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.