The aim of the EstLat BioBoost project is to increase the competitiveness of start-ups and SMEs in the life sciences sector in Estonia and Latvia through development of cross-border cooperation and the delivery of training and other support services.
Around 300 life science and medical enterprises exist in Estonia and Latvia, but there are several critical weaknesses in the sector. The biotechnology and life science enterprises are small and focus on their sustainability than sales, marketing, and growth activities. Medical companies are oriented to domestic markets and rely on state health funding. Both countries have a strong need to focus on market development activities, increasing their international networks, and improving their knowledge of international markets and details of operating those markets.
By providing a well-grounded business support platform for entrepreneurs in parallel and joint activities involving both countries, the project will increase entrepreneurial cross-border cooperation in life sciences and medicine. Through the cross-border cooperation the project will create business opportunities that will reinforce a more open and innovative business environment. This will serve to further encourage cross-border entrepreneurial behaviour and the development of new ideas and initiatives between the two neighbouring countries.