The Cabinet of Ministers has approved additional funding of 23.3 million euros for scientific institutions and companies for the development of new products. A total of at least 197 companies will receive support through the program. These changes will help promote collaboration between science and business, strengthen the innovation environment in Latvia, and increase the opportunities to create competitive products and technologies for both the local and international markets.
The amendments to the regulations developed by the Ministry of Economics for the European Union's Cohesion Policy Program 2021–2027 aim to provide support for the commercialization of technology transfer in larger projects, increase the threshold for the discovery voucher, and provide support for scientific institutions and companies for the development of new, commercializable products or technologies.
Increased funding will be allocated for both existing and new types of support to help transform new, commercializable ideas into technological solutions and products that can be used in business.
A new support mechanism of up to 300,000 euros will be introduced for companies and scientific institutions working on the development of innovative, marketable solutions. This funding is intended for various stages of development – from research and prototype development to testing, design, licensing, and participation in international exhibitions.
Support of up to 150,000 euros will also be available for scientifically intensive startups to strengthen companies developing ideas that have arisen in collaboration with scientific institutions.
The funding can be used for employee salaries, materials, prototype development, and participation in exhibitions and trade missions abroad.
At the same time, the threshold for the discovery voucher will be increased – from 5,000 to 10,000 euros – to provide greater funding for the development of new products or technologies in collaboration with scientific institutions. Additionally, the scope of eligible activities for companies in the innovation procurement framework will be expanded to include the adaptation of innovation results already created to meet the needs of the customer, as well as the creation and testing of pilot projects.
