Preventing bankruptcies is the priority
Every year more than 200,000 businesses go bankrupt and 1.7 million jobs are lost in the EU due to insolvency. Bankruptcies often have a negative impact on other companies in the value chain, public finances as well as the company owners, their families and employees. Preventing bankruptcies in the Baltic Sea region has become a priority. Although all countries offer business support services to entrepreneurs, the existing crisis management and second chance approaches lack innovation to fully exploit the growth potential of the affected companies.
Innovation as the key to restart businesses
The project Restart BSR builds up the institutional capacity of innovation actors in Poland, Latvia, Lithuania and Estonia by combining design thinking, crisis management and second chance approaches. The project supports innovation actors in promoting non-technological innovation and restarting the small and medium sized enterprises that experience stagnation and/or are heading towards a bankruptcy. In more detail, innovation actors help restarters regain their self-esteem and confidence, support the development a competitive business model, and help restarters use their experiences from a business failure to create growth and new jobs in the Baltic Sea region.
Policy framework boosting growth
In addition to strengthening the knowledge and competences of innovation actors, the project involves innovation actors, enterprises, stakeholders and public authorities at all government levels in a transnational policy dialogue and policy development. This helps to improve the framework conditions for innovation and growth in the Baltic Sea region.
0.00MillionEni + Russia
Highlights by mid-term
Restart BSR developed a concept with twelve tools to inspire innovation in businesses during a crisis. The concept combines design thinking with experiences from crisis management and second chance approaches. The concept supports business consultants and mentors in providing adequate advice and tailored support to company owners. In this way, RESTART BSR helps business owners to restructure their businesses, guiding to find new ways for economic growth and to avoid bankruptcy and job losses. By mid-term, ten businesses in each involved country have tested the concept’s tools.
To offer relevant advice to businesses in Latvia, Lithuania, Estonia and Poland, Restart BSR also assessed the different national systems, in particular: the existing legal frameworks for support for entrepreneurs in financial difficulties, barriers for enterprises in financial difficulties as well as the early warning and second chance ecosystems. In the next steps, the project plans to incorporate collected conclusions and proposals for the best systems during policy innovation labs.
Lower Silesian Intermediate Body
- RepresentativeRobert Hadaś
Design School Kolding
- RepresentativePernille Thøstesen
Vilnius Gediminas Technical University
Latvian Technological Center Foundation
- RepresentativeInts Viksna
Ministry of Economics of the Republic of Latvia
- RepresentativeAgnese Šķēle
Harju County Entrepreneurship and Development Consultancy