Serbia’s strength as a startup hub lies in its wealth of tech talent and proactive government support of the ecosystem. These advantages are beginning to pay off — 2021 was the most successful ever for the Serbian ecosystem, with local startups attracting over €123 million ($135 million) in investments, an increase of 600% year over year. In addition, the Serbian tech sector exceeded $1.7 billion in export revenue in 2021.

The Government’s Strategy for the Startup Ecosystem Development of the Republic of Serbia for the period from 2021 to 2025 aims to accelerate the development of the startup scene and encourage innovation. It includes the introduction of entrepreneurship education at all levels, as well as the improvement of infrastructure and support programs, with an overall goal of Serbia creating up to 1,200 active startups that attract worldwide investors.

The Science Fund, which supports AI research and applications, aims to invest €5 million ($5.5 million) in grants to startups by the end of 2022, and Serbia has established Science Technology Parks working with universities in four cities: Belgrade, Niš, Novi Sad, and Čačak. Established in 2021, the Institute for Artificial Intelligence Research and Development of Serbia is headquartered in Novi Sad.

The Innovation Fund’s new acceleration program, Katapult, provides mentoring, financial support, and networking opportunities to both ideation and growth stage companies. Founded in 2021, the DSI Business Angel Group supports startups with both expert advice and early-stage investments up to €200,000 ($219,000). Games developer Nordeus was acquired by Take Two Interactive for $378 million in 2021.