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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
Monday, February 28, 2011
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
Monday, February 28, 2011
Computers are tied to a place, mobile devices are always with the user
M-services can be used from more places than e-services
Monday, February 28, 2011
Monday, February 28, 2011
Adding mobile payments to your app or game should be as easy (and cheap) as creating a blog or a homepage
Monday, February 28, 2011
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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Monday, February 28, 2011
Monday, February 28, 2011
Monday, February 28, 2011
Garage48.org
From idea to service in 48 hours!
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Monday, February 28, 2011
Monday, February 28, 2011
Why I’m in Silicon Valley?
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2001
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Monday, February 28, 2011
Casual Connect Europe sponsors list from http://europe.casualconnect,org
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Hiring
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What we’ve learned?
Monday, February 28, 2011
You can’t outsource or delegate business development of a startup
Monday, February 28, 2011
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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Monday, February 28, 2011
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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Monday, February 28, 2011
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?
Monday, February 28, 2011
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!
http://twitter.com/rainrannu
http://fortumo.comhttp://garage48.org
Monday, February 28, 2011
