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2026
Issue 1
2025
Issue 1

EAI Endorsed Transactions on Smart Business and Innovation is an open access, peer-reviewed scholarly journal focused on cross-section topics related to business, management, economics and innovation. The journal publishes research articles, review articles, commentaries, editorials, technical articles, and short communications with a continuous frequency.

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eISSN: 3134-7029

Editor-in-Chief: Dagmar Cagáňová, NEWTON University, Czech Republic Editorial Board: Miko Ching-Ying Yu, Yuan-Ze University, Taiwan, Anna Plechatá Krausová, NEWTON University, Czech Republic, Jiří Koleňák, NEWTON University, Czech Republic, Pawan Kumar Mishra, Mendel University in Brno, Czech Republic, Steve O Michael, Danubius International University, Romania, Alina Beatrice Răileanu, Danubius International University, Romania, Diep Nguyen, Open University in Ho Chi Minh City, Vietnam, Chandana Jayawardena, University of Peradeniya, Sri Lanka, Petia Genkova, University of Applied Sciences Osnabrück, Germany, Anna Saniuk, University of Zielona Gora, Poland, Michal Holubčík, University of Žilina, Slovakia, Daniela Marasová, Technical University of Košice, Slovakia, Perez Ochieng, SACOMA Food, UK, Pedro Filipe do Carmo Cunha, Polytechnic Institute of Setúbal, Portugal, Vitalii Ivanov, Sumy State University, Ukraine, Beáta Stehlíková, Pan-European University, Slovakia, Dražan Kozak, University of Slavonski Brod, Croatia, Predrag K. Nikolic, College for Creative Studies, USA, Mauro Romanelli, Università degli Studidi Napoli Parthenope, Italy, Eduardo Tome, Universidade Lusófona, Portugal, Michal Pilík, Tomas Bata University in Zlín, Czech Republic, José Mendes Machado, University of Minho, Portugal, Jana Urdzikova, NEWTON University, Czech Republic, Jiří Bejtkovský, Tomas Bata University in Zlin, Czech Republic


  • Multigenerational workplace and the demands placed on the leader resulting from it

    Appears in:
    smartbusiness 26(1):

    Authors:
    Veronika Tóthová, Jozef Kučera

    Published:
    4th Dec 2026

    Abstract:
    INTRODUCTION: As demographic shifts lead to an increasingly aged population, workplaces are becoming sites of interaction among multiple generational cohorts, each characterised by distinct values, expectations, and communication styles. These differences frequently give rise to misunderstandings and interpersonal tensions, necessitating managerial intervention to mediate conflicts and foster cohesion. Such dynamics place heightened demands on leadership, requiring managers to navigate generational complexities while aligning team outcomes with organisational goals. OBJECTIVES: This paper examines the phenomenon of the multigenerational workforce, exploring its advantages, inherent challenges, and implications for organisational leadership. The primary objective of this research is to provide a comprehensive analysis of how generational diversity influences workplace attitudes and managerial practices. METHODS: To support this aim, the study synthesises data from existing empirical sources. RESULTS: The main results obtained in this paper are that due to EU population aging and rising retirement ages, workplaces are increasingly multi-generational, where four generations need to coexist. CONCLUSION: Findings underscore the importance of integrating general knowledge about generational cohorts with an individualised understanding of team members to effectively manage intergenerational dynamics and enhance organisational performance

  • Startup Ecosystem and the Sharing Economy in CEE

    Appears in:
    smartbusiness 26(1):

