Come to Startup Fair 2018 and Hear What Moves Lithuanian Fast-growing Startups Forward
Statistically, most fast-growing startups do not survive the challenges of the initial three years. One path to success of startups is being an active community member and learning from successes and mistakes of other experienced businesses. However, in Lithuania institutional knowledge of managing a successful startup is only now being developed.
“In order to nourish the ecosystem of Lithuanian startups, it is important to encourage the establishment of new businesses and facilitate favourable conditions for early stage startups. The startup community is fascinating because of the leaders who are willing to share their knowledge and experience. Currently, we have a great number of startups in Lithuania, who have successfully survived the first three years, gained momentum, and are now serving as an example for others”, says Roberta Rudokienė, Head of Startup Lithuania ecosystem promotion division of Enterprise Lithuania.
According to Mrs. Rudokienė, recent free-of-charge events for startups have contributed greatly to the health and success of the Lithuanian startup ecosystem. These events range from so-called “hackathons” to the major startup event in Lithuania called “Startup Fair”. ”Startup Fair” is a unique possibility to create something innovative or build on the success of others.
One of the most successful startups in Lithuania is CUJO AI. It has been operating for more than 3 years, successfully developing solutions for telecommunication companies and home users. CUJO AI uses a system based on artificial intelligence and machine learning technologies. Kęstutis Pakalniškis, head of the Quality Assurance Division of the Baltic company branch “CUJO Baltic” and one of the company founders, claims their success depends not on the attracted investments, but rather on the talents and the freedom their team has in its work.
Mr. Pakalniškis claims that a product of a successful startup must be aimed at solving a real problem, and the need for such product must be recognized by the customers. “Fast-growing companies usually have several factors in common, such as demand for a product or service, market potential, fast response to demands and changes, an established method for talent attraction and the ability to attract investors,” Mr. Pakalniškis says.
He draws attention to the fact that fast development requires a great deal of resources, therefore, in order to make bold plans, one should first analyse his capacities. “If you have 150 team members, do not plan activities that 700 employees can hardly perform,” Mr. Pakalniškis says.
It is necessary for startups to clearly define their priorities and adhere to those. “Remember that you have a few resources and little time, therefore, choose one niche and achieve the best results possible. You also should not be afraid of making mistakes. It is definite that you will not be able to fulfil all your plans. Include Research and Development, beta testing into your processes and try your theories in practice,” Kęstutis Pakalniškis advises.
According to Mr. Pakalniškis estimations, Lithuanian startups and teams are strong technologically. However, even with a strong team in place, the possibility of creating a new and exceptional product will remain unrealised without having trust in the team or providing the team the possibility of making decisions independently. “Lithuania still needs more entrepreneurship, and it will only come with a renewed and open attitude towards teams. People are ready to work hard to achieve amazing results that they can be proud of. Therefore, they should not be afraid to experiment and create,” says Mr. Pakalniškis.
In the upcoming event “Startup Fair. Growth”, Mr. Kęstutis Pakalniškis will present the fundamental strategies used by “CUJO AI” for developing a small business into a full-fledged successful company that now offers its products across the world.
The free-of-charge event “Startup Fair. Growth” is the 6th event of such kind this year, it will take place 16-17 May in Vilnius Tech Park. Further information: www.startupfair.lt.