Abstract:

The goal of the research is regional consolidation of innovations in bioeconomy-related products, including development and commercialization of the goods and services in the bioeconomy industries, which would contribute to regional initiative and reduce COVID-19 risks by concentrating business expansion in less-burdened regions.

The research intends to develop methodological materials and recommendations for the establishment of a regional bioeconomy business incubator (BI) at Latvia University of Life Sciences and Technologies (LLU). The materials and recommendations developed will be published in research papers as well as enhanced in a doctoral dissertation.

The following hypothesis is put forward: in the established LLU bioeconomy business incubator, Latvian companies will ensure the recognition and visibility of their new/innovative bioeconomy products in the Baltics and the European Union, increasing the value and efficiency of the natural capital of Latvia.

Business incubators are recognized as a tool for developing and stimulating the economy in regions and situations where the market itself does not provide the environment and conditions for business start-ups. This is particularly the case in the aftermath of a pandemic and could be especially important if the COVID -19 pandemic lasts for a long time.

Many incubators around the world are developed by universities where star-ups can get the revenues from its academic environment and knowledge.
Establishment of bioeconomy incubator in Latvia University of Life Sciences and Technologies will involve local people and companies in the commercialization of their green ideas and develop the creativity and entrepreneurship of the population in the Zemgale region.

Keywords:

Bioeconomy, regional development, university business incubator.