Start-up Ecosystem in Vilnius Tech Park Attracts a New Player With Ambitious Plans
We are all living in a fast-evolving world where every day brings new tech and innovations in different segments of everyday life and businesses. Vilnius is becoming an incubator for new tech start-ups and technology companies that are bringing talent, innovation, ideas, interesting products or services to a worldwide market. In many cases, projects, created by talent, based in Lithuania, are like ambassadors of Lithuanian tech sector in the world.
A long list of Lithuanian based technology start-ups grown by one more player- “Collective Tech HUB”. According by its founders, it will bring fresh ideas and tech products for consumers and B2B, B2G sector.
It all started in March of 2016 when the regional leader and innovative technology developer from Belarus, Minsk- “Promwad” with a support of “Invest Lithuania” opened its office in Vilnius Tech Park. Two years passed and a new concept was born:
“During past 2 years, we have constantly monitored technology and innovations sector in Lithuania and saw an opportunity to create a separate new entity as a Tech HUB in order to develop tech products or services and to accelerate tech projects initiated together with our partners. So in May 2018, we have started the “Collective Tech HUB” that will be responsible for growth and management of tech projects for the global market”, says Roman Pakholkov, founder of “Promwad” Ltd.
Raman Pakholkov also explained that “Collective Tech HUB” will be concentrating its activities on consumer electronics- wearables, innovations in smart cities, energy sectors, medicine, agriculture. At the moment HUB is working on 5 projects, each of them, managed by a dedicated small team of niche experts, developers, engineers. Two of the projects, developed by HUB already received partly financing, others are on a stage of prototype creation and testing and only then they will be presented for potential investors in order to receive funding and prepare products for commercialization.
“Having a leading R&D companies support allows us to develop, test and market products for constantly growing wearable industry, complicated energy sector, smart cities segment, agriculture, medicine faster. We are sure that we will reach monetization with at least 2 of our projects by the end of-2019. We also understand that funding of tech projects has changed during past decade and we know what financial investors are expecting from tech start-ups, so that is why we are developing each project until we have a product and business case to showcase.”, says HUB’s partners Vaidas Andriunas and Kristaps Cirulis.
The most ambitious project of Collective HUB is Eco Monitoring platform for Smart Cities.
“ECO monitoring platform that allows collecting air quality data of a city on a macro level is a challenging project that we pursue with a huge passion in Collective HUB. In recent years decision making of citizens, other businesses and even governmental institutions were based not taking into account air quality data of surroundings. Worlds economy is losing trillions of dollars every year because of air pollution and its impact on human health. Many initiatives to improve air quality are taking place globally and regionally. All agree that first of all we have to have a detailed air quality data, analyze it and most importantly- involve every human being into change making initiatives through awareness and social initiatives”, explained representatives of Collective HUB.
On 26th and 27th of October Collective HUB participated in a special event: “Climathon in Vilnius” that took place in Vilnius Tech Park where participants were solving climate challenges in a vibrant atmosphere. During this event that connects more than 4000 ecology, IT, business enthusiasts in the world, special Memorandum was signed that will lead to more active involvement of businesses and governmental institutions in to climate innovation initiatives.
For more information about Collective HUB visit: www.collectivehub.tech