Inspiration. Innovation. Investing in people and ideas.
Message from the CEO
“Entrepreneurship is not just starting a business – it is a decision to stay, to build and to take responsibility.”
Dear partners, associates and friends,
The year behind us reminded us once again why we do what we do. Entrepreneurship is not only an economic category, but a tool for long-term social change.
During this year, the Impakt Investment Foundation supported young people, entrepreneurs and teams throughout Bosnia and Herzegovina and the region. Through education, mentoring, financial support and networking, together we built a stronger and more resilient entrepreneurial ecosystem.
We are especially proud of people and partnerships, because we believe that lasting changes can only be achieved through cooperation and trust.
Sincerely,
Sanja Miovcic
Executive Director
The Year in Brief
During the year, we focused on:
- development and strengthening of local entrepreneurship,
- support for young people in the early stages of business,
- expanding regional and international cooperation,
- strengthening knowledge, mentoring and networking.
From local communities across BiH, through regional programs, to international events and networks, Impact was once again a bridge between ideas, people and opportunities this year.
Impakt in Numbers
Programs that drive change
IMPAKT Business Idea Incubator
IMPAKT incubator remains the foundation of our support for young entrepreneurs. Through training, mentoring and financial support, we enable young people to take a concrete step from an idea to a real business. Special focus is placed on the balanced development of local communities and equal access to quality education.
IMPAKT Accelerator
The accelerator is intended for businesses that have already taken their first steps and want to grow, hire and conquer new markets. The program is focused on scaling, improving business models and long-term sustainability.
IMPAKT RAYE – regional program
IMPAKT RAYE is the first free regional program that combines education, mentoring and networking for young entrepreneurs. The final camp on Jahorina was the crown of months of work, a meeting place for ideas, investors and regional leaders.
Thematic programs
Through programs like Bold and Brave and Creative Elan, we focused on female entrepreneurship, creative industries and new technologies, providing targeted support to specific groups of entrepreneurs.
Events that marked the year
The first analysis on the development of entrepreneurship in Bosnia and Herzegovina is presented
The Impakt Investment Foundation presented the results of a survey on the challenges and needs of new business ventures in Bosnia and Herzegovina at a press conference held in Sarajevo. The findings were presented by Prof. Dr. Željko Šain, the research reviewer, and Senajid Đozo, Executive Director of the Impakt Investment Foundation.
The survey was conducted through a questionnaire among 335 business ventures from 69 local communities, established between 2021 and mid-2024. The questionnaire covered 10 thematic areas, including business registration, financing, human resources, business environment, education and the application of digital technologies.
The results show that new entrepreneurs in BiH face a number of systemic obstacles, including complex administrative procedures, a long registration process and high fiscal and parafiscal levies.
“Small businesses and startups need incentives that will enable them to grow, not burdens that suffocate them in the first years of business,” emphasized Senajid Đozo.
More than half of the respondents stated that the registration process took longer than a month, and many were forced to hire external legal assistance. Most businesses were registered as a trade or limited liability company.
Financing still relies mostly on the entrepreneurs’ own funds, while loans, grants and investments are much less common. Lack of capital directly affects growth, employment and development opportunities.
Although most respondents have relevant formal education, there is a clear need for additional knowledge, especially in the areas of financial management, management, digital marketing and innovation. According to entrepreneurs, the formal education system does not focus enough on entrepreneurial skills, and the use of mentoring and additional education is still at a low level.
The use of digital tools and artificial intelligence in business is limited, but interest in these areas is growing.
The research clearly indicates the need for administrative reforms, greater availability of financial instruments and adapting support programs to the real needs of new businesses. Special emphasis is placed on strengthening support networks and improving educational and mentoring programs.
The goal of the research is to provide concrete recommendations for improving the business environment and strengthening the entrepreneurial ecosystem in Bosnia and Herzegovina, through cooperation with institutions, decision makers, international partners and entrepreneurs themselves.
