Youth entrepreneurship is on the rise in Latvia

The number of student businesses has been rapidly increasing - 1100 were registered at the time of the Other Bazar (Cits Bazārs) organized by the Latvian Investment and Development Agency (LIAA) and Junior Achievement Latvia (JA Latvia) on December 7 in Rīga, according to a Latvian Radio December 8 broadcast.

The event included 270 student businesses featuring various innovative ideas, such as wooden guitars, smart bottles and packaging-free dish soap. The market allowed the businesses to meet potential clients and increase competitiveness.

JA Latvia Board Chair Jānis Krievāns revealed that during the same period last year they had only registered 700 businesses, compared to the 1100 currently registered.

"Interests cover a broad variety of sectors - both innovation and technology. Of course there is also home-made production, which is especially in-demand during the Christmas period," said Krievāns.

Some of the most interesting ideas have been natural caffeine-free coffee, zero waste packaging-free dish soap in cube form, as well as a smart bottle that reminds users when it's time to drink water. Each year around five student businesses become strong, competitive companies, like hockey stick sleeve producer Rocketgrip.

Thanks to these future economists several mall shoppers left with original Christmas gifts.
 

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