Startup Genome Report: Local Ecosystem Worth Over USD 1 Billion

The Global Startup Ecosystem Report 2023, carried out by Startup Genome and the Global Entrepreneurship Network, was presented yesterday at The Next Web conference in Amsterdam, the Digital Serbia Initiative announced.

Within this year’s report, the startup ecosystems of Belgrade and Novi Sad were measured, and the results have shown that, from July 1, 2020, until December 31, 2022, Belgrade and Novi Sad created an ecosystem value of USD 1,116,736,155, which is a growth of 75.41% compared to the previous period. The value of the ecosystem is expressed through economic influence, calculated as exit value and startup valuation.

The startup ecosystems of Belgrade and Novi Sad are recognized among the best 20 European ecosystems by available talent – in the category which measures the ability to employ tech talents.

Gaming, blockchain, as well as the field consisting of medtech, biotech and healthtech, are the most prominent sectors, due to the number of talents, resources, support and activities of startups.

The pool of tech talents, tax exemptions and international connections are cited as the reasons why startup operations should move to Belgrade and Novi Sad.

The total exit value from 2018 through 2022 amounts to USD 647 million, and Serbia has over 45,000 highly qualified tech professionals.

The Startup Genome Report for Belgrade and Novi Sad is available at this link.

– We are very proud to work together with the Ministry of Science, Technological Development and Innovations of the Republic Serbia and the Digital Serbia Initiative in order to highlight their success stories in Belgrade and Novi Sad and share with the world the exquisite possibilities for the continuation of the strong entrepreneurial growth in the region that we see. We are excited that Belgrade and Novi Sad are part of our global network of leading world innovators and we are looking forward to the further success through the power of connection and the possibility to mutually share key insights, best practices and learnings for the future – stated Stephan Kuester, Head of Ecosystem Consulting at Startup Genome.

The key topics of this year’s Startup Genome Global Report include inflation, regulation of artificial intelligence, attracting talents, global financing of VC funds and a wide range of analyses of market subsectors. The report also ranks the best 30 global ecosystems and 10 second-placed ones, and it also includes the ranking of the best 100 emerging ecosystems.

– Through targeted investments, strategic partnerships, and policies that promote innovation and entrepreneurship, we are working to create an environment where Serbian startups can thrive. With our focus on fostering the blockchain ecosystem, AI and other emerging technologies, we are confident that Serbia will become a driving force in the global innovation landscape – stated Jelena Begovic, PhD, Minister of Science, Technological Development and Innovation of Serbia.

The Global Startup Ecosystem Report 2023 was created in partnership with the organizations Global Entrepreneurship Network, Dealroom and Crunchbase and provides an invaluable insight and guidelines about how to promote advanced startup communities, those which are the driving engine for the creation of new jobs and economic growth.