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Insights from Serbia’s startup landscape

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Serbian startups predominantly focus on familiar markets for product testing, with 51.8% operating in Serbia, and 28.9% in other Western Balkan countries. Beyond this, 36.8% target European markets, and 27.5% aim for the USA. Global aspirations are reflected in the presence of startups in Asia (10.9%) and the MENA region (8.5%). A notable 29.4% of startups are still in early development stages, indicated by their absence from marketing activities.

Key factors facilitating Serbian startups’ international entry include a strategic global focus from the outset (64.4%) and collaborating with local partners (28.9%). Opening offices abroad (12.4%) and securing significant foreign contracts (14.4%) also contribute to successful international positioning.

Financial support is crucial, with 12.2% benefiting from foreign investments. Unconventional methods like hiring personnel for foreign market promotion were employed by 8.9%. Additionally, international marketing and PR played a role for 16.7% of startups, as per the Startup Scanner 2024.

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