Magnetic Latvia Business Incubators

You are a wannabe entrepreneur or want to run a successful business, but are looking for support to nourish your idea? Then incubators are right for you! Our 15 incubators throughout the whole Latvia support the necessary environment for the set up and development of business by offering training, mentor support and grants, and organizing events on general business issues.

Basically, they help individuals with a business idea and entrepreneurs to set up a business with a clear idea or develop their existing ones.

There are two stages of incubation - pre-incubation and incubation.

PRE-INCUBATION

For individuals with a business idea and entrepreneurs who are not registered for more than 3 years.

Pre-incubation offers:

  • Assessment of your business idea and its viability;
  • Advice on business model improvement;
  • Mastering business skills and abilities;
  • Co-working room and office equipment necessary for the business;
  • Free advice, training, and workshops;
  • Mentors' advice provided by experienced entrepreneurs and experts.

Terms and conditions:

  • Admission takes place continuously.
  • Support lasts for up to six months to validate your business idea and your viability with the opportunity to qualify for incubation on a later stage.
INCUBATION

For entrepreneurs with a clearly defined business idea and who are not registered for more than 3 years.

Incubation offers:

  • Co-working room and office equipment necessary for the business;
  • Free advice, training, and workshops;
  • Mentors' advice provided by experienced entrepreneurs and experts;
  • 50% co-financing for:
    • R&D and operational (finance, IT, accounting etc.) services.
    • Equipment purchase (amount of up to 10,000 EUR and up to 5,000 EUR). The entrepreneur pays for the service in the amount of 100 % before receipt of the grant. More info here (in Latvian). For English, please contact inkubators@liaa.gov.lv

Terms and conditions:

  • Admission takes place periodically.
  • Support lasts for up to 4 years, as long as the company has reached the incubation goals.
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