Value of two biggest Serbian startup ecosystems exceeds 1 billion dollars

According to the Startup Genome 2024 research, in 2023, the startup ecosystems of Belgrade and Novi Sad reached the highest value yet – USD 1.116 billion, having recorded a growth of 66% compared to the previous year, announced the Ministry of Science, Technological Development and Innovations.

According to the latest data, the startup system of Belgrade and Novi Sad is positioned as the first ecosystem in the Western Balkans region and tenth in Central Europe.

The startup ecosystem provides greater financial security in the early phases of the development of innovations than numerous other European ecosystems, such as Lithuania, Prague, Warsaw and Ljubljana.

According to the results obtained, the average age of a startup founder is 35 years, which is three years younger than the European average, whereas the percentage of women in the founding team is also above the European and global average. A large percentage of startups from the regions of Belgrade and Novi Sad (64%) recognize the global market as their target market for the placement of innovative products.

The research has also shown that the ecosystems which have a separate coordination body which monitors the ecosystem and gives recommendations for its improvement have a much higher exit value and a larger number of startups in Series A. The forming of such a body in the Republic of Serbia would considerably contribute to moving the Serbian startup ecosystem to the next development phase, from the activation phase to the globalization phase.

The official publication of the entire Startup Genome report for all ecosystems is planned for June 10, 2024, at the London Tech Week.

(Nova Ekonomija, 31.05.2024)

This post is also available in: Italiano

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