According to Andžej Trachimovič, Vice-Minister for the Economy and Innovation, the start-ups that have received funding will develop innovative products and solutions that will contribute to the country’s economic growth and the strengthening of the start-up ecosystem.
“We are already actively implementing one of the key priorities of the Ministry — the transition of the economy to the creation of higher added-value services. We are therefore providing additional funding to encourage the design and development of innovative AI-based products and solutions from ideas to the partial marketability stage. Start-ups will be able to develop new ideas and even take the risk of creating world-class innovations that will allow them to organise their work more efficiently in the delivery of both public and private services,” says Andžej Trachimovič, Vice-Minister for the Economy and Innovation.
The AI-based projects that have received additional funding will cover a broad spectrum, from a virtual longevity assistant to an analytical business insight tool. The projects that use AI will develop a securities accounting, settlement and trading system, a platform for creating virtual assistants, a simulator for financial instrument trading scenarios and risk management, and an automated investment process solution.
Other solutions to be developed through AI projects include autonomous systems for the detection and recognition of objects on the ground and in the ground, an optimised modular system for the attachment and automatic adjustment of plant lamps, as well as innovative blockchain and robotics solutions.
These projects will increase competitiveness both nationally and internationally and create new jobs.
Such products and solutions for artificial intelligence, blockchain technologies, and robotics process automation can also become technological innovations contributing to the long-term economic sustainability and progress of the country.
Additional funding for projects is available for micro, small or medium-sized enterprises — start-ups and spin-offs — operating in the Capital Region. The distinctive feature of this facility is that projects are funded at 100% intensity.
The facility for start-ups and spin-offs in the Capital Region is implemented within the framework of the New Generation Lithuania plan, funded by the EU’s Recovery and Resilience Facility.