startup ecosystem news

Visa’s She’s Next Program Elevates Estonian Female Entrepreneurs with Prestigious Awards and Support

Visa’s She’s Next program, dedicated to boosting female entrepreneurship, has selected six winners from the Baltic region, including two innovative Estonian founders, Kadri Haljas of Triumf Health and Andra Halmann of LapaDuu.

The winners, chosen in collaboration with Luminor, each received €10,000 in growth capital and a year of personalized business advisory from Novatore. Kadri Haljas leverages technology to enhance children’s mental health through Triumfland Saga, a mobile game praised for its positive impact on well-being. Andra Halmann, with a passion for nature and horticulture, crafts eco-friendly beeswax food wraps that blend environmental preservation with aesthetic pleasure.

The initiative, part of Visa’s commitment to fostering inclusive and sustainable economies, has globally supported female entrepreneurs with $3.8 million since 2020. She’s Next, emphasizing support in challenging economic times, empowers women-led businesses in Estonia, reinforcing the foundations of an equitable entrepreneurial landscape.

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Investments in Research and Development Surge in 2022

In 2022, Estonia witnessed a significant increase in investments in research and development (R&D), reaching a total of 642 million euros, accounting for 1.78% of the Gross Domestic Product (GDP). Despite the robust growth in R&D expenditures, the proportion of these investments relative to the GDP remained at the 2021 level, according to the Statistics Office’s lead analyst Tiina Pärson.

The business sector contributed 361 million euros, while the non-profit institutional sector, encompassing universities, government institutions, NGOs, and foundations, accounted for 281 million euros. Pärson highlights the encouraging trend of the private sector increasingly investing in R&D, driven by the state’s supportive measures and the compelling need for businesses to innovate amidst challenging economic conditions and global shifts.

In 2022, the number of companies reporting R&D expenditures to the Statistics Office reached an all-time high of 399, with a notable increase in contributions from micro and small enterprises. The number of R&D employees, when adjusted to full-time work, surged to 8,065, marking a 19% increase from the previous year, with the business sector reporting the most significant growth.

While R&D intensity, the ratio of total R&D costs to GDP, showed only a modest increase of 0.01 percentage points from the previous year, the broader European context reveals a 2.22 average intensity index, with the EU’s total R&D expenditure rising by 6.34% to 352 billion euros. Estonia remains committed to bolstering its R&D efforts, aiming to reach the 2% target set in the Research, Development, Innovation, and Entrepreneurship Strategy for 2035.

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PISA 2022 Results Confirm Estonia’s Leading Position in Education, Fueling Its Innovative and Entrepreneurial Ecosystem

According to the recent PISA 2022 results, Estonia has solidified its reputation as a leader in education, consistently excelling in mathematics, science, and reading, and securing its place at the forefront in Europe and among the top 4 OECD countries. Kristina Kallas, Estonia’s Minister of Education and Research, praised the nation’s students for their outstanding knowledge, which is a testament to the effectiveness and equity of the Estonian education system. The country’s resilience against disruptions, like the global pandemic, was notably less compared to many other nations.

This educational prowess is not just about academic excellence; it’s about fostering a growth mindset and an entrepreneurial spirit among students. Estonian students are known for their satisfaction with life, readiness for self-directed learning, and an inherent belief in improving their intelligence and skills. This educational ethos is a significant contributor to Estonia’s status as an e-state and a hub for innovative startups, including 10 successful unicorn companies.

Digital innovation is pivotal in Estonian education, striking a balance between technology and traditional methods to provide a comprehensive learning environment. The country’s exceptional sense of student security, inclusivity, and alignment of vocational and higher education systems with industry needs set it apart. The correlation between the PISA results and Estonia’s thriving startup scene underscores a national mindset geared towards progress and innovation. As Estonia continues to embrace this progressive educational approach, it remains a beacon of educational innovation and a fertile ground for future talent and entrepreneurial ventures.

Read more in Invest in Estonia article

Source: Rebuplic of Estonia Ministry of Education and Research

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