The business of optimization and modernization of industries in our country will amount to 20 billion leva in the following few years;

Finding solutions in areas where most people see for the most part gloomy prospects is one of the keys to successful business.

More than 90% of all Bulgarian companies and households are in significant need of efficiency improvement – changes related to innovations, automation, optimizations etc. This was stated by Filip Genov, Vice President and Special Projects Senior Manager at UniCredit Bulbank during the Innovation Explorer Forum 2016. According to him, finding solutions where most people see for the most part gloomy prospects is one of the keys to successful business.

The banker gave examples from different industries where only the areas requiring immediate optimization and modernization for the next few years represent a market for more than 20 billion leva. “The flaws in our country make us ambitious and eager to change,” Genov pointed out.

According to data, cited by the banker, Bulgaria’s economy provides considerable opportunities for investments in efficiency improvement. He gave as an example the healthcare system where 4.5% of all Bulgarian doctors write out prescriptions electronically, compared to 27% in the EU, and 8.7% share medical information online with other market participants, against 36% in the EU. The situation is similar regarding energy efficiency – the Bulgarian households and companies use up to 80% more energy than the average for the European Union, Genov specified. In his words, only the expected financial results from imposed energy-saving restrictions for the 2016-2020 period amount to 15 billion leva.

“15 billion leva in the area of energy efficiency is not at all a small market and those of you who are focused on innovations or information technologies but neglect the energy sector would lose a lot from missed profits in the next few years,” Filip Genov said to the audience at the forum.

Asked by the audience why, in spite of the excellent conditions for registration of new companies, the low taxes and the huge potential of the market, Bulgaria is still maintaining a certain level of poverty, Filip Genov replied by pointing out to the significant differences between Bulgaria now and 15 years ago.

“Our attitude towards ourselves defines what happens to us. Bulgaria was accepted to the EU but it joined the club of those who have been doing well for decades. We are not weak, simply we have to do things the others had done ahead of us,” the banker stated.

Genov expressed confidence in the prospects for development of the Bulgarian economy and the key role of innovations in the process. As stated by him, the number of young entrepreneurs in Bulgaria is several times higher than in Italy for example. According to his calculations, the establishment of a new company in Italy means expenses for legal person, notary fees, accountant and tax expert in the amount of 6,800 euro annually whereas in our country the necessary amount is significantly smaller. At the same time the impediments which businesses in Bulgaria face may be seen as a motivating factor. “The things which make us hungry and discontent are the things which make us strong,“ the banker concluded.

About Filip Genov

Filip Genov is a banker with more than 20 years of experience at top managerial positions in Bulgaria and worldwide. At the moment he is managing the project of UniCredit Bulbank for financing of startup businesses which, besides a loan, may receive highly professional support for the structuring of a working business plan and contacts with potential clients.

Filip has extensive experience in the creation and implementation of various innovative projects for development of business initiatives for UniCredit in Bulgaria, Italy, Germany and the countries from the CEE region. He is a business angel, mentor and investor in startup companies of young entrepreneurs.

Filip Genov holds an MBA from the NYU Stern School of Business and the London School of Economics and a master’s degree from SDA Bocconi, Italy.

About Innovation Explorer 2016

The second edition of the international forum for innovations Innovation Explorer Day is organized by Innovation Starter in partnership with Capital (a Bulgarian newspaper). UniCredit Bulbank is official bank of the conference, which brings together in Bulgaria leading global innovators such as Disney and Pixar Animation Studios, Google, McCann, Intel, Flipps, StudySmart etc.

More information for media:

UniCredit Bulbank, Identity & Communications Department

Viktoria Blajeva, Phone: + 359 2 9264 993, wjlj/ebwjepwbAvojdsfejuhspvq/ch