Bulgaria's Startup Scene: Curtains Up - Inventures Magazine

Business | January 11, 2016, Monday // 13:57
Bulgaria: Bulgaria's Startup Scene: Curtains Up - Inventures Magazine

A number of features such as a financially friendly environment, already flowing investment highly-skilled people are among the factors behind Bulgaria's boomign startup scene as seen in 2015, Inventures magazine says in an article about the counry's emerging startup industry.

"Back in 2011, the Bulgarian startup scene was just waking up. Fast forward to 2015 and the place is abuzz with events, money, and initiatives around the country. In just a few years, the ecosystem grew, prompting some to speculate early on that this was another IT bubble waiting to burst. It scaled up fast with funding from LAUNCHub and Eleven, and venture funds like NEVEQ, with the help of some additional accelerator programs (Start it Smart, StartUP)," the text reads.

It adds that the country's capital "Sofia is busy with events almost every week and the scene is expanding to other cities."

Several success stories are mentioned including the deal of Telerik, a Bulgarian company that was acquired by US-based Progress Software with a price tag of USD 263 M.

However, setbacks such as the "underdevelopment" environment, with the government not playing an active role to provide insentives, are also noted.

At the same time "the sheer volume of untapped tech potential means there is a solid ground for further growth."

Inventure's article is available here.

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