Entrepreneurs will present their business ideas at the LAMPA conversation festival in Cēsis on 20 June at 21:30 on Swedbank’s Entrepreneurship stage. The winner of the Latvian national finals will then compete for the chance to be among the top 100 companies from around the globe having a ticket to the global finals in Riyadh, Saudi Arabia and the total prize pool of 1.5 million US dollars, as well as additional investment opportunities and support for global growth.
The companies that entered this year's World Entrepreneurship Cup represent a broad spectrum of entrepreneurship – from food innovation, digital healthcare and smart rehabilitation technologies, to educational toys and solutions for improving the availability of culture. Applications predominantly feature technologically innovative approaches that provide added value to society, particularly in the areas of health, education, and the environment.
The applications submitted were carefully evaluated by the jury representatives from Swedbank, Latvian Chamber of Commerce and Industry, Latvian Investment and Development Agency, assessing each company according to four criteria – product, its potential, business model predictability and team.
"Each of the five Latvian finalists this year stands out with a very clear vision of the future, innovative thinking and the ability to offer practical solutions to pressing problems in society. In evaluating the ideas submitted, the jury particularly valued not only the ambition of the entrepreneurs, but also how detailed and convincingly they were able to demonstrate the long-term competitiveness of their idea. I am confident that this year's finalists include companies with the potential to successfully operate in the international arena, thus helping to strengthen Latvia's business environment. At Swedbank, we will continue supporting entrepreneurs by offering practical assistance, expertise, and experience – ensuring their ideas receive not only recognition but also get real opportunities for development both in Latvia and internationally,” says Jevgenijs Ivanovs, Board Member and Head of Corporate Customer Division at Swedbank.
The five Latvian companies that will compete in the Latvian national finals
Bdetect – a company developing an AI-powered multispectral device for early detection of skin cancer. The device is suited for both medical professionals and the general public, making detection faster, more accurate and more accessible.
PLAI Cube – a voice-controlled creativity tool that allows children to create games without limits, while developing the skills needed in the age of artificial intelligence. Fantasy and imagination become key instruments, not coding skills or sophisticated technology. Using only their voice, children can create games and entire worlds – regardless of language, age or developmental peculiarities – while learning to formulate tasks, think critically and interact with artificial intelligence.
Zekants – develops a new cocoa-free alternative to chocolate using legume thermal processing and fermentation technology. The innovative solution enables a rich flavour profile without cocoa beans, while reducing dependence on environmentally problematic cocoa supply chains.
Designed to Live Orthopaedics – a fully digital prosthetic care centre that employs latest-generation 3D design and industrial-grade printing technologies to ensure fast, accurate and tailor-made prosthetics. As a social enterprise, in partnership with Designed to Live, it reinvests its profits in activities and projects that provide additional support to people with reduced mobility and enhance their ability to live independently.
Ecengo – has developed a heat consumption measurement system (HCMS) in Latvia that accurately measures how much heat each radiator consumes in kilowatt-hours. Residents can see their consumption online and pay only for the heat they have actually used. The solution helps detecting heat loss and cuts bills by adjusting heating usage.
Viewer’s favourite vote
Everyone is invited to vote for the most successful business idea on blog.swedbank.lv which will determine the viewer’s favourite receiving a special viewer’s favourite award. The national finals will take place on 20 June at 21:30 at the LAMPA conversation festival on Swedbank’s Entrepreneurship stage.
The winner of the Latvian national finals will compete to be among the top 100 companies and to reach the global finals in Riyadh, Saudi Arabia at the end of this year.