An Estonian business idea competition, called Ajujaht (“Brain Hunt” in English), is offering €150,000 in prize money for development of new business ideas.
According to Peeter Raudsepp, the head of Enterprise Estonia that initiated the competition, now may be the best time to start a business in Estonia.
“Opportunities for development and innovation are usually found in an economically difficult situation. Many sectors are waiting for fresh ideas to help them adapt to the new post-corona economies. It doesn’t matter if you are an experienced banking shark or an active student – it is never too early or too late to start a business,” Raudsepp said in a statement.
Over the past 13 years, Ajujaht has created companies that employ more than 700 people and who paid state and labour taxes in the amount of almost €9 million last year. Ajujaht alumni include companies like Bolt, Bikeep, Click & Grow, GoWorkaBit, FoodDocs, UpSteam, Groveneer and many more.
Registration for the competition is open until 1 November. The winners will be announced in May 2021.
The competition is funded by the European Regional Development Fund.
Cover: Participants at Ajujaht (“Brain Hunt”) competition in 2019. Photo by Ajujaht.