FAQ (11)

A startup is a company operating in a high value-added sector that develops innovative technological products and has a very high growth potential.

A startup can operate in all sectors with high added value, including information technology, financial technology, biotechnology, e-commerce, hardware, software, mobile, communications technology and many others.

A fast-growing startup becomes a unicorn when it reaches a valuation of USD 1 billion at the time of a formal investment or purchase transaction. If a startup is valued at over USD 2 billion, it is called a double unicorn, or USD 3 billion a triple unicorn, etc.

The main objective of the association is to mobilize and encourage startups and the public to build the future of Lithuania - a successful modern state based on a high value-added economy. 

We plan to achieve this by focusing on four main areas of activity: building the community, strengthening the value of the startup economy, promoting the creation of startups and the development of the labor market, as well as achieving a positive breakthrough in the country's education system and in the field of advancing business.

Representation:

• Visibility and representation of the organization in the media.
• Representation in decision-making processes and government initiatives.
• Opportunity to contribute to the growth and improvement of the startup ecosystem.

Connections:

• Direct links with government institutions and key stakeholders.
• Access to necessary business contacts and markets.

Community:

• Collaboration and sharing of experience and knowledge among the most successful Lithuanian startups.
• Access to Off-The-Record events for association members only.
• Information on the latest market news, projects, research, and trends.
• More opportunities to participate in business forums and other events.

Off-The-Record's internal events are for members only. They cover a number of key themes, e.g. Growth, Management, HR, and Finance & legal, with presentations by the startups with the most experience in a particular field. Experiences, successes, lessons learned, insights, and best practices are shared. 

All successful Lithuanian startups are welcome to join the Association. If your company:

• develops or has developed an innovative product,
• has an office in Lithuania,
• generates most of its revenue from foreign markets.

More information about membership terms is here. Each application for membership is assessed on an individual basis and the Board reserves the right to make exceptions.

Associated + Real Members:

• Access to market news, trends, and updates.
• Unique opportunities to learn from the most successful Lithuanian startups.
• Direct contribution to the growth of the startup ecosystem.
• Good access to the necessary business contacts and other stakeholders.
• Access to members-only events.
• Broad communication and networking opportunities.

Exclusive to Real Members:

• Vote in the strategic decisions of the association and a seat in Board meetings.
• Meetings with government representatives.
• Speaking opportunities at conferences and events.
• Additional content: interviews, comments, mentions, social media, etc.
• Priority access to members-only events with limited capacity.
• Vote in Real members’ admission.

The membership fee depends on the type of membership. The annual membership fee for Full Members is EUR 10 000 and for Associate Members EUR 1 500.

A free-form application form, an extract from the basic data of the register of legal persons, and copies of the last three years of financial statements are required. All documents must be submitted to info@unicorns.lt. 

The whole admission process from application to membership approval normally takes 2-5 days.