Newsletter Edition
3: June, 2017
<< Focus on LITHUANIA>>
www.ecbiz.eu
IN THIS ISSUE: 2. Findings from the I-BIS Pilot No.I 3. Partnership meeting: Kaunas 4. Exploring entrepreneurship ecosystem: Lithuania 5. Success story: TransferGo > 6. Upcoming events: I-BIS programme Pilot No.II
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I-BIS / 2015-1-UK01-KA202-01348
The European Commission support for the production of this publication does not constitute an endorsement of the contents which reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
The Innovative Business Incubator for Start-Ups (IBIS) has launched! Since January, the first participants in the IBIS programme have been involved in our pilot programme. Entrepreneurs have appreciated the opportunity to connect with other like-minded people and support each other in their entrepreneurship journey.
In the United Kingdom 11 participants have been involved in the first pilot of the programme in the UK. A range of businesses from Social Enterprises, to manufacturers to service providers have taken part in the modules and feedback has been positive. Entrepreneurs have particular welcomed the chance to take time out from there day to day to work to focus on strategy for their business. In Spain A total of 19 people from 13 different companies showed interest in the I-BIS Program and all of them were registered in the Learning Hub platform. Participants from 10 different companies coming from very different sectors (digital marketing, engineering or biomimetic) and being in different development phases (activation or
internationalization) were finally available to follow the course and get benefit for their businesses. In Finland A total of 10 organisations were involved in the I-BIS piloting course in Finland. The sectors of the companies range widely from educational services to wellbeing and IT-sector. The entrepreneurs especially appreciate the opportunity to exchange ideas and experiences with each other. In Lithuania Initially about 30 participants were registered for the first pilot programme in Lithuania. The last training sessions were held on 6th of June. External trainers were involved in sessions to support the delivery of the programme with specific expert advice on specific topics such as finance.
Lead partner: The University of Sheffield United Kingdom www.sheffield.ac.uk
The European Commission support for the production of this publication does not constitute an endorsement of the contents which reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
Partnership meeting: Kaunas 1st June, 2017 Colleagues representing the I-BIS partner organisations met together for the fourth time and had a successful partnership meeting together to discuss the project progress and plan our next work tasks. Carolyn Usher from University of Sheffield presented an update on progress so far. To date the project is achieving its main objectives and has received positive feedback from funders and external experts. The partners all took the chance to present the delivery of Pilot I in their country and discussed some common challenges and improvements for the future. We also reviewed the latest developments on our ELearning Hub which includes the launch of an
interactive map of incubators across Europe! If you havenâ&#x20AC;&#x2122;t checked it out yet, visit the platform at http://ecbiz.eu/en/communityapps/
Representatives of the I-BIS project at the meeting in Kaunas
The next transnational meeting will be held in January 2018 in Spain.
Please keep up with all our news on: www.facebook.com/InnovativeBusinessIncubator www.twitter.com/IBISIncubator www.linkedin.com/groups/8535798 www.f6s.com/i-bisbusinessgrowthincubator
The European Commission support for the production of this publication does not constitute an endorsement of the contents which reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
Exploring Lithuania Entrepreneurship ecosystem
The Entrepreneurship Action Plan of Lithuania for 2014-2020, defines action to ensure the consistent growth of the level of entrepreneurship in the country. In Lithuania there are developed five Integrated Science, Studies and Business Centres (Valleys) with a view to building up research, studies and knowledge economy clusters at an international level, accelerating the development of a knowledge society and consolidating the long- term foundation for the competitiveness of Lithuania’s economy. Access to finance has been a priority for the government over the past seven years. As a result, the availability of financing options has significantly improved. Several financial instruments for SMEs have been strengthened, such as
microcredits, loan guarantees and subsidies to partially cover interest. Several risk capital funds for early stage financing were set up with the assistance of the European Investment Fund. These forms of venture financing were previously almost non-existent. Amendments to the law on profit tax and VAT have improved the conditions for companies to invest using their own financial resources. Tax incentives for enterprises carrying out R&D were introduced. 2014 was a record breaking year for Lithuanian start-ups with a stunning outcome of 46M EUR in investments, 405 employees working at start-ups and 133 newly established workplaces, and more than 2M EUR tax contribution to the state budget. According to the World Bank’s “Doing Business 2016” report, Lithuania climbed four positions and ranks 20th among the world’s most business friendly countries. Lithuania’s strengths are demonstrated in the fields of registering property, starting a business, enforcing contracts and dealing with construction permits.
