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Vilnius and Kaunas among the world’s top 200 cities for startups

Vilnius and Kaunas among the world’s top 200 cities for startups

Lithuania’s major cities, Kaunas and Vilnius, have experienced a significant leap in the latest StartupBlink Global Startup Index, advancing them into the top 200. Lithuania currently holds the 17th position globally and the 9th position within the European Union. Minister of Economy and Innovation, Aušrinė Armonaitė, has no doubt that this index confirms Lithuania’s position as a country with one of the most rapidly developing startup ecosystems.

‘Three Lithuanian cities made it to the global list of the top 1000 cities for startups, making us the only Baltic country with two cities in the top 200. This demonstrates the steady rise of Lithuania’s startup ecosystem, positioning the country as a thriving hub for innovation and entrepreneurship. With its skilled workforce, modern infrastructure, and supportive business environment, Lithuania offers a unique opportunity for investors to join a dynamic and forward-thinking startup community’, says Minister for Economy and Innovation, Aušrinė Armonaitė.

The Global Startup Index ranks 1000 cities from 100 countries. Vilnius jumped 7 positions to rank 73rd in the world. In addition, the Lithuanian capital is among the top 50 cities in the world for e-commerce and retail (46th place).

Kaunas jumped 13 places to 178th in the world. Among EU countries, Kaunas has risen 2 positions to 43rd place.

Klaipėda has also shown impressive achievements, improving its ranking by 195 positions to 769th place.

Kaunas has seen a substantial surge in the global rankings too, leaping an impressive 13 places to reach the 178th position globally. Within the European Union, Kaunas has also made noteworthy progress, ascending 2 positions to claim the 43rd spot.

Likewise, Klaipėda has demonstrated remarkable achievements, significantly improving its ranking by 195 positions to secure the 769th spot.

‘We are continuously seeking ways to foster a more favourable business environment for startups to fully utilize their potential. As a testament to our commitment, last year, with the initiative of the Ministry, we successfully passed amendments to the Law on Joint Stock Companies, bettering the environment for emerging companies to attract investments. These improvements offer businesses a better chance to establish, grow, and expand. Today, we see the results of these efforts reflected in the Global Startup Index’, says Karolis Žemaitis, Deputy Minister for Economy and Innovation.

Over the past few years, the value of Lithuanian start-ups has increased 17-fold. Last year, they attracted EUR 238 million in investment, bringing the total value of Lithuanian start-ups to EUR 10 billion.