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Tartu biotech Icosagen Cell Factory wins business of the year

Entrepreneurship Awards ceremony 2023
Entrepreneurship Awards ceremony 2023 Source: Ken Mürk/ERR

Tartu-based biotech company Icosagen Cell Factory won this year's business of the year and Kristo Klementi, Revismo CEO and owner, won young entrepreneur of the year.

Icosagen Cell Factory has, among other things, developed Bioblock, a nasal spray containing anti-SARS-CoV-2 antibodies.

Sigrid Harjo, member of the joint organization of Enterprise Estonia and KredEx, said that Icosagen is one of the most knowledge-intensive companies in Estonia, which creates very high added value in economic terms.

In addition to the Business of the Year award, Icosagen was also named Innovator of the Year. "They have developed unique technologies for the development and production of biological molecules and provide services to the world's leading pharmaceutical companies. In the near future, their pharmaceutical plant will also be completed, which will take the entire Estonian biotech sector to a new level," she said.

"Icosagen is an exemplary case of how the fruits of Estonian researchers' work reach society through entrepreneurship and succeed in international competition," said Arto Aas, CEO of the Estonian Employers' Confederation and a member of the jury. "Investing in innovation and development pays off in these research-intensive companies," he said.

"Being an entrepreneur necessitates a great deal of guts and initiative, especially in recent years when entrepreneurs have been tested by many kinds of challenges. We are only awarding entrepreneurship honors to a few Estonian entrepreneurs today, but it is an homage to all entrepreneurs and industrious people," Toomas Luman, chair of the Chamber of Commerce, said.

The Ministry of Economic Affairs and Communications recognized the Narva creative incubator OBJEKT and the Connected Health Cluster led by Science and Business Park Tehnopol with the Entrepreneurship Promotion Award.

The business of the year was chosen by a jury of judges, including among others Minister of Economic Affairs and Information Technology Tiit Riisalo, Governor of Eesti Pank Madis Müller, Toomas Asser, the chair of the board of rectors and rector of the University of Tartu, Urmas Varblane, professor at the University of Tartu and member of the Estonian Academy of Sciences, Director General of the Estonian Chamber of Commerce Mait Palts, Arto Aas, CEO of the Estonian Employers' Confederation.

Young entrepreneur of the year is Kristo Klementi

Kristo Klementi, the owner and director of Revismo OÜ, was voted Young Entrepreneur of the Year by the Estonian Chamber of Commerce and LHV.

The top three nominees were separated by only a few points, the other two nomeness were Arti Kütt (Cleveron AS) and Tõnis Voitka (KrattWorks OÜ).

Revismo focuses on professional engineering services, product development, and promoting innovation in the design and development of metal products and equipment. With a team of 15 skilled engineers, the company has successfully completed over 550 product development projects.

The client base includes companies not only from Estonia, but also from Finland, Sweden, Norway, Denmark and Germany. By offering high quality engineering solutions to international customers, the company has strengthened Estonia's position as a reliable and innovative partner in the global market.

In 2022, Revismo was a Gazelle company for the third time. Gazelles are companies that have increased their turnover and profit by more than 50 percent in three years. Only 1 percent of Estonian companies are gazelles.

In 2022, the company's revenue exceeded €1.2 million.

The LHV Bank Young Entrepreneur Award, worth €5,000 euros, was awarded for the eighth time. The competition is organized by the Estonian Chamber of Commerce and LHV with the support of President Alar Karis.


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Editor: Merili Nael, Kristina Kersa

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