Draft:Bulgarian Startup Association
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| Founded | December 13, 2017 |
|---|---|
| Type | Non-profit Organization |
| Focus | Startup Ecosystem, Venture Capital, Investment |
| Location | |
| Method | Business Analysis, Economic Diplomacy, Public Advocacy, Political Advocacy, Innovation Management, Knowledge Management |
Key people | Dobromir Ivanov, Nedialko Dervenkov |
| Website | besco |
BESCO - Bulgarian Startup Association (National Representation of the Bulgarian Startup Entrepreneurial Community) is a non-profit organization established to raise awareness of the economic potential of startups among public administration and to represent the Bulgarian startup community in regulatory processes. The association was started by Dobromir Ivanov in 2017.:[1][2] The organization's long-term goal is to contribute to transforming Bulgaria's economic model towards high-value-added industries.
The organization was founded by a group of local entrepreneurs, incubators, shared workspaces, and investors.[3] [4]
History of the association[edit]
2017[edit]
The founding of BESCO was at the start of 2017, when the acting Мinister of Еconomy invites five entrepreneurs from the startup community as his advisors.[5] Due to the necessity for an official representation of the startup community, on the 13th of December BESCO - Bulgarian Startup Association (National Representation of the Bulgarian Startup Entrepreneurial Community) was founded with Dobromir Ivanov in the role of CEO. Nedialko Dervenkov joined the association a few months later.[6]
2018[edit]
During a meeting with the Ministry of Economics concrete suggestions are discussed regarding changes in the legislative framework, which would optimize the conditions for the starting of a business and further developing it.[7]
During the meeting with the Deputy Minister Lachezar Borisov, he stated that BESCO has the explicit support of the government. As a result a working group is created which is dedicated to fostering the growth and improvement of the startup environment. The group comprises experts from various government departments, external professionals and independent consultants. Their goal is to collaborate and formulate strategies and initiatives aimed at supporting and nurturing startups in the country.[8]
2019[edit]
During February there was an agreement signed between the Bulgarian Startup Association and The Executive Agency for the Promotion of Small and Medium-sized Enterprises (EAPSME)[9][circular reference] for the institutional support for startups and the development of their innovative and export potential.[10]
During a work meeting in March BESCO gained support from the President of the Republic of Bulgaria, Rumen Radev for the encouragement of their undertaking towards the development of new start ups within the domain of high tech.[11]
During August The Investment Council at the Bulgarian Chamber of Commerce and Industry (BCCI) signed a cooperation agreement with the Bulgarian Startup Association (BESCO) to expand BESCO's international connections and to support startup companies in finding funding for their activities from various sources and programs.[12]
During December there were proposed changes for within the Tourism Act, which changes would have prohibited platforms like AirBnB to function within Bulgaria. BESCO took a stance against this proposition.[13]
2020[edit]
During March the Bulgarian Startup Association declared themselves against the provisional advance tax, proposed in the amendments introduced in the draft law for the state of emergency. Together with EDIT.bg - the community for economic development through innovation and technology towards the foundation, MOVE.BG, Endeavor and BVCA - Bulgarian Private Equity and Venture Capital Association, BESCO submits the Position of the Coalition of the Innovative Ecosystem on the need to support innovative SMEs in their starting and active phases of development.[14][15][16][17][18]
During April BESCO published an Economic report[19] with a focus on the startup ecosystem in Bulgaria during the COVID-19 crisis, in which it announced the measures which would be able to aid and support startup companies.[20]
Subsequently, within the same month together with Bulgarian Stock Exchange (BSE) an initiative is launched under the #fightCOVID19. This initiative was created with the goal to support startups which offer products or services which could potentially be able to mitigate the negative impact of the COVID-19 pandemic.[21]
In July the protests calling for the government's resignation , BESCO sent proposals to the former Prime Minister Boyko Borisov, on how to support businesses which are established within the innovation and technology sector.[22]
During November, close to five months after the Central European Startup Awards (CESAwards), the Bulgarian Entrepreneurship Ecosystem announces the finalists.[23] [24] The event is locally organized by BESCO as a part of the Global Startup Awards.[25]
In December BESCO met with the president Rumen Radev regarding the rising necessity of digital skills of the Bulgarian youth. It is a prerequisite, for the development of a modern and competitive Bulgarian economy with high added value. The association supports the inclusion of a Multifunctional Youth Educational Complex in the Plan for Recovery and Sustainability of Bulgaria.[26]
2021[edit]
In the beginning of 2021, BESCO initiated a series of meetings with political parties. Their goal was the introduction of the community to the innovative startups and digital companies with key candidates and political powers, discussion of the programs, the outlining of the steps for achieving a stimulating environment for business development, based in innovation and industries with high added value.[27]
During February, through the accepted changes to The Law on Foreigners in Bulgaria, a Startup Visa was implemented, which is one of the initiatives of BESCO for the improvement of access to talent. The regulation for its issuance is still being worked on.[28]
During June, the Minister of Economy during the interim government led by Kiril Petkov, in the presence of BESCO, the Declaration on the establishment of the “EU Startup Nations Standard for High-Performing Startup Nations" was signed. By doing so, Bulgaria joined the other 24 European countries which have committed themselves to implementing the policies outlined in the document.[29]
2022[edit]
In the beginning of the year, BESCO took the stand against the decision of the Ministry of Finance for the raise of the maximum social security income (MSI) due to the lack of active dialogue with the business sector.[30]
During January, the Commission for E-Governance and IT was established.[31] Later, Ivan Vasilev, Director of Policy and Strategic Planning at BESCO, is elected as the Chairman of the Public Council of the Commission.
