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Top investment news from April 2020

Having built a digital state and e-government over the decades, made 99% of public services accessible to all its residents and companies, Estonia is well prepared to move on in the new, post-corona-reality in full sail. Here is the latest business and investment news from Estonia.

#1 The Global Hack shows how Estonia is becoming a business accelerator of the future

Over 12,000 people from almost 100 countries have put together their ideas and strengths to figure out, how to make this world safe again. The Global Hack has shown how Estonia is becoming an accelerator for businesses of the future.

8 of the first ideas developed, are already in the market or at least having a working prototype. Here are some of them: Suve: an automated chatbot, to give state-approved answers people’s questions related to the crisis. Share Force One: a workforce sharing platform that connects B2B sides for temporary workforce exchange. Vaab: a medical volunteer management database. Zelos: an app that connects people at risk with volunteers via call centre.

“There is no doubt that Estonian startup mindset is ready to change the world,” noted Raido Lember, Director of Estonian Investment Agency (Invest Estonia) and the mentor of The Global Hack’s 7 teams – of whom 2 made it to the finals. “We, Estonians are focused on solutions, not problems. And that mindset is an advantage which is worth to invest in now and in the post-corona-crisis future,” Lember added.

#2 Viljar Lubi: Estonia leads the world. Yes, it is possible!

The success of Estonia in the IT field and the reputation of the e-government have given us a unique opportunity to be a leader in this crisis.

“Estonia is a model country for managing processes in times of a crisis,” says Viljar Lubi, Deputy Secretary General of the Ministry of Economic Affairs and Communications, believing that hackathons like Hack the Crisis and the Global Hack could give rise to tens of millions of extra euros to exports and the GDP of Estonia.

#3 Estonia’s biggest data center was born through a 100 million euro Finnish investment, hard work and some luck

Even during the current coronavirus-related crisis Estonia moves on in full swing. As a proof of this, the MCF Data Center, the largest upcoming Baltic data center near Tallinn is in construction, and the first part of the data center will open its doors at the beginning of 2021, three months earlier than planned. The construction was sped up because of the coronavirus situation that clearly illustrated how crucial secure and smooth e-services are.

Read the case study here, how Estonia’s biggest data center was born through a 100 million euro Finnish investment, hard work and some luck.

#4 Mobile voting may become a reality in Estonia already in 2021

As it has been often said in Estonia, we are always looking for long-term innovative solutions. According to Estonia’s Information System Authority’s yearbook, it is hoping to make voting via mobile devices or ‘m-voting’ available to the public already in 2021 and start providing a state authorisation service that will enable people to share their data with third parties, such as private companies, in a secure way.


# 5 City Nation Place: Estonia is using innovative tech solutions to provide personalised support for investors

When it comes to innovation in Estonia, the public sector has always had a place here, so now. Invest in Estonia is using a specialised web solution to enable potential investors to organise business visits to Estonia without the investing companies’ team members being here physically.

Virtual business visits, virtual business lunches, AI-based robots for giving information (chatbot Suve) and semi-automated advising (electronic investment advisor Eia) are developed in Estonian Investment Agency (or with the help of its employees). Some of these solutions have been working for a few years already, with newer ones just a few weeks old.

Interest in investing in Estonia has remained high and some of the investment projects in Invest Estonia’s portfolio in the fields of IT and renewable energy have even accelerated. Estonian business environment is very promising for the future of business: Estonia is one of the most digitally-enabled nations in the world, fast and flexible, tech-savvy and well-skilled.

Wish to invest in Estonia? Our quick and free e-Consulting service is here to help.

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