active

Bulgaria Innovation Hub

Industries of Interest
  • BUSINESS SERVICES
  • COMMUNICATION SERVICES
  • EDUCATION/PARENTING
  • ENERGY
  • FINANCIALS
  • HEALTH CARE
  • INFORMATION TECHNOLOGY
  • SOCIAL IMPACT
Status
active

Bulgaria Innovation Hub’s mission is to accelerate growth and US market entry for high potential Bulgarian startups, and to promote Bulgaria as a technology innovation hub among the US investor community.

THE COMPANY

Vision and Mission

Our Mission

The mission of Bulgaria Innovation Hub (“BIH”) is to foster knowledge exchange and cross-cultural collaboration between the entrepreneurial communities in the US and Bulgaria in order to drive innovation, growth and human development. We are driven by the purpose to advance Bulgarian technology startups and help them become competitive global leaders that create jobs, build sustainable communities and drive economic growth and social impact in Bulgaria. We are intentional about cultivating an entrepreneurial and growth mindset and fostering a pay-it-forward culture to sustain the change.

Our Vision

Our vision is to bridge the knowledge gap between Bulgaria and Silicon Valley. We aim to accelerate collaboration, drive innovation, scientific and technical research, exchange of knowledge, provide inspiration, elevate education, and economic development in Bulgaria while promoting the country as a cultural and business destination to US companies and partners.

Our Focus

The goal of the BIH acceleration program, which lasts for three weeks is to help founders polish and adjust their Go-to-Market strategy, get to know the US legal environment, make valuable connections and meet potential partners, clients, and investors. Since that first chat over coffee, 35 companies have been through the program of BIH, learning about the US market and Silicon Valley mentality, revisiting their overall approach towards business, establishing connections and embracing a global mindset.

Our Program

Bulgaria Innovation Hub’s equity-free programs are designed to empower high potential Bulgarian startups expanding into the US market.

3 weeks program that takes place virtually or in person in San Francisco*

Taught by Silicon Valley experts, our world class go-to-market curriculum accelerates growth and provides knowledge and resources required to scale successfully in the US.

27+ virtual workshops over the course of three weeks to help our startups prepare for their global expansion.

Assess to our mentor, advisor and investor network.

$10,000 AWS credits + over $80,000 other technology credits.

Exclusive community and resources.

How It Works

The Acceleration Program of BIH is targeted at high potential startups that need entry to the US market – meet clients, establish legal entities, talk to investors. The program features 27 modules designed to equip the founders with everything they need in order to make the first steps overseas but it is also suitable for companies who are already there and are struggling with specific challenges.

The program is equity-free (which is expected to change in the future – ed.n.), but requires a financial commitment of $5K for two people from a startup, including access to VC and potential clients network of BIH.

The benefits package for startups includes also a benefits package worth $65K, including $15K in Amazon AWS technology credits for two years. The hub, by design, provides particular services and aims to institutionalize and put into process the established and not so effective ad hoc support approach.

For startups, the new center provides office space, access to legal and tax advisors, intros to mentors, potential partners and clients, and top tier investors. The idea is that founders stay for several weeks, use the office spaces rented by the hub, and plan accordingly, but also get prepared to speak to investors and clients. In the context of the pandemic situation, the team of BIH has decided to conduct the whole program in an online environment, which could also save founders’ costs for travel and accommodation.

Given the new remote order, this would probably not harm the establishment of connections to potential partners overseas as the video chat is already a norm in the (post)pandemic business world.

Success Stories (happy customers)

“Participating in the program gave us a taste of what it means to be a successful Silicon Valley startup“. Bozhidar Bozhanov, Founder & CEO of LogSentinel

“The BIH program helped us focus our GMT strategy on a few aspects that are critical to our growth stage.”  Todor Todorov, Founder & CEO of Frontline Dynamics

“The most impactful change was revising our sales playbook and the product demos to improve sales.”  Miroslav Miroslavov, Founder & CEO of OfficeRnD

“I gained deep knowledge about critical aspects of running and scaling the company, such as setting up a successful SDR organization.”   Theodor Panayotov, Founder & CEO of CourseDot

“BIH’s value add is providing access to the partner and advisor network, the local VC community, and most of all the industry expertise.”  Yana Vlatchkova, Co-Founder & CEO of Swipes

“We lost a deal with a major client in the first two months because we lacked US corporation status and representation. Never again!” Ivan Osmak, Founder & CEO of GtmHUB

THE RESULTS

"Bulgaria Innovation Hub is a bridge built by Bulgarians on both sides, and it's the best bridge and launch pad into the US market."  Konstantina Christoff, Founder& CEO of Sensika

Summary

35 companies have gone through the program so far. They have created 290 new jobs since then, have added over 810 new clients, and have raised $30+ million in new funds. 

 
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