These are the “leaders” within the population of Hidden Champions, companies where direct exports of their own products and services account for more than 24.9% of their revenue and have a value greater than EUR 1 million. Companies that earn from the export of low-value-added resources, agricultural products, or trading and transportation services are not included. The following are the companies:

According to international criteria, these are considered small or medium-sized enterprises (meeting 2 out of 3 criteria: fewer than 250 employees, less than EUR 50 million in turnover, or less than EUR 43 million in assets).
These are newly established entrepreneurial ventures, meaning they are not privatized companies.

By “leading,” we mean their potential to contribute to Serbia’s sustainable development in the next decade. The focus is on three “sub-populations”: (i) those demonstrating competitiveness through a consistent and significant level of export to markets beyond our immediate surroundings; (ii) those with development potential based on innovation; (iii) those making significant or pioneering contributions to green transition in Serbia. It is desirable for these characteristics to intersect. A fundamental requirement is a positive business reputation.1

We operationalize these principles through the following criteria:

Top Exporters

In each sector, these are companies with the highest exports whose performance in terms of growth dynamics and/or average salaries and added value per employee exceeds a certain threshold. Priority is given to those with more complex production/services. In the food industry, only innovative companies or those that add significantly higher value than usual processing are included. Similarly, in the IT sector, these are companies that export IT products rather than just services (e.g., coding or call centers).

Innovative Companies

These are companies that continuously innovate and improve their production processes, products, and customer approach. Such companies make a special contribution to the development of science and the country’s capacity for innovation, which is essential for sustainable development. As a “test” of innovation, we used the following criteria:

  • Participation in projects funded by the Innovation Fund or Horizon projects.
  • Extensive use or development of products in the field of Industry 4.0 or having an R&D department.

If companies meet these criteria and if their business is established and confirmed through market competition, we make an exception if their exports have been at least EUR 0.5 million on average over the past 3 years / in the previous year.

"Green" Companies (more precise criteria are still being developed)

MSP pioneers are those whose business achieves green goals through innovative energy savings or reliance on renewable energy; application of circular economy principles; reliance on organic production or pollution reduction; and contribution to the protection and development of biodiversity. Generally, renewable energy producers and secondary raw material processors are not included.

1CEVES analyzes publicly available information on the company/ownership history and consults with a network of business sector experts to verify reputation. There is no verification of business books.
2We observe an index derived from sectoral rankings in terms of export size, added value, and revenue, their dynamics, as well as the size of EBITDA relative to turnover, added value per employee, and average salaries.
3Industry 4.0: AI & Machine learning, IoT, big data, robotics & 3D printing, biotech, 5G, nano materials.

Register to participate at the SME100 Expo 2024: New growth agenda for SMEs

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According to the methodology and based on data available for the year 2023, we have identified the following SME100 2024 – leading Hidden Champions who meet the criteria. Soon, you will find out which of them will participate in the “SME100 Expo 2024: New Growth Agenda for SMEs” in Čačak on October 18, 2024.