The Startup Ecosystem of Serbia

The Serbian IT sector is the country’s most recognizable economical engine of growth; Due to its affordability, Serbia has become a freelancing hub for Western companies. One of the country’s challenges is to get more of its IT talent to take the uncertain path of entrepreneurship with a relative abundance of outsourced tech jobs available.
One milestone for Serbia’s startup ecosystem is the region’s first Centre for the Fourth Industrial Revolution (C4IR), which aims to prioritize developments in biotechnology and the application of artificial intelligence in healthcare. Apart from the industries mentioned above, with access to the European market, Serbian startup ecosystems are already excelling in a number of innovative industries, including Blockchain and Artificial Intelligence. Notably, Agritech has an immense potential for the country, as agriculture covers 65% of the land area. There are some promising examples showcasing the potential of Agritech in Serbia such as Agremo, an app utilizing artificial intelligence and machine learning to monitor crops.
Supported by Google, ecosystem support organizations such as Startit offer entrepreneurs a stable platform for networking and linking startups in smaller cities with funding from Belgrade. Startit was launched by a group of savvy entrepreneurs who have become key players in growing the local ecosystem. We also commend the efforts of Business Incubator Novi Sad in supporting the local ecosystem, as well as initiatives such as Venture an Idea, launched cooperatively by Digital Serbia and USAID.
As for funding, the government supports innovative activities and funds them through Serbia Innovation Fund. Additionally, Serbia Ventures works to incentivize individuals with high net worth to incorporate venture capital funds in Serbia. Another public sector initiative, “Strategy for the Development of Startup Ecosystems of the Republic of Serbia, has the objective of accelerating the Serbian startup ecosystem by identifying and supporting successful startups and integrating entrepreneurship into all levels of education. With such public sector support, and considering the impressive talent in the country, it is likely that new success stories will emerge in the Serbian startup ecosystem. In the future, we hope to see Serbian startups focus more on the international markets and on making their ecosystems more recognizable on a global scale.