Support program for startup ecosystem activities
About this good practice
Start-ups play a vital role in the overall innovation ecosystem, ensuring the inflow of innovative business ideas and promoting a faster change of the economic paradigm to the knowledge economy. It is still believed that start-ups need additional funding and support, therefore it is important to strengthen cooperation with representatives of the start-up environment and the organizations representing them, involving start-ups in increasing Latvia's innovation potential and the growth of the national economy, as well as finding solutions to attract additional funding to support start-ups and for their organized events.
The purpose of the program is to promote the growth of the start-up ecosystem in Riga with the help of co-financing, supporting the activities of organizations whose daily work is related to the development of start-ups, thus promoting the emergence of new start-ups and promoting the recognition of Riga as a start-up-friendly city.
Various private or public organizations whose daily work is related to the organization of activities for start-ups can apply for the support program. During the evaluation of the projects, special emphasis is placed on the fact that the activities make a contribution not only to business, but also to the city of Riga.
It cofinances activities with amount of up to 20.000 euros.
Resources needed
In 2024, the program total budget is 120K EUR, assuming that the maximum amount of financing for one activity is up to 20K EUR.
There is one person in charge of the program, who performs all administrative activities . But evaluation commission includes representatives of 5 different sectors.
Evidence of success
In the start-up ecosystem support program in 2023, 6 participants who applied to implement 18 activities were supported. Among them, there were conferences, hackathons, regular ecosystem meetings, investor visits to Riga, for example. "TechChill" conference, "Startup day" and "Startup BBQ" events. In addition to that, the budget available in the program has been increased in 2024 with the aim of further promoting the activities of start-ups and developing the innovation environment in Riga.
Potential for learning or transfer
This example shows that a city can reach more potential beneficiaries by supporting the ecosystem itself, not just individual companies. It is thus a valuable example for other territories interested in supporting the entrepreneurial ecosystem of how national or regional authorities might invest funds in activities organised by third and specialized organisations for the development of the industry can attract world-class start-ups, including unicorns.
An interesting potential transferrable methodology is that the program allows predictions towards the potential achievement of participants’ goals, to make the investment safer and ensure its monitorisation and impact.