The competition is being organized by the Investment and Development Agency of Latvia for the tenth time and consists of three stages. First, applicants fill out the application form at about their business idea until September 7th. The committee, which is comprised of business experts, evaluates the submitted ideas and selects the best and most innovative ones to take part in the next stage.

The second stage offers webinars on business topics, such as marketing, business accounting, the Lean Canvas and public presentation. The webinars are led by entrepreneurs/lecturers from the contest’s academic partners – SSE Riga and the Faculty of Business, Management and Economics of the University of Latvia. During the webinars, contestants work towards developing their business ideas. Afterwards, they submit their business idea presentations and present them to the business expert committee, which nominates 12 business ideas for the final stage.

Finalists attend exclusive two-day training courses to enhance their presentation skills to help them prepare outstanding presentations for the contest’s jury. At the end of the contest the jury nominates the top three business ideas, which receive monetary awards: 7000 EUR for 1st place, 5000 EUR for 2nd place and 3000 EUR for 3rd place. Additionally, the Riga City Council awards 2000 EUR each to the 25 best business ideas from the previous stage.

Find out more about the contest “Idea Cup” at

In the photo finalists of the innovative business idea competition “Idea Cup 2017”.