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Until January 2019, 418 start-ups have been registered, including 351 of the companies are younger than five years, and 67 companies are older than seven years, and there are also some 100 start-ups at different stages of development.

The number of start-ups established a year has increased in the past five years – from some 10-15 companies a year before 2010 to about 50 start-ups a year in 2014-2018.

In total, start-ups in Latvia employ 1,600 companies and have paid more than EUR 34 million in taxes in the time period between 2012 and 2018.

The Economics Ministry in cooperation with the Latvian Association of Start-ups and Gateway and Partners on Wednesday, February 20, will present results of the study on Latvian start-up ecosystem.

The ministry said that the ecosystem of start-ups is developing, the number of start-ups, the number of created jobs and the size of attracted investments are growing. At the same time, the study identifies a number of significant obstacles and the necessary improvements.