• X-Europe

Startup Ecosystem Toolkit | The Baltics

X-Europe has prepared three startup ecosystem toolkits focusing on our focus regions - the Baltics, Visegrad, and Benelux. We're starting off with the Baltics which have been often praised as a booming startup ecosystem with outstanding, ambitious, and multilingual tech talent. With just a little over 6 million inhabitants, the Baltics are the home to more than 2,500 startups and boast per capita investments at par with (or even exceeding) those in the richer neighboring region - the Nordics. Despite the countless upsides of being based in the Baltics, the startups do still encounter certain challenges, as does everyone (to be fair).

NB! Before you continue reading, please note that there are many similar reports regarding specific countries and/or regions published every year. One thing that these reports have in common is that the numbers presented always differ. We have indicated all our information sources to keep it as transparent as possible. If you feel that your country/ecosystem has been misrepresented, please, let us know by writing to info@xeurope.eu and we'll make sure to adjust the information for everyone's benefit.


💶 Society & Economy 🚀 Startup Ecosystem

🌱 Accelerator Highlights

💰 VC Fund Highlights

🤝 The Biggest Deals in 2019/2020

🎤 Main Startup Events

💡 Ecosystem Player Insights

💼 Conclusions


Out of all X-Europe's focus regions, the Baltics is the smallest both in terms of population and GDP per capita. The region is the home for just a little more than 6 million people, with almost half of them living in Lithuania. The population decreased dramatically during the financial crisis of 2007-2008, which forced large masses of people to emigrate in search of work to other, mostly Western-European countries. Furthermore, the population is continuing to dwindle following the larger demographic general trends in Europe.

Despite the gradually declining population, after the financial crisis, all of the Baltic countries have demonstrated some of the fastest-growing GDPs in Europe, partially due to the stringent regulations set in place by the respective governments.

In terms of GDP per capita (nominal), Estonia has historically outperformed its two Baltic neighbors and continues to do so in 2020 by reaching a GDP per capita of 22,990 EUR, 3,000 and 5,000 EUR ahead of Lithuania and Latvia respectively.

Nevertheless, all three Baltic countries are keeping up the pace or even outperforming the majority of Central and Eastern European (CEE) countries and have managed to rank in the top 50 countries when it comes to the standard of living, with Estonia being ranked the highest as the 33rd country on the list. However, despite the fast-growing GDPs and generally high standard of living, the Baltic countries still have a far road ahead before they can catch up with the larger Northern and Western European economies.

Similar to the standard of living, the Baltics score well in terms of innovation. Stable political environments, good quality education, ever-evolving infrastructure, and business sophistication has allowed all of the countries to land in the top 40 in the Innovation Global Rank (GII). Yet again Estonia is in the forefront, being ranked #25, while Latvian and Lithuania are ranked rather close at #36 and #40 respectively.

Estonia's dominance continues to show also when looking at various entrepreneurial rankings. It ranks the highest out of the Baltic countries in terms of entrepreneurship, the ease of starting a business, and the percentage of GDP used to finance research and development.


The ease of starting and doing business are the areas where the Baltics shine the most in terms of entrepreneurship. All three countries are ranked in the top 35 for the ease of starting a business and top 20 for the ease of doing business rankings. Estonia is the first country in the world to introduce e-residency along with other e-solutions which facilitates the ease of starting a business, especially for people moving to Estonia from abroad. The process of starting a business is a bit more complicated in Latvia and Lithuania, but once you are up and running, doing business is relatively easy and often much more manageable than in many Central and Western European countries.


The Baltics have a very dynamic and constantly changing startup ecosystem, which results in large numbers of startups being registered. This is facilitated by a large number of opportunities to attract early-stage funding and support both from the government and EU funds as well as local incubators, accelerators, business angels, and VC funds.

In accordance with the data available on Crunchbase, F6S, and Startupblink, in total, there are 12 incubators in the Baltics, with ⅔ being located in Estonia. In reality, the number of incubators is higher, however, the availability of up-to-date data prevents us from precisely measuring this aspect of the ecosystem. Most of the incubators support their startups with a desk at a coworking space, mentoring, and minor financial aid to help the startups get their business off the ground.

The startups are presented with even more opportunities when it comes to acceleration. There are 29 accelerators across the Baltics offering even more programmes and more often than not available to startups from all three Baltic countries or even to the wider CEE region.


