For the 12th time now, Vilnius will be hosting Startup Fair, the largest international event in the Lithuanian start-up ecosystem. This year’s theme, Pulse, has been chosen for a reason, inviting attendees to immerse themselves in the dynamic start-up environment. Organized as usual by a team at the Innovation Agency, Startup Lithuania, this free event is set to welcome over 2,000 participants from 68 countries. Its goal is to inspire innovators to launch their own ventures and to raise awareness among the Lithuanian population about the value the startup ecosystem brings to society.
Karolina Urbonaitė, Head of Startup Lithuania, who took the helm half year ago, says the event reflects the evolving needs of the startup ecosystem itself—it grows with the community, sets content agendas, and effectively realizes current trends. Karolina is happy that the Lithuanian startup ecosystem has grown sevenfold since 2018, thanks to all its participants and the state. According to Dealroom, the Lithuanian startup ecosystem is currently valued at € 13.7 billion, she adds.
Recently returned from a year-long internship in Silicon Valley, USA, Karolina notes that while the US is renowned as a start-up paradise, it also presents fierce competition. Surprisingly, it seems oftentimes that it is easier to establish and expand a start-up in Lithuania, where innovators receive substantial support from the state. “If you have a good idea, there’s a good chance you’ll get assistance,” she says. The start-up community is notably collaborative and supportive. “In Lithuania, we are becoming more open—we are seeing more and more successful start-ups who have built their businesses, investing in new start-ups and taking on mentoring roles. It seems that everyone is united by a common aspiration of elevating Lithuania’s presence on the global startup stage,” says Karolina.
Karolina gives examples of state support for the startup ecosystem: last year, the Innovation Agency established InnoHub Lithuania and joined the almost decade-long successful Nordic Innovation House in Silicon Valley, USA—a platform providing Lithuanian startups with opportunities to seek connections across the Atlantic. Another example is Plug and Play, a start-up accelerator, brought to Lithuania at the initiative of the Ministry of Economy and Innovation, has committed to running five acceleration cycles for as many as 60 startups in Lithuania over the next three years. This is the state’s way of giving start-ups in Lithuania the opportunity to grow, gain knowledge, and learn from the best.
Speaking about the unique characteristics of the Lithuanian startup ecosystem, Karolina notes that traditionally start-ups in Lithuania used to rely on equity to expand their business. At this stage, she says, it is important to start looking more broadly at international investors. Last year, Lithuanian start-ups collectively secured €292 million in investment, but the lion’s share was taken by a few a cybersecurity unicorn, Nord Security and solar park design software leader, PVcase, each raising €100 million. It is important that start-ups get the help and knowledge they need to reach international investors. This is where our role is important, and we try to remain an effective platform for startups to go to important events and exhibitions abroad, where they can make useful contacts and share experiences, says Urbonaitė.
According to Karolina, Lithuanian start-up ecosystem is dynamic, fast-growing, and extremely flexible. “Our start-ups are highly adaptable—they can thrive in any operational environment, they are driven to create global solutions, encouraging them to seek international opportunities rather than confining themselves within Lithuania. “We are able to identify global challenges and offer solutions to problems that are relevant not only for Lithuania but also for societies all over the world,” the head of Startup Lithuania adds confidently.
When asked whether Lithuania will have a unicorn soon, Karolina replies that there are a number of companies that are approaching the billion-dollar mark, but it is difficult to predict when this will happen. She says that there are other achievements to celebrate: attracting foreign investment and the growing number of start-ups. “The fact that Vilnius, which has the highest concentration of start-ups in Lithuania, is ranked number one in the European Union in the cyber security category according to Startup Blink data is also a huge credit to Nord Security and Surfshark,” says Urbonaitė.
The Head of Startup Lithuania concludes that the most important thing is to strengthen the internationalization of the ecosystem, increase the number of startups, and strive for their quality. The foundation for start-up development is stable and solid, so there is no doubt that Lithuania will innovate even faster in the future.
Register for the event at: https://www.startupfair.lt/
