The Investment and Development Agency of Latvia (IDAL) has reopened the technology and innovation portal Magnetic Latvia | Labs of Latvia. The new portal is one of the tools for achieving an ambitious but realistic goal – in 2023, 40% of all Latvian companies are innovative not only in theory but also in real life.
“One man has a dazzling idea, the other knows how to make it happen. However, such a combination is not enough to turn a business idea into a success story, as it is often assumed. The most fundamental question is: Will these people meet? The creation of innovative solutions requires not only knowledge and creativity, but also the courage to seek new paths and the skills to find the right companions. The portal Magnetic Latvia | Labs of Latvia is a place to meet for entrepreneurs, scientists and investors. It provides unprecedented “road maps” on support opportunities in each of the business stages, the possibility of sharing experiences and success stories, and starting talks with technology scouts, who help entrepreneurs in Latvian institutes and laboratories to meet allies for the implementation of innovative ideas,” explains Andris Ozols, the Director of IDAL.
The portal’s makers emphasise that Labs of Latvia was born at a time when the start-up environment was not present in Latvia yet and the entry of technology into business was only pushing the pace. Therefore, despite the improvements made to the portal over time, it was time to change both its shape and its content, and the range of topics covered. The newly opened portal Magnetic Latvia | Labs of Latvia will not only be a platform for inspiration and information for existing and future entrepreneurs, scientists, developers of ideas and potential investors, but also for every technology and innovation enthusiast.
“Other countries are consistently trying to lure the unique projects and innovative technologies developed by Latvian start-ups. Our challenge is to keep these entrepreneurs and products in Latvia. The successful gearing of science and entrepreneurship is particularly important. “You don’t need to go elsewhere to find inspiration today – there are many large-scale events taking place every year right here in Latvia, bringing together the most brilliant technology, innovation and business minds in one place and highlighting world-class achievements, and this opportunity will also be available in digital format,” says Ralfs Nemiro, the Minister for Economics, about the new technology and innovation portal Magnetic Latvia | Labs of Latvia.
In addition to informational content, portal makers would particularly like to draw attention of entrepreneurs who are planning to develop new products or technologies. Technology scouts are experts familiar with research organisations, their staff and the services provided and help to find the relevant research organisation and researcher competent to address the specific issues. Similarly, technology scouts identify potentially commercialisable research projects and supports their development. Currently, IDAL has 7 technology scouts: one at the University of Latvia, one at the Riga Technical University and five in the following sectors: bioeconomy, smart materials, information and communication technologies, smart energy and biomedicine.
“There is fertile soil in Latvia to create innovations and turn them into export-capable products. It is therefore very important to show interesting and successful examples to motivate potential entrepreneurs to try their forces. One of the most effective ways to encourage the emergence of bold ideas is to help various parties start negotiations. The newly opened portal will provide an opportunity to share experience stories and easily find all the latest information on technology and innovation news and events,” emphasises Ieva Treija, editor of the technology and innovation portal Magnetic Latvia | Labs of Latvia.
You can see the opportunities provided by the portal here: labsoflatvia.com