European Space Agency’s business incubator provides €1B for the Lithuanian space startups
The Ministry of the Economy and Innovation of Lithuania has announced the establishment of the European Space Agency Business Incubator in Lithuania that will provide €1 billion with the first package of €500,000 until 2027 to support the development of space startups.
- ESA BICs are the largest network of business incubators in Europe, The objective is to support entrepreneurs with a space-based business idea and help them to develop their product while getting their company off the ground. It has already supported over 1,100 startups in different European countries.
- Currently, 23 ESA Business Incubation Centres operate in 18 ESA Member States. Each ESA BIC incubator is managed by a local operator who connects startups, universities, research centers, in-country businesses, government organizations, and investors in a value chain.
“The ESA Business Incubation Center is a new and very important, logical step after Lithuania’s accession as an ESA Associate Member. The space sector is a promising, horizontal field that is attractive not only to the scientific community, but also to the business community – both big investors and start-ups. The establishment of this center will give them an impetus to develop innovations and advanced technologies, as well as promote international cooperation and involvement in international networks,”said Egle Markeviciute, Vice-Minister of the Economy and Innovation.
- Under the agreement, the Visoriai Information Technology Park and Kaunas Tech Park have been selected as the coordinator of the ESA BIC Lithuania.
- The incubator will select 25 Lithuanian space startups which will have access to technical and consultancy support, and also will receive €50,000 in funding. Startups incubated in Vilnius will be eligible for an additional €25,000 in funding from Vilnius City Municipality.
- The fresh funding will help to accelerate the development of the Lithuanian space sector, which sets the goal of increasing the country’s space sector tenfold to 1% of GDP by 2027.