Wednesday, December 10 at 17:45 (Estonian time)
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Estonian Startup Ecosystem representatives and Annual Fireside Chat panelists, Karin Künnapas, Allan Martinson, Hendrik Reimand, Kärt Klein, and Vaido Mikheim, are geared up to dive into the state of the sector, from the rise of new founders and access to capital, to startup mortality and the real sources of optimism.

​The Estonian Startup Ecosystem Annual Fireside Chat 2025 is powered by Swedbank Estonia and organized by Estonian Business Angels Network (EstBAN) and Connect2Scale project, Estonian Founders Society, Estonian Private Equity & Venture Capital Association (EstVCA), Invest in Estonia & Startup Estonia. 

Previoulsy on the same topic:

• 16.01.2025 Estonian Startup Ecosystem Annual Fireside Chat 2024 

• 19.01.2024 Estonian Startup Ecosystem says we need more superfounders

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If you want to read the same text in Estonian, download the article.

Every entrepreneur knows how important it is to keep company documents and cash flows in order. It is just as important to think through and organize matters that concern your own future and the future of your heirs. Everyone should consider what will happen if something occurs. It is encouraging to see that succession is discussed more and more. These are no longer awkward or taboo conversations but a natural part of the life of a responsible person and entrepreneur. The clearer our decisions and instructions, the easier it is for our loved ones to deal with our estate and for business partners to work with our loved ones.

Composition of the estate

An estate includes both assets and liabilities. The assets include e.g. real estate, vehicles, money in bank accounts, holdings in (investment) companies, rental property, crypto assets, funds held in Wise or Revolut accounts, investments on Lightyear, shares and options. All these items have value and that value may often be greater than the value of a summer house or an old farmhouse left behind in a small Estonian town. You should also decide where to record access codes and passwords for your crypto wallet, Lightyear or other online platforms so that heirs can access them.

An Estonian notary can obtain information about assets registered in Estonian registers and about bank accounts held in Estonia. The notary has no information about assets located abroad. Many people have accounts with banks in Finland, Lithuania and other European countries. Many wealthier families have purchased property in countries such as Spain or Thailand. It is worth considering how succession works in those states and what steps are required there and by whom.

Liabilities are also part of the estate. You should therefore list all loans, leases, guarantees and sureties in order to avoid unpleasant surprises for heirs in the future.

Intestate succession

If a person dies without a will or a succession contract, relatives inherit according to law. Children and the spouse inherit first. If the deceased had no children, the parents inherit. In case there are no parents, the right to inherit passes to siblings. If the deceased had a spouse, the spouse inherits in equal shares with the children but at least 25 percent. If there are no children, the spouse inherits in equal shares with the parents, which is 50 percent.

In intestate succession, the notary determines during the succession proceedings who the heirs are and what share of the estate belongs to each of them. This is often where the problems begin. The next step is to divide the estate, which includes both rights and obligations. Each heir receives a certain share of a mixture that contains both assets and debts. How should this be divided? If no agreement is reached on the division of assets, the court will divide the estate.

In practice, situations also arise where a business owner has divorced but the company has not been divided with the former spouse. If there are children from different relationships, the children and their other parents must start dividing various companies among themselves.

Methods of dividing property

When dividing the estate, it is determined which items or parts thereof, as well as which rights and obligations included in the estate, will be allocated to each co-heir. The estate is divided among the heirs in proportion to their shares of the estate, based on the ordinary value of the items included in the estate at the time of division. This division follows the rules on termination of co-ownership. This means that the heirs divide the assets by agreement. If the value of the assets allocated to one heir exceeds that heir’s share, that heir pays compensation to the others. If no agreement is reached, the estate is sold at an internal auction among the heirs or at a public auction and the proceeds are divided according to the shares.

Thus, by refusing to make decisions about their estate during their lifetime, people often place their heirs in a stressful situation. The wish to avoid uncomfortable decisions may lead to a situation where the court divides the property of the deceased and the bailiff later sells it.

Testate succession

In light of the above, we strongly recommend making a will. A will allows you to specify exactly which assets go to whom. Real estate, cars, company shares, pension funds and money in accounts can all be designated. If the assets do not divide evenly and it is known that nobody wants to keep a particular property, it is possible to order its sale and divide the proceeds equally among the heirs.

