new innovative companies created over the last five years have generated values worth over EUR 20 million, and their price continues to grow rapidly. The combination of excellence in business and science is the main asset of the new post-industrial economy, as evidenced by the interest of investors about these companies. Latvia is one of the first countries in Europe where the commercialization of scientific achievements is being implemented since 2009 when LIAA (the Latvian Investment and Development Agency) started supporting this programme,’ says Mr Edgars Grants, representative of the Commercialization Reactor.

The main objective of new business platform Commercialization Reactor is to provide scientists and entrepreneurs with an opportunity to meet one another, to help them understand one other, and to attract initial investment for setting up a business. A proto-company is created and an initial business development strategy is developed in the follow-up of a Commercialization Reactor event. Over the next six months, the new company is developed under the auspices of the platform and receives support from mentors in order to get prepared for attracting further funding. Pre-seed capital is attracted within the platform framework that can be used by the newly created enterprise to gain a foothold and consider attracting investments from venture capital funds, banks and other investment platforms on a larger scale.

Focussing its activity on supporting sustainable investment projects, Baltic International Bank attracts investor funds and invests them in business projects in Latvia and the EU, and highly appreciates the emergence of science-based businesses. ‘There has been a significant increase in the volume of investments in alternative investment projects, including new companies, over the last decade. We too see in our daily activities that the customer interest about alternative investments in business projects is growing. Investors are willing to invest in the areas of energy and medicine and, traditionally, in information technology. However, entrepreneurs need to think about how to improve the quality of their projects so as to make business more attractive to investors. The Commercialization Reactor and the events they organize help do this excellently,’ Ilona Gulcaka underlines.

For more information about the event and the Commercialization Reactor please visit: http://www.commercializationreactor.com

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