The initiative “Digital Serbia” has unveiled the Startup Scanner 2024, a comprehensive analysis delving into the landscape in which domestic innovative technology companies, with a global market focus, operate. Conducted on a sample of 201 startups, this research is part of the “Take an Idea” project, a collaborative effort between the consortium associated with the “Digital Serbia” initiative and the United States Agency for International Development (USAID).
This fourth installment, the Startup Scanner 2024, builds on previous years’ research, providing a continued examination of the ecosystem’s development and an understanding of the challenges confronting startups. The Serbian innovation ecosystem continues its remarkable growth, witnessing the emergence of over 300 new startups in the past two years.
According to Nebojša Bjelotomić, Director of the “Digital Serbia” Initiative and Project Director of “Take an Idea,” the research findings affirm the rapid growth of the ecosystem. This growth is evident not only in the increased presence of ‘young’ startup teams in their earliest stages but also in the rise of founders under 30 within the ecosystem. While this positive trend bodes well, it also underscores the need for increased support during the initial stages of development.
The promising news extends to the workforce as well, with over 6,000 people employed in the domestic startup ecosystem at the beginning of 2024—almost double the figures from two years ago. This development is seen as a reason for optimism among all stakeholders in the innovation ecosystem, affirming that knowledge and innovation are key drivers for Serbia’s ongoing development.
Tadej Kurepa, Program Director of the “Take an Idea” project, emphasizes that the research foresees startups planning to hire 3,000 new employees in 2024. This not only reflects a robust optimism across the innovation ecosystem but also indicates significant potential for job creation and a broader impact on economic development. Kurepa underscores that the success of the innovation ecosystem hinges not only on individual startup success but also on the collective ability to foster a sustainable and dynamic environment promoting innovation, entrepreneurship, and global competitiveness.
The Startup Scanner has identified access to funding, customer acquisition, and skilled staff recruitment as the top three challenges for startups in Serbia. Conversely, the most critical goals for domestic startups include sales growth, product development, and expanding user numbers. Notably, these results closely align with those from the Startup Scanner reports of 2022 and 2023. This year’s research spotlights a notable challenge—an acute shortage of personnel in the sales domain. In early 2023, over 50% of startups had intentions to hire in the sales sector, but by year-end, less than 10% successfully onboarded new team members dedicated to sales roles.
