Startup Lithuania’s ICT Accelerator has attracted record interest this year. More than ten startups competed for a single spot, underscoring a growing demand for these services and government support for innovation.

Growing Need for Acceleration

Ten startups were ultimately selected to participate in the program, covering diverse fields from education technologies to voice-controlled solutions and business process optimization. By mid-August, participants will engage in tailored mentorship sessions, refining their business models, go-to-market strategies, and strengthening their team dynamics, marketing, positioning, and investor pitching skills. The program will culminate in a “Demo Day” event on August 13th in Palanga, where startups will showcase their solutions to investors.

“The ICT sector is not only a source of innovation and progress but also a key driver of Lithuania’s economy and exports. It currently accounts for over 7.4% of Lithuania’s GDP. To fully harness its potential, it is crucial to encourage the creation and growth of high-tech businesses. This is exactly what the ICT Accelerator aims to do. The record interest in the program highlights a strong need for this kind of support,” says Karolina Urbonaitė, Head of Startup Lithuania at the Innovation Agency.

A Boost for Digital Innovation Development

According to Gediminas Rumšas, Head of the ICT Accelerator, a total of 112 ICT startups submitted applications for the program. The selected participants were chosen based on the potential of their solutions and the capabilities of their teams.

“Success for startups depends not just on great ideas and innovative thinking but also on the hard work put in. Mentors can’t do the work for the founders, but they can provide invaluable direction and help smooth the path for growth. This is how the program contributes to the expansion of tech businesses in Lithuania and strengthens our innovation sector,” says G. Rumšas.

He also notes that the expectation is for at least two or three of the program’s participants to secure venture capital investments after working with the mentors. Even for those who may not land investments immediately, the program’s insights will be valuable for further idea development or new projects.

Strengthening Teams and Understanding Investors

One of the program’s mentors, team development consultant Austėja Blaževičiūtė, focuses on the often-overlooked human aspect in startups. As the first Lithuanian to work at Google, she believes that strong and cohesive teams are critical to startup success.

“When startups aim for rapid growth, issues of team dynamics, leadership, and employee satisfaction often get sidelined. But a strong, motivated team is one of the key success factors. Investors also recognize this when assessing startup potential. That’s why I believe my expertise in team development can really benefit the innovative minds in this program,” says A. Blaževičiūtė.

Gytenis Galkis, representing venture capital fund Superhero Capital and serving as a program mentor, also aims to help startups better leverage their potential. He believes that an investor’s perspective can help startups sharpen their strengths and increase their chances of attracting funding.

“Early-stage startups often have an opportunistic mindset and may lack a realistic view of their market and product potential. My goal is to help them see things through an investor’s lens, understand what matters most to decision-makers, and prepare properly for fundraising,” says G. Galkis.

Ideas and Ambitions in Abundance

One of the selected startups is Level Eleven Studio, which develops tactical drone simulators. Founder Lukas Gecevičius hopes that working with mentors will help refine the product’s positioning and sharpen its presentation.

“The security challenges and geopolitical risks in the region inspired us to apply our experience in creating immersive virtual environments to the defense sector. That’s how we came up with the drone simulator idea, which we’re developing in collaboration with AI and machine learning experts at Vilnius University. I’m confident that the mentors’ input will be extremely valuable and will inspire us to pursue our goals with even more determination,” says L. Gecevičius.

The ICT Accelerator is one of four specialized early-stage programs run by Startup Lithuania. Other initiatives include the GameTech Accelerator for gaming startups, the EdTech Accelerator for education-focused startups, and international opportunities through the Plug and Play Accelerator. The ICT Accelerator program is funded by the European Union and the Ministry of the Economy and Innovation of the Republic of Lithuania.