Could Riga be the Next Blockchain Hub?
By Pavel Jakovlev on ALTCOIN MAGAZINE
As my plane pierces through thick layer of clouds, a familiar scenery is revealed. The Baltic country-side looks somewhat similar during this time of year. The frost-covered fields and leafless trees are separated by the dark vein-like roads.
I left the neighbouring Estonia 17 years ago and haven’t looked back.
Till now.
“How was your flight?” asks Mikus with a smile. He leads the Blockchain PreAccelerator at the University of Latvia, eager to talk everything tech-related. Mikus and Karlis arranged a networking and information evening on the side lines of the Digital Freedom Festival (DFF) — Baltics’ largest digital innovation and startup event. In addition, the PreAccelerator hosted a blockchain startup battle on the first day of DFF. But more on that a bit later.
At the networking and information event I meet two Ambassadors. The Swiss and Israeli diplomatic colleagues are both intrigued by and supportive of the blockchain tech startups. An Israeli colleague Gil, the founder of the Floor, seasoned, hands-on VC and I give presentations about our activities in our respective jurisdictions. Though our approaches differ — the Floor is a reverse innovation hub with a focus on fintech, security and blockchain, where Gil works with selected founders to find solutions for large corporates, meeting their complex technological needs — both Gil and I identify as passionate proponents of the blockchain tech.
The event is well attended; the networking session results in several exciting conversation with folks, just as passionate about tech. A positive mix of curiosity and entrepreneurial spirit leaves a powerful impression. It feels like I am in the right place. Things are happening in Riga.
The second day brings even more exciting opportunities. I get a chance to meet different startups, participate in the blockchain startup battle as a judge and discuss co-investment opportunities with regional VCs. It feels right; I am continuously impressed by interest in blockchain and open-mindedness across the board. The BUIDL spirit is strong in Riga.
As I sit through the blockchain startup battle, I am fascinated by the quality of startup pitches. Six out of eight companies are brilliant and ripe for the CV Labs Incubation Program — I am in luck! As a company, we have decided to award the winner with a fast track process to our Blockchain Incubator, but it becomes obvious during the deliberations that we should expand our offer to the runners-up.
During the investor dinner we discuss blockchain technology with other VCs. It’s humbling to see how the Crypto Valley’s ecosystem is viewed by others in the industry. As the next generation Venture Capital company, we are committed to building the global blockchain ecosystem.
As our evening comes to a close, Karlis reaches out and asks: “What are the chances for CV Labs to open one of its hubs in Riga?”. I explain that, as we take our operations globally next year, we look at multiple variables for our hubs: robust blockchain ecosystem, regional talent pool, favourable legislative framework and strong technology/startup track record. In my view, the Baltics and Riga specifically has all the right ingredients.
We would like to see more blockchain ecosystem activity in the coming months in order for us to take a closer look at Riga as the next blockchain hub. It will be up to blockchain catalysts, like Mikus and Karlis and their blockchain PreAccelerator to make it happen.
At CV VC, Pavel leads the CV Competition and CV Labs Incubation Program, located in the heart of the Crypto Valley, Switzerland. He is passionate about emerging technology solutions and their practical application in the commercial environment to deliver efficiency, productivity, and sustainable growth. He has an aptitude for fostering and maintaining business relationships with a wide variety of internal and external stakeholders. Prior to joining CV VC, the next generation Venture Capital company, Pavel worked both as a consultant and as an internal expert in the following industries: oil and gas, renewables, financial services, eCommerce and government affairs.
