Creativity – which defies economic laws, cannot be bought and created by algorithms – is a great advantage that Lithuanian startups have when competing with the world’s major innovation players to attract investment and gain market share. This claim is made by Gediminas Užkuraitis, Chief Strategist of Synthesis Consulting Group, a branding, and strategic consulting agency. He speaks about the importance and power that creativity has to the startup ecosystem in Kaunastic Startup Week, which can be followed remotely.
The conditions for setting up and growing a startup are becoming increasingly difficult, and the competition with key players in the market that suck up all the talent and investments – for example, Facebook, Netflix or Google – heat up the industry. According to G. Užkuraitis, the numbers clearly show that 2020 is one of the most difficult years for new ideas in general. The decline recorded earlier has accelerated this year: fewer transactions and investments have been registered in Silicon Valley. Consequently, it is becoming increasingly difficult for new startups to attract investments that would allow the idea to see the light of day.
“What do Lithuanian startups look like in such a context? They are in an even worse position because the Baltic investment market is younger and more limited. Yes, the size of our market is perfect for testing ideas, but it is not enough for a wide-ranging business, so sooner or later you have to go to foreign markets with your tested product, and look for investors and partners there,” G. Užkuraitis says and suggests to make a convenience of one of the biggest advantages – creativity.
“It’s the last advantage that no money can buy, which you cannot hire and the value of which doesn’t depend on the size of the market. Because creativity works in completely different ways. Amazon cannot build a creativity factory in China, Google can’t write an algorithm for ideas and concepts, it doesn’t obey the laws of physics – one idea can be better than a hundred ideas. Wha’’s more, creativity does not obey the basic laws of economics and logic, which usually do not work in our favor and complicate the lives of Lithuanian startups,” the strategist of the consulting agency says, emphasizing that we can create more value by taking creativity into account and investing in it.
G. Užkuraitis suggests paying attention to several aspects of such value generated by creativity. One key aspect is that subjective value is as important as objective value. “It means that we can create as many innovations as we would by building factories, creating technology and doing all the other things in the physical world,” he says.
What are the prerequisites for creativity? Where does it usually come to a halt and fails to take place? First of all, we need to talk to people with different viewpoints, “If we will get locked in our own understanding and viewpoint, there will be little chance of creative ideas being born. But when we let in new outlooks, creativity begins. In other words, we will not find different outlooks if we will not be the people who are able to have different viewpoints. A creative idea combines at least two different values, and a creative idea in business is one that combines at least two different disciplines. That is why product developers talk to psychologists, people in communication – with finances, technologists – with design,” G. Užkuraitis says.
More thoughts, insights and advice on creativity its development and impact will be available on Thursday, from 12 p.m., in a broadcast from Kaunastic Startup Week collaboration and training week, where G. Užkuraitis will read a report The Importance of Creativity: Innovations, Inventions, Progress, Solutions.
Throughout this week, November 9-13, an intensive training and networking Kaunastic Startup Week organized by Kaunas IN is taking place. During the event the most successful professionals in their field in Lithuania share their experience and virtual meetings, seminars, lectures, and discussions are taking place.
Find out more about the event HERE.
Kaunas IN business department information.