National finalists of the Creative Business Cup competition announced

Last week, the semi-final of the Creative Business Cup competition for young entrepreneurs was held at the Teikums co-working space, during which 20 selected participants presented their innovative business ideas to those in attendance. In fierce competition, the jury selected the five strongest contenders, who will continue the competition in the national final this autumn. The international competition is being organised in Latvia for the sixth time, and its winner will have the opportunity to attend the grand final, which will take place in Copenhagen in November as part of Global Entrepreneurship Week.

This year’s most promising companies were recognised as CastPrint, CheeksUp, Safe & Stable, Gamechanger Audio and BlindArt, each representing a different segment of the creative industries. The innovative 3D printer of plaster casts, CastPrint, offers an advanced approach to treating fractures; the virtual children’s game CheeksUp increases productivity in speech therapy by automating sound repetition and using articulation exercises; the music engineering company Gamechanger Audio manufactures innovative electronic musical products; the social enterprise BlindArt develops modern and functional design objects by involving people with visual impairments, while the student-created brand Safe & Stable offers an improved white cane with an ultrasonic sensor for people with visual impairments.

Two important criteria were taken into account when selecting the strongest contenders - first, the business idea developed by the company had to be innovative and based on creative competencies; second, the jury also evaluated the start-up’s potential and sustainability on an international scale. This autumn, in October, all five finalists will continue to the next round of the competition and compete for the title of national winner, so that in November they can prove themselves at the international final in Denmark alongside representatives of more than 70 other countries and compete for the main prize of EUR 15,000. The second- and third-place winners will also be able to travel to Copenhagen to gain experience, while, in addition, a Baltic Sea Region masterclass and competition will take place in Riga as part of the Creative Business Cup, with national winners from 10 Baltic Sea Region countries taking part.

“Creative Business Cup clearly shows that truly promising young companies are emerging from the creative industries, and that they are highly skilled at combining creative values with business. In my opinion, interdisciplinarity and, specifically, interaction between industries are the key to the success of our young companies. I believe that each of the Latvian semi-finalists will be able to offer strong competition to the others in Copenhagen this year,” comments competition jury member Gunita Kuļikovska, founder of Vividly.

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 around the world. Every year, selected participants are given the opportunity to meet investors and potential partners, exchange experience and ideas, reach the global market, establish new contacts and attract additional funding for the further development of their businesses, while gaining invaluable experience.

This year’s national jury includes Gunita Kuļikovska, a participant in the 2016 project and founder of 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 at the Investment and Development Agency of Latvia (LIAA), Saimons Holmbergs, Director of the Danish Cultural Institute, and Dāvis Barons, a board member of Creamfinance.

The selection process for the Creative Business Cup competition in Latvia is organised by the LIAA Creative Industries Incubator in cooperation with the Young Entrepreneurs Centre “Jobs&Society”. The competition partners are 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 financed within the framework of the ERDF project “Regional Business Incubators and Creative Industries Incubator”.

Further information about the competition is available on the LIAA website. If you have any questions, please contact Līva Stūrmane, organiser of the national competition selection process: liva@juc.lv, +371 29265627.