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|Industry||Venture Capital, Technology Transfer|
|Headquarters||Riga, European Union|
Commercialization Reactor is an ongoing business workshop combining features of pre-seed accelerator, seed fund, business incubator, technology broker, technology transfer office, commercialization agent of universities and educational project. The main difference from all of the above forms of support is that the model of the Commercialization Reactor implements natural forming of teams instead of selecting people from existing teams of technology enthusiasts. The ultimate requirement is that each team should have a strong scientific foundation enforced by entrepreneurial spirit which, when combined, define a path to success. Consequently, identifying team players and team building is one of the core activities of Commercialization Reactor. Commercialization of science-based innovations is of course higher risk with a longer timeline, and cost then IT / web-based or sustaining innovation projects. Therefore, unlike traditional accelerators, which select projects with already formed business models and teams, Commercialization Reactor selects scientific / engineering ideas and develops them by adding and coaching business teams and by providing initial investment.
Commercialization Reactor consists of a sequence of programmes. Each programme runs through a 6-month cycle. During each cycle up to 12 prominent science-based ideas are selected by the evaluation committee for participation in an Ignition Event. At this event the pre-screened scientists present their ideas according to a given standard and meet entrepreneurs who are interested in developing scientific ideas into business. Over an initial three months period, teams are built and a 10-week compulsory educational Start-up Support Programme is held. The Start-up Support Programme culminates with a Performance Day on which the projects are presented to venture investors and business angels.
Beyond Performance Day, the staff of Commercialization Reactor tracks each companies' development regardless of whether or not any investment had been secured during the Performance Day. Companies which fail to obtain financial support at one Demo day, can attend subsequent Demo Day events. Once a company has successfully raised seed capital they remain residents and gain access to all of Commercialization Reactor facilities and opportunities.
Commercialization Reactor originated out of international efforts to commercialize former USSR science-based technologies funded mostly by the EU and USA via the ISTC. These efforts recognized the prominent scientific and technological heritage of the Soviet Union and it's outstanding commercial potential appreciated by entrepreneurs and investors, but lacking an effective mechanism of deal flow developed since the collapse of the Soviet System.
Nikolai Adamovich, founder of the Commercialization Reactor, originated the concept as a vehicle to support the ISTC Commercialization efforts. The first Ignition Event was held in Riga, Latvia in 2009 with extensive support from ISTC and LIAA.
Since 2009 companies of Commercialization Reactor have raised in total over EUR 5 million in pre-sed and seed capital.
Commercialization Reactor has a proven track record. Its science-based entrepreneurial ecosystem operates in conformity with all international good business practice standards. Consequently, it receives support from various entities. Among them are Ministry of Economics of Latvia, Investment and Development Agency of Latvia, Latvian Guarantee Agency, International Science and Technology Center, Russian Venture Company, Swedbank, Baltic International Bank, Amber Sea Business Angel Club, Imprimatur Capital Venture Fund, Skolkovo Start-up Academy, Science and Technology Center in Ukraine and others.
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