Plug and Play, a renowned Silicon Valley company with a global presence, is now launching in Lithuania. This startup accelerator is set to nurture 60 innovative businesses in Lithuania over a period of nearly three years.
Plug and Play, a globally recognized company headquartered in Silicon Valley, has extended its reach to over 50 locations across Asia, Europe, Africa, the Middle East, and the Americas. Its entry into the Lithuanian market promises to bring exciting opportunities to the vibrant start-up ecosystem.
“We are fortifying the Lithuanian startup ecosystem, with an investment of EUR 63 million in all accelerator programs. Our collaboration with Plug and Play marks a significant step forward, enhancing the visibility and competitiveness of Lithuanian businesses on the global stage. This is just the beginning, and our ambitious goal is to triple the size of our startup ecosystem in the coming years, ” said Aušrinė Armonaitė, minister of Economy and Innovation.
Plug and Play will complete five acceleration cycles by March 2026, with each cycle accommodating 10 to 15 selected startups. These cycles, spanning 12 weeks each, will culminate in international events where participants will pitch their products or services to investors with a strong presence in international markets.
Vice minister of Economy and Innovation, Karolis Žemaitis, highlighted Lithuania’s remarkable growth as one of the fastest-growing startup ecosystems in Central and Eastern Europe. In just a few years, its value has surged 17-fold, nearing the EUR 10 billion mark.
The accelerator is expected to enhance the international development capabilities of Lithuanian startups. Each acceleration cycle will incorporate training sessions on expanding into international markets, led by highly experienced mentors from around the world.
Romualda Stragienė, Director of the Innovation Agency, shared her optimism, saying, “I believe that our innovative businesses will seize the myriad opportunities offered by Plug and Play. This initiative will not only nurture 60 businesses but also transfer expert knowledge to our local startups, enabling them to establish invaluable connections with foreign investors, venture capitalists, and large corporations.”
Plug and Play‘s global reach
Plug and Play boasts a global presence, running more than 60 accelerator programs on four continents every year. In the United States, the company’s network comprises over 50,000 startups and collaborates with more than 500 corporations, alongside hundreds of investors and venture capital funds.