The recent business developments around Pipedrive showed how rewarding share options can be. The company reached unicorn status, which became extremely rewarding for its longtime employees – who also happened to be the shareholders.
Imagine sharing the company’s success, as it grows bigger and its shares become more valuable.
Is this big payday just a fairytale? How do share options work? What is the main benefit of it?
Talking about unicorns, the most successful Lithuanian start-up Vinted gladly agreed to explain how the share options function in real life. They have rather good insights on the matter, as Vinted’s employees have the opportunity to enjoy this motivational benefit.
Let’s imagine that you have a new employee. How would you explain step-by-step how Vinted’s share options work? As simply put as possible.
Share options give employees an opportunity to buy company shares in the future for the pre-determined and heavily discounted price. This right (to purchase company shares) is earned gradually over the period an employee is working at Vinted.
Each option grant of our employees is reviewed on an annual basis and additional options are awarded for achieving certain milestones.
As the company grows and matures, we expect the worth of the company to increase as well. The idea is for employees to participate on the growth journey together. Hopefully, at the end, the share price will be considerably higher than the predetermined price. This will then allow our participants to buy low and sell high.
Company’s growth does not happen overnight – the share option is a long term investment. How much could the Vinted be worth at the moment and how has that changed over time?
You are right, the growth does not happen overnight. That is why many equity compensation plans are long-term, four years and longer, to give employees an incentive to stay in a company for many years.
However, the terms of the equity compensation plans might not be as important as company culture. In order to be able to grow the company, it is important to promote collaboration and ownership mentality.
When people with an ownership mindset come together to co-create and work, amazing results can be achieved. For example, last year Vinted became a unicorn with 1B EUR valuation, which was celebrated by all employees and investors.
In the future, we believe that our teams will grow the company value even more.
As we mentioned time, please explain what vesting means?
Vesting means that options become available to you over time, so you have to work in the company for a certain period in order to exercise earned options.
All option programs are designed with the future in mind – companies want to incentivize employees to stay longer and focus on long-term goals.
At Vinted standard vesting schedule is four years – 25% of share options are earned on the first anniversary of the grant date, and the remaining balance is earned monthly in three years.
Owning shares may come with plenty of financial benefits. Where is the catch?
With options, high risk comes with high reward. When the predetermined share price is higher than the market price, then your options are worthless.
Vinted has been around for 10 years and is now an established player in the industry. We are in a sweet spot where there is still a lot of room for growth but, we are no longer a start up, trying to prove our product.
How the share options are taxed?
Taxation varies across countries, however, the truth is that more and more countries try to broaden employee financial participation, therefore, different incentives are being introduced.
For example, the Parliament of Lithuania approved the changes regarding share option taxation this year. The new incentive states that income calculated at the option exercise moment (when shares are purchased for a discounted price) is a non-taxable income if the option is held for at least 3 years. The sale of shares is still a taxable transaction, which means that income received from selling the shares is subject to taxation.
One thing is attracting talent, but the other thing is keeping them. Do you see that the share-based compensation package pays off in the long term?
Equity compensation in many cases is expected to lower retention and grow employee loyalty.
At Vinted we have employees who celebrate their 9th working anniversaries, which might prove the point.
However, the truth is, that overall satisfaction of employees and their loyalty depends on other things as well – working environment, colleagues, and most importantly – company culture. We promote an ownership mentality which helps us to keep engagement and attract the right talent.
Share options are an extension of our culture and offer a generous way to reward our employees for their contributions to company growth.
Does it all come down to money or is there another angle of the benefit?
Financial benefit is only one side of share options. For example, Vinted introduced “options for all” to strengthen our culture and show our employees that we treat them as co-owners of the business.
We believe that our teams feel responsible for the company’s success and our collective mission to make second-hand fashion first choice worldwide. Eventually, their effort will be rewarded by having an opportunity to become shareholders and selling shares to benefit financially.
This Baltic country located between Estonia and Lithuania seems to have picked up its neighbours’ passions for innovation, pioneering ideas, and technology. Recently, its growing startup scene has been attracting more and more attention from entrepreneurs worldwide.
