[BHershewitz]

This is kind of misleading. Many of the start-ups on that list are headquartered (or host major operations) outside of Estonia; they're considered Estonian only because the founders hold Estonian nationality. You wouldn't call start-ups headquartered in the US and founded by Indians "Indian start-ups", would you?

[elisehein]

This might not be the case for quite a few Estonian startups though -- with 1.3 million people you're desperately lacking a large enough target market for the niche products that some startups are developing, and looking to other countries may actually be a part of a strategy, not simply a case of 'I happen to be an Estonian living in the UK so I'll just go with the flow and do my startup here'. I would call these startups Estonian.

[jkaljundi]

Which ones do you mean? Most if not all of those companies have majority of the team and original entity in Estonia.

Even then, we as Estonian startup people don't care where the main legal entity is. If it's started and run by Estonians, we consider it Estonian.