BAKU, Azerbaijan, May 11. The European Bank for Reconstruction and Development (EBRD) is strengthening its support for early-stage businesses across the Western Balkans as part of a broader effort to foster innovation and competitiveness in the region, said Matteo Colangeli, EBRD Regional Director for the Western Balkans, in an exclusive interview with Trend.
"Building on our strong franchise on fostering SMEs’ competitiveness, the Bank has more recently extended its focus to early-stage businesses, investing in several venture capital funds and mobilising know-how to develop innovation ecosystems through the Star Venture Program," Colangeli said.
Launched in the Western Balkans in 2019, the Star Venture Program has so far selected over 60 high-potential startups from the region. These companies receive tailored support through a scaling programme that includes strategic and investment planning, fundraising assistance, market research, business development, branding, sales, and participation in international business matching events.
"These start-ups are directly supported through the scaling programme in different areas… in order to improve their business performance and investment readiness to access finance and to be present on the global markets," Colangeli explained.
Beyond direct support to startups, the EBRD is also working to strengthen the broader innovation ecosystem in the Western Balkans. The Bank has partnered with 24 accelerators, science and technology parks, financial institutions, and corporates across the region to help enhance their capacity to support early-stage companies and foster innovation.
"To strengthen the regional ecosystem, the EBRD has established cooperation with 24 accelerators, Science and Technology Parks, partner financial institutions and corporates, helping them improve their capacity to better serve start-ups and become more innovative," said Colangeli.
He expressed gratitude to the programme’s donors for their backing: "We are thankful to the donors supporting this program - the EU and Luxembourg - for recognizing a growing business need in the region and providing essential support to high-potential enterprises that are at the early stage of their lifecycle".
Looking ahead, Colangeli emphasized that the Star Venture Program will continue focusing on ecosystem development, working closely with venture capital firms and corporates interested in supporting innovation. The initiative also aims to align more closely with other EBRD investment platforms and identify startups with the greatest potential.
"To date, Star Venture has directly supported over 350 early-stage companies in 26 markets, spanning the Southern and Eastern Mediterranean, the Western Balkans, Central Asia, Eastern Europe, the Caucasus, and Türkiye," Colangeli noted.
According to him, portfolio startups have already raised more than $550 million in capital and successfully expanded their presence to global markets, including the United States, the UAE, the EU, the UK, and beyond.
