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Lithuanian Startup Ecosystem & #LTstartups Overview

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#LTstartups handbook!

In one or another way you are a valuable part of Lithuanian startup community. Being a startuper, investor, entrepreneur or just a curious visitor, you should be equipped with all the necessary information about the rising startup nation.

Hence, Lithuanian startup accelerator StartupHighway together with the business-promoting agency Enterprise Lithuania and TRINITI, an alliance of Baltic commercial law firms, has worked hard to bring you a versatile review of the whole Lithuanian startup ecosystem.

It contains every single element of the local startup scene. Open it, read it and share to the rest of the world!

By:
StartupHighway http://startuphighway.com/
Enterprise Lithuania http://www.enterpriselithuania.com/
TRINITI http://triniti.lt/en/about-us

Download PDF:
http://startuphighway.com/wp-content/uploads/2015/05/Lithuanian_startup_ecosystem.pdf

Lithuanian Startup Ecosystem & #LTstartups Overview

  1. 1. LITHUANIA: STARTUPECOSYSTEM &ENTREPRENEURIAL ENVIRONMENT POWEREDBY: INPARTNERSHIPWITH:
  2. 2. 01 HOW LITHUANIA RANKS IN THE WORLD? 02 STARTUP ECOSYSTEM: FACTS AT A GLANCE 03 2014 IN REVIEW 04 INSTITUTIONS & FUNDS 05 CO-WORKINGSPACES & HUBS 06 NETWORKING & EVENTS 07 #LTSTARTUPS 08 GAME DEV 09 INFLUENCERS TO FOLLOW 10 PERFORMANCE OF VC FUNDS 11 LEGAL ADVISOR 12 RELOCATION
  3. 3. 01 HOWLITHUANIA RANKS INTHEWORLD? Europe’sNo.1 inbre-opticinternetpenetration FTTHCouncilEuropereport Lithuania1stgloballyforconditions forBusinessProcessOutsourcing ACushman&WakeeldPublication EUleaderine-governmentservices andinternetcoverage DeutscheWelle Vilniuslistedamongthebest10 “smartcities”worldwide CNN Moreinformation:http://www.investlithuania.com/,http://www.startuplithuania.lt/,http://www.enterpriselithuania.com/
  4. 4. 02 STARTUP ECOSYSTEM
  5. 5. INFRASTRUCTURE LeadingbroadbandspeedintheEUandtop7globally OoklaNetIndex,2014 FastestpublicWi-Fiintheworld RottenWitests,2014 1stgloballyinfulllingbusinessneedsforICT IMDWorldCompetitivenessYearbook,2013 STARTUPECOSYSTEM:FACTSATAGLANCE02 Moreinformation:http://www.investlithuania.com/,http://www.startuplithuania.lt/,http://www.enterpriselithuania.com/
  6. 6. BUSINESSENVIRONMENT startuptimefornew businesses CentreofRegisters,2014 3days 11th 15th placegloballyforeaseof startingabusiness DoingBusiness2015,WorldBank globallyinIndexof EconomicFreedom HeritageFoundation Corporateprottax VAT Dividends(withholdingtax) Personalincometax Socialsecuritytax 0–15% 21% 0–15% 15% 9% byemployee 330,98% byemployer LTTAXCOMPARISION RU LV EE PL CZ UK 20% 18% 0–15% <20%** 8,2% byemployee 0–0–14,1% byemployer 15% 21% 0% 24% 10,5% byemployee 223,59% myemployer 21%* 20% - 21% 2% byemployee 333% byemployer 19% 23% 0–19% <32% Total35% employerand eemployee 19% 21% 0–35% 15% 2–12% byemployee 113,8% byemployer 21% 20% 0% <45% 2,16% byemployee 66,05% byemployer DE 29,58% 19% 0–25% <45% 20,48 byemployee 119,58% byemployer STARTUPECOSYSTEM:FACTSATAGLANCE02 Source:http://investlithuania.com.rabarbaras.serveriai.lt/wp-content/uploads/2014/09/Tax-comparison.pdf Moreinformation:http://www.investlithuania.com/,http://www.startuplithuania.lt/,http://www.enterpriselithuania.com/
