Commercialization Reactor 2021 review
A year ONLINE: 2020 was the year to prepare for 2021, as we had to change many things in our daily lives. Now, in 2021, we adapted and were ready for new achievements! As we approach 2022 and look back to 2021, this year has not been like any other – a lot has been done and achieved, and much more is planned for 2022! Let’s take a quick look at the most important events of 2021:
6th Acceleration program launch
On 19th January we launched our 6th Acceleration program, and again – ONLINE! Most of the start-ups in this Batch come from our 16th Ignition event, but this time we also have guests from Croatia.
The program includes interactive workshops on various topics and individual mentoring sessions to help companies start working in their chosen industry, build the right business model, find partners and investors interested in further development. Participants will develop both analytical and creative approaches to business, master skills to see the big picture while grasping the detail and acquire the confidence for creating ambitious international businesses.
Roadmap to Your Smart Business masterclasses
Last autumn we hosted the first Roadmap to Your Smart Business masterclasses together with the Investment and development agency of Latvia (LIAA) and Riga Busines School (RBS). We had 50 graduates and some of them are already on the way to their smart businesses. This year we had another 2nd series of masterclasses, where participants joined 6 weeks free of charge intensive program that covered the main topics of deep-tech start-up creation and early-stage development. 63 future founders graduated Roadmap to Your Smart Business masterclasses in that season, and as we expected, many of them came to our Ignition Event to find their very special something!
Deep Tech Atelier 2021 - Virtual
The previous year, Deep Tech Atelier 2020 was canceled due to COVID-19 restrictions. This time, the Commercialization Reactor and the Investment and development agency of Latvia (LIAA) were prepared. On 14th-16th April, together with LIAA, we held our first Virtual Deep Tech Atelier with 30+ speakers, including our keynote speakers Igor Beuker, Rick Tumlinson, Dr. Ashkan Fardost, where we were exploring space tech, med-tech, and science commercialization. During the Deep tech Atelier, we also organized a Deep-tech Start-up competition, where we saw pitches from 19 start-ups from different countries!
17th Ignition Event - online
As it was planned in 2020, the Ignition Event was organized during the Deep Tech Atelier. This time, 160 deep-tech enthusiasts participated in startup creation during the 17th Ignition Event. At the event, 12 technologies were presented in areas of Health Tech, Space, Robotics, AI, and New Materials from different countries: Latvia, Poland, Slovenia, and Russia! After hard team work, at the end of the Ignition Event, 11 teams were created (Skinport, MTA Therapeutics, Lireas, Bonescan, Check your skin, Hapsergo, Farm Aid, The Space Thug, Smart Components, Mobility Inside, Aigents Innovations) which presented their very first pitch to the investor panel!
Finish of the 5th acceleration program
As always, at the end of the acceleration program, start-ups have their Demo Day. This time, their Demo Day was participation at the Deep Tech Start-up Competition at Deep Tech Atelier, organized together with the Investment and development agency of Latvia (LIAA). Their goal was to successfully hold the pitch, but also, they had a chance to compete for different prizes, starting from a place in our Acceleration program and investment up to 300k EUR, till a chance win a trip to China (InnoEU). We heard amazing pitches from the 5th Batch teams: Crystals Growings, DetectQ, EmiBlue, and Spatialite Antenna Systems.
Commercialization Reactor MEET-UP in place
Somehow we managed…?! During the pandemic, we met our Community members only in the Zoom – acceleration programs group session, meet-ups, meetings, etc. Everything unfortunately was online! But! This time, we decided to try our best and organize Commercialization Reactor PICNIC! Finally, we had a great chance to meet all Commercialization Reactor community members, and not through a computer screen! It was totally fun – we played some games, grilled meat, talked, and had a wonderful time together! We hope that 2022 will bring us more, such beautiful memories.
