The Latvian-American Innovation Award is organized by the Baltic American Freedom Foundation (BAFF), AmCham Latvia, and the U.S. Embassy in Riga, together with TechHub Riga and the Latvian Startup Association since 2018 to promote entrepreneurship, research-driven innovation, and closer economic ties between Latvia and the United States.

The award will be granted to a Latvian individual, organization, university, or firm that has developed a cutting-edge technology or innovative solutions in collaboration with a U.S. partner. The winner will receive €10,000 (gross) and a runner-up €5,000 (gross), recognition of their initiative, in addition to invitation to the Innovation Awards Ceremony scheduled for November 4.