
Serbia
Belgrade and Novi Sad
"More and more great Serbian companies are finally getting the international attention they deserve. We believe the blockchain ecosystem will inspire the next generation of companies and drive innovation worldwide, and we are on a mission to help that happen."

Highlights
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 $378 million in 2021.
Ecosystem by the Numbers
Amount ($)
Count (#)
Exits
Sub-Sector Strengths
Gaming
Blockchain

Reasons to Move Your Startup to Belgrade and Novi Sad
Engineering Talent
Tax Incentives
Startup founders pay no tax on their salary for the first three years after founding a business. From 2022, a new incentive will lower tax by 70% and eliminate mandatory contributions for salaries on R&D projects. Entering IP rights as a non-pecuniary contribution to the capital of a company is exempt from capital gains tax on the transfer. Companies that invest in the capital of an innovative startup receive a tax credit of 30% of the investment, reducing tax liability. A fund-of-funds mechanism offers €5 million ($5.5 million) in matching funds for every new VC that incorporates in Serbia in 2022 through the Serbia Ventures program.
Selected Startup Organizations
Startup Genome Members
Cabinet of the Minister for Innovation and Technological Development
Key Ecosystem Players
Tenderly Garaža
Tenderly Garaža is a community of tech startup founders with the goal of peer sharing and learning.
Startup Genome
Partners
News from the Ecosystem


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