{"id":110,"date":"2009-11-03T08:10:35","date_gmt":"2009-11-03T12:10:35","guid":{"rendered":"https:\/\/blog.iese.edu\/?page_id=110"},"modified":"2023-11-03T21:46:29","modified_gmt":"2023-11-03T19:46:29","slug":"estonia","status":"publish","type":"page","link":"https:\/\/blog.iese.edu\/vcpeindex\/estonia\/","title":{"rendered":"Estonia"},"content":{"rendered":"<p><script src=\"https:\/\/omnipotent.net\/jquery.sparkline\/2.1.2\/jquery.sparkline.min.js\"><\/script><\/p>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"line-height:36px; width:100%;\">\n<tr>\n<td style=\"font-size:32px; font-weight:bold; width:50%;\">Estonia<\/td>\n<td style=\"width:50%;\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td style=\"font-size:20px;\">Rank: 32 &middot; Score: 61.3<\/td>\n<td style=\"text-align:right;\">&nbsp;<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"line-height:36px; width:100%;\">\n<tr>\n<td style=\"color:#999; font-size:10px; width:36%;\">Basic facts<\/td>\n<td style=\"width:11%;\">&nbsp;<\/td>\n<td style=\"width:6%;\">&nbsp;<\/td>\n<td style=\"width:36%;\">&nbsp;<\/td>\n<td style=\"width:11%;\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC;\">Population (millions)<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:right;\">1.3<\/td>\n<td style=\"\">&nbsp;<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">IPOs and pulic issues (quartile)<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:right;\">3rd<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC;\">GDP (US$ billions)<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:right;\">38.4<\/td>\n<td style=\"\">&nbsp;<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">M&amp;A volume (quartile)<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:right;\">3rd<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC;\">GDP per capita (US$)<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:right;\">28,532.0<\/td>\n<td style=\"\">&nbsp;<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Venture capital investments (quartile)<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:right;\">Top<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC;\">GDP growth (per cent)<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:right;\">-1.2<\/td>\n<td style=\"\">&nbsp;<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Private equity investments (quartile)<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:right;\">Top<\/td>\n<\/tr>\n<\/table>\n<div style=\"line-height:36px;\">&nbsp;<\/div>\n<div style=\"line-height:18px;\">&nbsp;<\/div>\n<div style=\"border-top:1px solid #ddd; line-height:24px; width:100%;\">&nbsp;<\/div>\n<div style=\"font-size:20px; line-height:36px; text-align:center; width:100%;\">Performance Overview<\/div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width:100%;\">\n<tr>\n<td style=\"color:#999; font-size:10px; line-height:60px; text-align:center; width:6%;\">Indicator<\/td>\n<td style=\"color:#999; font-size:10px; width:51.1%;\">&nbsp;<\/td>\n<td style=\"color:#999; font-size:10px; text-align:center; width:14.3%;\">Rank \/ 125<\/td>\n<td style=\"color:#999; font-size:10px; text-align:center; width:14.3%;\">Rank Trend<\/td>\n<td style=\"color:#999; font-size:10px; text-align:center; width:14.3%;\">Score<\/td>\n<\/tr>\n<tr>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; font-size:16px; font-weight:bold; line-height:60px; padding-left:10px;\" colspan=\"2\">VC\/PE Country Attractiveness Index<\/td>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; font-size:16px; font-weight:bold; text-align:center;\">32<\/td>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; font-size:16px; font-weight:bold; text-align:center;\"><span class=\"inlinesparkline\">92, 91, 89, 94, 93<\/span><\/td>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; font-size:16px; font-weight:bold; text-align:center;\">61.3<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span style=\"border:1px solid #999; border-radius:36px; display:inline-block; height:36px; line-height:36px; text-align:center; width:36px;\"><a href=\"javascript:toggle('kd1')\">1<\/a><\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px;\"><a href=\"javascript:toggle('kd1')\">Economic Activity<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">96<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">44, 50, 54, 38, 29<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">62.9<\/td>\n<\/tr>\n<\/table>\n<div id=\"kd1\" style=\"display:none;\">\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center; width:6%;\">1.1<\/td>\n<td style=\"border-top:1px solid #E4E9EC; width:51.1%;\">Size of the Economy (GDP)<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">89<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">35, 35, 36, 36, 36<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">30.8<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">1.2<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Expected Real GDP Growth<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">122<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">81, 102, 100, 5, 3<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">89.9<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">1.3<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Unemployment<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">72<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">54, 