As a small country, Lithuania will need to retain its strong position as an economy driven by and supporting innovation. Beyond its successes in IT innovation, Lithuania has a solid foundation for developing cutting edge technologies across industries given its high production of graduates in key sectors such as engineering and science. To highlight and promote the potential for innovative cooperation between Lithuania and the United States, the American-Lithuanian Business Council (ALBC), and the Baltic American Freedom Foundation (BAFF), and the U.S. Embassy in Vilnius have established the Lithuanian-American Innovation Award. The award will be granted to a Lithuanian individual, organization, university, or firm that has developed a cutting-edge technology or solution in collaboration with a U.S. partner. 

The winner will receive 10,000 Euro (gross) and a runner-up 5,000 Euro (gross). The award is recognition of Lithuanian and U.S. ties and innovative thinking. It is not intended as seed money for start-up companies or a support for a specific organizational plan or model.

To be eligible, applicants must be Lithuanian residents, firms, or organizations registered in Lithuania. Submitted projects must demonstrate a clear Lithuanian-American link according to a combination of at least two of the following factors.