„We aim for as many ideas born in Lithuania as possible to turn into global-scale businesses. To achieve this, we are creating an effective startup growth system – from idea development to investments and international expansion. The value of Lithuania’s startup ecosystem already exceeds 16 billion euros, and over the past five years it has grown 5.9 times – the fastest in Central and Eastern Europe. So our task is to create conditions for this potential to grow even further,“ says the Minister of Economy and Innovation Edvinas Grikšas.
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According to the minister, we invest not only in startups but also in all the infrastructure and services needed for their growth in the regions. Together with the Future Unicorn Factory initiative being created, this will strengthen Lithuania’s startup ecosystem and create even better conditions for high value-added businesses to emerge.
In addition to these investments, this year the Ministry of Economy and Innovation has already allocated 6 million euros to the Future Unicorn Factory initiative, which will help create a national startup acceleration system and provide conditions for promising Lithuanian companies to grow faster and compete in international markets.
In Kaunas and Klaipėda, four selected projects will be implemented to create and develop programs for startups, provide incubation and pre-acceleration services, organize hackathons, and create conditions to develop product ideas.
1.7 million euros have been allocated to the “Lighthouse StartHub” project implemented by UAB “Bendradarbystė Klaipėda.” This is an investment in the Klaipėda startup ecosystem – infrastructure and services for startups that will help new companies start operations, develop ideas, and grow.
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1.59 million euros have been allocated to the project implemented by VšĮ “Startuolių Platforma,” which will create conditions for new startups to emerge and develop product ideas using hackathons and incubation services. The project will provide more opportunities for early-stage teams to test their ideas, refine them, and take the first steps in building a business.
1.97 million euros have been allocated to the pre-acceleration program for life sciences and digital technology startups implemented by VšĮ Kaunas Science and Technology Park. This investment will strengthen the potential of life sciences and digital technology startups being developed in Kaunas and help promising teams prepare for further business growth and attracting investments.
Another 2.01 million euros have been allocated to the project implemented by the Saulėtekis Valley Science and Technology Park, which will create an integrated startup creation, incubation, and growth system to help businesses transition through different stages of development – from idea to growing company.
These investments by the Ministry of Economy and Innovation contribute to the goals of Lithuania’s economic transformation plan “3i” – promoting innovation, nurturing talent, strengthening the investment ecosystem, and creating conditions for more high value-added technology businesses to be created and grow in Lithuania.
