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Bank Supports Technology Development

News - November 17, 2009

Last week the Technology Promotion and Commercialisation Workshop (1st Commercialisation Reactor) was held in Riga. The event was organised by the Latvian Investment and Development Agency (LIDA) in co-operation with International Science and Technology Centre (ISTC) and Virtual CEO. The workshop’s aim was to promote putting Latvia on its path to commercialisation of technological know-how developed in the CIS. Latvia, as EU member country, intends to use its legislative and business landscape for this purpose. It is for the first time that a workshop of this kind was organised in Latvia. Baltic International Bank is proud to have been one of the financial sponsors for the event.

The workshop brought together a group of 25 Latvian businessmen who showed their interest and readiness to build partnership with the inventors of the technological know-how in the CIS and to create new Latvian businesses based on scientific and technological innovations. 

The technologies were presented by ten developers of technological know-how /scientists from the CIS. They, in liaison with Latvian businessmen, are planning to establish commercial enterprises in Latvia. ISTC experts provided the proof-of-concept for each of the technologies. Technological developments in electronics, alternative energy, medical equipment, biotechnologies and pharmacy were presented to the attendees. As a result of intensive work, seven out of ten technologies were identified as innovative business projects (which are at the preliminary stage) and were presented to potential investors.

„During the workshop, we have got a reason to believe that the most original and innovative ideas can take root in new enterprises”, our Chairperson of the Board Ilona Gulchak said. „This event has once again proved that Latvia can serve as a bridge not only between Eastern and Western businessmen, but also between scientists. We therefore considered it necessary and appropriate to support the event that fostered establishing new contacts and developing innovative and progressive technologies,” Ilona Gulchak added.

It is envisaged that the project’s counterparties will meet at a minimum once a year.

ISTC is an intergovernmental organisation connecting scientists from Russia, Georgia and other members of the Commonwealth of Independent States (CIS) with their peers and research organisations in Canada, EU, Japan, Republic of Korea, Norway and the United States. The ISTC mission is to facilitate innovative projects in research and technology and to support commercialisation initiatives.

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