The European Commission support for the production of this publication does not constitute an endorsement of the contents which reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
Success story: TransferGo TransferGo is a money transfer service, which was launched in 2012 by Daumantas Dvilinskas, Justinas Lasevicius, Arnas Lukosevicius and Edvinas Sersniovas. Before working on this project, Daumantas and Justinas had a traditional import/export business which had a huge set back due to lost payment for one of the suppliers. According to Daumantas, this mistake, which almost cost his business, was made by one of the major retail banks in the UK. Soon after that, they realised that there is a big problem to solve. Money transfer across borders should be simple to execute and fast to receive. Compared to international money transfer, which, depending on a bank can take from 2 to 7 working days, TransferGo guarantees next business day delivery, but keep in mind that up to 90% of their transfers are actually transferred on the same day. The quickest transfer that they have ever made took just 1.17 minutes. Regarding transfer fees most of the banks charge fees which can go as high as $15.00, sometimes it also depends on the amount one is sending. However, the most important thing to know and understand is that banks hide their cost in the exchange rate which on average is around 5%. TransferGo only charges 0.2-1.3% on
FX depending on the amount you send and have fixed transfer fee of $1.3. 1 Since the launch of TransferGo, the company has attracted about EUR 6 million in risk capital investments. Its last financial injection has been granted by Swedish risk capital funds manager Vostok Emerging Finance. This company has invested in TransferGo for another time. According to the CEOâ&#x20AC;&#x2122;s claims, the companyâ&#x20AC;&#x2122;s financial position is essentially stable as costs exceed revenue by a lesser amount, and the new investment is not set to cover the costs, but to strengthen product development and the position in the market. 2
Sources: 1 https://www.forbes.com/sites/laurainamedinova/2016/01/27/lithuanian-startuptransfergo-aims-to-change-the-way-we-see-moneytransfer/#6b9e7d8e4bbd 2 http://www.startuplithuania.lt/en/news/transfer go-has-attracted-new-investment-and-is-ready-toexpand
The European Commission support for the production of this publication does not constitute an endorsement of the contents which reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
Upcoming events: I-BIS programme Pilot No.2 This autumn there will be further chances for start-ups to receive support from IBIS with the launch of our 2nd pilot programme! This will take place over an 8 month period in Sheffield, Lithuania, Spain, and Finland. I-BIS programme modules are: > > > > > > > >
Diagnosis and Business Fit Audit Resource and Capability Analysis Intervention Methods and Leadership for Business Developing and reporting an information dashboard Financial Planning and re-structuring Project Catalyst Operationalisation Support for Female Start-Up Entrepreneurs Doing Business in the UK, Spain, Finland and Lithuania.
During the programme participants will also have access to an online Learning Hub where they will have access to learning materials and networks of other start-ups and incubator services across Europe. Thanks to funding from the European Commission, places on the I-BIS programme will be fully funded. Places are limited. Starting dates: September 2017
To apply contact:
The University of Sheffield, UK Phone: +44 (0)7548 238533 c.usher@sheffield.ac.uk www.shef.ac.uk
Inova Consultancy ltd., UK Phone: +44 (0)114 279 office@inovaconsult.com www.inovaconsult.com
Fundaciรณn General Universidad de Granada Empresa, ES Phone: +34 958 241000 mcosuna@fundacionugrempresa.es www.fundacionugrempresa.es
Kaunas Science and Technology Park, LT Phone: +37037333040 vaiva.kelmelyte@kaunomtp.lt www.kaunomtp.lt
Vaasan Ammattikorkeakoulu, FI Phone: +358 40 1632940 Tanja.Oraviita@muova.fi www.vamk.fi.
The European Commission support for the production of this publication does not constitute an endorsement of the contents which reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.