Responding to the latest inflation data published by ONS, David Bharier, Head of Research at the British Chambers of Commerce, said:  

“Today’s data showing CPI easing to the Bank of England’s 2% target, is a further sign that the UK is exiting the inflation crisis which began in late 2020. It provides additional weight for an interest rate cut in the coming months, something which will be welcomed by firms of all shapes and sizes.  

“Our research has shown that a steadily declining number of businesses are concerned about inflation, from a record peak of 84% in mid 2022. This is positive news, but prices are not falling, just rising more slowly, and the economic outlook remains challenging. Our latest forecast expects inflation to nudge back up again to 2.3% by the end of the year. 

“To restore economic growth and stability, policymakers should focus on the long-term. Our election manifesto outlines a 5-point plan for immediate action by the new government. We need a green industrial strategy, better skills planning, business rate reform, improved relations with the EU, and support for SMEs to embrace AI. 

“Our manifesto has been welcomed by all the main parties and gives a clear blueprint for action after July 4th.” 

Grow Your Child’s Creativity with Cody Minecraft

Help your child transform their love for Minecraft into a powerful learning experience with Robotika Academy’s book, “Cody Minecraft.” This engaging guide introduces children to the fundamentals of programming through fun and interactive projects within the Minecraft world. Perfect for young minds eager to learn coding in a familiar setting, this book makes complex concepts accessible and enjoyable, sparking creativity and problem-solving skills.

Empower Young Learners with Practical Coding Skills

“Cody Minecraft” offers parents a fantastic resource to encourage their children’s interest in technology and programming. Using the popular game Minecraft as a platform, the book provides step-by-step instructions for building mods, automating tasks, and even creating new games. It’s an excellent way to combine play with education, ensuring your child develops practical coding skills while having fun.”

The price of the paperback version is 29 euros, while the electronic version is 9 euros.

BBBA members will receive 10% discount.

For more information please email brusinov@robotika.bg

You can see two excerpts from the book in the images below.

This summer Kempinski Hotel Grand Arena Bansko will spoil you with a very special gourmet BBQ at Gallery restaurant beginning on 28th June 2024 and continuing every Friday and Saturday until the season’s end on 13 September 2024. Choose the right wine for your BBQ delicacies from a selection of special wines for the finest rarities with exclusive prices per glass. Hosting a different winery every Saturday and live music promises a fresh and tantalising experience with each visit.

Time: 19:00 to 23:00 

For reservations please email reservations.grandarena@kempinski.com or call +35974988566

Major deal will see the Deutsche Telekom companies buy 100GWh of clean power per annum for 12 years

The deal, the first cross-border virtual Power Purchase Agreements signed by Czech or Slovak companies, will enable the construction of one of Europe’s largest onshore wind farms.

T-Mobile Czech Republic, Slovak Telekom and CE Colo Czech Republic, all part of the Deutsche Telekom Group, have signed cross-border virtual Power Purchase Agreements (VPPAs) with Actis-backed Rezolv Energy, the Prague-headquartered renewable energy producer. These are the first cross-border VPPAs that have been signed by Czech or Slovak companies. The power will come from the 461MW ‘VIFOR’ wind farm, which has been developed by Rezolv and Low Carbon in Buzău County, Romania, with the VPPAs enabling the construction of the first phase of the project. In the second phase, a further 700GWh per year will be available for corporate buyers.

The VPPAs will see the three firms buy 100GWh of clean power per year for 12 years. T-Mobile Czech Republic has secured 50GWh per year, Slovak Telekom 40GWh per year and CE Colo Czech Republic 10GWh per year. 

A Significant Milestone in Renewable Energy

The VPPAs represent a significant step forward in Central & Southeastern Europe, where most previous PPAs have been physical agreements requiring the buyer and producer to be in the same or neighbouring countries with connected grids. In contrast, a VPPA is a financial arrangement where the buyer receives certificates verifying that the energy came from a specific renewable source, with the clean power being fed into the grid. 

About the VIFOR Wind Farm

Once operational, VIFOR will be one of Europe’s largest onshore wind farms. Close to the Carpathian Mountains and benefiting from exceptional wind yields, the project will generate enough clean energy to power more than 270,000 homes and will avoid approximately 540,000 tonnes of CO2e annually. Phase 1 will install 192MW in capacity with planned expansion to 461MW in Phase 2. Construction is scheduled to be completed within 18 months, with VIFOR coming onstream before the end of 2025. 

