In the absence of mineral resources and cheap labour, creation of innovations is a way for Latvia to develop a successful modern economy. The aim of the research is to study characteristic features and key ingredients of the Triple Helix model of university-industry-government collaboration in various countries and the potential applicability of their experience in Latvia. For purposes of the study monographs, scientific articles, official documents and bulletins of Latvia, Sweden, Singapore and South Korea, as well as international statistical data, and articles of local and foreign publicists were reviewed and analyzed. According to the hypothesis, the best option for Latvia is to elaborate the own Triple Helix model based on adopted and processed experience of Sweden (Laissez-Fair model), Singapore (Static model) and South Korea (Project approach). The results of research may be useful for local governments and universities for the development of environment and mechanisms aiming the creation of innovations.