Baltic States – CIS, Banks, Financial Services, Forum, Investments, Latvia, Technology

The „Commercialization Reactor” aims at creating in Latvia fast-growing and internationally competitive technology companies by commercialising technological solutions developed in Latvia and CIS. The event is targeted at those who are looking for new, perspective directions for their businesses to develop.  For the authors of new business ideas the „Commercialization Reactor” is a chance to meet potential investors who would be ready to invest in the development of new innovative products.

The „Commercialization Reactor” – it is not just a meeting where entrepreneurs are presented with research ideas, solutions and technologies „ says chairman of board of the workshop’s organiser SIA Virtual CEO Nikolai Adamovitch. „The Reactor is a part of a careful and long preparation process. It is no secret that great scientists not always are talented businessmen. On the other hand, entrepreneurs who strive towards heights in business do not have time to work in laboratories. The Reactor enables both these parties to meet. It gives the researcher a chance to have his/her developed technology not only presented to peers or published in a specialized journal with a narrow target audience, but also implemented in a profitable business that does good to the public. For the entrepreneur on the other hand it is an opportunity to build his/her business on new foundations – based on know-how and new technologies.” 

The previous workshops have resulted in the foundation of 17 new companies, six of which have already received financing. SIA Naco Technologies is one of the success stories of the „Commercialization Reactor”. This enterprise has already received support from risk investment company „Imprimatur Capital”, in this way a coating technology developed in Russia was commercialized. „Usually the most time-consuming part in building a successful company is the finding of the right business idea. The Reactor gave us the opportunity to find the right direction of activity within two days, moreover offering a broad choice of ideas,” says board member of „Naco Technologies” Alexander Parfinovich. The company that he represents is among those enterprises that succeeded in not only transforming a scientific potential into a new and competitive business but also in finding a potential investor and it happened already on the second day of the operation of the Reactor.

Entrepreneur Martins Prusis together with a colleague and researcher from Russia presented in the third „Commercialization Reactor” an innovative method for the processing of powder that could be broadly applied in different industries, from machine-building and energy to manufacturing of paint and lacquer. Their company SIA Pogritech drew interest of a private investor as well as an investment fund from Russia. „If the investor’s answer is positive, we will have the chance to build a factory,” says Martins Prusis.

Investors are interested in technology projects that offer something new and better than what is available in the market and something that would be attractive for a large market, explains Mr. Janis Janevics, partner at „Imprimatur Capital”. The „Commercialization Reactor” has drawn investors’ interest by offering carefully selected projects that are developed on a rather high quality and could be successfully brought into the market. Janis Janevics underlines that not only the idea itself but also the project team is what matters: the team should be able not only to persuade the investor but also to implement its plans because fifty percent of success comes from the human factor.

The upcoming „Commercialization Reactor” that will take place in May this year is already the fifth such direct meeting of entrepreneurs and researchers and it plans to present twelve carefully selected technologies, which are elaborated by scientists and which have all chances to become a foundation for a successful business. Among them are a technology for the registration of weak signals that allows „reading” information on what is happening thousands of kilometres away, a technology for the monitoring of nature areas that allows warning of a possible fire, a technology for the utilisation of specific waste, etc. Businessmen will have the chance in one day to meet in person outstanding scientists from Russia, Armenia, Kazakhstan and the Ukraine and discuss with them the foundation of a joint enterprise.

On 15^th May after presentations of technologies the “Commercial Reactor” will host individual meetings among scientists and entrepreneurs and the Reactor’s staff will help to form businessmen-scientists teams. On 16^th May the newly formed project teams will take part in a seminar on investment-related issues. Companies, which will be created as a result of the forum, will have the chance to receive financing for the implementation of their projects from Latvian and international companies such as “Imprimatur Capital”, „Seed Fund of Russian Venture Company”, „Amber Sea Business Angel Club”, etc. The projects may also apply for „acceleration”: a grant of 25 000 USD for prompt launching of the project. In this respect the Reactor co-operates with Amber Sea Business Angel Club, Start-up Academy Skolkovo and other accelerators.

The first „Commercialization Reactor” was held in Riga in November 2009 and during it ideas developed by scientists from CIS in fields such as electronics, engineering, pharmacy and medical equipment were offered for commercialization.

The „Commercialisation Reactor” is supported by the Riga City Council, Swedbank, Baltic International Bank, ISTC, STCU, FNG Invest, RISEBA, TriaRobit, etc.

Participation is free of charge. Participants are requested to fill out a participation form at www.virtual.eu/ru/anketa-dlja-predprinimatelej-6563