Action 1

Title of action: Capacity Building

Background gained at the staff exchanges in Austria and Spain and at the Policy Round Table in Latvia led to the conclusion that one of the Local Action Plan actions should be building capacity, which would include training, re-evaluation of the evaluation process, etc. During discussions, all the experts concluded that the development of new products for innovative and creative companies would be without the desired effect, if there is no training of employees, no redesign of the decision-making process, or no designing of programmes in closer cooperation with clients.

Within this action, our main ambition is to provide strong and united insights on:

  • • Altum process optimization.
  • • Measuring intangible clients.
  • • Innovation accounting that is crucial for work with creative companies.

Who is involved: Altum employees, creative companies.

How is the stakeholder-cooperation: 2 meetings were held on 17th and 21st of December of 2020.

Highlights and outstanding outcomes:

On December a plan was prepared and ready to approve. But due to the indications that Altum might receive a new task from the government to develop a new instrument for cultural companies, the board of directors postponed the approval of the survey.

Action 2

Title of action: Development of a new product

During the Policy Round Table in Latvia project partners from Austria, Denmark, Spain, Poland and Latvia were united on the idea, that development of a new product might be the most proper way to make a significant impact on the improvement of access to finance for creative and cultural companies. The partners also agreed that new a product, based on the Spanish Repayable Contributions and with creative companies as the main target group, can be catalyst for bigger changes in Altum’s approach of providing support. It is clear that Altum must find ways to be an efficient partner for companies that become more relevant in economy, and creation of new product could be great tool for finding these new ways.

Who is involved: Ministry of Culture, Ministry of Finance, several creative companies.

How is the stakeholder-cooperation: several meetings were held on December of 2020.

Highlights and outstanding outcomes:

The term sheet for the new product was prepared and discussed. Considering that the need for a new product for cultural companies appeared, this term sheet was used to prepare a proposal for the new product.