Presenting Role of Invest Sofia in the Bulgarian Spinoff Ecosystem During the First International Conference under the Spinoff Bulgaria Initiative

The first edition of the International Conference Spinoff Bulgaria was held in Burgas on September 1-2, 2022. Invest Sofia was a partner of the event and we took part in a panel session dedicated to the role of the Agency in the spinoff diaspora. At the invitation of the organizers, Victor Gusev, head of the Investment Analysis Department, presented within the session ‘The Governmental Perspective – Governmental Support for Spinoff Creation our activities and the instruments that could further boost the development of the ecosystem.

The event was the first of its kind in our country and aims to create a sustainable spin-off ecosystem and culture, which by 2030 will create 100 new technological startups originating from science universities or existing corporations – an environment where institutions and regulators also play a key role.

On stage, Viktor Gusev shared more about the activities of Invest Sofia such as how the city supports the pre-testing of innovative solutions in a real urban environment, how the city administration attracts new investors and companies, as well as more about the latest edition of Accelerator Startup Sofia – the program by Sofia Municipality that aims to promote accelerated access to finance for innovative, start-up and social entrepreneurs in Sofia.

Viktor Gusev presented our joint initiative with other Bulgarian cities for cooperation when a particular investor inquiry is more suitable for another region of Bulgaria, but the request has been submitted to the Bulgarian Investment Agency and Invest Sofia as the most recognizable units among investors from abroad. He also discussed the use case of a young Sofia-based company for utility cost measurement and optimization. The Sofia Municipality assisted the startup by providing access to municipal hospitals and kindergartens to help with the pre-testing of the product and its further development.

As said during the event, science-based tech solutions are attracting more and more attention, but additional support can bundle all available resources in academia, business, investors, and local and state institutions. The Spinoff Bulgaria initiative aims to gain visibility, both on a national and international level, and position Bulgaria on the European spinoff ecosystem map. 

We would like to thank the organizers: Biotechnology and Health Cluster Bulgaria and Cluster Artificial Intelligence, supported by BRAIT (Bulgarian Employer Association for Innovative Technologies), and BSMEPA – Bulgarian Small and Medium Enterprises, for the invitation. 

A video recording from the session The Governmental Perspective – Governmental Support for Spinoff Creation is available here: https://www.youtube.com/watch?v=4UACdpi_b2w