Ambassador Darius Degutis opened a Lithuanian start-up event in Tel Aviv on Tuesday. More than 70 Israeli investors and entrepreneurs came to meet a delegation of 30 Lithuanian businessmen representing start-ups and the venture-capital industry.

Degutis welcomed such an active participation of young Lithuanian businessmen and stressed that Israel is the very right place for start-ups. The event would significantly contribute to further growth of the Lithuanian-Israeli partnership, he said.

Tel Aviv, with its DLD Innovation festival, was chosen as one of the main stop of the road show because Israel was rated the second-best destination for start-ups in the world, after Silicon Valley, in the 2012 ratings by the organization Startup Genome.

Lithuanian startups, operating in the fields of finance, health care, 3-D technologies and other fields, see a huge potential in partnership between Israel and Lithuania.

“Recently Lithuanian start-ups have been refocusing from quantity to quality,” Dovydas Varkulevicius, director of the department of entrepreneurship of the governmental agency Enterprise Lithuania, told the audience. “The state is not only witnessing the development of mobile entertainment applications, but also of innovative solutions aimed at improving the quality of life. Venture- capital funds, business accelerators operating in Lithuania and regular educational events provide a favorable environment for new start-ups from foreign countries. Even the project Startup Lithuania Roadshow involves Italians and an African resident, who have registered their business in Lithuania.”

The event in Tel Aviv was a part of the Startup Lithuania Roadshow project, the first-ever organized hunt for foreign investors and partnership opportunities.

Before coming to Tel Aviv, Lithuanian start-ups visited Stockholm. Afterward, they will go to Berlin later this month and to London in December.

The project participants pursue an ambitious goal: to attract 11 million euros of foreign investment and to present the Lithuanian start-ups’ ecosystem to foreign countries. The top 17 Lithuanian start-ups were professionally selected for the road show by local and international VCs, angel investors, accelerators and media representatives and were trained by Lithuanian and foreign lecturers including Beth Susanne, Gigi Wang and Frank M. Saviane.

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