One Billion Euros for Lithuania’s Economy: €15 Million for Innovative Solutions of Startups in Vilnius Region
The Ministry of the Economy and Innovation is launching a call worth €15 million to fund startups and spin-offs which develop solutions and products in artificial intelligence, blockchain technology, and robotics process automation and operate in the Vilnius region.
“The startup ecosystem is one of the main drivers of Lithuania’s economy. It contributes significantly to the country’s innovation and technological progress. That is why we are investing in startups so that they can develop advanced technologies such as artificial intelligence. Our goal is to at least triple the size of Lithuania’s startup ecosystem in the coming years to make it known internationally and appreciated for its innovative solutions, which bring practical benefits to businesses and citizens alike,” said Aušrinė Armonaitė, Minister of the Economy and Innovation.
The tool will allow startups to develop a wide range of AI solutions, including data analytics for more efficient medical diagnostics, smoother traffic flow management, etc.
“We have entered a new phase of economic development where artificial intelligence and blockchain have huge potential to transform business and create change in society. Given the lack of financial means to consistently support the development of innovative products from the idea to the partial marketability stage, we are introducing a measure which will allow startups to develop new ideas and take risks to create world-class innovations that will enable them to organise their work more efficiently in the delivery of both public and private services,” said Erika Kuročkina, Deputy Minister of the Economy and Innovation.
Micro, small or medium-sized enterprises, i.e., startups and spin-offs, operating in the capital region will be eligible for project funding. The maximum amount of funding available for a project is €102, 000.
The measure is unique in that projects are financed at 100% intensity and there is no age requirement, so it is also open to new startups.
Applications are due by 30 September this year. Full terms and conditions of the call can be found on the EU Investment website.
To strengthen Lithuania’s economy, the Ministry of the Economy and Innovation will announce a series of measures totalling almost €1 billion by the end of 2023. Around €365 million is earmarked for business, innovation and investment, €320 million for digitalisation of the state and business, and €268 million for a greener economy.
The measure for startups and spin-offs in the Vilnius region is implemented under the New Generation Lithuania plan funded by the EU’s Recovery and Resilience Facility (RRF).