Uneven Paths to Entrepreneurial Success: A Comparative Analysis of Startup Ecosystems in Estonia and Croatia
Authors
Omerinovic, Harris ; Hettlich, Magne Bonnen
Term
4. semester
Education
Publication year
2026
Submitted on
2026-05-29
Pages
132
Abstract
This thesis examines why some small post-socialist European economies build internationally competitive startup ecosystems while others with similar structural conditions do not. Using a comparative case study of Estonia and Croatia, it applies Erik Stam’s entrepreneurial ecosystem framework and a Most Similar Systems Design to compare framework conditions (institutions, infrastructure, markets) and systemic conditions (finance, human capital, support structures). The analysis draws on data from Eurostat, OECD, EIB, GEM, Eurobarometer, and national ecosystem reports. Findings show that Estonia’s success reflects stronger coherence across institutional efficiency, digital infrastructure, venture capital markets, and founder recycling mechanisms. Croatia, by contrast, has assembled many formal components—incubators, accelerators, public financing, and technical talent—yet these elements are less integrated and less self-reinforcing. GEM data indicate that Croatia does not lack entrepreneurial ambition, but activity concentrates around traditional SMEs and self-employment rather than innovation-intensive scaling. The thesis concludes that productive entrepreneurship emerges most strongly when institutional, financial, and cultural conditions reinforce one another over time; ecosystem development is path-dependent and not reducible to isolated policy interventions.
Denne afhandling undersøger, hvorfor nogle små post-socialistiske europæiske økonomier opbygger internationalt konkurrencedygtige startup-økosystemer, mens andre med lignende strukturelle vilkår ikke gør. Gennem et komparativt casestudie af Estland og Kroatien anvender studiet Erik Stams entreprenørielle økosystemramme og et Most Similar Systems Design til at sammenligne rammebetingelser (institutioner, infrastruktur, markeder) og systemiske betingelser (finansiering, humankapital, støttestrukturer). Analysen bygger på data fra Eurostat, OECD, EIB, GEM, Eurobarometer og nationale økosystemrapporter. Resultaterne viser, at Estlands succes udspringer af en stærkere sammenhæng mellem institutionel effektivitet, digital infrastruktur, videntilførsel fra venturekapitalmarkeder og founder recycling-mekanismer. Kroatien har derimod opbygget mange formelle elementer (inkubatorer, acceleratorer, offentlig finansiering, teknisk talent), men disse er mindre integrerede og mindre selvforstærkende. GEM-data indikerer, at Kroatien ikke mangler iværksætterambition, men at aktiviteten i højere grad er centreret om traditionelle SMV’er og selvstændig virksomhed frem for innovationsintensiv skalering. Afhandlingen konkluderer, at produktivt iværksætteri opstår stærkest, når institutionelle, finansielle og kulturelle betingelser gensidigt forstærker hinanden over tid, og at økosystemudvikling er sti-afhængig og ikke kan reduceres til isolerede politiske indgreb.
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Keywords