3 April 2020

Norwegian Financial Mechanism Programme "Innovation" green "production" good practice examples in 2016


The development of Latvia is and will remain based on medium and high technology intensive industries in long term, providing support for already existing manufacturing enterprises and start-up enterprises, which are significantly improving or creating new innovative products, technologies and services. At the same time, this support approach helps to energy efficiency, reduction of emissions and provides lower consumption resources, thus increasing welfare of inhabitants of Latvia and ensuring environmental sustainability.

The above mentioned overall objectives helped to achieved also Norwegian Financial Mechanism programme "Green Industry Innovation", in which the support for both existing manufacturing enterprises was provided for replacement of new and more environmentally friendly production equipment and start-up enterprises for the development and commercialization of innovative and environmentally friendly products, technologies and services.

Looking back on 2016, several start-up enterprises supported under the Norwegian Financial Mechanism programme "Green Industry Innovation" were positively protruding. For instance, some of start-ups enterprises were taken to the best accelerators in the USA and Europe (Plug&Play, ClimateKIC and Vertical) or continued to negotiate on his own admission to the accelerator Boost VC. Some of start-ups enterprises has successfully participated in international contests and pitching sessions (Climate Launchpad, Nordic Launch and Oslo Innovation Week 2016).

At least three start-up enterprises have raised private venture capital for their business ideas further development in total 770 000 EUR – Airboard (raised venture - 50 000 EUR), LED Chemicals (210 000 EUR), PlayGineering (attracted venture capital - 500 000 EUR).

Individual start-up enterprises such as MILZU!, Gigibloks, Vizulo have awarded with title The export rising stars from export movement The Red Jacket. This award indicates that the enterprises has export potential in the future.

Some other of start-up enterprises should be mentioned good examples - Bindio launched Kickstarter fundraising campaign in 2016, by providing a printed heart model helped surgeons successfully perform a unique surgery in Latvia, PlayGineering has been successful in providing sports analytics services for Kontinental Hockey League matches, World Floorball Championship 2016 and the Olympic Games qualification tournament of Ice Hockey for women and additionally reached common agreement with the local authorities of France to equip 30 soccer stadiums with integrated sport analytic system.

These are just a few good practice examples supported under the Norwegian Financial Mechanism Porgramme "Green Industry Innovation". Currently the most of supported start-up enterprises are at the beginning of the road, but for sure about many of them we will hear in the nearest future.

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2 April 2020

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