Meet Great Minds at InnoHub: Ervinas Janavičius on the biggest challenges of fintechs and financial services

Six Lithuanian companies specializing in areas ranging from medical technology to IT solutions are poised to make their mark on the US market, thanks to the Global Access Program at the UCLA Anderson School of Management. Over an intensive six-month period, these companies will collaborate with an assigned MBA team to carry out market analysis, develop a marketing strategy, and create a business plan. 

The Global Access Program (GAP) market entry plan is developed by business professionals pursuing their MBA degrees at UCLA Anderson School of Management. This year, participation in the program is funded through InnoHub Lithuania, established by Innovation Agency Lithuania.  

The Business Community Manager at InnoHub Lithuania Karolis Karalevičius expressed his excitement to support the participants over this six-month journey. “As a new organization, InnoHub is looking forward to experiencing firsthand the impact this partnership will have in providing US market-specific insights and guidance for our membership. As a team, we hope to relay many of the learnings to inform other Lithuanian companies about ways they can prepare for the US market earlier and approach it more strategically. We will support those learnings with the education and mentor network we offer.” 

From 2018 to 2023, a total of 18 Lithuanian companies participated in the program through the facilitation of the Consulate General of the Republic of Lithuania in Los Angeles.

According to Laima Jurevičienė, Consul General of the Republic of Lithuania in Los Angeles, such programs prepare companies for a smooth entry into the world’s largest and the most competitive market: “These programs offer high-value research and professional expertise, enabling Lithuanian businesses to grow and scale faster internationally, thus contributing to the overall growth of Lithuanian exports to the US market.” 

“We are particularly excited that the 6 new companies, some of which being supported by Innovation Agency Lithuania, will be a great enlargement of Lithuania’s partnership with UCLA in 2024,” said Ms. Jurevičienė.  

Companies that will be participating in the program this year are:  

• Doclogix  
• Feetsee (Diabetis JSC) 
• Oixio  
• Optoman  
• Reiz Tech  
• TeleSoftas  

When asked about the importance of expanding their business across the Atlantic, Mantas Kondratavičius, Director of Diabetis JCS, emphasized that the US market has the most early adopters in the remote-monitoring medical innovation systems field and is essential for the company due to its vast consumer base and significant purchasing power. “We want to feel the power of US business schools and the Californian drive to move business forward. We have a talented team, and now we must understand the best market entry scenarios. Besides that, the American team has a local business network and wide access to various useful resources,” said Mr. Kondratavičius.

The team of yet another participant of this year’s program, Oixio, are looking forward to getting fresh perspectives, receiving candid, actionable feedback, and hands-on mentorship. “Participating in the GAP is not just about gaining knowledge – it is about transforming our approach and thinking about expansion. We believe that through such collaborations, we can refine our strategies, overcome cultural and operational barriers, and build strong relationships and presence in the US market,” said Oixio Customer Experience Manager Andrius Martinonis.   

Reiz Tech anticipates that GAP will provide them with detailed insights into the US market, helping them understand customer needs and the competitive landscape better, which in turn will lead the company towards long-term success. “This knowledge is crucial for the development of a strategic business plan tailored for Reiz Studio and Skillit, our B2B product designed to revolutionize organizational structuring, personalized development, and value creation,” said CEO of Reiz Tech Valdas Šimas. The team also expects that the program will facilitate valuable networking opportunities and provide expert feedback on their business model and product.

In its 24-year history, GAP has enabled companies to form strategic partnerships, secure financing, and establish subsidiaries and distribution networks, leading to acquisitions for some. To date, 820 companies have elevated their business operations through the program. 

For the past six months, six Lithuanian businesses have participated in the „Global Access Program” (GAP) at the University of California, Los Angeles. By collaborating with teams of MBA students, the businesses conducted market analysis, developed marketing strategies, and created business plans. Representatives of three program participants — „Doclogix,” „Oixio,” and „OPTOMAN” — say that participation in the program not only allowed them to evaluate market nuances but also their own capabilities.

