Lithuania one of the first countries in EU to establish the definition of a start-up by law

The Parliament of the Republic of Lithuania (Seimas) approved the definition of a start-up provided by the Ministry of the Economy and Innovation of the Republic of Lithuania. The Law on the Development of Small and Medium-Sized Enterprises shall determine that a start-up is a very small or small enterprise with great potential of innovation-based business development, operating for less than 5 years, writes "Startup Lithuania".