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Tuesday, 23.04.2024, 20:41
Microsoft earmarks USD 50 mln for support to startups, Latvian companies may apply
The
financing will be available also to Latvian companies. The goal of the program
is to bring technology and marketing expertise to startups.
The program will provide startups with up to USD
120,000 in free cloud platform Azure credits, enterprise grade technical support
and development tools.
Microsoft for Startups
takes a unique approach to connect qualified startups with new customers and
channel partners. The startups will also be able to use Microsoft ScaleUp
and Microsoft Ventures
support.
"Latvian startups will have special advantage in
the use of the program because we are the only country in Northern Europe with
the Innovation Center that is operated in cooperation with the University of
Latvia. It ensures consultative support, improvement of digital, technological
and business skills, mentoring, access to the partners and investors
network," said Microsoft Latvia head Renate Strazdina.
Microsoft through the
Innovation Center has already supported several events for startups – Digital
Freedom Festival and TechChill, and in cooperation with Startup Wise Guys and
500 Startups has organized seminars. There is also a cooperation agreement with
risk capital fund Blue Dome Capital, and there are ongoing negotiations with
several accelerators on development of the Latvian startups community.
Microsoft Latvia
reported EUR 4.611 million in turnover for its last fiscal year that lasted
from July 1, 2016 to June 30, 2017, up 6.8% from a year before. The company's
profit grew by 19% to EUR 413,983, according to information available at
Firmas.lv.
Microsoft Latvia was
founded in 1999 as a representation of the Microsoft Group in the Baltic
states.