69, 51, 56, 53<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">90.1<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:6%;\"><span style=\"border:1px solid #999; border-radius:36px; display:inline-block; height:36px; line-height:36px; text-align:center; width:36px;\"><a href=\"javascript:toggle('kd2')\">2<\/a><\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; width:51.1%;\"><a href=\"javascript:toggle('kd2')\">Depth of Capital Market<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">35<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">89, 86, 82, 90, 90<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">55.7<\/td>\n<\/tr>\n<\/table>\n<div id=\"kd2\" style=\"display:none;\">\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center; width:6%;\">2.1<\/td>\n<td style=\"border-top:1px solid #E4E9EC; width:51.1%;\">Size and Liquidity of the Stock Market<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">79<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">46, 45, 46, 46, 46<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">52.8<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">2.2<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Total Trading Volume<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">48<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">75, 74, 77, 77, 77<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">72.3<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">2.3<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">IPOs and Public Issuing Activity<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">33<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">85, 85, 83, 90, 92<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">19.7<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">2.4<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">M&#038;A Market<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">50<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">77, 72, 72, 71, 75<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">48.5<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">2.5<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Debt and Credit Market<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">36<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">102, 90, 90, 91, 89<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">82.0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">2.6<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Bank Non-Performing Loans<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">11<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">105, 89, 98, 110, 114<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">99.9<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:6%;\"><span style=\"border:1px solid #999; border-radius:36px; display:inline-block; height:36px; line-height:36px; text-align:center; width:36px;\"><a href=\"javascript:toggle('kd3')\">3<\/a><\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; width:51.1%;\"><a href=\"javascript:toggle('kd3')\">Taxation<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">23<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">100, 100, 99, 100, 102<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">106.4<\/td>\n<\/tr>\n<\/table>\n<div id=\"kd3\" style=\"display:none;\">\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center; width:6%;\">3.1<\/td>\n<td style=\"border-top:1px solid #E4E9EC; width:51.1%;\">Tax Incentives and Administrative Burden<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">23<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">100, 100, 99, 100, 102<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">106.4<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:6%;\"><span style=\"border:1px solid #999; border-radius:36px; display:inline-block; height:36px; line-height:36px; text-align:center; width:36px;\"><a href=\"javascript:toggle('kd4')\">4<\/a><\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; width:51.1%;\"><a href=\"javascript:toggle('kd4')\">Investor Protection and Corporate Governance<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">30<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">99, 95, 95, 95, 95<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">84.3<\/td>\n<\/tr>\n<\/table>\n<div id=\"kd4\" style=\"display:none;\">\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center; width:6%;\">4.1<\/td>\n<td style=\"border-top:1px solid #E4E9EC; width:51.1%;\">Quality of Corporate Governance<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">59<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">68, 68, 65, 66, 66<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">74.0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">4.2<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Security of Property Rights<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">23<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">103, 102, 102, 102, 102<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">91.5<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">4.3<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Quality of Legal