Possibilities of commercialization of business ideas for economic development of Latvian regions

Project description

Globalization opens new opportunities for creative and entrepreneurial individuals to choose cities and countries for launching successful businesses. In the modern economy, knowledge, universities, research, and the transfer and commercialization of ideas play a critical role. Business incubators serve as a key instrument for fostering economic development and entrepreneurship, particularly in regions where the market alone cannot create the conditions for new businesses.

Since 2007, Latvia has implemented a Business Incubator Support Program to promote the development of viable and competitive enterprises by providing infrastructure and advisory services. Universities initially participated, and at least 11 university incubators remain active, though none focus specifically on regional development.

This project evaluates Latvia’s support for business incubators, analyzing their historical development, economic impact, and potential for enhancing regional growth, especially in Zemgale. It aims to explore commercialization opportunities for researchers’ ideas through university collaboration and state support, offering recommendations for future development scenarios.