Nascent technology enterprise investing in Croatia and Western Balkans territories

Abstract

Iako još uvijek pokušavaju izaći na kraj s mnogim problemima kao što su loše ekonomsko i socijalno okruženje, nerazvijenost tržišta kapitala, zakonodavna nedefiniranost industrije te nedovoljna zaštita investitora te gospodarstva Zapadnog Balkana zaostaju za ostatkom Europe s vrlo niskim primanjima i životnim standardom, imaju velik potencijal za razvoj alternativnih fondova kapitala te start-up ekosustava. Glavni zaključak je da je ekosustav živ i zdrav, a u nekim mjestima čak i uspješan. U svim zemljama regije postoje neke vrste aktivnosti - startupi, podupiruće institucije, revolucionarna tehnologija, ambiciozni osnivači. U nekim slučajevima postoje i tvrtke koje se šire, iako se često šire na međunarodnoj razini s donekle ograničenom prisutnošću u svojim matičnim zemljama. Najbolje multinacionalne tvrtke koje potječu iz regije već postižu visoke vrijednosti. Ipak, iako su izrasle van regije, one pridonose značajnoj potpori lokalnim ekosustavima, uglavnom u svojim iskustvima, vezama, a često i uz financijsku potporu. Javna potpora je često mala ili nepostojeća što je problematično jer se cijeli ekosustav suočava s nedovoljnim sredstvima za financijsku podršku (ili ulaganje) u regionalne startupove. Čak i vrlo mala ulaganja u regiji vrlo su rijetka u više od polovice zemalja regije. To predstavlja značajnu prepreku za rast i razvoj start-upa regije i cijelog start-up ekosustava. Bit će potrebna sustavna i sveobuhvatna podrška za uspostavu istinski uspješnog regionalnog start-up ekosustava, osobito u osiguravanju financiranja u ranoj fazi.Although they are still trying to come to terms with many problems such as poor economic and social environment, the underdevelopment of the capital market, legislative undefined industries, insufficient protection of investors and the Western Balkans economy lag behind the rest of Europe with very low incomes and living standards, they have great potential for development of alternative capital funds and start-up ecosystems. The main conclusion is that the ecosystem is alive and healthy, and in some places even successful. In all the countries of the region there are some types of activities - startups, supportive institutions, revolutionary technology, ambitious founders. In some cases, there are also companies that are widespread, though often widespread on an international level with somewhat limited presence in their home countries. The best multinational companies that come from the region are already gaining high value. However, although they grew out of the region, they contribute to significant support to local ecosystems, mainly in their own experiences, connections, and often with financial support. Public support is often small or non-existent which is problematic because the entire ecosystem faces insufficient funds for financial support (or investment) in regional startups. Even very small investments in the region are very rare in more than half of the countries in the region. This represents a significant barrier to the growth and development of the start-ups of the region and the entire start-up ecosystem. There will be a need for systematic and comprehensive support for the establishment of a truly successful regional start-up ecosystem, particularly in ensuring early-stage financing