Telekom Serbia has received all approvals for the establishment of the biggest venture fund in Serbia for helping startup ideas, which will also be the biggest fund of that kind in the region.
CEO of Telekom, Vladimir Lucic, says that the company will invest EUR 25 million in the fund in the next five years.
“This will definitely be the biggest fund in the region. A venture capital fund is a standard way of financing, where big corporations invest in startups and digital ideas. It is designed as a special company that will be run by professional management, which we are currently looking for in the U.S. and Israel, the countries that are the most recognized for the development of startup ideas,” Lucic said on RTS.
He added that the fund will become operational by June at the latest and that the money for the first startup ideas will be disbursed as soon as September. He invited young people to contact the fund and send in their ideas.
Lucic points out that Telekom will invest EUR 5 million in the initial capital of the fund each year, amounting to around EUR 25 million over a five-year period.
“We believe that we will attract various private companies to be part of our fund, so the initial fund will be much larger,” Lucic underlined and added:
“In addition to professional management, we will also form a supervisory board, featuring the most eminent people in this field in Serbia, so that the startups that have a future and which should be invested in would be selected in the best and most transparent way possible,” Lucic added.
The fund will finance startup ideas with EUR 50,000 to 100,000 in the initial phase.
Telekom’s CEO also noted that a new industrial revolution is happening in the world and that it is no longer enough only to make an app in order to achieve global success in that field, but also to make a product of the future, such as, for example, nanorobots or sensors that can be applied in various fields.
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