Incubation and Start-ups Lithuania
The Lithuanian start-up ecosystem is in a very early stage. It used to be comprised of only first generation game companies created by enthusiastic people of whom the majority never had much exposure to fast-growing tech companies.
Currently the situation is changing and improving for the Baltic states: for example, five years ago there used to be only Skype in Estonia. Now, Lithuania has a functioning start-up ecosystem.
There are several local funds and accelerators that provide funding and mentorship to start-ups. Lithuania has Practica Capital Fund, BaltCap, LitCapital and Business Angels which are backed by the European Investment Fund. So far, these funds have invested in several early stage companies. According to the data from the local venture capital association LT VCA, there are 422 start-ups in Lithuania, employing over 2,400 people.
In ten years from 2006 to 2015, Lithuanian start-ups raised a total of 165.3 m €. The local government is also supporting founders and investors, especially at seed stage: there are public grants which aim to foster entrepreneurship and company development. As public investment is rather directed at strengthening priority areas of Smart Specialication, companies are strongly advised to develop their products within the framework of Smart Specialization.