The startup sector in Eastern Europe’s Estonia is growing at a rapid pace. The number of startups has grown from 550 to 650 in the first six months of this year. The number of employees in the startup sector has also grown by 44%, from 3,369 to 4,848 workers between 2018 to 2019.
The growth in the startup sector can be attributed to Startup Estonia, an initiative of the government under which many foreigners have set up their businesses in Estonia. The number stands at more than 120.
However, one problem plaguing the startup sector is the shortage of skilled labor. There is a shortage of 7,000 skilled workers in this sector at present. But the government has relaxed the rules to help companies hire employees from other countries.
The government has done way with immigration quotas for specialists from non-EU nations who come here to work for a startup or tech company, provided the employers can pay the average salary in Estonia to these employees.
This policy has helped the local startups to hire talent from non-EU countries and fill the skill gap. Startup Estonia claims more than 16% of employees in this sector are from other countries. Startups are keen to hire more talent from outside.
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