    Authors:
    M. Fiľa, V. Tóthová, J. Viglaský

    Published:
    20th Jul 2026

    Abstract:
    INTRODUCTION: Central and Eastern Europe (CEE) has long been recognized as a region of excellent opportunities for building and growing startups and innovative businesses due to the availability of talent and capital efficiency. At the same time, there is an increase in sharing economy-oriented businesses due to digitalization and economic and environmental impacts. The research also incorporates a multidimensional taxonomic classification of the European innovation landscape based on the latest SAFE survey data. OBJECTIVES: The present article introduces the characteristics and evolution of startups and the startup ecosystem. It also highlights the emergence and positive development of sharing economy startup companies in the CEE region. The primary objective was to segment EU member states into homogeneous clusters to identify structural similarities and disparities in innovation capacity, growth potential, and systemic financial barriers among CEE economies. METHODS: Comparative analysis was used to create a coherent view of the issue at hand. We have examined statistical data from various surveys and statistical reports. The study also applied hierarchical cluster analysis as a quantitative form of classification to divide a heterogeneous group of EU countries into homogeneous clusters based on their similarity in the monitored parameters. This allows the identification of structural trends that are invisible when comparing averages. RESULTS: A vibrant hub, the Central and Eastern Europe (CEE) startup ecosystem has seen its combined enterprise value soar from €89 billion in 2019 to €213 billion in 2023, with a higher average growth rate (2.4x) than the European average (2.1x). The region now boasts 52 unicorns, collectively valued at €129 billion, and is supported by key markets like Poland (leading with nearly 8,000 startups) and countries excelling in VC investment per capita, such as Estonia (€310). Furthermore, countries like Croatia, Ukraine, and Estonia show exceptional efficiency, creating more than twice the number of unicorns per funded startup than the European average. Moreover, the clustering process revealed three distinct national profiles—Innovation Leaders, the Stable Core, and the Financial Risk Zone—demonstrating that acute collateral deficiencies and low investor confidence remain critical impediments to scaling startups in specific CEE markets. CONCLUSION: To continue supporting innovative startup companies from different areas of focus, including those from the sharing economy, it is important to pay attention to the development of a stimulating national and regional business environment. The study also concludes that transitioning from a stable economic core towards innovation leadership requires targeted policy interventions that move beyond traditional bank financing and address the identified systemic risks in high-risk zones.

  • Why Do Zillennials Trust Own-Label Brands? The Role of Retailer Image in Activating Own-Label Brand Purchase Intention  through the S-O-R Model

    Appears in:
    smartbusiness 26(1):

    Authors:
    Le Tran Le, Nguyen Tram Anh Le, Hoang Anh Thu Mai, Tan Luc Luong, Thi Le Khanh Mai, Thi Ngoc Diep Nguyen, Thi Kim Tuyen Dinh

    Published:
    27th May 2026

    Abstract:
    In an increasingly competitive retailing context and amid the rising trend of own-label brands (OBs) development, retailers are compelled to continuously innovate to meet the diverse and ever-changing needs of consumers. Therefore, this study aims to investigate the degree to which store image influences purchase intention among Zillennial consumers in Ho Chi Minh City through the mediating roles of OB image, perceived OB value, and OB loyalty. Using purposive sampling, the study collected 588 valid questionnaires and employed partial least squares structural equation modeling (PLS-SEM) to test the proposed research model. The results indicate that store image has a positive impact on both OB image and perceived OB value, which in turn affect brand loyalty and purchase intention among Zillennials. From a theoretical perspective, the research findings enrich and broaden the conceptual framework of purchasing decision-making for OB products. Furthermore, this study provides a solid basis for retailers to formulate and implement effective strategies for the growth and improvement of their OBs.

  • The Role of Emotional Intelligence in the Work Environment

    Appears in:
    smartbusiness 26(1):

