Lithuania clearly offers great advantages for business due to taxation, huge talent potential, government support and liberal policies, business-friendly regulations and much more. So, it’s not a surprise that you can find there many well-known and global brands, like Barclays, Western Union, Thermo Fisher Scientific and AIG. Two weeks ago, we’ve written about this American Insurance company (AIG) that has opened a service center in Vilnius in 2015 and in an interview found out why they decided for Vilnius.
Startups are also successively choosing Vilnius to build their businesses. This city is full of young people, ambition, energy, skill and talent, equipped with Europe’s fastest internet connection. It is the perfect place for startups. The Forbes magazine stated: “Lithuania has one of the most attractive and affordable startup ecosystems in the world.”
And in this context, the so-called Sapiegos Vilnius Tech Park joins the game. Opened in 2016, it is the biggest technology hub for startups and other businesses within the ICT sector in the Baltics and Nordics. Vilnius Tech Park is located only 15 minutes walk from Vilnius city centre and consists of an area of 9000+ sqare metres. The buildings go back to the 19th century and were later used as a military hospital until 2015, when it transferred to new premises and private investors partnered with Vilnius City Municipality to refashion the existing park and its buildings into a bold new vision: Sapiegos Vilnius Tech Park.
During Johanna’s and my stay in Vilnius in February, I visited the premises to talk to Monika Poskaityte, Head of Corporate Partnership at the Tech Park.
With more than 750 entrepreneurs, the new technology park is bringing both local and international talents from the most booming sectors. Monika explained: “There is no particular focus in terms of industries: we have game devlopers and FIN Tech here, cyber security, visual graphics, big data, somebody is working with genetics. All in all, we have 40 different companies, some of them are units of international enterprises like google.” Vilnius Tech Park also features a conference centre, cafe, community garden and pub.
Aside from inspiring working space, the park also offers startups access to an exclusive network of business partners, all available on site to provide bespoke support. Services offered include accounting, human resources, and legal support, plus there are accelerators, incubators and even a coding school all resident in the park. Monika also mentioned that it’s a big advantage for young startups to have the big brands, like google, around. They meet them everyday at lunch f.ex. – the possibilities for networking are immense.
For startups that have no experience in Lithuania at all, Tech Park has a great offer: “We offer up to 12 working places for free for a period for up to 3 months, it is kind of a starting package. Especially if startups are unsure about their expansion rates and if the risks are high, this is a perfect idea. They don’t have any obligations to stay afterwards”, said Monika.
And the TechPark is popular among startups: all places are full, there is “a list of 50+ companies waiting”, explained Monika. She continued: “We are happy to have selected I believe the best of the best. F.ex. CG Traders, the largest 3D model marketplace for computer graphics, virtual/augmented reality and gaming. We also have Google and Deeper (designs, develops and produces smart devices for outdoor activities).”
The demand is high and there are not enough places, so TechPark has introduced a virtual membership programme. Monika: “This does not only mean a virtual office, but it also does mean access to the community that is here. First of all, startups who want to be a part of TechPark but cannot any more, can join the community. Additionally, the startups who moved out can still be kept in the community and the system.”
Please read all stories from our story line:
- Vilnius recognises great economic value in supporting the meetings industry!
- Convene in Vilnius: modern, efficient and personal
- Doing business in Lithuania – definitely not a bad choice
- Excellent venues in Vilnius: LITEXPO and Modern Art Center
- Olaf Martens, CEO of Vilnius Airport about the airport’s successful developement
- Artagonist – a new design hotel in the centre of Vilnius
- Knowledge portrait on the Lithuanian capital Vilnius – sum up
- Knowledge clusters in Vilnius – and their connection with GoVilnius and CVB
- What business sectors invest in Vilnius and how can this be relevant for international meetings and congresses
Your contact in Vilnius:
Head of Vilnius Tourism and Convention Bureau
Go Vilnius | The official international economic
development agency of the City of Vilnius
tel. +370 5 212 1833
Your contact at tmf:
Project Manger Content & PR
+49 931 9002 114