Support program for startup ecosystem activities
About this good practice
Intended for organizations that work with start-ups on a daily basis, it supports almost all the largest start-up and technology events taking place in Riga.
Resources needed
In 2024, the program total budget is 120K EUR, assuming that the maximum amount of financing for one activity is up to 20K EUR.
There is one person in charge of the program, who performs all administrative activities . But evaluation commission includes representatives of 5 different sectors.
Evidence of success
In the start-up ecosystem support program in 2023, 6 participants who applied to implement 18 activities were supported. Among them, there were conferences, hackathons, regular ecosystem meetings, investor visits to Riga, for example. "TechChill" conference, "Startup day" and "Startup BBQ" events. In addition to that, the budget available in the program has been increased in 2024 with the aim of further promoting the activities of start-ups and developing the innovation environment in Riga.
Potential for learning or transfer
This example shows that a city can reach more potential beneficiaries by supporting the ecosystem itself, not just individual companies. It is thus a valuable example for other territories interested in supporting the entrepreneurial ecosystem of how national or regional authorities might invest funds in activities organised by third and specialized organisations for the development of the industry can attract world-class start-ups, including unicorns.
An interesting potential transferrable methodology is that the program allows predictions towards the potential achievement of participants’ goals, to make the investment safer and ensure its monitorisation and impact.