estonian entrepreneurial ecosystem (the connectors)
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Public & Private Connectors in the Estonian Entrepreneurial
Ecosystem Andrus Viirg Enterprise Estonia Silicon Valley andrus.viirg@eas.ee International Workshop “ENTREPRENEURIAL ECOSYSTEMS AND GROWTH-ORIENTED ENTREPRENEURSHIP”
Nov.7, the Hague, Netherlands
ENTERPRISE ESTONIA State foundation for Business Support & Development: Investment, Trade, Innovation/Technology and Tourism
promotion + the Space Office of Estonia implementing agency of the EU structural funds in Estonia
budget of 1.3 billion USD (2007-2013)
about 300 employees
providing financing/grant products, advice, partnership opportunities and training
Investment, Trade, Tourism & Innovation Promotion
– assisting international companies to estonianize
– assisting Estonian companies to internationalize
– Foreign (promotional) Offices in
Stockholm, Helsinki , Hamburg, London,
Moscow, St. Petersburg, Oslo
Shanghai, Tokyo and
Silicon Valley
slide by Robin Wauters during Seedcamp Week in London (sept.2011), where out of 20 companies 4 Estonian startups presented (were the finalists)
With 0.2% of EU population Estonia produces ca 20% of EU (successful) startups #estonianmafia & 500Startups
Estonia produces a disproportionate number of startups per capita
Behind the scenes:
e-Estonia
Estonia's capital Tallinn - (david jones)
LES ECHOS/Worldcrunch
birthplace of Kazaa & Skype e & m services electronic ID card from 2002 e-taxboard, e-voting,... m-parking 98% of bank transactions electronically NATO Cyber Defence Centre EU IT Agency HQs
Doing Business in Estonia
• simple tax system – flat 21% income tax
– NO Corporate Income tax (21% tax on dividends only)
• efficient company setup and reporting based on e-government solutions
• limited grant schemes (subsidies) for business support
The Phenomenon
• Serial entrepreneurs
• Ambient Sound Investments (ASI) www.asi.ee
• Estonian Startup Leaders Club www.startupleadersclub.com
• Garage48 (a boot-camp initiative to build new web and mobile
services in just 48 hours) www.garage48.org
• EstBAN (Estonian Business Angels Network)
• ESTVCA (Estonian Venture Capital Association)
• International Accellerators & Co-Working Spaces – StartupWiseGuys www.startupwiseguys.com – GameFounders www.gamefounders.com
– Technopolis Ülemiste www.technopolis.ee/en
Public Connectors of the Estonian entrepreneurial ecosystem
• Enterprise Estonia o Grant schemes for starting the business, product development, expanding to foreign
markets, employee training www.eas.ee/en o StartSmart (EST- FIN network for startups,...) www.start-smart.me/en o BrainHunt www.ajujaht.ee/english/ o Network of Foreign Rep. Offices
• Estonian Development Fund & SmartCap o Monitoring & Growth Programs www.arengufond.ee/eng o Governmnet VC arm www.smartcap.ee
• Tallinn Tech University o Mektory (Innovation & busines center) www.ttu.ee/projects/mektory-eng/
• Tallinn Science Park Tehnopol www.tehnopol.ee/en
o Prototron, prototyping fund
Education and awareness
Idea testing Prototyping Product Market fit/ Entering market
Expansion
Cap
ital
M
ento
rin
g
Estonian startup ecosystem
networking, networking, networking... the power of Global Networks & Social Networking
www.europeanentrepreneursatstanford.com
www.siliconvikings.com & Nordic Bridge Organizations
www.CleantechScandinavia.com
www.Slush.org www.Latitude59.com ConnectEstonia; SeedForum; Seedcamp,.... European Innovation Academy www.innovationacademy4u.com
• Feeding the Entrepreneurial Mindset – University Entrepreneurship Programs & Study Tours/Benchmarking
– Use of Social Networking Tools
– Developing core competencies (cyber security; EV charging infra)
• Risk Capital Formation & Venture Funding – Government Venture Fund
– Incubator/accellerator models
– PublicPrivatePartnerships
• Role of the Government (regulations) – Starting the business made easy
– But.... • still legal & mental obstacles in business liquidation process
• confusing tax regulations on option schemes (seen as fringe benefits)
Key Takeaways Entrepreneurial Ecosystem in Estonia
Serial Entrepreneurship in technology startups with scalable business models & products is the KEY! BUT..... the focus should be going to Mars not just creating another social network! Combination of Entrepreneurial & Innovation Ecosystems
+ Tech Entrepreneurs, Companies and Universities working together: Tech Transfer + Research with Commercialization Potential
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