On the 25th of February, the first day of the Russian invasion of Ukraine, BESCO takes part together with other businesses and volunteers, who spontaneously built a network that aided the first wave of refugees to Bulgaria.[32]
At the end of June in the National Assembly three draft laws have been submitted for consideration, on which BESCO, together with its partners, had been working over the years:
- Draft law for amendment and supplementation of the Labor Migration and Labor Mobility Act, also known as the "EU Blue Card."[33]
- Draft law for amendment and supplementation of the Commercial Act, also known as the "Company with Variable Capital."[34]
- Draft law for amendment and supplementation of the Law on Foreigners in the Republic of Bulgaria, also known as the "Startup Visa."[35]
These draft laws were as a result of the efforts by BESCO and its partners to advocate for changes and improvements in labor migration, company structures, and foreign entrepreneurs' access to opportunities in the Bulgarian startup ecosystem.
On June 24th, the Parliament adopted the changes to the Law on Public Offering of Securities, which BESCO has been advocating for. The threshold for fundraising on the BEAM market of the Bulgarian Stock Exchange (BSE) is raised from 3 million euros to 8 million euros per year.[36]
Goals[edit]
Specific goals of BESCO are centered in three main pillars[37]
Access to capital[edit]
Reforms aimed at facilitating access to funding for startup companies through a multitude of regulations.
Pension Fund Reforms[edit]
One of the reforms that the association is working on, is related to the possibility of Pension Funds to invest in Alternative Investment Funds (AIF), some of which are venture or private equity funds. The reform is associated with the opportunity for Pension Funds to invest up to 5% of their assets from the Second Pillar in AIFs and up to 10% of their assets from the Third Pillar. According to the association's calculations, this would mean over 1 billion BGN of additional financing into the ecosystem.
Angel Investments[edit]
Establishing a mechanism to encourage angel investments aimed at the filling of the gap in early-stage funding, often referred to as pre-seed investments of up to 100,000 euros. The main goal is to expand the pool of 'angel investors,' who typically invest in companies at the earliest and riskiest stages.
The mechanism would have three primary objectives: to broaden the group of first-time investors ('virgin investors'), to support existing angel investors, and to implement preventive measures to protect investments from corrupt practices.
Increasing the threshold of the BEAM market for growth on the Bulgarian Stock Exchange (BSE)[edit]
One of the successes is the increase of the threshold from 3 million euros to 8 million euros.[38]
Access to Talent[edit]
The shortage of talent is a problem, often identified as a key hindrance within the business development in Bulgaria.[39] BESCO is working on short-term and medium-term solutions related to good and established practices worldwide:
- Startup Visa - granting residence and work permits to entrepreneurs, demonstrating their commitment to developing companies with added-high-value.[40]
- Blue Cards - improving and streamlining of the process for issuing blue cards, with the goal to accelerate the procedure to a few weeks and for the availability to be executed online.[41]
Following the model of France, Spain, and Portugal, the association is initiating discussions for the creation of a Bulgarian Tech Visa - suitable for digital nomads.
Deregulation[edit]
The idea behind the reforms advocated by BESCO is to significantly improve the business environment by introducing a new type of commercial/trading association - a Variable Capital Company aimed at facilitating[42]
- Issuance of employee stock options
- Formulating vesting agreements
- Protection of the investors (making it easier to implement drag along, tag along, and various pre-emptive rights)
- Providing management flexibility
The association is created based on the model of the French SAS (La société par actions simplifiée), similar types of associations exist in other European Countries.
