Let’s recap the year of hidden opportunities and find out how the Estonian startup sector did.
Let's start with the total number of startups in Estonia. As of today, we have 1117 startups in the Estonian Startup Database. In 2018 and 2019 respectively, 257 and 219 new startups were registered in Estonia. Although 2020 was a slower year for the sector, 113 new startups were still created last year. According to State of European Tech 2020 by Atomico, Estonia has 4.6x as many startups per capita as the European average - on a population-adjusted basis, Estonia is the capital of European startups!
People are the foundation of any economic sector. Luckily, the employment rate of the Estonian startup sector did not decrease despite the turbulent year. In fact, there was a yearly growth of 1,2%. According to Estonian Tax and Customs Board statistics, Estonian startups employed 6072 people locally at the end of the 2020. A year ago, that number was 5998. Unsurprisingly, the yearly growth was slower than last year’s 32%.
Read more: https://startupestonia.ee/blog/chapter-2020-of-the-estonian-startup-sector-the-craziest-one-yet