Check out the list of promising new startups in Latgale Region, Latvia - the world’s most startup-friendly country.
Latvia is one of three Baltic countries often referred to as Baltic Jewels of the Startup Crown. Previously overlooked, the entrepreneurial community has been working hard to create a fast-growing startup culture. Organizations such as Magnetic Latvia, Startup Latvia, the Latvian Startup Association, and Labs of Latvia, together with the Latvian Government, are working hard to celebrate success stories.
As of 2021, Latvia has been ranked the most startup-friendly country in Europe. Following a legislative change to the country’s stock options policy, Latvia has turned into a country with the world’s most favorable stock option policies. These reforms help startups to attract and retain talent, which is necessary for long-term success.
Kurzeme, Zemgale, Vidzeme, Riga, and Latgale are the five planning regions in Latvia.
Latgale region, located in the Eastern part of Latvia, is known for its rich history, spectacular scenery, hard-working people, and promising economic growth. The booming start-up culture has not passed Latgale with even more promising enterprises founded in 2021.
There are 13 regional business incubators across Latvia that support start-ups and regional and international business development. Rezekne Region Business Incubator is one of the main contributing factors to start-up growth in Latgale that the Investment and Development Agency of Latvia (LIAA) supports.
The project was developed jointly by the European Union and the Republic of Latvia in 2016. It is crucial to mention that Rezekne Special Economic Zone (Rezekne SEZ) actively cooperates with the LIAA Rezekne Business Incubator.
Rezekne SEZ participates in start-up selection to determine the necessary support evaluating the fulfillment of the start-up objectives. In total, the commission has seven members with different business backgrounds from various institutions and companies. Furthermore, the institution provides new companies with information on the availability of real estate in Rezekne SEZ territory.
Let’s take a look at four promising start-ups in Latgale region to watch in 2021.
Latgale is often referred to as a land of blue lakes as it boasts more than 1200 of them.Several lakes are interconnected, offering various recreational opportunities for locals and tourists. Boaters have long favored the route from Lake Dridzis to Lake Jazinka, allowing them to cross a total of five lakes.
The new startup Vizion that operates under Fishboat SIA produces high-quality motorboats and has been welcomed and well-received in the Rezekne region. Each Vizion boat is built with extra care, paying exceptional attention to welding, therefore elongating the boat lifecycle. For the Vizion team, quality is something they are not willing to compromise. To achieve the highest standards, they use the most modern equipment and instruments to control quality on each production stage.
What makes Vizion stand out?
1. Unique power structures of Vizion boats developed in cooperation with the leading experts from the “Albacore” company. The motorboat’s design makes them ideally suited even for Northern Europe’s changeable and unpredictable waters.
2. Organization of space inside the Vizboat based on famous angler’s experiences and advice, numerous tests, and user reviews.
3. The efficient production of Vizion boats using highest quality materials and accessories from leading European and American manufacturers.
The Vizion team also offers customization, making sure that each boat is perfectly suited for individual needs. A team of specialists is ready to install any equipment, adding either gasoline or electric motor, echo-sounder, and any additional fittings.
Another innovative and forward-thinking start-up located in the Latgale Region is DkRobotics. They offer the production of laser cutting and engraving equipment as well as CNC milling equipment.
In cooperation with the Rezekne Academy of Technologies and within the framework LIAA innovation voucher program, DkRobotics developed prototypes of CO2 marking/cutting laser and diode laser marking machine. Both devices are successfully verified.
Furthermore, the company offers laser marking services and 3D printing services for various products using innovative 3D printers. Metalworking services are also available in cooperation with partners: CNC milling, CNC turning, electroerosion, and CNC plasma cutting.
Can you imagine authentic freshly roasted coffee made in Latgale?
KUUP is a coffee roastery based in Lendzi, a small-town in the Rezekne district. The KUUP team strives to deliver high-quality coffee roasts whose taste and the smell are entangled with Latgalian features, offering authentic flavours. They offer multiple blends, with compelling and traditional names in ancient Latgalian dialect, such as “Pynaklu Jurs”, “Melnais Ontons”, and others.
Each of the many flavours has its history and character. The various nuances in the coffee taste are without artificial flavouring, featuring only exquisite roasting techniques backed by the knowledge and love for good coffee the owners possess.
The KUUP team says they care about people who drink coffee.“We care about what kind of coffee people drink, so we have very high standards.”
In 2019, Megasteel was granted the status of Rezekne SEZ commercial company. In the future, the company plans to establish a large-format powder coating shop for metal parts and structures, creating a minimum of 20 new job positions and making long-term investments of €713,000 in technological equipment.
If you would like to learn more about startups in the Latgale Region visit Magnetic Latvia Rezeknes Business Incubator website http://inkubatori.magneticlatvia.lv/katalogs/rezekne/