7th Acceleration program launch
On the 22nd of September 10 teams (SmartClast, Smart Components, BDetect, Elogium, Le Porteur, HSC Tech, Fintelligence, Skinport, Space Power, Validos Biomedical), joined the Commercialization Reactor Fund acceleration program were from health-tech, space-tech, new materials, fintech, robotics, etc. 8 teams were created during the 17th Ignition Event, and 2 were coming abroad. They are building the right business model, trying to find partners and investors, who are interested in further development, and hopefully, at the end, some of them will be seed investment ready! Their Demo Day will be during the Deep Tech Atelier 2022 (https://deeptechatelier.com/)
3rd Masterclass series
After 2 successful Masterclass series together with the Investment and development agency of Latvia (LIAA) and Riga Business School (RBS), we decided to launch 3rd Masterclass series, just before the 18th Ignition Event! As always, participants had 6 weeks free of charge intensive programs that covered the main topics of deep-tech start-up creation and early-stage development, with mentors from different countries. After these Masterclasses, as always graduates had a chance to continue their deep-tech journey and continue in the Ignition Event. All three Masterclasses brought us 180 certificated graduates, and we hope to see them in our Ignition Events!
18th Ignition Event
On the 22nd-23rd of October 14 scientist technologies were presented at our 18th Ignition Event organized together with the Investment and development agency of Latvia (LIAA)! 153 participants took part at the Day-1, and on the second day, entrepreneurs together with scientists were working on their very first pitch, which was presented to the panel of investors. 12 startups were born during this Ignition Event – Sabat, Seapack, Bio2zero, EcoFire, Eco Force, CheckSmart, IDA, CustomLAB, Space Post, View Finder, Osteclick, MIND2WALK. We hope, to see all these teams in our 8th Acceleration program, which will be in February 2022!
CR Pre-seed fund first EXIT
After six accelerated batches with science-based start-ups, the Commercialization Reactor Pre-Seed fund has got its very first EXIT! A novel Diesel-LPG retrofitting technology-based start-up Artusystem, has attracted further investments being a trigger for the Fund to exit. The Artusystem Dual-Fuel is built on the Artusystem technology and allows operating the Diesel engine with a mix of LPG as a primary fuel and use of 20% Diesel fuel as a secondary fuel. The Artusystem Dual-Fuel is designed for use in passenger cars and light duty vehicles with an engine displacement of up to 3 liters, allowing both private users and businesses to save cost and emissions by up to 50%!
That’s not it! 2021 was full of events, activities, start-up achievements, successes, and many more. Few more things, to mention from 2021:
- On the 17th of February Commercialization Reactor and Riga Technical University (RTU) have signed a memorandum of cooperation on the establishment of the ESA – European Space Agency Business Incubation Center in Riga.
- On the 4th of March Commercialization Reactor signed a cooperation memorandum with the Riga City council to foster a start-up ecosystem in the capital city of Latvia.
- Catalyco, a company born in Commercialization Reactor has raised the first part of the seed round. Commercialization Reactor Seed Fund is to invest up to 250 000 EUR into the company with a unique production method and specifically ZnO product with higher surface area and low impurities.
- Commercialization Reactor had its pilot project with European Institute of Innovation & Technology (EIT) for EIT Jumpstarter implemented (helping non-entrepreneurial researchers to make a complete teams with entrepreneurs)!
- As part of the Vigo Health Seed investment round Commercialization Reactor Seed Fund is investing 100k EUR!
- In summer 2021 the investment period for the Commercialization Reactor Pre-seed fund was enhanced for 1 year, hence new acceleration programs and new investments are planned into deep–tech companies.
- Starting from 26th July the new board of the Commercialization Reactor Fund steps in. It is represented by Nikolai Adamovitch, Ilona Gulchak, and Kaspars Vjaters.
- In September together with our amazing residents Arseniy Sergeyev (VeritaCell) and Erick Pastor (ChemCode), we took part in Startup Day and Startup BBQ where almost 2`000 people were watching us in LIVE!
- It was incredible, to see our 14th Ignition Event resident PurOceans technology working live on a pilot project at Freeport of Riga. That`s a big step for them, and we hope bigger milestones to be achieved soon! PurOceans have developed revolutionary technology that removes 98% of seabed pollution through their patented method called Deep Water Rehabilitation
- Ilona Gulchak, our board member of the Commercialization Reactor Fund, and Latvijas Investīciju un attīstības aģentūra – LIAA Director of Technology department Lauma Muizniece talked on the Latvijas Radio 1 show Digital Breakfast.