Lithuania Moves Its Technology Expertise to the Silicon Valley
2024 January, CA. Lithuania is setting its foot in the heart of high technologies – Silicon Valley. By launching Innovation Hub Lithuania (InnoHub Lithuania), Lithuania will build a faster bridge for US businesses and academia to reach reliable and competitive partners from the Lithuanian innovation ecosystem. It will be the first such Lithuanian business representative space and serve as a face-to-face and online platform for bonding with top Lithuanian technology innovators.
The Lithuanian Tech Hub will start its activities on January 31 as a member of the Nordic Innovation House, Palo Alto, California. The launch of Innovation Hub Lithuania will gather Neringa Morozaite-Rasmussen, Vice-Minister of the Economy and Innovation of the Republic of Lithuania, Romualda Stragiene, Head of Innovation Agency Lithuania, and Lithuanian high-tech representatives.
“The establishment of InnoHub Lithuania, the country’s technology home in Silicon Valley, represents a likely and expected milestone for our tech innovation landscape. In the recent IMD World Talent Ranking, Lithuania secured 23rd position among 64 countries and is 34th out of 132 countries in the Global Innovation Index. With such a wealth of talent and innovative approach, the Lithuanian technology sector can be advantageous for a huge and lively US market looking for a competent partner and reliable European technology solutions,” says Ausrine Armonaite, the Minister of the Economy and Innovation of the Republic of Lithuania.
InnoHub Lithuania is an initiative launched by Innovation Agency Lithuania, a non-profit agency under Lithuania’s Ministry of Economy and Innovation. The Hub seeks to accelerate the growth of Lithuanian companies operating in the High-Tech sphere, especially – laser technologies, ICT, and life sciences sectors. According to Stragiene, InnoHub Lithuania will provide comprehensive support for Lithuanian companies looking to export their products or services to the US. It will also be the local spot for US companies to contact and discuss partnerships with Lithuanian high-tech leaders.
“Becoming a member of the Nordic Innovation House, InnoHub Lithuania will foster interstate business knowledge-sharing and collaboration by having access to events, face-to-face, and online meetings, and will support its members in establishing useful local business contacts, adapting and expanding their market reach to the core of global innovations – the US market,” she emphasized.
Holds leadership in laser technologies
Every five years, Lithuanians double their export scales of laser products. Today, 95 out of 100 universities globally and NASA, CERN, and other world-class institutions use laser technologies developed by Lithuanians.
“The Lithuanian laser technologies hold a remarkable combination of quality, agility, and hidden potential. With a strong academia and work precision, the Lithuanian laser technology sector has emerged as a global frontrunner. Around 80 percent of Lithuanian laser production reaches almost 80 countries worldwide. This achievement showcases Lithuania’s technological prowess and flexibility to adapt and prosper in highly competitive sectors,” says Minister Armonaite.
She notes that we can’t overestimate the growth and importance of other Lithuanian priority sectors – ICT and Life Sciences, including the emerging startup ecosystem with its three ICT unicorns and leadership in CEE.
The Lithuanian biotechnology sector is one of the fastest-growing in Europe. A staggering 11-fold increase over the decade has powered it to become one of the nation’s most valuable sectors, creating tens of thousands of highly-paying job positions. About 90 percent of Lithuanian biotechnology products go to more than 100 countries, including top leaders – the US, Germany, and Poland.
Find more about InnoHub Lithuania at www.innohublithuania.com.