Lithuania has 3 cities in the top 1000 and has a vibrant startup scene that ranks 17th within the competitive global top 20.
Lithuania’s startup scene remains stable in 2023 on the 17th position, having kept 3 cities in the global top 1000.
Lithuania has achieved inspiring milestones considering it has a relatively low population. The country has not only shown its unique voice in its foreign policy, but also managed to build a successful startup ecosystem. The relatively low cost of living in Lithuania and its skilled software developers give a positive boost to the national ecosystem. Fintech is a core industry focus in Lithuania, where constant innovation and the government’s easing of regulation, including a blockchain sandbox, is attracting major international players. One example is the UK-based fintech startup Revolut, which launched a licensed bank in Lithuania in 2020.
In 2022, Lithuania’s booming startup scene welcomed its second unicorn: Nord Security. This Vilnius-based cybersecurity firm raised US$ 100 million at a valuation of US$ 1.6 billion, making it Lithuania’s second tech unicorn after Vinted, and opening promising new development opportunities for Lithuania.
The maturity of local startup ecosystems is reflected in the ways the community is self-organizing. In addition to numerous gatherings and events, Lithuania’s startup sector now has its own association – Unicorns LT, which seeks to accelerate ecosystem growth even further.
Fortunately for Lithuania, the public sector is extremely active in ecosystem promotion and development. With friendly business regulations, government support for funding, and an open data policy, Lithuania’s public sector has created an environment that nurtures startups. Startup Lithuania, the country’s one-stop shop for startups, is promoting a Startup visa catering to foreign entrepreneurs and allowing a temporary residence permit for up to a year. In addition, Lithuania boasts the Startup Employee Visa, an initiative that sets out to attract highly skilled workers. Other important startup ecosystem stakeholders are Go Vilnius, an organization that attracts innovation to its ecosystem, and The Kaunas University of Technology, which fosters and trains talent.
With more incentives for entrepreneurs and investors, it’s safe to say Lithuania’s startup ecosystem has much more potential for growth.
Unlock with pro
The health check tables allow you to look at the performance Lithuania has in each of the parameters that are part of StartupBlink's ranking algorithm. There are five tables, corresponding to the three subscores, the subscore analysis and industry ana...
Lithuania is ranked within the top 20 startup ecosystems globally.
Lithuania’s startup scene is best represented in Marketing & Sales, Ecommerce & Retail, and in and Fintech.
GROWTH INDUSTRY CONFERENCE 2023 (GRIC) is a conference focused on the Japanese growth industries. It is Japan’s largest hybrid global conference, where top-tier ecosystem builders from Japan and abroad gather under the theme of “bringing Japan’s startup ecosystem to global standards.” “GRIC PITCH” brought together VCs, startup CEOs, CVCs, etc. from Japan and abroad, and […]
Taking the steps for your own startup can be as exciting as it is challenging. Doing everything alone, without support, can be very difficult! But don’t worry, it doesn’t have to be this way.In this article, we will talk about the best startup accelerators and programs that support startups and enable them to access the […]
Within our database, the Healthtech sector emerges as a significant one, constituting 12.83% of all sampled startups, thereby securing its position as the second-largest industry, surpassed only by Software & Data. This article showcases the top 10 cities for healthtech startups. A comprehensive analysis report on 100 cities, as well as regional analysis is available […]