The Estonian Mafia – the owners and managers of the small startup companies started in Estonia with almost no budget – have managed to create a lot of value for their companies in a short amount of time and have stolen several spots in the recently published list of the richest people in Estonia.
Estonia’s leading financial newspaper revealed the list of the richest people in Estonia and to no one’s surprise, the biggest number of newcomers were from the IT sector. This year alone, 19% of the 90 million euros given out at Seedcamp, were given to Estonian startup companies. This is the reason why Estonian innovators are being referred to as the Estonian Mafia. The first person to suggest a name like this was Dave McClure, the creator of the 500Startups investment fund. The most successful members of the Estonian Mafia include the owners of Creative Mobile, Zeroturnaround, Transferwise, Click & Grow, Toggl, Titanium Systems and others.
It is not expected that the list of richest people will change completely in the next few years, but it seems that the main source for becoming successful nowadays is by having a startup company in the IT sector. Most of the listed names are still not even in the top 100 list, but if considered the fact that these companies are all not more than just a few years old and the owners are all very young, then it can be considered an enourmous success.
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