The main aim of the competition is to encourage the birth of business ideas related to satellite navigation and to apply these ideas in everyday life, for instance, in GPS or using satellite data. Competition also tends to facilitate the application of different high technologies in a new and innovative manner. The competition provides an opport unity to obtain funding, in order to implement the idea, attract investors, and receive support from business incubators.

This year Latvia, as the regional partner, participates in the competition for the first time. In total there are 23 cooperation regions that represent Europe and the rest of the world - USA, Brazil, Australia, Taiwan.

To participate in the competition, you should follow three easy steps:

• Register on the homepage of competition: www.galileo-masters.eu,
• When registering the business idea, indicate the region, in which the author wants to implement his idea in case the idea would be announced as the regional winner
• If the author wants, he indicates one of the special topic prizes that are provided by the industry’s partners. It is an opportunity to obtain funding and implement a joint project in cooperation with a sponsor.

The submitter may be an individual person or a group of people, a research institution, university or a company. Note that ideas can be submitted till June 30, this year.

The annual competition has been held since 2004. In 2010, 23 regions competed against one another and in total 548 participants were registered. Many of the previously submitted ideas have been successfully launched in the European market. The key to our success is close collaboration with regional, state, and private organizations with whom we share one common goal - to promote innovative and entrepreneurial environment.

Participants may be nominated both as the regional winners and European finalists, and also winners of special topic prizes. Last year 85% of the participants registered their ideas both for regional competition, and special topic prizes.

The main prize will be a grant of EUR 20 000, but the total regional prize fund for starting a business will be approximately one million euros. In addition, seven special topic prizes will be awarded. Latvian regional winner will receive consultations on starting a business and business incubator services that will be provided by the foundation Ventspils High Technology Park in collaboration with other incubators in Latvia.

Ideas submitted in Latvia will be evaluated by a competent jury, which will be announced in July, this year. Afterwards, Latvian juryman will present the best submitted idea to European jury, which will then name the winner.

Short presentation about the project (in Latvian)

Informative leaflet about the project (in English)

Further information: www.galileo-masters.eu un www.vhtp.lv

Contacts: Ieva Stumpe VHTP Project Manager Phone number/ Fax: +371 63630435 Mobile phone: +371 26538834 E-mail: ieva [dot] stumpe [at] vatp [dot] lv