Support for early-stage start-ups and entrepreneurs in shaping their business ideas and developing their businesses.
Creative Industries Incubator (CII) is part of support program for young entrepreneurs of creative industries. CII operate in Riga Capital of Latvia and is one of the 15 Incubators under the Incubation Program, which is managed by the Investment and Development Agency of Latvia and was opened in January 2017.
There are two programs run within the incubator:
-pre-incubation, which is for future entrepreneurs that have a business idea but have not yet started working on it (or are at the very early stage of the idea development). This program runs for 6 months and entrepreneurs go through a specifically designed business validation process including mentoring and coaching.
-incubation is for enterprises that are less than 3 years old and this program may last for up to 4 years. During this time entrepreneurs have access to educational workshops and lectures, as well as mentoring and coaching. During this program entrepreneurs can also apply for 50% co-financing for the development of their product.
Since project set-up 180 221 EUR has been invested in enterprises supported by CII. From that amount 89 857 EUR as a co-finance for various services (renting premises, digital marketing, prototyping services etc.) and 90 364 EUR for co-finance for purchasing raw materials and equipment.
The planned total funding for the Creative Industries Incubator is EUR 7 058 823, which is made up of EUR 6 000 000 from the European Regional Development Fund and EUR 1 058 823 as national public co-financing. Since project set-up 180 221 EUR has been invested in enterprises supported by CII.
Evidence of success
Currently there are 37 entrepreneurs within the incubation program and 19 entrepreneurs within the pre-incubation program. Since 2017, CII received 183 applications for pre-incubation programme and 127 applications for incubation programme. Since beginning of the programme CII enterprises have had 1 204 457 EUR NET turnover and 929 698 EUR or 77,19% of this was from export to international markets. In terms of events (seminars, workshops and other public events) CII have organized 119 events.
Since in creative industries (CI) in Latvia most of the services are outsourced (for example, sales, marketing and even manufacturing), CII faced a problem with low numbers of new workplaces created per enterprise, which is one of the CII measurable output.
Potential for learning or transfer
Creative Industries Incubator is a turnkey creative hub providing technical skills training, business incubation, and networking for entrepreneurs in the creative industries. It is a generic tool where small and medium-sized companies can obtain advice and training.
Creative industries supported by this program include – architecture, design (fashion, interior, accessories and other), filmmaking, performing arts, visual arts, music, publishing, TV, radio, interactive media, advertising, cultural heritage, cultural education, computer games, interactive software development, leisure, entertainment.
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