The startup institute of Estonian Development Fund grew into five startups with large potential.

Out of the twenty three potential entrepreneurs who started the program of Estonian Development Fund startup institute Founder Institute, five entrepreneurs have completed the program and begun activities with the company they created. All created companies have a high potential for international success.

23 potential entrepreneurs began their studies in the program in November. 5 entrepreneurs successfully completed the intense four-month semester. During the program, they created their own startup, which has begun operating by now: CapIT24 connects tenants and real estate owners, SoondooQ digitizes and archives photos and children’s drawings, Murul Design makes customized wallpapers, Dr. Ruul Rawsome manufactures raw food for pets and Targetta provides comprehensive solutions for optimizing cash flows.

According to Mari Suviste, who managed the startup institution in the Development Fund, the biggest value of the program was the mentality it instilled. “Going from an idea to clients in four months is very fast progress and takes a lot of commitment,” said Suviste. “If they continue with the commitment they showed in the program, these five startups may achieve international success,” Suviste added.

Wage workers with some existing management experience were selected to take part in the program and according to Lauri Antalainen, the second leader of the program, this has achieved the objective. “As the study sessions took place in the evening, the participants could also continue their main work,” Antalainen commented. “Due to their previous work experience, they already had some amount of knowledge and skills, which helped them develop fast,” he added.

The startup institute was conducted in the scope of the program Startup Estonia, funded by the means of the European Regional Development Fund. The goal of Startup Estonia is to offer an easily understood and comprehensive development environment to starting entrepreneurs in Estonia and promote the creation and development of ambitious companies which create value for the world in cooperation with the ecosystem of Estonian startups.

Founders Institute has its headquarters in Silicon Valley and during its four years of operating, it has aided the creation of over 1000 technology startups all over the world. The total value of the companies created is 5 billion dollars and they employ over 10 000 people.