Focus on how Lithuania can be a great way to be diverse

When exploring new avenues for business growth or product portfolio expansion, it’s important to ensure you have the right partnerships in place. For entrepreneurs and investors in the United States, this is easier said than done, as there are many different networking avenues to choose from when looking to expand your international presence.

However, although each region overseas has its own advantages and disadvantages business expansionCountries such as Lithuania have shown considerable advantages in establishing transatlantic partnerships. Its strategic location, strong government funding programs and culture of innovation make it the perfect location to watch.

Here are some reasons why considering a partnership with Lithuania is a great move for established businesses and potential investors.

Access to a highly skilled workforce

Lithuania’s booming economy and technological environment make it home to a variety of skilled professionals, many of whom show a keen interest in STEM (Science, Technology, Engineering and Mathematics) studies. This has resulted in a highly qualified workforce composed of professionals in fields such as IT, engineering and biotechnology.

Lithuania also has a strong network of renowned universities and research institutions. These educational facilities maintain extremely high academic standards and become extremely valuable in helping the country improve the capabilities of its professionals.

One of Lithuania’s distinctive features is the country’s focus on developing new infrastructure and continuously innovating existing technologies. This culture of continuous learning and encouraging progressive, forward-thinking approaches produces passionate professionals who are eager to make a difference to the organizations they work with and society at large.

strategic location

Lithuania is a Baltic country located between Northern and Eastern Europe. This gives it a highly strategic advantage to enter different markets and provides an optimal location for establishing logistics operations.

Access to EU and CIS markets

In 2004, Lithuania became EU memberbringing many strategic advantages to organizations operating in the region. Access to the EU provides a potential market of nearly 500 million consumers. As a member of the Customs Union, the country also Lifting import and export restrictions between Latvia and Poland It also provides freedom of movement for all citizens of Europe.

This flexibility in trade and talent pools, as well as close ties with CIS countries, make Lithuania strategically positioned to provide ample opportunities for U.S. suppliers to expand their operations in the EU, helping Exports are US$50 billion and imports are US$58 billion. in the past few years.

High emphasis on technology and innovation

Lithuania is known for its rapidly growing tech scene. The country currently invests heavily in research and development, developing many cutting-edge technologies and solutions. Some of the country’s main focus areas include:

• Fintech: Lithuania has A growing hub of 276 fintech companies Employs more than 7,400 professionals. This is a 402% increase from 2014, driven by a surge in crowdfunding, payments and Regulatory Technology (RegTech) Companies. According to a recent business poll, 75% of fintech organizations in Lithuania continue to grow, exceeding 30% expect double-digit revenue growth over the next year.
• Biotechnology: Lithuania has developed a strong biotech sector and has a large workforce More than 15,000 researchers and scientists Help introduce new innovations in all life sciences. The Lithuanian government has set a goal By 2030, life sciences will account for 5% of GDP Current industry overview includes Biotechnology, medical development and medical technology, and industrial biotechnology. Collaborate with research institutions and companies that regularly engage in the manufacture of new drugs, medical devices and diagnostic tools.
• Laser technology: Lithuania is one of the global leaders in laser technology and currently Exporting new solutions to more than 80 countries. More than 60 companies in Lithuania focus their R&D efforts on industrial ultrashort pulses, high-intensity petawatt and terawatt levels, and wavelengthless sustainers for use in a variety of industries. Photonics field has Growth of more than 16% over the past decadethe country has become a major player in laser technology.

Emerging Startup Ecosystem

For startups to not only survive but thrive, they need to build the right foundation. Thankfully, Lithuania offers a great startup ecosystem, driven by a growing number of business incubators and accelerators, as well as strong government support for entrepreneurs looking to launch new ventures.

Lithuania currently has One of the fastest growing entrepreneurial environments throughout Central and Eastern Europe. Since 2018, it has continued to thrive and has become a major center for introducing new solutions to the global market and is home to some of the most advanced and fastest-growing start-ups.

How InnoHub Lithuania helps facilitate new international partnerships

While Lithuanian startups continue to grow, bringing these innovations to global markets and creating new opportunities for transatlantic partnerships requires additional coordination and support.

Lithuanian Innovation Center Offers U.S. and Lithuanian businesses and investors a helpful way to help bridge this gap by providing essential resources, business guidance, and professional networks Promote international expansion efforts. With localized knowledge of Lithuanian startups and trade regulations, as well as in-depth knowledge of the U.S. market, InnoHub Lithuania is able to offer a wide range of services to help strengthen new businesses.

These Member services include:

• Guidance and industry connections: InnoHub Lithuania connects Lithuanian businesses with experienced mentors, industry experts, and leading academics and researchers in the United States, providing businesses with valuable guidance from experienced professionals as they embark on their international expansion efforts.
• Social events and workshops: Hosted by InnoHub Lithuania Various social events and seminars Aimed at bringing together local Lithuanian businesses and international investors. These events create a platform for building long-term relationships and exploring new entrepreneurial opportunities.

EU membership and ongoing business support

Lithuania’s EU membership brings many advantages to businesses. The country has proven that its compliance means higher standards of business practices, enhanced consumer protection and a supportive legal framework that minimizes the risk of companies expanding into unknown markets.

In addition to this, Lithuania has established a stable political and economic environment, which is important for ensuring profitable long-term partnerships. The country’s commitment to transparent governance reduces uncertainty and leads to more sustainable partnerships.

Lithuania also provides ongoing support to businesses through various government initiatives and institutions. These resources provide valuable resources and financing opportunities to help streamline growth efforts.

Start expanding overseas business

There are many advantages for businesses seeking help from Lithuania Expand and grow their organization or explore new investment opportunities. By exploring new partnerships in the region, U.S. companies can gain access to a thriving startup ecosystem and innovative workforce to support their growth goals.

About the author

Diana, Business Community Manager Lithuanian Innovation Center, is an experienced community builder. She has worked with early stage startups, government projects and small businesses. As the representative of the Lithuanian Innovation Agency in Silicon Valley, she serves as a liaison between Lithuanian technology companies and the Silicon Valley ecosystem.

In addition, Diana led the San Francisco American Lithuanian Community for more than four years, developing new initiatives and programs for professionals. Diana holds an MBA from Mills College in Oakland, California.