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project info
Start date: 26 September 2023
End date: 30 June 2027
funding
Fund: European Regional Development Fund (ERDF)
Total budget: 65 983 919,00 €
EU contribution: 56 086 331,00 € (85%)
programme
Programming period: 2021-2027
European Commission Topic
European Commission Topic

Developing innovative entrepreneurship for SMEs

The aim of the project is to ensure the availability of financing for the implementation of the business idea and the development of entrepreneurship by promoting activities aimed at increasing the share of innovative entrepreneurs in the economy and promoting entrepreneurship aimed at creating high added value in the field of medium-high and high technologies and creative industries, and promoting export growth in supported enterprises, thus contributing to the achievement of the objectives of the Smart Specialisation Strategy. Total export growth of enterprises supported by the project in 4 years is expected to be 0.6 billion euros, taxes paid 150 million euros, total impact of the project on the NIP sub-objective on R&D investments -5%. Within the project, LIAA will implement activities covering the full support of the business development cycle, from the idea of creating a new technologically intensive enterprise to a stable, competitive growth-oriented business with high added value. Within the framework of the project, the target group will be provided with financial and non-financial support for innovation and motivation activities, business incubation activities and export promotion activities. Within the framework of the project, the LIAA will carry out activities such as consultations of Latvia's external economic representations, the implementation of educational and training programmes aimed at the development of entrepreneurship and innovation, the organisation of measures to promote innovation and entrepreneurship exports, including providing support in the form of grants, the awarding of prizes and cash prizes to the winners of business idea competitions, cooperation with organisations and institutions, etc. The total eligible costs of the project application are EUR 65 983 919, including the financing of EUR 56 086 331 from the European Regional Development Fund, and the financing of EUR 9 897 588 from the State budget. The project is planned to be implemented from the 3rd quarter of 2023 to 30.06.2027. If additional financing is granted, the term of implementation of the project and the support available to economic operators may potentially be extended to 31.12.2029. By providing both grant and non-financial support, the project will result in the provision of 1000 new jobs in supported enterprises, 209 new enterprises still operating in the market, as well as a particular emphasis on achieving the results of the creative field, namely, granting grant support to 32 enterprises and providing non-financial support to 44 enterprises in the field of creative industries, support to 22 new enterprises, providing incubation capacity of 44 enterprises, as well as ensuring the achievement of 114 full-time equivalent loads in supported enterprises.

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