Even though it is possible, if not essential, to learn from the best practices, such as Scandinavian countries or Germany where cooperation between academia and silver economy is on much more mature level as compared to Latvia, each region still has some specifics that should be considered. This might include factors related to the motivation of seniors, e,g, financial aspects, apart from other, in order to involve or remain active in the economy. Academic institutions in Latvia can play significant role not only when it comes to providing a training or involving seniors themselves in the activities related to fostering open innovation ecosystem in Latvia, but, prior of doing that, could also play a major role in understanding the needs and requirements of seniors- as well as other stakeholders or cooperation partners involved in the process. Analysing the market trends and needs in Latvia as well as in neighboring countries, that also could involve cooperation between academic institutions of Latvia and, for example, Lithuania, Estonia, Sweden in Denmark, in our view, is essential to increase the likelihood that activities and financial resources implemented by academia in order to foster innovation eco-system in Latvia by involving seniors- both in the capital city but also regions of Latvia- are targeted in the right direction