Enforcement<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">26<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">95, 95, 95, 99, 99<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">88.5<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:6%;\"><span style=\"border:1px solid #999; border-radius:36px; display:inline-block; height:36px; line-height:36px; text-align:center; width:36px;\"><a href=\"javascript:toggle('kd5')\">5<\/a><\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; width:51.1%;\"><a href=\"javascript:toggle('kd5')\">Human and Social Environment<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">27<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">96, 97, 97, 97, 98<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">45.1<\/td>\n<\/tr>\n<\/table>\n<div id=\"kd5\" style=\"display:none;\">\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center; width:6%;\">5.1<\/td>\n<td style=\"border-top:1px solid #E4E9EC; width:51.1%;\">Education and Human Capital<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">54<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">76, 71, 71, 71, 71<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">10.1<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">5.2<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Labor Regulations<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">20<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">106, 105, 105, 105, 105<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">80.8<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">5.3<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Bribing and Corruption<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">18<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">106, 108, 109, 107, 107<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">112.8<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:6%;\"><span style=\"border:1px solid #999; border-radius:36px; display:inline-block; height:36px; line-height:36px; text-align:center; width:36px;\"><a href=\"javascript:toggle('kd6')\">6<\/a><\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; width:51.1%;\"><a href=\"javascript:toggle('kd6')\">Entrepreneurial Opportunities<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">37<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">89, 88, 86, 85, 88<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">60.1<\/td>\n<\/tr>\n<\/table>\n<div id=\"kd6\" style=\"display:none;\">\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width: 100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center; width:6%;\">6.1<\/td>\n<td style=\"border-top:1px solid #E4E9EC; width:51.1%;\">Innovation<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">18<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\"><span class=\"inlinesparkline\">101, 101, 101, 104, 107<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">76.8<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">6.2<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Scientific and Technical Journal Articles<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">72<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">56, 57, 54, 55, 53<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">43.6<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">6.3<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Burdens of Starting and Running a Business<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">8<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">116, 116, 117, 117, 117<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">106.7<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">6.4<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Simplicity of Closing a Business<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">69<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">62, 62, 56, 56, 56<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">65.3<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; line-height:36px; text-align:center;\">6.5<\/td>\n<td style=\"border-top:1px solid #E4E9EC;\">Corporate R&#038;D<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">54<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\"><span class=\"inlinesparkline\">77, 76, 72, 71, 71<\/span><\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">33.6<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><script type=\"text\/javascript\">\nfunction toggle(element) {\ndocument.getElementById(element).style.display = (document.getElementById(element).style.display == \"none\") ? \"\" : \"none\";\n}\n<\/script><br \/>\n<script type=\"text\/javascript\">\n$(function() { $('.inlinesparkline').sparkline('html', {type: 'line', disableHiddenCheck: true, lineColor: '#ff0000', fillColor: false, spotColor: '#ff0000', minSpotColor: false, maxSpotColor: false, highlightSpotColor: false, highlightLineColor: false, disableTooltips: true, height: '10', width: '36', drawNormalOnTop: false }); });\n<\/script><\/p>\n<div style=\"line-height:18px;\">&nbsp;<\/div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"line-height:30px; width:100%;\">\n<tr>\n<td style=\"color:#999; font-size:10px; width:47%;\">Historic performance, 2019-2023<\/td>\n<td style=\"width:6%;\">&nbsp;<\/td>\n<td style=\"color:#999; font-size:10px; width:47%;\">Key driver