Vilnius, the capital of Lithuania is emerging as the world’s biggest tech sandbox for technology businesses, in which innovative companies are not only welcomed and supported but also given the best possible tools to succeed.
In fact, the capital city has long had a favourable business environment attractive to foreign businesses and investment. At an important crossroads of Europe, Vilnius has become an important startup hub for technology companies with a thriving ecosystem, particularly in Fintech.
One of the keys to its success has been the creation of sandbox environments that encourage businesses to test their products under controlled settings and with the help of regulators. Check out 5 reasons why you should set up your startup in Vilnius.
Realbox – First sandbox of its kind in the world
Last year, Vilnius unveiled ‘Realbox’, the PropTech sandbox with 2.5 million square metres of property distributed across more than 100 commercials, residential and mixed-use buildings, public spaces and Lithuania’s four biggest shopping malls.
Any type of PropTech company needing to test their concept or run pilot tests in real physical environments can be taken through the sandbox to gain help in improving their product and be market ready. Notably, the city has five official sandboxes where this occurs, three in the realm of Fintech, as well as an energy and PropTech sandbox.
Best for Fintech scenes!
With Realbox, Vilnius hopes to replicate the success already seen with Fintech sandbox and build on the already thriving tech startup ecosystem. The Fintech scene in Vilnius is one of the most important in the world with 170 companies and is second in Europe only to the UK in numbers of Electronic Money Institutions (EMIs).
Invested in smart city policies!
The capital city has invested in its future with smart city policies for years and even adopted a radical open data policy in which municipal data must be shared by default, to be held back only if it poses a security threat or violates GDPR.
The city provides not only raw data but also the means for the public to easily access and digest it. For instance, an interactive online map with municipal information of planned projects, projects underway, educational institutions, transport information, leisure areas, and more.
Building projects, maximum building heights, and many more data points can also be viewed in 3D. This wealth of information opens a world of possibilities to the private sector.
New intelligent city strategy
Earlier this year, the authorities launched their new intelligent city strategy with the intention of focusing their data and technology towards three objectives to improve the life of its citizens.
Happiness, health, and reducing travel time are the priorities of the strategy, stressing the importance of ideas and technology that have the potential to improve the everyday life of citizens.
Joined the 5G race!
Vilnius has joined the race to be among the first cities to roll out 5G, the technology that will allow ‘the Internet of Things’, the ability for devices, cars and buildings to be able to speak to each other. The capital city of Lithuania will continue to push policies that foster innovative problem-solving and are committed to keeping improving conditions for the future.
Stay tuned to Silicon Canals for more updates in the tech startup world.