By Pavlina Yanakieva | CEO/Executive Director
Since our launch in 2019, Bulgaria Innovation Hub (BIH) has been on a mission to facilitate knowledge exchange and cross-cultural collaboration between the US and Bulgarian entrepreneurial communities to drive innovation, growth, and human development.
In the past four years, we've witnessed significant growth and transformation within our ecosystem. Notably:
- 52 innovative startups from Bulgaria and Central/South Eastern Europe completed 8 editions of our US go-to-market programs.
- 1/3 of our alumni companies have raised over $171M, with nearly $129 million secured after participating in BIH programs.
- These high-growth ventures have expanded internationally, making an impact in healthcare, EV infrastructure, space data, drone logistics, and workplace management, while creating measurable economic and social benefits in their home countries.
- As of November 2023, BIH portfolio companies have collectively generated over 1800 new jobs, more than doubling their workforce.
- Many startups have successfully entered the US market, demonstrating their scalability and adaptability.
The success of BIH founders extends beyond their businesses, serving as role models to inspire the next generation of entrepreneurs.
We are delighted to announce that we've expanded our board with four additional directors who are long-standing supporters and mentors in the program: Galina Antova, Rika Nakazawa, Sim Simeonov and Pressian Karakostov. Their expertise and dedication will further enhance our mission.
In addition, we are proud to share that two BIH alumni companies, Phos and Shkolo have successfully exited, marking significant milestones in their entrepreneurial journeys.
None of this would have been possible without the support of our sponsors and donors, including the America for Bulgaria Foundation, Payhawk, Eleven Ventures, Bright Cap Ventures, and many more. More that ten program alumni have now become donors, emphasizing the program's impact and the cycle of growth within our community.
Looking ahead, our vision includes cultivating a thriving alumni network, expanding our regional influence, and positioning Bulgaria and Eastern Europe as global hubs of technological innovation. Together, we aim to make BIH not just an accelerator but a catalyst for lasting change.
We extend our deepest gratitude to every member of the BIH community, as your dedication and collective impact truly define our success.
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