Entrepreneurship culture in Lithuania is on the right tracks – successful teams are forming up and there are increase in business ideas that attracts international investors. That impacts image of the country, economy and improves development of technologies.

On the 1st of July finished first stage of the project “Stimulation of Inovative Business Establishment” (INOVEKS)”, implemented by Agency for Science, Innovation and Technology and supported by Ministry of Economy of the Republic of Lithuania. Cooperation between Kaunas Technology University (KTU), Lithuanian University of Health Sciences (LHSU), Lithuanian Energetics Institute (LEI) and KTU Regional Science Park (KTU RSP) within this stage has resulted in establishment of 24 young business enterprises – this result in encouraging indeed!

Four partners – 24 newly established enterprises

The most common issue in the field of technological ideas commercialization is lack of knowledge and entrepreneurial skills. Experience shows that venture capital funds, business angels and other investors seek to minimize their risk, therefore they invest in companies that have fully functional, „Lively“ products and the team working on it.

Thanks to efforts and dedication of four consortium partners (KTU, LHSU, LEI, KTU RSP), 24 newly established enterprises, creating innovation driven products, entered into young business eco-system of Lithuania.

Consultants and specialists of the first academic young business incubator „KTU StartupSpace“ have been working intensivly with the students within the last half-year in order to transfer their unique ideas into reality. During this period were organized more than 30 events, including Startup Weekend Kaunas that was held in April. Business development specialists have been working with every single Startup individually that resulted in 200 hours of consultations for teams.    

When the Summer reached its peak, cheerful results of this stage turned out – 24 young business enterprises were established. 19 companies have born in Kaunas Technological University! “Today university has became an integral part of the business eco-system. University has gathered competences necessary to create high value innovative products. It is very important that business entrepreneurship is becoming priority in the field of higher Education of Lithuania“, – said Director of National Innovation and Entrepreneurship Centre.

Ideas were selected strictly

During process of selecting ideas and preparing companies for establishment, their products/solutions were evaluated strictly to prove that they are innnovative. Team of specialists analyzed every case to see if offered technology combines existing problem with innovative solutions and offers novelty for the market. „We have been working with  more than 70 different ideas, 19 of them proved to be strong enough to became officialy established companies, and we are going to establish 10 more until the end of this year. Decision of KTU to open “KTU StartupSpace“ more than two years ago, allowed us to gather competences in one place, necessary for driving innovation culture amongst young people to the front, therefore now we can enjoy the results“, – said Liutauras Palaitis, Head of Enterprise Unit at „KTU StartupSpace“.

Information Technologies Lead the Way

11 out of 19 enterpirses established at KTU during the first stage of INOVEKS operate in field of information technologies. Also, visible trend in the growing number of ideas in field of engineering / hardware solutions development – 3 enterprises started their activities in this field.

Mindaugas Badokas, founder of „Creative Laboratory“ (liet. Kūrybinė laboratorija), is going to present wireless motion sensor that can connect with mobile devices and become music instrument. From now on, every single person will be able to create music sounds with motion. Meanwhile, company called „Fėjana“ is creating smart home environment lighting product – indoor lighting controlling sollution, which differently from products existing in markets of Lithuania and abroad, will carry out monitoring and controlling of the environment on the basis of habits of housing residents, behavior, mostly used places indoors and other parameters.