  7. 7. 02 STARTUP ECOSYSTEM: FACTS AT A GLANCE 1,5 million labour force Key competencies: 77,150 IT students at 7 universities and 14 colleges 26,000 experienced IT professionals and 2,380 IT enterprises Java , Oracle, icroso t C#, C C++, Visual Basic, ASP , e Base HT L, PHP, JavaScript, CSS, X L . Source: Ministry of Education and Science of the Republic of Lithuania, 2014; Information Technologies in Lithuania, 2014 More inforrrntion: http://www.invesHilhuania.com/
  8. 8. 02 STARTUP ECOSYSTEM: FACTS AT A GLANCE 1st in CEE in University-Industry collaboration in R&D WEF Global Competitiveness Report, 2013-2014 90.40% of Lithuanians have a secondary education European Commission, 2013 Source: http://www.invesHithuania.com/, Near 100% proficiency in English among young professionals European Commission 2013 50.50% of Lithuanians have a higher education European Commission, 2013 More inforrrntion: http://www.startuplithuania.it/, http://www.enterpriselithuania.com/ 92% of Lithuanians are able to speak at least one foreign language, mostly English, Russian or Scandinavian European Commission, Europeans and Their Languages2012 50% of Lithuanians are fluent at least 2 foreign languages European Commission, 2013
  9. 9. LIVINGCOSTS lowestprottaxesintheregion KPMG,2014 leastexpensivecitiesinEurope 2014MercerCostofLivingIndex Laborcosts4times lowerthanEUaverage Eurostat,2013 4th 1of5 4x< STARTUPECOSYSTEM:FACTSATAGLANCE02 COSTS 52.44 17.13 Food Rent Consumerpriceindex NYC=100 60.50 Source:http://www.investlithuania.com/, Moreinformation:http://www.startuplithuania.lt/,http://www.enterpriselithuania.com/
  10. 10. 03 2014INREVIEW
  11. 11. STARTUPECOSYSTEM2014 2014INREVIEW03 Source:http://www.startuplithuania.lt/
  12. 12. 04 INSTITUTIONS &FUNDS
  13. 13. GOVERNMENTINSTITUTIONS INSTITUTIONS&FUNDS04 Fostersentrepreneurship,supportstheexportofLithuanian companiesanddevelopmentofstartupsbyfacilitating partnerships,providingtrainingandconsultancy. www.enterpriselithuania.com StartupLithuniaisyourone-stopshopforinformationabout startupsinLithuania. www.startuplithuania.lt Actsasaconsultantforforeigninvestorsbysettingupbusiness andnancialsupport. www.investlithuania.com TheagencyforScience,InnovationandTechnologyhelpsto establishstartupcompaniesbyprovidingnancialsupportfor researchactivities. www.mita.lt Moreinformation:http://www.startuplithuania.lt/,http://www.enterpriselithuania.com/
  14. 14. VENTURECAPITALFUNDS,ANGEL FUNDS,ACCELERATORS Moreinformation:http://www.startuplithuania.lt/,http://www.enterpriselithuania.com/ INSTITUTIONS&FUNDS04 JEREMIEPE/VCFUNDS PRIVATEFUNDSANDACCELERATORS
  15. 15. FOREIGNVCFUNDSINVESTEDIN LITHUANIANSTARTUPS INSTITUTIONS&FUNDS04 5M€ 20M€ 24M$ 6,5M$ 400,000€ Moreinformation:http://www.startuplithuania.lt/,http://www.enterpriselithuania.com/
  16. 16. 05 COWORKINGSPACES &HUBS
  17. 17. VILNIUSTECHPARK COWORKINGSPACES&HUBS 900+WORKPLACES OPENINGINDECEMBER2015 05
  18. 18. HUBS&ORGANISATIONS Lithuaniaoffersmorethan enoughspaceforeveryone lookingtondacreative workingspotamonglikeminded entrepreneurs. COWORKINGSPACES&HUBS05 Moreinformation:http://www.startuplithuania.lt/
  19. 19. 06 NETWORKING &EVENS
