Serbia

Belgrade and Novi Sad

Activation Phase
MEMBERS:
Digital Serbia Initiative Cabinet of the Minister for Innovation and Technological Development

I believe that our experience in bootstrapping successful startups will prove very useful after the pandemic. In addition, our strong focus on gaming and our ability to create cost-efficient solutions to global issues could further improve our future prospects.

Branko Milutinović
Nordeus Co-Founder and Digital Serbia Initiative Board President

Sub-sector Strengths

Blockchain

Serbia is one of the top five countries in the world for blockchain developers and has many product-oriented blockchain startups. The biggest initial coin offerings (ICOs) in Serbia include those by MobileGo ($56 million) and OriginTrail ($22 million). Other local stars are Blinking, a blockchain-based digital ID solution that gives users control over their data, MVP Workshop named the 2018 EY Innovative Entrepreneur of the Year, and Tenderly, a smart contract monitoring platform.

Gaming

The region’s gaming industry is expanding. Nordeus is a Belgrade-based self-funded mobile games company whose popular game Top Eleven has over 220 million registered users. The gaming scene’s growth is also visible through relevant acquisitions: 3Lateral, a leading developer of digital animation and creative content, was acquired by Epic Games in 2019, while the Novi Sad-based gaming studio Eipix was acquired by Playrix, one of the largest mobile game developers in the world.

Why you should invest in Belgrade and Novi Sad

TOTAL EARLY STAGE FUNDING
<$50 m
GLOBAL AVG.
$431 m
ECOSYSTEM VALUE
$502 m
GLOBAL AVG.
$10.5 bn
Top 10 European Ecosystem
Affordable Talent
5
Exit Growth
INDEX
1
Investor Activity
INDEX
5
Funding Growth
INDEX

Reasons to move your startup to Belgrade and Novi Sad

MEDIAN SEED ROUND
$100 k
GLOBAL AVG.
$494 k
MEDIAN SERIES A ROUND
$3.3 m
GLOBAL AVG.
$2.7 m
SOFTWARE ENGINEER SALARY
$17 k
GLOBAL AVG.
$42.1 k

Tax Incentives for Startups

Founders of qualified startups or employees may be partially or wholly exempt from salary tax and social contributions for the first three years. Tech startups may apply for a double deduction of R&D expenses and the IP Box (effective 3%) tax regime.

Talented Workforce

Startups can access affordable, high-quality engineering talent, which ranks among the top five in the world.

COVID-19 Policy

In April 2020, the government's COVID-19 aid package introduced a three-month salary subsidy at the statutory net minimum wage for SMEs and 50% of that amount for employees on paid leave in large companies. The package includes a three-month deferral of an employee’s salary taxes and social contributions, as well as state guaranteed bank loans.

Startup Community

Startup Genome
Members

Startup Genome
Partners

Business Technology Incubator (BITF)
Business Incubator Novi Sad
ICT Hub
Innovation Fund Serbia
SC Ventures
Science Technology Park Belgrade
Serbian Blockchain Initiative
Serbian Games Association
Startit
The Office of the Minister without Portfolio Responsible for Innovation and Technological Development of the Republic of Serbia
UNICEF Innovation Fund
Vojvodina ICT Cluster

Featured Articles from
Local Ambassadors

Jovan Marjanovic
Jovan Marjanovic is the Managing Partner of ProWerk Consulting, an IT solution provider specialized in advanced analytics, machine learning, and data management solutions. He previously served with Oracle, SAS, SAP, and Deutsche Telekom in national and international executive roles as well as with several startups in Silicon Valley. Mr. Marjanovic is a graduate of the School of Electrical Engineering, University of Belgrade. He lives in the Washington DC area.
Jovan Marjanovic | Ambassador
Jovan Tisma
Jovan Tišma is a CBDO at RealMarket, a blockchain-powered Fintech company. Jovan’s previous business development experience spans a range of fields, from entertainment and music industry, to innovative startups and global multinational conglomerates. He is an active member of ECN and its workgroup for “Exploring Blockchain for Alternative Finance”.
Jovan Tisma | Ambassador
Marija Batic
Marija Batić is a Project Manager in IT Engine, a software development company. Her previous business experience varies from customer support and business development in IT sector, to account executive in telecommunication, as well as a teaching assistant in Poland and Russia. Ms. Batić graduated at Faculty of Economics Subotica and is active in Novi Sad tech scene.
Marija Batic | Ambassador
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