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8 Minutes
The 13th edition of Startup Fair kicked off this morning at LITEXPO Exhibition Center, bringing together familiar faces from across Lithuania’s innovation and startup ecosystem for the country’s most anticipated entrepreneurial event of the year.
The opening session featured Edvinas Grikšas, Minister of the Economy and Innovation of the Republic of Lithuania, and Karolina Urbonaitė, Head of Startup Lithuania, marking the official start of the two-day conference.
The ceremony was hosted by Matt Smith, a former venture capitalist turned entrepreneur, who set an energetic tone with his humor and engaging presence.
Reflecting on last year’s event, Smith shared:
“Last year, I felt like I was at a family gathering reconnecting with old friends, exchanging ideas, and building new relationships. That same feeling is alive here again today.”
He emphasized that networking should be about genuine human connection rather than transactional meetings:
“Investors don’t invest in companies on the spot they invest in people. Build relationships first, smile, and get to know each other. That’s where real opportunities begin.”
Injecting humor into the conversation, Smith led a lighthearted exchange about the “art of small talk,” encouraging attendees to break the ice and engage openly:
“If you want to start a conversation, just say something colorful! The goal is to connect, not to fill silence.”
Smith then highlighted the impressive setup of this year’s venue at LITEXPO, noting that it’s even larger and more dynamic than before. Key sections include:
Core Stage, powered by SP, hosting the main keynotes and panels;
High Stage, supported by Superhero Capital;
Networking Area, powered by Calm Adventures, five times larger than last year;
and the creative Pitch Pool, featuring a ball-filled pool for startup pitch battles.
He extended thanks to the event’s key partners including the Lithuanian Private Equity and Venture Capital Association, Rockit, Google for Startups, Superhero Capital, ISM University of Management and Economics, and the Ukrainian Startup Fund for making the event possible.
Smith also revealed details about the highly anticipated Pitch Battle, scheduled for later in the day, where the winning startup will earn an invitation to negotiate up to €3 million in funding from leading investors including CoInvest Capital, Baltic Sandbox, Scale Wolf, Plug and Play, Le Capital, and the Latvian Business Angel Network.
In a personal note, Smith spoke briefly about his own journey from selling his company in 2020 to pursuing an ambitious athletic goal and preparing to compete at the upcoming Olympic Games. Calling it “a human experiment,” he said it’s been a continuation of the entrepreneurial mindset through sport and personal challenge.
He concluded with an enthusiastic message:
“The 13th Startup Fair has officially begun! From here on, it’s all about connection, learning, and inspiration. Get ready for an energizing day at the heart of Lithuania’s startup ecosystem.”
Minister of Economy and Innovation: From Artificial Intelligence to Defense Innovation
The opening session continued with Edvinas Grikšas, Minister of the Economy and Innovation of Lithuania, who welcomed participants from more than 40 countries to Startup Fair 2025.
He began by highlighting Lithuania’s rapid growth in recent years, saying:
"Lithuania is a success story. We are one of the fastest-growing startup ecosystems in the world and the fastest-growing in Central and Eastern Europe."
Minister Grikšas outlined Lithuania’s priority sectors, mentioning strong progress in biotechnology, advanced materials, artificial intelligence, and cybersecurity. He emphasized that a significant part of the country’s innovation strategy now focuses on defense technologies and AI-driven solutions.
He noted that over 80 Lithuanian companies are currently developing AI-based products, many of which have achieved top results in NATO innovation challenges. According to him, these accomplishments show the strength and maturity of Lithuania’s technological landscape.
Grikšas also announced the launch of the AI Sandbox, a new initiative by the Ministry and the Innovation Agency that will serve as a gateway for both Lithuanian and international startups to test and develop AI solutions within Europe.
He concluded his address by encouraging collaboration and creativity among attendees:
"Let’s make today about technology and people. Let’s create ambitious and inspiring projects together. Enjoy the event and explore everything that is happening here. This is the place where the future is built."
Karolina Urbonaitė: Lithuania Is No Longer Watching the Global Tech Scene – We Are Part of It
Next, Karolina Urbonaitė, Head of Startup Lithuania, took the stage with a vibrant and energetic speech. She began by thanking all partners and contributors who helped make the event possible.
Highlighting the central role of startups in modern economies, she said:
"Startups are the main driving force of today’s economy. They create new jobs, new opportunities, new markets, and solutions to problems that no one had even imagined before. They do not just generate profit; they generate momentum for our entire economy."
Urbonaitė presented impressive figures showing Lithuania’s rise on the Global Innovation Index, where the country now ranks 33rd out of 139 nations, its highest position ever.
She added:
"Lithuania is not only recognized for its innovation potential but also for its ability to turn that potential into jobs and ecosystem growth. We are ranked 13th globally in innovation implementation. This proves that we are not just observing the global tech scene – we are an active part of it."
According to her, the total value of Lithuania’s startup ecosystem has grown 39 times over the past decade, reaching 16 billion euros. Just in the past year, the ecosystem expanded by an additional 2 billion euros.
She continued:
"In 2024, Lithuanian startups raised more than 128 million euros. This year, that number has already exceeded 172 million euros, and the year is not even over yet."
Urbonaitė gave special recognition to Cast AI, which secured 108 million dollars, the second-largest investment in Lithuania’s history.
She concluded her speech with optimism and pride:
"Our success formula is simple: a balanced ecosystem, government support, and a bit of Lithuanian persistence. We may be small, but we are bold and ambitious. Our startups are global from day one. We are not competing with each other; we are competing with the world. Let’s keep building the future together, one great startup at a time."
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