CONCLUSIONS
This study focused on examining start-up ecosystems both in general and in a more specific way, mainly contributing to the Baltic ecosystem. The question of the research pointed out the direction for practical analysis deemed to indicate how has the COVID-19 pandemic affected the start-up environment in three observable countries and which elements have been affected the most. The conclusions based on this study suggest that:
1. All three Baltic countries recorded an increase in the number of new start-ups.
2. Funding per capita in all three Baltic countries has increased.
3. In Lithuania marketing industry has had the largest increase in venture capital investments, 2019 and 2020 compared year on year.
4. Total venture capital invested in Estonian and Latvian start-ups has exceeded the 2019 outcome significantly. However, the same indicator for Lithuanian start-ups has decreased by roughly 98%.
5. A score of starting a business difficulty in all three Baltic countries have either remained the same or improved, suggesting that it was easier to launch a start-up in 2020 than in 2019.
6. In proportion to the total number of start-ups in the Baltics, seed and series A rounds' share has exceeded 2019 outcome, slightly crowding out pre-seed and growth rounds.
7. Capital invested in the Baltic start-ups has primarily increased in Series A rounds.
8. Half of the start-up entrepreneurs admitted that COVID-19 had harmed their business. Another half stated either positive, neutral or no effect recorded.
9. The prevailing part of the start-up entrepreneurs stated that the most challenging drawbacks of the pandemic crisis were entries to the new market and raising funds.
10. Start-up accelerating and mentoring services providers have transitioned to remote work, however, this did not affect their performance.
11. The new opportunities for start-up entrepreneurship suggest digitalized forms of such, specifically medicine and education technologies, cybersecurity and alternative mobility.
Recommendations for future research deem to contribute to taking into account other elements of the start-up ecosystem, as well as conducting a survey to examine more in detail the perception of entrepreneurs on the pandemic effects on a larger scale of both the sample, location and the stage of a start-up. Hopefully, more data on the overall impact will be available in future to get a bigger picture of the mark that the pandemic has left.
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