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Lithuania’s Top 5 Startup Accelerators & Incubators

Are you looking for capital and/or mentorship for your startup? Beyond funding, Lithuania’s startup accelerators and incubators also offer founders incredible valuable support for product development, sales and marketing.

Whether you are looking to find a co-founder, build your MVP and/or get the seed money you need to scale up, accelerators and incubators are the way to go.

In this article we have listed our top 5 picks for Lithuania’s best startup accelerators and incubators. So, if you haven’t yet started to apply, here is a good place to start learning about them.

This article is part of a series where we present you the top startup incubators and accelerators across Europe. For Eastern Europe, check out our rankings for Ukraine, Estonia, Romania, Hungary, Slovakia, Estonia, Czech Republic and Poland.

Lithuania’s Top 5 Startup Accelerators & Incubators

NameAccelerator or incubator?Program lengthInvestment sizeSector focus
70vAccelerator8 – 12 monthsUp to €400,000B2B
Startup Wise GuysAccelerator5 months€55,000Fintech
Baltic SandboxAccelerator8 weeks€20,000 – €200,000Sector agnostic
Katalista VenturesAccelerator3 months€50,000Sector agnostic
FuturepreneursIncubator2 monthsNoneSustainable development

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Accelerator vs. Incubator: What’s The Difference?

Using the terms “accelerator” and “incubator” interchangeably is a common mistake. Whilst they are similar and sometimes can be found under the same roof (organisation), they are very different.

Startup Incubators

As the name suggests, startup incubators are tailored more to startups still in their incubation period for their ideas. As such, incubators help startup founders turn their ideas into early working prototype versions of a product or service.

Joining an incubator comes with many perks for early stage businesses. For example, incubators will typically let you use office spaces for twelve months, and in some cases every several years. 

Yet, not all incubators are equal. Some might be specialised on a specific industry, and others on a specific expertise: do you want to work on your Minimal Viable Product (MVP), or are you looking for help to kick-start your sales and marketing efforts?

Therefore, if you’re interested in joining an incubator program, you should first ask for feedback from founders who are currently in the program. You should find out how long they’ve been with the program and what growth they have achieved with its help. 

Incubators are designed to turn business ideas into prototypes
Incubators are designed to turn business ideas into prototypes

Startup Accelerators

In contrast, startup accelerators are ideal for startups that have already gathered some momentum. That’s why startup accelerators are best for startups with a complete cofounding team, a MVP, and that are looking to accelerate their growth (commercialise their product / service). 

Accelerator programs usually take place between a few weeks to a couple of months. In that time, they’ll give you access to their network, connections, knowledge, and a relatively small amount of funding for your startup. 

When looking for an accelerator program, it is crucial to do your research. Identify the program’s list of alumni. Who among their startups experienced success? How many failed? Who are in their list of mentors, and what accomplishments do these people have that you think would help you succeed in your business?

Taking the time to find the best-fit startup accelerator for your business is essential. After all, you’ll be trusting these people to help your business succeed. 

startup accelerator pros and cons
YC’s Demo Day

1. 70v

Founded in 2018, 70v is one of Lithuania’s top start-up accelerators. Indeed, they provide funding to selected innovative early-stage companies from seed to series A in the amount of €20,000 – €400,000.

Since its founding, 70v has a clear vision and goal to help accelerate 70 start-ups in 3-5 years time. As of December 2021, it had already exceeded its quota with more than 80 companies.

Aside from funding, they also provide startups access to the Nordic network and a proven B2B acceleration model.

After completing the 8-12 months program, companies still enjoy continued support from 70v’s team of experts and mentors network.

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2. Startup Wise Guys

Startup Wise Guys is a startup accelerator with multiple chapters in the CEE region, with each of the chapters having a specific industry focus. Especially, Startup Wise Guys Lithuania’s program focuses on Fintech companies.

During the 5-month program, founders learn how to validate, develop and commercialise fintech products and services.

Additionally, as part of the program startups receive €55,000 seed capital, office space and lots of mentoring support from 250+ top notch investors/mentors. 

3. Baltic Sandbox

Operating from the heart of Lithuania’s capital, Vilnius, Baltic Sandbox fancy itself as the “middle man” negotiating deals between business angels and innovative startups to find solutions to the world’s most pressing problems.

Therefore, its programs change regularly and focuses on different verticals: the latter being Silvertech and focusing on the world’s ageing population and its challenges.

Baltic Sandbox also typically support selected startups by providing them with funding between €20,000 – €200,000, industry experts, mentors and access to external investors.

4. Katalista Ventures

Katalista Ventures is a hybrid accelerator and private fund that serves as a go-between or catalyst for investors and startups to collaborate and create new innovative ideas.

Startups that undergo their 3-month acceleration program benefit from €50,000 initial investment and also support from experienced entrepreneurs and experts in CEE.

Also, their sector focus is agnostic, meaning they will support high-impact individuals & organizations that can prove to them the competency of their product, service or process.

5. Futurepreneurs

Founded in 2017, Futurepreneurs is not an accelerator but rather a startup incubator that offers programs to early-stage startups with emphasis on sustainable development.

Innovative tech founders will get the chance to participate to a 2-month program where they benefit from mentorship sessions and workshops.

Finally, they will also be given the opportunity to pitch their business to external investors at the end of the program to raise funding.

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