According to the latest ranking data from The Global Startup Ecosystem Index Report, Vilnius has moved up several places from its 71st place last year. The ranking annually assesses the startup ecosystems of 1400+ cities and 100 countries, and it becomes a prompter for talents and decision-makers looking for a suitable place to create their startup. It is noted that the value of Vilnius' startup ecosystem has increased by as much as 39 times over the past decade.
Vilnius – a growing innovation center
According to the ranking, Vilnius has risen several places this year and is ranked 69th. According to Mangirdas Šapranauskas, Head of the Foreign Investment and Talent Development Department at Go Vilnius, the capital continues to strengthen its reputation as a dynamic and rapidly growing innovation center. Vilnius is growing in every sense – in terms of the number of residents and startups, the number of investments attracted, and the satisfaction of technology sector companies with the capital is also increasing.
“The city is famous for its unicorn success and thriving startup ecosystem, and it has been recognized as the most business-friendly city in Central and Eastern Europe and the Baltic States. Growth in such rankings shows that the world sees what we already know: Vilnius is a dynamic, talent-attracting city with a rapidly growing startup ecosystem. This is not a coincidence, but the result of focused work,” says M. Šapranauskas.
Over the past five years, four startups in Vilnius have achieved unicorn status (their value exceeded 1 billion). JAV dollars): "Vinted", Nord Security, Baltic Classifieds Group" and Flo Health. This leaves no doubt about the city's growing influence in the technology sector, its increasingly prominent position on the global startup map, and the capital's increasing potential to attract more investment and talent.
Highly qualified talents in Lithuania
The Global Startup Ecosystem Index Report evaluates not only individual cities, but also countries. According to this ranking, Lithuania ranks 100th out of 19 countries. Our country stands out in the European context as having a very highly educated population.
According to 2022 data, as many as 46,5% of the population aged 25-64 had higher education, which is significantly higher than the EU average (34,3%). Such a high level of education and its consistent upward trend over the past decade contribute to a highly qualified talent pool, which is very important for promoting innovation and technological development.
In addition, Lithuania ranks 11th in the European Fintech Index, which indicates a mature regulatory environment and great development potential for financial technology companies.
"Given the education of our residents, the city's focus on technology and innovation, and the technology and creative industries centers being created here, we can confidently say that the city is on its upward trajectory in the Global Startup Ecosystem Index Report and beyond," says a representative of Vilnius' business and tourism development agency Go Vilnius.
