It’s safe to say the way we work has changed forever. Three-quarters (74%) of professionals expect remote work to become the standard, and we’re seeing more and more companies implementing remote or hybrid working policies.
This has been accelerated by the pandemic, but the tide was already starting to turn long before that. The number of employees who work remotely at least once per week has grown by 400% since 2010.
To help with this transition, companies are looking for collaboration tools to help their teams work together more effectively, and we’re increasingly seeing these gaps being filled by Central and East European startups.
Coming of age report
In fact, business and collaboration tools now make up €4.4 billion of enterprise software and B2B software value in the CEE region. This is according to the Coming of age: Central and Eastern European startups recently released by the partnership of Google for Startups, Atomico, and dealroom.co.
The report outlines the current state of play, as well as future trends behind the thriving CEE ecosystem that is currently worth €186 billion.
In the report, Joanna Nagadowska of Google for Startups says:
“Successful CEE tech startups are attracting the attention of international investors and activating the positive flywheel, providing a base for the next generation of successes.”
Estonia – a hotbed for enterprise
Interestingly, the report also shows that Estonia, one of the smallest countries in CEE, has the most startups per capita than any other European country, and those companies have also raised the most funding per capita.
When you consider that companies such as Wise, Bolt, and Zego are all Estonian-founded startups, you can see the strong entrepreneurial culture being fostered in the country. The continued investment in Estonian startups is not only a testament to the startups themselves, but also to a forward-thinking country creating an environment where tech companies are able to thrive.
Scoro is proud to be part of this movement and to be named as a Rising Star in the report. Being mentioned alongside UiPath, LogMeIn, and Grammarly is confirmation that our ambition to deliver the best work management software on the market is paying off.
Scoro, as well as the other startups in the report, have worked hard to develop the tools that companies need to be able to continue to improve their communication and collaboration well beyond the pandemic.
Taking a global approach to collaboration
A key factor in this resilience, and the ability to continue delivering high-quality software during these difficult periods, is the ability to think globally, rather than locally. Not only are customers distributed worldwide, but so are investors. This gives businesses more options for sustainable collaboration and growth, as geography is no longer a limiting factor.
Maciej Ćwikiewicz of PFR Ventures says, “With the increasing presence of international funds, who provide not only capital, but knowhow and network, internationalization is easier than ever before. But local funds are also increasingly building their international connections and experience in foreign expansion very fast.”
This is how companies in Estonia, and the rest of EEC, have and will continue to grow and expand their global reach. As more future unicorns and ‘rising stars’ emerge and start to attract their own attention, it will only benefit this already vibrant region.
As companies worldwide seek to find their new normal, it’s clear from this Coming of age report that Central and Eastern European startups will play a big part in how the landscape will look – with companies like UiPath, Wise, and Scoro paving the way for continued growth and innovation across the region.
