According to Startup Estonia, the average gross salary of startup sector employees reached 3,609 euros in the first half of this year, which is almost twice the average salary in Estonia. For comparison, the average salary in Estonia is 1,831 euros, according to Statistics Estonia. Estonian employees earn an average of 3,574 euros in the startup sector, while foreign employees earn 3,739 euros. The highest average monthly gross salary is received by employees aged 41–50, whose average salary in the first half of this year was 4,462 euros per month. They are followed by employees aged 31–40 with a monthly salary of 3,912 euros. Startup Estonia CEO Eve Peeterson noted that while Estonian startups were active recruiters a few years ago, this trend has changed today, and the number of employees has remained virtually unchanged compared to the end of 2023. “In this sense, the startup sector is no different from traditional companies, which make rational decisions and strive to save money in difficult times. However, salaries have increased significantly in the startup sector, which indicates a desire to retain valuable specialists. In recent months, we have seen a stabilization of employment figures, but it is too early to say whether this is a permanent trend or whether a reduction in the workforce is expected in the autumn,” said Peeterson, adding that the coming months will help understand the impact of the current economic situation on employment in the developing sector. According to Statistics Estonia, in the first half of 2024, 16,164 people worked in the Estonian startup sector at least one day, or 2.3% of all people who worked in Estonia at least one day. As of the end of the first half of the year, the largest employer in the Estonian startup sector was Wise with 1,997 employees. Over the year, the number of employees at the company has increased by 98 people. The second largest employer in the Estonian startup sector, Bolt, employs 1,280 people, ten fewer than a year ago. The top three largest employers also include Swappie, which employed 480 people at the end of the half-year. Pipedrive has seen its number of employees decrease by 71 people over the year to 369. The largest employer in the startup sector is also Coolbet, with 273 employees. 63% of the employees in the Estonian startup sector are men and 37% are women, with 66% of the employees, or 10,699 people, holding Estonian citizenship. The employees of Estonian startups are also relatively young – 46% of employees are aged 31–40 and another 35% are aged 21–30. The average age of a startup founder is 39, of which 84% are men and 16% are women. “Attracting international talent remains extremely important for the startup sector, as they contribute to innovation and the growth of our startup ecosystem. At the same time, we see that the potential of women in the sector is largely untapped, and the share of female founders has not changed much in recent years, remaining around 16%,” Peeterson noted. Foreign workers most often come to work in Estonia from Russia (643 people), who moved here before the visa ban, Ukraine (537 people), Nigeria (465 people), India (316 people) and Brazil (272 people). Among citizens of EU countries, Estonia is a place of work for citizens of Italy (126), Latvia (112), France (75), Finland (74) and Spain (69). The majority, or 69%, of employees in the startup sector have higher education, having completed a bachelor's, master's or doctorate. Among foreign workers, the percentage of people with higher education is even higher – 84%. Managers make up 12% of all employees in the industry, and leading specialists make up 50%. Technical specialists and mid-level specialists make up 13% of the startup sector, and office and customer service workers make up 17% of the sector’s employees. The statistics of the Estonian startup sector include both startup companies in the classical definition and tech companies operating in Estonia that are over ten years old or that have concluded a purchase and sale transaction but continue to operate in the Estonian market. The statistics include growing companies over ten years old and tech companies with global potential. Startup Estonia is a state programme for the development of the Estonian startup ecosystem, giving impetus to the emergence of startups and international success stories. The Startup Estonia programme is carried out jointly by Enterprise Estonia and KredEx. The Startup Estonia programme is funded by the European Union (project number 2021-2027.1.03.23-0212). Read RusDelfi wherever it is convenient for you. Follow us on Facebook, Telegram, Instagram and even TikTok.
