Rethinking Business Models for a Sustainable Future

Value is at the heart of the business model for every venture. How value is created, delivered and captured defines the growth and long term success of a business. So what it is that we should better understand about value and how could we develop a deeper understanding of value to create new economic, social and environmental benefits in this time of transformation.

  • Place sustainability at the hear of value– A healthy economy can not exist without being embedded into a healthy society and a healthy society can not exist without embedded into a healthy eco-system. To place sustainability at the heart of value, businesses need to understand and unlock the direct and indirect benefits from all their stakeholders. This includes not only customers, partners, shareholders but also considering society and the environment as a stakeholder.
  • Commit to social motivation – To commit to a socially driven purpose as part of the vision of a business could contribute not only to achieve long term financial sustainability but to solve large scale societal problems emerging from this current economic transformation.
  • Align with social impact – To achieve long term sustainability and transparency, value, mission and governance of the business needs to be aligned.
  • Embrace partnership logic – The complexity of problems such as poverty, obesity, climate change is all characterized by their unique, interconnected, complex nature. In order to solve these type of problems businesses require to adopt a systemic view and embrace a long –term view on building partnerships.
  • Encompass all three sectors - To build bridges between the public, private and third sector as a long term strategy for sustainability lead to knowledge exchange between places that have surplus or under-used knowledge and places where knowledge is most needed.
  • Practice the power of co-creation - Entrepreneurship is no longer a solo act, therefore entrepreneurs need to think beyond the boundaries of their businesses, identify strength and weaknesses and build their own eco-system for sustainability.
  • Run micro-experiments – To build small projects with different users and customers and to practice experimentation for capturing value would foster resilience and enable small projects to take root and fulfil their potential to achieve positive change and build sustainability.
  • Build agility – It is important to validate markets outside the core market segments and to build continuous feedback loops from customers outside your focal market as part of the customer validation process.
  • Transform the quality of conversation – We have two ears and one mouth therefore we should use it in that proportion. Businesses should spend more time listening to what the clients are saying and learn from it.
  • De-couple your idea from your ego – Businesses should build communities of purpose and harness the power of local communities.

The article is written by Orsolya Ihasz. She is a researcher, educator and advocate for social change and holds a position as Enterprise Technology Lead for Cranfield University, UK. The article is empowered by KTU, knowledge-empowered entrepreneurship network (KEEN).

Cracking the Silicon Valley: Work Fast, Embrace Failures & Network

Short blog story from Startup Division team about their mission to Silicon Valley - expectations vs reality and the power of networking - what impressed the most?

There’s no shortage of expectations when visiting the Silicon Valley. Many companies famed or failed in this gold rush state and we wanted to know everything they learnt along the way. Visiting Facebook, UC Berkeley, 500 Startups were definitely the highlights of the mission, but what surprised 44 Soft-Landing mission participants—10 startups (from Lithuania too) and 30 ecosystem builders from Europe—was how everyone we met although had a unique experience, communicated the same vibe and culture. In general, the pace was fast, food expensive, conversations short, and people helpful—the full Silicon Valley experience.

Startup failed? Congratulations!

We sat down for a chat with Andra Bagdonaite of Startup Division, an entrepreneurship support organization that is leading Soft-Landing project activities and the mastermind behind this mission.  

“What surprised us the most is the difference in mentality when it comes to risk-taking. European startups are still rather risk-averse, they tend to spend a lot of time perfecting the product whereas startups in the Silicon Valley are very quick to release and validate the product. If it doesn’t work, they move on to the next one.”

Mark Searle, Managing Director at Innovation Acceleration Group, UC Berkeley was kind to share his personal path filled with successes and failures. He noted that Silicon Valley, and Berkeley in particular, have the culture of viewing these “downs” as experience and they are considered a very valuable experience.

“That mindset that it is ok to fail is culturally accepted, and to a big degree is the Silicon Valley’s success factor.”