Latvia became a member of the EU in 2004 and also joined the Eurozone in 2014. Since then, the country has flourished with its well-educated and smart talent pool, vibrant startup ecosystem and low cost of doing business. 🚀
Before diving into what makes Latvia a great place for startups and entrepreneurs of any expertise, let’s have a look at the country’s startup ecosystem. 🕵️♀️
Introduction to Latvia’s startup ecosystem
Let’s rewind to 2008 when the economic crisis was shaking the whole world. Latvia is one of the rare countries which recovered from the crisis through entering the startup world.
✅ Who would not love a fast internet? Latvia ranked as the 10th country with the fastest internet worldwide. Moreover, you can find free wi-fi almost everywhere in the Riga city centre!
✅ Startup Latvia shares a very interesting insight about why Latvia is a great choice for startups which we will also mention in the following section: as the startup market is unsaturated, you don’t have to be a genius like in Silicon Valley… you just need to be very good.
✅ Deep tech, fintech, and SaaS products make up the majority of the Latvia-based products (for now!).
What makes Latvia a great country for startups?
Before starting this section, we assure you that this will not be a short one! There are many reasons why many startups have emerged in Latvia over the years and why its popularity is ever-growing .
👉 If you are a startup founder or planning to start one in the near future, you probably know how much it matters to have access to business incubation programmes and support from the government. Well, it seems Latvia has already nailed it!
In this Baltic country, if you are a startup owner, you can easily have access to one of the diverse range of modern co-working spaces along with many business incubators – which are supported by not only the government but also the academic and private sectors.
👉 So, what’s out there for citizens of non-EU countries? If you are one of them, start packing now – Latvia has thought of you too!
Did you know that a Startup Law has been passed and now, you and your spouse and children can officially apply for a Startup Visa? The goal is to make the country’s startup ecosystem more productive with the arrival of creative entrepreneurs with diverse backgrounds and mindsets.
You can find more information about the Startup Visa from Startup Latvia!
Wondering about the Startup Law and the financial support for startups? Here is a couple of points that could encourage you to consider Latvia as your new country of residence:
➡️ Did you know that Latvia is one of the first countries in the world to pass a Startup Law? Well, now you do! This also indicates that the country has the mindset and openness that every entrepreneur is looking for these days.
The Law proposes a more entrepreneur-friendly taxation system for startups. So, instead of carrying a heavy tax burden on your shoulders, you can enjoy the advantages of the system in Latvia and put more focus on developing your business.
➡️ There are lots of financial opportunities for startups as well. For instance, Latvia’s Innovation Voucher programme offers up to €25K of financial support to startups. The goal is to facilitate the development of new technologies.
➡️ You think that’s it, right? But there’s more! The LIAA (the Investment and Development Agency of Latvia) has 15 incubators that support the startups as well as the ecosystem, offering mentor support, development grants and more.
“In the Latvian startup ecosystem, we can see the drive and energy to break through to international markets to be recognized as innovators. Lots of great deep tech, fintech, and SaaS products are built here. We are expecting to see larger investment rounds, exits, and accomplishments as the existing companies mature”.
Chairman of the Latvian Startup Association and CEO of Mailigen
5 Promising Latvian startups
In this section, we will get to know more about up and coming Latvian startups. 🎊
Founded in 2016, Nordigen offers free banking data and premium insights for banks, financial institutions and lenders. The company works with over 50 global banks and lenders, operating across 13 countries.
If your expertise is Finance, keep an eye on this promising company and their job openings on the MeetFrank app! 💰
Lokalise is a localisation and translation management system that was founded in 2016.
The company’s expertise ranges from content translation from websites to mobile apps and games. 📱
🎶 Founded in 2015, Gamechanger Audio produces pedals for musicians, which engineers would also love. In their own words, the company is founded by “four friends committed to exploring the uncharted territories of music electronics and creating devices that provide real value while stretching the imagination of both musicians and engineers.”
Sound like your kind of mindset? Mark their name on your potential-companies-to-apply-to list for 2021!
Vialet was founded in 2017 and is a comprehensive financial management tool.
The things you can do with Vialet are numerous, from opening an account to managing your finances anytime and transferring funds. 🤑
Founded in 2015, Atlas Dynamics UAVs is a highly innovative technology company that produces drones with an award-winning aerodynamic design. 💪
The design generates lift and enables increased endurance, speed and weather resistance. If you totally get what that means, you may be a good fit for Atlas Dynamics UAVs!
Last but not least
If you want to start and run your business in an EU country, are looking for efficiency and productivity along with a vibrant startup ecosystem, are fond of nature and experiencing 4 seasons, Latvia is waiting for you. 😊
Download the MeetFrank app today and have a look at the openings now!
