The Technology incubator, legal name Green Industry Innovation Center (GIIC), is focused on supporting and encouraging businesses involved in green industry innovation. The GIIC supports development of products, services, and processes that harness renewable materials, energy sources and efficiency, reduce the use of natural resources, and cut or eliminate emissions and wastes.
To be an overarching institution that fosters the creation and growth of new products and businesses in „green” innovation area.
The GIIC is committed to growing a vibrant green industry and business community in Latvia by using regional strengths through research, innovation, business development and facilitation of international business opportunities.
- Creation of dozen new knowledge intensive businesses via incubation mechanism and supporting the growth of companies in green industry.
- Stimulation and management of the knowledge exchange between universities, research organizations and green industry companies.
- Facilitation of international business and institutional cooperation within green technology sector, particularly with Norwegian partners.
- Creation of the recognized institution with highly specialized regional expertise for green technology business development.
Definition of „green”
Project (enterprise) is accepted into incubator if it develops a product, technology or process contributing to:
1) Production of renewable energy;
2) Production of green (energy efficient) products and materials for buildings;
3) Clean transportation;
4) Water management;
5) Waste management;
6) Eco design;
7) Or any other improvements in products, technologies or processes in other fields contributing to energy efficiency, lower emissions or lesser consumption of resources.
The GIIC is focused on providing following services:
- business consulting services,
- project development,
- shared office & production premises.
Pre-incubation (services in amount of <10 000 EUR) and incubation grants (<140 000 EUR) are available to the GIIC clients for proof of concept, commercialization and business development. Grants will be provided to selected companies, selection done by Investment and Development Agency of Latvia. In addition to grants GIIC will offer minimal service pack for clients in incubation phase for value ≈ 36 000 EUR.
There are three shareholders that have launched the initiative of the GIIC:
- Riga Technical University (RTU) – 40%;
- University of Latvia (UL) – 40%;
- Industrial Development Corporation of Norway (SIVA) – 20%.
What we look for
GIIC is interested to attract technology intensive business ideas with global commercial potential in “green” industry.
GIIC is looking for experts competent in different fields of “green” industry, experienced in technology intensive start-up companies, serial entrepreneurs.
GIIC is offering the opportunity to ‘smart money’ investors to find pipeline of investment deals in green industry and business ideas.
Project "Green Technology Incubator" is implemented within the framework of program of Norwegian Financial Mechanism "Green Industry Innovation", implementation period: 07.07.2014. - 30.04.2017.