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Planche XVI. Part II, produced in 18th century. author unknown, Vilnius University Library
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Lithuania Tech Weekly #133
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The fame is turning back to Lithuania's bootstrapping monarchs, as venture funding slowed down in the region. We are pleased to have Rytis, founder and CEO of Omnisend, talk about how he built it all the way to ARR $31M - without external capital. Their big rival is Klaviyo, making roughly $139m last year - but powered by ridiculous $800m venture dollars, which just highlights how impressive Omnisend run has been so far.

work in progress

Blue Shock Race photo

rounds and capital


How to diversify - time or career? (from Capital Gains)

Pairing a narrow, domain-specific skill with one that has broader applications—where, depending on the domain, broad skills could include sales, writing, programming, or accounting. The goal here is to optimize for situations where someone wants the best Y conditional on being very good at X—a 90th percentile geologist who can make an effective presentation, a 90th percentile data scientist who can summarize results in a succinct memo, a 90th percentile hardware designer who can understand whether a given design can actually be cost-effective at scale, etc. This has the nice trait that it increases the payoff from success in a chosen career while mitigating the worst-case scenario (by leaving room for a pivot).

founder's guide

three questions

Rytis Lauris, co-founder and CEO, Omnisend

Where is Omnisend in terms of key metrics - customers, revenue, team? What is the biggest risk today?

There are currently 100,000 online stores using Omnisend. The consolidated annual revenue in 2022 was $31 million. There are around 200 Omnisend team members working worldwide. The biggest risk to Omnisend would be a significant recession in the US economy if it happens.

Education is an important cause for you. What 2-3 experiments would you like to see happening in Lithuania?

Two proposals to consider would be:

  1. Eliminate grading at schools up to the 8th grade,
  2. Implement truly personalized learning. This approach would involve teachers taking on the role as assistants that support students in their learning journey.

What do you see as non-obvious opportunities today in e-commerce, that most of us ignore?

The integration of AI smart applications has the potential to enhance the quality and level of the customer experience.

Tell us the foundation of your "productivity function"- habits, tools, hacks - that set you up for the best performance.

Two strategies I follow have scientific backing: maintaining consistent sleep patterns and exercising routinely at least a few times a week. The third one is more personal: getting into conversations with different types of people really inspires me, so I try to do that as often as possible.

building blocks

Last week we were checking PR firms. Black Unicorn PR seems to rule locally!

Onto this week's question.
To grow tech and startups, we need better service providers in these fields (multiple choice):

further insights

three questions, previously