July 15, 2024

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Sampling the Vilnius start-up ecosystem with a Startupcation

4 min read
Sampling the Vilnius start-up ecosystem with a Startupcation

Begin-ups primarily based outdoors the EU now have a chance to pattern life in Vilnius, one among rising Europe’s most vibrant start-up ecosystems.

Lithuania has launched a programme focusing on international start-ups who wish to expertise the booming start-up ecosystem of its capital Vilnius, residence to Vinted and Nord Safety – two of the nation’s unicorns.

The programme, dubbed Startupcation grants fast-lane entry to the nation’s related enterprise networks and hubs and supplies an entry level to the European market with greater than 700 million prospects open to new applied sciences.

“We have now launched the programme to permit non-EU start-ups to expertise our spurting ecosystem first-hand and present them the considerable potential of relocating their enterprise,” says Roberta Rudokienė, head of Startup Lithuania.

“Throughout a one-week go to, they are going to meet profitable start-up founders, get to know key enterprise networks and hubs, and study soft-landing programmes and governmental help. Our mentors will information the contributors every step of the best way and clarify the advantages of Lithuania’s place because the gateway to the EU with nice work-life steadiness.”

Lithuania has an abundance of energetic native traders and a strong and pleasant start-up group of greater than a thousand start-ups, rising intensely and increasing into new markets.

This yr’s Startup Genome report positioned Lithuania amongst 60 rising start-up ecosystems, and Startup Blink ranks its start-up ecosystem as excessive as seventeenth on the planet. In Rising Europe’s newest Enterprise-Pleasant Metropolis index, Vilnius ranks sixth amongst greater than 100 cities within the rising Europe area.

Final yr, Lithuanian start-ups attracted a file quantity of funding — over 428 million euros.

The nation’s first unicorn, Vinted, tripled its valuation and the creators of the Nord VPN service – Nord Safety – grew to become its second unicorn.

Lithuania’s start-ups are actually valued at greater than 7.1 billion euros, with the turnover and export of start-ups having grown by greater than 30 per cent in 2021 in contrast with the earlier yr. 

Scale quick and reside gradual

Eimantas Sabaliauskas, co-founder of Nord Safety, says that he has grown his enterprise in Vilnius by making use of the native start-up group and supportive founders.

“In Vilnius, you’re at all times inside strolling distance of every thing you may want, and start-ups can simply alternate their concepts and experiences with business veterans, which is just invaluable to any enterprise,” he says.

“You possibly can work and reside within the coronary heart of a vibrant multicultural metropolis and nonetheless be only a few minutes away from stunning nature. Couple this with welcoming approaches from native municipalities and the Lithuanian authorities, and you end up in an setting match to your start-up to scale and try for achievement. It’s noteworthy that traders put their belief within the area and really feel safe investing right here. “

He reveals that regardless that Nord Safety is a world firm with workplaces worldwide, its HQ stays in Lithuania, with no plans to maneuver.

“We’re thrilled to see the expansion of the Lithuanian start-up ecosystem, and we’re proud to be part of it,” provides Sabaliauskas.

Sampling the Vilnius start-up ecosystem with a Startupcation
A market that conjures up world ambition and resilience

Inga Langaitė, CEO of the start-up affiliation Unicorns Lithuania, explains how Lithuania pushes start-ups to scale quick and dream huge.

“Lithuania is inherently a small market; subsequently, bold start-ups not often think about the nation their most important market and develop their enterprise to fulfill world calls for proper from the beginning. Begin-ups in Lithuania are usually not spoiled by an abundance of enterprise capital and sizeable investments – they work exhausting, construct their companies on their very own and enter world markets tempered and nicely bootstrapped,” Langaitė says.

She stresses the power of a tight-knit start-up group in Vilnius, “the group met the brand new unicorn with a wave of pleasure, and the entire start-up ecosystem celebrated the achievement collectively. As start-ups don’t compete throughout the Lithuanian market, they type a supportive and welcoming group that desires to develop and prosper collectively and assist new start-ups land on their ft.”

Purposes for the programme might be made till September 4.

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