{"id":618478,"date":"2024-04-26T19:14:47","date_gmt":"2024-04-26T16:14:47","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/why-lithuania-is-a-hidden-gem-of-europes-startup-ecosystem\/"},"modified":"2024-05-20T13:49:36","modified_gmt":"2024-05-20T10:49:36","slug":"why-lithuania-is-a-hidden-gem-of-europes-startup-ecosystem","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/why-lithuania-is-a-hidden-gem-of-europes-startup-ecosystem\/","title":{"rendered":"#Why Lithuania is a hidden gem of Europe\u2019s startup ecosystem"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23d58abdbce\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23d58abdbce\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/why-lithuania-is-a-hidden-gem-of-europes-startup-ecosystem\/#A_startup_-friendly_mentality\" >A startup (-friendly) mentality<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/why-lithuania-is-a-hidden-gem-of-europes-startup-ecosystem\/#Compact_size\" >Compact size<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/why-lithuania-is-a-hidden-gem-of-europes-startup-ecosystem\/#Sector_diversity\" >Sector diversity<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/why-lithuania-is-a-hidden-gem-of-europes-startup-ecosystem\/#Fintech_ICT_and_GameDev\" >Fintech, ICT, and GameDev<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/why-lithuania-is-a-hidden-gem-of-europes-startup-ecosystem\/#Laser_tech_healthtech_and_deeptech\" >Laser tech, healthtech, and deeptech<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/why-lithuania-is-a-hidden-gem-of-europes-startup-ecosystem\/#Talent_attraction\" >Talent attraction<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/why-lithuania-is-a-hidden-gem-of-europes-startup-ecosystem\/#Domestic_talent\" >Domestic talent<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/why-lithuania-is-a-hidden-gem-of-europes-startup-ecosystem\/#International_talent\" >International talent<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/buradabiliyorum.com\/en\/why-lithuania-is-a-hidden-gem-of-europes-startup-ecosystem\/#A_collaborative_mindset_and_hunger_for_success\" >A collaborative mindset and hunger for success<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">In 2022, over&nbsp;<a href=\"https:\/\/www.urm.lt\/default\/en\/news\/foreign-minister-gabrielius-landsbergis-from-2024-the-ministry-will-provide-information-on-the-issues-of-repatriating-to-lithuania\" target=\"_blank\" rel=\"noreferrer noopener\">20,000<\/a>&nbsp;Lithuanians returned to their country of birth from abroad. A high quality of life coupled with a booming entrepreneurial ecosystem and a collaborative mentality has contributed to what investors are calling a \u201creverse brain drain.\u201d Many of their minds reemerge in the country\u2019s startup scene.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It was on a visit to Lisbon that I first heard someone refer to Lithuania as \u201ca hidden gem\u201d of Europe\u2019s startup ecosystem. A recent <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a> to Vilnius convinced me they were right.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To further drive the inspiring transformation it has achieved since regaining its independence from the Soviet Union in 1990, Lithuania has been betting heavily on its homegrown\u00a0tech\u00a0startups.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Already home to three high-profile unicorns \u2014 online marketplace Vinted, VPN leader NordSecurity, and ad firm BCG \u2014 Lithuania is the fastest-growing ecosystem in the Baltics and Central and Eastern Europe (CEE) region.\u00a0\u00a0Last year, it reached\u00a0<a href=\"https:\/\/dealroom.co\/uploaded\/2024\/02\/Dealroom-Lithuania-startup-report-2024.pdf?x67760\" target=\"_blank\" rel=\"noreferrer noopener\">\u20ac13.7bn<\/a>\u00a0in enterprise value, following a seven-fold growth between 2018 and 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Housing nearly 900 startups, Vilnius alone accounted for\u00a0<a href=\"https:\/\/dealroom.co\/uploaded\/2024\/02\/Dealroom-Lithuania-startup-report-2024.pdf?x67760\" target=\"_blank\" rel=\"noreferrer noopener\">91%<\/a>\u00a0of the total value. Startups in the capital city raised 96% of the total\u00a0funding\u00a0(\u20ac281mn), enabling Lithuania to become the second biggest VC investment destination in Central and Eastern Europe, after Estonia.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u201cLITHUANIA IS A STARTUP ITSELF.<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Vilnius is also building\u00a0Europe\u2019s largest tech campus, set to open later this year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But what lies behind the country\u2019s exponential growth? I met with various ecosystem players to find out.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_startup_-friendly_mentality\"><\/span>A startup (-friendly) mentality<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Lithuania is \u201ca startup itself compared to big countries,\u201d according to Karolis \u017demaitis, the country\u2019s Vice Minister of Economy and Innovation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cBecause we don\u2019t have that many resources and we don\u2019t have that many people, we need to act on this mentality to be able to compete,\u201d he explains.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This has fostered a risk-taking, make-do-with-less mindset, which is also reflected in the mentality of the startup ecosystem. \u201cWe have to be faster, we have to be bolder in some cases, and we have to be more adaptive to the global changes that are h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ening,\u201d \u017demaitis says.