The combination of government initiatives and private sector support is key to developing the innovation and startup ecosystems, as highlighted by a new report from Compass on the startup ecosystem in Estonia. The country also benefits from a global outlook of startups from day since the local market is limited for companies looking to scale up rapidly.
While small, the Estonia startup ecosystem is growing very rapidly, building on several success stories – including Skype and TransferWise. The former is often considered the trigger of Estonia’s emerging startup ecosystem; Skype’s acquisition by eBay for $2.6 billion in 2005 put the Baltic state on the global map of innovation and fueled it with financial resources and startup experience.
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