Martin Gorosko

Latvia's historically largest delegation in the USA, San Francisco. Several important conclusions: 📍we need to strengthen excellence and drive in the international market 📍support for the growth of startups transforms and gives the market a different VC dynamic 📍we need to become faster and with a greater appetite for risk 📍things need to be completed, outside the framework of the project 📍everything we do must be implemented in the system through innovation, knowledge, talents 📍 at the center - talent development at all levels We are looking forward for further collaboration with NASA - National Aeronautics and Space Administration Microsoft Google Meta OpenAI Plug and Play Tech Center Stanford University and many more. Thanks to Latvijas Investīciju un attīstības aģentūra - LIAA specifically Toms Zvidrins Ekonomikas ministrija/ Ministry of Economics and President of Latvia Mr. E. Rinkevics.

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Eleanor Roosevelt once said: “Yesterday is history, tomorrow is a mystery, and today is a gift––that is why it is called the present.” - Let's open the mystery box now! We (CapitalBox) choose to have ambitious, bright, curious future developing high tech solutions that would benefit us all. So in the present of AI - let's create something meaning. Join #AILithuaniaHackathon organized together with Artificial Intelligence Association of Lithuania and Linkedist. Registration: https://lnkd.in/diKQt2xY

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The pulse is already palpable. Grateful to moderate a panel discussion at the key startup event of the year in Central EU, hosted by Startup Lithuania . Here's some context and hope you will join the 2k visitors and 420 investors from 68 countries on October 3rd: 🚀 "Oh Crap, I Just Got a Load of Money! Now What?" 💸 You’ve hustled your way to Series A and now; you’re sitting on a pile of investor cash. 🎉 Suddenly, it’s not just about building cool features. The board expects you to scale, organize, and lead! 📊 This panel digs into that weird trip from startup survival mode to long-term success. How do you become a leader when you’ve been the hustler-in-chief? 🤔 An insightful conversation about growing pains, cultural challenges, and leadership lessons. 💡 Move your startup beyond Series A to build something that lasts! 🌱 See you at www.startupfair.lt #FounderLife,#StartupCulture, #SeriesA,#ScalingUp, #startupfair

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🚖 The Forus journey in the Baltics 🇪🇪🇱🇹🇱🇻 Forus International started in Estonia with a team of experienced entrepreneurs and has expanded rapidly across the Baltics. Since entering Latvia in the summer of 2022, they’ve achieved impressive milestones: ✅ 1,000,000+ rides in Latvia within the first year ✅ 2,500 drivers connected in Latvia ✅ 200,000+ app downloads across three countries ❗ Only 3.2/5 app rating 🧑 Team size: 35+ 💸 Their core market remains Estonia, where Forus (Forus Takso Eesti AS) expects 4.7M EUR in revenue with a 50%/30% split between taxi services and vehicle rentals to drivers. Forus continues to rely on a strong user base from previous years and minimal marketing spending (75,000 EUR/year). 💡 Interestingly, the b2b contract with "Tallinn's social transport for disabled people" brings in around 850,000 EUR or 35% of taxi-related revenue. 🌏 On international markets (Latvia and Lithuania), Forus (Forus International OÜ) expects 669,000 EUR turnover this year. They are still heavily investing in marketing, spending 1.1M EUR in 2022 and 460,000 EUR in 2023. 👉 Cool fact: Forus has a unique offering—the US Token, allowing customers and drivers to earn and trade tokens based on their usage and activity in the app.🚖 This adds a community-driven layer to the service, providing stakeholders the option to "own" part of the company. Have you used Forus in the Baltics? What’s your experience? We’d love to hear your feedback! 👇 https://forus.eu/en/ https://lnkd.in/dDkM9_xC #ForusTaxi #Sharedmobility #Baltics #ATOMMobility