performance, 2023<\/td>\n<\/tr>\n<\/table>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"\">\n<tr>\n<td style=\"width:6px;\">&nbsp;<\/td>\n<td style=\"\">\n<script src=\"https:\/\/cdn.jsdelivr.net\/npm\/chart.js\"><\/script><br \/>\n<canvas id=\"myChart1\" width=\"400\" height=\"360\"><\/canvas><br \/>\n<script>\nvar ctx1 = document.getElementById('myChart1');\nvar myChart1 = new Chart(ctx1, {\ntype: 'line',\ndata: {\nlabels: ['2019', '2020', '2021', '2022', '2023'],\ndatasets: [{\nlabel: 'VC\/PE Rank',\ndata: [33, 34, 36, 31, 32],\nfill: false,\nbackgroundColor: 'rgba(255, 0, 0, 0.2)',\nborderColor: '#ff0000',\npointBackgroundColor: '#ff0000',\nborderWidth: 3\n}, {\nlabel: 'VC Rank',\ndata: [33, 34, 36, 31, 32],\nfill: false,\nbackgroundColor: 'rgba(102, 102, 102, 0.2)',\nborderColor: '#666666',\npointBackgroundColor: '#666666',\nborderWidth: 3\n}, {\nlabel: 'PE Rank',\ndata: [35, 36, 36, 31, 29],\nfill: false,\nbackgroundColor: 'rgba(153, 153, 153, 0.2)',\nborderColor: '#bbbbbb',\npointBackgroundColor: '#bbbbbb',\nborderWidth: 3\n}]\n},\noptions: {\nscales: { y: { min: 20, max: 40, ticks: { stepSize: 5 }, reverse: true }},\nplugins: { legend: { display: false }}\n}\n});\n<\/script>\n<\/td>\n<td style=\"width:30px;\">&nbsp;<\/td>\n<td style=\"border-right:1px solid #999;\"><\/td>\n<td style=\"width:30px;\">&nbsp;<\/td>\n<td style=\"\">\n<canvas id=\"myChart2\" width=\"400\" height=\"400\"><\/canvas><br \/>\n<script>\nvar ctx2 = document.getElementById('myChart2');\nvar myChart2 = new Chart(ctx2, {\ntype: 'radar',\ndata: {\nlabels: ['1. 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Entrepreneurial'], ['Opportunities']]],\ndatasets: [{\nlabel: 'Estonia',\ndata: [62.9, 55.7, 106.4, 84.3, 45.1, 60.1],\nfill: true,\nbackgroundColor: 'rgba(255, 0, 0, 0.2)',\nborderColor: '#ff0000',\npointBackgroundColor: '#ff0000',\nborderWidth: 3\n}, {\nlabel: 'Eastern Europe',\ndata: [67.8, 41.2, 108.0, 70.4, 34.4, 54.4],\nfill: true,\nbackgroundColor: 'rgba(102, 102, 102, 0.2)',\nborderColor: '#666666',\npointBackgroundColor: '#666666',\nborderWidth: 3 }]},\noptions: {\nscale: { min: 0, max: 125, stepSize: 25 },\nplugins: { legend: { display: false }}\n}\n});\n<\/script>\n<\/td>\n<\/tr>\n<\/table>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"line-height:36px; width:100%;\">\n<tr>\n<td style=\"width:47%;\">\n<table align=\"center\" border=\"0\" cellpadding=\"0\" cellspacing=\"0\">\n<tr>\n<td style=\"width:20px;\">\n<div style=\"background-color:#ff0000; height:4px; width:15px;\"><\/div>\n<\/td>\n<td>VC\/PE Rank<\/td>\n<td style=\"width:20px;\">&nbsp;<\/td>\n<td style=\"width:20px;\">\n<div style=\"background-color:#666; height:4px; width:15px;\"><\/div>\n<\/td>\n<td>VC Rank<\/td>\n<td style=\"width:20px;\">&nbsp;<\/td>\n<td style=\"width:20px;\">\n<div style=\"background-color:#999; height:4px; width:15px;\"><\/div>\n<\/td>\n<td>PE Rank<\/td>\n<\/tr>\n<\/table>\n<\/td>\n<td style=\"width:6%;\"><\/td>\n<td style=\"width:47%;\">\n<table align=\"center\" border=\"0\" cellpadding=\"0\" cellspacing=\"0\">\n<tr>\n<td style=\"width:20px;\">\n<div style=\"background-color:#ff0000; height:4px; width:15px;\"><\/div>\n<\/td>\n<td>Estonia<\/td>\n<td style=\"width:20px;\">&nbsp;<\/td>\n<td style=\"width:20px;\">\n<div style=\"background-color:#666; height:4px; width:15px;\"><\/div>\n<\/td>\n<td>Eastern Europe<\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<\/table>\n<div style=\"line-height:36px;\">&nbsp;<\/div>\n<div style=\"line-height:18px;\">&nbsp;<\/div>\n<div style=\"border-top:1px solid #ddd; line-height:24px; width:100%;\">&nbsp;<\/div>\n<div style=\"font-size:20px; line-height:36px; text-align:center; width:100%;\">Peer Group Comparison<\/div>\n<div style=\"line-height:18px;\">&nbsp;<\/div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"height:60px; width:100%;\">\n<tr>\n<td style=\"color:#999; padding-left:10px; font-size:10px; width:14.3%;\">Regional Peers<\/td>\n<td style=\"color:#999; font-size:10px; text-align:center; width:14.3%;\">Economic Activity<\/td>\n<td style=\"color:#999; font-size:10px; text-align:center; width:14.3%;\">Depth of Capital Market<\/td>\n<td style=\"color:#999; font-size:10px; text-align:center; width:14.3%;\">Taxation<\/td>\n<td style=\"color:#999; font-size:10px; text-align:center; width:14.3%;\">Investor Protection and<br \/>Corporate Governance<\/td>\n<td style=\"color:#999; font-size:10px; text-align:center; width:14.3%;\">Human and Social<br \/>Environment<\/td>\n<td style=\"color:#999; font-size:10px; text-align:center; width:14.3%;\">Entrepreneurial<br \/>Opportunites<\/td>\n<\/tr>\n<\/table>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"width:100%;\">\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; padding-left:10px; width:14.3%;\"><a href=\"http:\/\/blog.iese.edu\/vcpeindex\/poland\/\">Poland<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; text-align:center; width:14.3%;\">84.0<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">69.8<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">101.5<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">64.5<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">39.3<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center; width:14.3%;\">65.9<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; padding-left:10px;\"><a