It is expected that the platform will become an “incubator for future unicorns,” with contributions from the creators and leaders of existing Lithuanian unicorns and startups, the ministry announced on Monday.
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“We are creating a Lithuanian national accelerator that, with a deep understanding of the local market and by bringing together the country’s strongest innovation leaders, will help grow a new generation of technology companies, attract more investment, and establish Vilnius as a regional startup hub,” Minister Edvinas Grikšas said in the statement.
According to him, Lithuania is already one of the world leaders in unicorn value created per capita, and the project aims to “create more success stories.”
The ministry plans to select an institution in the third quarter of the year to implement the project together with a consortium of business representatives and organizations experienced in growing startups.
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According to the ministry, the initiative would organize hackathons, mentorship programs, provide access to laboratories, technological tools, and an international network of experts, and encourage schoolchildren and students to take an interest in technology business.
The ministry states that this is the first national startup accelerator of this scale in Lithuania.
So far, Lithuania has grown five technology unicorns: the peer-to-peer used clothing trading platform “Vinted,” the cybersecurity company “Nord Security,” the operator of online classifieds portals “Baltic Classifieds Group,” the data infrastructure company group “Oxylabs,” and the company that created the women’s health app “Flo Health.”
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