News
Rolling Estonians Return
06.10.2009
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If we want to achieve new growth, making things a little better is not enough. Neither will introducing euro nor a few supplementary programmes suffice. Our whole society needs to take a long leap forward! The post-crisis GDP level we are slipping to is the doping-free (read: loan-free) ceiling of our current collective capacity - as entrepreneurs, politicians, officials, education leaders and media managers, as well as the entire society. "We need to wake up and do something fundamentally different," the recognised IT management professor Carlota Perez said once so pertinently when commenting on the success options of the countries battling with the crisis. In order to move forward, we need a Big Plan - a shared long-sighted vision for the practical future of the Estonian economy and a coherent action plan for its implementation. The successful Estonia of the future will definitely be creative, appreciative of knowledge and exporting much more sophisticated products and services than today, and doing so on a larger scale. But what kind of knowledge are we talking about, who will be the buyer and where and at which capacity will the products and services be produced, etc? The crisis is the time for a new kind of beginning for both entrepreneurs and the state. We need to do our best for Estonia could be perceived as a small and smart Scandinavian country that has decided, by acting wisely, to exit the crisis among frontrunners. So that The Economist wouldn't ironically describe us and the other Baltic countries now in slump as suffering from the Baltic blues. We are not starting out from scratch. Firstly, the percentage of resourceful people in Estonia is close to that of the Scandinavian countries, higher than in the countries sharing the same fate, and also higher than in the southern Europe. Secondly, the Development Fund has carried out a number of foresight projects during its slightly more than two years of existence. These have helped us to gain in-depth insight into the problems of the Estonian economy, perceive global trends and thus identify growth potential in different sectors. Over a thousand entrepreneurs, decision-makers and thinkers from Estonia and elsewhere have been involved in analysing Estonia's options. About a hundred brainstorming sessions have been held. As a strategic initiative, we have started the Estonian IT Academy project, aimed at taking Estonia's higher IT education to an international level, and launched the Estonian Private Equity and Venture Capital Association together with 25 market players. |
Within 14 months five venture capital investments have been made. Four new investments are being prepared while five new ambitious projects are maturing in our international business incubator SeedBooster. All this has given us enough reason and the certainty to initiate the Estonia's Growth Vision 2018 project, which would give rise to clearly targeted coherent growth programmes to be collectively and effectively implemented. If a small country wants to be in the global picture in certain niches, it has no other option than to specialise. Therefore, I call on you, just as I proposed in my speech to the Riigikogu (Estonian Parliament), to jointly draft the Growth Vision for Estonia 2018 and set out in that direction. In fact, we have no other choice. Also in search of a new growth story are the pragmatic Singapore, the welfare state Finland, as well as Ireland, once a role model for many, let alone larger countries. I am appealing to all Estonian leaders: by the next summer, let us discuss the choices that Estonia has and establish a new meaningful landmark. Then we can collectively put it to practice. This is the only way that gives us grounds to expect a new sustainable success story for Estonia that will bring well-being to our people. And so one day The Economist could be inspired to write laudatory feature stories - The Rolling Estonians are back and stronger than ever! ott.parna[A]arengufond.ee, CEO of the Estonian Development Fund |
