To acknowledge innovative enterprises that have implemented notable innovations, brought them to market successfully and dedicated a major part of their revenue to research and development.
Who can apply?
Nominations are open for Estonian enterprises that have introduced technological and organisational innovations in the last three years and have also facilitated the spread of information about innovation.
Assessment criteria and process
The following financial indicators are taken into consideration (comprising 30% of the final result):
1. Absolute revenue due to innovations in 2020 (10%)
2. Additional value* increase per employee in 2018 vs 2020 (5%)
3. Weight of costs of research and development** in export revenue in 2020 (we consider the ratio of costs of research and development to revenue) (10%)
4. Revenue in 2020 (if you have submitted your annual report to the Centre of Registers and Information System, you do not have to fill in this section) (5%)
*Additional value per employee = (personnel costs including taxes + asset depreciation + business profit) / number of employees
**Research and development (including experimental development) includes systematic creative activities designed to increase the scope of knowledge and the ability to use such knowledge to uncover new fields of technology. Activities can be classified as research and development if they fulfil five basic criteria:
*producing unpredictable results
*transferrable and/or repeatable
For research and development, all five criteria should be simultaneously fulfilled at least theoretically, whether it is a constant or intermittent activity.
The enterprise must show a significant achievement in at least one of the following areas (comprising 70% of the final result):
The financial results of the enterprise and the answers to open questions will be marked for each criterion separately and the ranking will be prepared based on all weightings. Based on the ranking, the 10 best enterprises in each category are selected; Enterprise Estonia will visit these enterprises and conduct interviews, based on which three nominees will be selected. The nominees will be forwarded to the Entrepreneurship Award 2021 jury for selection.