In a region which has historically relied on fossil fuels for most of its energy needs, replacing fossil production with renewables delivers the maximum possible emissions reduction impact. The project will therefore play a crucial role in the region’s energy transition and support Romania in meeting its climate targets. 

It will also be built to the highest international sustainability standards to ensure that it leaves a lasting, positive legacy. 

Last week, finance loan facilities of up to €291 million were secured to support the Phase 1 construction from a consortium of eight lenders led by Erste Group, UniCredit Group and the European Bank for Reconstruction and Development, as well as the International Finance Corporation (IFC), Intesa Sanpaolo Group, OTP Bank, Raiffeisen Bank International AG and Garanti BBVA Romania.

Pavel Hadrbolec, CFO, T-Mobile Czech Republic and Slovak Telekom, said: “We are proud to became an enabler of a new renewable energy site and became a frontrunner in this area. This is a further step in our decarbonisation journey. The deal also brings us relevant risk diversification to our energy procurement strategy and energy prices hedging.”

Alastair Hammond, CEO, Rezolv Energy, said: “These are the first cross-border virtual PPAs that have been signed by Czech or Slovak companies, and they are an important signal to other businesses in these two countries. They do not need to wait for renewable energy capacity to start coming onstream in volume in their home market. These agreements will enable Phase 1 of this project, but Phase 2 will make a further 700GWh available per year. The widespread corporate demand for green electricity can therefore be met now.”

Jaroslava Korpanec, Partner, Head of Central and Eastern Europe, Energy Infrastructure at Actis, commented: “Actis launched Rezolv Energy to deliver a new era of clean, sustainable energy in Central and Southeastern Europe. This VPPA demonstrates how Rezolv is leading the CEE market, offering innovative solutions to help corporates decarbonise while meeting their energy needs. Rezolv’s renewable power projects are making a tangible difference and accelerating the energy transition in the region.”

Rezolv Energy was launched 18 months ago by Actis, a leading global investor in sustainable infrastructure, and already has well over 2GW of clean energy being prepared for construction in South Eastern Europe. As well as the VIFOR wind farm, projects include Dama Solar in western Romania which, at 1,044MW, will be the largest solar plant anywhere in Europe once it is built, the 600MW Dunarea East & West Wind Farms in Romania’s Constanța County, and St. George, a 229MW solar project in north-eastern Bulgaria. 

Dear BBBA Members and Partners,

Thank you for joining us at the 5th Business Networking Evening: Europe and Beyond that took place on 19 June at Sofia Tech Park. We hope you found the event interesting and useful for your businesses.

We are delighted to say that the joint efforts of the 13 co-organising Chambers of Commerce resulted in a successful and productive networking event with more than 500 guests. 

We want to express our special thanks to the Minister of Innovation and Growth – Mr. Georgi Angelov, to the Deputy Minister of Economy and Industry – Mr. Nikolay Pavlov, Mrs. Mila Nenova, Executive Director of the Bulgarian Investment Agency, and Mrs. Yordanka Tchobanova, Head of the Representation in Bulgaria of the European Commission  for coming and supporting the event. 

You can find photos from the event here. 

Special thanks to our Diamond Sponsors: 

Special thanks to our Gold Sponsors:

CAMP LOCATION 1 – BOYANA

Dates:    Monday 1st to Friday 5th July / Monday 8th to Friday 12th July 2024

Venue:   National Football Base of the Bulgarian Football Union, Boyana (map)

Time:      09:00-15:00

Ages:      6 to 13 years (in two groups, 6-8 years and 9-13 years)

Format:  Sessions are fun and creative, delivered by UEFA qualified coaches

Cost:       €350.00. Or €80.00 per day

Including:

• End-of-course certificate, academic report and awards ceremony with prize-giving
• Full training kit

Set on the beautiful and calm grounds with a mountain backdrop, the BFS summer training camp at the Bulgarian Football Union brings together children from across Sofia to provide learning entirely in English, complement cognitive skills and enhance participants’ level of concentration and participation. Values such as fairness, teambuilding, equality, discipline, inclusion, perseverance and respect will be taught.

CAMP LOCATION 2 – SOFIA

Dates:   Monday 9th to Friday 13th September

Venue:  St George International School (map) 

Time:    09:00-15:00

Ages:     5 to 12 years (in two groups, 5-7 years and 8-12 years)

Format: Sessions are fun and creative, delivered by UEFA qualified coaches

Cost:      €350.00. Or €80.00 per day.

