|The Estonian education system endorses innovation and technology.
|A very well-developed, widespread, and rich IT ecosystem on all levels.
|Simplicity and transparency in business creation.
|The rights related to the protection of intellectual property are well protected.
|The political will, skills, and curiosity to implement innovative Metaverse solutions.
Estonia is a highly innovative country, where for the last thirty years the country has favoured the use of various online innovations in the daily lives of its residents. Several important aspects of the Metaverse have been developed in Estonia already far before they got trendy in the rest of the world. Like Blockchain – the technology started to be tested here before Bitcoin was released.
Estonia has the political will, skills, and curiosity to implement innovative solutions. Some examples of Estonian companies in the Metaverse business include Vriendly, which powers collaborative sessions and game studio functions. NFTPort provides one-stop, simple, and developer-friendly NFT infrastructure & APIs for developers e.g. Stripe for NFTs. It brings NFT applications to market in hours instead of months, taking care of the NFT infrastructure so that businesses can focus on their core business model. ReadyPlayerMe is the most popular cross-game avatar platform in the world for the Metaverse. Their RPM lets you create an avatar from a single photo and use it among 2,000+ different virtual worlds.
In Estonia, both public and private sector services and the ability of users to access these services are very well connected. There is both a hardware and a software infrastructure, many users at different levels (service providers, service users, individuals), user awareness and skills, and the necessary mindset. The Estonian IT sector is very diverse, experienced, and has all the necessary competence elements. The development of a Metaverse-specific infrastructure and products and services is a clear step in light of the previous projects.
Estonian residents are an active test group who are ready to use new innovative solutions immediately. Estonian society is used to using different services and people also have the necessary equipment-based infrastructure and basic knowledge to deliver online. There is also a high level of overall trust in online services and products.
Estonia has all the elements that are necessary from the point of view of investors and entrepreneurs: an innovative environment, a simple tax system, fast administrative processes, and authorities and residents open to innovation. Additionally, it has one of the highest concentrations of start-ups and unicorns per capita in the world.
Estonia is a cashless society with over 99% of financial transactions occurring digitally. Electronic ID and Blockchain are widely used in FinTech applications. 80+ FinTechs ranging from innovative startups such as Wise to Blockchain leader Guardtime make Estonia a global centre of excellence for FinTech.
Estonia is the world’s most digitally enabled nation, offering a unique combination of talent, environment, and innovation. Our IT R&D ecosystem enjoys global proof of concept, being trusted by global organisations such as Kuehne+Nagel and NATO and producing unicorn startups like Wise and Bolt.
Estonia has a sizeable food industry which benefits from ecological raw materials, skilled workers and modern production facilities. With an established export capability and growing application of food science and technology, Estonia is the ideal location for export and R&D oriented investment.
Estonia is not only a pioneering digital society, which has found convincing answers to the challenges of digitalization, but it also is a very green country. There is a strong societal and political will to utilize the capabilities and ecosystems. These have been developed to tackle the challenges of decarbonization of the economy and to become once again a leading player – in CleanTech and GreenTech.
Defence systems have always been a focal point for Estonia. The country has built very capable defence army consisting of a professional army, reserve forces, and national defence league, complimented by NATO allied forces. Over the years technology entrepreneurs and engineers have teamed up with the army to develop world-class solutions for the global defence industry. When we mean defence, we mean business.
Metaverse is the parallel universe or a unified universal virtual world, facilitated by the use of virtual and augmented reality headsets. In addition to the fact that existing products and services can be transferred to the Metaverse, it achieves a completely new economic environment and opportunities to create and market products and services that are unique to the Metaverse. Simply said, Metaverse has no limits in Estonia.
Estonia developed X-Road, its proprietary decentralised, distributed system in 2001 and has utilised Blockchain since 2008. World-class technical skills supported by practical experience implementing public and permissioned Blockchain’s place Estonia at the forefront of the emerging Blockchain economy.
Patient records in Estonia are digitised and secured by the Blockchain, providing a single immutable data source for healthcare professionals. With a unique digital platform and collaborative ecosystem, Estonia is positioned to lead on preventative medicine, patient self-treatment and industry efficiency.
Estonia has a diversified energy sector which comprises long-standing expertise in oil shale, a sizeable renewables sector and growing CleanTech capability. World-class expertise within a highly digital, pro-business environment will see Estonia play a leading role in the energy revolution
Estonia has one of Europe’s largest bioeconomies, including world leading expertise in forest-based activity. Supported by high-quality natural resources, ultra-high use of IT and supportive policy making, Estonia offers a range of production and innovation opportunities.
Estonia’s marine sector specialises in the design and build of small and medium-sized commercial and leisure vessels. Centuries long expertise, cutting-edge application of IT and a flexible approach make Estonia a competitive location for innovation and export-oriented production.
What is it like to run a business in Estonia? How to benefit from the e-solutions and the efficiency of our business culture? What are the opportunities in specific sectors? Who to partner up with?
The Estonian Investment Agency’s team is happy to help you via its complimentary e-Consulting service, organize online or offline follow-up events such as virtual investment visits and guide you through the fairly simple process of investing in Estonia.