Lithuania allocates 7.27 million euros to regional startup development

The Lithuanian Ministry of Economy and Innovation has allocated 7.27 million euros to support the development and growth of startups in Central and Western Lithuania. This funding, administered through the Innovation Agency’s ‘Startup’ program, will be implemented by four projects: Startup Platform, Saulėtekis Valley Science and Technology Park, Kaunas Science and Technology Park, and Bendradarbystė Klaipėda.

The initiative aims to pre-accelerate 706 existing startups and facilitate the creation of 211 new companies. Support will include hackathons, incubation and pre-acceleration programs, and assistance with product idea development. Individuals with innovative ideas can participate in hackathons even if they have not yet established a business.

According to Minister Edvinas Grikšas, the Lithuanian startup ecosystem is currently valued at over 16 billion euros, having grown 5.9 times over the last five years. The investment is intended to increase the flow of new prospective businesses and strengthen startup potential across various regions.