1. Estonia -
Silicon Valley
Andrus Viirg
Enterprise Estonia Silicon Valley
andrus.viirg@eas.ee
www.estonia.eu
www.investinestonia.com
February 16, 2012 @ Tallinn Tech

2. ENTERPRISE ESTONIA
State foundation for Business Support & Development:
 implementing agency of the EU structural funds in Estonia
 budget 1.3 billion USD (2007-2013)
 ca 300 employees
 financing and other support schemes for enterprises, R&D and non-profit
institutions
Investment, Trade & Innovation Promotion
– assisting international companies to estonianize
– assisting Estonian companies to internationalize
– facilitating tech & knowledge transfer
– Foreign Representative Offices:
Helsinki , Hamburg, London, Stockholm
Moscow, St. Petersburg, Kiev,
Shanghai, Tokyo and
Silicon Valley

3. Estonia – Silicon Valley/California
• www.egeeninc.com
• www.erply.com
• www.zerply.com
• www.fortumo.com
• www.fotki.com
• www.guardtime.com
• www.modesat.com
• www.programeter.com
• www.oak-biotech.com
• www.spmtips.com
• www.yogasystems.com
• www.300mg.com
• www.pipedrive.com
• www.grabcad.com

4. Not only e-Estonia/ USA
• Oil shale mining, oil extraction
– www.enefit.com
Enefit acquired 100% of OSEC (Oil Shale Exploration Company) shares and became the owner of the largest
tracts of privately owned oil shale properties in Utah. Enefit is planning to construct an oil shale plant with a
capacity of 57,000 barrels of shale oil per day at full production.
• Metal constructions and antennas of ground
stations for sattellite communication www.vertex.eu
http://www.generaldynamics.com/
• Rare metals used in high-tech industries
– www.silmet.ee acquired by www.molycorp.com April 4 2011
3% of global production (China 97%)

5. www.SiliconVikings.com
• operates in the intersecting worlds of Silicon
Valley and the Nordic region to help
members succeed in their professional and
personal endeavors.
• provides networking events and
communicates valuable information of
interest to its members.

6. Latitude59
Tallinn Tech, June 7-8, 2012
• THE Conference for the Nordic&Baltic start-up scene.
• a continuation of the annual conference organized by Enterprise
Estonia and ITechLaw in Tallinn since 2008.
• New partners include TTU, MobileMonday, Garage48, TechHub Riga,
Aalto Venture Garage, Tallinn Tehnopol,...),
• it brings together innovators, entrepreneurs, venture capital
partners, lawyers, angel investors, and those who support the global
expansion of innovative companies originating in countries three
hundred kilometers either side of Latitude 59.
• In addition, a pitch contest will be organized. The jury will consist of
VCs from the Nordic/Baltic region as well as from US

7. Venture Capital deals
120
(USD billion)
100 2010
9 billion USD 2010 (36% of USA deals)
1027 deals (total USA 3447)
2011
80 11,7 billion USD (42% of USA deals)
1158 deals (total USA 3673)
68
60
40
26 other US
20 19 18 16.7
32 14.2 12.7 14.2 15 16.4 11.2 14 Silicon Valley
12 6.8 6.3 7.8 8 9.6 11 11 7.8 9 11.7
0
200020012002200320042005200620072008200920102011
PWC: MoneyTree Report 2012
NVCA

8. Exits
M&A vs IPO (USA)
VC Exits: 91 – 00 VC Exits: 01 - 10
12%
42%
M&A
IPO
58%
88%
NVCA