Web Summit, one of the largest technology conferences worldwide, kicked off on Monday in Lisbon and will last 4 days. The startups of our country receive exceptional attention at the conference. Lithuania has a national stand offering a unique virtual experience. Representatives of Startup Lithuania of the Innovation Agency present the startups of our country and their innovations to the international audience.

“Participation in events such as Web Summit further strengthens the image of Lithuania as a technology country. It also helps our startups to achieve global recognition, establish valuable contacts with investors and partners, and, at the same time, promotes the country’s leadership. Our goal is to create a favourable environment for innovation and to ensure that Lithuania is a global innovation leader,” states Aušrinė Armonaitė, Minister of the Economy and Innovation.

According to the Minister, Lithuania’s record-breaking achievements will not go unnoticed, since the Global Innovation Index ranks Lithuania 34th out of 132 countries of the world in terms of the level of development of the innovation ecosystem. Lithuania has risen by as many as 5 positions over the year. Moreover, in terms of the number of startups per 1 million inhabitants, Lithuania no longer lags behind the USA, Israel or Estonia, which have been leading the way in this area.

Lithuanian startups have an exceptional opportunity to attract investors

Web Summit is an attractive platform for young businesses to connect with partners and investors, showcase their innovations and expand into international markets. This year’s event covers topics such as artificial intelligence, cybersecurity, digital marketing and sustainability, where Lithuania has a lot to boast about, thus our startups can boldly pursue their goals,” says Karolina Urbonaitė, Head of Startup Lithuania of the Innovation Agency.

Web Summit is considered one of the largest technology conferences in the world, taking place for the 15th time since 2009. This year, it is expected to attract 70 000 participants, more than 1 000 investors and over 3 000 startups. The largest global technology event brings together CEOs, founders, investors, media and political representatives from around the world.

This year’s stand of the Lithuanian startup delegation is distinguished for a unique virtual experience. Visitors can not only immerse themselves in an overview of Lithuania’s fast-growing startup ecosystem, but also discover a surreal, almost dreamlike image inspired by the country’s innovation sector, created using artificial intelligence solutions. Anyone wishing to visit the stand can find it at number E352.

In addition to the main conference, the Innovation Agency is organising a side event “Meet and Mingle with Lithuanian Startup Ecosystem” on 12 November. This event is an opportunity for investors, entrepreneurs and innovators from Lithuania to meet face to face with international investors from North and South America, Europe and Asia. Here they can exchange ideas and forge valuable collaborations.

This year, the Web Summit event brings together a number of Lithuanian startups, including Coherent Solutions, Caasify, STEAM Minds, HUBBOX IoT and LinkPricer. The honour was also given to one of the conference guest speakers – Vlada Musvydaitė-Vilčiauskė, the founder of the wellness startup Walk15.

Walk15 plans to raise EUR 7 million

Walk15, a startup based in Vilnius and now in Berlin, made its mark at Web Summit 2022 by raising investment from EIT Urban Mobility Impact Ventures, the European Institute of Innovation and Technology (EIT), and other investors. The innovative idea behind Walk15 is to promote sustainable mobility. It is a platform that offers mobility initiatives for businesses to promote healthier lifestyles and calculate social impact. The Walk15 team, which is participating in the Web Summit for the third time, again has its stand and the founder will be on stage to give a presentation.

“Third time is a charm, and we are returning to the Web Summit conference as a place of success – this is the event where we received our first investment from a foreign fund, which inspired trust for subsequent investors. In the second year we had a small stand and announced our expansion in Germany, and this year we are entering the US market,” says Ms Musvydaitė-Vilčiauskė. According to her, the big news is that this year Walk15 is preparing to launch a Series A round of funding and hopes to raise up to EUR 7 million for further international expansion.

“For Lithuania to have a stand at a top-level conference and for a startup to be there is the ticket to success. It is a great benefit when investors see that Lithuania and the Innovation Agency are supporting the startup ecosystem, thus building more trust and presenting the country as a creator of future technologies,” notes Ms Musvydaitė-Vilčiauskė.

The former Lithuanian champion and track-and-field athlete will give a presentation at the conference entitled “How Everyone Can Become an Olympian”, where she will reveal her insights as an entrepreneur and athlete. Drawing on her personal experience, she advises young businesses to be bold in seizing opportunities and going to international events to represent their ideas and their country. Immediately after the conference, Ms Musvydaitė-Vilčiauskė will fly to the USA to attend the Green Tech Festival, a sustainable technology event in Los Angeles. Walk15 has been chosen as the key technology to deliver a wellness message at this conference.

For others, the journey is just beginning

Karolis Butkus, founder of digital marketing startup LinkPricer, says that it is not only the examples and ideas of his colleagues from other startups such as Walk15 and Vinted that encourage him to go to Web Summit.

“I am most inspired by Lithuanian talent and the startup ecosystem supported by state institutions. To participate in such an event is to see once again how much can be achieved by hard-working people who love their work, and this is what motivates me to keep going,” says Mr Butkus.

His main goal at the Web Summit conference is to present LinkPricer on a global stage, learn from the experience of other startups and find ways to improve the platform he is developing. LinkPricer is a platform for backlink price comparison. According to Mr Butkus, the niche of these services is very specific; therefore, participation in mass events helps to get to know the work of competitors and introduce oneself to investors.

LinkPricer is going to participate in the Lithuanian stand and the Meet and Mingle Lithuania event during the conference. Mr Butkus hopes that attending Web Summit will give him the opportunity to meet directly with key customers who see the potential of the platform and can help take it to the next level.

The Innovation Agency provides annual funding for startups wishing to participate in foreign conferences. This year, the grant fund was fully utilised, with EUR 146 857 invested in startup trips and as many as 118 trips to international events funded. This measure is expected to be renewed next year, giving startups the opportunity to grow and strengthen their position in the global market.