„Odvažne i hrabre“ – Entrepreneurial academy for women
Together with Bingo, we successfully implemented another edition of the “Odvažne i hrabre” program, dedicated to strengthening the economic empowerment of women. The program provided support through education, mentoring and financing of the most promising business ideas.
A record 498 applications were received in response to the public call, and after the selection of 18 participants, 16 business ideas were developed. At the final event, the eight most successful entrepreneurs were awarded grants totaling 60,000 KM, which further strengthened the local entrepreneurial ecosystem.
ILO training within the “YourJob” program (Banja Luka and Mostar)
In cooperation with Caritas BiH, the 3rd and 4th training days were implemented in March as part of the “YourJob” program, which is implemented within the EU project “EU for Employment”, with the support of the European Union, the Embassy of Sweden and the International Labour Organization (ILO).
The program is aimed at increasing self-employment of young people through practical training, skills development and mentoring.
IMPAKT incubator of business ideas in Tuzla Canton – Systematic support for young entrepreneurs
The IMPAKT business idea incubator in the Tuzla Canton represents one of the key programs of the Impakt Investment Foundation aimed at developing young entrepreneurship and strengthening local economies. The program is implemented in partnership with the Ministry of Culture, Sports and Youth of the Tuzla Canton, the Employment Service of the Canton of Tuzla and 11 local communities, thus ensuring a broad institutional framework and long-term sustainability of support for young people.
The incubator is intended for young people aged 18 to 35 who want to start their own business, as well as those who already have a registered company that is less than a year old and want to improve their business, develop new products or access new markets. Through a carefully designed program, participants are provided with comprehensive support that includes entrepreneurial training, individual and group mentoring, and the possibility of obtaining non-refundable financial support of up to 5,000 KM.
The special value of the IMPAKT incubator is reflected in its practical approach, which allows participants to develop their business ideas through concrete tools, practical examples and direct work with experienced mentors from various fields. The program focuses on developing sustainable business models, financial planning, market positioning, digital promotion and business growth management.
The final presentation of the IMPAKT business idea incubator for the Tuzla Canton was successfully held on December 15 and 16 in Tuzla, where 30 young people presented their innovative business ideas developed through months of training and mentoring. The commission selected the 23 best ideas that will receive financial and professional support for starting or further developing their businesses.
IMPAKT RAYE
IMPAKT RAYE (Regional Academy for Young Entrepreneurs) is the first free regional program of the Impakt Investment Foundation intended for young entrepreneurs who want to develop sustainable business ideas, strengthen their entrepreneurial skills and connect with relevant stakeholders from the business and investment sectors.
The program was launched with the aim of empowering young people from Bosnia and Herzegovina and the region through a combination of education, mentoring and networking, and was implemented through seven thematic modules during the summer of 2025. Participants had the opportunity to work with experienced domestic and international experts, develop their business models, improve presentation skills and receive practical tools for entering the market.
The final event of the program, IMPAKT RAYE – Youth Entrepreneurship Camp & Business Connect, was held from 29 to 31 August 2025 on Jahorina, where young entrepreneurs from across the region, institutional representatives, business leaders and investors gathered. During the three-day camp, participants participated in interactive workshops, mentoring sessions, panel discussions and pitching presentations, through which they received direct feedback and the opportunity to establish concrete business partnerships.
The special value of the program was brought by inspiring speeches and panels featuring prominent leaders from the world of entrepreneurship, technology and the public sector, including international speakers and successful entrepreneurs who shared their experiences with the participants on business development, leadership and entering the global market.
IMPAKT RAYE is more than an educational program – it represents a regional platform for connecting young visionaries with decision-makers, investors and partners who can contribute to the development of their ideas into sustainable and competitive businesses. Through this program, the Impakt Investment Foundation continues its mission of strengthening the entrepreneurial ecosystem, encouraging regional cooperation and creating new opportunities for young people who want to build their future through entrepreneurship.
