As a creative company, DDB has always tried to support promising young talents. We have supported competitions for young entrepreneurs organised by the British Council, as well as the Mentors’ Club at the Stockholm School of Economics in Rīga. This summer, we were pleased to support a competition celebrating the most powerful business ideas by creating a communication campaign for “Ideas Cup 2011” and by providing a prize for one of the finalists in the form of the development of the brand design for its business idea.

There are no iron, diamond or oil resources in Latvia. However, as Latvians, we own another as yet unrealised resource – the talent to spot shortcomings everywhere. It is significant that shortcomings have often led to the best business ideas in the world!

As a result of the collaboration between the organisers of the “Ideas Cup” and DDB, the story of shortcomings and their unrealized potential was transformed into the main subject of the business ideas competition “Ideas Cup 2011”, which we play on in video, outdoor advertising stand, as well as on the Internet .

As the results show, almost 500 young entrepreneurs have undertaken to transform shortcomings into business ideas! Even though close to 700 business ideas were submitted last year; the competition’s jury admits that the ideas submitted this year are of a much better quality and have greater potential. The line-up of jury experts includes about 50 business professionals and academics from Latvia’s biggest companies and teaching institutions.

Currently, the first stage of the competition has concluded. Out of all the ideas submitted for the competition, the jury commission selects the most promising which will continue to compete in the next stage. The best business idea will be awarded LVL 5,000; the runner up will receive LVL 3,000, while the third best idea will get LVL 1,000. Ideas are judged according to various criteria such the uniqueness of the business idea, profit potential, growth opportunities, etc.

“Ideas Cup 2011” is organised and supported by: the European Regional Development Fund, the Latvian Investment and Development Agency, Turība Business High School, SEB Bank and others.

May the best idea win!