On 3 October, the Minister of Economics Ralfs Nemiro, the Latvian Start-up Association Startin.lv, the Latvian Private and Venture Capital Association and the Latvian Business Angel Network signed a memorandum on strengthening of cooperation in the development of the start-up ecosystem and raising public awareness about start-ups.
In the Memorandum, the parties have committed to improve the regulatory framework for the sector, promote the visibility of the ecosystem and educate start-ups and investors, as well as promote public awareness of start-ups. In cooperation with organisations representing start-ups, business angels and the venture capital sector, the Ministry of Economics has committed to improve the regulatory framework and the state aid policy, as well as to contribute to raising public awareness of the development of the start-up ecosystem and its role in the national economy.
During the meeting, Minister R.Nemiro proposed the associations to join together to become a greater force: “The memorandum with these organisations will enable the public and non-governmental sector to cooperate more effectively by maintaining dialogue, working on improvements to the legal environment, and also improving the existing regulatory framework and support instruments. Joint representation of interests will help to strengthen the position of start-ups in talks with the government and other organisations”.
Success start-ups mean well-paid jobs and contribution to the state budget, and it is therefore important to create all possible preconditions for supporting and encouraging the sector to grow more rapidly. The Memorandum confirms a common understanding at national level about the strategic importance of innovation, which is the key to long-term international competitiveness of the Latvian economy,” emphasises Līva Pērkone, the Member of the Board of the Latvian Start-up Association Startin.lv.
“The level of development of the start-up ecosystem has a direct link to the country’s ability to attract investors and create new, fast-growing and export-oriented companies. We are grateful to the Ministry of Economics for its understanding and willingness to support the ecosystem,” says Anita Matisone, Executive Director of the Latvian Private and Venture Capital Association.
“The signing of the memorandum of cooperation brings the cooperation between the Ministry of Economics and players of the start-up environment to a new level, it will become more coordinated and harmonised, thereby providing better opportunities for achieving good results in the development of the start-up environment,” emphasises Juris Birznieks, a Member of the Board of Governors of Latvian Business Angel Network.