GITEX Europe 2025 – BiH on the global tech scene
The Impakt Investment Foundation had the honor of participating in GITEX Europe, one of the most important international technology fairs, which brings together the world’s leading companies, startups, investors and decision-makers in the field of technology, innovation and digital transformation. This year’s edition of the fair was held in Berlin and brought together thousands of participants from all over the world.
The special significance of this participation is reflected in the fact that Impakt was part of the first national pavilion of Bosnia and Herzegovina, which for the first time organized a joint presentation of the BiH startup and technology ecosystem on one of the most important global technology platforms. This appearance represents an important step towards the international positioning of Bosnia and Herzegovina as a country with growing innovation potential.
As part of the startup delegation, the Impakt Foundation presented its work, programs and initiatives aimed at the development of the entrepreneurial ecosystem in Bosnia and Herzegovina, with a special focus on supporting young entrepreneurs, innovators and technology startups. During the fair, numerous contacts were made with global technology leaders, investors and representatives of international organizations, which opens up space for future cooperation, exchange of knowledge and potential investments.
Participation in GITEX Europe also enabled the exchange of experiences with other countries and ecosystems, as well as insight into the latest trends in the fields of digital technologies, artificial intelligence, smart solutions and sustainable development. Such appearances contribute to strengthening the capacities of domestic organizations and creating bridges between local innovators and the global market.
The Impakt Foundation extends special gratitude to GIZ in Bosnia and Herzegovina, as well as to all partners and institutions that recognized the importance of this appearance and enabled Bosnia and Herzegovina to take its place among the technological centers of the future.
Participation in GITEX Europe confirms the commitment of the Impakt Investment Foundation to actively contribute to the development of an innovative, competitive and internationally connected entrepreneurial ecosystem, and to continuously open new opportunities for domestic startups and young entrepreneurs on the global stage.
Creative elan – Support for the development of entrepreneurship in creative industries
Creative Elan is a pilot project aimed at developing entrepreneurial capacities in the creative industries sector, jointly implemented by the French Institute in Bosnia and Herzegovina and the Impakt Investment Foundation. The program was designed to provide systemic support to young creatives who want to turn their ideas and talents into sustainable business models.
During the several-month program, participants from different parts of Bosnia and Herzegovina went through an intensive educational and mentoring process that included workshops, individual mentoring support and practical work on developing business ideas. The program focused on strengthening entrepreneurial skills, structuring ideas, developing business models and preparing participants for the market.
The final event of the project was held in Sarajevo, where the finalists presented their business concepts through five-minute pitch presentations in front of an expert jury, representatives of partner institutions and a wider audience. The presented ideas covered various areas of creative industries, including visual arts, design, digital technologies, fashion and publishing, confirming the breadth and potential of the creative sector in Bosnia and Herzegovina.
The expert jury particularly highlighted the high level of creativity, professionalism and social engagement of the participants, and the most successful business ideas were the projects “samo.ba”, presented by Leila and Almir Kurbegović, and the pocket publication for young people “PUNKURA”, authored by Nardina Zubanović. The participants emphasized that the program helped them to see the future of their ideas more clearly, improve their business skills and establish valuable professional contacts.
Creative elan is an example of successful cooperation between the cultural and entrepreneurial sectors, and an initiative that contributes to the development of cultural entrepreneurship and strengthening ties between Bosnia and Herzegovina and France. Through this project, the Impakt Investment Foundation continues to work on recognizing and strengthening the potential of creative industries as an important segment of a modern and sustainable economy.
Orea Art Market – Snaga lokalne kreativnosti
The Impakt Foundation was part of the Orea Art Market held in June. Entrepreneurs supported through Impakt programs presented their products to a wider audience, confirming that the creative scene of Bosnia and Herzegovina has both artistic and market value.
