Discovering the way to growth: Baltics and Ireland markets for the Ukrainian startup ecosystem
On 4 July 2023, Market Discovery Workshop – Estonia, Latvia and Lithuania was held. The event brought together representatives of startup ecosystems, investors and lawyers to discuss the prospects and opportunities for Ukrainian startups in the region. The main topics of the workshop highlighted the growing attractiveness of the Baltics for venture capital and startups.
One of the key points was the record level of investment in Latvia. The speakers highlighted that in 2023, Baltic funds invested a record €65 million in Latvian companies, which represents a 260% increase compared to 2022. It was noted that investment activity continues to grow, and the number of deals made by fund managers in the Baltics reached 297, which is 30% more than in the previous year. The total value of investments was EUR 239 million.
The participants focused on the startup ecosystems of the Baltics. Lithuania was named the fastest-growing ecosystem in the region, while Estonia leads with the highest enterprise value, which exceeded €27 billion. The total capital raised by the Baltics’ management funds exceeded €3.4 billion in 2023.
The workshop participants also highlighted promising sectors for venture capital investment in the Baltics. The leading industries included enterprise software, deep technology, healthcare and energy. These sectors have become the most attractive for investors and continue to attract significant funds.
The Startup Visa programme, which is available in all Baltics, was discussed separately. The programme offers flexible and favourable conditions for startups, helping non-EU founders to develop their projects in the region. Participants stressed the importance of this initiative for Ukrainian startups seeking to expand their business internationally.
The last but not least topic of discussion was the efficiency of starting a business in the Baltics. Representatives emphasised that the legal structure and requirements for starting a business are simplified and efficient. Procedures are usually completed online within 1-3 days using electronic identification cards or e-resident cards.
The Market Discovery Workshop was attended by such key partners as Sunrise Tech Park, Startup Lithuania, and NJORD law firm in the Baltics (Lithuania, Latvia, and Estonia). The participants shared their experience and provided valuable recommendations for Ukrainian startups planning to enter the Baltic markets.
The Market Discovery Workshop brought together key players in the Irish startup ecosystem online. During the event, the main aspects of startup development in Ireland were discussed, as well as opportunities for Ukrainian entrepreneurs considering this market to expand their business. The workshop covered several important topics related to Ireland’s infrastructure, market opportunities, government support and investment landscape.
One of the main points of discussion was the startup ecosystem and infrastructure in Ireland. The speakers stressed that in 2023, an impressive €1.35 billion was invested in small and medium-sized enterprises (SMEs) in Ireland. This indicates the stable development of entrepreneurial activity in the country and the market’s readiness for new ideas and projects.
Market opportunities, especially in the areas of information and communications technology (ICT), cybersecurity, medical technology and sustainable development, were also in focus. Participants emphasised that these sectors are the most promising for investors and start-ups, which is why they continue to attract significant investment and show steady growth. The workshop emphasised the importance of these sectors for the development of innovation in Ireland and for business expansion in international markets.
The issues of state support and the regulatory environment were also discussed. The participants emphasised that Ireland offers favourable conditions for start-ups thanks to support from government organisations and a transparent regulatory environment. It allows for quick adaptation to changes in the market and ensures long-term business sustainability.
The investment landscape in Ireland was also an important topic of discussion. Speakers noted that Ireland offers a variety of opportunities to attract investment, including from private venture capital funds and through government programmes to support entrepreneurship. It makes the country attractive to investors and start-ups from all over the world.
The key organisers of the workshop included leading institutions such as AxisBIC, IDA Ireland, Enterprise Ireland, the Local Enterprise Office and law firm DLA Piper. They shared their experience and knowledge, providing participants with valuable advice and guidance on entering the Irish market.
The Market Discovery Workshops are organised by AxisBIC as part of the Seeds of Bravery project.