PRESS RELEASE
At Latitude59’s official opening event, “Thinking in Billions”, the key message was that bringing innovation to market requires companies and governments to be ready to test new technologies in a controlled way. Entrepreneurs also stressed that legal frameworks must keep pace with technological development if new solutions are to reach the market.
Estonian and international experts and policymakers discussed how to overcome legal barriers, drawing on examples from Estonia, Canada and Japan at today’s Latitude59 opening event.
In her opening speech, Canada’s Minister of Foreign Affairs Anita Anand said that doing extraordinary things in 2026 requires taking risks, especially given the current geopolitical situation. “When the world changes around you, we have to adapt and we have to grow together. And we grow together by ensuring that we learn from each other and not assuming that we have all the answers ourselves. Canada has prospered because it is a multilateral nation, because we believe in international cooperation and coordination, including in cyber security and digital governance. Today, we are strengthening our connections in the startup ecosystem, in AI safety and in cyber security because the world is changing and we must change with that world,” she said.
Sigrid Rajalo, Deputy Secretary General for Economy and Innovation, said that breakthrough innovation requires companies and the state to be willing to experiment in a controlled way. “The biggest obstacle to innovation is not a lack of ideas, but the fear of making mistakes. Through a testing environment, we are creating a clear and safe way for companies and the state to test complex technologies and solutions with high potential impact. This allows us to shape the rules of the future based not on assumptions, but on real experiments and data,” Rajalo said.
Takeshi Kito, co-founder and CEO of GFTN Japan, underlined the importance of the topic. “In particular, Japan and Estonia share regulatory sandboxes built on highly similar concepts and missions. In the short term, I hope we can exchange insights and sandbox outcomes. Looking ahead, I look forward to exploring collaborations that foster billion-scale emerging industries not only through mutually compatible regulatory frameworks, but also through the exchange of talent and ecosystem integration,” Kito said.
Participants in the startups and investors panel noted that changing outdated regulations is critical to accelerating innovation. Technology is transforming people’s everyday lives from how we travel and what we eat to finance and health. And the widespread adoption of artificial intelligence is further speeding up these changes.
Leo Ringer, founding partner at Form Ventures, said that Estonia has been a pioneer in regulatory innovation. “The question of how we get the best of innovation in complex, regulated markets should be a central economic and social policy question. Estonia has long led the way when it comes to regulatory innovation, not least through Accelerate Estonia, and it’s great to discuss the opportunities and challenges here at Latitude59,” Ringer said.
In a discussion featuring Bolt and Wolt, representatives of two global companies shared their experiences of entering highly regulated markets.
Triin Toimetaja, Strategy & Operations Manager at Bolt, said that Estonia has built a strong international reputation as a digital nation, but to maintain that advantage, regulation must move as fast as technology. “Bolt sees great potential in closer cooperation between platforms and the public sector to jointly design solutions, update outdated rules and ensure that the regulatory environment keeps pace with people’s real needs,” Toimetaja said.
The day concluded with a public sector panel discussing how to overcome one of the biggest practical obstacles to implementing innovation in government: situations where public sector leaders avoid making necessary decisions out of fear for their careers.
Tõnis Tänav, Deputy Secretary General for Innovation and Strategy at the Ministry of Regional Affairs and Agriculture of Estonia, said during the discussion that the current system does not sufficiently encourage major leaps in the public sector. “I really haven’t seen that anyone loses their job in the public sector because of being too innovative. However, the current risk and reward system really does not incentivise the public sector enough to force them to take great leaps. Maybe it should be the other way, losing your job for not being innovative enough? “
Thinking in Billions is the official opening event of Latitude59. It highlights the measures that innovation-minded policymakers are testing in cooperation with the private sector. The event will take place on 20 May at Kultuurikatel and is organised by Latitude59 in partnership with the Ministry of Economic Affairs and Communications and Accelerate Estonia.
Latitude59 2026 will take place from 20–22 May in Tallinn, at Kultuurikatel, bringing together startups, investors and startup ecosystem builders from more than 70 countries.
