When naming the most innovative place in the world, Silicon Valley of the United States is usually everyone’s first response. However, that might not hold true in Europe. The tech-savvy country of Estonia is proving to be an important focal point for entrepreneurship and innovation. Right on the edge of Europe, Estonia has a total population of just 1.3 million. Estonia may be considered an extremely small country, but in terms of technology and innovation, it’s a giant.
Estonia produces more start-ups than any other country in the entire continent of Europe. With such a small population, you might be wondering what the motivation is for Estonian entrepreneurs to dream big and continue to innovate. A small domestic customer base in Estonia limits ideas and new products from gaining massive amounts of popularity and growth compared to places like Silicon Valley. However, international business has provided a solution to this problem. Many Estonian entrepreneurs have begun to look beyond their borders to sell their ideas in markets abroad.
International business and trade has proven to be an engine for innovation as in the case of Estonia above. Borders have been taken down and international trade has opened up new markets to countries with smaller consumer bases. In today’s globalized world, entrepreneurs have a new market for their innovating and groundbreaking ideas—and that market happens to be the world.