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    Building Startups in Estonia

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    idoluis
    This document summarizes funding and development of the Estonian startup ecosystem. It shows that funding of Estonian startups has increased from €3.9 million in 2006 to €70.8 million in 2014. The Estonian Development Fund played a key role in developing the ecosystem by starting programs like SeedBooster and initiatives like the Estonian Business Angels Network. While the ecosystem is still immature compared to larger markets, Estonia provides benefits for startups like the Skype legacy, small market size, and supportive government policies.

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    Building Startups in Estonia

    Uploaded by

    idoluis
    47 views18 pages
    This document summarizes funding and development of the Estonian startup ecosystem. It shows that funding of Estonian startups has increased from €3.9 million in 2006 to €70.8 million in 2014. The Estonian Development Fund played a key role in developing the ecosystem by starting programs like SeedBooster and initiatives like the Estonian Business Angels Network. While the ecosystem is still immature compared to larger markets, Estonia provides benefits for startups like the Skype legacy, small market size, and supportive government policies.

    Original Description:

    Experience and perspectives

    Original Title

    Building startups in Estonia

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    This document summarizes funding and development of the Estonian startup ecosystem. It shows that funding of Estonian startups has increased from €3.9 million in 2006 to €70.8 million in 2014. The Estonian Development Fund played a key role in developing the ecosystem by starting programs like SeedBooster and initiatives like the Estonian Business Angels Network. While the ecosystem is still immature compared to larger markets, Estonia provides benefits for startups like the Skype legacy, small market size, and supportive government policies.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    47 views18 pages

    Building Startups in Estonia

    Uploaded by

    idoluis
    This document summarizes funding and development of the Estonian startup ecosystem. It shows that funding of Estonian startups has increased from €3.9 million in 2006 to €70.8 million in 2014. The Estonian Development Fund played a key role in developing the ecosystem by starting programs like SeedBooster and initiatives like the Estonian Business Angels Network. While the ecosystem is still immature compared to larger markets, Estonia provides benefits for startups like the Skype legacy, small market size, and supportive government policies.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 18

    Building startups in Estonia

    Experience and perspectives


    9 February 2015 #LGA
    100 M
    USD
    72
    million
    EUR
    Wall of Fame
    #estonianmafia
    Fundraising by EST tech startups
    Funding of Estonian Startups
    80 000 000

    70 805 333
    70 000 000

    60 000 000

    50 000 000

    40 000 000

    32 354 041

    30 000 000

    20 700 500
    20 000 000 18 530 867

    10 000 000 8 154 000


    7 304 831
    5 690 000
    3 958 000 4 315 000

    0
    2006 2007 2008 2009 2010 2011 2012 2013 2014

    Capital from Estonia (EUR) Total raised capital (EUR)

    *Estonian crowdsourced database


    Ground for the paradise
    > Skype legacy, heritage, dream, role-model
    > Small market - think big from the start
    > Other alternatives of becoming a millionaire are
    limited
    > Starting up has proven and made easy
    > Political leadership - e-services, tax regime,
    public focus
    Venture market is immature
    > Small number of active investors
    > Scarcity of private money in early stage
    > Deficit to make follow-on investments
    > Low level of funds raised and investments made
    > Business angels are activating, but still weak
    > Investor-readiness to be improved
    Developing EST startup eco-system
    > 2007 Estonian Development Fund starts operating
    > 2008 EDF’s first investments with private co-investors
    > 2008 Brain Hunt Business Plan competition starts
    > 2009 EDF supports Garage48 first hackathons
    > 2009 EDF opens SeedBooster and accepts GrabCAD
    > 2009 EDF initiates to establish Estonian BAN / VCA
    > 2010 First concept paper on Startup Estonia program
    > 2012 EDF invests as a lead investor into SWG
    > 2012 SmartCap is established to prepare for a new VC model
    > 2012 EDF co-investors initiate EstBAN (12 out of 25)
    > 2014 Startup Estonia program launched
    > 2015 New public Fund of Funds established, SmartCap privatized
    Startup eco-system
    Estonian startup eco-system
    Funding

    Time

    Mentoring
    What does a country need
    to flourish startups?

    > Technology transfer (skills and financing)


    > Entrepreneurs / Founders
    > Local supply of capital in early stages
    > Network and contacts
    > International staffing for C-level
    Estonian Business Angels Network EstBAN is an
    umbrella organization for business angels seeking
    investment opportunities in Estonia and its
    neighboring regions.
    In EstBAN we welcome all positive minded
    people with a passion for investing their time
    and funds into startups
    Lessons learnt in
    developing the ecosystem
    > Early supply of capital has to be supported
    > Public sector to initiate/support activities for the
    ecosystem
    > Listen to startups/founders and private investors
    > Connect the local players with international scene
    Who am I to tell you?

    > Built up a VC portfolio of 18 startups Heidi Kakko


    > Started SeedBooster Managing Director
    > Started EstVCA EstBAN
    > Kicked off EstBAN
    heidi@estban.ee
    > 4 X CEO M +372 5624 9959
    > 20 yrs of fundraising, CF and M&A Skype heidikakko
    > Member of Board at 5 startups www.estban.ee

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