June 8, 2018
Lithuanian Business Angels Network Guest Editorial
LitBAN is a Lithuanian Business Angels Network with a goal to promote business angels activity through communication, events, opportunities for cooperation, and investment syndication. The network brings together investors, businessmen, CEOs, and others who have an interest in angel investing activity and want to share their knowledge with other members and startups.
Its main goal is to help foster a healthy startup ecosystem, where angel investors can be a great driving force for businesses both in Lithuania and across other networks.
Founded in March 2018, LitBAN already counts 70 registered members and hosts a number of events, which introduce the most promising startups to the network members.
One event currently ongoing is the ‘Event Fund Training Program’ (EFTP), where, in partnership with Koinvesticinis Fondas (a co-investment venture capital fund), angels will be making the first joint investment of up to 100,000 Euros into one startup, selected during Lithuania’s Startup Fair. The participants will announce the chosen startup on the 21st of June. As part of the program, LitBAN members attended masterclasses hosted by experienced international business angels, including Søren Hougaard from Denmark and Rein Lemberpuu from Estonia (EstBAN’s president). The participating LitBAN members have found the program to be very informative and great for building new relationships as well as sharing knowledge.
In addition to EFTP event, the monthly ”Startup Pitch” events provide means for startups to present themselves to the business angels from Baltic and other European countries. These events have also been very successful. In the two startup pitch events that were conducted, almost every startup received interest from investors. “Startup Pitch” events are also a great way to diversify business angel portfolio, offering a potential to invest in different fields and companies. For instance, investors who were traditionally prone to invest in real estate can now learn about businesses they wouldn’t have otherwise known about (i.e. VR, IOT or other interesting ventures).
In general, the LitBAN events are meant to attract investment, secure sound business advice, and reach a wide investor audience. They have been appreciated by both business angels and entrepreneurs. All the startup pitches are filmed and later shown to an audience of a rapidly growing business angels network.
Overall, LitBAN hopes to create an ecosystem where deal flow potential could happen frequently. One of the founders of LitBAN, Gytenis Galkis, is committed to bring as many startups and investors into the network as possible and to expand beyond Lithuania into other European countries.
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