The Latvian national finals of the Entrepreneurship World Cup took place today, June 18. Five promising companies from Latvia presented their business ideas andcompeted for the chance to represent Latvia internationally. The jury selectedHyMet.eu as the winner, while the winner of the public vote was Fravia. All fivefinalists will also receive valuable consultations on business development in exportsprovided by Gateway&Partners.
The prize for HyMet.eu as the winner of the Latvian national finals was a unique cup. Thewinner of the Entrepreneurship World Cup also gets the opportunity to take advantage ofvaluable services for the development of their business in the form of various discounts, thetotal value of which equals USD100000. As of August, the winner will participate with theirbusiness idea at the Entrepreneurship World Cup global accelerator, where, over the courseof six weeks, they will be able to enhance their knowledge, consult with mentors and expandtheir business contacts. Approximately 200 national winners will participate in theaccelerator, where HyMet.eu will represent their business idea, having the chance tocompete for a spot on the TOP100 list of businesses which will go on to the Global Final inNovember of this year.
The winner was selected by a jury after evaluating not only the presentations of the finalists,but also their products, the potential thereof, the predictability of the business model and theteam. The winner— HyMet.eu— develops composite material production technologies forcooling high-power electronics, such as electric vehicles, computers and telecommunicationequipment.
Jānis Vitenbergs, Minister of Economics: “It is true pleasure to congratulate all theLatvian finalists of the Entrepreneurship World Cup— companies which are striving tobe the drivers of Latvia’s economic development and which we can be extremely proudof. Even in challenging times, Latvia has become home to its very first unicorn— a start-up worth one million US dollars. And I can safely say that we have the capacity andpotential to develop several other unicorns as well. The finalists before us today areexcellent examples of the diversity of business, as these companies offer newtechnologies and solutions for everyday life. In turn, we must create all the necessary conditions for promoting innovative businesses, ideas and products, therefore I am especially grateful to Swedbank and the global organizers for implementing this initiative and promoting the development and recognizability of start-ups.”
Lauris Mencis, Head of the Corporate Customer Division at Swedbank: “All five finalists are excellent examples of the fact that successful businesses are based on courage, dedication and the desire to develop one’s business idea into foreign markets as well.Today’s final is a testament to the fact the Latvia is indeed able. Therefore, it is truly anhonour to be able to congratulate our first national winner of the Entrepreneurship WorldCup. I hope that this will become a new tradition for promoting the opportunities of Latvianentrepreneurs to gain worldwide recognition. I wish the winner success in the acceleratorand I am looking forward to the results of the TOP100.”
Nikolas Trutiak, CEO of HyMet.eu: “This is a special day for our company— we havetaken a step forward in our development. We are honoured and proud to represent Latviaand present our idea internationally. We believe that our business idea is unique, specialand interesting for the global market. The Entrepreneurship World Cup is a valuable anduseful platform for any business to gain inspiration, learn new skills that will be especiallyuseful for entrepreneurs in their daily lives.”
The winner of the public vote, which was open a couple of days prior to the competition andduring the final, was Fravia from Dagda.
Five finalists took part in the Latvian national finals of the Entrepreneurship World Cup: Batwatex, Finchecker, Fravia, HyMet.eu and Swimbe.
The national finals of the Entrepreneurship World Cup were organized by Swedbank incollaboration with the Latvian Chamber of Commerce and Industry , the Latvian Investmentand Development Agency, TechChill and the Social Entrepreneurship Association of Latvia,who were also the members of the jury.
About the Entrepreneurship World Cup
Swedbank is the organizer of the Global Entrepreneurship Week in Latvia since October2020. Cooperation with the Global Entrepreneurship Network comes with the unique right toorganize, for the first time, the Entrepreneurship World Cup finals in Latvia which is theworld’s leading innovative entrepreneurship ecosystem and takes place in over 200 countries. This year the Entrepreneurship World Cup is expected to attract around 175,000 participants.
Head of Media Relations at Swedbank
Tel.: +371 67444560, +371 26880381