The pulse of Latvian startup scene: Week #47

#StartinLatvia to have a special law to support startups, creates healthy snack treat, innovative guitar pedal and more.

Saeima passes innovative Startup Law

Saeima on November 23 passed the Startup Law in the final reading with the aim to develop startup support programs and foster the creation of startups in Latvia.

The new law will stimulate the creation of new startups in Latvia, thereby fostering research and innovation. The goal with these changes in legislation is to have at least 20 new startups each year in Latvia and 120 new jobs annually.

Latvian Startup Association’s Chairwoman of the Board Jekaterina Novicka said the association considered this the first and very important step by the state to support startups. The association will assist the Economics Ministry in the development of new, favorable environment for the foundation and growth of startups, and the new legislation in the first step in implementation of this strategy, she said.

Several new startups created in Liepāja within 54 hours

Healthy snack treat project NutriPower has won the StartUp Weekend Liepāja competition. Sandija Šplīta, one of the creators of NutriPower, says that she had the idea of establishing a company for quite a while already, and the event in Liepāja was the first StartUp Weekend event where she went to present her idea.

“At the event, we set up a team and, working together for 54 hours, further perfected the idea. One of the current problems in society is that there is too much fast food, while the choice of healthy and nutritional products is very limited. That’s why we want to launch a new line of products that will provide the body with all the essential nutrients it needs. The product does not contain added sugar, and yet it is very tasty. We will also make sure that the new product is unique and differs from other products currently available,” Sandija commented her business idea. She has created the project in cooperation with Karlīna Ozola and Kārlis Millers.

Guitar pedal created in Latvia causes sensation at LatBAN Investment Session

PLUS Pedal, an innovative effects unit for guitars and other melodic instruments, attracted the greatest interest from investors at the Latvian Business Angel Network’s (LatBAN) Investment Session in November, following a presentation by Iļja Krūmiņš.

This month’s other favorite is the Tooth Fairy’s Tools project, which aims to make a million innovative saliva ejectors for dentists every day.

A total of six projects participated in the November Investment Session. Investors said after the session that four of these had the potential to attract investment.

Riga the 22nd best city in Europe for founding a startup

Riga is ranked 22nd among European cities with the best conditions for founding a startup, according to the Startup Heatmap Europe 2016 study released by the European Startup Initiative (ESI).

For the study, ESI surveyed more than 700 founders with a primary question: “Where would you start up if you could begin all over again?”

Berlin is first on the list, followed by London, Amsterdam, Barcelona and Lisbon. Tallinn is in the respectable 12th place, while Riga is in 22nd place. Vilnius has not made the list of the best European cities for startups, while Athens is in last, 30th place.