The results of the international sustainability accelerator "Rockit Impact", which started in March, show that the Lithuanian market is a very favorable environment for developing the activities of sustainable startups. It is common for start-ups to develop close B2B (business-to-business) partnerships and take up to several years to achieve results. Participants in the Rockit Impact accelerator managed to do this in less than four months.
During the accelerator, 5 pilot projects were carried out in which startups and large business companies developed joint activities - "Swedbank", "Telia", "Linas Agro", "Elektrum in Lithuania" and "Telesoftas". The specialization of startups from Switzerland, Sweden, Poland and Lithuania includes the fields of renewable and green energy, smart cities, ecology, sustainable finance and agriculture. More than 200 startups applied for the accelerator program, most of them from foreign countries.
Greta Monstavičė, head of the sustainable startup accelerator and fund Katalista Ventures, which organizes Rockit Impact, says that startups in Lithuania find extremely favorable conditions for developing ideas and products.
"Lithuanian companies must be competitive on the scale of the entire European Union, because our market is very small. As a result, they are dynamic, not afraid of innovation and make quick decisions. This is exactly what startups who develop innovative products and services need. The results achieved in the accelerator in a few months send a very strong signal to the global ecosystem of B2B startups", says G. Monstaviče.
The uniqueness of the accelerator is sustainable solutions
During the accelerator, Swedish startup Earthbanc, together with Swedbank, looked for ways to efficiently measure the CO2 emissions of several of the bank's customers. Such self-evaluation by customers will be extremely important in the near future. Global financial market trends show a strong shift towards sustainability, for example, the rapid growth of funds investing in sustainable companies. It is likely that soon loans will be distributed only to sustainable businesses, so the bank is already looking for ways to provide customers with the appropriate tools.
The Swiss startup Elblox tested two new offers for customers with Elektrum Lietuva during the Rockit Impact program. One of the products under development is a platform that will make it easier for customers of the energy company to order electricity produced by remote solar parks to their homes.
The sensors of the Polish startup Digital Crops are already operational in the holdings of accelerator partner Linas Agro Group. These sensors capture a whole range of air and ground data. This provides additional opportunities to optimize activities that require intensive use of farm equipment, such as seeding, fertilizing, watering or harvesting.
The Lithuanian startup "Datahood" together with "Telia" delved into the specific needs of a dozen different businesses and, using the telecommunications company's contacts and anonymized data, is finalizing the first contracts. Datahood examines and offers solutions to make different city districts as sustainable and comfortable as possible for their residents, and to help businesses discover the potential of these places. Using this tool, businesses can bring services equivalent to those in the city center to sleepy areas, reducing people's dependence on cars.
The company "Telesoftas" is finishing the development of the IT module necessary for the development of the Lithuanian start-up "Cogastro". The startup is developing an operating system for beetle farms, a unique project worldwide. The prospects of Cogastro's product are also shown by the recently won "Startup Fair Pitch Battle" competition.
Šarūnė Smalakytė, head of the Rockit Center for Financial Technologies and Sustainable Innovation, says that the Rockit Impact accelerator provided a quick and convenient opportunity for large companies to try out B2B partnerships with startups. In turn, startups gained experience working with important partners and evidence that ideas are effective and competitive worldwide.
"The mutual benefits are obvious. This accelerator revealed the attractiveness of Lithuanian companies, showing how the synergy between a start-up and an established business can really work. It is also important that after the accelerator, innovative products developed during the accelerator will be offered to Lithuanian residents," says Š. Smalakyte
According to her, this Rockit Impact accelerator has been extremely successful and will continue in the future, involving companies from even more diverse business areas and expanding the collaboration program.
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