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This has built ecosystem resilience \u2014 a virtue of Lithuania not only throughout the era of the Soviet occupation, but also through its political and economic reinvention since the 1990s.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2024\/04\/Karolis-Zemaitis-796x1194.jpg\" alt=\"Karolis Zemaitis, Vice Minister of Economy and Innovation, Lithuania \" class=\"wp-image-1406117\"\/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/thenextweb.com\/news\/lithuania-hidden-gem-europes-startup-ecosystem#\"><\/a>Karolis \u017demaitis, Lithuania\u2019s Vice Minister of Economy and Innovation. Credit: Ministry of Economy and Innovation.<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Despite the challenging economic impact of first the pandemic and then Russia\u2019s full-scale invasion of nearby Ukraine, the Lithuanian ecosystem has maintained sustainable growth, capital flow, and a continuous increase in the number of startups.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For its part, the government has been cultivating a business-friendly environment. Last year for instance, a law amendment liberalised company share classes, which allows businesses to issue different types of preferred shares, in addition to being able to convert them into ordinary or other shares.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe have to be careful in our approach to governmental interference in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>,\u201d adds \u017demaitis. \u201cSometimes the government just has to let businesses do business.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Compact_size\"><\/span>Compact size<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Lithuania\u2019s relatively small size and population plays in its favour.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The first thing I noticed, even after my first day in Vilnius, was how well-connected everyone was within the ecosystem.&nbsp;People weren\u2019t simply referring to each other by their first names; they were enquiring about specific tech projects that they\u2019re working on.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIt\u2019s much easier to do things here, everyone knows everyone, and you\u2019re one phone call or one <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">WhatsApp<\/a> message away from the person you want to speak with,\u201d \u017demaitis says.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This interconnectedness alongside a flat hierarchy system and an&nbsp;<a href=\"https:\/\/digital-strategy.ec.europa.eu\/en\/policies\/desi-lithuania\" target=\"_blank\" rel=\"noreferrer noopener\">increasingly digitalised economy<\/a>&nbsp;enables Lithuanian companies to do business faster.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another benefit of operating within a smaller country is the focus on external markets right from the outset, which cultivates a global approach to growth. This strategy is one of the ecosystem\u2019s success factors, according to Inga Langaite, CEO at startup association Unicorns Lithuania.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWhen you start focusing on outside markets from day one, you build your business and its growth path differently,\u201d Langaite says. \u201cIt\u2019s more difficult to reorient your business from a focus on the home market to outside markets at a later stage.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sector_diversity\"><\/span>Sector diversity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Lithuanian ecosystem is very diverse industry-wise. Its strengths range from fintech and ICT to laser <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and biotech.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fintech_ICT_and_GameDev\"><\/span>Fintech, ICT, and GameDev<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">Fintech is a well-established sector in Lithuania. The country houses&nbsp;<a href=\"https:\/\/www.govilnius.lt\/do-business-and-invest\/key-sectors\/fintech\" target=\"_blank\" rel=\"noreferrer noopener\">over 260<\/a>&nbsp;companies and serves as the HQ of multiple neobanks \u2014 including Revolut\u2019s European operations \u2014 thanks to favourable licensing processes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cybersecurity is another. This is closely linked to NordSecurity, Lithuania\u2019s second unicorn. Founded in 2012, the startup has been one of the drivers of the ecosystem\u2019s creation. Behind the success lies \u201ca can-do attitude and a strategy to do things fast,\u201d says Ram\u016bnas Markauskas, the company\u2019s Head of Business Enablement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Among the other legacy players and the oldest company of Lithuania\u2019s thriving <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">Game<\/a>Dev space is Nordcurrent \u2014 mostly known for the popular simulation mobile game Cooking Fever. Nordcurrent has bootstrapped its way to success, and generated \u20ac80mn in revenue in 2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWhat differentiates us from other players in the field is that we are still a family-owned business, built on family finance,\u201d says Simonas St\u016brys, Head of Marketing at Nordcurrent. \u201cThis frees up our decisions as we don\u2019t need to report to investor boards.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Alongside Nordcurrent, there are&nbsp;<a href=\"https:\/\/vilniustechfusion.com\/en\/gamedev-en\/\" target=\"_blank\" rel=\"noreferrer noopener\">99 companies<\/a>&nbsp;operating in the Lithuanian GameDev space.