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Forbes also lauds the corporate training firm BranchTrack. It plans to disrupt the sector with its clever but very user-friendly customer simulation platform that has already been adopted by a number of top global brands.

Also worthy of note, the biotech startup Conelum, which uses its technology to accelerate mandatory food testing processes. A spin-off from Riga Technical University, the firm is currently working with European dairy companies and Russian partners, but has its sights set on the global market.

In the feature story's intro, Forbes comments: "When Skype was created over a decade ago by a group of Estonian tech entrepreneurs, few people anticipated the Baltic start-up that followed. In fact the building blocks of an agile, efficient, and productive start-up ecosystem were already in place."