Good luck in your job hunt! 🍀
Want to boost your company’s visibility in the Latvian job market?
To kickstart the community in Latvia, MeetFrank and Startin.LV have joined forces to boost the job market visibility of companies operating in Latvia.
Leave your contact details, and we’ll be in touch shortly. 👇
Let’s start with what makes Finland such a good environment for entrepreneurs and aspiring startups with some good-to-know facts:
👉 To start a business, you should have a good idea based on market and user insights and a good team to execute it – that we all know. What about the startup environment? What should it offer to entrepreneurs? 🤔
The 3 essentials for a vibrant startup environment are talent, investors, and funding.
🥁 Attention entrepreneurs; apparently the Greater Helsinki startup ecosystem scores highly for all of them.
👉 Entrepreneurs can have access to venture capital and government funding. 💸
If you were to open a business, what would you need the most?
🔊 Did you know thatFinnish startups receive the most venture capital per capita in Europe?
In this article, we will dive into Finland’s exciting startup ecosystem and get to know some of the outstanding companies better.
First, let’s get started with the Finland-based companies on MeetFrank; the industries they operate in, the size of their teams and their types.
Finnish Companies on MeetFrank
The number of Finland-based startups is increasing every day, as is the number of Finnish companies on MeetFrank.
🔊 As of December, there are many active Finnish companies on the MeetFrank app.
What about their type?
In the chart below, we can see that consultancy companies make up the majority of the company types followed by startups, scaleups, and SMBs.
Next in line is company industries.
The chart above tells us that Software Development, Technology, and SaaS make up the top 3.
The four industries to watch in the Finnish business ecosystem are Consultancy, Analytics & Big Data and and Cloud Computing. 💡
Working in one of these sectors? If so, stay tuned for the thrilling opportunities from companies operating in these industries!
Wondering about the size of these companies? 11-50 people teams make up the majority in this list. This shows us that small but productive teams take centre stage in Finland. 🎊
The Finnish Startup Ecosystem in 2020
“Finland is an ideal test market and springboard for startups looking to enter the European and global markets, with ready access to the eurozone and good connections to Asia. Also, Finnish consumers are tech-savvy and interested in trying out new digital solutions,” says Annamari Soikkeli, Senior Advisor at Business Finland.
If the Finnish startup ecosystem had 4 keywords, they would be support, connections, technology and digital solutions.
✅ Ranked the most digitally advanced nation in Europe in2019 by the European Commission’s annual Digital Economy and Society Index, Finland is the new centre of innovation in the region.
If all these amazing stats have motivated you to consider a new phase in your career in Finland, let’s find out about the outstanding Finland-based companies on MeetFrank and learn more about what they are up to!
As we shared earlier, Finland has become a hub for startups operating in the Technology and Health industries. Given how the world has changed due to the pandemic and the growing need for new technologies for health, it is no surprise that Mediconsult Oy is attracting lots of attention lately. 😉
In their own words, the company “offersIT solutions to meet the needs of healthcare, social care and elderly care organizations”. 🤓
Their services range from a ‘COVID-19 Digital Symptom Assessment’ to ‘mHealth for Professionals’.
Would you like to be part of their team? If so, be quick and have a look at their most recent openings on the MeetFrank app!
Do you need a finance advisor in your personal life in addition to a job in the Finance industry? If so, you can find both at Selma Finance Oy. 😊
The company defines itself as a financial assistant for investment newcomers. With offices in Helsinki and Zurich, Selma Finance Oy has 2500+ clients so far and their vision is to scale throughout Europe. 💪
To see their openings from Marketing to Software Development, download the MeetFrank app today!
Is logistics one of the fields you want to work in? If so, meet DroppX – a same-day delivery solution for online stores and businesses.
Their mission is to reinvent urban last-mile logistics. 👏
With headquarters in Finland, DroppX offers multiple solutions both for companies and couriers.
To hear more about their recent job postings, dive into the MeetFrank app!
First steps to a career in Finland
If you are interested in hearing more about Finland-based companies and the Finnish job market, don’t forget to visit our Insights page and enjoy fresh data every day! There you will gain a better understanding of the opportunities, market competitiveness, average gross and expected salaries and more!
We hope you find your dream job soon! 🎇
Want to boost your company’s visibility in the Finnish job market?