Including:

• End-of-course certificate, academic report and awards ceremony with prize-giving
• Full training kit

Top central located sporting facilities including two football courts and a wellness center hosting a 25m heated indoor pool and separate children’s pool and tennis court – St George International School will host our September holiday camp!

For more information visit this website.

Email: contact@britishfootballschool.com 

Telephone: +359 877 918 995 / WhatsApp: +40 799 686 835

The event kicked off with a welcome and opening address by Elina Zheleva, Managing Partner of launchlabs Sofia. The program included several key presentation slots:

10:30 – 10:45

DIGITRANS: How can Bulgarian businesses catch up in digitalization?

Damyan Ivanovski, Digital and Green Transformation Specialist, World Bank

10:45 – 11:00

Investing in the Future: Financial and Expert Support for SMEs or How Bulgarian SMEs Can Benefit from the DIGITRANS Program?

Elina Zheleva, Managing Partner, launchlabs Sofia

11:00 – 11:15

Success Stories: What Do Companies Achieve with the DIGITRANS Program?

Dr. Boyko Takov, Executive Director, Executive Agency for Promotion of Small and Medium Enterprises

The program aimed to provide Bulgarian enterprises with a competitive edge by helping them integrate new technologies and optimize their business processes. Participants in the event had the opportunity to learn more about how SMEs can benefit from the financial and expert support of DIGITRANS, as well as hear success stories from companies that have already undergone the program earlier this year.

Partnership and Collaboration

DIGITRANS strives to create a network of partners to promote the program and help small companies maximize the benefits of digitalization.

Organizer Quotes

“The DIGITRANS project offers much more than financial support for SMEs. The real value for companies is having direct access to a team of professionals who can help them assess, prioritize, and work on the internal process challenges that are prerequisites for digitalization. With an easy application process, the path to exceptional opportunities is opened.”

Elina Zheleva, Managing Director of launchlabs Sofia and Chief Management Consultant for the DIGITRANS project

“Digital transformation of economies requires continuous and joint efforts to create a more advanced, secure, and efficient environment. I am convinced that the DIGITRANS program has the potential to scale nationally and play an important role in advancing the digitalization process for SMEs in Bulgaria.”

Dr. Boyko Takov, Executive Director, Executive Agency for Promotion of Small and Medium Enterprises

Aksakov 20 business and conference center is a recently and fully renovated heritage building, located in the cultural center of Sofia, a short distance from the National Parliament, St. Alexander Nevsky Cathedral, the President’s Palace and other landmark buildings. With an impressive façade Aksakov building complies with the International A+ class Office Classification.

The building meets the highest-level security and safety standards and is equipped with all modern amenities, necessary to create a comfortable and pleasant working atmosphere. 

The main administrative entrance to the building provides access to a large reception area, floored with Italian marble. From the reception area there is access to a large conference area of 125m2, also with its own separate entrance from a small garden. Able to accommodate 100 participants, this area offers the opportunity to organize private, corporate or diplomatic events.

Three floors in the building are offered for rent, all of them are provided with the most advanced features in terms of energy profile, security and IT. All offices are served by high quality electrical and communication infrastructure (CISCO equipment) and central air-conditioning system TOSHIBA VRF 4 pipe innovative system. UPS and diesel generator backup system is available for the whole building.

If you search for a new office for your business, this is the right place for you! 

For more information contact them at: info@aksakov20.eu

On June 12, the first meeting of the jury of TELUS International Bulgaria Community Board Foundation was held. Over 100 applications competed, with a significant number in Healthcare. The jury ranked five socially significant projects in support of local communities, to fund a total of BGN 73,214. The supported civil organizations are:

Speleo Club Burgas-NEPIAST with the project Cave Age 2.0

Did you know that in Bulgaria, there are over 6000 caves, but only about 2% are monitored? This is leading to insufficient data on climate changes and potential threats to water resources. Cave Age 2.0 is a pilot project aimed to establish a scientific monitoring system for cave flora, fauna, and bat colonies in 11 caves, using advanced multisensor and analog devices to gather data and promote long-term conservation efforts. A team of scientists (researchers and museum experts) and engineers, all passionate about speleology, will develop and deploy and maintain the monitoring devices. Furthermore, they will develop guidelines for cave conservation and habitat protection based on findings. The project execution will unite communities of researchers and scientists, fostering long-term collaboration and encouraging sustainable conservation efforts.

