In 2022, over20,000Lithuanians returned to their country of birth from abroad.
Many of their minds reemerge in the countrys startup scene.
A recent trip to Vilnius convinced me they were right.
Housing nearly 900 startups, Vilnius alone accounted for91%of the total value.
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Vilnius is also buildingEuropes largest tech campus, set to open later this year.
But what lies behind the countrys exponential growth?
I met with various ecosystem players to find out.
For its part, the government has been cultivating a business-friendly environment.
We have to be careful in our approach to governmental interference in general, adds Zemaitis.
Sometimes the government just has to let businesses do business.
Compact size
Lithuanias relatively small size and population plays in its favour.
This interconnectedness alongside a flat hierarchy system and anincreasingly digitalised economyenables Lithuanian companies to do business faster.
Sector diversity
The Lithuanian ecosystem is very diverse industry-wise.
Its strengths range from fintech and ICT to laser technology and biotech.
Fintech is a well-established sector in Lithuania.
This is closely linked to NordSecurity, Lithuanias second unicorn.
Founded in 2012, the startup has been one of the drivers of the ecosystems creation.
Nordcurrent has bootstrapped its way to success, and generated 80mn in revenue in 2022.
This frees up our decisions as we dont need to report to investor boards.
Alongside Nordcurrent, there are99 companiesoperating in the Lithuanian GameDev space.
Among the most innovative companies in the space is Litilit.
Founded in 2015, the startup develops femtosecond lasers.
Kilo Health is a major force in the space.
The company counts over 30 products and 6.5 million customers worldwide.
Another standout is Walk15.
The company has built Lithuanias largest fitness community.
In March, it also launched asteps prescriptions pilotin collaboration with doctors in Vilnius.
The company is behind the first autonomous store in Europe an Iki supermarket in Vilnius.
The startup aims not only to boost customer experience, but also to optimise operations for retailers.
Our talent need is much bigger than the supply, Unicorns Lithuanias Inga Langaite says.
Enabling training programmes that can lead directly to employment opportunities is a key part of the strategy.
Such trainings includeNordSwitch, theGameDev Camp, and theNational Reskilling/Upskilling Programme.
Weve been experiencing a reverse brain drain.
Weve been experiencing a reverse brain drain, Milasius says.
People still want to go the extra mile.
The community-based approach is a crucial aspect of Lithuanias growth, according to Inga Langaite.
People are still hungry in a good way, Karolis Zemaitis says.
People still want to do more, they want to go the extra mile and thats our competitive advantage.
Zemaitis envisions Lithuania as one of Europes major startup hubs in the coming years.
It also revealed that its biggest strength is its people.
Story byIoanna Lykiardopoulou
Ioanna is a writer at TNW.
With a background in the humanities, she has a soft spot for social impact-enabling technologies.
