Startup ecosystems of Belgrade and Novi Sad worth over USD 1 billion

Source: eKapija Wednesday, 29.05.2024. 11:17
Illustration (Photo: Rawpixel/
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 a greater financial security in the early phases of the development of innovations than numerous other European ecosystems, such as Lithuania, Prague, Warsaw, Ljubljana. According to the results obtained, the average age of the 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 world 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.

In the past year, the biggest successes of the startup ecosystem are the biggest value of the ecosystem so far, the growing community with a high percentage of professionals, an excellent pool of talents which forms various companies and teams, the fact that experienced founders are returning to the ecosystem (as founders or investors), a strong and resilient financing in the early phase of a startup’s development, a pronounced ambition, global thinking and the initial traction, traction in important advanced technologies such as artificial intelligence and 33% serial startup founders, which points to the presence of experience in the founding and development of innovative ideas.

Also, based on the research, recommendations are given for the further development of the startup ecosystem, such as the continuation of the gathering and inclusion of all the actors within the system in the establishment of a strong community, the founding of a larger number of VC funds and attracting more innovative startups to the ecosystem of Belgrade and Novi Sad for the purpose of improving the experience and knowledge.

The research has 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, in London, within the London Tech Week event.

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