Success, then, often means resilience and ability to get back up again, and that experience helps you create a prosperous business.

Another difference in perspective is startups’ ability to think big.

“Startups there have a very global mindset, they are not geographically attached, when they create a product they create it for the whole world, and investors are keen on investing big and finding that next unicorn."

People will help but don’t fail at networking

Another thing that happens fast in the Valley is networking.

“People network all the time. They are very friendly and willing to connect you to others that might be of help. But you’ve just got one shot with them. If they like you, all doors will open wide. But if you failed, you will not have another chance with that person.”

Another golden rule for networking is to follow up fast.

“If you don’t connect on LinkedIn and follow up the same day or the next day, you will be considered impolite. Following-up after a few days or a week is a no-gamer in the Valley.”  

What do we take home with us?

Mission participants brought back a number of contacts and ideas how to improve their ecosystems.

“The Soft-Landing mission has enabled participants to create new partnerships, expand mentor network, connect European and American investors, provided with direct contacts to help European startups scale to US and find partners who could help test their products. Hope this will allow us to bring some of that American mindset to home countries and power up our ecosystems,” notes Andra.

“The Soft-Landing Mission to Silicon Valley was an eye opener for me. Everybody who works in startups and innovation should at least be once in the Valley to see what is going on in the Champions League of world scaling tech!” adds Kamil Barbarski, Entrepreneur and Innovation Hacker at kamilbbs.com.

 

Why Do We Fear to Become Entrepreneurs?

FACE Entrepreneurship, a European Commission (EC) project born to promote information and communications technology (ICT) entrepreneurship, carried out a study that identified the most common fears entrepreneurs face when starting up.

They concluded that “fear of failure is an inherent aspect of a startup that needs to be acknowledged, accepted and can have various positive outcomes” and that the concept of failure needs to be understood as “a necessary and positive event that helps the entrepreneurs learn and become a much stronger and better entrepreneur.”   

The main fears identified in the study were financial, career, and social ones, followed by self-preception fears, "feeling of losing it all" and fear of losing personal freedom.

According to the study, common consequences of the fear of failure are that prospective entrepreneurs delay their startup often for long times or never start. The entrepreneurs end up over-analyzing, overthinking or wait for the perfect idea which normally never comes. They may also start the venture only part-time due to their fears which could reduce the chances of making the venture work. If they start the venture, they may further end the venture too soon due to the Fear of Failure or not take the necessary decisions and lack of energy to make the venture a success. Absorbed by a Fear of Failure the entrepreneur is generally not able to persuade and motivate employees, investors or customers. If their venture failure fails, they may not start over again due to a Fear of Failure and remain with psychological problems such as self-doubt and feelings of regret.

However, many experts also associated positive consequences to Fear of Failure as long as Fear of Failure does not become excessive. Positive consequences are the creation of a sense of urgency and push. One respondent captured this idea as: “Fear of failure is a driver to do everything to gain success.” Given the social reputation fears, an entrepreneur might also work harder to proof to potential nay-sayers that one is capable of making a specific business idea work. Respondents also said that is was in fact very important that entrepreneurs are aware that failure is a likely outcome to better plan their efforts, plan the resource dedication, consider alternative plans and minimize potential risks.

Also, perceived capabilities and opportunities to startup a business in Europe are lower than in any other continent, according to the “Global Entrepreneurship Monitor Report”. Moreover, 39.1 per cent of the adults with entrepreneurial intentions in Europe stated that they would be prevented from starting up a business because of fear of failure.  

Fear of failure is one of the main reasons why lots of great ideas have not yet been developed in Europe. This makes it essential to boost entrepreneurship by working through key aspects such as risk aversion, resilience and the current concept of failure.

6 Critical Factors That Will Make or Break Your (Life Sciences) Startup

Nowadays it is not enough for a scientist or student with an ingenious idea to create a successful startup, cooperation with investors and a fundamental understanding of business is required.

