Components which describes the innovation

Usually culture is understood as a diversity of values, norms and traditions which are reflected as common value of tools and environment of creative process. Culture always has been supposed as a result of people’s activity. It is fulfilling the role of society’s social memory and provides connection of centuries and continuity of generations values.

• Usually culture is understood as a diversity of values, norms and traditions which are reflected as common value of tools and environment of creative process. Culture always has been supposed as a result of people’s activity. It is fulfilling the role of society’s social memory and provides connection of centuries and continuity of generations values.

An entrepreneurship and innovation culture means an environment where people can explore and express their creative, innovative and business acumen. It is an environment whereby entrepreneurs and innovators are the norm in society rather than an exception.

• An entrepreneurship and innovation culture means an environment where people can explore and express their creative, innovative and business acumen. It is an environment whereby entrepreneurs and innovators are the norm in society rather than an exception.

Components which describes the innovation competence of managers and are related to their professional knowledge and experience during the innovation processes in the company;

• Components which describes the innovation competence of managers and are related to their professional knowledge and experience during the innovation processes in the company;

• Motivation for value, which describes the motivating power of innovatin culture – common sense of demand factors, values, motives and stereotypes, which encourages the manager to implement the particular model of behavoiur during the innovation in the company. This level reflects the manager’s personal motivation.

• Behaviour, which includes all practical managerial activities in all innovation elaboration and implementation phases.

Lack of a visible, open enterprise culture;

• Lack of a visible, open enterprise culture;

• Lack of National and individual self-confidence;

• Lack of coherent, cohesive national vision in relation to entrepreneurship, innovation, and enterprise culture;

• Poor understanding of enterprise in civil and public sectors;

• Low Risk taking;

• Low levels of R & D;

• Training for enterprise not developed;

• Emigration of youth and educated workforce to other economies;

• Low levels of partnership

• Mistakes come from lack of experiences and experiences come from mistakes

There are about 50 software companies who are employing about 1000 software engineers in Tartu

• There are about 50 software companies who are employing about 1000 software engineers in Tartu

• Skype thought that it is a good place to recruit new people

• But people did not want to move so it was forced to set up an software developement office in Tartu, which became catalyst for most succesful Cluster Initiative in Estonia

Therefore it is actually one of the best strategies for a region that wants to attract innovative enterprises and entrepreneurs to create an environment in which those people feel happy and actually want to live.

• Therefore it is actually one of the best strategies for a region that wants to attract innovative enterprises and entrepreneurs to create an environment in which those people feel happy and actually want to live.

7 years programme 2007 - 2013

• 7 years programme 2007 - 2013

• The budget needed is 7 MEUR;

• National programme

• Part contracted out (50-70%)

• Potential applicants – universities, local governments, NGOs, TTOs involving private intermediates

To increase local interest and involvement in Education and Research as a source for innovation;

• To increase local interest and involvement in Education and Research as a source for innovation;

• To promote conductive climate for innovation in Latvia;

• To increase investment in R&D and Innovation at both regional and national levels;

• To use available resources to support and attract young highly skilled professionals to strengthen Latvia’s innovative capacity;

• To create a new and dynamic culture to existing companies.

To promote an enterprise culture though educational programmes and competitions at each of the three levels of education;

• To promote an enterprise culture though educational programmes and competitions at each of the three levels of education;

• To develop a greater understanding of the importance of enterprise creation among public and civil servants;

• To assist the formation and sustained development of high potential start up businesses;

• To put infrastructure in place to support enterprise creation.

Number of

• Number of

• enterprise courses delivered, persons engaged in training and skills development programmes(i.e. Investment readiness, Masterclass, Self-assessment tools & other short studies)

• promotional activities undertaken such as articles in newspapers, magazines, Interviews in TV, radio, presentations in relevant seminars, conferences, workshops

• enterprise competitions organised (Competition on Innovation prize)

• innovation awards organised, marketing plans of future entrepreneurs designed, business plans created, enterprises supported/created (Competition of Youth innovative business ideas)

• student firms created (Innovation and Marketing training for students)

• enterprise awareness programmes for public and civil servants organised (Best practices)

• Lean technology approach promoted (value concepts, productivity, efficiency, sales, new products introduced etc.)

• MIDDLE term target: 200; FINAL target: 500 events

• MIDDLE term target: 1000; FINAL target: 3000 enterprises approached

Private sector: manufacturing companies and the ones providing services

• Private sector: manufacturing companies and the ones providing services

• Public sector: governmental institutions, local authorities, NGOs

• “Support infrastructure”: business incubators, technology incubators, technology transfer contact points, universities etc.

• Society: potential entrepreneurs

More innovative and high growth start-up businesses in knowledge and technological based industries

• More innovative and high growth start-up businesses in knowledge and technological based industries

• More innovation and creativity in existing industries

• More “intrapreneurs”

• More focus on Global market opportunities

• More productive and competitive enterprises

• More high value job opportunities for graduates

• More spin-out enterprises from research projects

• Closer linkages between

• industry and Universities.

Need for financial support;

• Need for financial support;

• Value for money;

• Ability to reach programme and measure objectives;

• Spillovers generated jump of high effectiveness;

• Cost effectiveness;

• Potential to reposition of attitudes

• Impact on Regional Development

• Skills and experience

The early stage equity market for knowledge based start ups in Latvia suffers from:

• The early stage equity market for knowledge based start ups in Latvia suffers from:

• lack of investor ready projects
• the dimension of the market, not big enough to allow proper risk pooling
• the perception of the risk/profit ratio by the operators, due to the lack of specialization (and consequent asymmetry of information) and to the dimension of the market
• the difficulties of way out

• Existing equity gap (“valley of death”) between idea and investor ready business plan

Existing equity gap between idea and investor ready business plan

• Existing equity gap between idea and investor ready business plan

• Private investors not interested

• State needs to interfere

Operated by private service management company

• Operated by private service management company

• 6 year programme

• Initially 3 year pilot phase