Translated using ChatGPT service.
The Cabinet of Ministers, at its meeting on May 13, approved additional funding for scientific institutions and businesses to support the development of new products.
Following the amendments, the total budget of the program is EUR 23.3 million. In total, at least 197 companies will receive support under this program. These changes will help promote collaboration between science and business, strengthen the innovation ecosystem in Latvia, and increase the potential to develop competitive products and technologies for both domestic and international markets.
The amendments prepared by the Ministry of Economics to the regulations for the European Union Cohesion Policy Program 2021–2027 activity “Support for the Improvement of the Technology Transfer System” aim to provide support for the commercialization of larger-scale technology transfer projects, raise the threshold for the exploration voucher, and offer support to scientific institutions and businesses for the development of new, marketable products or technologies.
Additional funding will be allocated to both existing and new support instruments to help transform innovative, marketable ideas into technological solutions and products that can be applied in business.
A new support measure is planned, offering up to EUR 300,000 to companies and scientific institutions working on the development of innovative, market-ready solutions. This funding is intended to cover various stages of development – from research and prototype creation to testing, design, licensing, and participation in international exhibitions.
Support of up to EUR 150,000 is also planned for science-intensive startups, with the aim of strengthening businesses that develop ideas in cooperation with scientific institutions. This 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 exploration voucher will be increased – from EUR 5,000 to EUR 10,000 – to provide more substantial financial support for the development of new products or technologies in collaboration with scientific institutions. In addition, the range of eligible activities for companies developing new products through innovation procurement has been expanded to include the adaptation of existing innovations for customer needs, as well as the creation and validation of pilot projects.