CONFERENCE
Medveckis suggested establishing a grant fund during his last visit to Latvia in the summer of 2013. After meeting with local business leaders, he got assured that Latvian businessmen will make contributions to the fund and he decided to quadruple the amount of his own contribution. As a result, the total contribution to Business Ideas Fund by Medveckis and Latvian businessmen amounts to USD 200,000. More information on donating is available at www.fonds.lv.
‘Thanks to the unique idea and donation by John Medveckis, the UL FEM Business Incubator was able to establish the Business Ideas Fund for students’ startups. Medveckis’ initiative demonstrates his generosity and understanding that every good idea deserves support, no matter how crazy it may seem at the beginning, as in the end it may turn into a great business project,’ said Prof. Mārcis Auziņš.
People attending the presentation were informed about the projects Flash you and me, GreyNut.com, and Takeashot.lv, supported by the Business Incubator. The Business Ideas Fund is likely to support these projects in the future.
The UL Business Incubator is the first incubator with a fund for young businessmen. Until now, aspiring entrepreneurs could receive funding only from external funds. ‘We need financial contributions from other businessmen, as well as their trust in young entrepreneurs and their ideas. Latvia needs both employees and employers,’ said Mikus Losāns, the Head of the UL FEM Business Incubator.
For two years, the UL Business Incubator has been providing support and free consultations to students taking their first steps in entrepreneurship. The UL Business Ideas Fund is expected to provide participants of Business Incubator with funding either to test new ideas on the market or co-finance an operating business project. Students will be able to apply for funding four times a year and their applications will be assessed by a team of businessmen. Young entrepreneurs will receive funding and support from an experienced mentor and other businessmen.
In late February, The Fund received more than USD 18,000–a half of the donations made by businessmen and patrons, and the other half provided by John Medveckis.
 was presented to the public. The presentation was attended by Latvian President Andris Bērziņš, UL Rector Prof. Mārcis Auziņš, and Latvian businessmen. The Fund will function as part of the Business Incubator of the UL Faculty of Economics and Management (FEM). The UL Business Ideas Fund was established at the initiative of John Medveckis, a US businessman of Latvian origin, UL Honorary Member and UL patron. Medveckis has promised to contribute up to USD 100,000, donating a dollar for each dollar contributed by Latvian businessmen.){kind=link}