“The list of 1,000 cities best for startups includes as many as three Lithuanian cities. In addition, we’ve become the only Baltic country with two cities in the TOP200. This shows that Lithuania’s startup ecosystem is growing rapidly and helps us become further established as a hub for innovation and entrepreneurship. With a highly qualified talent pool, modern infrastructure, and a favourable business environment, we’re creating a unique opportunity for investors to become part of a dynamic and progressive-minded startup community,” said Ms. Armonaitė.
The global startup index ranks 1,000 cities in 100 different countries. Vilnius became No. 73 (previously No. 80). Furthermore, the Lithuanian capital is among the 50 cities best for of e-commerce and retail (No. 46).
Kaunas went up by 13 positions in the global index, becoming No. 178, and by 2 positions in the EU index, coming in 43rd.
Klaipėda also showed impressive results, going up by an astonishing 195 positions and becoming No. 769 in the global index.
“We are proactively seeking new opportunities to create better conditions for startups to realise their full potential. Last year, to help growing companies raise funds, the Ministry of the Economy and Innovation had initiated the approval of amendments to the Law on Companies, designed to provide businesses with a better environment for incorporation, growth, and expansion. These efforts are now being reflected in the global startup index,“ said Karolis Žemaitis, Vice Minister of the Economy and Innovation.
Over the past several years, the value of Lithuanian startups rose 17-fold. Last year, they managed to raise €238 million in funding, with the total value of Lithuania’s startups reaching €10 billion.
