work in progress
- The Best. Mac App of the Year 2023: Photomator, from Pixelmator Team.
- Rooftops. European solar to ride another wave of growth - new EU decision requires solar installations on all new public and commercial buildings from 2026, and new residential buildings from 2029. Good news for already award-winning PVcase, Inion Software (approaching 1m in sales), Solarbank and other developers+manufacturers.
- A climate playbook one should anticipate: more extreme weather events and temperatures -> more concern among general public -> more impactful political decisions on cutting emissions - including carbon taxes, requirements and standards, and incentives.
- Hard tech. So is Europe all about browser plugins and small innovations while in the US they are building SpaceX, Flexport or Anduril (just unveiled Roadrunner)? Fair point from Viktoras as Europe has perfected the sleeping beauty role with limited ambition. Regarding anything defence / dual use, my take is that it's very fragmented and small - many teams are working on drones, vision, optics, and other hardware and software, but lack of size, capital (and ambition) they fail to build an inspiring narrative. Too few big bets in this space we have seen in Europe, that's for sure. Locally ScaleWolf got started and is actively sourcing along with Baltic Sandbox and CoInvest. I would keep an eye on Aktyvus Photonics, Astrolight, RSI Europe, Brolis Defence, Ados-Tech, Unmanned Defence Systems, Broswarm, and some others. With regards to GTM and growth, locally we have very few B2B / Enterprise sales driven success stories – assume we will need some lessons and international teams. Second, it's easy now to get started in defence, but still hard to scale (think public procurement). Advice from Lux Capital:
Very very few startups can be dual-use from the beginning, unless you are doing run of the mill stuff vs deeptech.
If you think your tech has commercial and DoD use, focus on commercial first and succeed there, before DoD.
- Tech Status Report, Europe. Nice little summary, which informs that
- More startup creation happens in Europe than the US
- We are beneficiaries of talent global flows (there might be more to unpack though, still have a suspicion that US attracts more frontier talent
- Tech industry employment went from over 750k to 2.3m in just five years
- Europe has 1 trillion funding gap.
- People move. Nojus Antanas joins CyberUpgrademove as co-founder. Contrarian Ventures welcomes Rūta Skarulskė as Head of ESG & Impact. Justinas briefly checked Delfi and decided to part ways.
- Acquisitions - how LT tech is accelerating beyond boundaries:
rounds and capital
- Altechna acquired Boulder-based Alpine Research Optics, a high-quality laser optics producer, specializing in UV applications. Maintaining the original management structure of ARO, both companies aim to multiply their income three times in laser technology over the next five years. In 2023, the two companies' combined revenues are expected to reach more than €22 million.
- Pleased to see this trend - LT laser firms have been acquisition targets for many years but resisted. Things have changed – including mindset – now it's time to grow and pursue opportunities globally. Light Conversion is already at €84M revenue.
- While big funds sound truly exciting, there are two sides to it, when it comes to venture capital. In super simple terms - it's hard to deliver net multiples on huge funds (think hundreds of millions). Andris tells more about this Change Ventures strategy - why they decided to keep it smaller and lean.
A smaller fund is roughly 50% more likely to return more than 2.5-times TVPI than a large one
- carVertical acquires some stock options from employees, worth €0.5m, to provide some liquidity as scale-up is growing well without financing events.
- These monthly reports to investors – just make it happen
- How we are moving along AI hype cycle - from a software enterprise perspective
- Recruitment in sales - we are trying to understand the market better, in partnership with HEMES.
How hiring has changed between 2021-'22 and 2023?
Today, it’s a tough market with a much higher bar for quality. HEMES talked with CEOs and Founders of multiple companies and pinpointed the biggest changes in the hiring.
- Ideal experience
The requirement for direct experience is much higher in 2023. Due to Tech layoffs, there are many talents in the market. Therefore, the founders prefer and accept candidates with the most relevant experience.
- Hands-on Professionals
No more candidates who can build strategy or advice teams only. You have to be a hands-on professional even if you are in a managing position.
- Local vs Remote
The majority of the positions require talents from local markets and consider remote candidates as an alternative option only.
- Passion & drive
No more candidates who do not believe and show their passion for the product
- Economist reports EU tech is growing well, unicorn "mafias" are kicking-off many new ventures, and continent challenge to break the ceilings are very well known:
If EU leaders really want to strengthen European tech, which they all profess to do, they should spend less time trying to regulate various digital markets and instead create a single truly European one.
- 2023 AI Research from Lithuanian researchers
- The Best Venture Firm You’ve Never Heard Of - great deep dive into Hummingbird Ventures
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- Tech Zity at the former Lelija factory raised more funds for construction and announced the first batch of teams that will relocate: Omnisend, HeavyFinance, Turing College, Pepi Play and FIRSTPICK.
Simple, tactical advice - your startup job search
three questions, previously
- Sten Tamkivi, Partner, Plural and Partner, Taavet+Sten
- Rytis Lauris, Co-founder and CEO, Omnisend
- Andreas Helbig, Partner, Atomico
- Domas Janickas, Co-founder at edON
- Milda Jasaite, Senior Director of Corporate Development, Vinted
- Darius Zakaitis, Founder & CEO, Tech Zity
- Roman Novacek, Partner, Presto Ventures
- Lina Zakarauskaite, Principal, Stride.VC
- Justinas Pasys, Managing Director, LitBAN
- Magnus Hambleton, Investor, byFounders