  20. 20. 06 NETWORKING & EVENTS Lithuania aims to foster entrepreneurial mindset through more than 100 annual events, meet-ups, hackathons and workshops. The continuous development of creative initiatives and communities helps Lithuanian startup-scene thrive at a rapid speed. ' Startup Weekend ITHUANIA --"'!'...,, KIBV I l IO I II � More inforrrntion: http://www.startuplithuania.lt/, https://www.starb.Jpdigest.com/digests/lithuania ' ""'""""' camp OPEN COFFEE CLUB
  21. 21. 07 #LTSTARTUPS
  22. 22. #LTSTARTUPS MARKETING&ADVERTISING,AUDIO,MEDIA GAMING,EDUCATION,HR 07
  23. 23. #LTSTARTUPS ENTERPRISE,ANALYTICS,TRANSPORTATION FINTECH&E-COMMERCE 07
  24. 24. #LTSTARTUPS LIFESCIENCE OTHER 07
  25. 25. STARTUPSTARS #LTSTARTUPS07 CreatedinLithuania,Pixelmatorwas recognisedasthe“MacAppofthe Year2011”andreceivedanApple DesignAwardthesameyearfor outstandingdesignandinnovation.It isthethirdbest-sellingappinApple’s appstore,withitslatestupdate rereleaseamassing500,000downloads injustoneweek. Vintedisahigh-prolestartup offeringasecondhandmarketplace. In2013,Vintedraiseda€5.2 millioninaroundledbyAccel Partnerstoexpandtonewmarkets andfurtherdeveloptheproduct.In 2014,Vintedannounceda€20 millmillioninvestmentledbyInsight VenturePartners,itssecondround ofinstitutionalfunding,which reportedlymadeitthe “highest-valuedstartupinthe Baltics”. YPIanistheworld’srstmobile-only eventdiscoveryandbookingapp. CCreatedbyLithuaniansand launchedinLondonin2012,YPIan hasalreadybeendownloadedto overfteenpercentofLondon’s iPhones.Thecompanyhasreceived $14minfundinginitsrstyearto supportaglobalroll-out. TraisaPublictransportapp designedtoplanjourneysusingreal timedata,scienticalgorithmsand machinelearning.Ithascloseda$6.5 millionSeriesAfundingroundledby OctopusInvestments.
  26. 26. 08 GAMEDEV
  27. 27. GAMEDEVELOPMENT COMPANIES GAMEDEV08 Lithuaniaboastswith40 gamingstudios
  28. 28. 09 INFLUENCERS TOFOLLOW
  29. 29. ENTREPRENEURS INFLUENCERSTOFOLLOW09 MildaMitkutė Vinted AldasKirvaitis Metasite DaumantasDvilinskas TransferGo Edmundas(Eddy) Balčikonis TrackDuck MantasMikuckas Vinted AurimasBakas WoraPay MartynasNikolajevas Veleza Neringa Kudarauskienė MoboFree Martynas Gudonavičius TRAFI RytisVitkauskas YPlan
  30. 30. BUSINESSANGELS,VENTURECAPITALISTS, INVESTORS INFLUENCERSTOFOLLOW09 AntanasDanys EquityUnited IljaLaurs NexturyVentures DonatasKeras PracticaCapital DariusŽakaitis StartupHighway IgorMatsanyuk IMI.VC KornelijusCelutka BaltCap TadasLangaitis InSpireManagement ArvydasStrumskis VersloAngeluFondasI Anatolijus Faktorovičius PracticaCapital MariusKrikstopaitis Internetprojects
  31. 31. 09 INFLUENCERS TO FOLLOW CONNECTORS, MENTORS, LEGAL ADVISORS -- Danielius Stasiulis Mindaugas Danys SiIiconVikings Hub Vilnius Alina Bezuglova Rokas Tamosiunas Pitchswag StartupHighway Dovydas Varkulevicius Jonas Gavelis Enterprise Lithuania StartupHighway Vladas Lasas Zivile Bauboniene Elinta BZN start Martynas Matekonis StartupHighway Linas Sabaliauskas TRINITI Rimante Ribaciauskaite Enterprise Lithuania Vilija Viešūnaitė TRINITI
  32. 32. 10 PERFORMANCEOF VCFUNDS
  33. 33. LITHUANIANPRIVATEEQUITYAND VENTURECAPITALFUNDPERFORMANCE (JEREMIEFUNDS) IntotalVCfundingareavailable toLithuanianSMEssince2010 €80m DisbursedtoLTSMEssince 2010 €40.3m Numberofinvestments since2010 75 PERFORMANCEOFVCFUNDS10 Moreinformation:http://www.vca.lt/les/nfailai/ENanalysis.pdf
