Competition on Youth Innovative Business Ideas

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• Competition on Youth Innovative Business Ideas
• Cup of Ideas
• Results of 2007 and expectations for 2008

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- out of frames

• Methodology
• Submition of ideas and selection
• Training sessions for authors of ideas
• Success stories of Latvian entrepreneurs from
  idea to profit as a source for inspiration and
  encouragement of young activists
• Improvement of business idea concepts in
  co-operation with qualified mentors
• Submition of business plans and final evaluation
• !!! Valuable recommendations by industry experts
  during the competition (from idea to business
  plan) as well as direct contact with Venture
  capital funds and business angels networks in
  Latvia

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- results

• 269 ideas received
• Total number of participants 384
• 127 ideas selected for 2nd stage
• 95 participants in training sessions
• Aerodium, Frype.com, Scruples, Madara
  Cosmetics presentations
• Mentor services used by 82 authors of ideas
• 50 industry experts involved (private public
  sector)
• 56 business plans submitted in final competition
• Real business plans received highest first 3
  prizes
• Implementation of at least 6 business ideas
  started

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Division of participants by age
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Age structure of participants
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Received ideas by the regions of towns in Latvia
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Received ideas by the regions of towns in Latvia
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Partners
Society of Business Angels of Latvia NGO Leader
Business Support Foundation Leading
Pharmaceutical company Grindeks

• Mentors
• Zane Culkstena
• Karlis Litaunieks
• Janis Zvigulis
• Gatis Kristaps

McCann Erickson Riga Latvian Technology
Center National Patent Office Riga School of
Economics Alumni Society
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Competence partners

• Business and technological incubators
• REA Mentors club
• LU Innovation Centre
• Biofuel association
• National Patent Office
• Private mentors

Riga School of Economics Alumni Society
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Time frame of Competition Ideju kauss 2008
03/03
27/3-10/04
05/05
21/05
Closing event
Call for ideas
01/02
20/03
15/05
11/04
13/06
January
BUSINESS PLAN
IDEA
TRAINING
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- expected results

• 376 ideas received
• 105 ideas selected for 2nd stage
• 150 participants in training sessions
• Presentations of 4 success stories
• Mentor services used by 50 authors of ideas
• 50 industry experts involved (private public
  sector)
• 48 business plans submitted in final competition
• Monitoring and additional consultations after the
  competition ends

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Future Perspectives
2008 - each of Baltic countries are organizing
their own Business plan competition by using the
common (Venture Cup, Ideju kauss) or its own
method. The organizers delegate 3-5 best business
ideas for Baltic competition (final stage) in
November 17-23, as one of the events within
Global Entrepreneurship Week (celebrated around
the world).2009 consolidation of efforts to
create one common e-platform for submitting and
evaluation of business ideas and business plans.