Lithuanian start-up economy shows no signs of slowing down
Unicorns Lithuania–the association uniting start-ups–estimates that there are 766 start-ups operating in the country. Their total number increased by 4% in a single quarter.
‘Start-ups operating in Lithuania have been growing steadily and make the whole system grow. The fact that we are witnessing growth even during these tense times–the ongoing pandemic and the war that has broken out–shows that the whole community is sustainable. The number of employees is growing steadily every quarter and so does the amount from taxes going to the Lithuanian budget. The average salary in start-ups has increased by 15% in a year and has reached EUR 3026’, says Inga Langaitė, head of the association Unicorns Lithuania.
In the picture Inga Langaitė. Photo by Unicorns Lithuania
The TOP5 start-ups in terms of taxes paid to Lithuania are as follows (Q1, 2022): 1. Tesonet–EUR 6.12 million; 2. Vinted–EUR 3.23 million; 3. Kilo Health–EUR 1.42 million; 4. Bored Panda–EUR 1.12 million; 5. Hostinger–EUR 1.11 million.
Growing Lithuanian start-up ecosystem employs 16 thousand professionals and pays 60.6 million in taxes. During the first quarter of this year, the start-ups operating in Lithuania paid EUR 60.6 million in taxes–a 44% increase compared to the same period last year. The number of experts employed in the sector grew by as much as a quarter and reached 16 thousand employees. Their average gross salary exceeds EUR 3 million.
According to the latest data, the start-up with the highest number of employees in Lithuania is the accelerator Tesonet (nearly 2 thousand employees).
The association Unicorns Lithuania currently unites more than 40 Lithuanian start-ups. The aim is to have an ecosystem of 2 thousand start-ups operating in Lithuania employing 30 thousand people and bringing EUR 375 million into the state budget in taxes annually by 2025.
Last week an impressive number of startups and investors gathered at Startup Fair. Connect 2022, the long-awaited major international startup event in Lithuania, during which as many as 40 innovative businesses competed for the title of the best startup. Whelp, a startup founded in Azerbaijan and now operating in Lithuania, which is an artificial intelligence-based customer service platform, won the tough Pitch Battle competition.
Lithuania is a perfect place for women to join tech industries as the country is one of the fastest-growing centres of life sciences in Europe and has a vibrant ICT, financial technologies, video game, and laser sectors. The start-up community, which has already exceeded one thousand companies, attracts talents from all over the world to innovate and think about solutions that can contribute to a global change for the better in many spheres, ranging from gene editing to solving circular economy challenges.