Recently, the Global Startup Ecosystem Report of 2021 was published. The report has covered 275 startup ecosystems globally and highlighted Estonia as one of the strongest ecosystems of startup companies. The report ranked Estonia at number 6 on the list.
The Foreign Trade Minister of the country, Andres Sutt, said that the high ranking is connected to the attitude of the country towards its booming startup community. He said that Estonia is large enough for companies to test out different ideas and viability of businesses, as well as small enough to go beyond the local market quickly.
He also said that the ranking is very important for Estonia, as it will increase the pace of innovation in the country and will further help the economy and business industry to grow in the country. The minister also said that the revenue from labor taxes alone brings as. much as 100 million Euros to the state budget and he predicts that the figure will further increase in the future.
Global Ecosystem Report 2021
The report, which was done by Startup Genome and the Global Entrepreneurship Network, GEN, shows that as much as half of the top ten of the emerging startup ecosystems are from Europe. Many of the ecosystems were applauded as the majority of them managed to attract international talents.
However, for Estonia, this was different, as, in the country, many of the startups are created by locals. There is a special system in Estonia, which helps the development of the field further. It is called the e-Residency Programme. This program makes sure that international talent and experience are used to further develop the local market and reach global-level success.
While working on the report, the two companies have analyzed over 280 innovative ecosystems and more than 3 million companies. The report claims that although the year was very much turbulent, the startup industry still managed to have a successful year.
According to the report, North America dominated the Global Rankings and as much as 50 percent of the Top 30 ecosystems were from the North American region. Asia represented 27 percent of the Top 30, and Europe - 17 percent. It was also noted that the global startup economy is worth over $3.8 trillion in Ecosystem Value.
As for the Emerging Ecosystem Rankings, here, the top 10 are led by Europe. The Emerging Ecosystems were collectively worth over $540 billion in Ecosystem Value. This is as much as a 55 percent increase compared to last year.
The data published with the report indicates that the Startup industry is growing very fast. The best thing about it is that the growth is not limited to any one region alone, rather, the industry is increasing around the world.
Startup Industry in Estonia
Over the past few years, the role of Estonia in the startup industry has grown a lot. Many of the resorts around the world list Estonia as a leading position in terms of the startup industry. For example, the EU-Startups listed Estonia among three of the best European countries to set up a startup.
The country remains to be a very attractive destination for startups because of its massive and powerful educational system, highly digitized procedures, and the ease to get the work as well as entrepreneurial visa.
There are numerous very successful startups from Estonia very well-known around the world. A great example of a successful startup company from Estonia is Bitsgap, which is a company aiming to make crypto trading easier.
The main aim of the company is to help crypto traders get the most out of the crypto trading market. It offers traders tools to easily analyze the cryptocurrency market. Bitsgap has already managed to become one of the leaders in the industry and is one of the best choices for trading crypto. The team behind the company is full of experts with years of experience in the market.
Bitsgap is just one example of a successful Estonian startup company. There are many others that have become very popular around the world.
There are many reasons that make Estonia such a great place for startups. First of all, it is the attitude of the country towards startups. The country has worked very hard over the years to make the job of startups a lot easier.
In addition, the majority of the startups in the country only hire top talent, which ensures the highest quality at all times. Most of the startups in the country are very innovative and work on services and products aimed at making people's lives easier.
Startup Genome, which worked on the report, continues to increase its coverage. The analysis expanded from just 60 ecosystems in 2018 to almost 300 in 2021. The Emerging Ecosystems report looks at the countries that are still at the early stages of growth and development but already have shown substantial commitment and increase.