Similarly, startups have vast opportunities for attracting pre-seed, seed, and late-seed investments due to the substantial number of easily accessible business angels and VC funds. The activities of business angels in the Baltics is mostly managed by national business angel networks - EstBAN, LitBAN, and LatBAN. EstBAN being the oldest of the business angel networks has the most members - 148, while the networks in Latvia and Lithuania are still working on growing their ranks.


In addition to business angels, startups have access to Baltic VC funds of which there are 47, most of which are located in Estonia (23) and Latvia (16), while some of the VC funds describe themselves as pan-Baltic. Thanks to the small ecosystem and large variety of business angels and VC funds, it is relatively easy to attract early-stage funding; however, when it comes to Series A, B, and C fundings, the startups will have to look outside the Baltics to satisfy the financial needs required for further growth and development.

Despite being the smallest of X-Europe's focus regions, the Baltics has generated the largest number of startups (2,577). Most of the startups are located in Estonia, with Lithuania being a close second, while Latvia is lagging behind having less than half of either of its neighbors' numbers. Likewise, both Estonia and Lithuania have shown higher attracted startup funding in 2019, mostly fuelled by funding rounds received by their unicorn companies (companies valued at over $1bn US dollars). At the time of the writing of this report, Estonia has 5 unicorns, Lithuania has 1 and Latvia is still chasing its first one.


The Baltics demonstrate a very impressive performance when it comes to startup funding. “The Baltics, with their small combined population of 6 million, are demonstrating 5x more funding per capita than the 14 countries in the CEE region, with 80.80 EUR and 15.15 EUR, respectively” (source). Estonia and Lithuania are far ahead of Latvia in terms of startup funding in 2019, mostly thanks to its unicorns - Bolt and Vinted respectively. While the investment attracted by Latvian startups is lower, it is growing reaching its highest point in 2020 for the first time exceeding 20 million EUR (source).


Without any surprises, the capital cities of all Baltic countries are the hotspots with the highest startup activity. However, there are also smaller hubs in other Baltic cities. For example, Tartu is a very vibrant startup city powered by its local government and the University of Tartu.


With 29 accelerators in total, Baltic startups have plenty of opportunities to obtain mentoring and pre-seed and seed funding of up to 400,000 EUR. Below we have handpicked 9 of the most active Baltic accelerators and described their focus areas and some of the benefits offered to the startups in their portfolios.

Overkill Ventures (LV) Focus: B2B startups in CEE and Nordics Portfolio: 25 Benefits: Up to 220,000 EUR pre-seed funding and tailored coaching to get to product-market fit Buildit Accelerator (LV) Focus: Hardware, IoT, mobility, productivity, smart living, energy, health-tech startups Portfolio: 23 Benefits: Pre-seed investment up to 50,000 EUR, seed investment up to 250,000 EUR Commercialization Reactor (LV) Focus: Early stage deeptech startups Portfolio: 34 Benefits: Up to 50,000 EUR acceleration and up to 250,000 EUR follow up investment. Startup Wise Guys (Pan-Baltic) Focus: B2B, cybersecurity startups Portfolio: 200 Most recent investments: 55,000 € investment for 9% equity with a follow-on possibility Superangel (EE) Focus: Early-stage startups Portfolio: 28 Benefits: Initial investment and knowledge in customer and business development, hiring, sales & marketing, and product development. Baltic Sandbox (LT) Focus: Early-stage Eastern European FinTech, Saas, and deeptech startups Portfolio: n/a Benefits: Up to 200,000 USD investment. 70ventures (LT) Focus: Baltic B2B and Marketplace companies that can scale globally. Portfolio: 27 Benefits: Up to 400,000 EUR milestone-based financing and B2B acceleration StartupHighway (LT) Focus: Innovative early-stage technology startups Portfolio: 13 Benefits: €25,000 in seed funding FOR 7.5% equity stake


Source: Crunchbase, F6S & Startupblink

The Baltics is the home for 47 VC funds across the three countries. Most of the VC funds primarily focus on startups based in the Baltics and CEE and provide pre-seed, seed, and/or late-seed investments. To demonstrate some of the activity carried out by the VC funds in the Baltics, below we have selected 9 VC funds that have been the most active in the ecosystem in 2019 and 2020.


