An Overview of a Record Year And Exceptional Startup Awards at The ‘Wrap Up of 2021 & Startup Awards’ Event
2021 has become memorable for the entire startup ecosystem in Lithuania: a record investment amount exceeding EUR 420 million raised, the sales volume increased by several times, and 5 exits recorded. To mark this exceptional year for Lithuania’s startup ecosystem, Startup Lithuania together with Go Vilnius invites to overview the achievements of innovative businesses and award the best Vilnius startups at the Wrap Up of 2021 & Startup Awards event to be held on 9 December.
Impressive startup achievements in the Wrap up of The Year
Like every year, Startup Lithuania will overview and present the highlights and achievements of Lithuania’s startup ecosystem, as well as new initiatives that contribute to the growth of the startup ecosystem and the development of this record year.
“During this year, we have recorded a number of fabulous achievements in the startup ecosystem: a record investment amount, almost a triple increase in the sales volume of the first half-year, a growth of startup exits by several times, and the emergence of new startup uniting initiatives that have particularly strengthened the ecosystem. It is not by chance that Lithuania ranks 16th in the global startup ecosystem and 2nd in the Eastern European region ranking presented by Startup Blink this year, and it has moved as many as 60 positions up in the Startup Genome ranking. We will overview this and many other welcoming achievements by Lithuania’s startup ecosystem at the event and will be happy to share the fact that the development of our startup ecosystem is gaining momentum,” Roberta Rudokienė, Head of Startup Lithuania, the startup ecosystem development unit of Public Institution Enterprise Lithuania, is pleased to note.
R. Rudokienė adds that startup growth is also witnessed by the increasing number of startup employees and taxes paid to the state. The number of startups in the Startup Lithuania database has remained rather stable this year, yet the number of their employees increased by 31 percent and taxes paid by startups – by 50 percent over a year. These figures will be covered in greater detail at the event. They are optimistic and give rise to the expectations for an even more successful coming year.
Startups will be given Startup Awards for their outstanding achievements
The second part of the event will witness Startup Awards 2021. Nominated in 6 categories, Vilnius startups who create the biggest value will be awarded and presented to society for their contribution to making the city better known as well as to the economic growth.
“It will be the third time that the members of the startup ecosystem will be awarded, thus it has actually become a tradition. These several years have witnessed not only a significant strengthening of startups but also a contribution of products and services they create to making Vilnius rank among the most innovative European cities – an increasing number of foreign companies have been relocating to our city and our technology sectors have been rapidly growing. We are glad to have one more chance to thank those who create innovation and those who enable a more efficient creation,” says Inga Romanovskienė, Director of Go Vilnius.
Awards will be given to the successful nominees by prominent players of the startup ecosystem, entrepreneurs, and Vilnius representatives who contribute to the development of innovation in the city. The winners will also be presented at the Startup Museum Exhibition.
The annual startup ecosystem event Wrap Up of 2021 & Startup Awards unites two traditional startup ecosystem events: the Wrap Up of The Year organised by Startup Lithuania for seven years already and the Startup Awards organised by Go Vilnius for the third time. The event will be made public in virtual space and all presentations and awards will go live. Further information about the event and registration is available on Startup Lithuania’s Facebook account.
Venture capital investment in Lithuanian startups is reaching unprecedented heights this year. In 2021, the growth of Lithuanian venture capital investment is 2.2 times higher than the previous record set in 2018, reaching EUR 428 million. Investments in early-stage startups have also kept pace, with foreign investors’ interest in Lithuanian startups consistently increasing.
Building a business is a great challenge for those with no experience. Therefore, to help Lithuanian startups at the onset of their business, Startup Lithuania, Unicorns LT and LT VCA cooperated with Lithuanian lawyers to develop a free publicly available platform offering a package of legal documents relevant to startups and the entire startup ecosystem. Startup founders will be able to easily download the necessary legal document template from this platform.