Innovation agencies “Startup Lithuania” and Plug and Play is implemented by an international accelerator already brought a significant result – the Lithuanian startups that participated in the program attracted more than 8 million during and after the acceleration. EUR investments, and the teams that visited the GOAL internship in Silicon Valley return with increased confidence and global ambitions.
„Today, Lithuanian startups are no longer a niche sector, but an important force of the country’s economic growth. The added value created by them has grown several times faster than the overall national average in recent years, and the entire ecosystem has already exceeded 15 billion. euro limit.
Startups are creating highly skilled jobs, generating some of the highest salaries in the market and increasingly exporting their technology to the world. This clearly shows that Lithuania’s innovation potential is global”, says Minister of Economy and Innovation Edvinas Grikšas.
Over a thousand applications confirm interest
The international startup acceleration program is conducted together with one of the largest innovation platforms in the United States „Plug and Play“– this is the first initiative of this scale in Lithuania, having received more than a thousand applications from Lithuanian and foreign teams. A large number of them develop artificial intelligence, biotechnology, financial technology or dual-use solutions.
“We see a significant shift – teams from other European countries, the USA and Asia are moving to Lithuania. This proves that Lithuania is becoming a competitive place to create innovative technology businesses. Already 12 startups operating here have moved to Silicon Valley – their progress and ambitions show that we are going in the right direction,” says Karolina Urbonaitė, head of Startup Lithuania
In the recent period, five startup selection rounds have already been held, and more than 60 teams that passed them participated in an intensive acceleration program in Lithuania – from product development to individual sessions with mentors. During each of them, companies showing the greatest potential were selected and given the opportunity to go to the GOAL program in Silicon Valley to present their ideas to investors, receive valuable lessons, and make the necessary contacts.
Every startup’s dream is to be in Silicon Valley
Participating in an accelerator changes startups not only in a business sense – in Silicon Valley, they encounter the scale, pace and openness that reshapes the limits of their ambitions.
Vital3D Technologies, a biotechnology solutions company, says the GOAL program was a turning point for both the team and the product they were developing.
“We saw how the start-up world works, where our technology can have the greatest impact and the scale of the competition. We felt equal when presenting our solutions next to world-renowned universities and innovation centers. This clearly showed that we have all the necessary instruments to create globally competitive technologies,” says Eglė Čiuoderiene, the company’s business development manager.
In Silicon Valley, she was most inspired by the collaborative culture there. “After visiting one of Stanford’s laboratories, I very clearly felt both the scale of the biotechnologies being developed here, and how naturally people share knowledge. In such situations, communicating with world-renowned experts and recognized scientists, sometimes you just lack courage,” admits E. Čiuoderienė.
That’s when Plug and Play mentor Lital Cohen’s advice came in handy. “She taught me how to have an equal conversation with the world’s strongest professionals and how to clearly communicate the value I create, even if I come from a smaller ecosystem. It gave me a completely new perspective and became one of my most significant experiences,” she emphasizes.
The technology developer says that this lesson quickly became a real test when it was necessary to present the 3D biofabrication solutions they were developing to venture capital investor, billionaire Tim Draper (lit. Tim Draper).
“I took a breath, remembered Lital’s words and laid out our introductory presentation. To my surprise, he stopped and started asking about the details of our decision. The conversation lasted much longer than I would have dared to expect. Finally, he himself said: here is my e-mail – send the presentation material”, – recalls the participant of the program enthusiastically.
Sales start earlier than usual for deep technologies
Unbound Autonomy, which develops artificial intelligence and defense technologies, says the program has changed the way they think about product development internationally.
“In Silicon Valley, we realized that you need to start sales as early as possible – even when you don’t have a final product yet. For a team developing deep technologies, this is an essential lesson that can determine whether you will survive in the market. We met with organizations that can become our testing partners and help improve the technology. This opens completely new horizons – both in the US and in Europe,” says co-founder Vytautas Mikalainis.
V. Mikalaini’s company presented a new generation communication tool for soldiers in the USA.
“After returning to Lithuania, the snowball began to roll even faster and we finally saw the real results. Already this week we had a call with a member of the US Navy SEAL force – never in a thousand years would I have thought that I would get to know such a person. Later, he opened up even wider opportunities by introducing us to other colleagues of his who worked in the special operations service and now work in the US Air Force. It’s incredible how much we managed to advance through this program”, the interviewer shares his impressions.
The three-year international accelerator in Lithuania will be closed with a big event on February 25. will take place at T Park.
About the program
Plug and Play is one of the world’s largest technology accelerators, located in Silicon Valley. It acts as a platform connecting startups with large international corporations and investors. The organization is known for making early investments in tech giants like Google, PayPal, and Dropbox.
GOAL (Global Overseas Acceleration & Learning) is a special Plug and Play program for the most promising foreign startups. It’s a six-week intensive program of acceleration, mentoring and business networking in Silicon Valley. Its culmination is the Plug and Play Summit, where participants present their business ideas to a global audience of investors and corporations.
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