    Authors:
    Annika Unbereitová, Renáta Bašová, Barbora Pánková

    Published:
    16th Mar 2026

    Abstract:
    INTRODUCTION: Emotional intelligence (EI) is increasingly recognized as a key factor shaping leadership effectiveness, workplace atmosphere, and employee performance. OBJECTIVES: This paper examines managers’ EI in the workplace and explores whether higher EI (measured by MSCEIT) is associated with more positive subordinate evaluations of leadership and communication skills. METHODS: A standardized MSCEIT test was administered to seven regional managers in a multinational company and complemented by a subordinate survey (n=43) rating managerial behaviours on a five-point Likert scale; data were analysed using descriptive statistics and Pearson correlations within a single-subject research design. RESULTS: MSCEIT results placed most managers in the average to low-average range, while subordinates generally rated managers’ EI-related behaviours as average to above average. Correlations indicated no positive relationship; several EI components showed moderate negative associations with subordinate ratings. CONCLUSION: The divergence between standardized testing and subordinate perceptions suggests that EI assessment in organizations benefits from combining objective and subjective measures. Practical recommendations focus on developing emotion regulation, communication, and consistent managerial behaviour to improve employee satisfaction and performance.

  • Neuroscience Meets Entrepreneurship: A Neuromarketing Approach for Small Business Innovation

    Appears in:
    smartbusiness 26(1):

    Authors:
    Alena Kusá, Patrícia Beličková

    Published:
    9th Mar 2026

    Abstract:
    INTRODUCTION: In an increasingly competitive and digitally connected marketplace, small businesses face significant challenges in attracting and retaining customers. Traditional marketing strategies often fail to deliver the same impact as they do for larger corporations with greater resources. To address this gap, recent research has begun exploring the intersection of neuroscience and entrepreneurship, identifying neuromarketing as a promising avenue for innovation and competitive advantage among small enterprises. OBJECTIVES: The primary objective of this paper is to examine how neuromarketing principles and tools can support small businesses in developing smarter, customer-centric strategies. Specifically, the study seeks to demonstrate how insights from neuroscience can enhance consumer engagement, optimize decision-making, and foster innovation in entrepreneurial contexts. METHODS: The research employs a qualitative, exploratory approach, analyzing existing literature on neuromarketing and entrepreneurship. It integrates theoretical perspectives from neuroscience with practical business frameworks. Additionally, case studies of small businesses that have successfully applied neuromarketing techniques - such as eye-tracking, facial expression analysis, and EEG-based studies - are examined to assess real-world applications and outcomes. RESULTS: Findings indicate that neuromarketing techniques provide small businesses with actionable insights into consumer preferences, emotional responses, and subconscious decision drivers. The integration of these insights enables small enterprises to design more emotionally resonant marketing campaigns, enhance customer satisfaction, and build loyalty. The analyzed case studies reveal measurable benefits, including increased engagement, improved brand perception, and revenue growth. CONCLUSION: The study concludes that neuromarketing represents a valuable strategic asset for small businesses seeking to operate as “smart businesses.” By leveraging technology, innovation, and cognitive insights, these enterprises can adopt data-driven marketing approaches previously accessible mainly to larger corporations. Ultimately, integrating neuromarketing into entrepreneurial practice can foster sustainable competitiveness and long-term customer relationships.

  • Visual Transformation of Retail Brands: Integrating Artificial Intelligence

    Appears in:
    smartbusiness 26(1):

    Authors:
    Natália Nagyová, Martin Klementis, Vladimíra Jurišová

    Published:
    11th Feb 2026

    Abstract:
    INTRODUCTION: Digitalization and artificial intelligence (AI) are fundamentally transforming the way retail brands communicate with customers, particularly through visual identity and visual communication. OBJECTIVES: The objective of this paper is to analyze the impact of artificial intelligence on the visual transformation of retail brands, with a focus on personalization, effectiveness, and adaptability of visual communication, and to propose a practical framework for the effective integration of AI in this field. METHODS: The research is based on a qualitative analysis of current theoretical knowledge and selected case studies of successful AI implementation in retail branding. The study examines key AI applications such as automated content creation, predictive analysis of consumer behavior, and dynamic visual customization. RESULTS: The results indicate that AI enables faster responses to customer preferences, increased consistency of visual identity, and more effective personalization of visual communication. At the same time, the analysis identifies challenges related to ethical issues, creative limitations, and the changing role of designers. CONCLUSION: Artificial intelligence has significant potential to redefine visual communication standards in retail branding. When implemented responsibly and in synergy with human creativity, AI can enhance brand competitiveness, customer experience, and long-term sustainability in the digital age.

