Market Research

Access to Finance Research

VX Associates, carried out access to finance evaluation studies assessing the SME financing situation in general and with regards to certain financial instruments with mandates from international financing institutions including the European Investment  Fund (EIF) and Oesterreichische Entwicklungsbank AG (OeEB). The studies covered countries including Albania, Bulgaria, Bosnia & Herzegovina, Croatia, FRY Macedonia, Montenegro, Serbia. The special focus on financial instruments included private equity, venture capital, and mezzanine finance.

Working as a consultant for the EIF, VX Associates produced the assessment report appraising the venture capital availability and prospects, identification of the gaps and market failures and recommendation of possible measures how to develop further this market in countries including Albania, Bosnia & Herzegovina, Croatia, FRY Macedonia, Montenegro, Serbia (Western Balkans Venture Capital Assessment). VX's evaluation study (Western Balkans Venture Capital Assessment ) was used as a basis for launching the Western Balkans Enterprise Development and Innovation Facility (WB EDIF) in December 2012. WB EDIF consists of four components including financing enterprise innovation fund (venture capital fund, supervised by EIF), expansion capital fund (managed by EBRD) and guarantee facility (arranged by EIF) and technical assistance for strategic investments, particularly in infrastructure, energy and private sector development (including OECD and World Bank participation). The successful launch of WB EDIF enabled it to undertake its initiative of promoting the emergence and growth of innovative and high-potential companies, as well as the creation of a regional venture capital market. It is a joint initiative of the EU, IFIs, bilateral donors and governments of the Western Balkans with the €145 million of initial capital which is expected to effectively translate into over €300 million of direct financing for SMEs in the region and growth of innovative and high-potential companies, as well as the creation of a regional venture capital market.

Investment Feasibility Studies

Our investment feasibility studies provide a detailed assessment of the economic feasibility and sustainability of potential projects for both new business activities and expansion in the international markets. We work we both international clients seeking the analysis of the Croatian market and Croatian clients seeking to expand in the international markets. Our approach is always targeted to the client’s specific needs and working together with the client we develop research concept and design assignment to be implemented. Our investment feasibility study typically contains country (or countries) overview; sector overview (including global, regional and country-level trends); analysis of demand; analysis of supply; gap analysis (including both existing and potential / forecast (unrealised) demand) – to what extent demand exceeds supply; assessment of potential market reach – including partner institutions, acquisition targets, marketing strategy; and integration of proposed strategy (or strategies) in the overall corporate strategy/expansion programmes.



Meet the Experts

Mirna Marovic
Founder & CEO
Ante Kristo
Senior Associate

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