Entrepreneurship is flourishing across the world of late. Several aspiring professionals take up the aspirational path for various reasons. Whatever be the reason, they contribute to the well-being and development of the society at various levels. Some entrepreneurs have the ability to change the way people work and live and their innovations improve the standards of living by creating jobs and contributing to a flourishing economy.
Starting a successful business might be hard for entrepreneurs as they have to realise their vision, take on numerous risks and multiple roles. Besides these factors, it is important to choose the right country that supports business ambitions. Having said that, a report by RS Components has revealed the top 20 European countries that have the highest number of entrepreneurs.
#1 Estonia
Estonia has turned entrepreneurship into the engine of its economy and its laws also support entrepreneurship to a great extent. There are many advantages of opening a startup in Estonia including complete online administration, opening a bank account online, a simple and transparent tax system, facilities for small entrepreneurs, and more. Some fast-growing startups in Estonia are Taxify, Monese, Guardtime, TransferWise, etc.
#2 Montenegro
Though the Montenegro startup ecosystem is in the nascent stages, it ranks to be the second country to have the maximum number of entrepreneurs in Europe. The reasons for the same include the policies supporting startups, no-interest lending to startups, a combination of financial and non-financial support to aspiring founders, and more. Montenegro is home to fast-growing startups such as SnatchBot, Edrone, SupPlant, Waitr, etc.
#3 Turkey
Turkey is one of the successful countries for entrepreneurial success and market readiness. Since the end of the 1990s, the country has been home to the first wave of internet entrepreneurs. After years, it has seen a gold rush among western investors, thereby supporting aspiring entrepreneurs. Servo, AirJetBook, Kredya, Appitr, etc. are some fast-growing tech startups in Turkey.
#4 Latvia
Latvia has built up a thriving startup ecosystem by providing entrepreneurs and talent with a low-cost of living, access to fast internet, new laws that lower employee taxes for startups, and more. It is for these reasons that entrepreneurs choose Latvia to set up their business. Some well-known Latvian startups including Zeew, Grafomap, Nordigen, and Vigobot among others.
#5 Israel
Israel ranks fifth when it comes to the countries that have the highest number of entrepreneurs. This is evident has the country has one of the most mature tech startup ecosystems. There are many public companies that are listed on the NASDAQ exchange too. This is possible as the government is taking a major effort to increase the number of people working in tech. Trellis, Shiperd, Puls, and Healthy.io are some of the popular Israeli startups.
#6 Netherlands
Renowned for its open culture and emphasis on innovation and entrepreneurship, the Netherlands has ranked sixth in Europe for most entrepreneurs. It is home to a thriving, collaborative, and vibrant tech startup ecosystem. New businesses are encouraged in the country by the tech-savvy, highly educated, and English-speaking workforce. Adyen, Elastic, Picnic, Takeaway, etc. are among the fast-growing tech firms in the country.
#7 Slovakia
Though Slovakia is a small country in Eastern Europe, it has progressed to become the seventh in the continent in terms of the most number of entrepreneurs. Wondering how the country became a strong startup ecosystem? Well, Slovakia has platforms to support professional development, companies that support e-commerce, a co-working scaleup and talent. Slovakia is home to several notable startups including HubHub, Mangools, Vectary, Minit, and others.
#8 Kazakhstan
Kazakhstan is on par with the western countries when it comes to the tech startup ecosystem. This country has a favourable investment climate, growing distribution markets, convenient tax systems, production capacities, and a well-developed technological infrastructure. Kazakhstan is among the top ten countries with the most number of tech entrepreneurs. Singularity Lab, Hexlet, iris, etc. are some of the Kazakhstan-based startups that are successful.
#9 Lithuania
Lithuania’s capital city, Vilnius is one of the innovative and mature startup ecosystems in Europe. This city is teeming with aspiring and young professionals. The low cost of living makes it suitable for them to get started with the business. Moreover, in Lithuania, it just takes three days to start a business and three months to secure a banking licence. The success stories of Lithuania include SketchAR, Ziticity, Dancerbus, and more.