According to Indrė Balčiūnaitė, Head of the International Partnerships Division at the Innovation Agency Lithuania, Lithuanian businesses’ participation in the GAP program allows companies to prepare to enter one of the largest and most competitive markets in the world.

„This program is widely recognized in Europe and provides an excellent opportunity to test your products and services and prepare for a smooth entry into the U.S. market. We are grateful to the Consulate General of Lithuania in Los Angeles for its partnership in this program. The program helps strengthen the internationalization and export opportunities of Lithuanian businesses, enables them to become part of the high-tech ecosystem, and further strengthens their position in the U.S.,” she says.

Sandra Brikaitė, Consul General of Lithuania in Los Angeles, is convinced that such programs not only help Lithuanian businesses avoid costly mistakes but are also very important in promoting the growth of Lithuanian exports to the U.S., fostering partnerships, and presenting the potential of the Lithuanian business community to international partners.

„We value our long-standing collaboration with the Anderson School of Management at UCLA in creating a platform that successfully connects Lithuanian talents, their innovations, and the largest market in the world. The prestigious UCLA GAP program not only provides unique opportunities for Lithuanian companies to better understand the U.S. market and assess their expansion capabilities, but also promotes intercultural collaboration and the development of significant contact networks. We are pleased that in 2024, the  Innovation Agency Lithuania allocated partial funding for Lithuanian companies to participate in the program, allowing them to test the potential of their products in the most competitive market,” says S. Brikaitė.

Varying Requirements as a Challenge

For „Doclogix,” a company developing document digitization solutions, participation in the GAP program became a strategic step that provided practical answers to a critical business development question: what to do today to remain competitive in the U.S. market tomorrow.

„Insights into the differences between the U.S. and European markets helped us better understand how to adapt our value proposition for the U.S. market, which aspects of the product to emphasize, and what communication strategy to choose. With a data-driven foundation, we can invest more purposefully in product improvement and faster implementation of solutions, thereby increasing our international competitiveness,” shares Žilvinas Kazlauskas, CEO of „Doclogix.”

Speaking about challenges, he does not hide that the document management field faces difficulties due to different regulations:

„In the U.S. market, compared to the Baltic States, stricter rules apply across different states. Therefore, to adapt solutions, more in-depth analysis and adjustments to specific legal and technological requirements are needed.”

Remigijus Šliupas, one of the founders and the CEO of the laser optics manufacturer „OPTOMAN,” values the opportunity provided by the program to conduct a resource-intensive market study guided by the professional „Anderson School of Management” model, which answers fundamental questions such as how, where, when, why, and how much it might cost.

He explains that the GAP team conducted more than 100 interviews with people from the photonics market, and the collected material became an irreplaceable primary source for formulating an optimized value proposition for the company’s potential clients:

„By conducting the study, we received clear indications about the validity of the projected business model in the U.S. market. The data and recommendations obtained became a very valuable package of information for structuring the next stages of business entry into the U.S. market.”

However, R. Šliupas reveals that there were also challenges:

„As the process progressed, we realized that one of the priority market segments was almost inaccessible, so we had to quickly adjust the project plan. But the team handled the tasks excellently.”

A Call to Do Your Homework

The „Doclogix” representative emphasizes that attempting to enter the U.S. market is an expensive and risky step that requires thorough preparation in advance. He states that, although from a European perspective this market appears enormous, it does not mean that there is room for everyone — competition with established players can be challenging.

„For this reason, it is crucial to understand market specifics well, clearly identify your niche, and test hypotheses before starting active operations. Therefore, programs like GAP provide valuable feedback from potential clients, help better understand their needs, and evaluate whether the business value proposition resonates with the expectations of the target audience. This is an investment in preparation that can save time, resources, and increase the likelihood that the step into the U.S. market will be not only bold but also successful,” says Žilvinas Kazlauskas.

