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Innovation Ship Maps Out The Digital Innovation Ecosystem in Bulgaria For The Fourth Time

The Bulgarian digital ecosystem is maturing and becoming a vital part of the EU market ©EDIT
The Bulgarian digital ecosystem is maturing and becoming a vital part of the EU market ©EDIT

The Bulgarian think-tank MOVE.BG maps the local innovation and digital business ecosystem for the fourth time. The organization launches an online survey for startups, small and medium digital companies – last year more than 250 companies took part, and this year’s goal is to reach at least 350 by October 10. The Innovation Ship report will be exciting this year, as it will contain comparative figures that follow the development of the local ecosystem over the past three years. 

Basis for economic decision-making

The report, so is the desire of the clients and authors, should serve as a basis for decision-making for politicians and initiatives of the economy. Last year, the report was financed by the state-owned Bulgarian Development Bank. 

“Supporting the innovation ecosystem is the only recipe for a change of the economic profile of the country – from a contracting and service one to an economy with high value-added. This should be a national cause, it’s the potential to turn Bulgaria into a European innovation hub and a factor in the global sharing economy,” says Sasha  Bezuhanova, founder of MOVE.BG.  

The Innovation Ship will be published as usual in November.  It covers digital companies that are less than ten years old, and develop innovative with products, services, technologies or business models, and that have a significant employee or revenue growth. 

Basis for comparison

Innovation Ship revealed key trends in the development of the landscape – domination of service businesses, specialization in machine learning, data and platform building, slow down (compared to last year) of complex technologies such as VR and automation systems, a rise of blockchain enthusiasm.

+++ Key findings: Innovation Ship Report 2018 +++

Last year’s survey showed that startup and digital businesses are growing, although not in huge steps. Close to 10% have broken the glass ceiling of €1M revenue, and around a third generates turnovers in the €500K range.  More than half of the companies that participated in the study seem to be cash flow positive and two-thirds of them have never ever received external funding. 

Companies can take part in the online survey by October 10 here. It takes up to 15 minutes to complete the process. To motivate more participants, MOVE.BG is giving away awards – an exclusive masterclass , and mentoring sessions with Founder Institute. 

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