Restart SMEs in the Baltic Sea Region
Restart BSR
 
PROGRAMME 2014-2020
priority
1 Innovation
objective
1.3 Non-technological innovation

Restart BSR

Bankruptcies lead to economic and social insecurity and tax revenue decrease. The Restart BSR project brings together innovation actors in Estonia, Latvia, Lithuania and Poland to offer 'soft' innovation support to small and medium sized enterprises that are experiencing stagnation and are heading towards bankruptcy. Apart from restarting businesses onto a new path of growth, the project kicks off policy dialogue to frame measures to support innovation and growth of companies facing stagnation or financial distress in the Baltic Sea region.
Project summary

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.

Budgets

Restart BSR
in numbers
  • 1.60
    Million
    Total
  • 1.34
    Million
    Erdf
  • 0.00
    Million
    Eni + Russia
  • 0.00
    Million
    Norway

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.

Outputs

Project Stories

Partners

Lower Silesian Intermediate Body

  • Town
    Wrocław
  • Region
    Wrocławski
  • Country
    Poland
Approximate total partner budget in EUR
471,369.60
51.110387617.0350161

Design School Kolding

  • Town
    Kolding
  • Region
    Sydjylland
  • Country
    Denmark
Approximate total partner budget in EUR
170,156.00
55.48949999.47905

Vilnius Gediminas Technical University

  • Town
    Vilnius
  • Region
    Vilniaus apskritis
  • Country
    Lithuania
Approximate total partner budget in EUR
259,868.00
54.687045825.2829111

Latvian Technological Center Foundation

  • Town
    Riga
  • Region
    Rīga
  • Country
    Latvia
Approximate total partner budget in EUR
239,068.00
56.949397724.1051846

Ministry of Economics of the Republic of Latvia

  • Town
    Riga
  • Region
    Rīga
  • Country
    Latvia
Approximate total partner budget in EUR
201,100.00
56.949397724.1051846

Harju County Entrepreneurship and Development Consultancy

  • Town
    Tallinn
  • Region
    Põhja-Eesti
  • Country
    Estonia
Approximate total partner budget in EUR
254,868.00
59.437215524.7453688