  34. 34. 7REASONSWHYLITHUANIAISATTRACTIVEFOR START-UPINVESTMENTTRANSACTIONS LEGALADVISOR11 Localgovernmentcontinuestoactivelyworkonimprovingthebusinesslegal environment.AnewsocialmodelisbeingdiscussedinLithuania-itwouldliberalize labourmarketmakingitmoreinvestorsandentrepreneursfriendly. ADVANCEDREGULATIONBASEDONEULAWANDFASTIMPROVING BUSINESSLEGALENVIRONMENT AcompanyinLithuaniacanbeestablishedinapproximately3daysforlessthan58 EURandwithminimumrequiredauthorizedcapitalofjust2,500EUR.Lithuaniais alsorankedasNo1forTradingacrossbordersinEuropeandCentralAsiaregion. EASEOFSTARTINGANDDEVELOPINGBUSINESS Lithuaniastandsoutintheareaoftheprotectionofinvestors’rightsintheBaltics. Theenforcementofthecontractsincourtsandarbitrations,includingavailabilityof afairhearinginLithuaniaisrankedNo2inEurope.1 Source:DoingBusiness2015http://www.doingbusiness.org.AccordingtoDoingBusiness2015 overviewEuropeandCentralAsiaregiondoesnotincludehighincomeOECDcountries. INVESTORS’PROTECTIONANDCORPORATEGOVERNANCE Smallenterpriseswithanannualincomenotexceeding300,000EURandan averagenumberofemployeesnotexceeding10aresubjecttojusta5%prottax rate. 1. 3. 2. 4. LAWTAXATIONFORSMALLCOMPANIES BROUGHTTOYOUBY:
  35. 35. 7REASONSWHYLITHUANIAISATTRACTIVEFOR START-UPINVESTMENTTRANSACTIONS LEGALADVISOR11 LithuaniaoffersatripledeductionofR&Dcosts:theamountdeductedfromthe company’sannualprotequalsto300%ofR&Dcostsforthetaxperiodduring whichtheywereincurred.Furthermore,super-accelerateddepreciationisapplicable forthexedassetsusedincarryingouttheR&D. ATTRACTIVETAXATIONFORRESEARCHANDDEVELOPMENT 5. 7. 6. Thetransparencyoftheownershipandtitlestovariousassetsisbeingguaranteed bytheLithuanianregistrysystem,whichincludesRegisterofEnterprises,Registerof RealEstateandotherinstitutions,whichcollect,storeandprovidetherelevantdata uponrequest. TRANSPARENCYOFBUSINESSENVIRONMENT Onaverage,itwilltakejust3monthstoresolveacommercialcaseinLithuania (while,forexample,inSweden,GermanyorDenmarkittakeshalfayear).Therefore, LithuaniaisNo2intheEUbybriefnessofthelegalproceedingsneededtoresolvea case.2 PERHAPSTHEFASTESTCOMMERCIALLITIGATIONPROCESS TRINITIVENTURECAPITALPRACTICEINTHEBALTICSTATESINBRIEF: Numberoflawyersassistinginstart-upinvestmenttransactions. Numberofadvisedstart-upswithinthelast3years. NumberofadvisedVCfundswithinthelast3years. Valueofthestart-upinvestmenttransactionshandled. 10 >60 >10 >40MEUR Source:The2015EUJusticeScoreboard,EuropeanCommissionhttp://ec.europa.eu/justice/effective-justice/les/justice_scoreboard_2015_en.pdf BROUGHTTOYOUBY:
  36. 36. 12 RELOCATION
  37. 37. RELOCATIONOPTIONS RELOCATION12 IgorMatsanyuk ChairmanofGameInsight “Clearrulesforcommunicationwithgovernmentalinstitutions,andthemulticultural natureofVilniushelpsustointegrateandmakesusimmediatelyfeelathome.” aspecialresidenceandworkpermitforhigh-skilled professionals,whichextendstoimmediatefamily members. EUBLUECARD suchasresidencepermitsbasedonintra-group employeeposting,regularworkpermits, management&investmentbasedresidence permitsetc. OTHERRELOCATIONOPTIONS Moreinformation:http://www.sorainen.com/,http://startuphighway.com/,http://www.investlithuania.com/
  38. 38. RELOCATEDSTARTUPS RELOCATION12 ORGANISATIONSASSISTINGINRELOCATIONMATTERS Moreinformation:https://medium.com/@tomakondrate/lithuania-chosen-as-a-top-destination-for-russian-startups-b01084c19064
  39. 39. POWEREDBY: INPARTNERSHIPWITH:

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