ARTON-Bulgaria Foundation and their project ‘Art therapy for children from the Clinic of Pediatric Oncohematology – Sofia’ will provide art therapy to help children with oncohematological diseases in their adaptation to the hospital environment through art sessions for children and parents designed to amaze and inspire the children, stimulating their creativity, strength, and faith in their recovery. The sessions serve also as a form of psychological support to deal with the fear, anxiety and pain of the young patients, and take place in the children’s oncohematology ward by a team of oncopsychologists, art therapists, and coordinators.

Association ‘Club of non-government organizations’ Targovishte will implement the project ‘Let’s learn and play’ by implementing the patented program model – ELEMENT GAME®, in partnership with the ‘Foundation for Children at Risk Worldwide’ to support children aged 2 to 6 in their early development of communication, socio-emotional, fine and gross motor skills, and specifically enhancing their knowledge of the Bulgarian language. Their approach will contribute to ensuring equal starting opportunities for children entering school in urban areas and facilitate their quicker integration. The materials provided within the project will enable the continuous usage of the model in Vardun village, and the spread of successful practices to other communities in the region.

Foundation Community in Help for the Addicts and the project ‘Everyone can, but not by themselves’ is a continuation of their work and upgrade to the micro-social enterprise they established during their first project backed up by the Community board back in 2022. This year, the residents will be involved in an active behavioral model through occupational therapy in support of elderly people and local communities. With our financial support they will have the tools and means to acquire new knowledge and skills in the area of gardening and landscaping, painting and decorating, and general repairs and upkeep. The social enterprise will offer subscription services as part of its sustainable development.

Life with Scoliosis Foundation, and their project ScoliHelp 2.0 will continue to provide timely assistance and psychological support for children aged 9-16 diagnosed with scoliosis. Within the project an informative video will be launched on one of the most popular platforms for online learning in order to raise awareness about the condition and its symptoms which can be neglected due to misunderstanding of the seriousness of the problem, and encourage inclusion and deeper understanding for those who already have it. Informational webinars on the topic for both young patients and their parents will be held and distributed online free of charge.

In addition, the Foundation is organizing an International Conference on the topic in Sofia on June 29, open to the wider public, for which you can read more about here. 

This year, the foundation of TELUS International Bulgaria celebrates ten years since its foundation, having so far supported a total of 171 projects with over one and a half million BGN.

In 2023, the TELUS International Bulgaria Community Board Foundation allocated a total of BGN 170,000 to 14 projects, helping over 100,000 people in the country. The next call for applications will be opened this autumn and announced here on the foundation’s website.

In the new cohort of Endeavor’s Dare2Scale growth program, 10 companies will be included. Now in its sixth consecutive year, the program is primarily supported by Postbank and backed by the Executive Agency for the Promotion of Small and Medium Enterprises (EASME), the European Bank for Reconstruction and Development (EBRD), the America for Bulgaria Foundation, and capital partner SeedBlink. Media partners for Dare2Scale 2024 include Forbes Bulgaria, Bloomberg TV Bulgaria, and Digitalk.

The selected companies underwent a two-stage process, involving interviews with mentors, the Endeavor board, and managers from Postbank, EBRD, and SeedBlink. The interviews focused on their growth strategies, business models, and leadership potential. The chosen companies are represented by 17 founders. The quota for a socially beneficial organization or NGO was filled by Teenovator, which actively supports youth entrepreneurship in the country.

This year’s cohort features a diverse range of industries, including healthcare technology, real estate technology, logistics, financial technology, health and beauty, and more. A significant number of participants indicated that raising capital is one of their main goals for the next 6-12 months. The three most common priorities among the cohort are capital raising, organizational management, and entering foreign markets, with the Western Balkans being the most frequently targeted region. These topics, along with other critical aspects of scaling businesses, will be addressed in the program’s specialized training sessions.

The Dare2Scale growth program will start in September and conclude in December with Demo Day. Each company will have access to Endeavor’s local mentor network, which will support the founders with entrepreneurial expertise. Additionally, for the third year, senior partners and directors from PwC Bulgaria will work individually with all participants, conducting regular mentoring sessions to help entrepreneurs overcome key challenges and seize business opportunities. Participants will also have the chance to join networking events to meet and exchange experiences with key figures in the entrepreneurial ecosystem.