Today the number of different family types and the diversity of people’s assets have increased significantly. It is therefore more important than ever to think through the arrangements and future owners of the property. Property is no longer limited to a plot of land, a car and a bank account. It often includes assets acquired worldwide that exist in both physical and virtual form.

Succession of a company

If the estate includes a shareholding in a company, for example a share in a private limited company with a nominal value of 100 euros, the heirs can usually register the share in their names through the Commercial Register. This can be done only after the notary has issued the certificate of succession following the succession proceedings. It is important to distinguish that the company’s own assets and liabilities remain with the company and do not pass into the personal property of the heirs. The inherited asset is the share in the company. The heir steps into the shoes of the deceased as a shareholder.

In practice, it is common that not all heirs wish to participate in business activities. For example, two children inherit their father’s share in a company but one of them does not want to take part in management. In such a case a buyout must be arranged and a fair value determined, which often requires an expert. These steps can be considered and documented in advance.

If there are several heirs, the share is inherited jointly. This means they must exercise voting rights together and decide jointly what to do with the share until they divide it among themselves or someone buys out the others.

It is important to understand that the heir becomes a shareholder with all related rights and obligations. If there were few shareholders, the death of one person may temporarily put company management in a difficult position. Succession proceedings may last at least one month and often longer. During that time the company may face situations where the necessary shareholder or management board member is missing for decision making. In such a case it may be necessary to appoint an administrator for the estate who can exercise the rights and obligations of the shareholder or to appoint a substitute management board member who represents the company. The most critical issues usually involve employees, banks, public authorities and contract partners. The company’s activities should not come to a halt because the company would lose value every day.

Ways to prevent potential disputes

By law, a share is inheritable. Shareholders can however set clear conditions under which the company share will not be inherited. In that case the articles of association must provide that the company pays the heirs fair compensation for the share within a specific time period. This prevents the situation where the company is forced to accept completely unknown persons as shareholders.

An effective way to further regulate relations between shareholders is to conclude a shareholders’ agreement. It helps to establish clearer rules in addition to the articles of association and to set additional rights and obligations related to the share. For example, the parties can agree on the steps a shareholder must take to transfer a share and on the method for calculating the value of the share if needed. Unlike the articles of association, a shareholders’ agreement is confidential and there is no statutory obligation to disclose it.

Although we cannot prescribe whether and how our business partners draft their wills or whom they designate as heirs, we can already now think through whether we would want to run a common business with their potential heirs in the future. If you are founding a company with a friend, it is worth asking yourself whether you would want to continue the same business with that person’s children, partner or other relatives. If the answer tends to be no, this situation can be regulated in advance.

• Hedman Law is EstBAN partner member.
• The article is based on EstBAN x Workland x Hedman Law co-hosted event Morning Mixer: Law Seminar on Inheritance and Succession. The event was supported by Connect2Scale project, financed by EU.

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Highlights of the trip:

• Meeting with Startup Portugal to understand the local ecosystem
• Visiting Beta-i and other support organizations
• Hearing the story of Portuguese unicorn Farfetch
• Meeting with local investors

The study trip program starts quite early morning on November 26, so we advise to fly in on November 25 evening. Program will end mid-day on November 28, so you can book afternoon flights back. As spaces are limited, act fast!

Angel investor study trips are an opportunity to learn, share, and grow together with an international angel community.

SIGN UP & MORE INFORMATION HERE

This delegation trip is part of EU-funded Connect2Scale programme. Project is coordinated by Civitta. Project partners: Finnish Business Angels Network (FiBAN), EBAN – European Business Angel Network, Estonian Business Angels Network (EstBAN), Lithuanian Business Angel Network LitBAN, Latvian Business Angels Network and Business Angels of Slovenia.

Read about previous EstBAN Study trips:

• Connect2Scale study trip to Malta

• 4NGELS cross-border investor study trip took business angels to Warsaw

• Discovering Sweden – Europe’s “Silicon Valley”

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Four online trainings will be held with an aim to build a strong group of seasoned angels and VC’s. Investors will learn together about designing and executing an exit. Trainings will be delivered by leading high risk investment experts.

Who can participate?

Angel investors and early stage VCs with at least 5 startups in their portfolio are welcome to attend. If you have less startups under your belt, don’t hesitate to still apply – we will go through all the applications and contact you if necessary in order to figure out your motivation to participate. But please be kindly reminded that this program is not meant for angel investors just starting out on their journey. 

