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2017.11.20

Vilnius Proves to be Fertile Ground for Fast-Growing Tech Businesses

20.10.2017

With a process that makes it quick and easy to launch a company, a diverse local talent pool of IT Specialists and Developers, and comparatively low operational costs, Vilnius has made a name for itself within the global tech community. There are numerous other reasons and benefits that come along with setting up shop in Lithuania’s capital, but one of the more dynamic indicators worth looking at is the growth many Vilnius-based start-ups are experiencing.

 

The Deloitte Technology Fast 50 in Central Europe is a programme that recognises and profiles fast-growing tech companies in the region. This year’s ranking of the 50 fastest-growing public or private tech companies includes six companies operating in Lithuania, five of which are Vilnius-based.

 

To be considered among the Fast 50, companies must meet certain criteria, including annual revenues of at least €50,000 over the last three years, developing or manufacturing of proprietary technologies or spending a significant amount on R&D, operating with an ownership structure that excludes majority-owned subsidiaries of strategic entities, and being headquartered in a Central European country. In addition to these criteria, growth percentage is a key indicator in establishing the actual rankings.

 

To have four companies mentioned among the top-15 speaks to the tech sector’s current state in Vilnius. Moreover, as part of the programme Deloitte also gives out ‘Big 5’ awards to companies that experienced annual revenues exceeding €25 million in 2016 and ‘Rising Star’ awards to companies that are too new to meet the criteria of their main ranking. Vilnius-based companies were named in both of these categories, with Pigu ranked third among the ‘Big 5’ and CGTrader topping the list of ‘Rising Stars’.

 

Aside from the benefits mentioned above that allow tech start-ups to hit the ground running in Vilnius, there are other factors at play that can account for the growth many companies are experiencing. The start-up community in Vilnius is a strong one, which means ideas are constantly being bounced around and companies are being challenged to set the bar higher. Also, there are hubs like the Vilnius Tech Park (the biggest tech start-up hub in the Baltics), which offer companies all-inclusive access to a range of business services. So, it’s not just about setting up, it’s also about moving forward, and having the support and access to the tools that can make that happen.

 

As Aurelijus Liubinas, CEO of Deeper, the company ranked second on Deloitte’s Fast 50 list says, “We have a motto at Deeper: ‘Dream Big’. It’s not just about having great ideas, it’s also about pushing yourself to take those ideas further. And our success comes from having a strong team that buys into this approach.” With a growth rate of 7048% between 2013 and 2016, there’s no doubt the company is dreaming big. However, it’s easy to see that the entire tech sector in Vilnius aims to share the same motto.

 

 

www.govilnius.lt

 
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