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Laser_tech_healthtech_and_deeptech\"><\/span>Laser tech, healthtech, and deeptech<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">Laser tech is an industry with deep roots in Lithuania, dating back to 1966 when the first later was fired in the country. Among the most innovative companies in the space is Litilit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Founded in 2015, the startup develops femtosecond lasers. According to Nick Gavril, co-founder and CEO of the company, their products represent \u201cthe latest frontier\u201d in laser technology.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thanks to a novel method for generating ultra short pulses, Litilit\u2019s femtosecond lasers can enable high precision in material processing without changing the composition of the material itself \u2014 a common disadvantage of other laser technologies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gavril stresses another differentiating factor: the startup\u2019s lasers are easy to use for experts and non-experts alike, enabling smaller and less specialised companies to include them in their processes.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2024\/04\/Indylit-10_Front_CU-796x796.jpg\" alt=\"femtosecond laser Litilit \" class=\"wp-image-1406123\"\/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/thenextweb.com\/news\/lithuania-hidden-gem-europes-startup-ecosystem#\"><\/a>Litilit\u2019s Indylit 10 femtosecond laser for material processing. Credit: Litilit<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Healthtech is also flourishing, propelled by the outbreak of the pandemic and political support for a strong life <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/sciencee\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Science\" target=\"_blank\" rel=\"noopener\">science<\/a>s sector.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kilo Health is a major force in the space. Europe\u2019s second fastest-growing company in 2021 and 2022, Kilo Health is a startup studio that co-founds and accelerates startups in digital healthcare. The company counts over 30 products and 6.5 million customers worldwide. Vilius Cesnauskas, Chief Business Development Officer at Kilo Health, describes the key to the success as \u201cbeing dreamers.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another standout is Walk15. On a mission to engage people in physical activity, the startup provides a platform and an app which enable users to participate in step challenges and use their steps to unlock exclusive discounts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company has built Lithuania\u2019s largest fitness community. In March, it also launched a\u00a0steps prescriptions pilot\u00a0in collaboration with doctors in Vilnius.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally, deeptech constitutes a booming sector \u2014 and one that \u201chas been overlooked in the Baltics,\u201d according to Dominykas Milasius, Investment Partner at Baltic Sandbox Ventures, which supports early-stage deeptech and life sciences startups.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Milasius says that the tide is gradually turning, stressing deeptech\u2019s role in helping Lithuania become an engine of innovation, insulating it from economic uncertainty, and enabling alliances with NATO and other partners against rising geopolitical threats.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2024\/04\/Screenshot-2024-04-26-at-15.50.38-796x529.png\" alt=\"Cyber City Lithuania \" class=\"wp-image-1406133\"\/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/thenextweb.com\/news\/lithuania-hidden-gem-europes-startup-ecosystem#\"><\/a>Cyber City, a tech hub in Vilnius which houses NordSecurity. Credit: Cyber City<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">One notable startup in the industry is Pixevia, which develops AI and computer vision software for autonomous retail store operations. The company is behind the first autonomous store in Europe \u2014 an Iki supermarket in Vilnius.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The startup aims not only to boost customer experience, but also to optimise operations for retailers. According to Mindaugas Eglinskas, CEO at Pixevia, this ranges from inventory and assortment management to out-of-shelf alerts, ordering, and forecasting.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Talent_attraction\"><\/span>Talent attraction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Everyone I spoke with during my visit emphasised that talent attraction is the biggest challenge of the ecosystem. \u201cOur talent need is much bigger than the supply,\u201d Unicorns Lithuania\u2019s Inga Langaite says.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Domestic_talent\"><\/span>Domestic talent<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">To expand its talent pool Lithuania is implementing multiple initiatives \u2014 both governmental and private \u2014 to up- or re-skill its existing workforce. Enabling training programmes that can lead directly to employment opportunities is a key part of the strategy. Such trainings include&nbsp;<a href=\"https:\/\/nordsecurity.com\/nord-switch\" target=\"_blank\" rel=\"noreferrer noopener\">NordSwitch<\/a>, the&nbsp;<a href=\"https:\/\/gamedev.camp\/\" target=\"_blank\" rel=\"noreferrer noopener\">GameDev Camp<\/a>, and the&nbsp;<a href=\"https:\/\/investlithuania.com\/wp-content\/uploads\/National-Reskilling-Programme.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">National Reskilling\/Upskilling Programme.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The country has also implemented ongoing reforms in its education system to better prepare its future workforce by introducing IT and STEM courses on the curriculum.