Creative Business Cup semifinalists announced

This year, Latvia is hosting the international competition for young entrepreneurs, Creative Business Cup, for the sixth time. During the competition, the jury will select the country’s most innovative company, which will represent Latvia at the competition’s final in Copenhagen this autumn, during Global Entrepreneurship Week. Having assessed this year’s applications, 20 of Latvia’s strongest semifinalists have been selected in the national competition, and they will continue competing for a place in the final this week. 

The list of this year’s semifinalists includes start-ups Aerones, BlindArt, CakeHR, CastPrint, CENOS, CheeksUp, Ette Tete, Gamechanger Audio, Glass Point Studio, InEx Cosmetics, InLable, LABIE KOKI konstruē, Nytonn, On board, POLAR, Safe Stable, Spectrum V, STUM, XOreserach and YouPlayDo, impressing the jury with creative ideas ranging from innovative toothpaste capsules and advanced recruitment software to drones and artificial intelligence solutions.

Of all the applications received, the national jury selected the 20 strongest semifinalists after assessing each company’s ability to develop a creative and innovative product, the start-up’s potential to operate internationally, and the market potential and sustainability of its business idea. This Wednesday, 22 August, the semifinalists will present their business ideas in person at the “Teikums” co-working space, 78 Gustava Zemgala gatve.

After assessing the presentations of the 20 semifinalists, the jury will select the five most promising candidates at the end of the event. This autumn, they will continue participating in the next round of the competition and compete for the title of national winner, before proving themselves at the international final in Copenhagen in November and competing for the main prize of EUR 15,000. The second- and third-place winners will also have the opportunity to travel to Copenhagen to gain experience. In addition, in October Riga will host a “Baltic Sea Region” masterclass and competition as part of the contest, in which national winners from 10 Baltic Sea region countries will participate.

Creative Business Cup is a global initiative traditionally focused on strengthening creative entrepreneurship and innovation. The aim of the competition is to support innovative ideas and promote their development by bringing together entrepreneurs from more than 70 countries around the world. Each year, the selected semifinalists have the opportunity to meet investors and potential partners, exchange experience and ideas, reach the global market, establish new contacts, and attract additional funding to support the further growth of their businesses, while gaining invaluable experience.

“Investors, creative entrepreneurs and experts from the creative industries from around the world gather at the competition’s final. Therefore, it is an excellent opportunity for Latvian representatives to showcase their innovative ideas to the entire world. During the competition, entrepreneurs can not only win a cash prize, but also attract potential investors and establish valuable contacts that can help accelerate the development of their ideas. Very good ideas have been submitted this year, so I believe the jury will have a difficult task determining which of them has the greatest potential to succeed in the global competition’s final as well,” says Liene Pērkone, head of the Creative Industries Incubator of the Investment and Development Agency of Latvia and a representative of the jury for the Latvian national CBC semifinal.

This year’s national jury consists of Gunita Kuļikovska, a participant in the 2016 project and founder of the company “Vividly”; Aivars Timofejevs, a board member of the “Young Entrepreneurs Centre”; Lilita Sparāne, head of the Creative Industries Division at the Ministry of Culture; Liene Pērkone, head of the Creative Industries Incubator of the Investment and Development Agency of Latvia; Simon Holmberg, head of the Danish Cultural Institute; and Dāvis Barons, a board member of Creamfinance.

The Latvian selection for the Creative Business Cup competition is organized by the Creative Industries Incubator of the Investment and Development Agency of Latvia in cooperation with the “Young Entrepreneurs Centre “Jobs&Society””. Competition partners include the Ministry of Culture of the Republic of Latvia, the Nordic Council of Ministers’ Office in Latvia and the Danish Cultural Institute. The competition is funded within the framework of the ERDF project “Regional Business Incubators and Creative Industries Incubator”.

Additional information about the competition can be found on the LIAA website. If you have any questions, please contact the organizer of the national competition selection, Līva Stūrmane: liva@juc.lv, +371 29265627.