Are start-ups expanding outside the capital? - Bajraktari: Foreign investments are only attracted by products with global potential
The startup ecosystem in Albania is growing, but according to business consultant Anida Bajraktari, access to funding and opportunities remains concentrated in the capital. She says that, although there are now more projects in larger cities, Tirana continues to be the main hub where funds move and where young entrepreneurs themselves move.
"I think that the distribution of programs, grants, and funding has changed a bit, and now many projects are focusing on large cities such as Korça, which has an innovation hub, Shkodra, Vlora, but still all the activity, funding, and grants are very concentrated in Tirana mainly, and also because all those who create startups have moved from the districts and have moved to Tirana."
Bajraktari also dwells on the importance of grants for start-ups, considering them a necessary incentive in the initial phase, but not a sole solution on which entrepreneurs should rely.
"In terms of funding start-ups, one of the common ways in recent years has been grants from donors and state agencies. I think grants are very good for giving that first push to a business, to build a product or to launch services on the market, but it's not good for start-ups to focus only on grants because it makes us a little lazy and we don't try as hard as we could to grow our start-up."
According to her, difficulties increase especially when an Albanian start-up aims for the international market, as foreign investments are limited to projects that focus only on the local market.
"On the other hand, if an Albanian start-up wants to launch in other countries, to expand, to grow, it is difficult to find investments in a small market like Albania. And even more difficult when it comes to a product that is local, for the Albanian market or for the regional market, because those called ICs focus more on products that can be global, so that the reach or target that the start-up has is greater and consequently the profits are greater and the return on investment of that investor is even greater."
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