University of Worcester Worcester Research and Publications

Crowdfunding and Entrepreneurship in the Western Balkans

Sabia, Luca, Bell, Robin ORCID: and Bozward, David (2021) Crowdfunding and Entrepreneurship in the Western Balkans. In: Entrepreneurial Finance, Innovation and Development: A Research Companion. Routledge Research Companions in Business Economics . Routledge, New York. ISBN 9780367681036; 9781003134282

Crowdfunding and Entrepreneurship in the Western Balkans.pdf - Accepted Version

Download (355kB) | Preview


The Western Balkans are former communist countries which have made the transition to capitalist economies. As part of this they continue to develop their entrepreneurial ecosystems to support private business and innovation. The region overall has a relatively high level of entrepreneurship which has led the Western Balkans to be labelled as the next frontier of start-ups in Europe. However, previous research has identified that challenges in obtaining finance, the need for high collateral, high interest rates and banks’ inexperience of lending to start-ups has been a constraining factor in the region. Such a scenario provides potential for crowdfunding to be a useful tool to support the financing of entrepreneurship in the region. In the light of such potential, this chapter reviews the business and entrepreneurship data in the region and explores the limitations within the current crowdfunding ecosystem in the region to espouse how the Western Balkans can utilize crowdfunding to continue and sustain economic development by supporting the financing of entrepreneurial start-ups. This book chapter posits that whilst crowdfunding could provide valuable support to start-ups in the regions, the platforms operating in the region and the ecosystem is currently underdeveloped.

Item Type: Book Section
Additional Information:

This is an Accepted Manuscript of a book chapter published by Routledge in 'Entrepreneurial Finance, Innovation and Development A Research Companion' on 29 November 2021, available online:

Uncontrolled Discrete Keywords: Western Balkans, crowdfunding, entrepreneurial finance, entrpreneurship, innovation
Subjects: H Social Sciences > H Social Sciences (General)
T Technology > T Technology (General)
Divisions: College of Business, Psychology and Sport > Worcester Business School
Related URLs:
Depositing User: Robin Bell
Date Deposited: 06 Sep 2021 11:17
Last Modified: 29 May 2023 01:00

Actions (login required)

View Item View Item
Worcester Research and Publications is powered by EPrints 3 which is developed by the School of Electronics and Computer Science at the University of Southampton. More information and software credits.