The Latvian-founded deep-tech company “Bitlake Technologies” operates in a high value-added niche, developing software solutions for specialised microchips used in image processing for camera systems, including in the space sector. The company already works with clients in several European countries, develops new products together with the European Space Agency, and is gradually increasing its turnover, which reached approximately EUR 300,000 last year.
“Bitlake Technologies” notes that, in the company’s early development stage, the business incubation programme of the Latvian Investment and Development Agency’s (LIAA) Ventspils representative office was particularly useful, helping to strengthen operations and build a foundation for further growth.
“The financial support that became available to us after joining the LIAA business incubation programme was invaluable. Our company has grown from research to participation in international projects, so at the initial stage the programme helped us with the purchase of computer equipment, access to various technologies, office rent and other practical needs,” says company co-founder Jānis Šate.
The company also highly values the available co-financing for innovation development and the creation of new products. “From a company’s perspective, 70% co-financing is a major advantage. It enables faster development, quicker decision-making on new projects and more confidence when investing in the next stages of growth,” says J. Šate.
As the company operates in a very specific technology niche, the ability of a cooperation partner to understand the company’s business model and needs is also important. “It is often difficult for us to briefly explain what we do, because our niche is very specific. That is why we highly appreciate that LIAA has taken the time to understand our company’s needs. Solutions are not offered just for the sake of offering something — what is proposed is genuinely useful and relevant to us. This helps save time and allows us to focus on development,” notes J. Šate.
The article has been produced within the project “Development of Innovative Entrepreneurship for SMEs”, co-financed by the European Regional Development Fund and the European Union.
