Latvia supporting the promotion of the start-up ecosystem
On September 7, 2022, the Ministry of Economy of Republic of Latvia, the Investment and Development Agency of Latvia, the AS "Development Financial Institution Altum", the foundation "TechChill", association "Latvian Private and Venture Capital Association", the Latvian Startup Association, the Riga Technical University, and the foundation "TechHub", association "Latvian Business Angel Network " signed a memorandum of cooperation "On Latvian Startup Ecosystem Development Strategy for 2022 - 2025". This memorandum confirms the Strategy, which defines a series of activities with the aim of promoting the development of a strong and unified startup ecosystem and attracting talents to startups.
In 2023, the Ministry of Economy of Republic of Latvia signed 6 cooperation agreements with the Latvian Startup Association, association “Latvian Business Angel Network”, foundation “TechChill”, foundation ”TechHub”, Riga Technical University and association “Latvian Private and Venture Capital Association” for state budget funding of 200,000 euros. Within the framework of the agreements, the organizations implemented activities promoting the start-up ecosystem, which were attended by approximately 1,500 visitors, incl. representatives of the organization representing startups, startups, investors and authors of business ideas from different countries.
By supporting in the following years the organizations representing the Latvian start-up ecosystem, which have signed a memorandum on a unified approach or strategy for the promotion of the development of the Latvian start-up ecosystem, the state will continue to take a clear position on the importance of the start-up ecosystem in the development of the national economy, and will continue to work with Latvia both locally and internationally as promotion of the state's image favorable to start-ups and attraction of investments.
The Ministry of Economy of Republic of Latvia intends to conclude cooperation agreements with the members of the Strategy Memorandum on promoting the activity of start-ups and attracting investments.
The necessary funding for the conclusion of cooperation agreements for the above-mentioned members of the Strategy Memorandum on promoting the activity of start-ups and attracting investments will be provided by the law "On the state budget for 2024 and the budget framework for 2024, 2025 and 2026" for the priority measure "Support for start-ups" for 2024-2026 in the amount of 400,000 euros of funding planned.