Here are some of the most important factors that must be addressed properly for your life sciences startup to develop successfully, and if ignored, could become detrimental to your company. These factors are marked out according to research done by Karolis Dumbrovas, life sciences coordinator at Enterprise Lithuania, on life science startups in Lithuania.

1. Financial Constraints

Financial Constraints have the most effect on a startup’s success or failure. Without proper funding startups are unable to pay their employees, develop products, and commercialize their ideas. It is therefore imperative that startups understand how to properly commercialize their innovations and share needed information to attract funds from:

a. Investors
b. 
Business angels
c. 
Venture capitalists
d. 
Bank Loans
e. 
Government funding

2. Managing R&D and its costs

Research and development is an important part of a life science startup and its costs begin to increase as a company ventures into an unexplored market. Managers should strive to reduce R&D costs by:

a. Defining concrete R&D goals and distinguish between fundamental and industrial research.
b. Prioritizing different aspects of R&D projects to asses which areas need more human resources and funding.

3. Managing human resources of a startup

It is imperative that startup managers employ the right amount of people and effectively motivate and train their staff to maximize productivity. Managers can ensure productivity by:

a. Creating a work environment consisting of open communication, a sense of community, and trust based relationships.
b. Cultivating a sense of empowerment in employees by assigning them big responsibilities allowing them to contribute, learn about the company, and introduce innovation.
c. 
Evaluating the environment of the workplace and setting goals that remain in line with overall company vision.

4. Management’s impact on overall motivation in employees

Keeping employees feeling motivated is crucial for a successful life science startup as the company relies on ingenuity and innovation. Motivating factors that could boost productivity include:

a. Ensuring employees feel interested and challenged by their work; creating a less bureaucratic environment so employees could feel free to innovate.
b. Providing employees with adequate compensation as salaries are positively correlated with increased sales.
c. 
Research presentations would inspire workers to think outside the box and come up with innovations for how to develop, promote, and sell the startup’s products or services.

5. Unforeseeable Uncertainty

Unforeseeable Uncertainties are inabilities to predict all variables that might affect the startup, its management, and performance in the future; it is important that managers assess market opportunities correctly and adapt operations accordingly. Often traditional managerial approaches do not work when a startup is initiating innovation and venturing into a new market; it is rather suggested to use approaches that feature.

a. Trial and error (learning and experimentation)
b. Selectionism methods (setting targets and deadlines)
c. 
Considering whether there are any knowledge gaps and identifying how many possible different variables can have an effect on various decisions in the future (complexity and risk management plans)

6. Knowledge management

It is important that managers understand how to properly distribute knowledge, making it available to the right people at the right time. Technologies should be utilized to create an open environment where employees have adequate understanding and are able to communicate ideas and solutions.

It is evident that much understanding of business and planning ahead is needed for a startup to function successfully and to properly commercialize inventions. The task of introducing all these factors into your business can be difficult especially if you are already busy developing your own innovations.


Written by Jacinta Sherris

10 Lessons of the Startups You Should Learn From

Challenges are the main theme of this year's Startup Fair. And not by accident - they give a lot of valuable experience that helps every startup to grow and, of course, not to repeat previous mistakes. Why shouldn’t you avoid challenges in your path and how to use them to your advantage? Lawyer Giedrė Čiuladienė shared some valuable insights on the topic during one of the online Startup Fair sessions.

Giedrė spent many years working with startups and shared some lessons of the startups you should learn from. Why should we talk about mistakes in the first place? Giedrė gives three reasons:

  1. It gives us a quicker start;
  2. It is easier and cheaper to learn from others’ mistakes;
  3. The theory is summarized practice – you can learn a lot from practice.

Let’s get to the main problems that startups face. Giedrė starts by pointing out that founders always want their customers to be happy, BUT the creation of their product is usually based on their own experience and they don’t really understand the needs of potential customers. What could be the solution? Let your customers test your product before launching it. Talking about legal stuff, you should always keep your confidential information safe – always sign a confidential information agreement.

