Lithuania is due to sign an agreement with the European Organization for Nuclear Research (CERN), establishing the first Eastern European incubators in Vilnius and Kaunas.
Lithuania’s Economy and Innovation Minister Virginijus Sinkevičius is due to sign the agreement in May or June, following government authorization on Wednesday, and startups at these incubators should start operating as early as this year.
Lithuania became an associated CERN member only a year ago, but will become the tenth country where the CERN will establish business incubators.
According to the Lithuanian government, the CERN incubators in Vilnius and Kaunas will host no more than five startups each at the time, and the value of funding for one startup will not exceed €40,000; the funds will come from the EU.
Lithuanian President Dalia Grybauskaitė met Fabiola Gianotti, director general of the European Organization for Nuclear Research (CERN), in Davos this year.
During the meeting, Grybauskaitė said Lithuania will be the first among associated CERN members to gain unique access to CERN’s newest technologies, data bases and expertise, adding that it's huge recognition of Lithuania's scientific progress.
CERN membership costs around €900,000 per year for Lithuania.