Small Innovative Business Promotion Network

To promote new innovative high growth firms e.g. “gazelles” by encouraging entrepreneurial creativity, providing needed support and evaluating needs for early stage risk finance. This project aimed to solve identified common for partner regions (Kurzeme, Riga and South Estonia) market failure to release innovative spinouts from regional research centres and Higher Education Institutions fuelled by partnership, mutual learning and mobility activities, and required external competence.

Project’s activities

SIB Net project ensured a complex activity package to increase creativity, business readiness and developed financial schemes for the support of perspective business ideas:

• analysis of innovative new start-ups at the existing situation and needs in the region
• establishment of two pre-incubators, creativity forums, investor forums, matching events
• development and assessment of the different financial tool concepts to be applicable and most appropriate for the program territory
• training of project partners representatives responsible for SME’s support activities and exchange of experience

Planned results

The project identified the needs in the region regarding to the lack of high growth potential companies and financial support. Development of two pre-incubators in Ventspils and Tartu, organising two investor forums, several matching and creativity events and idea competitions were of benefit to idea holders to improve and develop their ideas into the real business plans.

More information: sibnetwork.eu