Minister Nikolov: Bulgaria is already among the leading destinations in Southeast Europe for starting a business

Bulgaria is already among the leading destinations in Southeast Europe for starting a business. Our country has a developed supporting ecosystem promoting entrepreneurship, start-ups and growing enterprises, which includes research centers, laboratories, business incubators, accelerators and venture capital funds.

This was stated by the Minister of Economy and Industry, Dr. Petko Nikolov, who opened an international conference dedicated to the key challenges faced by start-up companies during the various stages of their life cycle, and the participation of venture capital funds in this process. The event entitled "The Life Cycle of Startups: Challenges" was organized by the Law Firm "BOYANOV & Co." with the assistance of the European Investment Bank (EIB).

Minister Nikolov pointed out that our country is in the forefront in terms of established businesses that have survived for more than five years and can already boast of mature entrepreneurs with good potential for development. "Undoubtedly, the presence of vibrant and successful start-ups in an economy is a sign of a well-established and well-functioning business ecosystem, and it is no coincidence that in the last five years the number of start-ups in our country has grown almost fivefold," he emphasized.

According to him, the tendency to increase the number of high-tech start-ups is significant and positive. "A high potential for the development of startups in the coming years is reported in a number of sectors in our country such as biotechnology, fintech, the Internet of Things, smart cities, artificial intelligence, virtual and augmented reality, robotics, electric cars, autonomous cars, drones, etc.," he emphasized he in his speech.

Dr. Nikolov pointed out that information technology is one of the areas in which we have the greatest potential to be leaders, given the presence of numerous digital and software companies, highly qualified personnel and well-developed infrastructure.

The Minister of Economy cites data according to which more than half - about 55 percent of the established enterprises end their activity in the first five years. "The remaining 45 percent who succeed and continue their development path are very important for the economy of any country. It is among them that there are those enterprises that we call the "engine of life force", which have the potential to drive the economy, economic growth, create new technologies and innovations, transform, increase investment activity, promote entrepreneurship in general and that especially among young people", emphasized Nikolov.

"In order to achieve more results in the long term, the government continues to make efforts to improve the conditions for doing business and for the development of start-up companies in Bulgaria", emphasized the Minister of Economy.