"Start-ups employ around 18,000 people and have an average salary of around €4,000. By investing in young companies, we create more opportunities for Lithuania. That is why we continue to help startups grow and encourage them to create innovative solutions that contribute to our country's progress," said Aušrinė Armonaitė, Minister of the Economy and Innovation.
With this investment, start-ups will develop products and solutions in the fields of business, science, health and education.
In business, the start-ups will develop artificial intelligence products and solutions for food sustainability assessment, targeted advertising and information, and unified business analytics systems. They will also develop an assistant for business consultants, a system for verifying and selling works of art, an innovative solution for organising and analysing sustainability data, an interior design recommendation tool and a virtual stylist assistant for e-commerce.
In science, a robotic satellite tracking and targeting system will be used to automate the testing process. An augmented and virtual reality drone simulator and a satellite image analysis platform will also be developed.
In the area of health, AI-based tools for cardiovascular disease prevention and health promotion (virtual counsellors) and a healthy lifestyle app will be developed.
In education, AI will be used to develop a learning platform for students with special needs and an app to help children with specific reading disabilities (dyslexia). Teachers will benefit from an innovative maths assistant and smart solutions for distance learning.
"What makes this measure unique is that the projects will be funded at 100% intensity. The investments will increase the supply and diversity of innovative products, contribute to job creation and accelerate innovation and technological progress," said Erika Kuročkina, Deputy Minister of the Economy and Innovation.
Applicants could apply for a maximum grant of €102,000. The duration of the projects is between 6 and 12 months.
The measure for start-ups and spin-offs in the Vilnius region is implemented under the New Generation Lithuania plan, which is funded by the European Union's Recovery and Resilience Facility.