#10 Austria
Austria is home to a number of successful tech startups. This is attributed to a lot of factors including support from the Austrian government, a comprehensive startup program, and more. The Austrian startups are innovating in diverse industries such as IoT, edtech, fintech, gaming, etc. Having said that, Mimo, GoStudent, ToolSense, and Zizoo are among the most popular Austrian startups.
#11 Romania
Romania is one of the fastest-growing economies in the European Union and is emerging to be one of the best countries for both startups and investors thereby resulting in tech unicorns. With the strong and innovative tech hub, Bucharest, the country has hundreds and thousands of IT professionals and talent. The well-known names in the Romanian tech startup ecosystem are UiPath (the first unicorn in the country), TypingDNA, Questo, and others.
#12 Luxembourg
Luxembourg is located at the centre of western Europe and is the heart of the continent’s tech startup ecosystem. The successful startup scene has been made possible as there is an abundance of global influencers, a strong foundation of funding, partnerships, and infrastructure. Some big names in Luxembourg’s tech startup ecosystem are Syncordis, Mangopay, Solfia, Fundsquare, etc.
#13 Iceland
The Nordic island, Iceland is a sparsely populated country, but the interesting aspect is that it runs almost on renewable energy. The country is an active startup ecosystem with the tech startups having raised a higher funding per capita than the other countries. A few notable Icelandic startups to mention include Monerium, Genki Instruments, Ankeri Solutions, Meniga, and more.
#14 Ireland
Ireland is located perfectly at the heart of the trading world. Its unique characteristics include forward-thinking entrepreneurial society, a long-standing track-record in businesses of both the nascent and growing stages, and a community of creative, highly educated and innovative professionals. Rebrandly, Amarin, Glofox, and Kollect are some notable names in the Irish tech startup ecosystem.
#15 Croatia
Despite being a flourishing tourist destination with numerous islands, Croatia has a thriving tech startup scene. These companies innovate in several sectors including foodtech, media, travel, robotics, etc. though it cannot compare with other leading startup hubs, it is one of the successful hubs for the aspiring tech businesses. Among the successful Croatian startups, we have Rimac Automobili, Infobip, Gideon Brothers, and more.
#16 Georgia
Located at the intersection of Asia and Europe, Georgia is a former Soviet republic. In addition to the Caucasus Mountain villages and Black Sea beaches, Georgia is also known for its progressing tech startup community. Its capital, Tbilisi is home for a slew of startups including Keplertek, EuropeBet, PayBox, and a few others.
#17 United Kingdom
United Kingdom is one of the regions in Europe, which is known for the existence of numerous tech startups. It attracts both leading local and global investors to fund the startups in its region. UK is also known for the presence of world-class universities and a diverse pool of international talent. And, there is ample support from the government to back its flourishing startup ecosystem. The popular tech companies in the UK are Cazoo, Curve, Rapyd, Monzo, etc.
#18 Portugal
Of late, Portugal’s tech ecosystem has flourished drastically. Private equity investments have increased considerably over recent years. The country’s capital Lisbon is also becoming a major attraction for tech conferences such as Web Summit, which will happen for 10 years as it completed a trial of three years. Companies like Yoochai, JungleAI, Linkilaw, etc. are based in Portugal.
#19 Hungary
Hungary is one of the most beautiful countries in Europe. Besides the abundance of beauty, the country also has a community of talented engineers and developers. Hungary is a growing startup hub and features programs such as CEE Women Startup Competition, CEE Global Impact Competition, Startup Sauna, etc. Some well-known startups based in Hungary are AImotive, Turbine, SignAll, etc.
#20 Switzerland
Switzerland is known as a serene peaceful paradise with stunning lakes, glaciers, and mountains among other attractions. However, beauty doesn’t stop it from disrupting the European tech startup ecosystem. Switzerland has occupied the 20th rank in terms of the maximum number of entrepreneurs in the continent. Eventually, it is home to several successful tech companies such as Beekeeper, Frontify, Once, etc.
Stock Photo from Oleksiy Mark/Shutterstock
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