According to the memorandum of understanding BASTIC, TEKEL and SISP agree to jointly develop and intensify the cooperation of innovation communities in Baltic Sea region. The key points define the implementation of common regional activities and making common statements for local and international agencies or organizations for the benefit of technology based entrepreneurial community in Estonia, Latvia, Lithuania, Sweden and Finland.

“One of the key issues that the memorandum focuses is the information and knowledge exchange. Organizations around the Baltic Sea struggle with same obstacles and face the same challenges. Learning from each other saves us a great deal of time and resources that can be directed for the benefit of innovative entrepreneurship,” said Janis Stabulnieks, Member of Board of BASTIC.

“Internationally Baltic and Nordic regions represent relatively small innovation ecosystems. We are all focusing to get higher visibility and acknowledgment to bring top enterprise and investors to the region. If we synchronize our focus areas, activities and knowhow we can be a more attractive environment for entrepreneurs, talents and investors,” commented Magnus Lundin, CEO of SISP.

The first activities that are fixed in memorandum of understanding determine the models of information and practice exchange, collaboration in organizing events and joint projects, and activities to raise the attractiveness of the region to investments and foreign companies.

The memorandum of understanding was signed and announced during the Baltic Dynamics 2013 conference in Riga.