Incap Estonia Named Foreign Investor of Year at 2022 Entrepreneurship Awards


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Incap Electronics Estonia was named The Foreign Investor of The Year at the Estonian Business and Innovation Agency (EAS) and the Confederation of Estonian Employers Annual Entrepreneurship Awards Ceremony. An Entrepreneurship Award is the highest national recognition for businesses in Estonia.

Greg Grace, Managing Director of Incap Electronics Estonia, stated that the company appreciates the acknowledgment. “We are honoured to be recognised with the award and thank the judging panel. Despite a challenging global business environment and supply chain challenges, we have performed well and are upgrading our production facilities to respond to the growing market demand. I would like to thank our partners and the amazing team at Incap Estonia. We wouldn’t have succeeded without you,” he added.

Chairman of the jury and head of the joint institution of EAS and KredEx, Lauri Lugna, commented that one of the reasons why Incap won the foreign investor category was that the company is a leader and advocate of the entire sector. "Incap has made considerable investments in Estonia over the years and also continuously invested in young talents, in the development of the region and in innovation, green and digital revolution," said Lugna.

Kristi Tiivas, Chairman of The Supervisory Board at EAS added: “This company is clearly looking into the future, but soon also to the Moon. Their priority is to contribute to green technology, for example they have a role in the production of light electric vehicles and solar cars. Besides all this, they contribute significantly to the local community as well as to the generation of young capable professionals.”

Organised by the Estonian Business and Innovation Agency and the Confederation of Estonian Employers, the entrepreneurship competition with the longest history in Estonia took place for the 27th time this year. The competition recognised Estonian companies that, despite challenges, have achieved success through ingenuity and consistent work. The Foreign Investors category specifically recognises enterprises that have shares held by international investors, are active in Estonia, and have made an important investment in the last three years.

The Entrepreneurship Award followed a two-phase application process. In the first phase, candidates submitted their financial data and arguments for winning their selected category. After the first phase, a TOP 10 ranking was drawn up and visitations were arranged with the selected enterprises to specify their accomplishments according to the statute. On this basis, three nominees in each category were shortlisted and submitted to the Entrepreneurship Awards 2022 jury to select the winner of each category.

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