Regionalni forum „Velika pitanja malih poduzetnika“
At the regional forum held in mid-May, the director of the Impakt Investment Foundation, Sanja Miovčić, participated in a panel discussion on the topic “Challenges and opportunities for small entrepreneurs entering the domestic, European and American markets”.
The discussion provided space for the exchange of concrete experiences and proposals for improving the position of small businesses on the international scene.
Mediterranean Gaming Festival – Trebinje 2025
The Mediterranean Gaming Festival is one of the most important regional events dedicated to the development of the gaming industry, digital innovation and creative industries. The festival was held in Trebinje and brought together representatives of the gaming industry, technology companies, independent developers, investors, educators and young people from across the region, with the aim of strengthening cooperation and creating new opportunities in a sector that is recording strong global growth.
The Impakt Investment Foundation was the organizer of the festival, continuing its mission of connecting creativity, technology and entrepreneurship, and creating platforms that enable young people to develop careers and business opportunities in modern industries. During the two-day program, participants had the opportunity to participate in panel discussions, educational sessions, practical demonstrations and presentations, as well as follow esports tournaments and exhibitions of independent game developers.
A special focus of the festival was on the potential of the gaming industry as a driver of youth employment, development of digital skills and strengthening local economies. Through discussions with domestic and international speakers, the importance of creating a supportive ecosystem that connects educational institutions, the private sector and investors was highlighted.
The festival featured a number of regional and global experts in the field of gaming and digital technologies, including industry leaders, content creators and representatives of successful startup initiatives. The program was further enriched by the participation of partners and institutions that have recognized the importance of the gaming industry as part of the broader creative and digital economy.
The Mediterranean Gaming Festival was realized with the support of the City of Trebinje, line ministries and numerous partners from the private sector, and it was announced that this event will become a traditional platform for gathering regional and international actors from the world of gaming and digital innovations.
Through the organization of this festival, the Impakt Investment Foundation confirms its commitment to the development of modern industries, the creation of new markets and providing support to young people who want to build careers and businesses in the fields of gaming, IT and creative industries.
Partnerships and trust
Sanja Miovčić appointed President of IFTDO – connecting Impakt with over half a million global professionals in training and development.
Signed a Memorandum of Understanding between the Indian Society for Training & Development (ISTD)
The Impakt Investment Foundation and the Indian Society for Training & Development (ISTD) have signed a Memorandum of Understanding (MoU) establishing a new platform for international cooperation, exchange of knowledge and experience in the fields of education, human resources development and innovation.
This agreement represents an important step towards strengthening global cooperation and connecting experts from Bosnia and Herzegovina and India, with the aim of working together to improve competencies, professional development and innovative approaches in the field of human resources.
The cooperation with ISTD, one of the leading organizations in Asia in the field of human resources development, confirms Impakt’s commitment to actively participate in international initiatives that promote excellence, learning and sustainable development.
Memorandum of Understanding between Impact Investment Foundation and Keiretsu Forum South East Europe
Impact Investment Foundation (IIF) and Keiretsu Forum South East Europe (SEE) have signed a Memorandum of Understanding, marking the beginning of a strategic partnership aimed at strengthening the investment ecosystem in the region.
This agreement, signed by Sanja Miovčić on behalf of IIF and Ardian Hoxha on behalf of Keiretsu Forum SEE, confirms the mutual commitment of both organizations to supporting entrepreneurs, improving access to investment, and creating new opportunities for the development of innovative business ideas.
This Memorandum opens a new chapter of cooperation and regional connectivity, contributing to a stronger investment community and sustainable economic development.
Look ahead
In the coming period, we will continue to strengthen existing programs, expand support to new communities, develop digital, innovative and creative support models, and build even stronger regional and international connections.
Our focus remains the same – people, ideas and sustainable businesses.
Closing message
Thank you to all the entrepreneurs who trusted us, the partners who recognized the value of working together, and the team that builds Impakt every day.
Together, we continue to build an entrepreneurial ecosystem that provides opportunity, creates value and leaves a mark.
