Third of Estonian startups set up by e-residents

Analysis

Nearly one-third of Estonian startups have been founded by e-residents, an analysis from Startup Estonia, the engine of startup promotion in Estonia, and the Estonian e-Residency program, shows.

According to the study, most of those startups focus on business software development and fintech solutions, reported Intellinews.

Head of Startup Estonia, Eve Peeterson, believes that Estonia attracts international talent primarily thanks to its innovative digital society and its worldwide reputation as a thriving breeding ground for startups. "Our small, but remarkably diverse startup sector, has become an essential driver for innovation and economic growth in Estonia. Thanks to the e-Residency program, the Estonian startup community has been able to truly flourish and thrive," Peeterson said. Estonia's strong startup cluster employs more than 6,000 people, paying around EUR 100 million in labor taxes per year.

This year, approximately 330 companies have registered for the pitching competition, and 75 of them have links to at least one e-resident. The Estonian e-Residency program was launched in December 2014 with the aim of providing foreign nationals with safe access to e-services offered within the Estonian e-governance ecosystem. Since the launch of the e-Residency program, Estonia has welcomed over 83,000 e-residents who have gone on to establish more than 17,800 companies in Estonia. 

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