Development of the startup ecosystem

• Lithuanian startup ecosystem is one of the fastest growing startup ecosystems in Central and Eastern Europe (CEE) – the combined value of Lithuanian startups has grown almost 7,1 times between 2018-2023, against a CEE growth average of 3,6x. Lithuanian startups are valued about 13,7 billion Eur.
• The country with the population of just 2,8 million people counts about 1000 startups and 3 unicorns: Vinted, Nord Security and Baltic Classifieds Group.
• Our ecosystem is fully equipped to foster the development of startups. We have infrastructure, accelerators, sandboxes, financial and advisory support mechanisms tailored to the specific needs of startups, VC funds and motivated and highly educated talents as well as favorable tax and legal environment.
• Lithuanian startups attract investments from world known venture capital funds: Accel, Insight Partners, Plug & Play, Intel Capital, Inventure, etc.

The concept of Lithuanian startup ecosystem development

• On 2022 June 8th the development concept of the Lithuanian start-up ecosystem was approved by order of the Minister of Economy and Innovation. The purpose of the concept is to increase the competitiveness of Lithuanian startups, improve the business environment, and help startups solve difficulties. The concept aims to create conditions for creating innovative solutions, promote business and scientific cooperation, investments, increase employment, business productivity, exports, and introduce innovations.

The KPI of the development of the startup ecosystem is to triple:

• startup sales - from 2.8 percent. of gross domestic product (hereinafter - GDP) (average) in 2019-2021 up to 8.4 percent GDP (average) 2028-2030.
• export of start-up goods (or) services - from 2963 mln. EUR 2019-2021 up to 8889 million EUR 2028-2030.
• investments attracted by start-ups - from 632 mln. EUR 2019-2021 up to 1896 million EUR 2028-2030.

International accelerator programs

• Ministry of Economy and Innovations together with Innovation Agency Lithuania put a lot of efforts to foster and grow Lithuanian startup ecosystem: there are a lot of different support schemes for current and future startup founders including previously mentioned acceleration programs. The main priority directions: tax incentives, funding instruments, consulting services, access to R&D and innovation infrastructure. Lithuanian startups attract investments from world known venture capital funds: Accel, Insight Partners, Plug & Play, Intel Capital, Inventure, etc.
• On September 2023 Innovation Agency, and one of the world-known international start-up accelerators from USA "Plug & Play" signed an agreement for the provision of start-up acceleration services. Plug and Play will accelerate at least 60 start-ups and invest not less than 5.9 million EUR in startups that completed the acceleration program.

Specialized acceleration programs

• In early 2024 Lithuania plans to start specialized startup acceleration programs that will focus on the areas of ICT, EdTech and GameTech industries. At least 60 startups will receive direct support in the form of consulting, training, and other similar services, and grants (∼ 60 thousand EUR for one startup) after the successful completion of the acceleration program.

​​​​​​​Subsidies for the participation of Lithuanian startups in foreign events

• In 2024 it is planned to allocate 150 thousand EUR for the participation of startups in foreign countries' events. One startup can be awarded up to two subsidies to participate in two different events in foreign countries. In 2023 an average subsidy for one event was 1.3 thousand EUR, 189 applications were received, and the subsidy was allocated to 92 startups. Some of the starters were compensated for two events each.

For more information about the Lithuanian startup ecosystem and opportunities for startups  please check Startup Lithuania website.