To help Lithuanian startups during the early stages of running a business, we have created a free, publicly available platform together with Startup Lithuania, Unicorns LT and LT VCA, offering a package of legal documents relevant to startups and the entire startup ecosystem. Startup founders will be able to easily download the legal document template they need from this platform.
You can find the new legal documents platform here.
“This year has been record-breaking for Baltics startups. They have attracted significant investments, completed lucrative acquisitions deals and established themselves among top 10 deals in the M&A market. These trends set an optimistic tone, and we expect to see the sector grow further in the upcoming years. We also want to contribute to this growth. Seeing the obvious need for high-quality standard templates and understanding that a startup may not have sufficient funds for the legal services, we did not hesitate to join this initiative to prepare the package of the most important legal documents for those taking the first steps in business”, – says Matas Mačiulaitis, senior associate at Sorainen.
Encouraging the Lithuanian startup ecosystem to grow
Roberta Rudokienė, head of Startup Lithuania says: “During consultations, we always emphasise the importance of legal issues, and encourage innovators to play it safe from the very start of founding a business and when signing the key documents, e.g. the shareholder agreement. Startups also have a lot of questions concerning employee incentives in the form of options, raising investment, and investment contracts. We are therefore very glad that the most prominent Lithuanian law firms have cooperated in preparing templates of the key agreements and legal documents for startups, which are likely to be supplemented in the future.
“We believe that this initiative will accelerate the development of the entire Lithuanian startup ecosystem by facilitating the startup founding process, and giving startups the knowledge and up-to-date tools which will help them manage their processes from a legal perspective and provide maximum protection to their businesses”.
You can read more information about the project here.