At the side event of sTARTUp Day, “Thinking in Billions”, the Minister of Economic Affairs and Industry, Erkki Keldo, stated that this investment will help new science-based companies overcome early growth challenges, the valley of death, enabling them to release innovative ideas – as have been achieved by Starship with their delivery robots, Skeleton Technologies with energy storage devices, and Milrem Robotics with unmanned vehicles.

“While technological advancement enabled the start-up boom, the next wave of innovation, which will positively redefine the economy, is deep tech. If we want to lead this wave, we must support the bridge between ideas born in laboratories and everyday life – precisely what the DeepTech Start-up Network does. The network allows scientific ideas to be developed into functioning businesses. In the future, these could grow with both investor funding and support from the state’s applied research programmes, and, if necessary, test their products at applied research centres to reach industrial production,” said Keldo, adding: “These companies create high value-added jobs, attract foreign investment to Estonia, and support the development of a knowledge-based, export-oriented economy.”

The investment will establish a DeepTech Start-up Network that brings together the expertise of Sparkup Tartu Science Park, Tehnopol, the University of Tartu, TalTech, and the Estonian University of Life Sciences. To achieve results, the network plans the following over the next four years:

• Map 350 potential deep tech ideas.

• Organise pre-incubation for 200 teams, of which 57 will proceed to the accelerator.

• Provide over 10,000 hours of mentoring support for start-ups.

• Launch 37 new operational deep tech companies.
  

The state will support the implementation with €12.6 million, and the network will also help companies attract around €38 million in capital, of which €29 million is expected to be private investment.

Science parks are strong partners

“Estonian universities and research institutions conduct high-level, internationally visible research. Too often, however, the value created by science does not reach our daily lives, and new enterprises are not born. To change this, the entire ecosystem needs a push. The DeepTech Start-up Network addresses these bottlenecks. Tehnopol is pleased to be part of the consortium and to offer practical support to early-stage teams so that science-based solutions can develop into strong, export-capable, internationally competitive companies,” said Tehnopol board member Agnes Roos.

“The reason why many innovative scientific discoveries do not become products that drive the economy and create jobs lies in the complexity and high risk of starting out,” said Sparkup Tartu Science Park board member Pirko Konsa. “It is precisely the early stage where many good ideas get stuck. The network’s goal is to share these risks with entrepreneurs and scientists and help overcome the so-called valley of death – the moment where potential exists, but support and certainty are still missing.”

According to Startup Estonia, there are 1,620 companies operating in Estonia’s start-up sector, including 216 deep tech start-ups. In 2025, deep tech start-ups paid €68 million in labour taxes to the state, 27% more than the previous year, demonstrating steady growth. By year-end, the number of employees in science-based companies had grown to 2,544. Deep tech companies attracted nearly €161 million in investment, which accounts for just over 52% of the total €309.9 million invested in the entire start-up sector.

The largest employers were Milrem (342 people), Threod Systems (187 people), Starship Technologies (181 people), Cleveron (120 people), and Defsecintel Solutions (110 people). Working in these companies requires knowledge of physics, electronics, software development, machine learning, and robotics; however, softer skills – such as problem-solving, willingness to collaborate, and proficiency in English – are also valued, as teams operate internationally.

Thinking In Billions brought bold ideas to Tartu

The conference did not focus solely on Estonia, but sought inspiration from global leaders. In one panel, representatives from Singapore’s venture capital fund Mirana Ventures, David Toh, Ben Hartley from Cambridge University, and Jussi Sainiemi from Finland’s Voima Ventures shared their experiences. Together, they concluded that bold investments require courage, but yield tangible results. Another panel discussed Estonia’s opportunities to become a global technology leader, with contributions from investor and EIC ambassador Heidi Kakko, SampleFacts CEO Maryam Poorafshar, and Skeleton Technologies Vice President Arnaud Castaignet.

The “Thinking in Billions” conference is the opening event of sTARTUp Day in Tartu, bringing together representatives of the state, universities, entrepreneurs, and investors. The aim is to promote knowledge-based entrepreneurship and support the international competitiveness of companies. The conference is organised by the Ministry of Economic Affairs and Communications.