Association of Latvian Startups requests the Saema €400K for the development of the startup sector

Latvian Startup Association sent an open letter to the Saeima in which it requested €400K to be allocated to the Ministry of Economy for the support of the startup ecosystem. The letter was signed by more than 100 members of the startup industry.

The Association referred, also, to the previous letter sent to the Saeima on November 2, 2022, and to the currently ongoing State Budget discussions in the Saeima.

Besides, the letter gives examples of successful Latvian-based startups, which contributed millions of euros to the state budget during the last three years. According to the data of the Enterprise Register, robotics startup Acrones contributed €432K to the state budget in 2021. Printful (a print-on-demand drop shipping and fulfillment company) contributed almost €8M to the state budget in 2021.

Also, in the letter, it is said that on December 14, 2022, members of the Cabinet of Ministers led by Arturas Krišjānis Kariņas discussed the importance of innovation, investments in science and research “to ensure progress towards faster economic growth and an increase in the welfare of the entire society". And the focus will be on deep technology and social and European startups which aim to protect the climate.

Latvian Startup Association is a non-profit non-government organization, established in 2016 in Riga. It gathers and analyzes startup data. It assists early-stage startups with business development and helps to develop a startup visa allowing specialists from abroad to integrate into the local ecosystem.