VILNIUS, Lithuania, Jan. 15, 2024 /PRNewswire/ — Startup Lithuania has partnered with global innovation platform, Plug and Play and opens applications for their first startup accelerator program today. The partnership will see the launch of a multi-year accelerator program aimed at nurturing early-stage, tech-focused startups in Lithuania and across Central and Eastern Europe.
The Startup Lithuania Accelerator powered by Plug and Play will consist of a 12-week acceleration program, culminating in an Expo Day. The most promising startups of the program will join the Global Overseas Acceleration & Learning program (GOAL) in Silicon Valley and other events in European cities. The program aims to provide startups with a global experience and a worldwide network from the onset.
“During last year Lithuania claimed the title of the second-highest country in VC investments. The collaboration with the Plug and Play Accelerator from Silicon Valley is a strategic move to further strengthen Lithuania’s position on the global startup map. The accelerator is expected to work with 60 innovative companies in Lithuania over an almost 3-year period. We place our trust in their long-standing expertise and extend our best wishes for a successful launch of the acceleration program,” said Aušrinė Armonaitė, Minister of the Economy and Innovation
“As our collaboration with the international accelerator team starts, we launch the program’s first cycle and anticipate strong participation from startups. This collaboration presents an opportunity for Lithuanian startups to align with a program that aims to redefine industry standards and drive growth. The US company plans to invest EUR 5.9 million in at least 45 startups over the next two years. Therefore, we invite startups to actively use this incredible opportunity,” said Gintarė Narakienė acting director of Startup Lithuania at the Innovation Agency Lithuania.
The program will offer a range of benefits to participating startups. These include mentorship from global industry experts, pitch polishing workshops, office hours with the Plug and Play team, and an Expo Day, where startups will pitch their innovative ideas to a diverse range of potential investors and corporations from international markets.
One key feature of the program is Plug and Play’s extensive global network with major corporations, facilitating connections and collaboration for startups. Additionally, selected startups may join other tailored Plug and Play programs. This support extends access to an international network, including investors, business growth avenues, sales strategies, customer initiatives, product insights, investment attraction, and a mentor network. This comprehensive support system positions the Startup Lithuania Accelerator powered by Plug and Play as a gateway to unparalleled opportunities for startups seeking accelerated growth and global recognition.
“The partnership between Startup Lithuania and Plug and Play will create a pathway for early-stage tech startups to get the resources they need to succeed,” said Saeed Amidi, Founder and CEO of Plug and Play. “The startups from this program will have the opportunity to scale, learn, and thrive in the international market, and I look forward to the innovations that will come from this.”
The selection process will begin following the open call for applications. The Plug and Play team will conduct a comprehensive analysis of applicant companies, presenting the most promising startups to the Plug and Play Investment Committee for final selection. The last day to apply is February 15, 2024. To learn more about the program, please visit the website here.
About Startup Lithuania:
Startup Lithuania, the national startup ecosystem facilitator, is powered by Innovation Agency Lithuania, a non-profit agency under the Ministry of Economy and Innovation of the Republic of Lithuania, established to promote entrepreneurship, support business development, and foster export.
Startup Lithuania collects data about Lithuanian startups, consults startup founders, administrates online pre-acceleration program Startup Guide and Startup Visa Lithuania, and organizes different events and workshops, including Startup Fair – the main startupsʼ event in Lithuania. Learn more about Startup Fair here.
About Plug and Play:
Plug and Play is the leading innovation platform, connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley, we’re present in 50+ locations across five continents. We offer corporate innovation programs and help our corporate partners in every stage of their innovation journey, from education to execution. We also organize startup acceleration programs and have built an in-house VC to drive innovation across multiple industries where we’ve invested in hundreds of successful companies including Dropbox, Guardant Health, Honey, Lending Club, N26, PayPal, and Rappi. For more information, visit https://www.plugandplaytechcenter.com/.
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