Swiss EP Annual Report 2024 - Executive Summary

In 2024, Swiss EP has made considerable progress in fostering emerging startup ecosystems across the seven countries it operates in. The seamless transition from Phase 2 to Phase 3 has allowed the program to maintain its strategic vision while focusing on supporting promising scaleups to address their needs. Despite the global slowdown in venture capital investments, certain ecosystems such as those in Albania (ALB), Serbia (SRB), and Vietnam (VNM) have shown encouraging momentum. This progress is attributed to several factors, including the entrance of a renowned international accelerator (ALB), supportive legislative changes (VNM), and expanding angel investor networks (SRB). Conversely, countries such as Bosnia and Herzegovina (BIH), North Macedonia (MKD), and Peru (PER) have experienced stability but face challenges in scaling, while RKS struggles with limited startup support and financial backing.

The results achieved not only in 2024, but since the start of our program, are indicative of Swiss EP’s
influence on local startup ecosystems. The snapshot of the top 20 startups by the end of 2024 stands at 7,416 jobs created/retained. While this figure is lower than previous years, it by far exceeds pre-2020 levels, reflecting resilience amid global investment slowdowns. Representing 69% of the phase end target of 10,700 jobs created/maintained in 12 years, it is in line with our expectations and
forecasts.

Looking at the job figures of all startups the program has supported through POs until now across its operational regions, we can show a number of 19,890 jobs – an unverified yet indicative data point of Swiss EP’s significant footprint in enhancing entrepreneurial activities. This figure includes a growing number of scaleups the program supported with its rich pool of international experts. 26 startups successfully entered international markets, primarily driven by initiatives in VNM.

Despite the ongoing global investment slowdown, startups associated with Swiss EP raised CHF 48.54 million, which, while lower than in recent booming years, still surpasses pre-2020 levels, showcasing resilience. More mature ecosystems like MKD, SRB, and VNM showed consistent performance with 12-13% of the phase targets achieved. PER lagged slightly at 6% of the target achieved, particularly due to unfavorable policies impacting foreign investments. Smaller ecosystems showed mixed results. BIH and RKS reported near-zero capital mobilized, while ALB saw 1.82 million mostly thanks to a single notable transaction.

To measure the capacity to innovate in SRB and VNM, we used VC capital investment as a proxy indicator. In 2024, SRB reported 11.83M CHF while VNM recorded 11.79M CHF in VC capital. Analysis of top deals (0.2–10.5M CHF) reveals consistent trends, with prominent investments in fintech, digitization/big data/AI, and natural cosmetics.

These results again validate the SECO approach to long-term commitment to priority countries.

We report 275 active mentors, reaching 63% of the phase target (440). This appears high for year one but reflects the shift from reporting “trained” to “active” mentors, making it the actual Phase 3 baseline. Our conservative reporting approach of only reporting the highest numbers from one PO per country prevents double-counting. In VNM, SRB, and PER, most mentoring activity derives from past efforts rather than recent training. In ALB, mentorship is largely replaced by paid local consultants, explaining the low number (2 vs. a target of 20). The higher-than-expected female mentor numbers in PER (43 vs. 35) and VNM (74 vs. 80) are a highly satisfactory result, and we suggest target adjustments for the next report.

The program facilitated 474 interactions between experts and beneficiaries in 2024, bringing the total to 5,908 interactions since phase 1, and maintained a high average Net Promoter Score (NPS) of 79, indicating strong satisfaction and effectiveness with the support provided.

In the reporting period, we recorded 112 active investors linked to our POs. To avoid double-counting, we report only the highest number provided by one PO per country. Notably, investor engagement across multiple POs signals ecosystem maturity, in particular in the three most developed ecosystems (PER, SRB, VNM) each report significant groups of 20–30 active angel investors. Given higher-than-expected investor activity in those geographies, target adjustments are planned for the next report.

In the current reporting period, Swiss EP supported 59 partner organizations, down from 79 in Phase 2, aligning with the Phase 3 strategy to focus on fewer, high-potential organizations. The target of 67 POs remains relevant but may be exceeded due to natural turnover. Despite fewer POs, 879 entrepreneurs across all countries received support, averaging 15 per PO, consistent with typical incubation and acceleration cohorts.

In 2024, we have engaged 8 diaspora members with relevant expertise to support our interventions in ALB, BIH, MKD, PER, VNM. Swiss EP believes that professionals with deep knowledge of startups—who also have diaspora connections—can help provide valuable linkages internationally. Their expertise can help enable scaling and investment opportunities in attractive markets, including Switzerland, the EU, and North America.

In 2024, Swiss EP was approached by Swiss organizations to collaborate on key events, reflecting our growing brand recognition within the Swiss ecosystem. In June, we co-hosted an investor event in Zurich with Impact Hub Zurich, Kickstart Innovation, and PurposeTech, exploring investment opportunities for Eastern European startups, giving participants valuable exposure to Swiss investors. Also in June, Swiss EP was invited to present at the Swiss-Viet Economic Forum in Zurich, introducing the program to 200 delegates and fostering potential collaborations with Swiss businesses. In November, we joined Basel Entrepreneurship Week with seven representatives from startups and POs in RKS and MKD. Swiss EP was actively involved in various activities, including providing a general introduction to our work, which generated significant interest from potential new experts, and participating in panels and pitching sessions. In December, the Ministry of Science, Technological Development and Innovation and the Embassy of Switzerland in Belgrade hosted the first Serbia-Switzerland Innovation Forum in SRB, where Swiss EP was invited to participate in a panel discussion. These events demonstrate Swiss EP’s contribution to strengthen ties between Swiss and international ecosystems.

The lessons learned during this period highlight Swiss EP’s lean and agile approach, a key differentiator that allows the program to adapt to evolving needs of entrepreneurs. This approach has been particularly effective in addressing the unique challenges faced by scaleups, a focus of phase 3, which requires hands-on guidance. Enhanced collaboration among partner organizations, as seen in PER and VNM, has been pivotal in sharing best practices and fostering a supportive network for entrepreneurial growth. However, challenges persist, including the need for more specialized support, the risk of brain drain through international expansion, and external factors like the slowdown in venture capital investments affecting investment dynamics. Swiss EP continues to adapt its approaches to mitigate these challenges, ensuring sustainable growth and long-term impact in the regions it serves.