1. Viesturs Zeps Head of Project Development Division September 22, 2009
The National Competition “Cup of Ideas” Conference “Challenging Innovation – creating synergy between education and business”
Viesturs Zeps
Head of Project Development Division
September 22, 2009

2. The Cup of ideas is…
… a competition of innovative ideas supplemented not only by individual advice of experts and training ... but also an opportuniyy to attract seed capital for one’s own business.
The aim: Foster and encourage the emergence of new innovative companies thus increasing the economic wealth of Latvia
Related synergy initiatives:
Business Man in 5 Days (Training of seniour students)
The Pre-Seed Facility (Small scale Funding Scheme)

3. Public initiative in partnership with industry…
The “Cup of Ideas” is managed and administrated by LIAA
A set of Partners are involved to ensure the necessary additional capacities:
Strategic Partners
Information and Publicity Partners

4. How does it work in practice
IDEA
TRAINING
BUSINESS PLAN
Businessman in 5 Days
Idea
1st “Pitch”
Intensive Training
Pre-seed Facility
PreSeed-Funding
Innovative Idea
Investor Readiness Training
Negotiations with VC

5. + Fund of Awards ~20 000 € Contacts Skills Experience 1st 7 000 €
4 – 10th : 700 €
Contacts
Skills
Experience +
Special Awards from Partners of Competency:
- support from Business Incubators;
- Consultation vouchers.

6. Statistics ... Quantitative indicators 2007 2008
Submitted business Ideas
269
376
Intensity of Technology based ideas
10%
25%
Participants (Total)
384
450
Ideas selected for the 2nd round
127 (47%)
104 (28%)
Training seminars 1 4
Participants in training seminars 95
280
Presentations of Success Stories
Mentored ideas 82
100
Involved mentors 50 70
Business plans submitted for the finals 56 49
Established companies 6
10*

7. Preseed funding scheme (pilot initiative)
78 submitted the filled description of ideas
36 idea authors submitted their proposals
20 projects selected for 2nd round
16 projects approved by the evaluation committee
8 of those companies, other natural persons
Out of 36 projects submitted:
8 has established their companies

8. Businessman in 5 days! Quantitative results Results of 2006
Students selected
100
160
Students trained 81
149
130
Real Business ideas
30%
50%
35%
Involved HEI
3 (LU, LLU, REA)
5 (LU, LLU, LBK, RA, VeA)
5 (LU, BSA, RA, VeA, REA)
Established companies 9 11 6

9. Success Stories The Winner of 2008. Amber Thread 2nd. Coco-Cut opener
3rd. Crazy Rotor

10. Other should take into account
Confidentiality of Ideas;
Credibility of Partners involved;
PR plays its role;
Strict system;
IT IS A COMPETITION
Most Important: Follow-UP with or without several instruments

11. Thank you for your attention!
Pērses iela 2, Rīga, LV-1442, Latvija
Tel.:
Fax: