Updated survey of “hidden champions” in central, eastern and south-eastern Europe

Full text

December 2019
Updated survey of
“hidden champions”
in central, eastern and south-eastern Europe

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 1
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Updated survey of “hidden champions” in central, eastern and south-eastern Europe 2
Contents
1. Introduction ................................................................................................................................................... 3
2. Hidden champion selection criteria and key challenges ............................................................................ 4
3. Survey summary ........................................................................................................................................... 6
4. Hidden champions in central, eastern and south-eastern Europe ......................................................... 13
References .......................................................................................................................................................... 25

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 3
1. Introduction
In 2011, almost 30 years after Hermann Simon coined the term “hidden
champions” to describe compelling small and medium-sized enterprises
(SMEs) in Germany and examined their role in and implications for his
country’s economic development and innovation,1 the International
Association for Management Development in Dynamic Societies
(CEEMAN) and the IEDC-Bled School of Management Postgraduate
Studies team embarked on a far-reaching project to uncover the hidden
champions of central and eastern Europe (CEE), Kazakhstan and
Turkey. The study involved 18 research teams working with more than
165 companies. Researchers aimed to compare their findings with those
of Simon and identify the support that those hidden champions in CEE
and other dynamically changing environments might need to grow. The
study resulted in a research report, Hidden Champions in CEE and
Dynamically Changing Environments,2 published in 2011, and a book,
Hidden Champions in CEE and Turkey: Carving Out a Global Niche,3
published in 2013.
Hidden champions, according to Simon, are highly successful innovative SMEs that command a top two
share of their respective niche markets globally or that are market leaders on their continent. Their
revenues do not exceed US$ 1 billion and they tend not to be well known (or known at all) by the wider
public. They mostly operate in the business-to-business market and, as Simon’s second book, Hidden
Champions of the Twenty-First Century: Success Strategies of Unknown World Market Leaders,4 reveals,
have proven more resilient than most in times of market volatility or even meltdown. In all of the countries
(re)examined, the survival rates of hidden champions are significantly higher than sector average. Hidden
champions also tend to be very competitive in their respective markets, have posted consistent growth
trajectories over the prior decade and boast above-average innovation rates.
In November 2017 IEDC-Bled School of Management, Postgraduate Studies, and CEEMAN decided to
delve once again into the world of Hidden Champions. The aim was to explore the growth and present-day
status of the hidden champions identified in the 2011 study and to pinpoint and analyse the
characteristics of new hidden champions in central, eastern and south-eastern Europe.
Research was conducted in 22 countries in 2018 and 2019: Albania, Belarus, Bosnia and Herzegovina,
Bulgaria, Croatia, Estonia, Hungary, Kazakhstan, Kosovo, Latvia, Lithuania, Moldova, Montenegro, North
Macedonia, Poland, Romania, Russia, Serbia, the Slovak Republic, Slovenia, Turkey and Ukraine.
This report presents the research team’s findings on each country. It details the methodology behind the
study, then summarises the hidden champion landscape in central, eastern and south-eastern Europe,
identifying those industries in which hidden champions are likely to emerge, the characteristics they share,
their best practices and the main ingredients of their success. The report then lists the hidden and
potential hidden champions identified by the study and provides short descriptions of each firm.
1 See H. Simon (1996).
2 See D. Purg and M. Rant (eds.) (2011).
3 See P. McKiernan and D. Purg (eds.) (2013).
4 See H. Simon (2009).

