Applications for the business idea competition “Ideju kauss 2025” will soon be open
The 17th edition of the innovative business idea competition "Ideju kauss" (Idea Cup) will take place, giving everyone the opportunity to implement their business idea, regardless of their industry or previous experience in entrepreneurship. This is a platform for creative and enterprising people of all ages who want to develop their ideas, receive professional support, and start their journey in entrepreneurship.
Applications for the competition will be accepted from August 29 to September 19 by filling out the application form on the website www.idejukauss.lv. This year's total prize fund is 40,000 euros, with the main prize being 10,000 euros. There will also be valuable prizes from competition partners Swedbank, Helve, Erasmus for Young Entrepreneurs, and the innovation portal Labs of Latvia.
"The Idea Cup is an opportunity for bold people to take the first step towards their dream of starting their own business. Every year, we see how ideas grow into new companies that are able to compete in international markets and create innovative solutions. Our goal is to help the authors of ideas become entrepreneurs by providing them with knowledge, support, and investor attention," emphasizes Ieva Jāgere, Director of the Investment and Development Agency of Latvia (LIAA).
Competition innovations
The competition website www.idejukauss.lv features a first-round training video on business canvas creation to help participants prepare for the first test.
Experienced business professionals will provide feedback already in the first stage of the competition.
The training program includes a webinar on artificial intelligence tools that can support idea development and the first steps in entrepreneurship.
The first two rounds will take place remotely, but the final will be held in person.
Results of previous competitions
The Idea Cup will be held for the 17th time, and more than 5,574 ideas have been submitted so far, or an average of 348 ideas per year. In 2024, a competition record was set when a total of 386 idea authors wanted to try their hand at entrepreneurship. Of these, 65% planned to start a business.
Statistics show that the "Ideas Cup" serves not only as an opportunity to test one's ideas, but also as a starting platform for launching one's own business. 86% of last year's contest participants have already received or plan to receive LIAA support for the development of their business ideas.
The main challenge to starting a business is the lack of funding, according to 46.3% of those surveyed. On the other hand, 92% of the contest participants admit that the "Ideju kauss" and LIAA programs have been useful or very useful in starting a business.
From idea to success
Some of the ideas submitted to the "Ideju kauss" contest have become successful businesses.
Blue Shock Race – a Liepāja-based company that develops electric go-karts and battery technologies, has already attracted more than $2 million in investments from the US.
Bruntor – electric cargo bikes that have been tested by Riga street cleaners, postal delivery companies, and healthcare companies to plan various deliveries and equipment transport.
Medon – in May of this year, it began cooperation with the insurance company ERGO, providing online medical consultations. In 2024, Medon was one of five companies to reach the Latvian final of the World Entrepreneurship Cup with its digital clinic, which provides access to European doctors around the world by offering remote online consultations with doctors and specialists.
AdsMom – an e-commerce advertising analytics platform that has attracted €50,000 in investment from the Latvian Business Angels Network (LatBAN).
About the competition
The Idea Cup is implemented as part of the Latvian Investment and Development Agency (LIAA) project Innovation Motivation Program. The competition is co-financed by the European Regional Development Fund and the European Union.
About LIAA
LIAA promotes the competitiveness of Latvian entrepreneurs, export growth and investment attraction, as well as develops the tourism industry and implements the country's image policy. The agency acts as a state partner in business development – from idea to international markets. With an extensive network of representatives abroad and regional business centers in Latvia, LIAA helps companies grow and positions Latvia as a secure, innovative, and open country in the global economy.
Funding for the events is provided by the ERDF project "Development of Innovative Entrepreneurship in SMEs". The views and opinions expressed are those of the author(s) and do not necessarily reflect the views and opinions of the European Union or the European Commission. Neither the European Union nor the European Commission is responsible for them.