Certification

Each angel who attends all 4 trainings will earn a certificate of completion. 

Mature Angels Academy 2025 Timeline:

• September 30, 2025 4 PM – 5 PM (CET) – Angels and VCs investing together, approaching VCs, building follow-on rounds to exits 
• October 7, 2025 4 PM – 5 PM (CET) – Exit Strategy and opportunities, secondary investments, M&A 
• October 14, 2025 4 PM – 5 PM (CET) – Exit process execution and tools
• October 21, 2025 4 PM – 5 PM (CET) – Types of exit and what kind of exit you are aiming for, Driving the company towards an exit, what needs to be achieved

• See previous Angels Academy videos on YouTube: New Angels Training Programme (2025)
• See previous Angels Academy videos on YouTube: Mature Angels Training Programme (2024)

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A recent EstBAN organized study trip within the Connect2Scale project to Malta provided a solid overview of the local startup ecosystem, which in recent years has gained attention in Europe. The small Mediterranean country’s strategic location, active government support, and accessible funding options create a favourable environment for both entrepreneurs and investors. Below are some examples of different components of Malta’s startup ecosystem.

Malta Enterprise

The national agency Malta Enterprise focuses on forward-looking sectors such as digital innovation, education, healthcare, infrastructure development, and sustainability. One notable initiative is the Start-Up Finance program, which can offer support ranging from €300,000 to €1.5 million per company, depending on the sector and region. While this is a repayable grant, the terms are flexible – repayment can be made gradually from profit with low interest rates.

Malta Venture Capital Fund

The Malta Venture Capital Fund also stands out. Managed by Malta Government Investments, this state-run €10 million venture capital fund provides equity investments of up to €500,000 per startup. However, private co-investment is required. The fund prioritises sectors such as fintech, artificial intelligence, e-sports, renewable energy, and medical technology.

DiHubMT – European Digital Innovation Hub

Digital innovation is supported by DiHubMT – the Digital Innovation Hub Malta – which is part of the European network of digital innovation hubs. DiHubMT gives companies the opportunity to test advanced technologies such as AI, cybersecurity, and robotics before investing in them. It also supports the development of digital skills by offering training and workshops to both local and international companies.

SuperCharger Ventures for ed-tech

Startups looking to grow internationally can benefit from the SuperCharger Ventures accelerator programme, which is primarily targeted at edtech companies. The programme lasts 12 weeks, is equity-free, and covers accommodation and travel costs. In addition, participants can apply for up to €500,000 in non-repayable funding.

To conclude: why Malta?

For Estonian startups, establishing a subsidiary in Malta may be worth considering due to the country’s favourable conditions for international expansion and access to EU and Mediterranean markets. Local support schemes and regulations can offer a competitive advantage.

As an investor, it was encouraging to see how clearly Malta supports business growth. Although the local market is small, this is balanced by a government strategy aimed at facilitating international scaling. Malta could offer useful opportunities for Estonian investors and startups looking to expand or collaborate at the forefront of European and Mediterranean innovation.

Until then, Malta!

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This spring, in April and May, during four online sessions we’re targeting novice angels or those who want to re-introduce themselves with angel investing.

How does the Angel Academy work?

• Exclusive Online Trainings

Engage in our online trainings for next generation angels this spring and mature angels in autumn. The sessions for the NextGenAngels cover practical topics like portfolio building, startup valuation, DD and value creation. We’ll bump up the game in the autumn for Mature Investors with building a strong group of seasoned angels and early and later stage VC’s to learn about designing an exit, venture capital strategies, delivered by leading experts in the field. There’s no need to participate in both programms, just choose one that speaks to you more, depending if you are a new or already experienced angel.

• Valuable Networking Opportunities:

Connect with a diverse group of angels, VCs, policymakers, startups, and ecosystem players. Enhance your network and learn from peers and industry leaders through our interactive sessions.

• Certification and Special Offers:

Earn a certificate of completion by attending all 4 trainings. Attend all four sessions also to get exclusive discounts for the EBAN Congress 2024 and an invitation to the C2S Lighthouse Expedition!

