The roundtable discussion, Building Innovation-Driven Entrepreneurial Ecosystems, hosted on March 21st, 2025, by the Applied Research and Communications Fund and the Center for the Study of Democracy, welcomed participants from numerous sectors – including business, entrepreneurship, government, and education, in a landmark event to support and enhance Bulgaria’s entrepreneurial efforts. It also notably featured significant actors in entrepreneurial ecosystem development. Among those guests were Martin Danovsky, Deputy Minister of Innovation and Growth; Travis Hunter, Director for Regional Entrepreneurship Acceleration from MIT’s Regional Entrepreneurship Acceleration Program (MIT REAP); Lars Frølund, Lecturer at the MIT School of Management and Board Member of the European Innovation Council; Kavan O’Connor, Associate Director of MIT REAP; and Svetoslava Georgieva, Chair of the Board of the European Innovation Council Fund.
MIT’s REAP program, which was at the forefront of this roundtable event, functions as a means of acquiring entrepreneurship knowledge, facilitating its implementation, and working openly with all involved stakeholders. A 2-year program, in which cohorts of 8-9 countries are created, REAP focuses on internationalization, sustainable progress, and region-specific solutions. To achieve these objectives, it hosts four annual workshops focused on the fundamental concepts of economic development, devising interventions, and achieving the desired results. REAP recognizes the fundamental and interconnected aspects of economic growth: on one hand, innovative capacity, and on the other – entrepreneurial capacity.
The roundtable discussion aimed to set the direction for the next phase of Bulgaria’s national innovation ecosystem. It opened with a reflection on the country’s progress since 2004, particularly in areas like entrepreneurship, digitalization, and sustainable growth. Participants noted that Bulgaria has become increasingly competitive, with a thriving start-up scene, a skilled workforce, and effective use of financial instruments and EU resources.
At the same time, several challenges were identified. One key issue was the disconnect between research institutions and market needs, highlighting the need for better alignment between academia and business. Speakers emphasized that while government support is crucial, the innovation ecosystem should be driven by a broad coalition of actors, including the private sector, universities, and civil society, in a more decentralized and collaborative model.
The discussion also explored the importance of defining clear national priorities to maintain a competitive edge and move from simply keeping up to leading innovation. Participants stressed the need for Bulgaria to transition toward more productive, tech-driven scientific output and to invest in capacity-building for technology transfer and commercialization.
Education was another major theme. Representatives from academia underlined the potential of universities as industry experts and innovation drivers. They pointed to ongoing efforts to internationalize business education, enhance STEM skills, and reverse the brain drain by increasing foreign student inflows.
The venture capital community praised Bulgaria’s strong early-stage funding environment but called for more strategic governance and coordination across sectors and institutions to fully capitalize on this foundation.
The event concluded with a call to develop a long-term vision and strategy for Bulgaria’s innovation ecosystem, stressing the need for all stakeholders to take greater ownership and play an active role in shaping the country’s future as a hub for high-value, innovation-driven economic growth.