  • Consumer Ethnocentrism in Generation Z: Alternative Insights Through the Lens of CEESCALE

    Appears in:
    smartbusiness 25(1):

    Authors:
    Marián Čvirik, Miko Ching-Ying YU, Dagmar Cagáňová

    Published:
    13rd Nov 2025

    Abstract:
    INTRODUCTION: The paper focuses on the issue of consumer ethnocentrism, bringing a new perspective on possible measurement as well as intervention options. OBJECTIVES: The aim of the paper is threefold: (1) to point out the possibilities of alternative measurement of consumer ethnocentrism within generation Z, (2) to highlight the possible adaptation and modification of the tool, and (3) to explain the influence of key demographic factors on the measure of consumer ethnocentrism among generation Z. METHODS: From the point of view of the methodology, we use a range of statistical methods with an emphasis on exploratory methods such as network analysis, exploratory factor analysis, and raincloud plots, but also confirmation methods such as the Mann-Whitney test and Kruskal-Wallis test. RESULTS: The results indicate that CEESCALE is a suitable instrument for measuring consumer ethnocentrism in the studied cohort with adaptation within dimensionality. It is possible to state a low level of consumer ethnocentrism among Generation Z in Slovakia, while this level is influenced by place of residence but not by gender or region of residence. CONCLUSION: The results provide a re-management knowledge base for generating marketing, management, and business strategies to support domestic production.

  • Smart Human Resource Management: Theoretical Issues and Practical Applications

    Appears in:
    smartbusiness 25(1):

    Authors:
    Renata Jezkova

    Published:
    13rd Nov 2025

    Abstract:
    The rapid digital transformation of organizations has redefined the role of human resources, positioning technology as a strategic enabler of efficiency and competitiveness. This paper explores the theoretical foundations and practical implementations of Smart Human Resource Management (Smart HRM), which integrates artificial intelligence (AI), automation, and data analytics into HR processes. The main objective of this study is to analyse how Smart HRM principles enhance organizational performance by transforming traditional HR practices into data-driven, technology-enabled systems that support strategic decision-making and workforce sustainability. A qualitative research approach was employed, combining social network analysis with an extensive review of literature and case studies from international corporations (IBM, Workday, Communicorp UK) and Central European organizations (Smart Solutions, Accace, PwC Slovakia). The study demonstrates that Smart HRM increases operational efficiency, reduces administrative workload, and enhances employee engagement and retention through AI-based automation and predictive analytics. Implementation examples show significant productivity gains and cost savings. Smart HRM transforms HR from an administrative function into a strategic, data-informed business partner. While its benefits are substantial, ethical use of AI and responsible workforce adaptation remain critical for long-term success.  

  • Consumer Ethnocentrism in Generation Z: Alternative Insights Through the Lens of CEESCALE

    Appears in:
    smartbusiness 25(1):

    Authors:
    Miko Ching-Ying YU, Marián Čvirik, Dagmar Cagáňová

    Downloads:
    3

    Abstract:
    INTRODUCTION: The paper focuses on the issue of consumer ethnocentrism, bringing a new perspective on possible measurement as well as intervention options. OBJECTIVES: The aim of the paper is threefold: (1) to point out the possibilities of alternative measurement of consumer ethnocentrism within generation Z, (2) to highlight the possible adaptation and modification of the tool, and (3) to explain the influence of key demographic factors on the measure of consumer ethnocentrism among generation Z. METHODS: From the point of view of the methodology, we use a range of statistical methods with an emphasis on exploratory methods such as network analysis, exploratory factor analysis, and raincloud plots, but also confirmation methods such as the Mann-Whitney test and Kruskal-Wallis test. RESULTS: The results indicate that CEESCALE is a suitable instrument for measuring consumer ethnocentrism in the studied cohort with adaptation within dimensionality. It is possible to state a low level of consumer ethnocentrism among Generation Z in Slovakia, while this level is influenced by place of residence but not by gender or region of residence. CONCLUSION: The results provide a re-management knowledge base for generating marketing, management, and business strategies to support domestic production.

