Balkan Business Brief

Empowering Serbia's digital future: The success story of Initiative 'Digital Serbia'

Inicijativa ?Digitalna Srbija“ was founded in 2017 by nine leading digital companies with the strategic goal of creating a strong digital economy in Serbia. Today, they gather more than 30 member organizations and companies from various sectors relevant to the growth of the digital ecosystem. Despite being market competitors, these member companies collaborate on various projects and activities to enhance opportunities for children's education, foster technological startups development, and promote the advancement and adoption of innovative legislation.

Over the course of six years, the Initiative “Digital Serbia”, in cooperation with its member, has achieved commendable results in its primary focus areas. In the realm of education, with a focus on high school students, undergraduates, and professors, the organization has spearheaded multiple initiatives. Standout projects include the interdisciplinary master program "Master 4.0" and the mentoring initiative "Career 4.0." Additionally, they have initiated the establishment of "Makers Labs," classrooms of the future in secondary schools across Serbia. In terms of legal regulations, Initiative “Digital Serbia” prioritizes community engagement and collaboration to identify the necessity for laws that will support innovation and tends to contribute to its adoption. Some of the initiatives within the framework of legislation in which the Digital Initiative Serbia has made a special contribution include the Strategy for the Development of the Startup Ecosystem, amendments to the Law on Innovative Activities and contributions to the Law on Digital Assets.

Within the startup ecosystem, in addition to working with startups, Initiative “Digital Serbia” strives to provide support to other organizations whose work is focused on startups, as well as to have continuous cooperation with investors and venture capital funds. In working with startup founders, they try to identify the problems and challenges they face and determine which support programs can help them overcome these challenges. In order to inform startups about everything that is important for their business, Initiative “Digital Serbia” has launched a Startap portal . Through their group of business angels, they provide funding for startups in the seed stage, but also working on connecting them with venture capital funds from the region and Europe. The cooperation they are also particularly proud of is the collaboration with the Japan International Cooperation Agency (JICA) within the NINJA accelerator program, with the aim of enabling startups to enter new markets faster, increase their client base, and ensure faster growth. In order to promote the startup culture throughout Serbia, they organize Startup Weekends with the support of partners ICT Hub and Tenderly garage. Through their group of business angels, they are providing startups with "smart money," i.e., in addition to capital, startup companies gain the knowledge and expertise from investors. OTA Sync and Shopnosis are just some of the examples from the angel group's portfolio that have achieved significant growth and expansion into global markets and are well on their way to building future large and stable companies.

One of the initial challenges for this organization was coordinating and connecting with key stakeholders committed to advancing Serbia's digital economy. However, they quickly overcame this challenge because the public and private sectors provided strong support for the initiatives they are implementing. In the forthcoming period, the organization will continue to actively engage in all three focus sectors. Their goal is to contribute to the development of a new generation capable of responding to the ever-evolving dynamics of the digital market and enabling them to create new digital assets. In October, they are hosting the Splet Tech Conference , which will bring together key players in the innovative ecosystem, and they are inviting all interested parties to join them.

Porsche plans to build a factory in Croatia

The iconic German automotive giant, Porsche, is gearing up for an exciting venture in Croatia - establishment of its inaugural factory in this country. But this isn't just any factory, it's set to be a groundbreaking project and greenfield investment, that represents Porsche's strong foray into the world of electric bicycles.

The wheels were set in motion for this innovative endeavor two years ago, when the Porsche Group, operating through its dynamic arm, Porsche eBike Performance, made a visionary move by acquiring the visionary Greyp Bikes startup from none other than Mate Rimac, for a remarkable 13.3 million euros. This strategic acquisition was nothing short of historic, ranking among Croatia's most substantial business transactions to date. In this bold new chapter, Porsche's focus is resolutely set on renowned brands like Porsche and FAZUA, where it will seamlessly integrate the cutting-edge technology and invaluable expertise cultivated by Greyp Bikes. As a natural evolution, the Greyp Bikes brand will gracefully fade into the background, making way for Porsche's electrifying vision of mobility.

A domestic company with a bold move: Air Pink launches low-cost flights

In a daring and unprecedented move, Air Pink, a Serbian rental of private jet rentals, has officially confirmed the rumors swirling around its grand plans to dive into the world of commercial aviation, taking a page from the playbook of budget-friendly carriers. The company plans to acquire not just one, but possibly two or even four jets to spearhead their forthcoming venture into the realm of regional commercial flights. Air Pink wants the world to know that they are no fledgling in the aviation arena, boasting an impressive fleet of 22 aircraft, they stand tall as one of Europe's heavyweight private air carriers. Their audacious vision involves launching their inaugural commercial flights, envisioned with Embraer aircraft, each sporting a modest 49 seats. But that's just the beginning, Air Pink has ambitions that stretch far beyond, aiming to gradually expand their fleet and horizons.

Air Pink has been operating at Belgrade Airport since 2004, and in the previous year, it recorded positive financial results with a net profit of 4.5 million euros. Their feat speaks volumes about their business acumen and readiness to embark on this thrilling new journey. Nevertheless, the uniqueness of this bold move is underscored also by the fact that over the past two decades, several other companies announced plans to start low-cost airlines, but in all cases, these initiatives resulted in business failures or were abandoned due to questionable profitability.

Montenegro's ambitious cable car expansion

Nestled amidst the breathtaking landscapes, Montenegro strives to capitalize on its potential and continuously enrich its offerings. One of recently unveiled gem is a cable car, which ascends from the charming old town of Kotor to the majestic Lovcen mountain, an iconic symbol of Montenegro's natural beauty. This remarkable feat has not only captured the imaginations of domestic travelers but has also enraptured the curiosity of visitors from distant shores. Yet, the story doesn't end here. There are grand plans to elevate this experience even further. The blueprint includes expanding the cable car's reach, threading its way through the picturesque Ivanova Korita resort and onwards to the historic capital city, Cetinje. This extended cable car network will stretch an impressive 15 kilometers, offering an unparalleled spectacle of Montenegro's pristine landscapes.

Behind this ambitious project, a synergy of local prowess and international expertise is at play. Novi Volvox, a homegrown company, joins hands with the Italian company, Leitner, to bring this vision to life. But that's just the beginning of their collaborative journey. Together, these visionary companies are also set to forge another masterpiece along Montenegro's picturesque coastline. Their shared ambition? To construct a cable car connecting the coastal jewel of Herceg Novi to the serene Zivinje hill, complete with enticing amenities like a restaurant and ample parking. This endeavor holds an estimated value of a staggering 9.88 million euros, and the clock is ticking with an anticipated completion timeline of just one year.