One of the biggest challenges for most startups in the Western Balkans is the lack of private capital. To overcome this challenge, startups themselves need to improve their ability to raise funds and initiate the investment process.
Additionally, many investors are unaware of the Western Balkans’ potential for innovation.
Opportunities such as Western Balkans Investment Readiness Program The aim is to tackle both issues, putting the region in the investment spotlight in the coming year.
“This year, the Western Balkans were at the bottom of the ranking. Central and Eastern Europe by the capital raised. This program is our effort to really do something by combining forces with multiple players in the region’s ecosystem and over 50 investors looking to support WB startups,” says Igor Madzov, investment facilitator at Swiss Entrepreneurship Program, one of the main organizers. from the program.
Other organizers and supporters of the first edition of the program include Vestbee and local ecosystem partners in Albania (Network of Women Founders Albania), Bosnia Herzegovina (To start), Kosovo (Women entrepreneurs Kosovo), North Macedonia (Startup Macedonia) and Serbia (Preduzimanje).
Banknotes from €100,000 to €1 million
“With this first investment readiness program in the Western Balkans, we aim to address these two challenges and enable startups to have access to regional and international investors, learn from the best experts, mentors and startups who have already raised before, to find out how to close an investment under the law. six months and connect with peers from across the Western Balkans,” Madzov tells The Recursive.
So far, there is considerable interest from investors and startups, says Madzov. When the program started, organizers aimed to attract 30 investors. However, it now has over 50 international investors (business angels, angel groups, VCs, CVCs), illustrating incredible interest in what the region has to offer.
Startups applying to the program must have their product launched on the market or tested with customers, seek investment capital of between €100,000 and €1M and can hire a member of their team to participate in the program at a rate of 8 hours per week for 6 weeks.
During the learning journey, 50 selected startups will have the opportunity to work with proven experts in different fields. Then, each startup selected in the Top 20 will be mentored by experienced investors and at the final event of the program, startups will be able to meet more than 30 investors from around the world and present their activities.
Upping the fundraising game
“This program is technology-driven and industry agnostic. We are seeing great interest from investors in AI, deeptech, agritech, fintech, medtech, HRtech, IoT, etc. and especially the B2B solutions for which this region is well known. The rise of e-commerce has sparked interest in marketplaces that can become regional champions and utilize even the small WB marketplace with B2C solutions,” adds Madzov.
One of the biggest benefits of the program is creating a safe environment for startups where they can up their fundraising game and receive contributions from a broad pool of experts, startups and investors who will support them in fundraising.
FinquUPPreviously known under the name Project Robin Hood Reloaded, is a young fintech startup from North Macedonia that also applied to the program. For FinqUP CEO and Founder Dime Galapchev, being part of the WB IRP is a great opportunity for emerging startups in the region.
“This is a great opportunity for those looking for better ways to optimize their product and obtain higher investments with better partners. We expect productive networking with startups, mentors and investors, which are crucial in the early stages of any business,” Galapchev told The Recursive.
How to register
Applications for the program are open until December 27. Eligible applicants include startups whose founding team is based in Albania, Bosnia and Herzegovina, Kosovo, North Macedonia or Serbia, where the team is developing a technology product (software or hardware) focused on commercial customers .
“If I have to describe the ideal candidate for this program, it is a startup with a team in the Western Balkans that already has some traction and has been able to test and apply its solution with customers in some foreign markets. If they believe that with their unique technology they can compete with the current niche leaders on the global stage, that would be amazing,” concludes Madzov.