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"International_talent\"><\/span>International talent<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">When it comes to attracting international talent, Lithuania boasts&nbsp;<a href=\"https:\/\/vilniustechfusion.com\/en\/news\/ithuanian-startup-ratings-highest-salary-payers-and-tax-contributors-are-vilnius-based-companies\/\" target=\"_blank\" rel=\"noreferrer noopener\">increasing startup salaries<\/a>, remote working opportunities, taxation benefits, and a high quality of life.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">During my visit to Vilnius, I noticed myself that the city combines a slower-paced lifestyle, walkable distances, and a vibrant business environment.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The high quality of life alongside the ecosystem\u2019s growth have also increased the number of Lithuanian repatriates, with&nbsp;<a href=\"https:\/\/www.urm.lt\/default\/en\/news\/foreign-minister-gabrielius-landsbergis-from-2024-the-ministry-will-provide-information-on-the-issues-of-repatriating-to-lithuania\" target=\"_blank\" rel=\"noreferrer noopener\">20,689 citizens returning<\/a>&nbsp;in 2022.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u201cWE\u2019VE BEEN EXPERIENCING A REVERSE BRAIN DRAIN.<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Dominykas Milasius from Baltic Sandbox, a repatriate himself, sees this as \u201ca systemic trend that is driving a lot of productivity.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe\u2019ve been experiencing a reverse brain drain,\u201d Milasius says.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe maturity of our tech ecosystem has reached the point where people who previously worked on top tech products in the UK and Silicon Valley, or elsewhere, are now considering Lithuania as a real competitive option.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_collaborative_mindset_and_hunger_for_success\"><\/span>A collaborative mindset and hunger for success<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">All the founders and ecosystem players I met emphasised that at the core of the Lithuanian startup scene lies a strong collaborative mindset \u2014 one that fosters the exchange of ideas, knowledge, lessons, and contacts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I was impressed to find out that startups are investing in each other (Vinted, for example, has invested in Walk15). I was equally surprised when, during the Vilnius TechFusion Startup Awards, winning companies taking the stage kept mentioning the contribution of their fellow contestants.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u201cPEOPLE STILL WANT TO GO THE EXTRA MILE.<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">The community-based approach is a crucial aspect of Lithuania\u2019s growth, according to Inga Langaite. \u201cThere is the mentality that if you are successful, you have to give back to your community and your country,\u201d she says.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Langaite recalls the words of one founder in particular: \u201cThere\u2019s no happiness if I\u2019m the only one who\u2019s successful and rich, but everyone else is not.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another key driver of growth is a hunger for success \u2014 a sentiment shared by everyone I spoke with, reflecting the ambition to actively shape Lithuania\u2019s transformation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cPeople are still hungry in a good way,\u201d Karolis \u017demaitis says. \u201cPeople still want to do more, they want to go the extra mile \u2014 and that\u2019s our competitive advantage.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u017demaitis envisions Lithuania as one of Europe\u2019s major startup hubs in the coming years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Indeed, my visit to Vilnius showed me that Lithuania has both the ambition and the potential to rise further in the EU startup scene. It also revealed that its biggest strength is its people.<\/p>\n\n\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN63nwsw68G3Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more like this article, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/technology\/\" target=\"_blank\" rel=\"noopener\">Technology category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thenextweb.com\/news\/lithuania-hidden-gem-europes-startup-ecosystem\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>In 2022, over&nbsp;20,000&nbsp;Lithuanians returned to their country of birth from abroad. A high quality of life coupled with a booming entrepreneurial ecosystem and a collaborative mentality has contributed to what investors are calling a \u201creverse brain drain.\u201d Many of their minds reemerge in the country\u2019s startup scene. It was on a visit to Lisbon that&#8230;<\/p>\n","protected":false},"author":1,"featured_media":618479,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/img-cdn.tnwcdn.com\/image\/tnw-blurple?filter_last=1&fit=1280%2C640&url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2024%2F04%2FLithuania-startup-scene-60.jpg&signature=4cf47d0442b6b37201cdae38e269eec2","fifu_image_alt":"#Why Lithuania is a hidden gem of Europe\u2019s startup ecosystem","footnotes":""},"categories":[18],"tags":[150210,81363,70759],"class_list":["post-618478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-funding-2","tag-startup-company","tag-tech"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/618478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=618478"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/618478\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/618479"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=618478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=618478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=618478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}