Officially known as the Republic of Estonia, the country lies in Northern Europe. In recent years, Estonia has made its place among the major business centers of Europe. Particularly in the field of Information Technology (IT), Supply Chain Management, and Digital Solutions, Estonia is at par with global leaders.
Here we explore areas to invest; areas that promise scope, potential, and healthy revenue.
IT & Software/hardware development
A vast majority of Estonians are tech-savvy; whether using or supplying it. Combined with the lenient government policies towards the IT sector, the grounds are already plowed and a startup just needs to find the need of the market to fulfill.
By the combination of competent human resources, proper funding, and need identification, you can prepare hardware/software solutions for an already existing market.
Fintech & Infosec
Short form of Financial Technology, Fintech has become a driving force in the Estonian economy, especially the banking sector. Almost 100% of the day-to-day money transactions are carried out digitally, where the clients and banks are unaware of each other’s actual existence other than the avatar on their profiles.
Many banks exist entirely on the internet and have no physical branch to visit. With this level of digital penetration, the demand rises for an equally fancy term; Infosec, a short form for Information Security. Everything, from fingerprints to retinal scans and One Time Pass (OTP) is part of an integrated and collaborative information security system that ensures that the right people are performing the right transactions.
While many companies are offering state-of-the-art solutions in both the above-mentioned areas, newer and innovative ideas always have room. If you have an idea that can make lives easier and better, you may find starting up something of your own easier in Estonia than anywhere else.
Food
Another thriving industry in Estonia is the food sector. Trained people and raw materials are easy to come by, all one needs is the right recipe that will tantalize Estonian taste buds. Similarly, lots of advancements have been made in the field of food sciences and research. The well-established export system enables individuals and companies to come up with new innovative ideas and export the same to a vast international market.
Business services
Services that support the existing businesses and make their operations easier to perform are always welcomed. For instance, a shoe manufacturing company will surely want to partner with another company that promises to recycle or dispose of their waste in accordance with the laws of the land at a significantly low cost than if the same task was performed by the shoe company itself; with all extra cleaning, dumping, transporting staff.
Similarly, needs for office automation, recruitment, office maintenance, legal compliance, and hundreds of other tasks are now being outsourced to companies that excel in any one or all these solutions. Find out what the companies need assistance with, gather how you can provide solutions, hire the right resource and make your pitch – you don’t even need an office for that.
Energy
Currently, the energy sector of Estonia is a mix of fossil fuel, renewable sources, and cleantech capabilities. The government’s commitment to convert the entire system to renewable or cleantech, itself creates a promising prospect for investors. Infrastructure is present where the large corporations and small independent producers can supply to the centralized grid which then can use the energy internally and export the surplus.
Engineering and machines
The value chain essential to carrying out mechanical R&D is readily available in the country. Trained staff, qualified engineers, and researchers can be hired if offered attractive remunerations. Above all, the material resources and technology required to convert a blueprint into prototypes can be found easily in Estonia.