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I’m very happy to have been invited to contribute to the GEM (Global Entrepreneurship Monitor) Lithuania Report 2023/2024 — a comprehensive science-based survey and analysis of entrepreneurship in Lithuania. The Global Entrepreneurship Monitor (GEM) is the world’s largest entrepreneurship-related research instrument, focusing on early-stage entrepreneurship and its essential role in driving societal health, wealth, and economic growth. Lithuania is among 46 economies, they are all representing nearly 60% of the current world population and 70% of the global GDP. *A key objective of the GEM Lithuania Report 2023/2024 is to present new insights that can guide efforts to equip the Government of the Republic of Lithuania, businesses, and individuals with the capabilities they need to launch and run businesses and create environments in which business ventures can thrive.* (Thanks to Vytenis Mockus Dr.Birute Miskiniene Aukse Zukauskiene Dr. Saule Maciukaite - Zviniene Ieva Druktenė and others.) Lithuanian Business Angel Network LitBAN EBAN - European Business Angel Network Vilniaus universitetas / Vilnius University Moody's https://lnkd.in/dq9nnxTp https://lnkd.in/dPX9iPN7

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Let's hear from Andris K. Berzins, Partner at Change Ventures, on his views about the 🇱🇻 Latvian startup ecosystem growth, challenges, promising startups and future potential. 👇 🟣 WHAT EXCITES YOU MOST THESE DAYS? Same as always, we are excited to meet amazing founders who have the ambition and talent to build companies. We still see no shortage of them in the Baltics. I hear some investors complaining about a shortage of quality deal flow, but we certainly do not see it, so we have no intention of investing elsewhere. 🟣 WHAT SURPRISES YOU ABOUT THE LATVIAN STARTUP ECOSYSTEM? Latvia is still clearly in third place in the maturity of our startup ecosystem in the Baltics, a point that pains me to admit but is true. We are a late bloomer, you could say! But I continue to see progress as the scale-ups from Latvia, including Printify, Giraffe360, and Lokalise continue to spin off talent even before they have exited. And with Startup House / TechHub Riga, we have a magnet for that talent to gather in one place. 🟣 WHAT'S THE BIGGEST CHANGE YOU'VE SEEN IN THE LATVIAN STARTUP ECOSYSTEM? Since my good friend Ernests Stals pioneered the first startup meetups 15 years ago, the change has been immense. Now there are real scale-ups, founders who are way more ready to tackle the difficult task of building a company, and many more investors. Incomparable. But the best is yet to come. 🟣 HOW HAVE INVESTMENT TRENDS IN LATVIA CHANGED RECENTLY? There are multiple investments in Latvia by top-tier funds such as Accel, Index Ventures, and Founders Fund. Like our neighbouring countries, we are on the map of locations to search for the best founders. The differences between all three countries are shrinking in that respect, and we see the three countries converging more and more. If anything, you might say that Latvia has more undiscovered talent than Estonia and Lithuania as the ecosystem boom has been later. 🟣 WHICH TOP 3 LATVIAN STARTUPS ARE MOST PROMISING FOR 2024? Of course, I see our portfolio closer than others, so it will be no surprise that we see them as most promising. From our older investments, you will see great growth at Giraffe360, which has hit its stride to scale in the USA, growing its hardware-as-a-service business selling to real estate agents and brokers. Our two newer investments, Trace.Space and RivalSense, are both extremely promising in their respective niches, adding customers and product features as they grow. 🟣 WHAT ADVICE DO YOU HAVE FOR FOUNDERS FUNDRAISING IN LATVIA? As usual, I advise founders to look for investors who can be long-term partners, rather than think of them as merely sources of capital. Not only do great investors help in many ways beyond capital, but you also have to live with them for many years, so I suggest picking carefully. Andris K. Berzins, thank you for your honest thoughts and insights, always a pleasure! 💜 #FIRSTPICK #interview #startups #investor #funding #vc

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Not the right time for #IP? Think again. Join us at the Life Science After Work event on 25 June 2024, from 18:00 at Nordclinic, UAB Artmedica, #Kaunas. Let's break down the rules and set clear boundaries for action in the world of #LifeSciences. This is a platform to be heard, to speak, and to connect. Hear from experts like Egle Ciuoderiene, CEO of Duevo, and Darius Paulikas, Attorney at Law at WIDEN Legal, as they delve into "Life Sciences Legal DNA: Understanding Intellectual Property." Whether you're a scientist, start-up, student, business leader, tech expert, investor, government rep, educator, healthcare pro, or entrepreneur - this is all about #entrepreneurship. RSVP now: https://lnkd.in/dxKX2eyg Innovation has no boundaries. Let's redefine them together.

