Three out of eight most ambitious Lithuanian start-ups are closely related to KTU: SearchNode, Inside Warehouse and Copictures. The enterprises have raised large venture capital investments, are working with global brands and generate generous revenues.
SearchNode created by then a 16 year-old Antanas Bakšys is offering smart search systems for e-commerce websites. Created four years ago, today SearchNode has 100 customers from 13 countries and calculates 6-digit number annual revenue.
Inside Warehouse, which was founded by two KTU graduates is a virtual system, which embedded into the collaborating websites enables web surfers to see the related retailers’ content and to buy products without leaving the initial website. The start-up has raised 700 thousand dollars from angel investors in the US and Europe. One of the founders of the enterprise, Justinas Taruška is a mentor for the KTU’s start-ups and an entrepreneurship module lecturer.
Copictures created by KTU’s student Dovydas Nackis is offering a joint platform for photographers, media agencies and event organisers, making it a one-stop-shop for all event related content. The start-up has already raised 200 thousand dollars and is expanding into the global market.
Start-Ups in Lithuania Raise 130 Million Euros Annually
“The word start-up has replaced the word innovation across the world”, says Smailys, Head of KTU’s start-up community.
According to him, the fact that our start-ups are becoming globally visible informs the world about the possibilities of Lithuanian market and about the existing beneficial infrastructure for innovation.
“The start-ups are aimed at global markets, they are raising foreign investment and learning from best practices, which is crucial for the national economy and promotes our country on the international level. More than 90 per cent of the investment into Lithuanian start-ups (around 130 million euros) is from foreign investors”, says Smailys.
According to the Head of KTU’s Startup Space, start-up culture not only stimulates innovation, but also requires the adequate attention from the state institutions for creating the start-up ecosystem boosting instruments.
