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23
Apr

Turning a new page to promote deep tech start-ups

Lithuania may soon become a much more attractive location for deeptech start-ups, which base their business model on years of research and innovation. An initiative of the Ministry of the Economy and Innovation (EIMIN) plans to extend the age of such start-ups from 5 to 10 years. This would allow more deep-tech companies to qualify for public support. This change was approved by the Government today.

"Deep tech start-ups often take more than 5 years to bring a product to market. The 5-year deadline therefore limits their ability to qualify for public support for such start-ups. This is important for Lithuania to accelerate its progress towards the 5% of GDP target for the life sciences sector and to increase the role of the high-tech sector in the country's economy," says Marius Stasiukaitis, Vice-Minister of the Economy and Innovation.

Deep-tech start-ups are considered to be high added-value enterprises with a high potential for growth, so it makes economic sense to encourage their development.

Extending the age of such start-ups would also help them to solve complex challenges that require deep expertise and a long development period. It would also further increase the quality of the products and services developed by start-ups that have received public support and provide a breakthrough for the development of high value-added technologies.

The 10-year timeframe has been chosen in the light of recommendations made by the European Commission and the Innovation Agency.

The provisions of the Law on the Development of Small and Medium-Sized Enterprises that extend the age of deep-tech start-ups have yet to be approved by the Seimas.

Source: https://eimin.lrv.lt/