ZGI Capital (LV) Focus: Late-Seed Portfolio: 17 Most recent investments: Hansamatrix (LV), GoWood (LV) Change Ventures (Pan-Baltic) Focus: Pre-Seed, Seed Portfolio: 17 Most recent investments: Veriff (EE), 99math (EE), Aerones (LV), Qoorio (LT), Giraffe360 (LV) Startup Wise Guys (Pan-Baltic) Focus: Pre-Seed, Seed Portfolio: 200 Most recent investments: Ondato (LT), Katana MRP (LT), CENOS (LV), Adact (LV), Multiorders (LT) Practica Capital (LT) Focus: Seed, Late-Seed Portfolio: 55+ Most recent investments: Eddy Travels (LT), ZitiCity (LT), Pixevia (LT) Coinvest Capital (LT) Focus: Pre-Seed, Seed Portfolio: 17 Most recent investments: Teachers Lead Tech (LT), Inion LT (LT), Ligence (LT) Lemonade Stand (EE) Focus: Pre-Seed, Seed Portfolio: 21 Most recent investments: Wolf 3D (EE), Teamscope (EE) Iron Wolf Capital (LT) Focus: Seed, Late-Seed Portfolio: 8 Most recent investments: Redtrack (LT), eAgronom (EE), Amberlo (LV) United Angels VC (EE) Focus: Pre-Seed, Seed Portfolio: 20 Most recent investments: Salv (EE), Sentinel (EE), Bob-W (EE/FI) Trind Ventures (EE) Focus: Pre-Seed, Seed, Late-Seed Portfolio: 33 Most recent investments: Vumonic (EE), Fractory (EE), Wolf 3D (EE)


Source: Crunchbase, Baltic Startup Scene Report 2020

The startup ecosystems are often as strong as their strongest startups. One of the fastest ways for ecosystems to grow is for the startups who reach success early to reinvest back into the ecosystem, thus, starting a snowball effect. A good example of such practice is the early success of Estonian company Skype, which created the first wave of new startups being created and boosted the Estonian startup ecosystem. Below we look at some of the larger deals in 2019/2020 to see what companies have benefited from the ecosystem the most and might become benefactors themselves in the future.

Source: Crunchbase, Dealroom, Baltic Startup Scene Report 2020


The data demonstrates that the round sizes in Estonia, in general, are much higher than in the other Baltic countries, with the exception of Vinted, which is an outlier in Lithuania with a round size of 155.5M USD. Latvian startups have the smallest round sizes in 2019/2020 with none of the startups receiving above 10M USD.


Determining the main startup events is not always easy as bigger is not always better. Below we have tried to list some of the main events in the Baltic startup ecosystem in no particular order. Some are bigger than others in terms of attendees, but all are important for bringing the ecosystem players closer together. The event industry has been hit hard by the COVID-19 epidemic; thus, we are providing just a short overview of the event and a link to their website as the dates of the next conference are changing on a regular basis.

TechChill (LV)

“TechChill celebrates the best of the Baltic startup community by annually bringing together 2000+ attendees, including the fastest-growing startups, most innovative corporations, investors active in the region, and talented tech enthusiasts. TechChill is organized by a non-profit foundation of the same name, empowering the Baltic startup ecosystem throughout the year.”


LOGIN Festival (LT)

“The largest, richest in content, and probably the boldest innovation gathering in the Baltics. We name it a festival as we attract quite a crowd – 6,000 game changers, forward thinkers, tech-savvy innovators, and people thirsty for knowledge. Lots of ways to call YOU.”


Startup Fair (LT)

“Startup Fair is an annual and the main international startup ecosystem event in Lithuania organized by Startup Lithuania - the national startup ecosystem facilitator.”


sTARTUp Day (EE)

“sTARTUp Day is the biggest festival in the Baltics, bringing together startups, traditional entrepreneurs, investors, innovators, and students. The aim of the event is to connect startup-minded people and celebrate entrepreneurship in the smart city of Tartu.”


Latitude59 (EE)

“Latitude59 is the cosy spring gathering for people serious about startups, investing, and the future of governance.”


Digital Freedom Festival (LV)

“The Digital Freedom Festival is a multi-event platform where the geeks of the digital era meet with policymakers to solve problems caused by the clash of the digital and analogue worlds. Investors and technology evangelists connect with young, bright minds of the startup scene, and consumers discuss the impact of technology on our lifestyles.”


So far we have looked at data collected from various sources that paint the picture of the region's overall economic situation and the size and activities of the related startup ecosystems. However, numbers don't always paint a clear picture of the actual situation. Therefore, we approached ecosystem representatives in all three Baltic countries to give their opinion on the ecosystem's strengths as well as the challenges that the ecosystem should focus on tackling in the next 3 to 5 years. The below information allows us to better understand the needs of the region and assess how the X-Europe programme and its offered services can best aid the progress in the right direction.


