I’m saying “restoring” because entrepreneurial mindset has a long history in Bulgaria but it had to go through a process of rediscovery, which is now occurring at full speed.
I remember the beginning of this process. I was in the role of an educator, CEO of JA Bulgaria, trying to convince the education system in Bulgaria that “entrepreneurship” is not a dirty word. Creating a space for entrepreneurial curriculum and startup activities in the schooling system has been an entrepreneurial endeavor per se, facing uncertainty, closed doors and risk. But today I am glad to say that this is no longer the case and entrepreneurs thrive here because they are supported at every stage of their formation.
I am a firm believer that the key to developing an entrepreneurial mindset is to start building a different perspective at a young age as it is a holistic worldview not just an attitude in certain situations. The earlier you are exposed to new concepts, the easier it will be to open your mind to them. Entrepreneurial culture is based on new and different patterns of perception that help us be more adaptable and flexible in an unpredictable economic and social environment. And I could see the process of changing mindsets happening in elementary schools, in high schools and in universities.
Now these new entrepreneurs can thrive here because the environment is favorable. Bulgaria's strategic location in Southeastern Europe provides easy access to both European and emerging markets. There is an increasing availability of funding options for startups in Bulgaria. And the country has invested in developing a robust tech infrastructure, including high-speed internet connectivity and data centers.
But there is one more secret ingredient to a thriving environment. Once we have entrepreneurs ready to change the world what really empowers them to scale and solve the challenges of the future is a strong innovation ecosystem including various stakeholders such as universities, risk capital providers, large corporations and governments. I have invested in building such ecosystems in Bulgaria as an orchestrator of different players, as an educator, as an entrepreneur and I am continuing the same mission in my new role as a Minister of Innovation and growth.
The Ministry of Innovation and Growth is a new ministry and has startups at the forefront of its strategy. It is supporting entrepreneurship through maintaining a cost-effective environment for setting up and running a startup and offering various incentives including resources for growth through equity instruments. In addition, the ministry supports innovation in legislation including the recent introduction of the Variable Capital Company (VCC), which is expected to reduce the need for startups to register abroad, allowing them to retain more control and contribute positively to the local economy.
I can proudly say that Bulgaria ranks third in Southeast Europe in the number of startups, and second as an attractive destination for opening of startup offices and is also one of the leading investor hubs in SEE. Entrepreneurship thrives here because we have turned from being ego-centric to being eco-centric and doing so wholeheartedly.