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.

It is forbidden to copy the text of this publication without a written permission from DELFI.

Delfi’s Lie Detector – the best fact-checking success story in Europe, to be introduced at international Facebook event

Delfi team from the project Lie Detector , which fact-checks the content distributed on social...

Grigeo Klaipeda faces fine up to EUR 5 mln

A year after Grigeo Klaipeda, a Klaipeda-based cardboard producer that is part of the Grigeo group,...

Minister says temporary economic difficulties due Belarus sanctions 'justified'

Lithuanian Economy and Innovation Minister Ausrine Armonaite says that temporary economic difficulties...

US institutions' probes of commercial banks come into Lithuanian lawmakers' focus

Lithuanian lawmakers vow to look into the situation around US institutions' alleged investigations...

MP: Belarusian spa's workers must understand the risks

Employees of Belorus, a Belarusian state-owned spa whose bank accounts have been frozen due to EU...

Top news

Julian Lee | D+

The real price of Saudi Arabia’s surprise oil cuts

Saudi Arabia’s $3 billion insurance premium to protect against falling oil prices will end up being...

Emigration remains high despite pandemic and Brexit

Scientists expected substantial changes in migration patterns in Lithuania amid coronavirus...

Lithuania ranks 4th in Europe by COVID-19 case rate 2nd by death rate

Lithuania ranks fourth by 14-day COVID-19 case notification rate among the European countries...

Rafaela Lindeberg and Ott Ummelas | D+

Sweden shuns NATO as stability outweighs worries about Russia

Sweden’s top defense official said staying out of NATO remains the best security option for the...

First month in office of new government: who garnered most media

Health Minister Arunas Dulkys garnered the most media attention in the first month in the office of...