Lithuanian University of Health Sciences (LSMU) started the new academic year with great vigor. For over a month and a half, the Emanuel Levinas Center became a hub for innovators and startups. Together with the venture capital fund “Baltic Sandbox Ventures,” they initiated an incubation program where thirteen teams of healthcare innovators gathered knowledge and shared their ideas.
“We are delighted to collaborate with our first academic partner. Universities hold the most scientific potential, and the most important discoveries are born there. In turn, we are ready to assist innovators and empower them to secure the necessary capital,” said Andrius Milinavičius, partner at “Baltic Sandbox Ventures.”
The competencies and achievements of the participants in the fields of life sciences, healthcare technologies, medical devices, and deep technologies leave no doubt about the strength of their innovation capabilities. Most of them are LSMU scientists and students who are already conducting laboratory research and creating advanced products at universities. Therefore, the event at the LSMU Emanuel Levinas Center aimed to help validate the need for such research in the market and provide knowledge and opportunities to commercialize unique inventions.
During the incubation program, teams with their startup progress analyzed the market, identified their technological advantage, chose a business model, and acquired knowledge about what is especially important for investors in the fields of life sciences and deep technologies since metrics and market consolidation duration significantly differ from startups creating products in other industries.
“For an inexperienced startup striving to improve, this incubation program is a treasure trove of knowledge,” admitted Giedrius Jachimavičius, an LSMU student specializing in genetics (team “Natto-yo”). “Moreover, during the event, we managed to establish connections with manufacturers in the field we are interested in from Japan, and we hope for further partnerships.”
The value of such projects is unquestionable, as recognized by advanced Lithuanian innovators like the “Brachy DOSE” team. The brachytherapy dosimeter invented by this startup’s scientists, designed to register radiation doses for cancer patients, has been recognized not only in our country but also internationally.
The “Baltic Sandbox Ventures” incubation program provided valuable insights into preparing a business plan, communicating with investors, and ultimately understanding the startup ecosystem. The program’s organizers inspired us not only to communicate boldly with funds and business angels but also to continue the work we have started,” shared Dr. Neringa Šeperienė, co-founder of “Brachy DOSE.”
According to Viktorija Butrimaitė, the project coordinator of the LSMU Health Innovation Development Center, cooperation with “Baltic Sandbox Ventures” significantly contributed to the center’s commitment to promote innovation in the field of health. “For seven weeks, we closely collaborated with talented teams, observed how innovators grow, adapt, and refine their ideas into promising solutions that can have a positive impact on healthcare. The results are as pleasing as the successful start of cooperation with the fund. The success of these teams during this incubation program once again confirms how important it is to nurture and support talents and innovators in the healthcare sector. We believe that future projects with ‘Baltic Sandbox Ventures’ will not only promote innovation within the university but also bring significant changes to the entire healthcare innovation ecosystem,” summarized V. Butrimaitė the successful collaboration between the scientific institution and the venture capital fund.
About “Baltic Sandbox Ventures”: The first specialized venture capital fund in the Baltic countries invests in early-stage deep technology and life sciences startups. The fund also organizes acceleration and incubation programs. The latter are designed for teams with scientific potential aiming to commercialize their solutions.