Dovydas Zinkevičius, CEO of the business management systems provider „Oixio,” agrees. According to him, participation in such programs is an essential business action to evaluate whether a company should even consider entering the U.S. market:

„In this case, a distinction should be made between desires and reality based on a certain analysis. It may show that such a step is not advisable overall, or at least not at this time, and that certain tasks still need to be completed. Not doing your homework could do you a disservice.”

D. Zinkevičius points out that, when entering the U.S., one should:

„Prepare for cultural differences, established local rules, and be open to changes. Also, don’t be surprised that attempts to ‘sell’ happen here and now — you need to form your ‘front face’ and constantly refine it.”

Between 2018 and 2023, with the support of the Consulate General of Lithuania in Los Angeles, a total of 18 Lithuanian businesses participated in the GAP program. This year, the participants include „Doclogix,” „Feetsee” (UAB „Diabetis”), „Oixio,” „OPTOMAN,” „Reiz Tech,” and „TeleSoftas.”

The participation of companies in the program is partially funded by the Innovation Agency’s „InnoHUB Lithuania” project, which, in collaboration with the Ministry of Economy and Innovation, has been operating in Silicon Valley since the beginning of this year. The goal of the InnoHub Lithuania project is to grow Lithuanian businesses and their competitiveness in the U.S. market.

Innovation Hub Lithuania has committed to assisting Lithuanian high-tech, ICT, and biotech companies in navigating local regulations and cultural landscape and building partnerships in the US. By boasting a wide network of business mentors in one place, the InnoHub strives to make it easier for Lithuanian innovation to gain knowledge and enter the huge US market.

Meet one of the InnoHub’s intelligent minds, Shira Abel, Keynote Speaker at ShiraAbel.com and the CEO and Founder of Hunter & Bard, an award-winning marketing and design agency that markets innovative AI, deep tech, cybersecurity, sustainability, and telecom products. Leveraging 25+ years of go-to-market experience, Abel shares insights on implementing marketing strategies, future marketing trends, and her experience as a business mentor in the interview below.

First of all, can you share a defining moment in your career that significantly shaped your approach to marketing?

First, I read The Psychology of Persuasion by Robert Cialdini. Although I was already doing many things mentioned in the book, they were intuitive. After reading the book, I was able to implement them with purpose.

The second was getting my MBA from Kellogg School of Management at Northwestern. It gave me a deeper understanding of business language and organizational behaviour that helped my work go to another level. It also provided me with better work frameworks and raised my expectations of myself. Without it, I do not know if I would be where I am now.

Cybersecurity is a critical concern for many enterprises today. How do you approach marketing for cybersecurity products?

As with anything, it depends on the product type and target audience. My experience in marketing cybersecurity relies on high ACV products with a complex, long sale cycle. 

The messaging approach toward such product customers involves building trust while reminding them to mitigate the risk. Our strategy is typically account-based marketing, working closely with the sales team to build a relationship with the target account. We would create specific materials for the sales team, target the account, and plan industry-relevant events.

What are the biggest challenges when marketing products in highly technical fields like smart cities and telecom?

In smart cities and telecom, there is typically a buying committee. This buying committee will consist of the subject-matter expert who may be using the product. It will also likely include some non-technical team members (often executives) signing the check.

The startup may have the expertise to talk to the engineers in their language, but may not quite understand the nuance needed to change their messaging for the enterprise C-Suite. If the item has a high enough ACV to include both technical and non-technical people in the buying committee, you need materials to explain what you do for both. They should not be looking at the same documents. Many engineering-led startups would benefit from hiring a “translator” who can simplify their products’ concepts so that a non-technical person can understand them. 

You are also a mentor in the InnoHub Lithuania program. What are the key characteristics of a successful mentorship?

I have helped companies get their first customers, while others have taken my behaviour class and ended up becoming some of the largest companies in their industry. The mentors aim to help businesses move faster, but they cannot do that if they do not know the specific need. 

