North America is no longer the technology stronghold that it once was. While there are still plenty of tech startups coming from all over the states and Canada, other parts of the world are giving those entrepreneurs a run for their money.
Eastern Europe is one of those places. Throughout the past few months, various startups in Eastern Europe have begun to catch international attention. Comparable to the tech boom that happened in Israel a few years ago, serial entrepreneurs based in Eastern Europe are proving that they have a lot to offer the tech world too.
Not Necessarily New
It’s not so much that Eastern European entrepreneurs have just begun to embrace the technology startup world. It’s more that previous founders of these companies did not know how to breach the international community. But throughout the past few years, those startup founders have gained the knowledge necessary to begin marketing in other parts of the world.
What you have now are tech founders with extensive experience gained from learning from mistakes and from listening to the international community at large. Last year, startups in Eastern Europe were able to raise 177 million Euros (according to Reuters). While that’s not a massive amount of money when compared to the funds funneling into Israeli startups, it’s a major amount for that part of Europe.
What to Expect
Technology companies have existed in Eastern Europe for a long time in various sectors. Some of those sectors include medical and robotics. What you can expect to see from Eastern Europe in the near future are companies with innovative ideas bringing those concepts to the international community. Now that the dollars are in line, Eastern European startups can expand on already existing research and knowledge.
While there’s been a gap in technology startups from Eastern Europe in the past, those companies that stand a chance now have funding that never existed before. Needless to say, this is an exciting time for Eastern European startups that are finally gaining the attention they need where funding from international investors is concerned.
One of the ways to get in front of investors is to attend and pitch at a startup festival. A number of Eastern European startups have begun to attend festivals throughout Europe. Some of those startups have even won awards at these festivals, which has managed to attract even more funding.
While there are many reasons why startups from the Eastern part of Europe are gaining traction, one very good reason is that these founders tend to have a strong background in math and science. On some level, it compares to the startups coming out of Israel.
If you are looking to invest in startups this year, you might just turn your attention towards Eastern Europe - innovation is in bloom in that part of the world. You will also likely be seeing companies from Eastern European countries showcased in top tech publications. What will those companies bring? We have to sit back and find out.