With all this potential, there is no reason why European startups can’t match Silicon Valley. But Europe still needs more founders to match the ambitions of those across the pond, Forbes writes.
According to Forbes, it’s no surprise then that this huge funding gap is driving more U.S. VCs to join the action in Europe. In 2018, 7% of venture capital deals into European startups involved at least one Silicon Valley venture capital firm, up from three percent in 2013.
Estonia is a great place for innovation
Estonia has a two-decade track record of successful innovations and investments thanks to its smart people and a unique environment which enables the accelerated development and commercialisation of IP.
Estonia’s journey began in the 1990’s when Estonian engineers developed and scaled Skype using ingenuity and determination. The subsequent exit of Skype provided invaluable experience, capital and policy stimulus to create one of the world’s most successful entrepreneurial ecosystems.
Proof of success by global investors
Numerous Estonian early stage companies including TransferWise, Skeleton Technologies, Adcash and Pipedrive have secured venture capital and private equity from global investors. Corporate venturing such as Daimler AG’s investment in Starship Technologies and Didi Chuxing’s and Daimler AG‘s in Bolt (ex Taxify) also grows. Exits including Planet OS, Zeroturnaround, GrabCAD and Teleport provide proof of concept.
What drives Estonia’s success? Smart people with world-class IT skills and Europe’s best entrepreneurial and competitive performance. A pro-business environment with digital infrastructure ideal for innovation and testing. Our compact domestic market makes us open to global ideas, growth and investment.