The mentor only has a limited amount of time, so businesses need to be open and direct about their issues or the information they need. They should also do their research on the mentor they want to work with. 

How do you keep yourself updated with the latest trends in marketing to ensure you provide relevant advice to your mentees?

I am a geek obsessed with new technologies and most of my friends and colleagues are the same, so we share information. I am also a member of several think tanks where we have calls to talk about technology, strategies, things we need to brainstorm on, and things we are working on. Those are some of the best places to learn new things.

On top of that, I read constantly, follow lots of AI industry pundits on TikTok, take classes, and test out new technologies and tactics myself.

Can you share an example of a successful outcome from one of your corporate workshops?

I did a workshop with an enterprise on implementing account-based marketing (ABM). We went through the Hunter & Bard S.C.A.L.E. ABM framework and made sure the team understood all of the components of ABM, what made it different, and how to handle the management change to ABM. That was a very successful workshop, and the team was able to implement it seamlessly with a full changeover within 2 years.

I’ve also just developed a workshop on the Perception Formula, where Perception = f (Heuristics, Hormones, History), and you can move faster, smoother, and close more deals optimizing for perception. I work with the corporate group to understand their customer perception, and where it needs to be, and we formulate a plan with recipes for different groups.

What new trends or technologies are you most excited about in marketing?

I am obsessed with AI. I use Midjourney, ChatGPT, Perplexity, Gemini, Mistral, Claude, Meta AI (FB’s LLM) and more. They are getting exponentially better so quickly, it’s very exciting.

Tech companies are going through a “winter”, meaning the industry isn’t booming as it was a few years before. What I like about winters is that they bring the most interesting products (Facebook came from a tech winter, for example). 

Marketing will have to become more creative with a smaller budget. Sales will need to be more mindful, as it is harder to sell these days. But difficult times also bring interesting solutions. Look for opportunities.

Relatively small compared to global powerhouses, the Lithuanian game industry is quickly establishing itself as a key player in the mobile gaming sector. With a strong talent pool and a commitment to innovation, Lithuanian studios produce entertaining and commercially successful worldwide mobile games. 

According to the Lithuanian Game Developers Association, the Lithuanian game development sector has experienced significant growth, now encompassing over 90 studios and independent developers and employing approximately 2,500 professionals. In 2023, the industry generated over €220 million in revenue and contributed more than €50 million in taxes, cementing its role as a vital part of the national economy.

Having achieved over 2 billion downloads across its portfolio, Estoty Vilnius is a perfect example of the Lithuanian game industry’s potential. Arnoldas Zvinys, an Operating Director of Estoty Vilnius, attributes the company’s success to a unique approach to game development.

“At our core, we focus primarily on creating mobile games, although we occasionally adapt them for other platforms,” Zvinys explains, adding: “As a mobile games studio, we prioritise delivering a fresh perspective and innovation to our users. This innovation might not always be technical but could involve blending genres or introducing novel gameplay elements.”

Rapid Development without Sacrificing Creativity

Innovation is a central theme in Estoty’s approach to game development. The company doesn’t just aim to create games, it seeks to craft experiences that resonate with players on a deeper level. “Each time we develop a game, we strive to create a compelling experience that evokes strong, lasting emotions and encourages users to return repeatedly,” says Zvinys. This philosophy has driven the development of some of Estoty’s most popular titles, including Johnny Trigger with over 300 million downloads worldwide.

Johnny Trigger became a global hit thanks to its innovative engineers. “The game was developed in weeks, with a small team working on prototypes incorporating elements from various other games. We adapted cinematic movement in the game, where the character moves linearly and executes 180-degree jumps. This was a big innovation that resonated with players,” Zvinys notes. The game’s success underscores Estoty’s ability to blend rapid development cycles with creative ingenuity, a combination that has become a hallmark of the studio.

