Lithuania Boosts Start-up Sector with €1.8M EU Funding Through InoStartas Program

The funds reached 11 start-ups under the InoStartas program, with plans to fund more projects, reinforcing Lithuania's burgeoning tech industry.


Lithuania’s Ministry of Economy and Innovation has distributed about €1.8 million from EU funds to 11 start-ups through the InoStartas program. The initiative supports a variety of activities, including research, development, patenting, and product market readiness. Each project can receive between €40,000 and €200,000, with additional provisions for patenting and market launch activities. The funded companies, including 10 micro and one small, are driving innovation across sectors like medicine, AI, and agriculture. The Ministry also plans to dispense an extra €6 million for 36 additional projects. It announced two more funding initiatives, InoPažanga and InoBranda, offering €20 million and €15 million, respectively. To bolster Lithuania’s economy, the Ministry intends to launch more financing calls, totaling nearly €1 billion by the end of 2023. 

Source: vz.lt

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