Elevate Your Startup with Latvia's Thriving Ecosystem
Policy Makers and Implementers
· Ministry of Economics: A significant business policy maker in Latvia.
· Investment and Development Agency of Latvia (LIAA): Focuses on attracting foreign direct investment and supporting export opportunities for Latvian companies. LIAA also manages the Magnetic Latvia Startup initiative and operates 14 business incubators across Latvia, including one for creative industries in Riga.
· ALTUM: A state-owned development finance institution offering various programmes for startups, including EUR 15 million in acceleration funds.
Community Builders and Funders
- Latvian Startup Association (Startin.LV): Represents startup interests.
- Latvian Business Angels Network (LATBAN): Supports startup funding.
- Latvian Private Equity and Venture Capital Association (LVCA): Promotes venture capital investment in startups.
The ecosystem is driven by ambitious and creative community builders who play a crucial role in its development.
The ecosystem is supported by experienced mentors, business angels, and investors, creating a robust environment for startup growth and development.
Startup Ecosystem Development in Latvia
Latvia’s startup ecosystem offers a range of opportunities for aspiring entrepreneurs. The Magnetic Latvia Startup initiative provides various activities designed to support and develop startups, including:
- Hackathons: Intensive events where teams collaborate to create innovative solutions.
- Meetups and Seminars: Networking opportunities and knowledge-sharing sessions.
- Pitching Try-Outs: Platforms for startups to present their ideas to potential investors.
- Technical Skills Training: Deep dives into essential technical skills for startup success.
- Intensive Training and Acceleration: Programs aimed at rapidly developing startups and boosting their growth.
Startup Ecosystem One-Stop-Shop
Since 2017, Magnetic Latvia Startup has been serving as a comprehensive support hub for both local and foreign startup founders. The initiative aims to address various needs and concerns of entrepreneurs, ranging from business environment queries to personal recommendations for living in Latvia. The One-Stop-Shop provides assistance with:
- Business Environment: Guidance on navigating the Latvian business landscape.
- Personal Support: Help with settling in Latvia, including recommendations for services like dentists, hairdressers, and local amenities.
- Community Integration: Support for integrating into the local community and addressing any homesickness or loneliness.
Startup Visa
Latvia offers a Startup Visa, which is essentially a temporary residence permit for non-EU startup founders looking to establish their businesses in Latvia. Key points include:
- Eligibility: Up to five founders per startup can apply. The visa is valid for up to three years and is also available for spouses and children.
- Application Process: The process takes about one month. Applicants need to submit a detailed description of their innovative, scalable startup idea, including a business model, market potential, competitor analysis, R&D plan, and a three-year financial plan.
- Benefits: The visa allows founders to bring their teams from abroad and provides access to an electronic ID card.
Strategic Global Partners & Networks
Magnetic Latvia Startup has established strategic partnerships with renowned startup ecosystems and networks worldwide to expand opportunities for Latvia-based startups. Key partnerships include:
- WE WORK (San Francisco): Collaboration with the well-known coworking space provider.
- Gyeonggi Province (South Korea): A government-to-government Memorandum of Understanding to support the growing startup ecosystem.
- Google Cloud for Startups Program: Offers technical training, Cloud credits, and access to community events for eligible startups.
These partnerships aim to provide Latvian startups with resources, support, and global connections to foster their growth and success.
Startup House Riga
Startup House Riga is a non-profit initiative led by founders, providing a vibrant community space for startups, investors, and ecosystem players. It offers a range of facilities and services designed to support the growth and development of startups.
Location: Startup House Riga is centrally located in Riga, providing easy access to the city’s infrastructure.
Facilities: The building features spacious co-working areas, well-equipped offices, meeting rooms, a modern kitchen, and private offices for established teams. It includes:
- Event space for community events, meetups, hackathons, and workshops.
- Flex desks and resident desks in the co-working area.
- 10 equipped meeting rooms for productive discussions.
- 18 silent rooms/call booths for private conversations.
- 10 private offices for more established teams and VCs.
- Modern solutions for day-to-day tasks, such as meeting room booking systems.
Community & Collaboration: Membership is exclusive to startups, investors, and ecosystem players, fostering a collaborative environment where like-minded individuals can share ideas and support each other. The space aims to be diverse, inclusive, and collaborative, continuing the legacy of TechHub Riga.
Events: Startup House Riga hosts a variety of events to support the startup community, including monthly meetups, office hours, mentoring sessions, workshops, networking events, hackathons, and conferences. These events are designed to foster growth, learning, and experience exchange.
Membership Options: Various membership plans are available, including Resident and Flex desks, with 24/7 access, utilities, and exclusive community events. Early-stage startups may qualify for a subsidy to reduce membership costs.