Lithuanian innovations at the biggest international startups festivals Slush

Date

2019 02 08

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Lithuanian Agency for Science, Innovation and Technology (MITA) for the 3 rd time in a row announced a call and selected 14 innovative Lithuanian companies to attend Slush-one of the biggest international startups festivals, which took place on December 4-5, 2018 in Finland’s capital Helsinki.

The selected companies presented their products and services to potential partners and laid the basis for useful cooperation. Altogether, more than 100 new contacts were established, more than 80 business meetings were held and 14 innovative services and products with integrated elements of artificial intelligence, financial and blockchain technologies among others, were presented.

Giedrius Muckus, the Director of Accelerator One, vividly conveys a perspective from both startups’ and investors’ position, “It is a very useful event. Startups have a great opportunity to find relevant partners and investors among numerous participants. The investors, in turn, have an opportunity to discover startups with high potential for investment. There were more than 3,000 startups registered this year at Slush. In addition, we had an opportunity to invite foreign start-ups to establish their branches in Lithuania and test their ideas on our market”.

Attention to financial technologies

One of the Slush events was dedicated to the fintech ecosystem in Lithuania and created opportunities for Lithuanian startups operating in this field to present their ideas. 

According to the Founder of Baltic Sandbox, Andrius Milinavičius, “It's hardly possible to mention everything that Baltic Sandbox team achieved during one of the biggest North festivals-Slush. Three full days of face-to-face meetings with investment funds, corporate representatives, more than 16 side events and our own "5 Secrets from Lithuanian Fintech World" event, organized in partnership with Invest Lithuania and the Ministry of Finance. Seven of Baltic Sandbox accelerated startups had a chance to pitch in front of more than 40 preselected investors. With this possibility, many more interesting opportunities were instantly unlocked. Baltic Sandbox thanks MITA for their support.”

An effective way to new partnerships

One of Slush benefits is a unique opportunity to meet with a high number of potential partners during well-organized B2B meetings.

A representative of the company Innospark, Aistė Žalaitė, points out, “Slush is like a hive of buzzing bees for a couple of days, where the best in their fields and “ideas up in the air” are looking for like-minded partners and investors”. The company develops a child-centered environment which evokes children’s sense of creativity.

Arūnas Eitutis, the Director of 7 Sprints (Tasker), was positively surprised by the effectiveness of the B2B matchmaking, how the meeting spaces were arranged and by the overall organization. “We had 6 impeccably organized B2B meetings with well-known Scandinavian and Baltic investors within one day,” said A. Eitutis.

Special App startup Founder and Director Donatas Bubinas agrees with what was mentioned above and is satisfied with the results of this visit. “Not only have we learned about new digital marketing technologies and future opportunities for smartphone applications, but we also have found great partners from Finland, the Netherlands and other countries, with whom we are going to cooperate to integrate innovations we have learned about during Slush,” D. Bubinas shared his experience. The company he represented at the festival develops mobile users’ engagement platform.

Companies participating for the first time have indeed what to remember. “It was my first visit and I am greatly impressed by Slush and its scale, especially in terms of contacts. The organizers of the event have an excellent matchmaking platform, which helps to arrange meetings with investors. Besides this, I had a great opportunity to present my startup at the event organized by Baltic Sandbox, where participants were acquainted with Lithuanian fintech ecosystem,” said  Facilitas LT Director Renat Semyonov Buga, whose company develops banking system.

Startups are pleased with new contacts in Scandinavian countries.  "<…> We have made new contacts with potential distributors of Amberlo solutions in Scandinavian countries, technology partners and potential investors. The support received from MITA helped us to decide to attend the event,” said Aidas Kavaliauskas, a representative of Amea Business Solutions (Amberlo).

Young innovative businesses have also gained invaluable experience by presenting their products to foreign partners. Director of Amet Solutions (Viacorex), Julius Dargis, said that Viacorex team was pleased to take part in one of the biggest events in Europe and to make useful contacts with foreign investors and potential partners, as well as to present activities to the international audience on the Slush stage. The company develops a business collaboration platform.

Further plans

"During the conference, we had a clear goal to evaluate market potential for our new product. We are pleased that our product was welcomed positively by partners and potential investors during various meetings,” said a representative of the company Nbranded, Kamilė Jokubaitė, who presented event-based platform, which is based on artificial intelligence technologies True Insight and enables to analyze users’ attention.

Simon Kukšas, the Founder of the company Elektros tiekimo sprendimai, said that participation in one of the biggest events in Europe has helped to expand contact list, discover new opportunities and gain experience that will be useful for the product development. Elektros tiekimo sprendimai develops an electric platform for loading and providing blockchain technology.

"We do our best to make sure that Lithuanian startups are provided with more opportunities to attend such high-level events as innovation festival Slush. We believe that events like this help businesses to grow and to develop world-class products," says Viktorija Bražiūnaitė, who manages startup acceleration programs in MITA.

14 Lithuanian companies participated in Slush:  Elektromobilių tiekimo sprendimai, Aciety, Nbranded, Velvetas, Gasefis, Inovatyvi medicina,  Innospark, 7 Sprints, Zivė, ACCELERATOR ONE, AMEA Business Solutions, Amet Solutions, Facilitas LT,  Baltic Sandbox.