The second mistake, according to Giedrė, is being a feature freak – when you are trying to put as many features as you can. Always remember: your product has to solve a real problem and too many features may confuse your consumer. Better make the first version very simple and minimal and develop it with time. And yet again – be sure to keep your intellectual property safe and legal.

Giedrė points out that 99% of successful startups don’t end up being the products they thought in the beginning. And it’s OK! Never stop analyzing what your customers want and keep changing the product until THEY are happy.

Fourth mistake – hiring wrong people. Take only those who have the same mindset. On the legal side, choose the right type of employment contract, give a new colleague a probation period, and set correct and adequate goals.

Not launching the product early can also be a problem. Founders always think about launching the product and making it GRAND, says Giedrė. Startups may have the wrong thoughts that nobody cares in the beginning and that first negative feedback will have a very bad impact on the brand. Talking about the legal side, no company starts its activities from complete legal documentation and it has become a big headache to the lawyers. It is exciting to launch your product, but the paperwork is also crucial.

Sixt common mistake, according to Giedrė, is not researching your competition. Why? Competitors validate the market for you. If there are none, it raises questions: does the problem really exist? If it does, is it wide enough so that you need to create a new product?

Furthermore, startups expect to raise A LOT of money right away. But the reality is often different: firstly, you have to convince the investors that your product is worth the money. So, prove that there’s a market demand for your product and get a greater valuation. And remember the wider scope of obligations the investors have, the more rights they own.

Also, handling money incorrectly may become a problem too. So, here are a few mistakes you should avoid:

- hiring a ton of people;

- unnecessary expenses;

- insufficient reserve for unexpected changes;

- no or delayed payments from the clients.

And so… the investor backs out. Also, keep in mind that violating the investment agreement may result in a refund or penalties.

The final important thing – don’t neglect legal protection. According to the lawyer, you should: set up a company with correct shareholding, have a shareholders’ agreement, as well as employment agreements, intellectual property rights protection, and proper privacy policy.

So, what lessons did we learn together with “Triniti” lawyer Giedrė Čiuladienė? Make yourself sure your product is needed, work with smart, yet passionate people, and never stop learning! And, most importantly, remember - mistakes are not something that should stop us. They are the challenges that let us grow.

Startup and Corporate Partnership: Practical Guide

What benefits corporations should expect to get from innovative businesses and how to maintain good relationships? What are the ways to approach corporations and continue building customer portfolio? We tried to find answers to these questions during one of Startup Fair discussion sessions. Six specialists who work with both corporations and startups guided our way to useful insights and shared the best practices from different organisations across the globe.

Talking about current market situation, all of them notice that COVID-19 definitely affected a lot of companies and also created a lot of uncertainty for many organisations – at the moment, we have no idea, how the future will look like. A lot of projects got postponed, and yet we can see a lot of room for new initiatives and corporations are focusing on good relationships with startups they already have connections with instead of starting new ones.

Some corporates had a long response time during COVID-19 and no new engagement. At the same time, in some countries, things got quicker, especially when startups offered useful products, thus solving urgent crisis. For example, Carolina Alex and her teammates from 27 pilots started a platform called Startups Against Corona and noticed that over 60 organisations have registered during the three months. Corporates from different industries: retail, food, health and so on are interested in the solutions that startups can offer.

She also saw an excellent push for digitisation, like contactless paying and so on – businesses understood it would be difficult to survive in the market if they didn’t digitise their business in a crisis like this. Talking about Lithuanian market, Arvydas Plėta from Katalista Ventures the economy was booming for some time and a lot of corporates were over self-confident, thinking they don’t need any help or new solutions. But after the crisis, the tables have turned, and a lot of them are looking for innovations.

