The pulse of Latvian startup scene: Week #39

#StartinLatvia will get to special regulations, join forces and more.

Government supports new start-up company regulations

The Latvian government has supported new start-up company regulations. It has been decided that from January of next year, a special support model for developing technology companies will be introduced.

The Economics Ministry has prepared a bill, which foresees two support programs – a grant program for attracting highly qualified workers and a fixed monthly tax for each employee. EUR 3 million will be allocated for the program to attract highly qualified employees.

Meanwhile, in order to lessen the tax burden for new start-ups in the beginning phase, a fixed monthly tax of EUR 252 will be made per each employee. At the same time, these companies will also be exempt from paying personal income tax and corporate income tax.

New board members at Latvian Start-up Association

The Latvian Start-up Association, or Startin.LV, has voted in two new board members – the co-founder and CEO of the bio-tech start-up Conelum Antons Adamovicš, as well as the co-founder and CEO of the education technology company Edurio Ernests Jenavs.

Latvian start-up eco-system joins forces for international event cycle

At the end of September in Riga, Latvia’s leading start-up eco-system participants, including TechHub Riga, the Latvian Start-up Association Startin.LV, the region’s largest B2B accelerator Startup Wise Guys, the Latvian Risk Capital Association and the Latvian Business Angel Network, joined forces for a joint initiative to organize an international events cycle in February 2017.

The cycle’s main events will be the annual start-up conference TechChill, and the discussion platform for decisions makers - Riga Venture Summit.

Latvian-made Aerones drone successfully tows wakeboarder on Daugava River

The Latvian heavy­duty drone manufacturer Aerones Ltd. has successfully conducted an experiment of pulling a wakeboarder with a drone along the river Daugava near the city of Ogre in Latvia. The successful experiment reached a top speed of 70 km/h and spent only half of the drone's battery capacity on the 2.6 km long distance.

“Together with the results of our previous experiment, where we did a similar setup with a snowboard, we are confident to say that high power drone technology is ready to be used in sports, agriculture, firefighting and rescue missions,“ Aerones Ltd. CEO Jānis Putrams points out.

University of Latvia receives EUR 1 million donation from Mikrotīkls

The University of Latvia has received another donation worth EUR 1 million from Mikrotīkls company, manufacturer and distributor of wireless systems. The company’s donation to the university presented in late 2015 helped to support 12 projects for a total sum of EUR 424,000. Mikrotīkls has now donated EUR 1.5 million in total to the University in Latvia, which makes it one of the university’s all times biggest supporters.

Furthermore, Mikrotīkls also donated EUR 1 million last year to the Children’s Hospital Fund. This donation received much publicity and was highly praised by residents and business representatives.