Latvindia to celebrate the first successful innovators by early 2024 in Riga, Latvia.
Latvindia announced its first large-scale nonprofit initiative LOIP Latvindia Open Innovation Platform. LOIP has the ambition to become the leading online platform for global talents and innovators who want to access the networks of like-minded individuals, potential partners, investors, and mentors in Latvia and Europe. This initiative is part of Latvindia's commitment to fostering innovation and entrepreneurship in several regions.
Roberts Stafeckis, one of the founders of Latvindia, says Latvia is not only the very heart of the Baltic States but also a point where West meets East. "We connect East and West with our new open innovation platform. Everyone is an innovator because the innovative ability is inherently present in all of us. Since birth, we have innovated by learning by doing", says Roberts.
With more than 600 solid startups in Latvia and growing financing chances, the market is far from saturation and responsive to good ideas. Latvia is also a fully integrated member of all major economic and political structures — including the European Union and OECD — advancing trade, peace and freedom in Europe and the world. Its position in the global market offers investors both opportunity and stability. Latvia is ranked #2 out of 38 in the OECD's International Tax Competitiveness Ranking and #19 in the general Ease of Doing Business survey.
The prime minister of Latvia, Krisjanis Karins said, "Latvia is an excellent place to develop new technologies – it offers great people, motivation to innovate and also government support for science and innovation". Latvian government is focused on creating a friendly business environment as well as providing support to new start-ups.
"To succeed in Silicon Valley, you have to be a genius. In Latvia – at the moment – you just need to be very, very good", adds Laszlo Gaal, the co-founder and head of RCP Residency and Citizenship Program. "We have extensive experience working together with foreign, especially Indian investors", Laszlo continued.
LOIP works closely with its local and European partners to select the most promising innovators from around the globe. LOIP is neither a financing institution nor a business accelerator; however, it has social and business contacts to find the most appropriate partners to implement an innovative idea.
Besides supporting and generating networking and collaborations, LOIP makes innovations visible to Latvian investors and business companies.
After agreeing with innovators, LOIP will introduce the innovators' ideas to its partners and contacts to get them professionally evaluated and eventually financed. After carefully evaluating the ideas and business proposals, LOIP will invite several innovators with the best ideas to its annual event in Riga, Latvia, where they will have an opportunity to meet experts and business professionals and present their ideas. This event gives the innovators a chance to get feedback on their ideas and possibly even find funding for their projects.
The platform is open to all individuals or startups with innovative ideas. This provides innovators an opportunity to showcase their ideas to potential investors and receive constructive feedback on how they can improve their projects.