So, let’s get to the essential question: what are the benefits of such relationships between startups and corporations? As specialists mentioned during the “Startup Fair 2020” discussion, on the corporate side, there is a need for a solution. Remco Temmink, from The Unknown Group, says it is essential for corporates to stay relevant, so that’s why it is vital to bring new solutions. It’s about gaining a competitive advantage. What is interesting, sometimes even the biggest corporations forget about the competition and start to work together to solve their problems. According to Arvydas, we, Lithuanians, are working with quite small corporates and small startups, so for the startups one of the biggest benefits is that they can have success cases, connections and also sometimes corporations can become their development partners.

Let’s say you have a startup and want to develop a connection with a corporation. What are they looking for these days? Well, usually they are searching for mature startups that can offer practical products – they are not coming with only a demo, but with an actual, perfectly functioning product or its prototype. So, the pilot is enough at first – to see if it’s working as expected and then you can decide together what steps to take. Also, it is better if the startup already has funding, so they need to have an investor. But... what if your startup is at the early stage? How can it grow to a partnership with a corporate? Firstly, Remco Temmink from The Unknown Group says, you have to think which corporate would fit you and what kind of problem can you potentially solve?

It is also crucial to understand that every corporation and government has its system. There are two ways to enter. One is when they notice a problem and are actively looking for a solution. Another is that YOU approach the organisation – this road is rougher. In both cases, you have to have a prototype. An idea is not always enough – it has to work technically. Corporates also want to invest in innovations; for example, they can invest in a platform that will connect them to the community.

Arvydas notices that in the beginning, every company is speaking about attracting startup and what they really mean is the need for unique solutions. That means every startup has to adapt – the willingness is essential – as long as startup wants to change something, it’s easy to get in a relationship with a corporation. Also, companies sometimes expect to get a solution… for free. What to do in that case? Arvydas says he notices that it is good for startups to give something for free or with a significant discount, but use the corporate as a playground. Remember – corporates are searching for reliable partners for a lot of years. It may seem it’s a long journey, and it’s not worth it, but remember – one you’re in, you’re there for a long time.

What we can see today is that new opportunities have opened up and also the corporations are more open for innovations than before. Maybe it is your time to shine and put big clients in your basket? Probably yes! But remember: always offer only what you can achieve. Also, you have to understand that when you want to act fast, the corporates usually prefer to take it slow. So… don’t push, give your clients space to think about your proposition and, hopefully, succeed!

How Can Oracle Supercharge Your Fintech’s Growth?

In today’s business world, we see that corporate-startup collaboration has emerged as a popular way to innovate. This partnership is a good illustration of the win-win situation – startup becomes a valuable source to foster innovation by providing their product to the corporate while the corporate becomes a startup’s greatest growth hack. Oracle – one of the best-known IT companies is shaking hands with startups and helps them to supercharge their journey towards scaling in the enterprise world. Andrius Skunčikas – Oracle’s Country Manager in the Baltics is sharing his thoughts on why the cooperation with startups is worthwhile for both sides and advises what to consider when choosing a technical/ infrastructure partner.

Lots of corporates are still struggling to work with startups and do not cooperate due to various reasons. We see that Oracle is very active in reaching towards startups. Why did you decide to partner with startups as B2B partners?

Startups - especially enterprise-focused ventures - recognize that Oracle has the cloud technology, business-building resources, and the customer base they want. And Oracle's customers are ready for that engagement. 

With our startup program we are creating a virtuous cycle of innovation by blending startup ingenuity with enterprise resources to deliver transformative solutions to customers—a winning formula for all (startups, customers and Oracle). This means Oracle stays at the competitive edge of innovation with solutions that complement its technology stack while driving startups’ business and solving pain points for our global customers.

Why it is worthwhile for startups to partner with big companies like Oracle?

Startups who want to sell into the enterprise need to be ready (from infrastructure as well as business perspective) to scale fast and handle bigger-than-expected workloads.

