The Startup Ecosystem in Bulgaria According to the InnovationShip 2019 Report
For the fourth consecutive year, the survey presents the most comprehensive and detailed mapping of the Bulgarian digital ecosystem.
Pending the release of the 2020 report, we analyze the data of the fourth annual InnovationShip report of the open digital network EDIT of the MOVE.BG Foundation
Bulgarian startups are developing solutions based on the latest global technology trends, and nearly half of them (47%) offer world-class innovation. Compared to the previous year’s survey, there is an 18% increase in companies that believe they are innovating globally.
Another key result of InnovationShip 2019 is that nearly 60% of startups consider their business to be socially significant and contributing. According to the survey, the specialization of Bulgarian companies in the fields of automation systems, blockchain technology and IoT is increasing significantly. This puts Bulgarian companies in line with global trends, the report concludes.
The study involved 233 micro, small, medium and innovative startups.
They mainly focus on:
- platform building – 42% compared to 46% in 2018;
- big data analysis – 28% compared to 25% in 2018;
- machine learning and artificial intelligence – 32% compared to 23% in 2018;
- cloud computing – 25% compared to 19% in 2018;
- automation systems – 25% compared to a mere 5% in 2018;
- blockchain / API integration – 25%, about 10% more than in 2018;
- connectivity / IoT – 20% compared to 15% the previous year.
Key challenges for innovative digital businesses include: timely access to finance (36%), skilled experts (33%), lack of institutional support (31%) and easy access to administrative services (25%).