Support for the development of start-ups

In order to develop Latvian companies and promote their productivity through such priority areas as digitization, innovation, social inequality, the Ministry of Economy has developed support programs, thus stimulating the successful start-up of entrepreneurship. Support, both financial and mentoring, is especially important for entrepreneurs who are just taking their first steps in the business environment. Admission to the Incubation Program will open on September 16. The incubation program includes various financial and non-financial support measures to strengthen the viability of Latvian innovative, technological, creative and export-capable companies, increase growth potential and promote the export of goods and services produced in Latvia. 96 applications from Latvian companies were approved on March of 2024, for the first  entry of business incubation program. 

The start-up community forum took place at the end of August, the purpose of which is to stimulate dialogue and promote cooperation opportunities for innovation and economic growth. The start-up community forum will publish the main public announcements about public and private financing, support instruments, education, incubation and acceleration programs and tenders. The event provided opportunities to meet industry leaders, get to know the academic sector, explore new growth opportunities and connect with existing and future partners. The event was attended by representatives from LVCA, BuildIt, Digital Latvia, Latvian Investment and Development Agency, Green and Smart Technologies Cluster, BadIdeas Foundation, Latvian Science Council, Civitta, Start School, SEB and many others.

The above-mentioned events are a great opportunity not only to inform existing startups about current events in the startup ecosystem, but also to attract more and more new talents to startups, attract investments, and also generally promote the development of a strong and unified startup ecosystem.