Oracle for Startups not only provides startups with access to Oracle’s technology (ensuring lower costs, better performance, and security standards) but also dedicated technical support and 1:1 mentorship from experienced industry leaders. Arguably no one sells better to the enterprise than Oracle. We are using that expertise to benefit startups.

Plus, by partnering with Oracle, which has more than 40 years of enterprise expertise, startups gain that additional level of credibility when talking to prospects and working with customers. 

How does the collaboration between Oracle and startups usually begin? Are there any hints for the startups to prepare?

Startups can sign up at oracle.com/startup to receive free cloud and 70% discount from day one. From there, they gain access to a members-only portal, which offers detailed descriptions about the program’s services, hands-on development labs, and other how-to assistance for migrating an existing instance or spinning up new ones.

Startups will also discover what we call our ‘Market Connect’ section of the Startup Portal, which is where they can validate their readiness for benefits. Qualifications include submitting a customer reference and accompanying reference architecture, uploading a pitch video, and finalizing their Startup Portal profile. Startups can complete this part of the portal at any time but we recommend doing this as soon as possible as this unlocks the full benefits of the program such as marketing and events exposure, customer engagements and meetings and VC introductions.

What is important to consider when choosing a technical / infrastructure partner?

Today’s startups are born in the cloud. That means their choice of cloud provider is of the utmost importance. Value, performance, and security are some of the most crucial factors.

In terms of value can your cloud provider help you save money by avoiding spending on unused infrastructure? The cloud allows companies to scale up or down to meet fluctuating customer demand, paying only for the resources they use. Startups on Oracle Cloud can do so reliably, with performance, availability, and manageability backed by enterprise service-level agreements, saving them money which they can reinvest back into their business.

The cloud also allows startups to compete against large enterprises in fields that involve the storage, processing, and analysis of massive amounts of data. Think biomedical research, video streaming, and advanced engineering. But not all clouds are equal when it comes to HPC. Startups in the Oracle for Startups program, such as analytics platform provider Kinetica, which joined in August 2019, have chosen Oracle Cloud Infrastructure to meet their heavy HPC demands.

And finally, as you know modern developers rely on a variety of platforms, languages, and services to build their applications. If their cloud of choice doesn’t support their tools of choice, it can cause major headaches. Openness and open source support are important factors for startups that have migrated to Oracle Cloud Infrastructure.

What benefits and opportunities can Oracle provide to a startup?

Oracle for Startups enables mutually beneficial business-building partnerships for startups, our customers, and Oracle.  Without taking equity, we offer access to a complete stack of Oracle 

Cloud solutions, marketing and mentoring resources, and access to a global base of customers.

  • No equity taken
  • Free cloud credits and 70% discount for 2 years
  • Marketing and events resources
  • PR/media and analyst engagements
  • Access to Oracle’ global customer base
  • VC engagements

Why is Oracle team is interested in fintech startups and how they can support them?

Oracle’s expertise and relationships across financial services provide rich opportunities for fintechs joining Oracle for Startups.

Oracle Cloud, combined with Oracle Banking Open APIs, provides the perfect ecosystem for Fintechs and Oracle customers, combined with the added benefits of the program.

We recently ran an online event specifically for the Fintech community in the Baltics, if you are interested, why not Watch the replay? The Oracle for Startups team shared their top growth hacks for fintechs, plus there was a great discussion between the global Oracle team, ModularBank, and NOIA Network on how to supercharge your fintech’s growth.

Understanding Collaboration: What Makes It Really Beneficial For a Startup and a Corporate?

A nationwide quarantine period has encouraged many companies to think about the specifics of their activities and, if necessary, reorient the direction of the company's operations by maximizing their processes. Although we constantly hear in the public sphere about the new startups' development and the innovative solutions they create, and this time, corporates with a long time experience in traditional solutions still remain in the shadows.

And even though we have more than 1,000 startups in Lithuania and really developed startup ecosystem, there is still a huge lack of collaboration between corporates and startups.