New location-specific communities in the MeetFrank app bring together insightful discussions, active job offers and interesting facts.
To kickstart the community in Helsinki, MeetFrank and Helsinki Business Hub have joined forces for a campaign in December, which aims to boost the job market visibility of companies operating in Finland.
Leave your contact details, and we’ll be in touch shortly. 👇
Imagine a beautiful country on the eastern shore of the Baltic Sea. It also has a rich history, amazing culture, and a medieval heritage that is still palatable to this day. Add a vibrant startup ecosystem to this image, and you have Lithuania! 🤩
If you are familiar with startups and startup life, chances are you know quite well how ease of doing business is crucial for entrepreneurs when starting a company. Therefore, we would like to start our introduction by sharing an outstanding fact about Lithuania. 🤓
🔊 Did you know that Lithuania is in the top 15 for ease of doing business? The country ranks in 11th place! If you are interested in hearing more, you’re in luck— there is more to come! Let’s get started with 3 must-know stats about this amazing country:
👉 Lithuania is also in 4th place on the Global Fintech Index 2020, which means that the country is on the way to becoming one of Europe’s leading Fintech hubs.
Before diving into Lithuania’s thrilling startup ecosystem, let’s get started with the Lithuania-based companies on MeetFrank, from their types to the industries they operate in.
Lithuanian Companies on MeetFrank
🔊 As of today, there is a wide range of Lithuanian companies on the MeetFrank app.
Consultancy companies make up a major part of the company types along with SMB and corporate.
As we can see in the chart below, the majority of these companies operate in Software Development. The top 3 continues with FinTech and Design and Creative.
💡 If you are working in these fields, keep in mind that Lithuania has a lot to offer in terms of career opportunities.
What about the size of these companies? 11-50 people teams make up the majority in this list which is also a sign of, well, an increasing number of startups!
Now that you have an idea about what kind of Lithuanian companies are collaborating with MeetFrank, it is time to delve into the startup ecosystem in Lithuania and meet some of these thrilling startups.
If you are motivated enough (and we think you are!), let’s get to know some of the outstanding startups from Lithuania.
Looking for career opportunities in Software? If so, add NOIA to your list of target companies. 📝
In their own words, NOIA creates “a fully-secure, high-speed, human-centric Internet where openness, decentralization, inclusiveness, and protection of privacy are of utmost importance.”
As a SaaS company, they bring together network visibility, control, and analytics in one software stack.
With a team of 15 professionals, the two-year-old company has offices in Palo Alto and Vilnius.
Sound like your kind of company? Download the MeetFrank app today to have a look at their latest openings! 📱
As we mentioned earlier, Lithuania has become a great hub for fintech and finance in recent years. Now is the time to meet one of them – kevin. 💪
kevin. is simply a licensed payment institution, yet what they can achieve with their team of experts is not that simple. 😉
The company focuses on solutions based on the PSD2 directive with the aim to become a connection between banks, customers and fintechs. They are supervised by the Bank of Lithuania.
As a growing startup, innovation, expertise, ownership, and trust are their keywords. If this sounds like your mindset, have a look at their openings today!
Once a promising startup, now a growing scaleup; Whatagraphis a marketing performance reporting platform that automatically converts and visualises data from channels – such as Google Analytics – into visual reports. 📉
👉 The five-year-old scaleup helps more than 500 clients around the world to create reports easier than ever.
Is your expertise in marketing? Are you actively looking for opportunities at an exciting marketing scaleup?
If yes, there is no reason not to have a look at their recent openings on the MeetFrank app! ✅
Smart Brands Laboratory LLC
Here comes another startup from Lithuania with a cool name. 😎
As an e-commerce company, Smart Brands Laboratory LLChelps clients with branding, multichannel sales, sourcing, and their digital marketing efforts.
The company has offices in Vilnius, Rotterdam, and San Francisco and they are growing day by day.
Sound appealing enough to update your resume? You know where you will see their latest openings. 🤓
🕵️♀️ Here is another hidden gem from Lithuania.
More than a website builder, Zyro is an innovative tool that makes it easy for anyone to create a beautiful website – be that a bakery owner or an e-commerce founder.
➡️ The company has offices in Vilnius and Kaunas with an expert team of over 50 people. As a software company, Zyro does not only receive great feedback from clients but also from tech experts.
