Creative Industries Incubator, administered by the Investment and Development Agency of Latvia
Published on 30 May 2018
Liene Pērkone
Head
About this good practice
Cultural policy guidelines 2014-2020 “Creative Latvia” determine necessity ‘to promote the emerging of new enterprises and the growth of entrepreneurship in the sector of CI’ by creating a creative industries incubator as there was limited support for the development of creative enterprises.
The incubator has two programs: 1. preincubation, which supports individuals with newly developed business ideas. This is a specifically designed program which is executed by the team of the incubator. It provides participants of the program with necessary skills and tools to develop their ideas into businesses. 2. Incubation, supports enterprises that are less than 3 years old. Entrepreneurs have access to working environment, consultations, events and training on general business issues, mentor support as well as co-financing necessary for developing a business.
The main stakeholders/partners: Ministries of Culture, Economics and Finance, Academies of Art, Music and Culture, Investor associations, other participants of the Latvian startup and CI ecosystem, a network of experts and mentors.
The main beneficiaries of the practice are individuals and young entrepreneurs that have a business idea in one of the following CI sectors – architecture, design, filmmaking, performing arts, visual arts, music, publishing, TV, radio, interactive media, advertising, cultural heritage, cultural education, computer games, interactive software development, leisure, entertainment.
The incubator has two programs: 1. preincubation, which supports individuals with newly developed business ideas. This is a specifically designed program which is executed by the team of the incubator. It provides participants of the program with necessary skills and tools to develop their ideas into businesses. 2. Incubation, supports enterprises that are less than 3 years old. Entrepreneurs have access to working environment, consultations, events and training on general business issues, mentor support as well as co-financing necessary for developing a business.
The main stakeholders/partners: Ministries of Culture, Economics and Finance, Academies of Art, Music and Culture, Investor associations, other participants of the Latvian startup and CI ecosystem, a network of experts and mentors.
The main beneficiaries of the practice are individuals and young entrepreneurs that have a business idea in one of the following CI sectors – architecture, design, filmmaking, performing arts, visual arts, music, publishing, TV, radio, interactive media, advertising, cultural heritage, cultural education, computer games, interactive software development, leisure, entertainment.
Resources needed
Planned total budget is 6 628 269 EUR for the whole period, including admin costs and co-financing.
It’s run by a team of 4 – 2 consultants/mentors directly working with entrepreneurs, 1 Community/events/communications Manager, 1 Head of the Incubator (strategy, partnerships, mentors).
It’s run by a team of 4 – 2 consultants/mentors directly working with entrepreneurs, 1 Community/events/communications Manager, 1 Head of the Incubator (strategy, partnerships, mentors).
Evidence of success
29 enterprises and 48 business ideas supported during the first year.
The participants of the program have attracted almost 200,000 EUR of investment during the 1st year.
68.2% of turnover is by exporting goods and services.
95% of feedback received is overwhelmingly positive (services of the incubator, quality of the program, network and consultations provided).
The incubator is considered as one of the opinion leaders in CI in Latvia.
The participants of the program have attracted almost 200,000 EUR of investment during the 1st year.
68.2% of turnover is by exporting goods and services.
95% of feedback received is overwhelmingly positive (services of the incubator, quality of the program, network and consultations provided).
The incubator is considered as one of the opinion leaders in CI in Latvia.
Potential for learning or transfer
This project has developed excellent partnerships between private, public and higher education institutions
We are eager to share our knowledge of the program design and methodologies and tools that we use when working with participants of this program.
We can share the challenges and solutions on how we’re working with distributing co-financing whilst being a part of a public institution which has different complicated procedures in place.
We can share the practice of working with local and international partners and other local incubators (there are 15 incubators that were established within this program and we work very closely together).
Team management and priorities – we are a small team of 4 people working with more than 30 entrepreneurs on a daily basis. It is important to prioritise and split responsibilities adequately.
We are eager to share our knowledge of the program design and methodologies and tools that we use when working with participants of this program.
We can share the challenges and solutions on how we’re working with distributing co-financing whilst being a part of a public institution which has different complicated procedures in place.
We can share the practice of working with local and international partners and other local incubators (there are 15 incubators that were established within this program and we work very closely together).
Team management and priorities – we are a small team of 4 people working with more than 30 entrepreneurs on a daily basis. It is important to prioritise and split responsibilities adequately.
Further information
Website
Good practice owner
Organisation
Investment and Development Agency of Latvia
Latvia
Latvija
Contact
Liene Pērkone
Head