The ideas are there, the enthusiasm too – but the fuel is running low. That’s how one could describe the sentiment among Latvia’s start-ups after participating in the “Ideju Kauss” (Idea Cup) innovative idea competition, organized by the Investment and Development Agency of Latvia (LIAA). A survey of this year’s participants revealed that the biggest challenges on the path to success are the lack of funding and knowledge. Most new entrepreneurs prefer state support programs, such as LIAA…
The ideas are there, the enthusiasm too – but the fuel is running low. That’s how one could describe the sentiment among Latvia’s start-ups after participating in the “Ideju Kauss” (Idea Cup) innovative idea competition, organized by the Investment and Development Agency of Latvia (LIAA). A survey of this year’s participants revealed that the biggest challenges on the path to success are the lack of funding and knowledge. Most new entrepreneurs prefer state support programs, such as LIAA business incubators, or rely on their own capital, while loans and financial institution services are used only as a last resort. Latvian start-ups certainly don’t lack great ideas. However, as the “Ideju Kauss” participants point out, the hardest part is…