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 4
2. Hidden champion selection criteria and key challenges
Simon’s definition of hidden champions has evolved over time and he has updated the criteria for their
selection several times after his first book on hidden champions in 1996. This research adapted his
definition and criteria to the geographical specifics of central, eastern and south-eastern Europe to make
them more relevant.
Source: CEEMAN-IEDC Bled (2019).
The study also recognises companies that do not meet all of the criteria, but are likely to do so in the
coming years (for example, very successful SMEs that do not hold the No. 1 or 2 positions in the
geographical regions in question, but show evidence of strong growth potential). Such companies are
referred to as “potential hidden champions”.5
A significant challenge in identifying hidden champions was translating the criteria into observable
measures (primarily those related to market leadership and visibility in the public domain). In the absence
of clear evidence or leads, sound judgement was applied. The team’s interpretation of each of the criteria
and the main challenges involved are presented below.
1) Companies that occupy the No. 1 or 2 market position globally and the No. 1 or 2 position in the
European, CEE or regional market, as measured by market share. If the latter is unknown, a hidden
champion company must lead its largest competitor (based on observations or perceptions by the
companies in question).
The first criterion focuses on the nature of a company’s market leadership. In interviews, many companies
found it difficult to quantify their market share in specific geographical areas. A question that helped them
to identify their market position was: “How many competitors do you have in a specific region?” As
secondary sources of information are not always reliable guides to a company’s market positioning, this
research mainly relied on statements and performance criteria provided by the companies for
categorisation (into hidden or potential hidden champions).
2) A hidden champion company must be small or medium sized and its revenue should normally not
exceed US$ 1 billion.
The second criterion is more specific, but needs clarification. Over the past 20 to 30 years, Simon has
classified companies with more than 249 employees (typically the maximum number of employees in an
SME) as hidden champions. Different countries also have different definitions of an SME (for example,
Kosovo uses revenue rather than number of employees as its yardstick). All of these idiosyncrasies were
5 The research report from 2011 (Hidden Champions in CEE and Dynamically Changing Environments) did not distinguish between
hidden champions and potential hidden champions and its methodology is not directly comparable with that of the 2018-19 study.
What is more, the current publication (with some notable exceptions) does not consider companies headquartered in foreign
countries to be hidden champions.
Hidden champions are:
1. Companies that occupy a No.1 or 2 market position globally and a No.1 or 2 position in the
European, CEE or regional market, as measured by market share. If the latter is unknown, a hidden
champion company must lead its largest competitor (based on observations or perceptions by the
companies in question).
2. A hidden champion company must be small or medium sized and its revenue should normally not
exceed US$ 1 billion.
3. A hidden champion must have low visibility in the public domain.
4. The company must have been in operation for five years, otherwise it is a potential hidden
champion.

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 5
taken into account by the research team and it was decided that, for the purposes of this report, the
primary focus (where possible) would be on SMEs as defined by the 249-employee threshold. It was further
decided that larger companies (with more than 249 staff) could be deemed hidden champions if they met
the terms of the first criterion on market leadership. The revenue requirement for hidden champions of
(normally) no more than US$ 1 billion in sales remained intact.
3) A hidden champion must have low visibility in the public domain.
The third criterion also presented challenges: when is a company sufficiently “hidden” to be deemed a
hidden champion? The 2018-19 study interpreted “hidden” as having relatively low visibility compared with
big multinationals. It was assumed that financial institutions and other relevant organisations might be
aware of some of the companies in question, but that public awareness was not necessarily as
widespread.
The 2018-19 study gained new insights into many of those 2011 companies that wanted to remain under
the public’s radar. Some of them still did not want public exposure that might undermine their competitive
advantage or success factors. However, the majority of hidden champions interviewed were found to be
active on social media channels (such as Twitter, LinkedIn, Facebook and Instagram) and not necessarily
for sales purposes. In addition to raising brand awareness, negative demographic trends in central,
eastern and south-eastern Europe mean companies have to actively seek, attract and retain the best
talent and this is often done through social media.
In the digital era, this third criterion will probably need further modification. There are arguably two sides to
“hiddenness”. The first relates to brand awareness, where companies do not want to remain hidden
anymore. The second relates to competitive advantage or success factors, where companies are reluctant
to share information. The latter may also explain why some of the companies identified in 2011 did not
want to participate in the 2018-19 study or did not to provide the requested financial data (especially
returns on assets and returns on equity).6
[4) The company must have been in operation for five years, otherwise it is a potential hidden champion.
This was relatively easy to ascertain using company filings.
.
6 The research found that some of the companies did not know how to calculate these financial ratios had not calculated them
before. It should also be noted that the facts and data presented in this report are predominantly based on material supplied by the
companies. In line with Simon’s approach, it was impossible to individually check the data and assumptions of the interviewed
companies and the report cannot guarantee the accuracy of all company statements and data.

