On March 22, 2021, a Memorandum of Cooperation was signed among organizations representing the existing and emerging technology start-ups involved in organizing and delivering start-up ecosystem activities to promote the development of the start-up ecosystem in Riga.
Partners of the Memorandum
- Foundation TechHubRiga
- Foundation TechCill
- Organization Riga TechGirls
- Organization Latvian Startup Association “Startin.LV”
- Riga Technical University
- University of Latvia, Faculty of Business, Management and Economics (Student Business Incubator of University of Latvia)
- Association of Technology and Startup Transfer
- SIA FNG Invest on behalf of Commercialization Reactor
- Organization Vefresh
- Riga Stradins University
- Digital Health Organization
- Children's Clinical University Hospital
- Latvian Private Equity and Venture Capital Association (LVCA)
- BioCatalyst
- Latvian Council of Science
- Green and Smart Technology Cluster
Memorandum of Cooperation between Riga and Startup Ecosystem
Riga city municipality in the person of the Riga City Council Chairman Martins Stakis, acting by the law "On Local Governments" and the Riga City Council binding regulations No. 114 of March 1, "Regulations of the Riga City Municipality" (from now on - the Municipality), on the one hand, and the organizations representing the interests of startups operating in Riga, represented by the persons mentioned in the signature part (from now on - the Organizations) on the other hand, enter into this Memorandum of Cooperation (from now on - the Memorandum) on cooperation between the startup ecosystem and the Municipality (from now on - the Parties):
I. Objective of the Memorandum and principles of cooperation
1. Recognizing that startups play a crucial role in promoting Latvia's economic growth, added value and innovation and that Riga has the highest concentration of knowledge resources and capital, as well as the highest potential for establishment, Development and scaling of startups, and for promoting international recognition, the goal of the Memorandum is to establish, develop and maintain cooperation with the startup ecosystem in Riga and to support the Development of Riga's startup ecosystem as much as possible through the cooperation of organizations representing existing and emerging technology startups, involved in the organization and provision of startup ecosystem activities.
2. the basic principles of cooperation between the Parties shall be:
2.1 following interests of the Parties;
2.2. timely exchange of information;
2.3. transparency;
2.4. provision and assessment of views and proposals;
2.5. raising problem issues, proposing options and solutions.
II. Implementation of the objective of the Memorandum
3. To promote the principles set out in the Memorandum and the objective of the Memorandum, the Parties undertake:
3.1. to meet regularly (at least twice a year) to discuss the needs and challenges of the startups and the support required from the Municipality;
4. The Municipality undertakes to:
4.1. support, within available resources, activities that contribute to the Development of the ecosystem;
4.2. involve the Organizations in the Development of cooperation projects;
4.3. to promote the implementation of innovative solutions in the municipal, structural units and municipal capital companies.
5. The Organizations undertake:
5.1. to organize and participate in events relevant to Riga's startup ecosystem within the available resources;
5.2. to submit proposals for improving cooperation with the Municipality;
5.3. to share experience with other members of the Riga startup ecosystem and the Municipality in promoting the Development of startups.
III. Closing matters
6. The Memorandum is open to organizations (associations, foundations, institutions) operating in Riga and:
6.1. actively build Riga's technology startup ecosystem by organizing activities that ensure ecosystem meetings, exchange of experience, idea generation, mentoring, acquisition of new technological skills and promoting startup development.
6.2. have been able to offer valuable actions, proposals and support to the national or local government that have an overall impact on the Development of the startup industry.
6.3. through their activities, contribute to the international recognition of the city of Riga in the context of technology startups.
7. The Memorandum is signed electronically; each Party has access to a copy signed by all Parties.
8. The accession of new organizations to the Memorandum is organized by expressing such wishes in writing.
9. The Memorandum shall enter into force upon signature.
10. The City Development Department shall coordinate the implementation of the Memorandum on behalf of the Municipality.
11. The Parties shall settle all issues and disagreements concerning implementing the Memorandum through mutual negotiations.
Memorandum of Cooperation for the Development of a Unified Riga Startup Support Ecosystem - document
Organizations wishing to join this Memorandum are invited to send an e-mail to invest@riga.lv