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Latvia will take part in Entrepreneurship World Cup for first time

This year, Latvia will hold national finals of the Entrepreneurship World Cup for the first time, Latvian Radio reported April 27.

Latvian national finals winner will compete to go on to the global finals. 

The Entrepreneurship World Cup (EWC) is a chance for startups and new businesses - established no more than five years ago - to compete among representatives of over 200 countries to prove the competitiveness of their business on a global scale.

The national finals of the EWC in Latvia are organized by Swedbank together with the Latvian Chamber of Commerce and Industry (LTRK), the Latvian Investment and Development Agency (LIAA), “TechChill” and the Latvian Social Enterprise Association.

Swedbank representative Jānis Krops said that the jury will assess the idea, product or service development potential – how interesting it can be on a global scale, because ideas can be useful on a local scale, but not globally. It will also assess the transparency of the business model so that it is clear how the idea can come to the market.

The winner of the national finals will get a chance to learn, gain experience and win a cash prize of about half a million dollars, build international visibility, and meet potential investors. The rest of the national finalists will receive individual advice in areas related to growth. The winner of the national finals will also receive a chance to participate in the competition's virtual accelerator “EWC Accelerates”, which takes place in August and September. Successfully demonstrating itself, the business will acquire the right to represent Latvia in the global finals in Riyadh, Saudi Arabia, fighting among the 100 best finalists for a total prize fund of USD 1 million, as well as additional investment opportunities and USD 750 000 for support. 

Applications are open until May 24. The application is available here.

More information about EWC is available on their website.

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