Sofia Innovation System

Veneta Andonova (), Christian Betov (), Mira Krusteff (), Nadia Soultanova (), Irina Obushtarova () and Ludovit Garzik ()
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Veneta Andonova: GEM Bulgaria, Universidad de los Andes School of Management
Christian Betov: GEM Bulgaria
Mira Krusteff: GEM Bulgaria
Nadia Soultanova: Urban Impact Ventures
Irina Obushtarova: The Recursive
Ludovit Garzik: Austrian Council for Research and Technology Development, Innovationorbit

Chapter 15 in Successful Innovation Systems, 2022, pp 249-281 from Springer

Abstract: Abstract Bulgaria’s innovation performance has been distinctly positive since 2015, driven by remarkable innovation efficiency. Much of this dynamism is attributable to the country’s capital, Sofia, and its bubbling innovation and entrepreneurial ecosystem. EU funding has been one of the drivers for this process, but, unlike elsewhere in the region, the Sofia experiment has been very successful from its very first iteration. Sofia’s strongest areas are its increasing employment in fast-growing innovative companies and its number of design and trademark applications. These achievements cannot offset its systemic challenges, the most urgent of which are related to the country’s demographic crisis, low total early stage entrepreneurial activity, small national and regional markets, and low buyer sophistication. The local ecosystem needs to broaden its entrepreneurial community, build collaboration at home and internationally—with the Bulgarian diaspora in particular—and implement a more soundly articulated national strategy for smart growth as part of the global knowledge economy.

Date: 2022
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DOI: 10.1007/978-3-030-80639-2_15

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