Post on 12-May-2015
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Entrepreneuship and startups in Estonia
Rain RannuStanford UniversityFebruary 28, 2011
Monday, February 28, 2011
Rain Rannu
• 30 years old
• BA & MBA from Tartu University, Estonia
• Entrepreneur for the past 11 years
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Mobile penetration exceeds Internet penetration
More people can use m-services than e-services
Rain Rannu, Mobi Solutions
More people can use m-services than e-services
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Computers are tied to a place, mobile devices are always with the user
M-services can be used from more places than e-services
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Adding mobile payments to your app or game should be as easy (and cheap) as creating a blog or a homepage
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Fortumo.com
• Founded in 2007
• Spun out of parent company Mobi Solutions (which we founded in 2001)
• Works in 50 countries worldwide
• 20+ people in 6 countries
• Profitable
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Garage48.org
From idea to service in 48 hours!
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Why I’m in Silicon Valley?
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2001
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Casual Connect Europe sponsors list from http://europe.casualconnect,org
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Hiring
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What we’ve learned?
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You can’t outsource or delegate business development of a startup
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Presence is not office space or local company... it’s being here
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Everything takes more time than expected
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Northern Europe
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Startups in Estonia
• Phase 1: copy globally successful services for domestic market
• Phase II (Skype, etc.): founders and funding from abroad, engineering from Estonia
• Phase III (now): Estonian-founded and owned startups trying to break to international markets.
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Lack of (VC) funding makes Estonian startups focus on profitability from early on
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Why is Silicon Valley better than Estonia?
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Customers
Investors
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Events
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No -10F weather in February!Monday, February 28, 2011
Why is Estonia better than Silicon Valley?
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Tiny domestic market, makes you look to international markets right from the start
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Less competition for talent, more loyal employees
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Cost of living
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No traffic jams!
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Challenges for Estonian statups:
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Image: http://www.theexitstore.com
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Image: http://www.gettyimages.com
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Thank you!
rain.rannu@gmail.com
http://twitter.com/rainrannu
http://fortumo.comhttp://garage48.org
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