Balkan Business Brief

DotYourSpot: Transforming Hospitality with Innovative Solutions

Croatian startup DotYourSpot contributes to shaping the offerings of hospitality establishments in an innovative way by providing solutions that simplify their everyday operations, elevate their businesses to new heights, and simultaneously attract a significant number of guests. The idea for DotYourSpot originally stemmed from Zlatko Kovacic , who, residing in Split, one of the hubs of Croatian tourism, frequently encountered the challenge of finding an available seat in popular cafes and restaurants during the summer tourist season, while reservations were only possible via phone calls. However, given his background in an entirely different field, he recognized that a solution to this problem could only be developed through collaboration and support from partners. Consequently, Karlo Djuderija promptly joined forces with him. The team continued to grow and soon welcomed two additional members, Mario Azinovic and Sime Jozipovic .

Research, continuous development of ideas, and unwavering commitment have driven DotYourSpot to create a range of solutions tailored for hospitality establishments and their guests. The first product is a QR-based price list, which not only presents the menu to guests but also offers numerous advantages to hosts. These advantages include the ability to select menu designs, edit food and beverage information, adjust prices, incorporate high-resolution photos, perform automatic currency conversions, choose from more than ten languages, highlight select products, and access various analytics tools. In addition to the QR menu, the team has also developed a specialized Reservation Management System designed to help caterers efficiently handle reservations and table assignments. This product relies on an algorithm to create optimal schedules, indicates the time periods when the load is the highest and when the waiter shifts should be increased.

The team is diligently working on a third product, a mobile application that enables guests to explore venues and events, select and reserve tables, and participate in a loyalty program offering benefits to both hospitality facilities and guests. Through this loyalty program, catering establishments can cultivate a loyal customer base, while guests can accrue points to obtain discounts and other rewards. However, the innovation doesn't stop there. DotYourSpot also offers QR Pay, QRview Plus and Qroom. QR Pay streamlines the payment process, enhancing guest satisfaction. QRview Plus allows guests to leave reviews, with the unique feature of being connectable to platforms like Google Review and Tripadvisor,? without requiring its separate installation. For hotel guests, QRoom provides room service, reservations, and contactless payment options. By monitoring analytics within the application, hoteliers gain insights into guest preferences and can adjust their offerings accordingly. ?The team plans to develop a special digital doser applicable to all types of bottles, an Inventory Management System, which enables checking the inventory in seconds and prevents theft, automatic intermediate warehouses and orders based on weather and event predictions.

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A significant boost for this enthusiastic team came through their collaboration with the startup community Digital Dalmatia, their participation in startup academy StartIT and second-place victory in the GrowIT competition. Through their partnership with Digital Dalmatia , DotYourSpot gained mentorship, new knowledge and skills, and also became recognizable in the public eye. ?Zlatko pinpointed the initial stages as a key challenge, given that he started developing the idea a few months before the COVID-19 pandemic hit the market on a global level. Although the team initially started working on the development of the Reservation Management System, the recognized market need for QR price lists guided their next steps. The process of selling the digital product presented challenges, which they effectively overcame by offering free samples. Their work on digital products has been highly successful, with their product being adopted by over 1,000 facilities across seven countries. The continual expansion of their client base and high client satisfaction has generated substantial income, rendering any need for investor funding or external funds unnecessary. In the forthcoming period, the team that counts 40 members will persist in enhancing their products and expanding their sales network, with the aim of simplifying the operations of catering establishments worldwide.

How the British became the largest foreign investors in Bosnia and Herzegovina?

The inflow of foreign direct investments in Bosnia and Herzegovina for 2022 amounted to 1.44 billion KM, which is also the highest recorded amount. Compared to the previous year, 2021, there was an increase of 21%. The largest inflow of direct foreign investments came from Great Britain (271.8 million KM), followed by Austria (175.8 million KM) and the Netherlands (166.6 million KM). Investors from Great Britain have been slowly climbing the list of the most important investors in Bosnia and Herzegovina for the last few years. At the same time, the inflow of foreign investments from this country has more than doubled compared to the previous year. These investments are mainly realized in the fields of mining, metal production, and energy. Additionally, the companies managing these investments apply the best world practices and technology, resulting in significant profits.

Albania's building renaissance

Migration to urban centers, remittances from the Albanian diaspora, and the reconstruction of buildings after the 2019 earthquake have made construction in Albania one of the largest sectors of the economy. Considering the continuity of these activities and the booming tourism industry, the construction sector is expected to continue growing. Construction sites dominate the landscape, from the mountains in the north and east to the beaches in the south and west. The fact that the construction industry accounted for 11.2% of Albania's GDP strongly supports these facts. When comparing this percentage with other countries in Europe and Central Asia, Albania ranks first. As the largest sector of the economy, construction also serves as a vital source of employment. The trend of population migration to the capital, Tirana, is particularly noticeable, with an average increase of 30,000 people per year in recent years. Additionally, the current trend, which reflects the population's desire to own more real estate, is becoming increasingly prominent. In conclusion, it can be said that this sector is flourishing, and despite numerous global crises, it shows no signs of slowing down.