Lithuania, a rising star in the global tech landscape, is making its mark in the heart of innovation – Silicon Valley. With the inauguration of Innovation Hub Lithuania (InnoHub Lithuania) scheduled for January 31st, the country aims to strengthen ties with US businesses and academia, providing a gateway to the vibrant Lithuanian innovation ecosystem.
Scheduled to commence operations on January 31, InnoHub Lithuania, as a member of the Nordic Innovation House in Palo Alto, California, will serve as the first Lithuanian business representative space. This hub will act as both a physical and virtual platform, fostering connections with top Lithuanian technology innovators.
In a statement, Aušrinė Armonaitė, Minister of Economy and Innovation, Aušrinė expressed excitement about the establishment of InnoHub Lithuania in Silicon Valley, calling it a significant milestone for Lithuania’s tech innovation landscape. The country has recently secured the 23rd position in the IMD World Talent Ranking and holds the 34th position out of 132 countries in the Global Innovation Index. Minister Armonaitė highlighted the wealth of talent and innovative approaches in Lithuania, making it an advantageous partner for the dynamic US market seeking reliable European technology solutions.
InnoHub Lithuania, an initiative by Innovation Agency Lithuania, a non-profit organization under Lithuania’s Ministry of Economy and Innovation, aims to accelerate the growth of Lithuanian companies in high-tech sectors, including laser technologies, ICT, and life sciences.
According to Romualda Stragienė, Head of the Innovation Agency, InnoHub Lithuania will offer comprehensive support for Lithuanian companies looking to export their products or services to the US. Simultaneously, it will serve as a local hub for US companies seeking partnerships with Lithuanian high-tech leaders.
Becoming a member of the Nordic Innovation House, InnoHub Lithuania will facilitate knowledge-sharing and collaboration through face-to-face and online meetings and events. It will also provide support in establishing valuable business contacts, assisting Lithuanian businesses in strengthening their ties with local communities, and expanding their market reach into the core of global innovations – the US market.
Lithuania, known for its leadership in laser technologies, has witnessed a doubling of its export scales of laser products every five years. The Lithuanian laser technology sector is globally renowned for its quality, agility, and hidden potential, with 80 percent of its production reaching almost 80 countries.
Minister Armonaitė emphasized the significant growth and importance of other Lithuanian priority sectors, such as ICT and Life Sciences, including the emerging startup ecosystem with three ICT unicorns and leadership in the Central and Eastern European region.
The Lithuanian biotechnology sector, experiencing an 11-fold increase over the decade, has become one of the fastest-growing in Europe. This sector has created tens of thousands of high-paying jobs, with around 90 percent of its products exported to over 100 countries, including key players like the US, Germany, and Poland.
Innovation Agency Lithuania, responsible for the Lithuanian innovation ecosystem, administers a range of innovation, digitalization, and business support measures totaling more than EUR 500 million over the next few years.
To learn more about InnoHub Lithuania, visit www.innohublithuania.com