Andris K. Berzins | Managing Partner at Change Ventures | LinkedIn

On strengths: “Baltic startups are born-global with strong technical talent and more hustle than their Western European counterparts.”


On challenges: “Talent is the top challenge like everywhere, but especially hard for the startups that achieve some significant scale and require more experienced talent. What we see is that the best startups are, however, becoming increasingly successful in importing top talent from elsewhere that relocates to the Baltic States to work for exciting teams.”

Gytenis Galkis | Partner at 70ventures, Founder and Member of the Board of LitBAN | LinkedIn

On strengths:I believe that the greatest strength of the Baltic startup ecosystem is its community, accessibility and most importantly ambitious talent that has a huge desire to outcompete.”


On challenges: “Observing the current startup ecosystem, I strongly believe that people from the Baltics are excellent in building the highest quality product and service. However, we are still a long way behind the US talent in terms of sales and advertising knowledge. If during the next 3-5 years we will improve it, the Baltic startups will become unbeatable. Other than that, I’d really like to see more talent from foreign countries coming to Vilnius, Riga, and Tallinn. I know our weather is not the best, but our cities are amazing.”

Aiga Kalbjonoka | Managing Director at LatBAN | LinkedIn

On strengths: “Baltic startups ecosystem's greatest strengths are: First of all, access to the capital, pre-seed and seed investment and availability to EU funding. Secondly, in a small country, it is way easier to meet the right person for the right purposes. For the same reason, we have great relationships with the government. Thus we can work on legislation and e-services. Thirdly, the snowball effect. Examples of the success stories (unicorns and companies that have had exits). Successful companies as inspiration to others. Co-founders of those companies are the investors to the next generation startups.”


On challenges: “1. Collaboration. We still need to learn how to collaborate to reach common goals for the startup ecosystem.

2. Access to talents. We need to work on the education system. We also need to work on keeping talents in our region and attracting them from abroad.

3. Access to the growth-stage investment. We need to keep building bridges to series A, B, C funds that our fast-growing startups can access funding and scale even faster.”

Diana Lace-Davidova | CEO at Latvian Startup Association, Dealflow Manager at Superangel | LinkedIn

On strengths: “1) Connectivity and network. Everyone (from VCs to the President of the country) is available via 1-2 handshakes.

2) technical capabilities and skilled workforce (strong historical technical education, numerous languages spoken, etc.)

3) World-class infrastructure (high-speed internet, airport).”


On challenges: 1) shortage of workforce for high-growth companies - need to tailor legislation to welcome talents from all over the world

2) unification of the ecosystem and common goals, common strategy for the country.”

Roberta Rudokiene | Head of Startup Lithuania | LinkedIn

On strengths: “Definitely – the talents, people who have good background, IT skills, innovative visions and desire to create disruptive technologies. As we’re very small markets, our startup founders think global from the beginning.”


On challenges: “Main challenge for the ecosystem – to attract the attention of foreign investors, to show that despite the small size Lithuania has a really strong tech ecosystem with global startups.”

Dag Ainsoo | Partner at Startup Wise Guys | LinkedIn

On strengths: “First, it has a unique geographical location between CEE and Nordics and other West Europe, which enables access to a vast technical talent pool and is like a bridge to economically strong countries in the West. We are able to culturally fit with both sides (which is the premise SWG is also built on, we are helping strong technical founders from the CEE to connect with EU markets, VCs, mentality, and mindset). We speak both languages. Secondly, these are small closed kit communities where everyone is one connection away. Also, people are very adaptive to change and open-minded to try new things. Historically we are coming from the Soviet Union, so we had to innovate a lot to catch up with the rest of the EU and that meant that we implemented many technologically advanced solutions much faster than our Western counterparts. Thirdly, people are still hungry and willing to take risks as we have still to catch up to the leading nations. This makes us work harder. Fourth, we have very strong role models, founders of now 6 unicorns have shown that it's possible to grow large international companies from these small countries, which creates more and more founders who are trying and succeeding. Also, all founders who have been successful are contributing back to the ecosystem by mentoring, starting new companies, and making new investments. For example, recent Pipedrive exit created 40-50 new angel investors in Estonia.”