Angel Academy 2025 Timeline

All trainings are online

1. April 1, 2025 4PM CET, online: What does it mean to be an angel investor and startups as an asset class
2. April 15, 2025 4PM CET, online: Building portfolio – different strategies and how do you get the best deal flow?
3. April 29, 2025 11AM CET, online: How to evaluate a team and the basics of due diligence
4. May 13, 2025 4PM CET, online: The basics of legal frameworks and documents for angel investing

> SIGN UP

Don’t miss this incredible opportunity to enhance your investment expertise and network with the best in the industry. Join Connect2Scale Angel Academy today! 

Connect2Scale is funded by the European Union and organised by Civitta, EstBAN, FiBAN, Business Angels of Slovenia, EBAN, LitBAN and LatBAN. Connect2Scale website is https://connect2scale.eu/.

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Visiting Polish startup ecosystem and Deep Tech CEE Summit

Monday started with a visit to Google for Startups. It’s CEO Michal Kramarz’s assertion, “In this region, we have great tech talent. So, invest!” was an encouraging call to action. We also learned from entrepreneurs-turned-angels Olga Adamkiewicz and Marta Zarosa about the journey from startup to exit, and eventually, to becoming an angel investor.

The day also featured a partner meeting from our 4NGELS project with FiBAN, COBIN, Business Angels of Slovenia, and EstBAN, followed by an engaging discussion on cross-border investing at the Deep Tech CEE Summit Investor Day. Our Slovenian colleague, Nina Dremelj, and Anna Torz from Civitta brought immense value to this dialogue on stage.

From Polski Bank to Warsaw Stock Exchange and beyond

Warsaw is undeniably a bustling metropolis, exuding a vibrant energy and a vast urban sprawl that makes it feel like a true European capital. Our 3rd day begun in Polski Bank Rotunda building, strategically placed right in the heart of Warsaw’s bustling business district. We got an insightful overview of Polish startup ecosystem, a session organized by Polish Startup Hub’s Maciek Sadowski. But Piotr Kedra from PFR Ventures, Kristiina Libe from Tehnopol and the ReadytoScale project, and Maria Tyka-Majewska from HugeThing, all painted a comprehensive picture of the local startup landscape.

From there, we shifted to the Warsaw Stock Exchange, where the Deep Tech CEE Summit was in full swing. We were particularly captivated by the pitches from the TOP3 4NGELS startup-competition-turning-into-a-syndicate-startups: Fyenally, with solutions for short-sighted individuals; ToriiPay, revolutionizing B2B payments; and Logoplan, which is working to enhance children’s speech development. Each of these startups has the potential to make life a little easier, with innovative solutions addressing real challenges.

The adventure didn’t stop there. COBIN Angels led us a bit out of town to visit two Polish startups: PureCity and Ecobean. PureCity is making waves in urban air quality management, while Ecobean is focused on sustainable innovations by turning coffee waste into new, eco-friendly products.

Cross border investments are born when we keep exploring

Experiences like these are crucial for fostering cross-border investing and building a robust European economy. COBIN Angels is gearing up to launch a cross-border syndicate, and for anyone interested in participating, this is an exciting opportunity to be part of a pan-European investment movement.

Warsaw, a city of over 1.8 million people and a storied history dating back to the Kingdom of Poland in the 10th century, remains an ever-evolving hub of culture and commerce. From its automotive and chemical industries to its startups and deep tech innovations, Warsaw is a city full of potential. If you ever get a chance to join a study trip like this, seize it!

Our next destinations are Germany and Finland, and we’d love to have more enthusiasts join the journey toward cross-border collaboration and an innovative European economy.

Useful links & inspiration for further:

• Google Campus Warsaw
• Deep Tech CEE Summit
• Polish Startup Hub
• PFR Ventures (VC)
• HugeThing (VC)
• Warsaw Stock Exchange
• Fyenally,
• ToriiPay
• Logoplan
• PureCity
• PureCity
• 4NGELS cross-border syndicate

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1. Angel trainings
2. Possibility to participate in an international syndicate. Current trainings and syndicate is led from Poland, by COBIN Angels.
3. Invitation to take part in the Angel Investor Study trip to Poland

Plus: For startups there’s also special training programme and possibility to pitch for a bunch of international investors.

Online training materials 

Currently there’s also Estonian and Finnish cross-border-guidebooks available that help to learn about how to enter the startup-investor landscape in these countries.

