Internet economy - Unique opportunity for Slovakia

Summary form only given. Internet Economy represents a unique “Online oportunity” for Slovakia. According to the Boston Consulting Group study, that was commissioned by Google Slovakia, Slovak republic has opportunity to become above the average Internet Economy. Today, Internet Economy of the Slovak republic (shareof Internet on GDP) is estimated at 3.3%, or 2.3 bln EUR, which is approximately the level of other internet developed countries. The share of Internet of GDP in 2016 is expected to reach 4.5%. Huge potential represents export with added value (technology export), that contributes in the whole Internet Economy up to 30%. Several leading Slovak companies succeeded globally thanks to the internet: for example antivirus company ESET, that has 150 million users worldwide, Innovatrics - world leading fingerprint-recognition software used worldwide, or GPS navigation system Sygic. Slovakia has a huge potential to stimulate set-up of other technology companies, that will create jobs with higher added value, will keep Research and Development in Slovakia, and will succeed with its products globally, thanks to the internet. In order to stimulate future growth of the Slovak republic, it is important to focus on support of education in the area of IT skills and start-up/entrepreneurial mentality. Significant number of Slovak universities graduates are unemployable at present. If additional expert trainings of IT skills would be provided to these graduates, their chance so finding jobs would increase significantly. Following an example of Estonia, Slovakia should start empowering children with necessary IT skills already from early age on. Slovak republicis in need for more university graduates with IT skills. These graduates will work not only in shared-services centers, but will also continue their growth and develop new technology products and software.