The Ministry of Economy of Sarajevo Canton, through the Incubator Program of the Center for Entrepreneurship Development, has launched a support initiative for startup systems aimed at young entrepreneurs. A total of 21 entities in Sarajevo Canton have received financial and expert support through this program.
“The incubation program has proven to be a strong incentive for young entrepreneurs, providing them with, in addition to financial and mentoring support, the opportunity to network and gain concrete benefits. We are particularly pleased that successful Bosnian-Herzegovinian entrepreneurs have recognized the value of this program and decided to support startups in their own way. For example, some of the incubator residents received free website creation. The Ministry of Economy of Sarajevo Canton will continue to invest in such initiatives, as they are key to the economic development and creation of opportunities for young people in Bosnia and Herzegovina. We will soon speak more about a new program we are preparing, which will be extremely valuable for young business entities,” said Zlatko Mijatović, Minister of Economy of Sarajevo Canton (NiP), in an interview with Avaz.
21 Contracts Signed
Each participant of the startup program received a grant of 30,000 BAM, office space, and funds for utility costs.
“The Center for Entrepreneurship Development is a unit within the Public Institution Center for Advanced Technologies of Sarajevo Canton. This project was launched last year and falls under the jurisdiction of the Ministry of Economy of Sarajevo Canton. The first public call was announced in the middle of last year, and 25 startups were initially selected. A total of 21 contracts were signed, with four entities opting out,” said Ensar Mulaosmanović, Director of the Public Institution Center for Advanced Technologies, in an interview with Avaz.
“The goal of the Center is to promote entrepreneurial spirit among younger generations. We try to incorporate technology into the program. All startups in the technology and development sectors are important to us. In the first year, we did not manage to have purely technological startups—slightly less than half are in the IT sector, with some in fields like mechanical engineering, programming, and 3D technologies. We can say that we are satisfied because, in Bosnia and Herzegovina, the entrepreneurial spirit does not exist in institutional form, as it does with the Center for Entrepreneurship Development. This is the first state-established center of its kind. Each startup receives 30,000 BAM in grants, office space, and funds for utility costs,” Mulaosmanović added.
Significant Support for Youth
“The support we received is of enormous importance because we have set up the infrastructure with which we can develop the business and bring new products to the market. We are primarily involved in the production of smart souvenirs, as well as providing engineering services and education. This will help us as we now have enough resources and equipment to create products and plan their placement on the market,” said Damir Hanić, a program participant.
Adnan Jašar, owner of a photo-video production company, said that the funds he received from the Ministry made it possible to realize complex projects.
“Given the amount the Ministry allocated and in relation to my idea connected with photo and video production, it was very helpful to me as the equipment I need is very expensive. Thanks to their support, it has eased the purchase of that equipment. That is the main and biggest reason why I applied for this competition. We are in the development stages and have passed many steps that we initially had to do manually, so now we can work on much more serious projects,” Jašar said.
Continued Investment in Key Initiatives
Minister of Economy of Sarajevo Canton, Zlatko Mijatović, emphasized that the Ministry will continue to invest in initiatives that are crucial for the economic development.