Momchil Vassilev, Executive Director of Endeavor Bulgaria, stated:

“Dare2Scale has established itself as a robust program for successful entrepreneurs who, with our support, continue to develop as part of our other programs, accessing resources from our regional and global network. Over the past six years, we have built a large and active community of over 100 entrepreneurs who have gone through Dare2Scale. We will continue to support them through our new Alumni+ program. In the coming months, we will expand this inspiring community by launching Dare2Scale in the Western Balkans, starting with North Macedonia, Kosovo, and Albania. Later in 2024, we plan to expand into other countries in the region as part of our efforts to build a strong and unified infrastructure for supporting entrepreneurship. We believe that collaboration and knowledge sharing are key to sustainable growth and transforming regional economies.”

Petia Dimitrova, Chief Executive Officer and Chairperson of the Management Board of Postbank:

“The selection of companies is one of the most exciting stages of the program because it’s the moment when we truly appreciate the remarkable potential of the young entrepreneurs we will be collaborating with. We welcome all participants eager to elevate their skills and encourage them to be active and assertive in all aspects of the training process. Our entrepreneurial ecosystem needs the enthusiasm and fresh energy of these ambitious individuals to drive growth. As a committed mentor and partner, we are eager to invest our expertise in their future strategies, helping them to conquer new heights. We believe that the innovative approach of the Dare2Scale growth program will add significant value to their business ideas and be a key part of their success journey.”

A Brief Introduction to the Selected Companies in Dare2Scale 2024:

Blueberry: Provides leading solutions in cybersecurity and machine learning, including AI for IoT systems and comprehensive software development. They offer complete system architecture integration and installation, along with cybersecurity consulting, certification implementation, and support. Their R&D capacity supports “white label” projects, aiding local startups in achieving their goals.

Concrene: Licenses its intellectual property to partners who apply graphene in concrete products and construction projects, collaborating with global graphene manufacturers. Partners purchase graphene directly from the producers and pay Concrene a licensing fee for each cubic meter of graphene-enhanced concrete used.

Coshera: Automates order creation by using predefined minimum quantities for each item, placing orders automatically when critical stock levels are reached. Customers can choose between automatic ordering, order suggestions, or notifications, and enjoy secure overnight deliveries via Coshera’s electric fleet.

Epix AI: Combines epigenetics and AI; their platform measures biological age and the risk of age-related diseases using data from wearable devices and geolocation to assess daily aging rates. The company’s mission is to democratize preventive care, enabling everyone to live longer and healthier lives.

finbryte: Specializes in creating robust solutions for the mortgage industry, particularly their flagship product, a comprehensive “white-label” solution. Designed to streamline the lending process, it serves both loan officers and borrowers, providing valuable analytics and digital marketing support. finbryte aims to enhance the mortgage business with efficient digital tools, simplifying processes, and reducing costs.

Several Clouds: Focuses on modernizing legacy systems and migrating them to the cloud, supported by certified AWS and Microsoft architects. Their services include cloud adoption, training, building secure environments, and implementing DevOps and DevSecOps practices. Several Clouds helps businesses adopt these practices for global deployment, increased agility, and secure environments.

Shoot the Pimple: A product for treating acne. The company’s mission is to help millions suffering from acne achieve clear skin and boost their confidence. The product conceals and eliminates pimples within 1-3 days using a blend of zinc oxide, niacinamide, kaolin, peppermint oil, and Sepicontrol A5.

Teenovator: An 8-month program for 10th and 11th-grade students, focusing on developing soft skills and guiding them through the process of creating their first startup. The program leverages the power of mentorship by pairing two mentors with each team of 10 students, following a specially designed curriculum validated by the American University in Bulgaria (AUBG). Approximately 300 startup projects are presented by the students to a panel of investors.

VEDA: An accounting service dedicated to supporting tech founders from the initial idea to MVP and achieving unicorn status. Besides traditional accounting and payroll services in both Bulgaria and the UK, VEDA offers expert legal, CFO, and HR support. In recent years, VEDA has also taken on the role of an investor.

Vola Software: An innovative web and mobile software agency specializing in delivering comprehensive software solutions to meet the technological needs of clients worldwide. The company focuses on innovative services like continuous engineering and artificial intelligence, constantly developing state-of-the-art solutions. Based in Vratsa, Vola also has a social mission – to help young professionals find employment in the IT sector in the region.