Seedcamp in London: Estonian startup "mafia"

08.09.2011, 09:47

Estonia has become a dominant player in such events as the Seedcamp competition of startups in London and because of the large number of Estonian firms entered in the race, has earned itself a nickname of Estonian mafia.

In the most recent Seedcamp, the jury shortlisted 20 startups from the whole world for the finals including four from Estonia. “I am very happy. It shows that their business model has potential to grow,” said Jarmo Tuisk, head of the innovation department of the Estonian ministry of economic affairs.

Kristjan Hillemaa, founder and CEO of Erply which has now expanded to the US says that startups are important because they remain Estonian enterprises. “Estonia has very good capital taxation policy,” he says.

Tuisk adds that he is not afraid that successful startups would be leaving Estonia. “I believe that many of them will see that Estonia is a very competitive place for their business development. After all, we have almost a double cost advantage in comparison with any other region in the near abroad, to say nothing about the US.”