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For information communication and technology business projects in Lithuania — €5.3 million support
The Agency for Science, Innovation and Technology (MITA) announces 12 projects for investment under the Norwegian Financial Mechanism (Norway Grants) Business Development, Innovation and SMEs program. Using this financial assistance, companies will develop new ICT technologies and products that will contribute to the development and competitiveness of Lithuanian business.The implementation of the Norway Grants program "Business Development, Innovation and SMEs" focuses on exploiting the potential of the ICT sector by investing in the development of innovative IT solutions, products and technologies applicable to various industrial sectors.
The open call for innovation in the field of ICT innovation received applications from 35 companies for a total requested funding of more than € 19 million. euros. The projects were judged on the company's innovation potential, commercialization opportunities, product innovation and partnerships with Norwegian business organizations.
Companies will develop new solutions based on information communication technologies, from a realistic avatar based on artificial intelligence to help medical and other professionals learn to communicate with customers in complex situations, to an air-touch holographic imaging interface that avoids physical contact with surfaces.
The ICT sector has the highest return on investment
The Lithuanian ICT sector is not only the largest in the Baltic States, but also the most receptive to investment. The return on ICT investment for productivity growth is the highest of all forms of capital investment. When other forms of capital investment provide an average of 15%. return on ICT investment is typically as high as 20-25%.
“Lithuania is successfully working in areas related to digital development. It has a fairly advanced digital infrastructure, a well-developed entrepreneurial culture and many new ICT companies. While the vast majority of businesses now have access to broadband networks, the use of more advanced digital tools - applications in businesses - still varies, with small and medium-sized businesses lagging behind. A real breakthrough requires investment, ”says Ina Sinkevičiūtė, Head of Business Development, Innovation and SMEs at Norway Grants.
Projects selected for investment
Among the projects selected for investment by Norway Grants in the Business Development, Innovation and SME Program are EDTech, Fintech, Artificial Intelligence, Cyber Data Security, Internet of Things, Big Data.
For example, Inion LT develops software for solar park developers. Aspeco is developing a new generation of stand-alone data collection platform, Smart Falcon. It can be mounted on fast-moving or flying objects (drones, cars, helicopters) to ensure smooth control in real time. Scorify will help customers improve their capital turnover with an innovative factoring risk assessment system.
The National Education Center is developing an artificial intelligence-based non-formal education service management system, cempion.com, to help bring non-formal education services to market. Flinke Folk also uses artificial intelligence. Her innovation is a realistic avatar capable of self-learning, which will act as a stimulator in training professionals to communicate with clients. ELVO is developing an intelligent home management system based on artificial intelligence.
The solution for assessing the quality of Lithuanian telephone conversations is being developed by Oxus.AI. This innovation will make the work of call centers easier. Finbro is implementing a smart borrowing platform. Frogdom is developing a pricing system based on artificial intelligence for the reservation system used by tour operators. An intelligent cyber security training tool developed by Trustguru will help you learn how to recognize emails sent by scammers and educate the public about the security of your personal data.
Gluk Media is developing a solution for virus prevention - the air-touch holographic imaging interface will be replaced by touch screens. Using investments from Norway Grants, PUM Plus will develop a smart education monitoring system to continuously monitor and evaluate learning outcomes and develop personalized learning plans.