  • Smart Human Resource Management: Theoretical Issues and Practical Applications

    Appears in:
    smartbusiness 25(1):

    Authors:
    Renata Jezkova

    Downloads:
    3

    Abstract:
    The rapid digital transformation of organizations has redefined the role of human resources, positioning technology as a strategic enabler of efficiency and competitiveness. This paper explores the theoretical foundations and practical implementations of Smart Human Resource Management (Smart HRM), which integrates artificial intelligence (AI), automation, and data analytics into HR processes. The main objective of this study is to analyse how Smart HRM principles enhance organizational performance by transforming traditional HR practices into data-driven, technology-enabled systems that support strategic decision-making and workforce sustainability. A qualitative research approach was employed, combining social network analysis with an extensive review of literature and case studies from international corporations (IBM, Workday, Communicorp UK) and Central European organizations (Smart Solutions, Accace, PwC Slovakia). The study demonstrates that Smart HRM increases operational efficiency, reduces administrative workload, and enhances employee engagement and retention through AI-based automation and predictive analytics. Implementation examples show significant productivity gains and cost savings. Smart HRM transforms HR from an administrative function into a strategic, data-informed business partner. While its benefits are substantial, ethical use of AI and responsible workforce adaptation remain critical for long-term success.  

  • Multigenerational workplace and the demands placed on the leader resulting from it

    Appears in:
    smartbusiness 26(1):

    Authors:
    Veronika Tóthová, Jozef Kučera

    Downloads:
    3

    Abstract:
    INTRODUCTION: As demographic shifts lead to an increasingly aged population, workplaces are becoming sites of interaction among multiple generational cohorts, each characterised by distinct values, expectations, and communication styles. These differences frequently give rise to misunderstandings and interpersonal tensions, necessitating managerial intervention to mediate conflicts and foster cohesion. Such dynamics place heightened demands on leadership, requiring managers to navigate generational complexities while aligning team outcomes with organisational goals. OBJECTIVES: This paper examines the phenomenon of the multigenerational workforce, exploring its advantages, inherent challenges, and implications for organisational leadership. The primary objective of this research is to provide a comprehensive analysis of how generational diversity influences workplace attitudes and managerial practices. METHODS: To support this aim, the study synthesises data from existing empirical sources. RESULTS: The main results obtained in this paper are that due to EU population aging and rising retirement ages, workplaces are increasingly multi-generational, where four generations need to coexist. CONCLUSION: Findings underscore the importance of integrating general knowledge about generational cohorts with an individualised understanding of team members to effectively manage intergenerational dynamics and enhance organisational performance

  • Neuroscience Meets Entrepreneurship: A Neuromarketing Approach for Small Business Innovation

    Appears in:
    smartbusiness 26(1):