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Do you know how to properly manage your finances and avoid the most common investment mistakes? 🤔 And do you know why investing in real estate is still one of the most reliable ways to achieve long-term financial success? 💸 In the 15min studio, two financial literacy experts— Viktorija Cijunskyte and Jurijus Clavas—share their insights on investing, personal finance management, and the path to financial freedom. 🤓 You'll get answers to these and other questions that matter to you. The discussion is moderated by PROFITUS Chief marketing officer Miglė Grybinienė. We invite you to listen and expand your knowledge! 🤩 Listen to the discussion here: https://lnkd.in/d_hpgqar #PROFITUS #investment #finance

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🔔 As part of my HealthTech of the Week series, today I recommend a comprehensive study that every health tech enthusiast shouldn't miss: the “Top Disruptors in Healthcare” report created by Koalicja AI i innowacji w zdrowiu! This remarkable report presents an overview of the most innovative medical startups in Poland and the CEE region for 2024. 💪 This is the jubilee, fifth edition of the “Top Disruptors in Healthcare” report, a publication that has become an integral part of the innovation landscape in the medical sector in Poland and the CEE region. It showcases the latest achievements and inspiring solutions of startups that are shaping the future of healthcare. The mission of the organizers aligns perfectly with ours - supporting and promoting medical startups that boldly introduce groundbreaking solutions and technologies. The "Top Disruptors in Healthcare" report is also an invaluable source of knowledge about the rapidly evolving medical startup market. Therefore, I highly recommend this report to everyone passionate about HealthTech. A huge congratulations to the creator's team on this outstanding job! 👏 👉 Discover the future of HealthTech innovation - download the report in Polish here: https://lnkd.in/gPNp77Ah Additionally, I encourage everyone interested in the HealthTech industry to follow my publications in the HealthTech of the Week series. More insights and updates can be found on my blog: 👉 EN: https://lnkd.in/dqK9JJ7X 👉 PL: https://lnkd.in/gGYriBqc Follow me for more exciting updates in the world of HealthTech! 🚀 #HealthcareInnovation #Startups #Reports #HealthTechOfTheWeek #MedTech #DisruptorsinHealthcare

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𝗪𝗵𝘆 𝗥𝗲𝗴𝗶𝗼𝗻𝘀 𝗟𝗶𝗸𝗲 𝘁𝗵𝗲 𝗕𝗮𝗹𝘁𝗶𝗰𝘀 𝗔𝗿𝗲 𝗖𝗮𝗽𝘁𝗶𝘃𝗮𝘁𝗶𝗻𝗴? Entrepreneurs in smaller regions, like the Baltics, must adopt a global mindset to stay competitive in today’s tech-driven world. Estonia is renowned for integrating technology into its economic ecosystem, making it highly innovation-friendly. Meanwhile, Lithuania is attracting fintech investments, and Latvia is emerging as a logistics hub, following Estonia’s lead. Check the link to the Dodires article in the comments. #baltic #lithuania #latvia #estonia #opportunity #qualitativeresearch

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As CEO of Julianus Inkasso Estonia, I'm deeply invested in providing a clear picture of Estonia's evolving debt landscape. Our latest report reveals a 23% increase in the average debt amount over the past year, highlighting the significant impact of inflation and rising salaries on personal finances. Based on our newest report, we noted that the typical debtor is a 46-year-old male from Harju County, with an average debt of 4400 €. With 85 200 individuals facing payment difficulties and nearly half experiencing at least one payment disorder, it’s evident that financial challenges are growing. These insights underscore the critical need for robust credit control measures and enhanced financial literacy across all age groups. By staying informed and proactive, we can better navigate these economic pressures. Read our full report for a detailed understanding of these trends and their implications here: https://lnkd.in/ddAiUbw8

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🔊 The Call for Applications is open for the second batch of the Startup Lithuania Accelerator powered by Plug and Play Tech Center, an accelerator program designed for early-stage tech startups with a vision to scale globally. The deadline to apply is June 14, 2024. Apply here: https://lnkd.in/dTdx2vPR  We're looking for startups that want to scale globally from Vilnius. DM Anastasija Hadunkina if you need more information, and join our information session on May 14! #callforstartups #startupfunding #accelerationprogram

