“Local innovation has progressed in a spectacular way over the past decade throughout Emerging Europe, although there are still countries – in particular Albania, Azerbaijan, Bosnia and Herzegovina, Moldova, Montenegro and Serbia – which lag behind. That is one the key findings of a major new report looking at start-up innovation and investment in Emerging Europe published by East-West Digital News (EWDN) in December 2017.

Estonia is the only country of the Emerging European region with high venture activity in relative terms, with around 60 US dollars of investment per capita (compared with 185 US dollars in the United States and 33 US dollars in France). Estonia is followed by Slovenia, the two countries being amongst Europe’s most advanced innovation ecosystems, and the only two which the report gives ‘highly developed market’ status.” (Emerging Europe)