    Authors:
    Alena Kusá, Patrícia Beličková

    Downloads:
    3

    Abstract:
    INTRODUCTION: In an increasingly competitive and digitally connected marketplace, small businesses face significant challenges in attracting and retaining customers. Traditional marketing strategies often fail to deliver the same impact as they do for larger corporations with greater resources. To address this gap, recent research has begun exploring the intersection of neuroscience and entrepreneurship, identifying neuromarketing as a promising avenue for innovation and competitive advantage among small enterprises. OBJECTIVES: The primary objective of this paper is to examine how neuromarketing principles and tools can support small businesses in developing smarter, customer-centric strategies. Specifically, the study seeks to demonstrate how insights from neuroscience can enhance consumer engagement, optimize decision-making, and foster innovation in entrepreneurial contexts. METHODS: The research employs a qualitative, exploratory approach, analyzing existing literature on neuromarketing and entrepreneurship. It integrates theoretical perspectives from neuroscience with practical business frameworks. Additionally, case studies of small businesses that have successfully applied neuromarketing techniques - such as eye-tracking, facial expression analysis, and EEG-based studies - are examined to assess real-world applications and outcomes. RESULTS: Findings indicate that neuromarketing techniques provide small businesses with actionable insights into consumer preferences, emotional responses, and subconscious decision drivers. The integration of these insights enables small enterprises to design more emotionally resonant marketing campaigns, enhance customer satisfaction, and build loyalty. The analyzed case studies reveal measurable benefits, including increased engagement, improved brand perception, and revenue growth. CONCLUSION: The study concludes that neuromarketing represents a valuable strategic asset for small businesses seeking to operate as “smart businesses.” By leveraging technology, innovation, and cognitive insights, these enterprises can adopt data-driven marketing approaches previously accessible mainly to larger corporations. Ultimately, integrating neuromarketing into entrepreneurial practice can foster sustainable competitiveness and long-term customer relationships.

  • Visual Transformation of Retail Brands: Integrating Artificial Intelligence

    Appears in:
    smartbusiness 26(1):

    Authors:
    Natália Nagyová, Martin Klementis, Vladimíra Jurišová

    Downloads:
    3

    Abstract:
    INTRODUCTION: Digitalization and artificial intelligence (AI) are fundamentally transforming the way retail brands communicate with customers, particularly through visual identity and visual communication. OBJECTIVES: The objective of this paper is to analyze the impact of artificial intelligence on the visual transformation of retail brands, with a focus on personalization, effectiveness, and adaptability of visual communication, and to propose a practical framework for the effective integration of AI in this field. METHODS: The research is based on a qualitative analysis of current theoretical knowledge and selected case studies of successful AI implementation in retail branding. The study examines key AI applications such as automated content creation, predictive analysis of consumer behavior, and dynamic visual customization. RESULTS: The results indicate that AI enables faster responses to customer preferences, increased consistency of visual identity, and more effective personalization of visual communication. At the same time, the analysis identifies challenges related to ethical issues, creative limitations, and the changing role of designers. CONCLUSION: Artificial intelligence has significant potential to redefine visual communication standards in retail branding. When implemented responsibly and in synergy with human creativity, AI can enhance brand competitiveness, customer experience, and long-term sustainability in the digital age.

  • The Role of Emotional Intelligence in the Work Environment

    Appears in:
    smartbusiness 26(1):

    Authors:
    Barbora Pánková, Annika Unbereitová, Renáta Bašová

    Downloads:
    3

    Abstract:
    INTRODUCTION: Emotional intelligence (EI) is increasingly recognized as a key factor shaping leadership effectiveness, workplace atmosphere, and employee performance. OBJECTIVES: This paper examines managers’ EI in the workplace and explores whether higher EI (measured by MSCEIT) is associated with more positive subordinate evaluations of leadership and communication skills. METHODS: A standardized MSCEIT test was administered to seven regional managers in a multinational company and complemented by a subordinate survey (n=43) rating managerial behaviours on a five-point Likert scale; data were analysed using descriptive statistics and Pearson correlations within a single-subject research design. RESULTS: MSCEIT results placed most managers in the average to low-average range, while subordinates generally rated managers’ EI-related behaviours as average to above average. Correlations indicated no positive relationship; several EI components showed moderate negative associations with subordinate ratings. CONCLUSION: The divergence between standardized testing and subordinate perceptions suggests that EI assessment in organizations benefits from combining objective and subjective measures. Practical recommendations focus on developing emotion regulation, communication, and consistent managerial behaviour to improve employee satisfaction and performance.