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We partnered with two legends from Central and Eastern Europe—serial entrepreneurs who know how to build companies and excel at angel investing. Bartek Pucek & Zbigniew Sobiecki, Founders, CEO & CTO at Proofs. I had many questions. We did our due diligence and went through the process. Bartek, like no other, optimized for the perfect value-added cap table. When we finally agreed, I asked him, "Will you do this full-time?" He said, "Yes." The rest is history. I couldn’t be prouder to partner with them. Bartek invested in companies like ElevenLabs, Ramp, Kick, Zeta, Wordware, and more. I introduced them to our Venture Partner, Jerome Ternynck, and now Smartrecruiters is a Design Partner. There is much more to come. I am thankful to have been a tiny part of the journey! Read the interview yourself. We hope you like it. We also love great co-investors! Here are some of the standout names we're proud to collaborate with: Jens Lapinski, AngelInvest; Mehmet Selcuk Atici, Earlybird Venture Capital East (Lead Investor); William Lehmann, StepFunction; Gareth Jefferies, RTP Global, whom we introduced to Bartek; Stanisław Kastory; Nick Davidov; Patrick Friday; Filip Rakowski. Their expertise and support are invaluable to our journey.

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10 years of the EIT - European Institute of Innovation and Technology — and the first year of EIT Community RIS Hub Ukraine This year, the EIT conference feels truly Ukrainian: 💪 A dedicated track for Jumpstarter - Rebuild Ukraine startups 💪 A special award honoring women shaping the tech industry: Red Kalyna 💪 Ukrainian is sometimes heard even more often than English For me, this is a clear example of European integration in action — when we, as Ukrainians, effectively utilize the opportunities provided by the EU 🇺🇦🇪🇺 Together, we are rebuilding and innovating for a brighter future

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Today is World Cancer Research Day. We at Longenesis support cancer research initiatives, as well as providing patient support through digital platforms. With initiatives like https://skrinings.lv/en (Skrinings.lv) for awareness of Breast Cancer Screening, Hereditary Cancer Research (in collaboration with Rīga Stradiņš University, E. Gulbja Laboratorija, and Lindex), Patient Support initiatives, and Cross-border research on Cancer Screening and Registries (in collaboration with TOGAS EU project). We truly believe that digital tools should be used as an instrument connecting patients, healthcare providers, and researchers into a data-driven dialogue, aimed to go hand-in-hand towards novel therapies and better outcomes. #CancerResearchDay #oncologyResearch #patientengagement #cancerAwareness

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#Lithuanian startup Kloosive has raised investment from Startup Lithuania Accelerator powered by Plug and Play Tech Center. The amount of the investment has not been disclosed. Founded in #Vilnius in 2023 by Viktorija Ramanauskaite, Linas Ziogas, and Lukas Biliūnas, Kloosive has developed an automated solution that integrates artificial intelligence, manual processes, and an interactive widget. The solution is designed for people with vision impairments, motor disabilities, and ADHD to improve their experience while using websites, web applications, and mobile apps. The startup’s technology scans web pages, makes the necessary changes, and generates accessible HTML. People with visual impairments can modify the design and user interface of a website to meet their specific accessibility needs and comply with key standards, such as WCAG (web content accessibility guidelines), AODA, ADA, and EAA. For example, users with color blindness can adjust color settings, while others can control font size, change font style, adjust line spacing, highlight headings, pause animations, and more, making digital content more inclusive and accessible. Founded in 2006 by Saeed Amidi, Plug and Play runs more than 60 acceleration programs a year, graduating more than 2.5K startups. In 2023, Plug and Play launched the Startup Lithuania Accelerator and announced that it would invest €5,9M in 45 Lithuanian startups during the next three years, and at least €30K per each startup. All about Baltic startups and VC https://balticvc.com/ #Lithuania #Vilnius #tech #technology #technologies #TechnologyNews #VC #VCs #deal #deals #startup #startups #TechNews #software #WCAG

