Bulgaria is already one of the top destinations in Southeast Europe for business start-ups. The country boasts a well-developed support system that fosters entrepreneurship, start-ups, and business growth. This ecosystem includes research centers, laboratories, business incubators, accelerators, and venture capital funds.
The Minister of Economy and Industry, Dr. Petko Nikolov, said this during the opening of an international conference focused on the main challenges that start-up companies encounter at various stages of their life cycle and the role of venture capital funds in this process. The event, titled “The Life Cycle of Startups: Challenges,” was organized by BOYANOV & Co. Law Office in collaboration with the European Investment Bank (EIB).
Minister Nikolov noted that our country leads in the number of businesses that have lasted over five years, showcasing experienced entrepreneurs with strong growth potential. “The presence of dynamic and successful start-ups is a clear indicator of a robust and effective business ecosystem. It is no surprise that in the past five years, the number of start-ups here has grown nearly fivefold,” he stressed.
In his words, the growing number of high-tech start-ups is a significant and positive trend. “There is high potential for the development of start-ups in the coming years across various sectors in the country, including biotechnology, fintech, the Internet of Things, smart cities, artificial intelligence, virtual and augmented reality, robotics, electric vehicles, autonomous cars, drones, and more,” he emphasized in his statement.
Dr. Nikolov noted that information technology is one of the fields where we have the most potential to lead, thanks to the many digital and software companies, skilled professionals, and well-developed infrastructure.
The Minister of Economy cited data showing that over half—about 55%—of newly established enterprises close down within the first five years. “The remaining 45% that succeed and continue to develop are crucial for any country’s economy. Among them are the enterprises we refer to as the “engine of vital force”, which have the potential to drive economic growth, create new technologies and innovations, transform industries, boost investment activity, and promote entrepreneurship, particularly among young people,” Nikolov stressed.
“The government is continuing its work to improve business conditions and support the growth of start-up companies in Bulgaria for long-term success,” the Minister of Economy said.