The startup market in Serbia is estimated at 502 million dollars, 50 million dollars have been invested in startups that are in the early phase of development, and the country is in the fifth place in the world in the field of blockchain programming, while our country is achieving better results in the gaming industry.
Due to all that, the Serbian IT sector is ranked among the “top 3” in the world in the report of the World Investment Forum of Business Angels (WBAF).
The report was presented at the global online conference of the WBAF, and it also states that the IT sector in Serbia is growing by 26.2 percent per year, while total exports amount to 1.1 billion euros annually.
The report also states that our state invested around 100 million euros in innovations, while the Innovation Fund and the Science Fund during the coronavirus pandemic had calls for support to researchers and innovators who have solutions for COVID 19.
It was also assessed that the digitalization process is very present in Serbia and at the same time recognized as a “tool” necessary for further improvement and innovation of business.
– Apparently, Serbia is on a good path when it comes to business innovation. The pandemic did not significantly slow down the development and international cooperation of Serbia, because great efforts were made to maintain continuity in economic development – the report states, and was announced by the WBAF office in Serbia.
The introduction of subjects such as programming into the school curriculum was also praised, explaining that the move creates a generation of people who will find it easier to prepare for the jobs of the future. The results of the research of businessmen from various industries from 81 countries of the world were also presented at the conference.
The WBAF, an associate member of the G20 Summit (GFPI), made, based on research, recommendations to decision makers on the urgent needs of startups. It was also pointed out that every report submitted – by the World Bank, the IMF, the OECD, the WEF and NASDAQ – predicts far-reaching negative effects due to the crisis caused by the coronavirus.
They reminded that the latest IMF global report on financial stability predicts high market instability, falling risky asset prices, portfolio reversal and deteriorating market liquidity, while the World Bank predicts a 5.2 percent drop in global GDP this year, and the OECD report and indicates the mass dismissal of workers.
Key indicators of the WBAF survey are that 52.22 percent of funds received by investors will last for the next three to six months without any additional income, and 41.1 percent of respondents said that the need for their goods and services has dropped by more than 50 percent. Then, 63.1 percent of startups plan to change the business model in the post-pandemic period, while 36.1 percent plan to change the business model during this business cycle.
46.5 percent of respondents believe that the impact of the pandemic on business will last at least six months to a year, while 11.3 percent believe that it will last longer than two years.
In the WBAF survey, 39.90 percent of respondents said they had a decline in the valuation of their businesses, but 21.67 percent indicated an increase. According to WBAF President Baibars Altuntas, smart entrepreneurs will be winners in the post-covid period, which means that entrepreneurs who respond quickly to changing needs and consumer behavior will be more successful.
He points out that the change of the business model is crucial, both for small and large businessmen, and he emphasizes that the digital transformation should bring positive results.
It has also been noted that traditional money is on a “good path” to becoming smart money after COVID 19.
WBAF is an international organization whose members are some of the world’s best companies, stock exchanges, chambers of commerce, technology parks, technology transfer offices, SME agencies, innovation centers, banks, regional development agencies, incubation centers, accelerating centers, crowdfunding platforms and networks of “business angels”, each playing a key role in shaping the future of their industry as well as the future of the respective investment market, Srbija Danas reports.
