The Republic of Serbia Showcases Innovation at Web Summit in Lisbon

“Behind me, you can see the Serbian pavilion, or as we like to call it, the Serbian island. Today is a big day for Serbia and our growing startup ecosystem,” remarked Dr. Jelena Begović, Minister of Science, Innovation, and Technological Development. She highlighted the rapid growth of Serbia's startup ecosystem, which now includes over 800 companies, with nearly 25% valued at over one million euros. “However, that is not enough,” she emphasized, pointing to the need for Serbian companies to attract more investment and increase the overall value of the ecosystem.

Dr. Begović noted that between 2020 and 2021, the number of people employed within the Serbian startup ecosystem tripled, growing from 2,000 to over 7,000 jobs. These positions, often highly paid, are tailored to highly educated professionals, including scientists launching startups based on their innovative ideas and expertise. “Our goal is to enhance the value of Serbia’s startup ecosystem, which, in turn, will boost the overall economy. This is crucial for retaining young, talented, and bold entrepreneurs in Serbia,” she stated.

At the summit, 60 Serbian companies are participating, including 24 startups that will present their products and services in detail, thanks to the support of the Serbian Chamber of Commerce. Additionally, 14 companies, supported by the Innovation Fund through the Catapult Accelerator program, are showcasing their potential to a global audience. “I am confident they will establish valuable connections with international startups and investors, and some may even secure investments that they will bring back to Serbia,” Dr. Begović added.

The state continues to play a vital role in nurturing innovation, particularly by investing in science and technology parks to provide financial support to startups during their critical early stages. Through the Innovation Fund, programs like the Catapult Accelerator are designed to foster early-stage development for young companies.

“As part of the Ministry of Science, Technological Development, and Innovation, we are committed to expanding Serbia’s network of innovation centers. Our goal is to reach every innovator in Serbia, whether they come from academia, major university centers, or smaller hubs. Serbia has an abundance of talent and brilliant ideas, and it is the state's responsibility to support the development of these innovators' careers,” Dr. Begović concluded.

Serbia’s strong presence at Web Summit reflects its ambition to elevate its startup ecosystem and innovation sector, cementing the country’s role as a hub for technological advancement in the region.