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 6
3. Survey summary
3.1. Hidden champions in central, eastern and south-eastern Europe
The updated survey of hidden champions in central, eastern and south-eastern Europe provides
information on 145 companies:7 105 hidden champions and 40 potential hidden champions.
Table 1 depicts the number of hidden and potential hidden champions per country. It distinguishes
between “old” hidden champions identified in the 2011 study that have maintained their status and “new”
hidden champions discovered in the 2018-19 study.
TABLE 1. Hidden and potential hidden champions, 2018-19, by country
Country
Hidden champions
Potential hidden champions
Old
New
Total
Old
New
Total
Albania
3 0 3 0 4 4
Belarus
5 5 10 0 2 2
Bosnia and Herz.
1 5 6 0 2 2
Croatia
1 2 3 0 1 1
Estonia
4 1 5 2 2 4
Hungary
2 3 5 0 2 2
Kazakhstan
0 0 0 0 0 0
Latvia
0 6 6 0 2 2
North Macedonia
2 3 5 0 0 0
Poland
5 6 11 0 3 3
Romania
0 0 0 2 1 3
Russia
2 4 6 1 2 3
Serbia
3 7 10 0 0 0
Slovak Republic
3 2 5 1 1 2
Slovenia
6 4 10 1 1 2
Turkey
6 0 6 0 0 0
Ukraine
2 1 3 0 0 0
New countries added to the survey in 2018-19
Bulgaria
0 1 1 0 2 2
Kosovo
0 1 1 0 2 2
Lithuania
0 7 7 0 2 2
7 The list of companies is not currently included in this abridged summary of the survey. The full survey, which is scheduled for
publication in 2020, will contain information about most companies identified by the survey; some company names will be ‘disguised’
for reasons of confidentiality.

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 7
Moldova
0 0 0 0 4 4
Montenegro
0 2 2 0 0 0
TOTAL
45 60 105 7 33 40
The greatest number of hidden champions was unearthed in Poland (11), followed by Belarus (10),
Serbia (10) and Slovenia (10). The biggest number of potential hidden champions was found in Albania (4),
followed by Estonia (4) and Moldova (4).
Of the 105 hidden champions, 45 are “old”8 and 60 are “new”. Of the 40 potential hidden champions:
7 are “old” and 33 are “new”. Serbia and Lithuania boasted the largest number of “new” hidden
champions (7 each), followed by Latvia and Poland (6). Albania and Moldova posted the greatest number
of “new” potential hidden champions (4 each), followed by Poland (3).
TABLE 2. Number of hidden champions by industry, 2018-19
Number of hidden champions 2018-19, by industry
NACE code
Country
A
C
F
G
H
J
M
R
Total
Albania
2 1 0 0 0 0 0 0 3
Belarus
0 9 1 0 0 0 0 0 10
Bosnia and Herzegovina
0 3 0 1 0 2 0 0 6
Croatia
0 1 0 0 0 1 1 0 3
Estonia
1 2 0 0 2 0 0 0 5
Hungary
0 1 0 0 0 3 1 0 5
Kazakhstan
0 0 0 0 0 0 0 0 0
Latvia
0 3 1 0 0 2 0 0 6
North Macedonia
0 4 0 0 1 0 0 0 5
Poland
0 9 0 0 0 1 1 0 11
Romania
0 0 0 0 0 0 0 0 0
Russia
0 6 0 0 0 0 0 0 6
Serbia
0 7 0 0 0 2 1 0 10
Slovak Republic
0 2 0 0 0 3 0 0 5
Slovenia
0 7 0 0 0 2 1 0 10
Turkey
0 6 0 0 0 0 0 0 6
8 Analysis of the hidden champions initially identified in the 2011 study, which maintain hidden-champion status in 2018-19, allowed
the team to observe upward trends in companies’ sales, number of employees and public recognition (several companies had
received awards for innovation and for demonstrating significant growth since inception). Positive trends were also observed in
relation to market leadership, with market shares increasing since 2011 or market positions strengthening (also with the
internationalisation of activities).

