Apply: The Ministry of Economy Assigns EUR 14 Million for Staff Training of Start-ups
Dec 04

The Ministry of Economy assigns almost EUR 14 million of the European Union (EU) investments offering an opportunity for company employees to receive top-level training of sectoral competences. It will be in particular relevant for the ecosystem of start-ups and industrial companies working in digitalization field.

‘These measures were waited for in particular by the community of business start-ups. In Lithuania, many people establish start-ups without specific knowledge or experience needed, therefore significant part of promising companies with great innovative potential do not survive or grow at a slower pace than they could merely because of a lack of competences. Therefore, target training will make substantial contribution to the growth of startup ecosystem’, said Minister of Economy Virginijus Sinkevičius.

Head of ‘Startup Lithuania’ startup ecosystem development division of ‘Versli Lietuva’ Roberta Rudokienė agrees with the Minister and argues that target training is one of the most important measures for successful development of startups.

‘Recently, a pleasing trend is observed in Lithuania – the number of innovative high-technology companies (startups) with huge potential for development increased by nearly four times in last several years and currently there is over 500 startups on the ‘Startup Lithuania’ database. Since startup establishment is specific highly-risky business with no conventional financing modes available (bank loans, business guarantees issued by the state, etc.) and this industry is quite new,, majority of people establish startups without having specific knowledge and experience needed.

‘Startup Lithuania’ receives lots of inquiries about key steps in startup development, e.g. how to prepare and introduce themselves to investors.To succeed in creation of technological product of high value added, its development, advertising and trading, exclusive knowledge and competences are needed, therefore we see a huge demand for exclusive training for startup staff in our working practice.Knowledge relevant for them starts from creation of an innovative technological product, startup development, possible modes for investment attraction (business angels, venture capital funds, ICO, crowd financing), operation of digital marketing and growth hacking, design of consumers’ experience’, told Ms. Rudokienė.

According to the second invitation for special training for development of sectoral competences announced within the framework of the Competences LT measure of the EU structural funds, the total support of EUR 13.9 million is planned to be allocated.

Companies will compete in several groups for financing, this should ensure more opportunities for staff of companies operating in various sectors, including startups, to acquire necessary competences. The support of up to EUR 6.5 million is planned to be distributed to business associations, chambers of commerce, industry and crafts, and cluster coordinators.

The support of up to EUR 5.4 million is planned to be allocated for public enterprises providing services of innovation consulting, innovation support, entrepreneurship promotion, improvement of competitiveness of companies. Digital innovation centres engaged in at least one field of European Commission’s digital innovation installation are planned to receive up to EUR 2 million.

Maximum financing support for one project is EUR 360 000.

Deadline for submission of applications is 15 February 2019.

Invitation documents are published online, click here.