On challenges: “One of the main challenges is immigration. We need to make sure that we can continue to grow and attract new talent from other countries. So we need to make sure that our immigration policies, startup visa systems, and all support is in place. This has been a struggle, also there has been opposition from citizens, which means a lot of people don't really want to come here. This has to change. Also, we need to simplify our legal systems, especially in Latvia and Lithuania, so it's easier and faster to establish companies here, we need to have much less bureaucracy. There is still a lot of old school mentality. I think developing a startup ecosystem should be a national priority, at the moment it has not been seen as such and it has mostly developed on its own. Of course, startup visa systems, electronic signatures, and possibility to manage all things electronically (Especially in Estonia), friendly tax systems, etc have been helping, but there is much more than countries can do to support. Unfortunately, most people are still thinking that farming, forestry, and heavy industry are more important and there is not enough focus on the smart tech economy that will be the future. We need to make sure that we get enough smart people building new things, all the rest will follow.”

Practica Capital | LinkedIn

On strengths: “Although the total population of the Baltic states is just around 6m, the talent pool is still one of our greatest strengths – it is skilled, professional, ambitious, and hungry for success. That commitment and hunger are what sets our founders apart. Home markets are small, so they have to think globally right from the start. As investors, we are not just looking for ideas we look for execution and entrepreneurs who dream big. It requires true grit from founders turning ideas into businesses. And that is what the Baltic startup ecosystem can offer. Of course, our ecosystem is still young, with a first-time founder generation, and it has its limitations, but we are on a fast-track learning curve of getting that much-needed experience. And despite all the limitations, it is still relatively easy and cost-effective to hire talent in the Baltics, one reason being that there aren’t many established local powerhouses (think Siemens, BMW, Microsoft, etc.) to lock-in engineering talent with 6-digit salaries.


Another factor we have to highlight is the national support on various levels that the Baltic ecosystem has. Governments and regulatory institutions are willing to collaborate, adapt to a fast-changing environment, and create a more favorable regulatory environment for the ecosystem to flourish. A great example, how Lithuania became one of Europe’s most exciting fintech hotspots. Lithuania’s fintech-focused policies were the answer to an already extremely active fintech community. It shows that all stakeholders can identify opportunities, understand the importance and can act fast to make much-needed changes.”

On challenges: “As some of the challenges we will have to face in the upcoming years, we have to consider various limitations that come from the Baltic market being relatively small. We have already noticed that we often lack specific know-how within the talent market. It can be challenging to find advanced specialists in some specific areas, for example, specialized sales operations, high-scale product deployments, marketing-at-scale, etc. While the region has highly-motivated and well-educated people, they often lack the relevant know-how to drive businesses to world-class enterprises. More experienced professionals on a senior level are needed. And the same goes for VC funds and investors. There are still not enough experienced early-stage VC professionals, lawyers, IP lawyers, M&A consultants, advisers, etc.

When it comes to fundraising and investments, we can still see that local fund managers struggle to fundraise bigger funds. It‘s just too small of a market to host a bigger VC fund, thus startups looking for funding beyond Series A have to raise it internationally. Simply, you cannot invest, for example, 10% of a total fund size in seed-stage in one deal in the Baltics. That is one of the challenges we have to face if we want to compete on a broader scale.

We also still have a low number of success stories and more notable exits. In general, the exit market is quite shallow in the region. And it’s all relative. Our ecosystem is still young and developing. As an early-stage investor, we have to bring startups to a level where bigger funds can join in, and just be patient with it. But still, we need more Series A and later investment rounds happening here locally, so that gap would be diminished and startups could grow faster.”

Liisi Org | Startup Community Development Manager at Startup Estonia | LinkedIn

On strengths: “Estonian startup ecosystem has many strengths, but the most important ones are that we have a very tight and collaborative community with a giving-back mentality. Our successful startups from Skype to Pipedrive are investing back in the community. Estonia has a very simple business environment, an e-residency programme, and a successful startup-visa programme. We are a digital country and you can do 99% of the government services online. We have a strong support network including over 100 startup support organizations.”


On challenges: “Our main focuses for the next 7 years are local-global interactions mindset, growth, diversification, and open data use. We will be enabling a forward-looking startup ecosystem, including regional hubs and we’ll be promoting an entrepreneurship and startup mindset in science and R&D, and supporting the growth of scaleup. We’ll work towards ensuring a diverse and competitive startup ecosystem through greater diversity in gender, age, and cultural or geographic background and we’re planning to Implement Open data-driven steering and foresight for the Startup Ecosystem.”


