“Last year have clearly shown the growing influence of startups on the Lithuanian economy – startups were probably the only sector that managed to grow and expand even during the pandemic: innovative business founders were able to quickly adapt to the changed situation, adjust their business models, offer new solutions and attract investments. That's why while organising one of the most anticipated startup events “Startup Fair: Recharge” we invite everyone to share lessons learned, strengthen disrupted connections and recharge together for even greater achievements. This year, we have dedicated the main theme of the event to recharge. In order to help them move forward even more successfully, we invite startups to compete in the “Pitch Battle” for an investment of EUR 100,000, which will be a great financial "recharge" for further development,” says Roberta Rudokienė, the Head of the startup ecosystem development unit “Startup Lithuania” of the Public Institution Enterprise Lithuania.
According to her, this year two members of the Lithuanian startup ecosystem, the Lithuanian Business Angel Network “LitBAN” and the venture capital fund “CoInvest Capital”, have contributed to providing the main investment fund of the “Startup Fair: Recharge” competition. The investors reveal what they will consider most when choosing which startup is most likely to win the main investment prize.
What startups will the investors be looking for this year?
The startup competition “Pitch Battle” of the “Startup Fair: Recharge 2021” attracts a lot of attention from startups and investors every year, giving both Lithuanian and foreign startups an extraordinary chance to present themselves to investors, and an opportunity for the latter to assess the investment potential in the market.
“The Lithuanian Business Angel Network “LitBAN”, is constantly looking for diverse startups with great potential and looks forward to welcoming them at the “Pitch Battle” competition of the “Startup Fair: Recharge”. Together with “Coinvest Capital”, we plan to offer an investment of up to EUR 100,000 to the best startup, but the amount of the deal is a matter of negotiation and the potential of the selected startup. However, it is important to note that having a plan of financial “injection” is a crucial aspect for both presenting and negotiating an investment. Investments are easier to achieve when there is a clear understanding of how the raised capital will help the startup grow,” says Justinas Pašys, Head of the Lithuanian Business Angels Network “LitBAN”.
Investors looking for investment opportunities are characterised by the foresight of good business ideas and pay a lot of attention to assessing the development potential of startups. However, they also look at a wide range of other criteria during the “Pitch Battle” competition.
“We will be looking for and focusing on startups that have clear expansion abroad plan and whose products or services can generate sufficient annual sales growth. As far as startups are concerned, the areas of interest to the fund go beyond the latest technologies. Of course, we also look at the speed of development of the industry in which the startup operates, paying attention to macro trends and the areas that are currently considered the most promising – healthcare or medicine, artificial intelligence and other high technologies,” reveals Viktorija Vaitkevičienė, Head of the venture capital fund “CoInvest Capital”.
Startup registration for the “Pitch Battle” competition has already started and will run until 15 May at the “Startup Fair: Recharge 2021” website www.startupfair.lt
This year's “Startup Fair: Recharge 2021” will also include a conference focusing on education technology (EdTech), cybersecurity solutions (CyberTech), and other technologies. In addition, the most successful Lithuanian startups, newly established startups that have managed to find new opportunities and grow during the pandemic, and other representatives of the ecosystem will share their experiences and lessons learned. The event will also include individual meetings between startups and investors.
“Pitch Battle” is part of “Startup Fair: Recharge 2021”, the largest startup event in the Baltic States, which has been organized by the startup ecosystem development unit “Startup Lithuania” of Entrepreneurship Promotion Agency Enterprise Lithuania, for the 9th year in a row. Due to the global COVID-19 pandemic, this year the two-day event will take place on 3-4 June and, if the situation will be favorable, will be organised in a hybrid format, where a limited number of participants will have the opportunity to attend the event live in the outdoor spaces of Vilnius Tech Park, while the entire event will be streamed for free to everyone online. More information on “Startup Fair: Recharge 2021” and the startup competition “Pitch Battle” will be available at www.startupfair.lt