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Today at the Deep Tech CEE Summit & Challenge, I had the pleasure of discussing the opportunities offered by the EIC Accelerator program and sharing my experience as a jury member evaluating these transformative projects. EIC Accelerator stands out as a unique funding program, designed to support Europe's most groundbreaking startups, especially in the deep tech sector, covering fields like biotechnology, artificial intelligence, quantum computing, energy amongst others. This program is a remarkable opportunity—not only for funding (up to €2.5 million in grants and €15 million in equity investments) but also for forging impactful connections and partnerships across Europe. EIC Accelerator provides entrepreneurs with access to expert mentors, resources for market entry, and growth support on an unprecedented scale. Why should you apply? - Expert support – access to mentors and strategic advisors who help fine-tune the project concept and go-to-market strategy. - Global networking – a chance to collaborate with other innovative organizations, accelerating business scaling. - Visibility and credibility – being part of EIC Accelerator is a strong asset in the eyes of investors and business partners alike. Especially for Polish and CEE deep tech startups (and all form so called widening countries): now is the time to unlock support that can accelerate your growth and bring your innovation to the global stage. Discover more about the program and upcoming application dates on  EIC stand at Deep Tech CEE Summit & Challenge! Marta Wysoczynska & Justyna Tisserand, thank you for the invitation to the panel, Olesja Bondarenko, @aleksandra Ihnatowicz, Krzysztof Nowaczyk, Miroslaw Trzesniowski it was good to exchange experience with you. Thank you, Marcin Ratkiewicz, Katarzyna Wszola, Jacek Sztolcman, for the thought-provoking and inspiring conversations. #EICAccelerator #DeepTech #Innovation #StartupFunding #PolishStartups #CEEStartups #WideningCountries #StartupEcoSystem, Sławomir Olejnik 👏

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Why do startups fail in the Baltics? 🤔 B2C startup edition It's well-known that B2C startups fail more often than B2B startups. I've even read a blog stating that B2B startups have a 2 to 3 times higher success rate than B2C startups. I'm not sure how true this is, but I agree that the higher success rate is definitely on the B2B side in the Baltics. When faced with the risk of failure, many B2C venture entrepreneurs pivot their business model towards B2B, just as ZitiCity did before their failure. VCs, how does this trend look in your portfolio? While I can't provide exact numbers on B2C vs. B2B failures, I can share findings from my research on why B2C startups close shop. 1️⃣ No Financing or Investor Interest (75%) 2️⃣ Running Out of Cash (73%) 2️⃣ Not Having the Right Team (73%) 2️⃣ Loss of Focus, Passion, or Commitment (73%) 3️⃣ Lack of Clear Business Model or Strategy (65%) In the Baltics, a significant reason for startup failure is the lack of financing or investor interest. B2C startups, in particular, are more likely to run out of cash than their B2B counterparts. Other factors include: • Clash Between Partners and Internal Team Issues (58%) • Founder's Personal Commitment Issues (55%) • Product Without Sustainable Business Model (53%) • Failure to Pivot or Poorly Executed Pivot (53%) • Misreading Market Size and Demand (50%) Are you curious to learn more about the global picture? I recommend reading B2C startup failure stories here: https://lnkd.in/gXbetv9m Stay tuned for more insights 🏄‍♂️ Meme credit: Viktor Kyosev

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Top 5 Industries Dominating the Lithuanian Startup Scene. Lithuania's startup ecosystem is booming, with 963 active startups marking a 13% increase over the past year. Key sectors include business software (25%), FinTech (15%), health technologies and wellness (10%), advanced manufacturing (7%), and AdTech (6.5%). 🌟Business Models: - 70% B2B - 30% B2C - 5% B2G 📈 Emerging Trends: - Growing AI field: Spike secured $3.5M, Pixevia raised €1.5M. - Potential breakthroughs in green innovations and biotechnology. 🔍 Insights: - Lithuanian startups contributed €91.5M in taxes in Q1 2024. - Employ 18,000 talented individuals. Vilnius and Kaunas are top EU cities for medical technologies, showcasing Lithuania’s leadership in life sciences and wellness. Lithuania solidifies its position as a hub for startup activity, offers numerous opportunities for high-value business creation. The future looks promising, with continued innovation and expansion. As the message to aspiring entrepreneurs is clear: pursue your passion, embrace innovation, and create real value through technology. #Lithuania #LithuaniaStartups #LithuaniaCoCreate More: https://lnkd.in/dM89dS2J

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