The Baltics is a very interesting region - the smallest out of X-Europe's focus regions with just a little over 6 million people but with the highest number of startups at 2577. Moreover, the Baltics is a great place for early-stage startups with so many accelerators and local VC funds providing pre-seed and seed investments. Furthermore, various government initiatives have made the Baltics a very attractive destination for businesses to land in. The three small Baltic countries are some of the best in the world when it comes to the ease of starting and doing business, which are also some of the criteria in which the Baltics outperforms the much larger Benelux and Visegrad regions. The region is also very vibrant when it comes to startup and tech events with several strong events being held in each of the countries. Finally, the cost of living in the region is very low, especially compared to other regions to the West.

When it comes to the strengths of the startup ecosystem in the region, most ecosystem players agree that one of the main strengths is the strong technical talent and hustle demonstrated by the people in the ecosystem. As the Baltics is a very small market, the startups born here are forced to have a global mindset from day one if they truly want to be successful and make a mark. As mentioned before, starting a business is relatively easy and it is made even easier by various national government initiatives and the wide access to pre-seed and seed investments in the region. While being small has its challenges, it also has its perks. Most people have heard about the “six degrees of separation”, but in the Baltic startup ecosystem, most people are just one connection away. This makes access to knowledge and early-stage investments easier than in other regions. Moreover, the region is showing a strong mentality of giving back, e.g. the exit of Estonian startup Pipedrive created around 40 new business angels ready to invest in the next potential success stories. Lastly, the region can be proud of its well-developed infrastructure. All the Baltic countries rank very high in terms of internet speed and for such a small region the local airports are very well connected to all main hubs in the world.


Despite the many strengths demonstrated by the Baltics, the region still faces a lot of challenges as well. Most ecosystem players in the region agree that the main challenge is talent acquisition as the smaller startups often lack specific know-how and are struggling to attract talent from abroad. Furthermore, while the startups in the Baltics are very strong at building high-quality products and services, they struggle in comparison to their Western counterparts when it comes to sales and advertising. Similarly, while the region provides a lot of opportunities for attracting early-stage investments, the market is just too small to provide growth-stage investment locally; thus, the startups have a great need to be connected to foreign investors. Finally, the Baltic startup ecosystem is very strong, still, it could be more unified and work on a further collaboration to strengthen the ties among the countries more.


While a 2-year programme such as X-Europe cannot solve these problems alone, it can definitely aid Baltic startups to tackle several of the pain points. X-Europe's provided talent matchmaking has the potential to help Baltic startups with attracting talent and know-how from abroad. Similarly, Growth Tribe's training can help the startups to improve their sales and marketing strategies, thus, boosting the startups' ability for growth. Finally, one of the main X-Europe's offered services is investor matchmaking. The programme has already managed to attract VC funds from a vast number of countries with a focus on various stage investments. Moreover, the X-Europe programme's startups gain access to some of the top startup tech conferences in Europe, which have always been target events of the leading VC funds in Europe; therefore, creating even more opportunities for startups to forge new connections with potential investors. Thus, the programme opens doors for these investors to be introduced to the vibrant Baltic startup ecosystem and likewise gives Baltic startups investment leads that could help them land their Series A investments and beyond.


To sum up, the Baltics is a very business-friendly region and has an ambitious and globally-minded startup ecosystem that is rapidly growing, yet still trying to catch up to the larger Western economies. X-Europe has the potential to have a small input in aiding the ecosystem in that direction; however, the main burden with dealing with these challenges will still lay on the shoulders of the local governments and ecosystem players. Nevertheless, the region has limitless potential and is expected to continue its rapid growth in the future.

Data sources: Population | Eurostat

GDP per Capita | International Monetary Fund

Standard of Living Global rank (GDP per Capita) | International Monetary Fund

Innovation Global Rank | Global Innovation Index

Entrepreneurship Global Rank | Global Entrepreneurship Index

Ease of Doing Business Rank | Doing Business

Ease of Starting a Business Rank | Doing Business

Research and Development (% of GDP) | World Bank

Startup Funding | Dealroom

Number of incubators | Crunchbase, F6S, StartupBlink, Baltic Startup Scene Report

Number of Accelerators | Crunchbase, F6S, StartupBlink, Baltic Startup Scene Report

Most Active Accelerators | Crunchbase

Number of Active VCs | Crunchbase

Most Active VC funds | Crunchbase

Number of Business Angels | Angellist, LatBAN, LitBAN, EstBAN

Number of Startups | Crunchbase, StartupBlink, Baltic Startup Scene Report

Main Startup Cities | StartupBlink

Biggest Deals on 2019/2020 | Crunchbase, Dealroom

Main startup events | Crunchbase

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