Manages Challenges with Production for Masses 

While Estoty has found success on a global scale, Zvinys acknowledges the challenges of operating in the European market, particularly in comparison to the U.S. For example, “Our talent pool is probably smaller in general, there are fewer big corporations that can support large-scale projects,” he says. Venture capital funding, which is critical for scaling operations, is also more limited in Europe. “In the U.S., the market is more advanced in this regard, with more capital available for game development”, states Zvinys.

Despite its size and profitability, the U.S. market presents some challenges. According to Estoty’s Operating Director, the U.S. consumers are the most profitable but also the most demanding. The market is highly competitive and saturated, so continuous innovation and high-quality products are required. Yet, Estoty has managed to navigate these challenges by focusing on accessibility and user-friendly design, creating games that appeal to a broad audience.

Looking to the future, Estoty plans to continue its aggressive development strategy, with multiple projects in the pipeline at a given time. “We are constantly working on several projects, with many prototypes,” shares Zvinys. “The plan is to launch as many games as we can that will last for 10 years or more with efficient maintenance and bring in enough revenue to re-invest in making more games.”

More Opportunities to Enter the U.S. Market

As Estoty looks to expand its reach further into international markets, Zvinys offers advice for other companies seeking to break into the U.S. market: “For a project to be successful, you either need a high-quality product designed for the masses or a deep understanding of a specific niche. In the latter case, you should address a problem within that niche and reach as many people as possible who are interested in it.”

Karolis Karalevičius, the Business Community Manager at InnoHub Lithuania, states that despite their advancement, Lithuanian entrepreneurs still encounter challenges in entering the U.S. market. “Competition from well-established U.S.-based and other international developers is fierce, and maintaining visibility amidst a constant influx of new titles requires continuous innovation and marketing insight. Additionally, navigating the complex regulatory and cultural landscape necessitates a deep understanding of local preferences and legal requirements”, he says. 

These are the reasons Innovation Agency Lithuania opened its new division in Silicon Valley – InnoHub Lithuania, which aims to help solve these Lithuanian entrepreneurs’ problems and connect them to the local ecosystem.

Zvinys also emphasised the crucial role of such initiatives as InnoHub Lithuania in strengthening the industry, adding that „As a bootstrapped company, we can confidently say that entering the U.S. market is much easier now than it was when we started 10 years ago, thanks to the wealth of resources available today. However, having a strong product and a talented team remains essential for success.”

In recent years, a growing biotechnology hub in Europe, Lithuania, has emerged as a tough player in the global biotechnology arena. A country known for its robust educational system and scientific innovations now exports 95% of its life sciences production globally with almost 30% landing in the United States, a market known for its advanced R&D. 

Europe’s Emerging Biotech Hub

With its staggering 11-fold increase of revenue over the decade,Lithuania’s biotechnology sector is rapidly gaining recognition for its diverse pool of life sciences solutions. 

“There are around 3000 researchers and scientists working in biotech, spanning innovations in such fields as CDMO, microfluidics, clinical trials, medical devices, gene editing-CRISPR technology and gene therapy, blue/marine biotechnologies, protein design, and AI-based medical solutions. The Lithuanian government has also played and still plays a vital role, fostering a conducive environment for biotech innovation through strategic investments and supportive policies,” says Karolis Karalevičius, Business Community Manager at InnoHub Lithuania.

Recently, InnoHub Lithuania, a division by the non-profit Lithuanian governmental agency Innovation Agency Lithuania, was opened to facilitate the integration between Lithuanian and the US innovation ecosystems, seeking to provide visibility to the most innovative Lithuanian entrepreneurs, connecting them to the local ecosystem and other needed resources in the US. Last month, InnoHub organized an event in San Diego where 10 Lithuanian companies pitched their ideas to US based Lithuanians working in biotech sector.   

“While the achievements of Lithuanian biotech companies are noteworthy and can be of much use for the US companies, entering such a market is not without challenges. Navigating the regulatory landscape, securing funding, finding partners and clientele, and maintaining competitive advantage is complex. Meeting these needs, InnoHub Lithuania boasts competent local experts and mentors to help Lithuanian biotech navigate locally, and aims to be the local spot for US biotech companies, in need of reliable Lithuanian partners,” adds Karalevičius.

