Moldova has made significant steps towards enhancing its startup ecosystem. Promoting a Tech friendly fiscal environment, Moldova is positioning itself on a niche connecting East and West where a flagship example is Tekwill, a private public partnership aiming to increase ICT industry competitiveness and develop its startup ecosystem.
Thanks to initiatives from the EU, the national government, and a growing range of support organizations, Moldova’s nascent startup ecosystem has been picking up steam in recent years. Since 2020 the European Union’s EU4Moldova program has allotted EUR 770,000 in grants, as well as mentorship and training, to support startups and social entrepreneurship initiatives in the Cahul and Ungheni regions. Thus far 28 companies have been awarded between EUR 15,000 – EUR 30,000 each. The EU has also launched a new technical assistance project in Moldova to help the national government plan and execute development projects. Moldova is home to 11 business Incubators. As of 2019 they had together supported more than 100 startups. Prominent among the country’s support organizations is Tekwill Academy, located within the Technical University of Moldova (UTM). A 4,000m² hub, it offers co-working spaces, tech labs for IoT and 3D printing, as well as community events. Together with Moldova Agroindbank, MasterCard, Startup Moldova, USAID and Sweden, Tekwill recently launched “FinTech Vertical 2021,” a program dedicated to supporting the country’s growing FinTech sector by connecting startups with existing financial services and IT players. In addition, Tekwill holds open days for students and others interested in learning more about the sub-sector.
Ecosystem by the numbers
Reasons to move your startup to Moldova
Low Cost of Living
Openness to Foreign Investment
A number of foreign companies, including Lafarge, Sudzucker, Union Fenosa, and Metro Cash & Carry, have been operating successfully in Moldova. The country’s business environment compares favorably to many of its neighbors. The Heritage Foundation’s Index of Economic Freedom scored Moldova a 3.10 on scale from 1 to 5 with 1 being the best, compared to 3.24 for Ukraine, 4.11 for Belarus and 3.50 for Russia.
Moldovan Association of ICT Companies
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