It is intended that the developer of the startup center will support at least ten startups in the first year and at least 15 startups each in the second and third years.
Fredis Bikovs, RITA Director, was quoted: "Startups will receive this co-financing in various non-monetary ways, depending on the vision offered by the selected developer of the startup center. This can include co-financing for a place in such a house, mentor support, events that facilitate opportunities to meet and network with experienced startup founders and investors, as well as other ways that promote faster growth, competitiveness, and the ability to attract further investments for development.
"By realizing their 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, and share valuable experiences and information. This hub will not only be a local gathering place but also a welcoming space for newly arrived representatives of the startup sector in Riga, offering support from like-minded entrepreneurs.”
The capital plans to invest EUR 450,000 in the program over the next three years.
Over the first 12 months, most of the funding go into establishing the center. Later the funding will be directed towards supporting startups, with each receiving up to EUR 10,000 worth of direct support, the statement says.