The Lithuanian biotechnology industry is anchored by several key players whose products and services are gaining awareness in the US. These companies are not only advancing scientific research but also enhancing the quality of healthcare through their innovative solutions:

Atrandi Biosciences specializes in microfluidic technologies that enhance single-cell analysis and high-throughput screening. Their products, such as the ONYX droplet generator and STYX HTS platform, simplify complex workflows by combining droplet generation, manipulation, and sorting with fluorescence analysis. Their Semi-Permeable Capsules (SPCs) support multi-step molecular analysis, maintaining single-cell compartmentalization under various conditions. Atrandi’s solutions are trusted by laboratories worldwide, including Thermo Fisher Scientific, accelerating research in molecular biology and diagnostics.

Biomatter Designs is a synthetic biology company that creates new proteins for health and sustainable manufacturing applications. The company has created the Intelligent Architecture™ platform, which addresses the limitations of current engineering approaches to unlock completely new horizons for protein design and development.

Caszyme is an innovative company specializing in CRISPR technology. They develop advanced CRISPR-based solutions for therapeutics, agriculture, diagnostics, research and industrial biotechnology. With strong collaborations worldwide, Caszyme leverages its expertise to create customized, market-ready products.

Cureline Baltic is a preclinical and translational research Contract Research Organization (CRO) based in Vilnius, Lithuania. It specializes in human biospecimen procurement, preclinical animal research, and laboratory services, focusing on oncology, immunology, and infectious diseases. As part of the global Cureline Group, they serve clients in both the US and European markets, providing essential support for drug and diagnostics development.

Memel Biotech, based in Klaipėda, Lithuania, specializes in Contract Development and Manufacturing Organization (CDMO) services for Advanced Therapy Medicinal Products (ATMPs)​. The company offers GMP-compliant facilities and comprehensive services, including precision medicine research, drug development, and regulatory support​. Its strategic location serves as an EU gateway, facilitating collaborations between different markets, bolstered by partnerships like the one with THERABEST Korea​. Memel Biotech’s integration with the US-based Cureline Group further enhances its global reach and expertise​.

Northway Biotech, another prominent CDMO, specializes in developing and manufacturing biopharmaceuticals. The company’s focus on monoclonal antibodies and recombinant proteins has positioned it as a valuable partner for US biotech firms seeking innovative therapies. Northway Biotech’s commitment to quality and regulatory compliance has earned it a strong reputation, enabling it to secure partnerships with leading US companies. In 2021, Northway Biotech opened its 30,000-square-foot process development and cGMP manufacturing site in Waltham, Massachusetts to support the market with microbial and mammalian cell culture-based products for the development of monoclonal antibodies and recombinant proteins.

Spike provides a unified API for accessing real-time health data from over 300 wearable devices and IoT products. Its platform simplifies integration for developers by offering well-documented, easy-to-implement APIs and SDKs, allowing quick testing and development. Spike enhances applications by delivering personalized insights and increasing user retention through standardized, normalized data. Recently, the Lithuanian B2B healthtech data tech startup as announced the successful close of an €3.2 million oversubscribed seed round, co-led by Practica Capital and TheVentureCity with participation from Silicon Valley, New York, and other investors.

Thermo Fisher Scientific Baltics, a subsidiary of the global giant Thermo Fisher Scientific, is a cornerstone of Lithuania’s biotech landscape. Specializing in developing and producing molecular biology products, the Lithuanian branch provides high-quality reagents and instruments to researchers across the US. Their contributions have been particularly significant in genetic research and diagnostics, where top-tier research institutions and pharmaceutical companies utilize their products. In fact, Fermentas, a well-known Lithuanian biotechnology company specializing in discovering and producing molecular biology products for life science research and diagnostics, has been a part of Thermo Fisher Scientific Baltics Since 2010.