  • Why Do Zillennials Trust Own-Label Brands? The Role of Retailer Image in Activating Own-Label Brand Purchase Intention  through the S-O-R Model

    Appears in:
    smartbusiness 26(1):

    Authors:
    Le Tran Le, Nguyen Tram Anh Le, Hoang Anh Thu Mai, Tan Luc Luong, Thi Le Khanh Mai, Thi Ngoc Diep Nguyen, Thi Kim Tuyen Dinh

    Downloads:
    2

    Abstract:
    In an increasingly competitive retailing context and amid the rising trend of own-label brands (OBs) development, retailers are compelled to continuously innovate to meet the diverse and ever-changing needs of consumers. Therefore, this study aims to investigate the degree to which store image influences purchase intention among Zillennial consumers in Ho Chi Minh City through the mediating roles of OB image, perceived OB value, and OB loyalty. Using purposive sampling, the study collected 588 valid questionnaires and employed partial least squares structural equation modeling (PLS-SEM) to test the proposed research model. The results indicate that store image has a positive impact on both OB image and perceived OB value, which in turn affect brand loyalty and purchase intention among Zillennials. From a theoretical perspective, the research findings enrich and broaden the conceptual framework of purchasing decision-making for OB products. Furthermore, this study provides a solid basis for retailers to formulate and implement effective strategies for the growth and improvement of their OBs.

  • Startup Ecosystem and the Sharing Economy in CEE

    Appears in:
    smartbusiness 26(1):

    Authors:
    M. Fiľa, V. Tóthová, J. Viglaský

    Downloads:
    1

    Abstract:
    INTRODUCTION: Central and Eastern Europe (CEE) has long been recognized as a region of excellent opportunities for building and growing startups and innovative businesses due to the availability of talent and capital efficiency. At the same time, there is an increase in sharing economy-oriented businesses due to digitalization and economic and environmental impacts. The research also incorporates a multidimensional taxonomic classification of the European innovation landscape based on the latest SAFE survey data. OBJECTIVES: The present article introduces the characteristics and evolution of startups and the startup ecosystem. It also highlights the emergence and positive development of sharing economy startup companies in the CEE region. The primary objective was to segment EU member states into homogeneous clusters to identify structural similarities and disparities in innovation capacity, growth potential, and systemic financial barriers among CEE economies. METHODS: Comparative analysis was used to create a coherent view of the issue at hand. We have examined statistical data from various surveys and statistical reports. The study also applied hierarchical cluster analysis as a quantitative form of classification to divide a heterogeneous group of EU countries into homogeneous clusters based on their similarity in the monitored parameters. This allows the identification of structural trends that are invisible when comparing averages. RESULTS: A vibrant hub, the Central and Eastern Europe (CEE) startup ecosystem has seen its combined enterprise value soar from €89 billion in 2019 to €213 billion in 2023, with a higher average growth rate (2.4x) than the European average (2.1x). The region now boasts 52 unicorns, collectively valued at €129 billion, and is supported by key markets like Poland (leading with nearly 8,000 startups) and countries excelling in VC investment per capita, such as Estonia (€310). Furthermore, countries like Croatia, Ukraine, and Estonia show exceptional efficiency, creating more than twice the number of unicorns per funded startup than the European average. Moreover, the clustering process revealed three distinct national profiles—Innovation Leaders, the Stable Core, and the Financial Risk Zone—demonstrating that acute collateral deficiencies and low investor confidence remain critical impediments to scaling startups in specific CEE markets. CONCLUSION: To continue supporting innovative startup companies from different areas of focus, including those from the sharing economy, it is important to pay attention to the development of a stimulating national and regional business environment. The study also concludes that transitioning from a stable economic core towards innovation leadership requires targeted policy interventions that move beyond traditional bank financing and address the identified systemic risks in high-risk zones.
Publisher
EAI
ISSN
3134-7029
Number of Volumes
2
Last Published
2026-03-16
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