May 9, 2019

Serbian Engineering Talent Ranks Among the Top 5 in the World According to the Global Startup Ecosystem report

Startups in Serbia can access affordable, high-quality engineering talent, which ranks among the top five in the world, as well for the early-stage funding per startup. Gaming and blockchain are leading subsectors according to the Global Startup Ecosystem report for 2019.

Startup Genome is a California based NGO which provides the global standard for assessing startup ecosystems. They have conducted an independent research for over a decade, collecting data on over a million companies across 150 cities and working side-by-side with more than 300 partner organizations. Every year, together with The Global Entrepreneurship Network (GEN) that operates in 170 countries, they make a yearly report on the state of the global startup economy. 

The Serbian ecosystem was one of the 54 analyzed in the latest report and the first and only one from central and eastern Europe.

The Serbian startup scene develops rapidly

According to the report, Europe leads in the category of high-growth ecosystems in the number of top growing ecosystems across phases. The Serbian startup ecosystem is rated with the highest grade 10 for the increase of investments in domestic startups, taking second place in early-stage funding per startup ($222,000). It is also rated with 9 for the increase in the total number of software startups, which ranges between 200 and 400.

In the report, two main reasons to move your startup to Serbia are stated:

  • Low corporate income tax: Tech startups enjoy accelerated R&D deduction (2x) and IP Box (3%) tax regimes, meaning that they pay almost no corporate income tax. 
  • Talented workforce: Startups in Serbia can access affordable, high-quality engineering talent, which ranks among the top five in the world. 

Serbia is among the leading ecosystems in gaming and blockchain sectors

Serbia is one of the top five countries in the world in the number of blockchain developers and has many product-oriented blockchain startups. The biggest ICOs in Serbia include those by GameCredits ($56 million) and OriginTrail ($22 million). Other local stars are Blinking, blockchain-based digital ID solution giving users control over their data, and MVP Workshop named the 2018 EY Innovative Entrepreneur of the Year.

Nordeus is a self-funded Belgrade-based game developer that created a popular football app with 180 million users, generating more than $75 million in revenue in 2018. 3Lateral, a leading developer of digital animation and creative content, was acquired by Epic Games in 2019. Serbian Games Association organizes various programs and incubators in partnership with big names, such as Facebook and Unity.

In the coming months, we can expect an even more detailed analysis of the Serbian ecosystem.

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