- Digitalization of the employment records/books
- Improvement of the conditions for occupational medicine/health
- Remote work
- Improvement of the liquidation and insolvency/bankruptcy processes
- Creation of initiatives for technological transfers
- Establishment of a link between entrepreneurship and national security
- NATO and the initiative DIANA; The institution ‘Big Data for the Benefit of the Intelligent Society” (GATE) is selected to be the test center within the domain of big data and artificial intelligence.[43][44]
Functional Community[edit]
The association provides for its members access to a wide range of discounted products and value-added services, including consultations with lawyers experienced in non-traditional cases, consultations with accountants, media contacts, PR and marketing agency connections, references to funds and angel investors, ad hoc services, and offers from partner organizations.[45]
Ethical Code of the Association[edit]
The so-called "Startup Bushido" is based on the Bulgarian Startup Association's aim to build the entrepreneurial environment based on the proper values. All association members are obligated to sign the ethical code of the association and ensure its implementation.[46]
Publications[edit]
- Economic report focusing on the startup ecosystem in Bulgaria during the Covid-19 crisis.
- Report: Measures to stimulate angel investing worldwide.
- Report: Pension funds' investments in venture capital.
- Report: Mapping of the Sofia Tech Sector[47]
International Partnerships[edit]
Since 2018, the Bulgarian Startup Association has been collaborating with Allied for Startups operating in Brussels, to remove barriers and create legal solutions optimal for the development of startups in Europe.[48] Since 2021, Ivan Vassilev, Director of Policy and Strategic Planning at the Bulgarian Startup Association, has been a member of the Management Board of Allied for Startups.[49]
On June 15, 2021, the European Startup Network (ESN) held its General Assembly in Paris and welcomed 7 European startup associations as new members, bringing the total membership base to 31, including BESCO.[50] Nedialko Dervenkov, CEO, becomes part of the board of ESN, whose goal is to connect European startup ecosystems.[51]
References[edit]
- ^ Kozbunarova, Alexandra (20 September 2018). "Bulgaria Finally has a Startup Association - and it has an Interesting Business Model". Trending Topics. Retrieved 12 August 2023.
- ^ Video on YouTube
- ^ AE Ventures (5 February 2019). "BESCO: The association that will turn Bulgaria into European startup incubator". Medium. Retrieved 13 August 2023.
- ^ Пенкова, Сирма (2018-10-06). "Българската стартъп асоциация започва кампания за групово финансиране" [The Bulgarian Startup Association is Starting a Campaign for Group Financing] (in Bulgarian). Bulgaria.
- ^ Шарбанова, Вероника. "Между стартъпите и държавата". Forbes. Forbes Bulgaria. Retrieved 17 August 2023.
- ^ Шарбанова, Вероника. "Между стартъпите и държавата". Forbes. Forbes Bulgaria. Retrieved 17 August 2023.
- ^ Ministry of Economics. "Българската стартъп асоциация – BESCO и Министерството на икономиката обсъдиха предложния за промени в нормативната уредба за стартиране и развитие на бизнес в България". Government.bg. Retrieved 17 August 2023.
- ^ Ministry of Economics. "Българската стартъп асоциация – BESCO и Министерството на икономиката обсъдиха предложния за промени в нормативната уредба за стартиране и развитие на бизнес в България". Government.bg. Retrieved 17 August 2023.
- ^ "Изпълнителна агенция за насърчаване на малките и средните предприятия". Wikipedia. Retrieved 17 August 2023.
- ^ "Министерството на икономиката и ИАНМСП ще подкрепят стартиращите предприятия". Republic of Bulgaria | Ministry of Economics. Изпълнителната агенция за насърчаване на малките и средните предприятия. Retrieved 10 August 2023.
- ^ Агенция Стандарт (2019-03-06). "Президентът ще помага на високите технологии" [The president will aid high tech] (in Bulgarian).
- ^ "БТПП ще си партнира с българската стартъп предприемаческа общност".
- ^ "BESCO се обяви твърдо против забраната на Airbnb". Entrepreneuer.bg.
- ^ Edit http://edit.bg/.
{{cite web}}: Missing or empty|title=(help) - ^ MOVE https://move.bg/.
{{cite web}}: Missing or empty|title=(help) - ^ "Endeavor BG".
- ^ "Bulgarian Private Equity Venture Capital Association". BVCA.
- ^ Open Letter. "Отворени Писма". Edit.
- ^ "BESCO изготви икономически доклад с фокус върху стартъп екосистемата в България по време на Covid-19 кризата" [BESCO prepared a report with a focus on the startup ecosystem in Bulgarian during the Covid-19 crisis] (in Bulgarian). 2020-04-15.
- ^ Kirilova, Elena. "Над 75% от стартъпите у нас са заплашени от фалит до 6 месеца". Investor.bg.
- ^ Mayer, Miroslav. "БФБ и BESCO с инициатива за подкрепа на стартъпи". Forbes. ForbesBulgaria.
