Startup Lithuania Accelerator Expo – Batch 4: A Dynamic Showcase of Innovation, Collaboration, and Startup Triumphs | Smarti News – AI-Powered Breaking News on Tech, Crypto, Auto & More
Startup Lithuania Accelerator Expo – Batch 4: A Dynamic Showcase of Innovation, Collaboration, and Startup Triumphs
2025-08-01
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Peyman Golkar
17 Minutes
The highly anticipated Startup Lithuania Accelerator Expo – Batch 4 served as the pinnacle event of Startup Lithuania's accelerator program's fourth cohort. Held at Cyber City in Vilnius and bolstered by international backing from Plug and Play, the expo brought together top emerging startups, investors, experts, government representatives, and innovation leaders. The event offered an outstanding opportunity to gain insight into the evolving Lithuanian startup ecosystem. Twelve standout teams from the four most recent accelerator batches stepped onto the stage, presenting their groundbreaking ideas and competing in an intense pitch battle. Alongside, attendees enjoyed keynote speeches, expert panel discussions, networking sessions, and a busy exhibition zone. After a full day of innovation and competition, four startups were crowned as the leading winners. Here's an in-depth, exclusive recap of the entire event!
Opening Keynote
Povilas Žinys – Lithuania Country Manager, Plug and Play
Povilas Žinys inaugurated the Expo by welcoming attendees. He highlighted the remarkable evolution of Lithuania's innovation landscape over the past two years and celebrated active startup participation in Plug and Play acceleration programs.
“Within just two years, we've propelled 54 startups through our accelerator and invested in 29 of them. These figures aren't just statistics—they symbolize the agility and inventive spirit thriving in Lithuania.”
Žinys emphasized Plug and Play’s core mission: connecting startups with industry leaders, investors, and global markets.
In his speech, Marius Stasiukaitis underscored the Lithuanian government's unwavering support for innovation. He announced ongoing efforts to enhance digital infrastructure, ease startup market entry, and foster broader international partnerships.
“We can either resist change and cling to the status quo, but history shows this approach doesn't win. Adapting—and, even more importantly, innovating—is what preserves and empowers us.”
The Vice Minister also projected that startups would soon drive Lithuania's economic engine, expecting the sector to play a decisive role within the next five to ten years.
He continued:
“We must maintain a steady stream of new ideas. That's why programs like Plug and Play matter so much—every new startup can be another Lithuanian success story.”
He concluded by thanking Startup Lithuania and Plug and Play for orchestrating the event and nurturing the nation's innovation community.
After the Vice Minister, Karolina Urbonaite, a prominent figure in Lithuania’s startup scene, shared her perspective.
With passion, she began:
“Let’s be honest: Lithuania’s startup ecosystem didn’t grow by chance. It’s the result of collective effort—every startup, investor, and accelerator has contributed to this progress.”
She cited key statistics:
Over 1,000 active startups in Lithuania
A doubling of investment inflows in the past three years
Rapid growth of DeepTech and AI startups
Karolina emphasized that Startup Lithuania facilitates rather than leads the ecosystem:
“We’re here to build infrastructure and connections, providing resources you need—but real innovation happens in coworking spaces, during sleepless nights, in presentations like today.”
She highlighted the significance of collaborating with Plug and Play:
“Partnering with one of the world’s largest acceleration platforms is a tremendous privilege. It not only benefits participants, but also represents our commitment to globalizing Lithuania’s capabilities.”
She concluded on a high note:
“As someone who works with startups daily, I’ve never been more optimistic about our ecosystem’s future. Let’s keep building—and moving forward—together.”
Panel One: The Future of Corporate Venture in Europe
Carolin Wais opened the panel with praise for Lithuania’s vibrant startup spirit and noted the impressive quality of this batch’s participants. She said:
“It’s amazing to see such a turnout, even in late July! The only thing still missing is more corporate investor engagement—which makes this panel especially important.”
Role: Senior Investment Development Manager at Vinted Ventures
Milda reflected on Vinted’s approach to startup investment:
“We’re not just investing for financial gain. We’re building strategic partnerships and synergies—seeking out startups that can fit within our value chain.”
She explained the importance of cultural and structural alignment, and the company’s commitment to innovation that delivers real user value.
“We take time with every investment, ensuring alignment and value creation far beyond just ROI.”
2. Beatriz Rodriguez Ventosa Suarez
Role: Investment Development Lead at Wayra (Telefonica’s CVC arm)
Beatriz shared Wayra's global experience, noting:
“Collaborating with 500+ startups worldwide means we don’t just invest financially—we offer operational partnerships and access to Telco infrastructure and data.”
She added:
“Large corporations tend to be slow and complex. At Wayra, we bridge the gap between agile startups and the intricate world of enterprise.”
Vytautas spoke about Tesonet’s dual role as a mature tech firm and a project accelerator:
“We build tools to solve our own problems first, and when they work, we roll them out as stand-alone products.”
