Support from EU funds is available for the improvement of the technology transfer system – LV portal

The Central Finance and Contracts Agency (CFLA) has sent an invitation to the Latvian Investment and Development Agency (LIAA) to submit a project for co-financing from the European Regional Development Fund (ERDF) in order to ensure the availability of funding for businessmen for the development and commercialization of new products, services or research projects. About 19 million euros are allocated from the ERDF for the implementation of the project.

In order to increase the share of innovative merchants in the economy, creating a connection between the final beneficiaries and research organizations, within the framework of the EU funds program of the Ministry of Economy, it is planned to ensure the availability of funding for merchants for the development and commercialization of new products, services or research projects. The availability of funding will facilitate the direct transfer of knowledge and become a catalyst for the formation of long-term deeper cooperation between the two parties, thus contributing to the achievement of the goals of Latvia’s Smart Specialization Strategy.

It is planned that the number of entrepreneurs supported by the measures until the end of 2024 will be 6, the number of entrepreneurs supported with grants will be 19. By December 31, 2029, the number of entrepreneurs supported will be 190, the number of entrepreneurs supported with grants will be 190, 38 will be supported business people who will cooperate with research organizations.

The total eligible funding available in this selection of projects is 26,548,890 euros (flexibility funding – 4,187,431 euros), including funding from the European Regional Development Fund (ERDF) in 22,566,556 euros (flexibility funding 3,559,317 euros) and state budget co-financing 3,982 334 euros (flexibility financing 628,114 euros).

The project application must be submitted to LIAA by this year. December 19, while the evaluation of project submissions is planned until January 5, 2024. Project selection documentation published on the CFLA website.

ERDF support for project implementation is provided for 1.2.1. of the specific support objective “Strengthening research and innovation capacity and introduction of advanced technologies for companies” 1.2.1.4. within the framework of the event “Support for the improvement of the technology transfer system”.