Riga Business School’s Innovation Academy concludes today

In the evening of May 26, during Tech Picnic, the final event of the Innovation Academy – Demo Day – will take place in the Art Centre Noass. The  27 teams established during the program will present the solutions that they have been growing for six months. Investors, enthusiasts of technologies and start-ups are invited to the Demo Day.


At the beginning of this year, 35 teams, with 107 participants, started the 24-week pre-acceleration program Innovation Academy or INO created by the Riga Business School (a structural unit of RTU). Teams established in the program worked on building competitive start-ups and, together with experienced mentors, worked to validate, test, and develop the solutions. Participants have sweat through more than a thousand of mentoring sessions devoted to intensive training. 


The main success factor of INO is an approach based on intensive mentoring which combines consultations of experts in various areas, starting from usability and design up to the marketing and from sales to legal and funding issues. This was done via regular consultations of the permanent (leading) mentors and supplemented by start-up entrepreneurs experienced in business and technologies.

“INO teams have demonstrated stable and continuous progress since its beginning. Throughout the course of the program I would like to highlight the teams of Sqrino and Fat Cat Leaves for special perseverance and focus,” comments the Program Director and Riga Business School (RBS) Resident Entrepreneur Viesturs Sosārs.


Andrejs Berdņikovs, Head of the Technology Business Centre of the Investment and Development Agency of Latvia, says that “One of the most valuable resources of Latvia are talented young innovators, inventors and experimenters who are able to offer creative solutions both in the fields of technology and business model development. Innovation Academy was able to motivate these people to join in teams and help them work on joint ideas, obtaining the necessary interdisciplinary knowledge for the development of new products. We see that people with various kinds of expertise work in the teams, which is one of the main preconditions for the successful development of ideas as only combining knowledge in technologies with business knowledge can we achieve the desired result.”


Solutions of INO teams represent various sectors, the most prominent of them being the green technologies, bio-science and health industry technologies, as well as deep technologies. The range of technologies applied in the development of solutions goes from AI and machine-learning to the development of new materials. During the event investors, representatives of technology and start-up environment are invited to team presentations that will take place in three directions: presentations of physical products (17:15), applications and IoT (internet of things) solutions (18:45), and platform and B2B solutions (19:30). 


In the field of physical products the team DGLSolar was created with one of the authors of the idea and founders being Dāvis Benefelds. He is a 1st year student of Riga Business School IT and Leadership Bachelor program, whose team developed a mechanical device for the automatic cleaning of solar panels from dust and other deposits. 


Dāvis Benefelds, DGLSolar Creator and Founder: “Prior to INO I had participated in several programs related to business activities, but INO was much more intensive and comprehensive in terms of content than any other. It was really valuable for the team to understand how much time is exactly needed for the actual development of the idea. It made us think about the required input of everyone for successful development. During the entire period of the academy, we worked under the supervision of experienced mentors and industry professionals which allowed us to find answers to many questions, as well as to understand other topics that we had to find answers to. In total this was a very valuable experience rich in knowledge.”


You can apply for the participation in the event which will take place on 26 May in the Art Centre Noass, AB Dambis 2, in Riga here.

INO is implemented with the support of the Technology Business Centre of the Investment and Development Agency of Latvia and "EEA and Norway Grants Latvia".

Program funding: Agreement No 10.1-2-L-2021/5 on the provision of training “Innovation Academy”.