The annual European Satellite Navigation Competition for business ideas has been held since 2004. This year under the initiative and guidance of Ventspils High Technology Park (VHTP) Latvia participates for the first time.

In the competition’s opening ceremony that was held in London on May 10-11 Latvia was officially admitted into membership as the regional partner. This will allow Latvian authors of business ideas to get more information about the competition and to attract other ideas to Latvia.

Niels Eldering, the representative of European Space Agency, admits that: “The competition is a great opportunity for companies to obtain the necessary financing to implement their idea, attract investors and receive support from business incubators. The uniqueness of competition also lies in the fact that the authors of business ideas can implement their ideas not only in the represented country, but also in other countries, by choosing one of the 23 regions.”  

The main objective of European Satellite Navigation Competition is to encourage emergence of new ideas that are related to satellite navigation and application of high technologies in a new and innovative way.

The main prize will be a grant of EUR 20 000, but the total regional prize funding for commencing the business will be approximately one million euros. In addition, seven special topic prizes will be awarded. Latvia's regional winner will be provided with dedicated support in commencing its business activities. Consulting and incubation will be made available through the Business Incubator of Ventspils High Technology Park in collaboration with other business incubators in Latvia.

 For further information: www.galileo-masters.eu

Contact information: Ieva Stumpe VATP Project manager Phone number/ Fax: +371 63630435 Mobile phone: +371 26538834 E-mail: ieva [dot] stumpe [at] vatp [dot] lv