Main development drivers of start-up companies within start-up ecosystems: the case of Lithuania

M. Laužikas1, A. Miliute2, A. Bilota2, D. Bielousovaitė2
1. ISC Paris Business School (Paris, France)
2. Business School of Vilnius University (Vilnius, Lithuania)
Ecological Marketing and Management
316 - 328


The purpose of the present publication is to examine the main development drivers of start-up companies in start-up ecosystems. The research question: what are the main drivers of start-up companies within start-up ecosystems in countries with still a relatively limited experience of enhancing dimensions of ecosystems? Therefore, the case of one country (Lithuania) was chosen to overview the transformation process of this economy from the stage where start-ups operate alone in a very weak system without potential synergy effects among peers and other stakeholders to the stage where companies help each other to move to the further development stage and sustain in the market. The weaknesses, mistakes, strengths and techniques of Lithuania could be useful for other countries of the same group to improve their start-up ecosystems. To ingeniously identify and examine the principle drivers of start-up companies within start-up ecosystems, the triangulation method is used where the scientific literature review, quantitative survey and qualitative expert interviews are conducted and results of three sub-researches compared. This research is one of the first from the same series on main drivers of start-up companies as each start-up ecosystem dimension and driver of start-up companies deserve an independent research and analysis.

development drivers, start-ups, start-up ecosystem, sustainability, growth

  1. Aaboen, L. (2008). Incubators and Incubation: Resources and Activities in Relation to Different Actors. Gothenburg: Chalmers University of Technology, Department of Technology, Management and Economics.
  2. Ante, S.E. (2008). Creative Capital: Georges Doriot and the Birth of Venture Capital. Cambridge: Harvard Business School Press.
  3. Baronienė, L., & Žirgutis, V. (2017). Cybersecurity facets: counterfactual impact evaluation of measure “Procesas LT” in enterprises of the it sector, Journal of Security and Sustainability, 6 (3), DOI:
  4. Baronienė, L.; & Žirgutis, V. (2016). Management decisions for sustainable development: medical software case study, Entrepreneurship and Sustainability, 4 (2), 129-145. DOI:
  5. Belás, J., Korauš, M., Kombo, F., & Korauš, A. (2016). Electronic banking security and customer satisfaction and in commercial banks, Journal of Security and Sustainability, 5 (3), 411-422. DOI:
  6. Caltagirone, M.H., & Serpico, A. (2008). Life after a dot-com bubble. International Journal of Information Technology and Management, 21-35.
  7. Christiansen, J. (2009). Copying Y Combinator: a framework for developing Seed Accelerator Programmes. Cambridge: University of Cambridge. Retrieved from
  8. Cohen, S. (2013). What Do Accelerators Do? Insights from Incubators and Angels. Innovations: Technology, Governance, Globalisation Journal, 8 (¾), 19-25.
  9. Dikčius (2006). Marketingo tyrimai.Teorija ir praktika. Vilnius: VVAM [in Lithuanian].
  10. Dixon, R. (1958) Venture Capitalists and the Appraisal of Investments. Omega, 1991. 
  11. Drucker, P. (1985). Innovation and Entrepreneurship: Practice and Principles. New York: Harper & Row.
  12. Eisenhardt, K. (1989). Building theories from case study research. Academy of Management Review, 14 (4), 532-550.
  13. Feel, M.S. (1997). Policy, prediction and growth: Picking startup winners? Coventry: Henry Stewart Publications.
  14. Gasparėnienė, L., Remeikienė, R., Sadeckas, A., & Ginevičius, R. (2016). Level and sectors of digital shadow economy: the case of Lithuania, Entrepreneurship and Sustainability Issues, 4 (2), 183-197. DOI:
  15. Gerlitz, L. (2016). Design management as a domain of smart and sustainable enterprise: business modelling for innovation and smart growth in Industry 4.0, Entrepreneurship and Sustainability Issues, 3 (3), 244-268. DOI:
  16. Grimaldi, R., & Grandi, A. (2005). Business Incubators and New Venture Creation: An Assessment of Incubating Models. Bologna: Technovation, vol. 25.
  17. Hellmann, T., & Puri, M. (2002). Venture Capital and the Professionalization of Start-Up Firms: Empirical Evidence. Journal of Finance, American Finance Association, 57 (1), 27.
  18. Išoraitė, M. (2015). Analysis of marketing mix: Nivea case study. Entrepreneurship and Sustainability Issues, 3 (2), 173-185. DOI:
  19. Juntunen, M. (2011). Co-creating corporate brands in startups. Marketing, Intelligence and Planning, 30 (2), 230-249.
  20. Kasnauskienė, G. (2014). Methodological guidelines for writing bachelor thesis. Vilnius: Tarptautinio Verslo Mokykla.
  21. Kerr, W.R., Lerner, J., & Schoar, A. (2010).The Consequences of Entrepreneurial Finance: A Regression Discontinuity Analysis. National Bureau of Economic Research.
  22. Korauš, A., Dobrovič, J., Ključnikov, A., & Gombár, M. (2016). Consumer approach to bank payment card security and fraud. Journal of Security and Sustainability Issues, 6 (1), 85-102. DOI:
  23. Lamoreaux, N., Levenstein, M., & Sokoloff, K. (2004). Financing invention during the second industrial revolution. Cleveland: National Bureau of Economic Research.
  24. Laurs, I. (2013). Verslas Naujai. Vilnius: Vaga [in Lithuanian].
  25. Lee, C.M, Miller, W.F., Hancock, M.G., & Rowen, H.S. (2005). The Silicon Valley Edge. The habitat for innovation and entrepreneurship. Stanford: Stanford business press.
  26. Lewis, D.A., Harper-Anderson, A., & Molnar, L. A. (2011). Incubating Success. Incubation Best Practices That Lead to Successful New Ventures. U.S. Department of Commerce Economic Development Administration.
  27. Lorenz, T. (1989). Venture Capital Today. 2nd ed., Cambridge: Woodhead Faulkner.
  28. Marcht, S., & Robinson, J. (2008) Do business angels benefit their investee companies? International Journal of Entrepreneurial Behaviour & Research, 15 (2), 187 – 208.
  29. Mazzarol, T., Volery, T., Doss, N., & Thein, V. (1999). Factors influencing small business start-ups. A comparison with previous research. International Journal of Entrepreneurial Behaviour & Research, 5 (2), 48–63.
  30. McKaskill, T. (2009). An Introduction to angel investing. Melbourne: Breakthrough Publications, Retrieved from
  31. Miller, P., & Bound, K. (2011). The Startup Factories - The rise of accelerator programmes to support new technology ventures. London: NESTA.
  32. Murray, G. (1991). Change and Maturity in the UK Venture Capital Industry. London: BCVA.
  33. Murray, G., & Robbie, K. (1992). Venture Capital in the UK. MCB University Press.
  34. Nabi, G., & Linan, F. (2013). Considering business startup in recession time. The role of risk perception and economic context in shaping the entrepreneurial intent. International Journal of Entrepreneurial Behavior & Research, 19 (6), 633–655
  35. Pauceanu, A. M. (2016). Innovation and entrepreneurship in Sultanate of 0man – an empirical study, Entrepreneurship and Sustainability Issues, 4(1), 83-99. DOI:
  36. Prause, G. (2016). E-Residency: a business platform for Industry 4.0?, Entrepreneurship and Sustainability Issues, 3 (3), 216-227. DOI:
  37. Robertson, M., Collins, A., Medeira, N., & Slater, J. (2003). Barriers to start-up and their effect on aspirant entrepreneurs. Education and Training, 45 (6), 308-316.
  38. Samašonok, K., Išoraitė, M., & Leškienė-Hussey, B. (2016). The internet entrepreneurship: opportunities and problems, Entrepreneurship and Sustainability Issues, 3 (4), 329-349. DOI:
  39. Shane, S. (2008). The importance of angel investing in financing growth of entrepreneurial ventures. SBA office of advocacy. Retieved from
  40. Shane, S. (2009). Why encouraging more people to become entrepreneurs is bad public policy. Small Business Policy, 33 (2), 141-149.
  41. Štitilis, D., Pakutinskas, P., Laurinaitis, M., & Malinauskaitė, I. (2017). A model for the national cyber security strategy. The Lithuanian case, Journal of Security and Sustainability, 6 (3), 357-372. DOI:
  42. Štitilis, D., Pakutinskas, P., & Malinauskaitė, I. (2016). Preconditions of sustainable ecosystem: cyber security policy and strategies, Entrepreneurship and Sustainability Issues, 4 (2), 174-182. DOI:
  43. Streimikiene, D., Baležentis, T., & Kriščiukaitienė, I. (2016), Benefit of the Doubt Model for Financial Risk Analysis of Lithuanian Family Farms, Economics and Sociology, 9 (1), 60-68.
  44. Stockport, G.J. (2010). Google: organising the worlds’ information. International Journal of Technology Marketing, 27-43.
  45. Tosterud, R.J. (1995). Venture Capital: What's a "Poor" State To Do? Vermillion: University of South Dakota.
  46. Tvaronavičienė, A., Žemaitaitienė, G., & Bilevičienė, T. (2016). Ecosystem for sustainable entrepreneurship: towards smart public procurement review procedures, Entrepreneurship and Sustainability Issues, 4 (1), 39-52. DOI:
  47. Tvaronavičienė, M. (2016). Start-ups across the EU: if particular tendencies could be trace, Entrepreneurship and Sustainability Issues, 3 (3), 290-298. DOI:
  48. Tvaronavičienė, M., Razminienė, K., & Piccinetti, L. (2015). Aproaches towards cluster analys, Economics & sociology, 8 (1), 19-27.
  49. Tyebjee, T., & Bruno, A. (1984). A Model of Venture Capital Investment Activity. Management Science, 1051-1066.
  50. Wu, J., Song, J., & Zeng, C. (2008). An empirical evidence of small business financing in China. Management Research News, 31 (12), 959–975.
  51. Wu, L., Wang, C., Tseng, C., & Wu, M. (2009). Founding team and startup competitive advantage. Taipei: Management Decision Journal, 47 (2), 345-358.
  52. Xu, L. (2010) Business incubation in China, effectiveness and perceived contributions to tenant enterprises. Management Research Review, 33 (1), 90–99.
  53. Yin, R. (1984). Case Study Research: Design and Methods. Beverly Hills: Sage.
  54. Žalėnienė, I., Krinickienė, E., Tvaronavičienė, A., & Lobačevskytė, A. (2016), Gender Equality and its Implementation in Universities of Lithuania, Economics and Sociology, 9 (1), 237-251. DOI: 10.14254/2071-789X.2016/9-1/16.