aA
The question when the first unicorn with over 1 billion of US dollars in value will appear in the country raises speculations for some time in Lithuanian start-up ecosystem. And even though there are many, not the one, candidates in Lithuanian system of innovative business, an example of a successful start-up, as noted by 
Anders Lentell, one of the speakers at the event “Startup Fair”, Swedish investor and founder of technology start-up DynaByte, is not just a unicorn label, writes "Startup Lithuania" in a press release.
New trends in startup world: unicorns' aspiration is not key anymore
© DELFI / Domantas Pipas

According to the “CB Insight“ data of January 2019, there are 345 unicorns in the world, and there are plenty of candidates in various countries of the world, including, without doubt, Lithuania, that could become unicorns. A. Lentell, the speaker at the start-up conference “Startup Fair. Change 2019” is, however, is convinced that an aspiration of becoming unicorn should not be the only objective of an innovative company. To be successful, a start-up has to deal with the market problem. If becoming unicorn will be the only objective of your start-up, you will probably pretty soon become bankrupt”, - says A. Lentell.

“Over the past decade, we have seen many successful companies, including several very successful start-ups, that have established themselves in the Swedish technology market. I think that none of these start-ups could imagine what success they will experience. However, they all knew that the start-up product had to cardinally change the usual system, the specific business market”, - says A. Lentell.

The entrepreneur points out that not the unicorn status but sustainable business is becoming an ever-increasing trend in the world. It can be expressed in two aspects: the company model that ensures a financial stability, or initiatives born through ecological sustainability which, according to the interlocutor, are no longer a sign of luxury for an enterprise seeking exceptional confidence among its customers. Financial stability and fostering the environmental are two areas of particular importance in the world of start-ups. The interlocutor, however, acknowledges that priorities must be made by each start-up individually.

Anders Lentell
Anders Lentell
© Asmeninins albumas

“In my opinion, if your company is not financially stable at the end of the day, then you simply do not exist. I often notice that young start-ups tend to think that attracted funding is their biggest goal. However, it is important to understand that funding is an investment, and a certain person will want to get their money back in the future. So it is important to properly choose the company's financial strategy which would allow the start-up to grow without additional financial injections. Also, my recommendation for start-ups would not spend the money you do not have, and be 100% sure that the financial strategy you have chosen will work properly before you start applying it”, - says A. Lentell.

The speaker who will arrive at the start-up conference “Startup Fair Change. 2019“ that will take place in Lithuania is positive about the Lithuanian start-up ecosystem, cooperation between science and the state. According to A. Lentell, Lithuanian start-ups have great potential in developing artificial intelligence technology around the world.

Startup Lithuania” has been organizing the international start-up conference Startup Fair for 7 years. This year, the participants of the conference will have the opportunity to participate in the election of the best start-up, in individual meetings with Lithuanian and foreign investors, to hear the successful experiences of and lessons learned by successful Lithuanian start-up developers, to learn the latest trends in innovative businesses and technologies.

DELFI EN
It is forbidden to copy the text of this publication without a written permission from DELFI.
|Populiariausi straipsniai ir video

Lithuanian company offers solution for international control of coronavirus test and vaccine

After the global coronavirus pandemic began in Wuhan it has affected people all over the world....

Avia Solutions Group to sel Baltic Ground Services Poland

Avia Solutions Group , the largest aerospace business group from Central & Eastern Europe, has...

Paysera has new vice president for development abroad

Starting June 1, Marius Pareščius , IT expert, businessman, and innovator, will be responsible for...

Palanga airport set to reopen with 1st flight since lockdown

Hungary's Wizz Air is on Tuesday relaunching its regular service between Palanga and Dortmund,...

Pandemic threats: how lockdown affected startups

The COVID-19 pandemic faced by the world paralyzed a significant number of businesses ....

Top news

Foreign minister: EU's external borders unlikely to open until late June

The European Union 's external borders may remain closed until late June, Lithuanian Foreign...

Lithuania mulls setting up virtual flag airline (1)

The Lithuanian Transport Ministry proposes to set up a virtual flag carrier to reduce the country's...

Colombian student in Vilnius: once you go to other countries, you open a door that may be difficult to close

Colombian student Jorge Andres Agudelo Zuniga came to Vilnius in 2018 for studies via Australia. He...

Actor Gediminas Girdvainis passes away

Lithuanian theater and film actor Gediminas Girdvainis died at the age of 76 on Wednesday, the head...

3 new coronavirus cases in Lithuania

On Wednesday, 3 new COVID-19 cases were detected in Lithuania. Overall, Lithuania has already...

|Maža didelių žinių kaina