A report comparing the Baltic countries to neighbouring regions has been launched by Startup Wise Guys and EIT Digital.
The Baltic startup ecosystem is often lauded as a booming space, filled with perspective and tech talent. With only 6 million inhabitants Baltics host 1499 startups and per capita investments in startups can easily compete with Nordic countries.
While each country of the Baltics – Estonia, Latvia, Lithuania – has conducted its own startup reports, it is rarely analyzed as a whole, and benchmarked against surrounding regions. Therefore the Baltic Startup Scene Report 2017/2018 was created by Startup Wise Guys and EIT Digital, providing both a comprehensive overview and also benchmark with Nordics and other neighbouring countries to get better insight to the state of the region, its progress, its potential, and ultimately, it’s status in the world of startups.
Report provides insights into the growth of funding over the past five years, biggest deals, most active VC funds, hand-picked startups to watch, corporate innovation cases and more.
- Estonia is an outlier in terms of raised investment per capita in 2017 - 208. As a whole it brings up Baltic performance to 57,56 eur per capita, not far off from the Nordics' 80,71 per capita and significantly ahead CEE (Central and Eastern Europe) with 8,31.
- There have been more than 950 startup visa applications till August 2018 by non-EU founders, mostly coming from Ukraine, Belarus, Russia and Turkey to the Baltics.
- Cost-of-living calculations reveal that with 1093 eur on hand one person would easily last a month in any of the Baltic capitals, whereas the same money would last 11 days in London, and 17 days in Stockholm.
- Although ICO craze seems to have passed, Baltics have made its mark, especially, Lithuania with impressive 500M raised through ICOs in Q1 & Q2 of 2018.
The report collects and compiles a variety of perspectives of data into never-before-seen combinations. For example, it has compiled and compared the policies surrounding all three startup visas.
This allows startups that are considering to register their businesses in the Baltics to easily get an overview of which countries offer the residence permits with which requirements, and allows them to find the best option for them.
The report also compares the cost of living in the capital cities of the three Baltic countries with leading startup hubs in Europe and the region. It demonstrates that life in the Baltics is possibly more economically viable for startups with limited funds, and offeres a longer runway than if running out of, for example, London.
The report by Startup Wise Guys and EIT Digital explores additional topics with both quantitative data as well as in-depth analysis of phenomenons unique to each Baltic country. Namely, e-Residency in Estonia, deep tech in Latvia, and ICOs in Lithuania.