Contribution to the development of entrepreneurship in 2021: How does EKI Entrepreneurship Academy support small businesses in BiH?

Known as the “second year of the COVID-19 pandemic”, the year of 2021 brought many new challenges to owners of small and businesses in Bosnia and Herzegovina. In response to many of these challenges, businesses have made numerous inquiries for professional and financial assistance, both to government institutions and to international and domestic actors in the entrepreneurial ecosystem.

Recognizing these needs, the Microcredit Foundation EKI and the Academy of Entrepreneurship of the European Fund for Southeast Europe (EFSE), have with the support of the implementing agency, 787 Foundation, created a comprehensive support program for early-stage businesses. In accordance with that, during 2021, two semi-annual programs were realized, through which 24 businesses from the area of Sarajevo and Tuzla Cantons were supported.

The selected participants of the program had the opportunity to participate in a series of educational workshops and trainings focused on current topics such as business model development, financial calculations, pricing, development of digital advertising strategies, etc. In addition, the participants went through a market research process and they received personalized support through work with 18 mentors and experts from various fields off business. Through the EKI Entrepreneurship Academy, financial support was provided in the form of grants, in the total value of 20,000 BAM. Three businesses from Sarajevo and Tuzla won these grants through pitch competitions, organized as a the final event to mark the end of both programs.

The most successful contestants at the pitch competition held in Sarajevo were Saudin Dedić with his business “Panoptic Engineering”, which identifies and creates solutions in the field of mechanical engineering through innovative approach, then Almedina Ždralović, with her “Chrysanthemum” horticultural business of maintaining and arranging graveyards, and Aida Kosović with her consulting business “Norma Consulting”, in the field of law and legal issues, Saudin Dedić, the winner of the first prize of the competition in Sarajevo, described his experience of participating in the Academy as follows: “Projects such as the Academy of Entrepreneurship, implemented by the 787 Foundation, represent an amazing tailwind for young entrepreneurs. At the Academy, we gained certain knowledge that covers business as a whole, from business registration, legal aspects, marketing, pricing, all the way to customer relations. So, we got a complete system, that is, complete and comprehensive knowledge that will surely help us in the development of our own businesses. Thanks to the program and the funds we received, we were able to invest in computer equipment, hire another engineer and procure a free one-year license for engineering design software. A few months after the program, we managed to achieve good business results by providing services to renowned companies from Austria and Germany, thus qualifying to register in the VAT system.”

After six months of intensive work with participants from Tuzla Canton, a pitch competition was held and the expert jury selected the following winners: Meho Husejnović with the family business “Guber”, making sweets and desserts according to traditional recipes, then Jasmina Weand, founder of business and shop “Tooth Fairy”, offering a wide range of products for babies and children, and Aida Osmić, owner of a herbal pharmacy “Agrimonia” in Lukavac.

“This experience helped me a lot, especially because the Academy started right at the very time when I was starting my business, so I got a lot of information and other guidance during the registration and the beginning of business operations. I would like to thank the Foundation and their partners. This was a beautiful experience”, said Jasmina Weand, winner of the second prize of the EKI EFSE Academy in Tuzla.