Lithuania continues to solidify its position as one of the fastest-growing and strongest startup ecosystems in the region and globally. The latest “StartupBlink” global startup ecosystem index shows that Lithuania has ranked 16th in the world, with Vilnius rising to 71st globally. The capital city of Lithuania was highlighted as the best city in the European Union for the cybersecurity industry.

Lithuania also climbed one spot in Europe, reaching 10th place, and secured 8th place within the European Union, surpassing Ireland. The country is also firmly established in the second position in Central and Eastern Europe.

“The rise of Lithuania in the global ranking by one position and Vilnius by two reflects the rapid growth of the country’s startup ecosystem over the past few years. Being among the top twenty startup ecosystems globally is a significant achievement for our country and the result of consistent work. It is also a strong indicator that we are moving in the right direction,” said Minister of Economy and Innovation Aušrinė Armonaitė.

Vilnius demonstrated exceptional results in the index, standing out as the best city for the cybersecurity industry in the European Union. It also excelled in the Medtech sector, ranking second among EU cities. Kaunas secured third place in this sector.

“Cybersecurity remains a strategically important topic worldwide, so it is very gratifying that Vilnius has managed to establish itself as a hub for this industry in the European Union. It is now crucial to maintain this leadership and continue to actively work in the cybersecurity field. Therefore, this fall, together with the National Cyber Security Center, we will offer a cybersecurity acceleration program to further strengthen our positions,” said Karolina Urbonaitė, head of “Startup Lithuania” at Innovation agency Lithuania.

According to Urbonaitė, it is now important to maintain rapid growth and leadership in the Medtech sector, with Vilnius and Kaunas demonstrating the potential to become centers for this field in Europe.

“In the field of biotechnology and medical technology, the most crucial factor is the collaboration between science and business. The impressive results of Lithuania’s major cities indicate that this synergy is starting to work successfully in our country. Two key aspects contributing to these cities’ growth in the index are infrastructure and intellectual property. Vilnius is home to the Vilnius University Life Sciences Center, Vilnius City Innovation Industrial Park, and ‘Bio City,’ all with ambitions to become the largest life sciences center in Europe. In Kaunas, ‘Tech-Park’ actively accelerates Medtech startups,” shared Jekaterina Kalinienė, head of BioTech Lab at Innovation Agency Lithuania.

Kalinienė highlighted that Lithuania already has notable achievements in the life sciences sector. The Lithuanian startup “Sentante,” based in Kaunas and developing a robotic vascular surgery system, attracted 6 million euros in investment last year. Additionally, “Teltonika” began producing the world’s only wearable medical device, the “TeltoHeart” bracelet, which received medical device class 2A certification, allowing doctors to diagnose certain diseases based on the device’s data.

The “StartupBlink” index evaluates the strength of each ecosystem and calculates each country’s score based on various factors and parameters, encompassing quantitative, qualitative, and startup environment dimensions. The quantitative score is determined by the number of startups, investors, coworking spaces, accelerators, and startup-related meetings supported by the ecosystem.

The qualitative results of each startup ecosystem are assessed by analyzing data on accumulated investments, the number of employees, the number and size of unicorns, market exits valued at less than $1 billion, the presence of strategic affiliates and international technology corporation R&D centers, the number of listed technology sector companies, and market capitalization.

A significant emphasis is placed on evaluating the startup business environment, focusing on infrastructure and services, the ecosystem’s critical mass, and the ability to operate freely as a startup in the country. Factors considered in this score include the diversity index, internet speed, cost and freedom, investment in research and development, and the availability of various technological services.

The “Global Startup Ecosystem Index” by “StartupBlink” has been updated annually since 2017, ranking the startup ecosystems of 100 countries and 1000 cities. You can explore the index here.