Lithuanian startups face market education hurdles ahead of international conference

Startups are vital engines of economic evolution, transforming established industries and forging new markets, according to Paulius Mikalauskas, executive director of the 'PropTech' association. While large corporations maintain the current economic structure, startups drive innovation and progress. Their significance extends beyond job creation and investment, encompassing their ability to reshape entire sectors and define the future economy.

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In the global economy, startups act as an evolutionary engine. If large corporations support the existing economic structure, startups transform it, create new markets, and force the old ones to move forward.

Mikalauskas highlighted the particular importance of startups in the PropTech, UrbanTech, and ConTech fields. These ventures are revolutionizing the vast and often conservative real estate, urban development, and construction industries. Even minor improvements in efficiency within these sectors can yield substantial economic benefits. The 'PropTech' association is actively involved in the annual 'EBAN' Congress, an event this year hosted in Vilnius by the Lithuanian Business Angel Network (LitBAN). The congress is expected to draw approximately 500 angel investors from Europe and around the globe, offering a unique platform for networking and showcasing innovations.

The upcoming congress will feature not only conferences and startup pitches but also an exhibition and numerous networking events. The central theme for this year's event is "European Resilience," with key discussions focusing on defense and space technologies, life sciences and health tech, clean and deep tech, and creative and sports technologies. Mikalauskas emphasized that the event provides a crucial opportunity for Lithuanian startups to connect with international investors and partners.

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The significance of startups today is measured not only by the jobs created or investments made but also by their ability to change entire industries and shape the future economy.

Beyond showcasing innovation, the congress will also address the significant challenges startups encounter. Romas Kvaselis, founder of 'Digital Property Market,' a platform for integrating and managing real estate data, shared his experience. He noted the difficulty in explaining their platform's concept, as similar integrated data solutions are rare in Europe. This required not only introducing the product but also educating the market on the necessity of such a solution. Kvaselis also pointed out that developing systems with unique logic often involves lengthy negotiation processes for data access and collaboration, which can extend from months to years.

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PropTech, UrbanTech, and ConTech startups are particularly important because they transform one of the world's largest and most conservative industries – cities, real estate, and the construction sector, where even small efficiency improvements have a huge economic impact.

Aurimas Čiagus, head of 'NUMAI,' a startup offering a "rent-to-buy" service, echoed similar sentiments regarding the challenges of changing ingrained habits. He stated that a primary hurdle for startups is shifting the established routines of clients, partners, consultants, investors, and regulators. "Essentially, nobody really knows how it should be done, so initially there are difficulties," Čiagus explained, underscoring the uphill battle startups face in introducing novel business models and technologies.

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The event includes not only the conference and startup pitches but also a startup exhibition and numerous side events for networking.