Vilnius University Invites You to the Tech Hub Startup Space Opening Ceremony

On 16 June, at 4 pm, Vilnius University (VU) invites all innovation enthusiasts to attend the opening ceremony of the new Tech Hub startup cooperation space. The site is expected to become an incubator for business and innovative ideas, where students and others wishing to turn their ideas into businesses will not only be able to use the workplaces but also participate in hackathons, conferences and workshops.

The purpose of the Tech Hub space is to encourage the establishment of startups and the development of innovation at the university. We are glad that from now on, we will have suitable premises for the implementation of these activities. It is a place for startups and other innovators to gather, share good practices, and create added value in the Lithuanian business ecosystem,” said Dr. Gediminas Rumšas, Head of Tech Hub Startup Pre-Accelerator, as well as Vice-Dean for Partnerships and Projects at the VU Faculty of Economics and Business Administration.

The idea to create such a space came to light about four years ago. This was also the time when the idea for a startup pre-acceleration program was developed. For almost two years, VU Tech Hub, together with the Innovation Agency (formerly the Agency for Science, Innovation and Technology MITA), has been organizing a three-month intensive training course for startups and those wishing to set up businesses.

So far, 110 startups from Lithuania and abroad have completed the program, while another 20 are currently participating. 6 pre-accelerator cycles were held over a two-year period. The teams participating in the program consist of over 300 people. Some of the startups have already attracted investments, while others have participated in acceleration programs abroad, and received funding from various EU support measures, private investors, and business angels.
One of the Tech Hub success stories is Benme, which has attracted a €150,000 investment and created a platform for employee benefits, where employees can choose the services they want from a network of partners. Another example is Curtains Calculator, which has received a €50,000 investment after developing a tool to help curtain stores efficiently calculate the required window covering materials. In total, the Tech Hub startups have already attracted over €5 million in investments.

These businesses and the other best startups from the pre-accelerator will take part in the event’s Pitch Battle 8 teams (Benme, IMINT.AI, StackFlows, MOKOSI, Bbright, Qrtido, Seqvision, and Curtains Calculator) will compete for the title of the best Tech Hub startup. An experienced panel of investors and innovation experts will evaluate the participants and select the winners. In addition, the event participants will be invited to attend a discussion on the role of the university in the startup ecosystem.

Prior to now, the Tech Hub pre-accelerator program classes were mostly conducted remotely or at other university facilities. It is planned that the new premises designed for the needs of startups will be freely available to all participants in the program. Individuals and startups with innovative ideas will be invited to register for the next pre-accelerator cycle in Autumn 2022.

The event will take place on 16 June at 4 pm at Saulėtekio al. 9, VU, Faculty of Economics and Business Administration, 2nd floor (Tech Hub). Registration is required and is available until 10 June. Register here.