Challenges in the Baltic Countries Industry
Regulatory Compliance and Adaptation
Navigating regulatory compliance is daunting for IT companies. The Baltic state's regulatory framework is praised for its simplicity, but keeping up with domestic and international regulations remains challenging.
Cybersecurity and Data Privacy
The Baltic state prioritizes cybersecurity and data privacy, but the evolving threat landscape presents ongoing challenges. Protecting critical infrastructure and personal data from cyber threats is a constant concern.
Access to Funding and Investment
Funding is crucial for startup growth, but many startups in the Baltic state face challenges in securing capital. Although progress has been made, early-stage funding remains a significant hurdle.
Brain Drain and Retention
Retaining top talent is difficult due to the Baltic state's small size and limited domestic market. Professionals are often lured abroad by higher salaries and better career prospects, leading to a brain drain.
Talent Shortage and Skills Gap
Despite a skilled workforce, Baltic states' IT industry struggles with a talent shortage and skills gap. Companies often find it challenging to fill key positions, requiring continuous upskilling to keep pace with technological advancements.
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