I'm a human, not a stone | Lithuania tech weekly #7

I'm a human, not a stone | Lithuania tech weekly #7

work in progress

  • Trafi is bringing MaaS platform to Bogota, Colombia. The company will target cities in other LatAm countries too, as well as mentions Asia for later this year. (Remember Antanas Mockus who had been mayor of Bogota - and a fascinating social innovator)
  • Ignas and the Kilo team working on continuous glucose monitoring systems (CGM) - while playing Crash
  • LT-based media brand growing as fast as Tech Philomaths? CyberNews.
  • Emotika (soft skills e-trainer) is past the first year and has grown the team. Hiring and might be bringing in new capital. Meet them and others at #Edtech meetup next week.
  • podcast (LT) with Rugile Dauliūte, founder of Equusight, which developed an AI-based system for automated horse x-ray analysis. She's great.
  • Early-stage founders have been productive - there has been MITA demo day just yesterday (video), and SWG bringing Fintech batch #4 pitches next Thursday.
  • Talking about #Fintech, a new industry report has been released - finding 230 companies operating, 4000 jobs (did any banks creep into this category?) and 18% growth
    • In fintech case, we see how much government can achieve by doing what it is designed to do - changing laws, taxes, providing top public services. Sometimes this works better than construction projects and innovation grants.
  • LastMile is launching 15-minute delivery service from a dark store somewhere in Fabijoniskes - Justiniskes.
  • Need a gift for your niece or nephew? Lithuania Junior Achievement just released a book - Antreprenerio poziuris
  • Laba7 keeps design going: many would try this shock bleed pump machine to make a cappuccino.

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rounds and capital

  • Loc.tax locks in $3.6 million to expand tax platform for multinational companies (founded by a team from Belgium and Lithuania, and headquartered in London)
  • Earlybird Digital East Fund — a fund associated with Germany’s Earlybird VC, but operating separately — has launched a €200 million successor fund.
    • Seed and Series-A fund focusing on what’s known as “Emerging Europe”
    • DEF has achieved a 17x investment multiple on a $150 million fund... (Peak games, UiPath)

founder guides

  • Sales tech stack by Justin Michael, essential and advanced
  • Hiring. Instead of focusing on credentials, give candidates the chance to showcase their will and skill to learn.
  • Remuneration - a counterintuitive system for startup compensation
  • Strategy when you are in an early stage - Startup Jiujitsu
  • Fundraising Argyle way - how building the deck in Notion worked for them
  • Early-stage traction. David Ventzel (Overkill ventures) believes momentum is the ultimate metric for pre-seed startups and attempts to define it.
  • Prioritization with few simple techniques.

roleplay

  • GoRamp is hiring a head of communications
  • PickVibe is looking for UI/UX designer. The startup is on a mission to "build AI-backed social network where users data and privacy is a top priority". Is that a good way to invest EUR 1 m of public funding?
  • TryMyCar, peer-to-peer carsharing platform, need a co-founder / CTO. Good time to compete with citybee
  • Early-stage health tech startup needs a co-founder with a mobile app or US market experience. Building an app to fight obesity. Email here

insights

  • Clubhouse is bringing many opinions. It was inevitable, and Ben Thompson list out what makes it attractive (ease of creation; doing things live; feedback loop). Others might say it is a "digital version of VC “fireside chats”, where they sit on stage in fancy chairs and provide immense value". It shows particularly well how hype works and what a movement can do for a startup, instantaneously (Fred Destin). The media-audience-tech triangle keeps evolving, beyond well-known notion that "A16Z is a media company that monetizes through VC" (Benedict Evans). For many consumer-facing startups (not to mention social), investors with large followings provide additional leverage, signaling, and early distribution. VC and angel differentiation is at early stages, thus we will see more brand names emerging and theme-specific investors, too (primarily early stage). Here is Li Jin's debut fund for everything in the passion economy.
  • Matt Clifford (EF) observing London investment scene:
    • There’s an emerging set of superangels who can match VC offers and win
    • US firms are getting involved earlier and earlier
    • The amount of Hopin-induced FOMO on anything with COVID tailwinds is *intense
  • Pretty often investors are checking if founders are "coachable" - do they listen to advise? But research finds it barely matters in startup success - good teams might rightfully resist coaching (if they are better than coaches).

ecosystem

McKinsey looked at European B2B startups and figured that they:

  • generate much more value per funding than US or B2C counterparts
  • the highest capital efficiency is in Eastern EU, where Lithuania sits just second. B2B players in the region are particularly capital efficient – with 5-6x revenue per equity funding compared to US startups

Revenue per invested US dollar capital (median value)

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  • Which R&D fields perform better than others? Here's an interim analysis of Lithuania's smart specialization fields and which ones outperform in terms of funding, projects, patents, etc. It is life sciences and materials+manufacturing processes that take a lead (don't take this too seriously as this is skewed towards public funding primarily)

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Thank you for reading, enjoy the weekend and never hesitate to hit reply - always curious to hear your feedback.