EIS' objectives are to increase Estonia's international competitiveness and to develop entrepreneurship and the living environment, the agency's website says.

The supervisory board has tasked her with making the foundation more customer-friendly. "The idea is that the full lifecycle of a business should be supported through various services, grants and financial instruments. That's the direction we've already started actively working toward," she said, adding that the foundation is currently shaping its new strategy for 2026–2029.

EIS supervisory board chair Erkki Raasuke has previously said that the foundation should do fewer things, but more effectively. When asked whether the foundation has looked into which support measures are genuinely needed by businesses and which are less effective, Velve said that work is currently underway.

"We're analyzing our entire service portfolio," she said. "That includes both grants and various financial instruments. The ministry also expects us to increase our risk appetite. It's quite likely that financial instruments, in cooperation with Estonian banks, will become a bigger part of our portfolio. But we'll be able to speak more to that once our strategy is finalized and ready to present."

Velve noted that Estonian businesses should be more willing to take risks and invest more in innovation and research and development. The foundation itself should also be more willing to take on risk and support businesses financially.

Host Martha-Beryl Grauberg asked which support measures have been most effective for the foundation's clients so far.

"We definitely have a major impact on the market," Velve replied. "This year, €356 million is being funneled into the business sector through us, and a large portion of that is related to housing and residential energy efficiency. That's a very important sector for the Estonian economy — especially construction and construction innovation. We've reached the stage of industrialized renovation, which is a significant innovative leap forward. Given how much money we're investing there, we certainly expect to see further innovation from that sector."

Velve also highlighted financial instruments — loans and guarantees for Estonian companies — as key support tools.

"The third major area is applied research and innovation. This year, through our applied research program, we're investing €30 million into product and service development and innovation. It's encouraging to see that businesses are highly interested — three times as many applications came in as we can currently fund. We're providing all applicants with transparent, detailed feedback so that when the next round opens, they can return with stronger projects," Velve explained.

"In our evaluations, we look at how scientific expertise is used and how companies collaborate with universities. We hope this will help boost the added value of Estonia's economy," she added.

For companies that were not selected for funding, the foundation provides feedback on how they can improve their applications. "We really hope they come back, because one of the key challenges for Estonia's economy is how to increase added value for both businesses and the economy as a whole. That also ensures higher wages — if our companies are globally competitive. EIS's mission is to help create these global innovation success stories," she said.

Velve also noted that the new strategy will place greater emphasis on supporting exports.

"If product development and innovation are one stage in the lifecycle of a business, then the next crucial step is moving toward export, because Estonia's domestic market is very small. So we're approaching our new strategy with the question of how support for product development can lead to support for exports. That may not always mean financial support — it can also mean substantive support. In collaboration with the Ministry of Foreign Affairs, we've created a global business diplomacy network and identified our target countries. We're doing everything we can to help businesses enter foreign markets and be competitive once they're there," she said.

Velve sees the defense sector as a potential new growth area for the Estonian economy. She pointed out that both the Business and Innovation Agency and the state as a whole are making substantial investments in that field.

"But I still believe that construction innovation and energy efficiency are also important, because Estonia has many buildings in need of renovation. That sector — both in the context of the EU and in Estonia — is poised for another wave of innovation," she added.

When asked if there's anything the foundation should not be doing, Velve replied, "It's too early to say at this point. Our core competency is really in supporting entrepreneurship. The question now is which of our current activities are ineffective — that's something we're currently mapping out, and I'll be able to answer that more clearly in the future."

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