Last month we presented a short review on Polish startup ecosystem, so now it is a moment to claim the prosperity of another business environment in CEE region – Lithuania. In several years, Lithuanian startup ecosystem has grown in the number of project founders and developers plus managed to attract more than 100 million dollars of investments in the promising deals. So what are the factors that encouraged such a great success in the region?
First of all, it is a business-friendly atmosphere in all aspects. Not only numerous startup and entrepreneurship events are held here, but also the people are open to cooperation and mutual business support. Countless startup teams have moved to Vilnius and other towns and cities in Lithuania from the nearby countries in search of new professional perspectives and experience. Speaking about the events, the local ecosystem can boast of having organized and hosted such famous startup venues as Startup Weekend, Barcamp, Silicon Valley Comes to Baltic along with hundreds of other hubs, conferences, and workshops. Moreover, Lithuanian ecosystem is expected to give around one thousand jobs and major free co-working space in the new ICT complex known as Vilnius Tech Park. All these constantly developing business facilities are very likely to foster further booming of the entrepreneurial creativity.
For now, there are 4 startup projects originating in Lithuania with very high business perspectives that have already been funded by grand venture capital companies like Wellington Partners and Octopus Investments. Thus, Pixelmator is an impressive image editor for Apple gadgets with numerous complicated features making powerful image processing be possible to handle even on mobile devices working with Mac OS. The application can be downloaded from Mac App Store.
Another project called Trafi released a high-quality transport application, which is considered to be the most accurate among the apps of the same kind. By analyzing real-time data and carrying out specific scientific algorithms, Trafi serves a very good journey planner working in different cities.
Vinted and YPlan startups are the two other outstanding Lithuanian projects. Apart from mentioned startups, there are many more early-stage projects deserving your attention and promising to bring another 27 million dollars of investment to the local ecosystem. In terms of the industries that most successful startups in Lithuania come from, there are leading fields like advertising, media, gaming, education and e-commerce. However, it is possible to find new business ideas almost in every field.
If all these great achievements have not impressed you yet, then maybe you will be satisfied with the other advantages of Lithuanian startup ecosystem that attract here so many investors and entrepreneurs: low taxes, progressive technology infrastructure and finally beneficial geographic position.
You may sign up our monthly newsletter to receive updates or news from our team.