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Tallinn's best business initiatives of 2024 announced

Tallinn's best business initiatives of 2024 announced

On October 2, during the Tallinn Entrepreneurship Awards gala held at the Seaplane Harbour Museum, this year's best development project, collaboration project, bright starter, tourism achievement, job creator, future solution, and circular economy promoter were announced. Awards were also given for the best applied research projects.

According to Margot Roose, the chair of the judging panel and Deputy Mayor for Entrepreneurship, the companies awarded the Tallinn Entrepreneurship Awards are important indicators for the city in terms of fresh ideas, job opportunities created for residents, and smart solutions. “The winners of the Tallinn Entrepreneurship Awards are visionaries in their fields, positively impacting the development of the city's business environment and adding value as a tourism destination,” said Roose.

The winners of the 2024 Tallinn Entrepreneurship Awards in seven main categories are the following initiatives and companies:

  • Development Project 2024: Pharmaceutical Factory, Developer Pharmapark OÜ
    The Estonia-Netherlands joint venture PharmaPark opened one of Europe's largest veterinary medicine factories in Tallinn this year. The modern production facility, covering an area of 21,000 m², meets the latest industry standards and focuses on economical in-house logistics solutions and energy efficiency. The project cost is €50 million.
  • Collaboration Project 2024: Development of a Removable Icebreaker Bow, Bifrost Tug Estonia
    Originating from Norway, Bifrost Tug Estonia was established with the goal of developing and testing a new icebreaker specifically for Estonian waters. In a product development collaboration with Bifrost Tug AS, Karmsund Group AS, Sjotun Holding AS, and Tallinn University of Technology, the durability of the innovative removable icebreaker bow was tested in the harsh conditions of the Baltic Sea.
  • Tourism Achievement 2024: Exhibition "Mystery of Banksy – A Genius Mind," POCO SA
    The hit Banksy exhibition brought over 200 artworks to Tallinn, allowing visitors to experience the genius of the world-famous graffiti and painter. The exhibition helped enhance Tallinn's image on the tourism map, attracting both art enthusiasts and international visitors. Additionally, it supported local entrepreneurs and confirmed the significant impact of cultural projects.
  • Job Creator 2024: Wise Payments Limited Estonia Branch
    As a unicorn with global reach, Wise offers international payment solutions and cash flow management for individuals and businesses. The continued growth of the team reflects the expansion of the company's product portfolio and the addition of new markets. Over the past year, Wise has created 98 new jobs in Tallinn.
  • Circular Economy Promoter 2024: Jolos OÜ, Sustainable Event Organization
    Organizing events, which involves bringing many people together, is not inherently sustainable, and it is essential to monitor the ecological footprint left behind. In addition to its core service of organizing events, Jolos provides an innovative environmental impact measurement service that includes a detailed analysis and report for sustainability improvement. Through its conceptual approach and training, the company has had a significant impact on both the Estonian and international events sector.
  • Bright Starter 2024: äio tech
    äio tech OÜ is a biotechnology startup that develops food-grade fats and oils from agricultural and woodworking industry by-products, reducing waste of natural resources. The company's uniqueness lies in its precision fermentation technology and the use of by-products. Besides its innovative business model, the company is characterized by rapid revenue growth, added value, and success in raising venture capital.
  • Future Solution 2024: Tele-Haptic Technology Development for the Blind, Seventh Sense
    7Sense is an Estonian startup developing high-resolution tele-haptic vision that enables blind individuals to perceive their surrounding environment through touch. This technology makes movement safer for visually impaired people by preventing collisions with other people, vehicles, and overhead objects.
This year, 66 candidates were submitted for the main categories of the Entrepreneurship Awards, with 23 initiatives nominated from that pool.
The special awards for applied research projects for 2024 were given as follows:
  • Special Award in Cooperation with Tallinn University of Technology: Building Energy Efficiency and Indoor Climate Audit – DigiAudit, Associate Professor Martin Thalfeldt of the Nearly Zero Energy Buildings Research Group
    DigiAudit offers auditing solutions for building energy efficiency and indoor climate, enabling the automation of energy use analyses and real-time energy labeling. Developed by researchers within the pilot program of the FinEst Smart City Competence Center, the solution has reached the market and customers worldwide in collaboration with Estonian companies Thinnect and R8 Technologies.
  • Special Award in Cooperation with Tallinn University: Development of Day, Night, and Eye Cream Recipes for Nogel Organics OÜ – Mari-Liis Leinus and Maria Martšenko
    The research aimed to expand the natural cosmetics product line of the domestic company Nogel Organics, based on local nettle extract, by three new products. The uniquely composed products were scientifically developed, proven effective, and dermatologically tested, and have reached the market earlier this year.
  • Special Award in Collaboration with the Estonian Academy of Arts: State Budget Dashboard 2.0 – Mariann Hendrikson and Helen Bender
    The research work of students in the Digital Product Design program focused on improving the user-friendliness of state budget visualization. Based on the tested prototype, the Ministry of Finance will create a new and improved state budget visualization dashboard in the Tableau environment this autumn. This marks the first research and development collaboration between the EAA and the public sector, aiming to enhance the user experience of financial information.
  • Special Award in Cooperation with the Foundation of Estonian UAS: Development of a Prototype for a Laser Scanning Measuring Device – Viljo Marrandi, Tallinn TTK University of Applied Sciences
    The research was based on the author's practical need to develop an additional contactless measuring device for a production line in his company that would reduce the time spent on quality control and the occurrence of defects. The completed prototype serves as the basis for developing a functioning end product that meets the company’s needs.

All photos from the Tallinn Entrepreneurship Awards Gala 2024 (by Aleksandr Gužov, Tallinn Strategic Management Office): Flickr Album