16.09.2010
On 16.09.2010 the head of Development Fund Ott Pärna presents the annual report 'Edasi' ('Forward') to Estonian Riigikogu (Parliament) session. Report includes newst trends of world economy, the results and proposals of fund's monitorings, the development overview of Estonian and Nordic venture capital markets and the ambitiuos enterprises and also the report of Development Fund's fiscal year 2009.
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Answering the call of Estonian President Ilves, Development Fund jump started the debate of the Estonian goals after coming of euro and following the parliamentary elections. The Development Funds yearly report for the Parliament “Edasi” brings out four fields having impact on possibility of Estonia becoming the ‘start-up state’ of Baltic Sea region.
Among several possible growth fields the report presents two as the first to focus on: the finance services and health care services and products. The foresight of manufacturing industry showed the necessity to concentrate on the world trends which present useful business opportunities. Both the developing of the growth fields and financing them requires co-operation of different sectors, but also the existence of uitary policies from state.
The financing of the new growth is divided in to ways – firstly the smart investments, including venture capital, which helps the new innovative businesses to go to the market. Second way is the foreign investments, which need to be concentrated especially as the income of foreign investments to Estonia has fallen more than five times. Development Fund has earlier proposed the idea of creating a single position of endorser of the field. The Lithuanian experience shows the usefulness of the idea.
The developing the new growth areas and other challenges facing Estonia demand change in the management of economy and of politics more general. The change means taking up leadership, quick response and strategic vigilance.
In developing any field the crucial role is played by people and their education, both Development Funds research and other studies have shown. Future deciders and practitioners go to school now. As the IT gives new possibilities to all fields of economy, Development Fund in co-operation with universities and Union of Information and Communication Technology Enterprises started the establishemtn if IT-Academy. Development Fund has also presented the road map of making general education system more modern, pupil friendly and attainable through the use of IT.
This report is third Development Fund has published. See earlier reprots here.
