Lithuania is one of the fastest-growing mid-sized innovation clusters that has made several advancements in IT, especially in fintech. Lithuania has been continuously improving during the last decade and has invited some of the best companies the world has today, including Uber, Unity, Bentley Advancing Infrastructure, and Wix.com. Media has mentioned it as one of the top entrepreneurial hubs in the world. But how did Lithuania manage to come this far in the IT sector?
Lithuania has always carried the benefit of talented graduates who received the right support from their universities to focus on their innovations. The eastern European region posses the spirit of competence and talent, which helps them to think beyond the general perspective and create new solutions. Surprisingly, Lithuania has found cost-effective measures of working on their projects, which gives them a boost over other regions in efficient working. Another primary reason is that Lithuania believes in the infrastructural development of the cities to develop their interior workforce. Cities, including Kaunas and Vilnius, are well planned and developed to become home for new IT startups and many international companies. Let us look at some of the distinct qualities of Lithuania, which makes it one of the leading IT hubs.
Highly skilled population
Lithuania has 53% of the people with higher education, the highest in entire Europe. The students who study in higher education institutes have 41% in social science, business, and law, 18% in engineering, 13%in medical, and 7% in science, mathematics, and computing. Over 80% of the young entrepreneurs are fluent with English, and 50% speak at least two foreign languages.
The IT pool
The IT sector in Lithuania has been building itself in the entire past decade. There are over 32,000 people employed in IT and over 8,800 students taking admissions in the respective field. During 2016 there was a 50% hike in the IT study funding.
Modern office spaces
Lithuania is the first country in Europe to provide a fixed broadband price. The digital infrastructure of the country is top-notch. It was the first in Europe to provide complete 4G coverage for mobile phones. The office spaces are modern, creative, and affordable, which is attracting a lot of international companies to it. The office rental cost in Vilnius can cost as less as 15 pounds for 1-meter square as compared to 131 pounds in London.
New York Times has ranked Vilnius among the best-managed places to live around the world alongside Barcelona, Capetown, and Copenhagen. 98% of the citizens in Vilnius are satisfied with their lifestyle. It is one of the least expensive EU capitals that an IT company can plan for their workers. Also, Vilnius also has free high-speed WiFi around the city.