Estonia has launched a public project, called accelerateEstonia, that is aimed to be a “highway” to fully exploit the capacity of the Estonian technology and startup ecosystem, similarly to the country’s e-residency programme.
The new project was created by the Estonian state in cooperation with the research and business campus, the Tallinn Science Park Tehnopol.
“New public-private sector ideas that have entered the accelerateEstonia project involve the simplification of the ‘know your customer’ process, digital convention for the carriage of goods, health and pension insurance for digital nomads and waste material flow platform,” Tehnopol said in a statement.
“The investment from the state for four early-stage business ideas is in total of €600,000 (€150,000 for each) and include public and private sector advisory support in testing and developing ideas during a nine-month period.”
The aim of the project is to fully exploit the capacity of the Estonian technology and startup ecosystem and e-state flexibility to accelerate the introduction of innovative solutions to the market and be at the forefront in settling the global challenges, the science park added.
High-potential ideas with a clear market need
“The principle of accelerateEstonia project is to do more with less, ie focus on turning the given ideas profitable,” Viljar Lubi, the deputy secretary general for economic development at the Estonian ministry of economic affairs, said. “All initiatives in start-up business might not achieve full viability, but we consistently wish to focus on completing the projects and thereby considerably heightening the prospects.”
The ideas that have been chosen to the project are all with high potential and clear market need, also the state has the focal role in the possible solutions, the science park asserted.
“Therefore, these are not classical startup companies with the marginal role of the state, but sectors where the implementation of innovation without the participation of the state is absolutely impossible.”
The Tallinn Science Park Tehnopol is a research and business campus with a mission of helping startups and small-to-medium enterprises to grow more quickly. It provides office spaces and counselling in developing businesses and entering export markets.
Cover: A sign at the e-Estonia showroom in Tallinn (the image is illustrative).