Forbes: Is Sofia the Real 'Digital Capital' of New Markets?

Business | April 15, 2016, Friday // 08:08
Bulgaria: Forbes: Is Sofia the Real 'Digital Capital' of New Markets?

Bulgaria's capital Sofia has a booming technology scene, a Forbes article has noted.

The piece has been published ahead of the Webit Festival due next week in Sofia.

The relocation of Webit from Istanbul to Sofia "is perfectly in line with the new ethos and the new dynamism of the booming technology scene of the capital, which someone called ‘the hidden startup champion of Europe'," the author, a freelance journalist contributing to Forbes on technology issues, opines.

Despite the good reputation of Bulgarian engineers and developers, Sofia's image of one of the top cities to launch a startup, and low income tax rate of 10%, the tech ecosystem of the city is "not a very well-known one".

The rest of the text is an interview with entrepreneur and investor Plamen Russev, the chair of the Webit Foundation.

Citing the example of Bulgarian company Telerik, bought for USD 264 M by Progress Software in 2014, Russev says Central and Eastern Europe "is in growth and more and more enterprise and investors look at the region for talents and opportunities."

"The fragmentation and the small size of national markets" are singled out as the biggest obstacle for a startup to attain fast recognition, which could, however, be overcome by the EU Single Digital Market initiative of the European Commission.

Forbes' story is available here.

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Tags: Webit, Plamen Russev, sofia, tech, startup
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