- ^ Kirilova, Elena. "Стартъп асоциацията иска правителството най-сетне да подкрепи технологичния бизнес". Investor.bg.
- ^ "Central European Startup Awards".
- ^ Penkova, Sirma (4 November 2020). "Кои са българските финалисти в стартъп състезанието CESAwards 2020". Capital.bg.
- ^ "Global Start Up Awards".
- ^ "Българската стартъп асоциация подкрепя включването на Мултифункционален младежки образователен комплекс в Плана за възстановяване и устойчивост на България" [The Bulgarian Startup Association supports the inclusion of the Multifunctional Youth Educational Complex in Bulgaria's Recovery and Sustainability Plan] (in Bulgarian). 2020-12-15.
- ^ Filipova, Iglika. "Как България да стане иновативна – идеите на основните партии" [How Bulgaria can become innovative - the ideas of the main parties] (in Bulgarian).
- ^ Nikolov, Dragomir. "Стартъп визи, стимули за дигитални номади и повече скейлъп компании влизат в плана за възстановяване" [Startup visas, incentives for digital nomads and more scaling companies enter the recovery plan] (in Bulgarian).
- ^ "Петков подписа Декларация за създаване на по-благоприятни условия за стартиращите фирми" [Petkov signed a Declaration on creating more favourable conditions for start-up companies] (in Bulgarian).
- ^ Dimitrova, Simona (21 January 2022). "Решението за вдигане на максималния праг е взето без обсъждане с BESCO". Economic.bg.
- ^ "State e-Government Agency".
- ^ "Удивителният случай със спасяването на украинците" [The amazing case of the rescue of the Ukrainians] (in Bulgarian). 2022-03-18.
- ^ "ЗАКОНОПРОЕКТ ЗА ИЗМЕНЕНИЕ И ДОПЪЛНЕНИЕ НА ЗАКОНА ЗА ТРУДОВАТА МИГРАЦИЯ И ТРУДОВАТА МОБИЛНОСТ". National Assembly of the Republic of Bulgaria. Parliament.bg.
- ^ "ЗАКОНОПРОЕКТ ЗА ИЗМЕНЕНИЕ И ДОПЪЛНЕНИЕ НА ТЪРГОВСКИЯ ЗАКОН". National Assembly of the Republic of Bulgaria. Parliament.bg.
- ^ "ЗАКОНОПРОЕКТ ЗА ИЗМЕНЕНИЕ И ДОПЪЛНЕНИЕ НА ЗАКОНА ЗА ЧУЖДЕНЦИТЕ В РЕПУБЛИКА БЪЛГАРИЯ". National Assembly of the Republic of Bulgaria. Parliament.bg.
- ^ "Фирмите ще набират до 8 млн. евро капитал без проспект на БФБ". banker.bg. 19 April 2022.
- ^ Рашева, Радослава (2019-07-14). "Нед ДЕРВЕНКОВ, част от борда на директорите на Българската стартъп асоциация (BESCO): България да се превърне в стартъп инкубатор на Европа" [Ned DERVENKOV, member of the board of directors of the Bulgarian Startup Association (BESCO): Bulgaria to turn into the startup incubator of Europe] (in Bulgarian). Bulgaria.
- ^ "Фирмите ще набират до 8 млн. евро капитал без проспект на БФБ". banker.bg. 19 April 2022.
- ^ Bushandrova, Irena. "Bulgaria's talent gap, "Capital.bg"". Pedersen & Partners.
- ^ "ЗАКОНОПРОЕКТ ЗА ИЗМЕНЕНИЕ И ДОПЪЛНЕНИЕ НА ЗАКОНА ЗА ЧУЖДЕНЦИТЕ В РЕПУБЛИКА БЪЛГАРИЯ". National Assembly of the Republic of Bulgaria. Parliament.bg.
- ^ "ЗАКОНОПРОЕКТ ЗА ИЗМЕНЕНИЕ И ДОПЪЛНЕНИЕ НА ЗАКОНА ЗА ТРУДОВАТА МИГРАЦИЯ И ТРУДОВАТА МОБИЛНОСТ". National Assembly of the Republic of Bulgaria. Parliament.bg.
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- ^ "ИНСТИТУТ GATE ЩЕ ОБУЧАВА ПЪРВИТЕ В БЪЛГАРИЯ МАГИСТРИ ПО "ТЕХНОЛОГИИ ЗА ГОЛЕМИ ДАННИ"". fmi.uni-sofia.bg.
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- ^ "You searched for besco". Alliedforstartups.org.
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- ^ "ESNA elects the first presidency board and adds four new members". ESNAlliance. 6 October 2022.
- ^ "Members of the Board". European Startup Network.