href=\"http:\/\/blog.iese.edu\/vcpeindex\/czechrepublic\/\">Czech Republic<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; text-align:center;\">79.4<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">53.5<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">104.0<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">73.8<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">41.3<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">69.3<\/td>\n<\/tr>\n<tr>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; padding-left:10px;\"><a href=\"http:\/\/blog.iese.edu\/vcpeindex\/estonia\/\"><span style=\"font-size:16px; font-weight:bold;\">Estonia<\/span><\/a><\/td>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; line-height:60px; text-align:center;\"><span style=\"font-size:16px; font-weight:bold;\">62.9<\/span><\/td>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; text-align:center;\"><span style=\"font-size:16px; font-weight:bold;\">55.7<\/span><\/td>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; text-align:center;\"><span style=\"font-size:16px; font-weight:bold;\">106.4<\/span><\/td>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; text-align:center;\"><span style=\"font-size:16px; font-weight:bold;\">84.3<\/span><\/td>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; text-align:center;\"><span style=\"font-size:16px; font-weight:bold;\">45.1<\/span><\/td>\n<td style=\"background-color:#f9f9f9; border-top:1px solid #E4E9EC; text-align:center;\"><span style=\"font-size:16px; font-weight:bold;\">60.1<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; padding-left:10px;\"><a href=\"http:\/\/blog.iese.edu\/vcpeindex\/romania\/\">Romania<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; text-align:center;\">79.5<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">53.4<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">109.4<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">73.0<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">36.0<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">54.8<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; padding-left:10px;\"><a href=\"http:\/\/blog.iese.edu\/vcpeindex\/turkey\/\">Turkey<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; text-align:center;\">70.4<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">68.2<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">95.5<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">65.7<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">31.9<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">50.6<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; padding-left:10px;\"><a href=\"http:\/\/blog.iese.edu\/vcpeindex\/lithuania\/\">Lithuania<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; text-align:center;\">67.0<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">41.6<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">114.8<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">79.3<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">37.6<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">56.8<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top:1px solid #E4E9EC; padding-left:10px;\"><a href=\"http:\/\/blog.iese.edu\/vcpeindex\/latvia\/\">Latvia<\/a><\/td>\n<td style=\"border-top:1px solid #E4E9EC; line-height:60px; text-align:center;\">63.5<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">43.4<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">103.8<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">79.6<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">37.6<\/td>\n<td style=\"border-top:1px solid #E4E9EC; text-align:center;\">52.0<\/td>\n<\/tr>\n<\/table>\n<div style=\"color:#999; font-size:10px; line-height:36px; margin-top:6px;\">Last updated: 4 Nov 2023<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Estonia &nbsp; Rank: 32 &middot; Score: 61.3 &nbsp; Basic facts &nbsp; &nbsp; &nbsp; &nbsp; Population (millions) 1.3 &nbsp; IPOs and pulic issues (quartile) 3rd GDP (US$ billions) 38.4 &nbsp; M&amp;A volume (quartile) 3rd GDP per capita (US$) 28,532.0 &nbsp; Venture capital investments (quartile) Top GDP growth (per cent) -1.2 &nbsp; Private equity investments (quartile) Top [&hellip;]<\/p>\n","protected":false},"author":200,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"page_with_heading.php","meta":{"footnotes":""},"class_list":["post-110","page","type-page","status-publish","hentry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.iese.edu\/vcpeindex\/wp-json\/wp\/v2\/pages\/110","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.iese.edu\/vcpeindex\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/blog.iese.edu\/vcpeindex\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/blog.iese.edu\/vcpeindex\/wp-json\/wp\/v2\/users\/200"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.iese.edu\/vcpeindex\/wp-json\/wp\/v2\/comments?post=110"}],"version-history":[{"count":19,"href":"https:\/\/blog.iese.edu\/vcpeindex\/wp-json\/wp\/v2\/pages\/110\/revisions"}],"predecessor-version":[{"id":9425,"href":"https:\/\/blog.iese.edu\/vcpeindex\/wp-json\/wp\/v2\/pages\/110\/revisions\/9425"}],"wp:attachment":[{"href":"https:\/\/blog.iese.edu\/vcpeindex\/wp-json\/wp\/v2\/media?parent=110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}