He expanded on Tesonet’s support for startups:
“Allowing teams to fail, cultivating feedback, and embracing an attitude toward learning from failure is key to our success.”
Corporate VC Success Metrics
The panelists discussed metrics used to evaluate CVC success:
Milda Jasaite: Blending Financial and Strategic Returns
Vinted Ventures only invests in sectors where deep internal expertise exists, such as e-commerce. This targeted approach allows for more effective evaluation and support.
Beatriz Rodriguez: Focus on Driving New Revenue for Telefonica
Success is measured by revenues generated through partnership. She cited a cybersecurity startup now contributing millions in revenue and expanding globally.
Vytautas Sabalys: Creating Real Value
Tesonet values the potential for real, hands-on support above financial returns. If they can’t directly impact a startup’s growth—even if the financials are appealing—they may opt out.
The panel then addressed a core founder question: “What tangible help do investors offer?”
Operational Support After Investment
Vytautas Sabalys: Deep, Family-Style Involvement
After investment, Tesonet connects startups with operational teams (Nord Security, Oxy Labs, etc.)—sometimes even before final contracts are signed.
“Our B2C marketing managers might join early startup meetings, sharing playbooks and insights. Startups can work from our offices and engage with our teams—even on Slack.”
He stressed:
“When we say we treat startups like family, it’s not a slogan—it’s how we operate.”
Milda Jasaite: Sharing Internal Expertise
Vinted allocates significant team knowledge and time to help startups, from HR process design to platform supply/demand strategy and data security advice.
Support in HR process design
Guidance on supply or demand strategies for platforms
Advice on data security
She acknowledged the need for balance, as both startups and internal teams are often stretched.
“Startups often don’t have time to use all available resources, and our team members carry their own core responsibilities—balance is critical.”
Beatriz Rodriguez: Venture Client Model
Wayra follows a defined process: before investing, they run a funded Proof of Concept (POC) with one of Telefonica’s business units to validate startup integration.
“By funding the pilot, we remove barriers and increase the odds of success.”
Successful pilots are then scaled internationally, rapidly granting startups access to Telefonica’s global reach in markets like Spain, Brazil, and Mexico.
Lithuania's Startup Ecosystem—Assets and Differentiators
The discussion turned to the unique qualities of Lithuania’s startup scene and why investors are drawn to it:
Vytautas Sabalys:
“Here, there’s a special sense of empathy and collaboration. The ecosystem is tightly knit—free of unhealthy rivalry and rich in connections. One Estonian fund manager told me, ‘Lithuania today feels like Estonia ten years ago—everyone’s a friend.’ That’s incredibly valuable.”
He also commended Lithuanian firms’ speed in decision making:
“One phone call can secure a decision, not endless committees.”
Milda Jasaite:
Comparing her Lithuanian and German VC experiences, she noted:
“Years ago, Lithuanian companies were just getting started. Now, we’re seeing second-time founders—people who’ve built success stories at places like Tesonet, Kilo Health, and Vinted, and are now launching their own ventures. This marks a mature, healthy ecosystem.”
Beatriz Rodriguez:
She offered a wider view:
“Startups in Germany will often saturate the domestic market before expanding abroad. In Lithuania, there’s a global mindset from day one—a huge asset for investors like us.”
Question 1: What’s the most common corporate VC mistake?
Milda Jasaite:
“Investing based purely on trends—without real belief or strategy.”
Beatriz Rodriguez:
“Over-focusing on core business lines and ignoring innovation outside those areas—CVC should stretch beyond existing operations.”
Vytautas Sabalys:
“Launching CVC arms as PR exercises—with no genuine belief in or commitment to supporting startups.”
Question 2: What core trait do you look for in a founder?
Milda Jasaite:
“Focus. Founders must know the specific problem they're tackling, not juggle multiple business models at once.”
Beatriz Rodriguez:
“Resilience and tenacity. Tough times will come—founders must be in it for the long haul.”
Vytautas Sabalys:
“Speed and adaptability. Learning quickly is more important than perfect long-term plans.”
Carolin Wais' Conclusion:
Carolin wrapped up the session, stating:
“Today, we’ve learned that corporate VC is no longer about ownership or control, but about partnership, mutual learning, and sustainable growth.”
She encouraged founders to continue engaging and networking with the panelists during the event.
Startup Pitch Battle
The showcase’s main event—the Plug and Play Lithuania startup pitch battle—gave 12 finalist teams the chance to pitch their innovations to a panel of judges, investors, and industry reps. Each startup had just a few minutes to highlight their business model, competitive edge, and growth vision in a high-stakes contest.
Poor supplement ingredient quality leads to customer churn.
Solution: Producing cordyceps mushrooms (beloved by athletes) with bioreactors—20-day grow time (vs. 4 months traditionally), 50x potency, replaces 500m² farmland with one bioreactor.
Business model: R&D and licensing to supplement, cosmetics, and food producers.
Market: $21B with 11% annual growth.
