The Serbian startup community is experiencing growth, though it still faces challenges that hinder its development. While several hundred new innovative ideas emerge annually, the number of startups that successfully attract investment and expand into new markets remains relatively low. Currently, over 800 startup companies are active in Serbia, with nearly a quarter valued at over one million euros, according to RTS.
Lazar and Sava, two entrepreneurs, turned a student idea into reality by launching the startup “Farmit,” which combines modern technology with traditional agriculture. The platform helps farmers sell their products directly to consumers, bypassing the margins of retail chains, while offering high-quality vegetables to city dwellers. “Every week, a crate full of vegetables arrives, consisting of products from various parts of Serbia. For example, potatoes come from Ivanjica, cabbage from Vojvodina. We curate the selection to ensure they come from the best producers across the country,” says Sava Pavlović, the director of Farmit.
In addition to state funds supporting startup entrepreneurs, there is a growing number of private programs. These programs not only offer financial aid but also provide essential mentoring support. The goal is to help Serbian startups expand into global markets, RTS reports.
“We don’t just provide a financial boost but also offer the much-needed support that every startup requires. ‘SeeUp’ is unique in its focus on sales, as sales are the biggest challenge for most startups,” explains Teodora Pećanac, the director of the “SeeUp – accelerator program.”
Serbian startups are increasingly targeting the European and U.S. markets. Last month, the startup “Dren Bio,” founded in the U.S. by two Serbian scientists, was sold for a potential $1.9 billion, with the aim of finding a cure for cancer. Other Serbian startups are also primarily focusing on European and American markets. Investors believe that the money is still predominantly located in the West. “If you have a product that is successful in the global market, securing capital is not as big a challenge. I think the bigger issue for domestic companies is preparing them to enter the global market,” says Milan Nedeljković, dean of the Faculty of Economics, Finance, and Administration (FEFA).
Davor Sakač, director of “TS Ventures Fund,” highlights that in today’s global business world, particularly in technology and the IT industry, the only thing that truly matters is how successful you are in selling your products in the West. “Last year, the European Commission asked Mario Drago to identify what the EU lacks to reduce the gap and catch up to China and the U.S. The conclusion was clear: investment in technology and innovation,” adds Sakač.
In the past two years, over 300 startups have been established in Serbia, with the three most successful receiving over 4 million euros in investments last year alone.