If you want to be part of this inspiring startup and build a career in Lithuania, don’t forget to take a look at the latest vacancies at Zyro! 👀
So, what to watch in Lithuania?
Lithuania has faced economic turmoil in 2020 just like all other countries on earth. 😷
On the other hand, the country’s market competitiveness has stayed in relatively better shape for job seekers compared to other countries in the region.
This shows the strength of the Lithuanian market and the rising opportunities despite the global economic crisis. So, what to do next to find a place in this promising startup scene?
💡 Lithuania’s tech sector is booming and the world is becoming aware of it. If you want to be part of it, act now!
💡 The country is offering a great business environment for fintechs. The growing number of startups and scaleups in this industry says it all!
Interested in Finance? Keep an eye on the Lithuania-based fintech startups and scaleups! 👀
💡 There are lots of companies in Lithuania with remote career opportunities as well as Lithuania-based options. Don’t forget to have a look at the ‘Remote’ and ‘Relocation’ sections on the MeetFrank app.
Last but not least, visit our Insights page and get fresh data every day! There you can get a closer look at the Lithuanian job market from market competitiveness to average offered salaries. 🤓
MeetFrank is not a traditional job board, which means that you can create and target your job opening quickly and delightfully. Your company can also highlight it’s culture through the personalised job description, images and social media links.
Without further ado, let’s see how you can create a perfectly targeted job offer in seven simple steps.
Step 1: Define the target audience for your new opening
To reduce your recruiting workload, MeetFrank helps you to target the job offer to the relevant audience. The powerful AI-based algorithm actively invites the most suitable candidates to apply, even if they are not looking for a job. Yes, you might be surprised how many top talents are passive in the job market.
All you have to do is to start with picking the employment type, speciality, and seniority for your upcoming job offer: – Choose between Full-time, Part-time, Project/Freelance, and Internship type of employment. – Select the speciality from 19 options, like Sales & Business Development or Customer Support. – Add suitable seniorities from Entry level to Executive.
Your job opening will be compiled automatically based on the bits of information that you select. Or if you are in a hurry, simply send us the job opening link, and we will set up the vacancy ourselves.
Step 2: Choose a clear and attractive job title
Clear and familiar job title leaves a favourable first impression to the potential candidate. For example, a salesperson already has an understanding of what are the responsibilities of a Head of Sales.
Adding some context to the job title helps to attract the best candidates. In case you need a Head of Sales to work with B2B clients worldwide, you might title your job as Global B2B Head of Sales. If you are looking to fill a technical position, you might mention a few required programming languages.
Pro tip: On MeetFrank, the job titles written in English tend to work the best, as the platform has a global talent pool.
Step 3: Pick the required skill set
Choose up to six skills that the ideal candidate should have from the pre-selected list of options. You can also add requirements for language and industry experience.
If there is one skill that the candidate possibly could not do without, select it as a “Must Have”. This option informs our algorithm to search only for the fitting candidates.
Step 4: Use the potential reach for your advantage
As you create your job opening, you will see the potential reach change in real-time. After your every move, our algorithm evaluates how many people might be interested in and qualified for your job offer.
How to use this number to your advantage? If the potential reach is very high, then you might spend more time filtering out the candidates who are not well-suited for the job. The solution is to add a few additional requirements.
If the potential reach is low, then you might not find enough qualified candidates to fill the position. Consider loosening the requirements to attract more applicants. With a little help, you’ll quickly find the perfect reach that suits your needs.
Step 5: Pick the target location and salary range
You can select up to five cities where you would want to look for talent. To further broaden the talent pool, consider choosing either option for remote work or target your job offer globally. We believe that talent is borderless, so this could give you up to 5x more candidates.
Also, specify the gross salary range you’re willing to pay. If you are ready to offer the candidate a higher salary than their current employer, choose the pay increase option as well.
Pro tip: Check Job Market Insights by MeetFrank to find out in real-time what salaries the job seekers expect and how competitive is the market for talent.
Step 6: Write a Job Description
In the job description, give an overview of the duties in the role. You may also expand on the requirements for the candidates.
A welcoming job description is crucial to get the potential candidate interested, so this is the ideal place to really be personal and display the tone of your company. End the message with a clear call-to-action to encourage candidates to submit their application.
Step 7: Publish the offer!
Good luck with your hire! Now we will take over and make sure to boost your job opening with direct notifications to relevant candidates. You just sit back and relax.