ESIL in Moldova
Europe cannot successfully compete with the United States or China if its innovation capacity remains concentrated in only a few regions. The EU is well aware that there are excellent researchers, entrepreneurs and innovators across the continent, while also acknowledging that research capacity and innovation ecosystems are unevenly distributed.
‘Widening countries’ which include the likes of Bulgaria, Croatia, Romania, but also non-EU countries such as Moldova, have tended to have lower innovation performance and disproportionately receive smaller shares of EU research and funding opportunities. Tied to these challenges is the fact that organised, early-stage financing has also been limited, meaning that promising innovations aren’t being supported, whether through investment or through strategic mentoring. All the signs of a vicious cycle compromising parts of Europe’s innovation potential.
The case of Moldova
The challenge is exemplified in the case of Moldova. Over the past decade, Moldova has demonstrated increasing ambition to strengthen its innovation-driven economy. The country ranked 58th out of 132 economies in the Global Innovation Index 2024, with notable progress in ICT services exports, human capital, and tertiary education participation (WIPO, Global Innovation Index 2024). The number of registered startups has grown steadily, supported by entities such as Startup Moldova Foundation, Technovator, Dreamups, and XY Partners. Moldova’s ICT sector accounts for roughly 7.3% of GDP (National Bureau of Statistics, 2023), and over 45% of tertiary graduates come from STEM fields —among the highest in Eastern Europe. Many talented Moldovans nevertheless find that opportunities are more promising outside of their country. Moldova scores 7.6 out of 10 on the Fund for Peace Human Flight and Brain Drain Index, significantly higher than the global average. In the last three decades, the country has lost approximately 40% of its population.
Moreover, early-stage financing remains limited. According to StartupBlink’s Global Startup Ecosystem Index 2024, Moldova ranks 92nd globally and 6th among Eastern Partnership countries — a sign of positive but uneven progress. Access to capital is the primary constraint:
- Venture capital presence is minimal, with few funds domiciled locally
- Equity crowdfunding is not yet regulated or widely used
- Angel investing is mostly informal, with only a handful of publicly identifiable active angel investors nationally
This lack of organised early-stage finance has a direct impact on innovation outcomes. Fewer startups reach the scaling phase, and Moldova risks losing promising founders to better-funded ecosystems in Romania, Poland, or the Baltics.
Barriers to angel investing in Moldova
Angel investors — experienced entrepreneurs and high-net-worth individuals investing their own capital —play a crucial role in bridging the early financing gap for startups. Beyond providing funds, they bring mentorship, sectoral expertise, and access to networks that are often decisive for a startup’s survival and scale-up. However, Moldova, like many neighbouring countries, remains at an early stage in developing a structured angel investment market. Despite growing entrepreneurial dynamism, the number of active business angels, syndicates, and formal networks remains limited.
This is in part explained because of insufficient investor education and awareness, with limited risk appetite and a tendency to sporadic, unstructured investments. But Moldova also lacks specific tax incentives to increase investment attractiveness, while startups themselves often lack investment readiness. Finally, Moldova’s entrepreneurial scene shows low female representation in both investors and founders. According to UNDP Moldova (2023), women represent only 24% of startup founders, and there is no formal network of women angel investors. And while this last point mirrors broader regional disparities, it also means that many potential entrepreneurs are never making it to the next stage.
Lastly, there is still a lack of understanding as to what Business Angels are, what angel investing means and can look like. Only by addressing these issues can Moldova truly move toward an innovation-led and competitive economy.
Building the next generation of angel investors in Moldova
ESIL Moldova has a simple but ambitious goal: nurture the next generation of Moldovan angel investors, that are diverse, inclusive, internationally connected and committed to building a strong, competitive and exciting innovation ecosystem in the country.
To do that, the project will implement a range of activities inspired by and based on the lessons learnt through ESIL over the last nine years. Promising individuals with Business Angel potential will be given the opportunity to join capacity-building workshops, peer-to-peer sessions, access to masterclasses, as well as supported in forming or joining syndicates. Moreover, ESIL Moldova will organise startup pitching sessions, investment simulations, mentor potential angels in working in a cross-border manner and help them form ties with angel networks beyond Moldova.
ESIL Moldova’s actions are just one part of a wider drive to boost angel investing across Europe, much as ESIL has done in several Widening countries since 2017. By mobilising innovation and investment potential across the entire continent, Europe could generate more successful companies, attract investment, retain talent, and contribute to economic convergence with the rest of the continent.
Building Moldova’s next generation of Business Angels
We are fuelling Moldova’s future by building a strong new network of Business Angels and investors ready to channel private capital, expertise, and mentorship into the region’s most promising ventures.
ESIL Moldova is funded by the European Union, co-funded by the French Government with support from Expertise France within the EU4Innovation East project. Its contents are the sole responsibility of ESIL Moldova and do not necessarily reflect the views of the European Union, the French Government or Expertise France.
The project is implemented by META Group, Business Angels Europe (BAE), TechAngels Romania, and the Moldovan Technology Transfer Network (MTTN).
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