Rethinking Strategy for SMEE Support in the Light of the Entrepreneurial Ecosystem

Miroljub Hadzic, Petar Pavlovic


Serbia has started transition in 2000. Although it experienced fast growth prior to the global economic crisis, critical number of SMEs was not created to achieve a sustainable development of entrepreneurial sector. During the crisis period SMEs faced with development limits, especially shops and micro companies. In the period 2009-2014 Serbian economy had zero rate of growth, the business climate was generally somewhat deteriorated and support to SMEE weakened by Government, local level of governance and financial institutions. There are positive signs of economic recovery of Serbia during 2015 and 2016. The market reforms got momentum in some important areas. The Government successfully put under control huge budget deficit and public debt. The inflation rate became for the first time low, similar to the European level. The Strategy for support SME, entrepreneurship and competitiveness in the period 2015-2020 was enacted at the end of 2014. Its importance became critical considering weaknesses of entrepreneurial sector, bottlenecks and limits of existing governmental measures for SMEE support. The point is to highlight those from the point of view of development the entrepreneurial ecosystem, as a new conceptual framework designed to foster economic development via entrepreneurship, innovation and small business growth.


Entrepreneurial Ecosystem; SMEE; Measures; Support.


Ministry of Finance of RS, “Current macroeconomic situation”, (February 2017).

National Bank of Serbia, “Report on Inflation”, (February 2017).

World Bank, "Doing Business 2017: Equal Opportunity for All." Doing Business (October 25, 2016). doi:10.1596/978-1-4648-0948-4.

Statistical Office of the Republic of Serbia, “Enterprises in the Republic of Serbia by size in 2016”, (2017).

USAID, “Business Enabling Project”, Chamber of Commerce of RS, IPSOS Strategic Marketing, (2015).

Mazzarol, Tim., “White Paper, Growing and sustaining entrepreneurial ecosystem: What they are and the role of government policy”, (2014), White Paper WP01-2014.

Stam E., Spigel B., “Entrepreneurial Ecosystem”, Utrecht University, School of Economics, Discussion Paper Series 13-16, (2016), Available online:

Spigel, Ben, and Richard Harrison. “Toward a Process Theory of Entrepreneurial Ecosystems.” Strategic Entrepreneurship Journal 12, no. 1 (November 21, 2017): 151–168. doi:10.1002/sej.1268.

Aghion, Philippe, Julian Boulanger, and Elie Cohen. "Rethinking industrial policy." Bruegel Policy Brief 2011/04, June 2011." (2011).

Kravchenko, Alla, and Iryna Kyzymenko. “The Forth Industrial Revolution: New Paradigm of Society Development or Posthumanist Manifesto.” Philosophy and Cosmology 22 (January 2019): 120–128. doi:10.29202/phil-cosm/22/10.

Boljanovic, Srdjan, and Miroljub Hadzic. “Impact of Foreign Direct Investments on Serbian Industry.” Industrija 45, no. 3 (2017): 39–64. doi:10.5937/industrija45-13465.

Pyke, Frank. “Managing Technological Change for Inclusive Growth.” Cambridge Journal of Economics 42, no. 6 (August 24, 2018): 1687–1695. doi:10.1093/cje/bey023.

Pruzinsky P., “Raising Competitiveness through Industrial Policy”, OECD SEE Regional Program, Belgrade, (2017) January 2017. Available online:

Zeković, S. “The contribution to the making of the new industrial policy of Serbia”, in Proceedings of International scientific conference "Science, Education, Technology, Innovation", (2019), Belgrade: IRASA, Available online:, pp. 399-410.

Bailey, David, Christos Pitelis, and Philip R Tomlinson. “A Place-Based Developmental Regional Industrial Strategy for Sustainable Capture of Co-Created Value.” Cambridge Journal of Economics 42, no. 6 (July 9, 2018): 1521–1542. doi:10.1093/cje/bey019.

A Policy Outlook, OECD, "Competitiveness and Private Sector Development, Competitiveness in South East Europe", (2016), Available online:

OECD SEE Regional Program, "Strengthening Spatial Dimension in Manufacturing Sector Strategies", (January 2017), Available online:

Government of Serbia, “The Strategy for support SME, entrepreneurship and competitiveness in the period 2015 -2020”, (2014).

Government of Serbia, “The Draft Strategy for Research and Innovation for Smart Specialization, (RIS3)”, (2016).

Government of Serbia, “The Report on Competitiveness and Economic Development of RS” (2016).

Government of Serbia, “The Action Plan for the Implementation of The Strategy for support SME, entrepreneurship and competitiveness in 2015 and the projection of 2016”, (2014).

Full Text: PDF

DOI: 10.28991/esj-2019-01201


  • There are currently no refbacks.

Copyright (c) 2019 Miroljub Hadzic, Petar Pavlovic