• Download Estonian guidebook
• Download Finnish guidebook

What’s going on right now and how can I jump in?

If you want so participate, it’s still possible, read more and SIGN UP.

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Our trip kicked off with a packed agenda filled with meetings, presentations, and networking events, offering us a glimpse into what makes Sweden one of the most innovative nations on the planet. With representatives from Finland, Estonia, Latvia, and Slovenia, our diverse group of investors, family offices, and startup supporters had the chance to dive deep into Sweden’s thriving business landscape, hearing firsthand from some of its most exciting startups and thought leaders.

Day 1: Exploring Sweden’s Unicorn Factory

Sweden is the birthplace of billion-dollar companies like Spotify, Klarna, Northvolt, and Voi. It’s easy to see how this country earned the nickname “Unicorn Factory.” On our first day, we had an exciting introduction to the Swedish angel investing and venture capital ecosystem, starting with a visit to Wellstreet. Maria Lindholm and Evelina Anttila provided invaluable insights into the Swedish startup world, alongside a session of startup pitches that left us considering new investment opportunities.

Next, we visited Nordic Angels where Andreas Grape and Boston Consulting Group shared their expertise on building a trusted brand and creating an inclusive investor platform.

The level of ambition and community-driven spirit in Sweden is unlike anything we’ve seen before, and it was clear that this initiative is paving the way for a new wave of investors.

We ended the day at KTH Innovation accelerator where we were blown away by the professionalism of the Swedish startups pitching. Their well-prepared teams and impressive presentations gave us a glimpse of what’s to come from Sweden’s tech scene. And as a perfect end to the day, we visited Klarna’s HQ – an inspiring space that embodies the innovation and creativity that Swedish businesses are known for.

Day 2: Innovation, Coffee, and Cinnamon Buns

Our second day began with a deeper look into what makes Sweden a global leader in innovation. From its excellent education system to widespread high-speed internet access, Sweden has created an environment where tech and entrepreneurship can flourish. Swedish social systems also allow entrepreneurs to take risks without fear, fostering innovation across sectors.

A highlight of the day was visiting Epicenter Stockholm, a hub where innovation meets collaboration. The energy there was palpable – it’s a high-quality community where knowledge and networks are shared among its select members.

We also had the privilege of visiting PaperShell, a startup making waves with its high-tech wood that could replace materials like aluminum and plastic, reducing CO2 emissions by up to 98%. Hearing from their CEO, Anders Breitholtz, was truly inspiring. The innovation was tangible as we saw snowboard prototypes and design chairs made from “paper.” The company is also currently raising a new round of investments – should you be interested, contact EstBAN team.

The day ended at the Stockholm School of Economics’ Business Lab, where five exciting startups pitched their ventures. We also visited Connect Sverige Region Öst, where Swedish angel investors shared their stories and offered even more startup pitches. Naimul Abd and the panel discussion at Connect were both highlights, with the community’s dedication to angel investing on full display.

Day 3: A Farewell to Stockholm – But Not the Last Collaboration

Our final day in Stockholm culminated in the launch of SweBAN – the Swedish Business Angel Network, where we spent time with angel investors, listening to reverse pitches and a fireside chat. Held at Impact Hub Stockholm, the event gave us a chance to meet with some of the most prominent figures in the Swedish investment community. Hearing from Antler, Mastercard Lighthouse, Norrsken VC, and Sting reinforced the Swedish commitment to sustainability, innovation, and global collaboration.

This trip has been more than just a business visit – it’s been an eye-opener to the power of cross-border investment.

Sweden is leading the charge in creating innovative solutions for a sustainable future, and it’s evident that their approach to collaboration, branding, and innovation is a model for the rest of the world.

As we wrap up this incredible journey, we are filled with ideas and inspiration. Sweden’s startup ecosystem is truly world-class, and we look forward to exploring more cross-border investments between Sweden and our home countries.

Until next time!

Connect2Scale Study Visit was part of the Lighthouse Expedition programme and brought to life with consortium members from Connect2Scale project partners Finnish Business Angels Network (FiBAN), Business Angels of Slovenia, Lithuanian Business Angel Network LitBAN, Latvian Business Angels Network, Civitta and Estonian Business Angels Network (EstBAN). Connect2Scale is funded by EU.

• Learn more about Connect2Scale project
• Learn more about angel investing
• Sign up for Mature Angels programme

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