Achievements: Own lab, patent, multiple batches, partnerships in Taiwan, Spain, UK.
Achievements: Two partnership deals with drone makers, one more in negotiation.
Team: Finn (aeronautical engineer), Christian (business economist), Mehmet (mechanical engineer), new hire onboarded.
Seeking €1.5M (€1M committed) for prototyping.
Public Voting and Winner Selection
Once all twelve startups had pitched, Povilas Žinys took the stage to explain the selection process:
“With all presentations complete, we’re revealing how the top startups will be chosen. We’ll have three jury winners—first, second, and third place—and a People’s Choice, decided by live audience online voting.”
He shared the voting link, encouraging all present to cast a single, carefully considered vote for their standout favorite.
With a smile, he added:
“If you’re not sure, ask your neighbor who they voted for!”
“Stay tuned—after our next panel, we’ll return to announce this year’s winners. Don’t leave your seat!”
The program then transitioned to the final leadership roundtable, with an influential panel dissecting Lithuania’s ecosystem’s present and future.
Moderator:Julija Maslinskaite – International Accelerator Lead, Startup Lithuania Panelists:
Julija Maslinskaite: Hello, everyone—I'm Julija, just a month into my new role at Startup Lithuania, and this is my first mainstream panel as moderator. I’m delighted to be here for a frank, informal discussion with some of our ecosystem’s key movers and shakers on Lithuania’s present and future innovation path.
Question 1 – Current Ecosystem Status
Julija: Romanas, you work with AI startups at the Innovation Agency. What stands out in the ecosystem right now?
Romanas Zontovicius: The most exciting development is the rapid rise of AI tech within our startups. From accelerators to SMEs and research centers, everyone’s testing AI tools. We’re now seeing companies, just six months old, securing investment or breaking internationally.
Question 2 – Institutional Collaboration
Julija: Gintare, as coordinator of a major annual event, how can we foster more collaboration among universities, government, and private sector?
Gintare Viltrake: Direct communication is what’s working now, but we still lack structures for sharing resources—like common early-stage databases or shared pools of mentors between organizations.
Question 3 – Early-Stage Funding
Julija: Sigita, from LitBAN’s viewpoint: Is there enough early-stage investor appetite?
Sigita Zuloniene: We’re making headway, but more work is needed to shift the local mindset. Many traditional investors want fast returns; at LitBAN, we’re showing—through education and real success stories—that investing in startups is both profitable and strategically valuable for the country.
Question 4 – Women in the Ecosystem
Julija: What about women in the ecosystem? Progress or persistent hurdles?
Gintare: There’s progress, but not enough. Female founders are still a minority. We need to better spotlight successful women as role models for future generations.
Sigita: Absolutely. We’re supporting mentorship and dedicated funding for women-led startups.
Panel Close
Julija: Huge thanks to all three of you—this was a wonderfully insightful conversation. I’m glad I could facilitate this exchange for such an influential group and hope the audience found it as inspirational as I did.
Grand Finale: Startup Pitch Battle Winners Revealed
As the ceremony drew to a close, anticipation peaked: the official announcement of Pitch Battle victors. The room buzzed with excitement as organizers, judges, and all participants took the stage for the final awards.
People’s Choice Award
Winner: CardiWe Presenter: Rokas
The first accolade—the Public Choice Award—was decided via live online voting. CardiWe, whose non-invasive AI and facial imaging tool for atherosclerosis screening dazzled attendees, won the hearts of the crowd. The startup’s innovative, cost-effective solution harnesses visual data for cardiovascular diagnostics, bypassing invasive tech.
Rokas took the stage to thank voters, stating the recognition would further energize their development efforts.
Product: The Yaronfan UAV engine Prize: Legal consulting package from Motiaka
Red Arrow clinched third place for its next-generation electric UAV engine, delivering extended range, high speed, and streamlined manufacturing. Founder Finn’s precise, technical pitch impressed judges, earning thanks for his team and advisors.
Product: Cloud platform for XR applications Prize: Consultation with Google Cloud engineers and startup architects
Cloud Atlas, led by Vytautas, was named second place for its breakthrough cloud infrastructure solution for XR in fields like education, entertainment, and defense. Judges highlighted the team’s technical prowess and clear go-to-market strategy. Its prize: direct mentoring from Google Cloud’s experts.
Product: Multi-asset crypto index engine for brokers Prize: Official ticket to Startup Fair 2025
The top honor went to Veli, whose innovative index engine for crypto assets automates portfolio construction and management for brokerage clients. Founder Stevan confidently articulated the technology’s benefits and the clear path to market. Judges cited the team’s cohesion, commercial readiness, and investment potential as decisive factors.
Closing Ceremony & Certificates
All accelerator graduates were invited to the stage to receive their official certificates. A group photo commemorated the achievements of all participants, mentors, judges, and organizers. Finally, it was announced that all winners would receive tickets to the upcoming Startup Fair 2025 event on October 9th.
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