Croatia
Innovation Performance
Source: European Innovation Scoreboard
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European Innovation Scoreboard
Challenges
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lack of risk capital
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With only one active VC fund specifically targeting the Balkans region (SCV), entrepreneurs find it extremely hard to raise capital
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When it comes to raising capital, startups have to rely almost exclusively on international funding, which is rather challenging to raise
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Croatian innovators and researchers struggle to find support and funding for development which is causing a brain drain
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bureaucracy
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The existing support framework is based around two state agencies, HBOR, and HAMAG BICRO, providing favourable loans and guarantees. HAMAG BICRO is the result of the incorporation of HAMAG Invest and BICRO, the national business innovation agency. This merger strengthened the agency, which has signed a contract with the European Investment Fund and started a microloan scheme for SME financing. Startup conferences are also supported by the government in Croatia, as well as Startup weekends and hackathons through public funding of entities like technology parks and startup incubators that usually organize such events. Collaborative projects between industry and academia leading to spin-off creation are present in the region.
Institutions & Funds
HBOR Croatian Bank
Croatian Bank for Reconstruction and Development is Croatia's national development bank. Its task is the promotion of the development of the Croatian economy by extending loans, insuring export transactions against political and commercial risks, issuing guarantees, and providing business advice.
HAMAG-Bicro
HAMAG-BICRO, the Croatian Agency for SMEs, Innovation and Investments, supports SMEs and entrepreneurs through all development stages and helps them gain access to funding and investment. The website includes information on how to start and establish a company in Croatia, including specific sectoral permits and regulations.
Croatian Chamber of Economy
Croatian Chamber of Economy is a professional association of businesspeople in Croatia, and the oldest institution of its kind on the Croatian territory.