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HomeLatviaEUR 450,000 to be invested in Riga startup hub

EUR 450,000 to be invested in Riga startup hub

Over the next three years, EUR 450,000 will be invested to develop a startup hub in Riga, the Riga Investment and Tourism Agency’s (RITA) representative Martins Pakalnins informed LETA.

RITA has announced a new investment support program, the Startup Houses Support Program, which is designed to promote the operations of startup hubs in Riga.

The developer of the startup center will be selected based on several criteria, including previous experience with startups, references, choice of premises, proposed strategy and implementation plan, and the number of startups attracted to date.

A contract with the chosen developer will be signed for 36 months (3 years or three periods), providing EUR 150,000 in co-financing for implementing the proposed plan.

The developer of the startup center will be expected to support at least ten startups in the first year and at least 15 startups each in the second and third years.

According to the proposed vision, the developer of the startup center will play a pivotal role in creating a hub where new, upcoming, and already successful startup founders and employees can meet, share valuable experiences and information.

Over the first year, a significant portion of the funding will be invested in establishing or improving the center. In the second and third periods, most of the funding will be directed towards supporting startups, with each receiving up to EUR 10,000 worth of direct support.

Source: BNS

(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited.)

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