Let's start with the country in which we operate. Lithuania is a member of EU since 2004, and a member of the Eurozone for more than 3 years. According to the Doing Business 2018 World bank report, Lithuania is ranked 16th in the world as possessing a unique business-friendly atmosphere, and the World Economic Forum ranked Lithuania as No. 1 in the most inclusive emerging economies (Inclusive Development Index 2018 report). It is estimated that the whole Lithuanian market hosts more than 31,000 IT specialists and more than 14,000 highly talented developers (according Statistics of Lithuania, year 2016). Lithuania is seen as a good hub in which to relocate tech genies from Russia and the CIS countries. The number of entrepreneurs who have relocated from that particular market tend to go Europe and expand and prosper rapidly. We are highly confident, that in the favourable political and economic climate, this number will grow even higher in the year to come.
Our team are vastly experienced in this particular market environment. We are highly focused in this region having amassed many years working with startups and IT recruitment in and for Lithuania, with some of our team members actually located in Russia.
Secondly, underestimated technologies and industries. Our incubator and fund were founded by Marius Pareščius - a well-known Lithuanian IT and security expert, serial entrepreneur, and IT counsellor to the Lithuanian Parliament. He has managed dozens of IT, security and internet projects as both CEO and advisor; working with banks, software development companies, data centres, web hosting companies, retail, and business associations, across Europe, the Baltic States, Russia, Ukraine, and Belarus . He, along with his team, are one of the few entities who can estimate and grow startups in the region because they speak the same language, in every aspect of the business and investment world.
Thirdly, our ICO offers to widen the scale for investors. Being a traditional tech-accelerator and fund at the outset we raised funds from institutional investors and private equity. However, as fintech is changing rapidly we made the decision to examine new opportunities. All funds being raised in cryptocurrency will be converted to Euro and invested in the traditional manner.
But what is different? First of all, for us this is a part of the bigger picture in how we attract money and how we utilise that money in the most effective and profitable manner. This is not an ICO for ICO.