Why does collaboration should make sense for each party? What are the benefits of it?

Everybody speaks about collaboration but what makes it really beneficial for a startup and a corporate? It is worth spending some time understanding one’s motivations, as well as on the other side’s interests and constraints.

Let‘s clear out, so what are the benefits for corporates?

External innovation and disruption | As internal innovation is often hampered by protecting the core cash „donors“, collaboration with or acquisition of a startup may also facilitate the necessary disruption of one’s business model, which is difficult to achieve from within.

More innovative suppliers | If corporates work only with established tech providers, they risk missing out on potential new sources of revenue: buying from an innovative startup may give a corporate a competitive edge. Startups may also outperform existing solution providers to corporate clients because they have less overhead costs and a stronger innovation focus.

Customer focus | Startups tend to innovate closer to customer needs as they are not as standard process-driven as established corporates. They can adapt and customize solutions more easily, allowing the corporate to serve its customers better.

Also, entrepreneurial and more agile culture, staying on top of market developments and new revenue streams and business lines.

Just in a few words, the corporation’s benefits are seen - they get the latest technology available while avoiding the inflexibility they might encounter when doing this by themselves.

Sure, the benefits for corporates are clear. So, what is good for startups?

A success story for future sales | Large corporate customers enhance the reputation of startups and serve as reference cases for future sales. The transformation of the sales process from an innovation pitch into reference selling may become a key success factor for a startup.

Revenues and independence from external capital | As big corporates can invest considerable amounts of money, corporates can free startups from the need to seek outside investments. Corporates can also have a long-term interest, which may stabilize a startup and help it to reach profits very early.

Scalable customer base | Large corporates can be an ideal target customer as they have enough people, budget and opportunity to scale.

Riskless internationalization | Working with corporate offers the possibility to expand into other countries by partnering with the corporate’s local subsidiaries, if it has ones.

Access to proprietary assets | Partnering with a corporate can enable a startup to exploit underutilized corporate assets such as data that would otherwise not be accessible.

Market knowledge and mentoring | At the very beginning of business development, startups often do not have the proper knowledge for business expansion. So, startups can tap into the knowledge and long-term experience of the corporate in the form of mentoring.

To be short, what then is gained by the startup? They will have unlimited funds to finance more projects for better innovations, better organization, increased motivation, better equipped to take more risks, and to be able to challenge the status quo.

All the mentioned benefits have a great impact on the two parties. So what are the key things you need to know before starting the collaboration?

Currently, the leading areas in Lithuania among the startups are cloud-based software (SaaS) and e-commerce areas, and the biggest demand and development opportunities for products and services are currently found by startups in the areas of cybersecurity (CyberTech), health science technology (HealthTech) and financial service technologies (FinTech). That means that the corporates have an extremely wide range of startups (and even more than these mentioned) from which to choose and the solutions that are relevant to them to grow their business success.

If you, as a corporate have previously asked yourself questions like "How can we solve key business problems in a quicker and more cost-effective way?" or "How do we make our organisation more innovative and willing to take risks?", take heart, because you are not alone. These are the problems that most executives have to solve for their companies. Working with startups has proven for many to be an excellent way to tackle these challenges from a new and productive angle.

It is very important to clarify the corporates objective before making a partnership with a startup. One of the most relevant and common objectives for corporates when collaborating with a startup is solving corporate problems and challenges. Developing new innovative solutions and products with startups rather than internally is often much quicker, and less risky for your core business. Startups bring new technologies, business models, and talent to the table.  So why not to use it?

Finally, startups and corporates alike can't expect both parties to be at the same speed, speak the same language, or have the same challenges and goals. But it's important to note both sides.

That is why “Startup Lithuania” presents a project for corporates and startups and called it “Corporate Challenge”. The goal of the project is to increase the collaboration between young innovative Lithuanian tech companies and traditional businesses who face different day-to-day operational challenges.

So, if you are a corporate that have challenges to solve, contact us!