Latvian entrepreneurs encouraged to apply to compete in the Entrepreneurship World Cup


It’s the second year that the national finals of the Entrepreneurship World Cup take place in Latvia. Swedbank invites Latvian companies founded within the last seven years and having a turnover of up to five million euros to apply in the competition. Applications for the national finals open today and will close on 28 June at 23:59 hours. The national finals of the Entrepreneurship World Cup are organized by Swedbank in collaboration with partners - the Latvian Chamber of Commerce and Industry (LTRK), Investment & Development Agency of Latvia (“LIAA”), Riga TechGirls, and TechChill as an informational supporter.
Lolita
Stasane
1 Jun 2022

 

The aim of the Entrepreneurship World Cup is to boost the competitiveness of companies from various countries, including Latvia, on the global market, as well as strengthening the confidence of Latvian businesses about their business idea, growing faster and getting cross-border experience. By applying to the Entrepreneurship World Cup, companies get a chance to compete for one of the five spots in the Latvian national finals that will take place on 25 August and be broadcast live on TV and social media.

The winners of the Latvian national finals will have an opportunity to be among the top 100 entrepreneurs competing to secure a place in the global finals which, consequently, means representing Latvia internationally and gaining global visibility. The total prize pool stands at one million US dollars and the participants will enjoy investment possibilities and support from service providers like AWS, Freshworks, Google Cloud, Hubspot, Stripe, Zoom and others.

Any company which is registered in Latvia and meets the criteria regarding the turnover and the year of founding (the year of founding must be 2016 or later and the turnover must be up to five million euros) is welcome to submit its application in English. After the application submission deadline, the applications registered will be evaluated by a jury commission and the results of the 1st round of selection will be announced in mid-July, revealing the names of the companies which will be invited to pitch their business idea at the Latvian national finals. The main business evaluation criteria remain unchanged: the product, its potential, business model predictability and the team.

A chance to get confidence about your idea and to grow

“Last year’s Entrepreneurship World Cup event in Latvia showed that Latvian entrepreneurs are eager to defend their business idea on an international scale, that way getting new experience and adding to the existing expertise. There’s no such thing as too much experience in business, so we’re pleased to offer this unique opportunity to participate in the Entrepreneurship World Cup to Latvian entrepreneurs this year too. We believe that the winner of this year’s national finals will also bring global exposure for the name of Latvia through pitching their idea to an international jury and potential investors,” says Jevgenijs Ivanovs, Deputy Head of Corporate Customer Division.

Nikolas Trutiak, CEO of HyMet.eu, the winner of the last year’s Latvian finals of Entrepreneurship World Cup 2021 and the top 25 finalist at the global finals, underlines: “Winning the Latvian national final opened new opportunities and many useful contacts for our company, helping us to further develop our business idea, in light of a new global perspective. Last year we had the honour of representing Latvia on the world stage in Riyadh as part of the 25 most prestigious companies in the Entrepreneurship World Cup. I want to encourage Latvian entrepreneurs to be bold and to step up to this international opportunity. It is events like this that allow us to grow the most through real world competition, with support and advice from experienced mentors, investors and other players in a worldwide ecosystem.

The national finals in Latvia will take place on 25 August where each of the five finalists will be evaluated by the jury members from Swedbank, LTRK, LIAA, and Riga TechGirls.

 

Lolita Stasane

Head of Communication and Sustainability | Swedbank Latvia