1. BUSINESS INCUBATION AT HIGHER EDUCATION INSTITUTIONS – CASE STUDY FROM LATVIA. IVETA CIRULE, PHD STUDENT, HEAD OF CREATIVE BUSINESS INCUBATOR, CO-FOUNDER OF LATVIA STUDENTS BUSINESS INCUBATION INITIATIVE RIGA INTERNATIONAL SCHOOL OF ECONOMICS AND BUSINESS ADMINISTRATION, LATVIA XX Annual International Conference PUTTING KEYWORDS TOGETHER IN INNOVATION ECOSYSTEM 27-29 May, 2015 Kaunas, Lithuania

2. Outline of presentation Purpose Methods Definitions Business incubation at HEI HEI profiles Findings & suggestions Further research

3. Purpose (1) Introduce with business incubation process at HEI in Latvia Suggest the future scenario of HEI business incubators’ development

4. Purpose (2) entrepreneurship development HEI incubators: as a social and managerial process + the social organizational environment Start-ups: Sustainability Growth

5. Methods Judgement sample analysis of 4 HEI business incubators’ profiles Literature review on business incubation process

6. Business incubation «..while a business incubator refers to the social organizational environment of the firm, in contrast, business incubation refers to the programs, activities, and events, that systematically identifies and evaluates new and emerging opportunities with the objective of bringing a community orientation and collective action to improvements in existing products or processes or the development of totally new products, new technologies and new business models.» (Joseph & Eshun, 2009)

7. Business Sustainability managing the triple bottom line - financial, social and environmental risks, obligations and opportunities Financial times, Lexicon http://lexicon.ft.com

8. STARTUP DEVELOPMENT PHASES

9. HEI incubators - Latvia case 60 Higher Education Institutions (HEI) in Latvia. First HEI incubator in Latvia – 2013. 4 HEI (+1 in development) are offering business incubation facilities for students, alumni and young entrepreneurs free of charge. Simbolic fee (5 - 50 EUR/month) for any interested person.

10. Main problem Lack of Pre-incubation impacts the quality of Incubation. Young entrepreneurs could not enter business incubators due to a lack of business sustainability and a lack of business and work experience – only potentially viable businesses are accepted into „classical” business incubators until 2015. Pre-incubation process is forseen in a new State incubation programme starting from 2015/2016 -2020.

11. STUDENT BUSINESS INCUBATORS

12. Results 20 of them realize that business is not their calling 10 of them can’t find the right business concept 40 teams each year 10 of them move forward

13. Main focuss Help the person Improve the idea Test t h e b u s i n e s s m o d e l

14. HEI services Training & consultancy Office place Mentoring Various suppport projects – business contests, summer camps, international events Small grants (trade mark registration, prototyping)

15. Support projects

16. FISH SPA Health & beauty Mentor – Marika Ģederte, entrepreneur, Cofounder of Cosmetology College Elīna Tumova – entrepreneurship student

17. AUREA LANA Social business idea Woolen hats and gloves Mentors – Iveta Cīrule, Head of Creative Business Incubator RISEBA student Matīss Šteins

18. SOMAA Creative Industries enterprise SOMAA Linen bags and sacks Krišjānis Zviedrāns – business phycology student Mentor – Head of Creative Andrejsala business incubators Rihards Zariņš Registrated trade mark in November 2014 www.somaa.lv

19. Findings Start-up ecosystem HEI’s incubators

20. Further research Sustainability of HEI incubators’ enterprises The role of social and human capital in business incubation process at HEI Growth of HEI incubators’ enterprises with the respect to nascent entrepreneurs motivation The role of pre-incubation in entrepreneurship/ enterprise development

21. Q & A THANK YOU FOR ATTENTION! WWW.RISEBA.LV IVETA.CIRULE@RISEBA.LV