WIPO participated in the inaugural Innovation IMPACT Forum 2026, held in Riga on May 12, to deepen engagement with one of Europe's fastest-growing startup ecosystems and advance the use of international intellectual property (IP) tools for technology commercialization. The visit also included discussions with the Patent Office of the Republic of Latvia (LPO) on measures to strengthen uptake of the Patent Cooperation Treaty (PCT) in the Baltic region.
Panel discussion during the Innovation IMPACT Forum 2026 on May 12 in Latvia. (Image: Toms Norde, University
of Latvia 2026)
A growing innovation ecosystem
The Baltic region has recorded a substantial growth in startup investment in recent years. Baltic startups raised €607 million in venture capital in 2025, a 20% increase over 2024, with Latvia recording a 190% rise in funding, driven primarily by deep-tech transactions. Latvia counts over 500 startups across sectors including robotics, artificial intelligence, biophotonics, cleantech and fintech, supported by both private venture capital and government-backed funds.
Against this backdrop, PCT filings by Latvian nationals and residents remain limited, with only 47 applications recorded in 2025, showing the significant untapped potential for Baltic innovators to leverage international IP tools to protect and scale their technologies globally.
WIPO at the Innovation IMPACT Forum 2026
The Innovation IMPACT Forum 2026 was organized by the University of Latvia and brought together over 200 participants from the startup, academic, and public-sector communities, to strengthen collaboration between science and industry and promote technology commercialization. The event was opened by Mr. Edgars Šadris, Deputy State Secretary for Economic Issues; Mr. Ēriks Rēķis, Deputy Director of the LPO; and Mr. Gundars Bērziņš, Rector of the University of Latvia.
Innovation is not just technology. It is the ability to change thinking and organize processes, so they create added value for everyone. We cannot import the future. It must be built here, through cooperation between academia, entrepreneurs, and society.
Mr. Edgars Šadris, Deputy State Secretary for Economic Issues
WIPO delivered the keynote address, providing an overview of the PCT and its role as a tool for business development and technology transfer, with a focus on startups and technology transfer offices (TTOs). The presentation outlined the benefits of the PCT system, including the use of the ePCT digital filing platform, fee reductions available to eligible applicants, and WIPO resources. WIPO has also developed complementary resources for early-stage innovators, including WIPO IP Diagnostics, a free self-assessment tool to help businesses identify and leverage their IP assets, and the guide "Enterprising Ideas: A Guide to Intellectual Property for Startups."
WIPO also took part in a panel discussion on the role of IP strategy in supporting cross-border collaboration and technology transfer, drawing on perspectives from academia, the private sector and international business development. The discussion highlighted the importance of clear IP frameworks in facilitating partnerships, licensing, and the movement of research into commercial applications.
WIPO served as a jury member for the BioPhot Startup Pitch session, which assessed ten competing startups in the biophotonics sector and selected three finalists. Biophotonics is among the most IP-intensive areas of deep-tech innovation, where patent protection can be a key factor in securing investment and scaling technologies internationally.