The Business Angel Summit’s Catalyzing Effects in the BIH Startup Ecosystem

The last summit, held in October 2023, brought together over 100 local and international investors, with a unique focus on unlocking the potential of startups in Bosnia and Herzegovina and the broader Western Balkans region. More than just a gathering, the event was crucial in fostering collaboration, sharing insights, and exploring investment opportunities that could propel the region's startup landscape forward.

With the new edition of BAS on the horizon, we expect to see progress in the country's investment landscape, which has struggled with access to finance for a long time.

Ongoing challenges

With the startup ecosystem in Bosnia and Herzegovina still in its formative stages, startups face numerous obstacles—from limited funding opportunities to a lack of comprehensive support structures. Despite these hurdles, the entrepreneurial spirit stays present, with multiple ventures finding their way of success.

The ecosystem’s fragmentation, lack of a robust venture capital presence, and limited government support have often left startups reliant on international donors and sporadic local investment. In the first half of 2024, for example, no investments were recorded among the startups supported by Swiss EP.

In this context, events like the Business Angel Summit fill crucial gaps. It provides a platform where startups can connect with potential investors, gain valuable insights from experienced entrepreneurs, and explore new markets. This third edition of the event is expected to boost the local ecosystem and bring new opportunities for local and regional startups.

BAS 2023: inception of BHBAN

While the first edition of BAS placed Bosnia and Herzegovina on the radar for angel investors across the region, the second edition in 2023 showed the event's importance. Dajana Dzindo, CEO of Foundation 787 and one of the lead organizers of the BAS, recalls this evolution with pride:

BAS 2023 was a landmark event that showcased the incredible potential within the Bosnian-and-Herzegovina and Western Balkans startup ecosystem. One key takeaway is the importance of creating platforms where startups can connect with investors and investors can meet their international peers. Amazing opportunities can result from such connections, which is why we highly value fostering these interactions.

The most impactful outcome of BAS 2023 was the inception of the Bosnia-Herzegovina Business Angel Network (BHBAN). Different experts have helped the F787 team in this quest, including the Swiss EP angel investment specialist Maaike Doyer, who spearheaded the process in its final stages. BHBAN's establishment responded to the pressing need for structured and consistent angel investment in the country to bridge the gap between entrepreneurial talent and the capital required to fuel their growth. The network's future roadmap, unveiled during the summit, outlined ambitious goals to mobilize capital, provide ongoing support to startups, and help make them investment-ready.

Catalyzing innovation and investment

The Business Angel Summit's importance extends beyond the immediate outcomes of networking and investing by encouraging more regional (and global) actors to engage with the startup scene in Bosnia and Herzegovina.

With the new edition of BAS on the horizon, Dajana and her team are setting high expectations:

For BAS 2024, we are excited to see even greater engagement and participation of both business angels and startups. We are getting some amazing speakers, very successful angel investors, and startup founders who are considered role models. We hope the event will continue to build on the momentum of previous years. Our goal is to expand the Summit's reach and impact, offering even more opportunities for networking, collaboration, and learning. We anticipate that BAS 2024 will further solidify its role as a critical catalyst for innovation and investment in the region while growing in size each year.

Swiss EP is supporting the event with our experts, and we hope to maximize Foundation 787 team's efforts to elevate the significance of such an event.

Beyond BAS

Events like this underscore the critical role of consistent, high-impact gatherings in fostering a vibrant startup ecosystem. It demonstrated that with the right platforms, Bosnia and Herzegovina can attract the necessary expertise to support its entrepreneurs. The success of BAS 2023 has set a precedent, encouraging other organizations and stakeholders to build on this momentum.

However, the country’s ecosystem needs more than periodic high-level events like BAS. It requires continuous support structures, access to resources, a more robust policy framework, and a targeted early-stage finance mechanism to nurture steady progress over time and ensure Bosnia and Herzegovina’s business talent can compete globally.

Dajana is aware of the hard work that still lies ahead:

Until recently, angel investors were a critical missing piece in Bosnia and Herzegovina's startup ecosystem. Since establishing BHBAN and BAS, they have helped bridge the financing gap for a few promising early-stage startups by supporting them until they can secure more substantial funding. However, to fully realize the benefits of this form of investing, it needs to be more widely recognized and popularized within the country. In the coming years, more experienced entrepreneurs will step up and actively contribute, not just through funds but also through smart money, which, though often underrated, remains a precious component of business angel investing. With that, we hope to boost our startup scene and see more success stories locally and internationally.

At Swiss EP, we remain committed to supporting the organizations and individuals in the BiH ecosystem, working tirelessly to overcome these challenges. The Business Angel Summit and other significant events are beacons of transformation, signaling a brighter future for all.