A recent analysis of the Startup Estonia (SUE) program and the Estonian E-Residency program shows that E-Residents have created almost a third of the startups in Estonia – of the 1,200 Estonian startups listed in the SUE database, 348 were created by E-Residents of Estonia. Most of them are companies engaged in business software development and financial technology solutions.
According to Startup Estonia’s chief executive Eva Peeterson, Estonia’s innovative digital society and international reputation attract talent from all over the world, offering beginners an excellent platform for growth. ” The diverse start-up sector is an important engine of innovation and economic growth in Estonia. Thanks to the E-Residency Program, the Estonian Startup Community can rapidly develop,” said Peeterson. She added that the e-residents brought unique skills, international experience and cultural richness to the local startup landscape, strengthening Estonia’s position as one of the most attractive innovation centers in Europe.
According to Natalya Storozhuk, a resident and founder of the Estonian startup company PRNEWS.IO, local startups gave the Estonian business landscape an international image. ” I admire the aspiration of Estonian startup entrepreneurs to help newcomers. There is a friendly atmosphere of support and excellent interaction between proven startups and Freshmeikers,” said Storozhuk. Vicky Brock, a resident and recognized startup entrepreneur, added that Estonian startups have invaluable experience in how to use the strengths of a digital society to scale the company up effectively. ” Estonian startups serve as a huge knowledge bank, and even the most experienced startups have something to learn from their Estonian colleagues,” noted Brock.
The e-residency programme was established at the end of 2014 to provide foreign citizens with secure access to Estonian public electronic services. Since the launch of the e-residency programme, more than 83,000 e-residents have established more than 17,800 new enterprises in Estonia. In addition to the indirect economic income, which is linked, inter alia, to the growth and investment of Estonian e-resident enterprises, the direct economic impact of the programme on the State budget of Estonia amounted to more than €68 million.
Startup Estonia is a national ecosystem development programme for Estonian startups, aimed at making Estonia the birthplace of many success stories in the future. The aim of the organization is to make Estonia a better place in the world for startups. To this end, contacts and partnerships are being developed with the best start-ups, incubators, business accelerators, and the private and public sectors. Startup Estonia implements KredEx.