The Baltic Innovation Prize is established by the Baltic Assembly and the Baltic Association of Science/Technology Parks and Innovation Centres. It is the annual prize awarded at the Baltic Assembly awards ceremony to the most innovative, economically successful products, services or business models introduced to the market during the last three years in the Baltic States.

* Representatives from the BASTIC during the discussion on economic stabilisation and renewing competitiveness in the Baltic region, when the Memorandum of Understanding on establishing the Baltic Innovation Prize was signed, 25-27 March 2010

The first Baltic Innovation Prize 2011 was awarded to the company Cybernetica Ltd from Estonia during the 30th Session of the Baltic Assembly on 24 November 2011 in Tallinn. The diplomas were also given to the second and third place winners - Autonams (Latvia), and Energetikos Projektai (Lithuania).

The second Baltic Innovation Prize 2012 was awarded to the Lithuanian company Aconitum UAB, which is one of the few Lithuanian capital medicine manufacturers in Lithuania. The second and third place diplomas were alsoe awarded to the company Defendec Ltd from Estonia and Dendrolight Latvija Ltd.

The idea on establishment of the Baltic Assembly Prize was conceived in 1992. On 31 October 1993 in Tallinn, the Baltic Assembly adopted the decision to establish the Baltic Assembly Prize for Literature, the Arts and Science.

The aim of the Prize is to support outstanding achievements in literature, the arts and science; demonstrate the common interests of the countries in this region in upholding of their national identity and self-esteem; create an opportunity to learn about the achievements of the neighbouring countries; maintain a continuous interest among the people in Estonia, Latvia and Lithuania about developments in the Baltic States; strengthen cooperation among the Baltic States in the fields of literature, the arts and science; encourage more and more people to become interested in the intellectual values and languages of the Baltic nations; and raise the level of literature, the arts and science in the Baltic States.

The Prize consists of a monetary prize, a certificate and a statuette, which are awarded annually during the Session of the Baltic Assembly.

The most recent awarding of the BA Prize took place during the 31stSession of the Baltic Assembly on 9 November 2012 in Vilnius, Lithuania.