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 8
Ukraine
0 3 0 0 0 0 0 0 3
New countries added to the survey in 2018-19
Bulgaria
0 0 0 0 0 0 1 0 1
Kosovo
0 1 0 0 0 0 0 0 1
Lithuania
0 4 0 0 0 3 0 0 7
Moldova
0 0 0 0 0 0 0 0 0
Montenegro
0 0 0 0 0 1 0 1 2
Total
3 69 2 1 3 20 6 1 105
Hidden champions were discovered in eight industries in central, eastern and south-eastern Europe. These
industries, as defined by the European industrial activity classification, NACE Rev. 2, are (in descending
order by number of champions): C – manufacturing (69), J – information and communication (20),
M – professional, scientific and technical activities (6), A – agriculture, forestry and fishing (3),
H – transportation and storage (3), F – construction (2), G – wholesale and retail trade, repair of motor
vehicles and motorcycles (1) and R – arts, entertainment and recreation (1).
Hidden champions are deemed likely to emerge in five industries. These are (as before, in descending
order by number of champions): C – manufacturing (26), J – information and communication (9),
M – professional, scientific and technical activities (3), A – agriculture, forestry and fishing (1) and
K – financial and insurance activities (1) (see Table 3 for more).
TABLE 3. Number of potential hidden champions by industry, 2018-19
Number of potential hidden champions, by industry
NACE code
Country
A
C
J
K
M
Total
Albania
0 2 1 1 0 4
Belarus
0 1 0 0 1 2
Bosnia and Herzegovina
1 0 1 0 0 2
Croatia
0 0 0 0 1 1
Estonia
0 4 0 0 0 4
Hungary
0 0 2 0 0 2
Kazakhstan
0 0 0 0 0 0
Latvia
0 2 0 0 0 2
North Macedonia
0 0 0 0 0 0
Poland
0 2 1 0 0 3
Romania
0 1 2 0 0 3
Russia
0 3 0 0 0 3
Serbia
0 0 0 0 0 0

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Slovak Republic
0 2 0 0 0 2
Slovenia
0 2 0 0 0 2
Turkey
0 0 0 0 0 0
Ukraine
0 0 0 0 0 0
New countries added to the survey in 2018-19
Bulgaria
0 2 0 0 0 2
Kosovo
0 1 1 0 0 2
Lithuania
0 2 0 0 0 2
Moldova
0 2 1 0 1 4
Montenegro
0 0 0 0 0 0
Total
1 26 9 1 3 40
3.2. Common characteristics of hidden champions
This section clarifies the most frequently observed characteristics of hidden champions in terms of their
business models, organisational culture and values.
3.2.1. “Act globally, impact locally”
Most companies included in this report are located outside of national capital cities and play a key role in
developing suburban or rural environments. Despite being heavily export oriented for the most part, the
hidden champions are deeply embedded in their local communities. They employ local workers, offer
scholarships for young talent and support the local environment through social and community actions that
have a significant impact on local standards of living and levels of development. Hidden Champions in
central, eastern and south-eastern Europe “act globally, impact locally”, demonstrating a strong sense of
social responsibility towards the people and local environments where they operate.
3.2.2. Export orientation
Per the first criterion, all hidden champions hold a No. 1 or 2 position in their regional or global market. The
main prerequisite to holding such positions is being export oriented, so as to command significant market
share and be a leader in a specific niche. All companies included in this report are export oriented, with
some focused more on neighbouring countries, others on regional markets or other continents.
3.2.3. Customer and supplier centricity
All hidden champions cited the importance of being focused on customer needs and meeting customer
expectations. Hidden Champions in central, eastern and south-eastern Europe invest a lot of time and
effort in establishing and maintaining close and personal long-term relationships with their customers and
suppliers, thus securing the stability of their businesses.

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3.2.4. Well-rounded services
Interviews with companies suggested that the majority of hidden champions started out by delivering a
single product or service, which then evolved over time to meet greater client demand, eventually leading
to well-rounded offerings, products and services and complex customer solutions. Well-rounded services
are an additional factor enabling hidden champions to maintain close and personal relationships with their
customers and also reflect the drive for continuous improvement demonstrated by all of the companies in
question.
3.2.5. Quality and constant innovation
Hidden champions are characterised by the high quality of their products and services. All companies said
quality, constant innovation and continuous improvement are key to their competitive advantage. The
companies not only innovate constantly in terms of product, but also invest a lot in research and
development of their processes and business models, so as to remain ahead of their competitors and to
anticipate the current and future business challenges of customers.
3.2.6. Agility, efficiency, speed
Flexibility and speed were cited as crucial elements in the constant innovation culture of hidden champions
in central, eastern and south-eastern Europe. The companies demonstrate this attitude not only towards
their customers, but also internally in their processes. Some of the companies said they used lean
management systems, scrum methodology and other agile approaches to hone their efficiency and
maintain their flexibility towards customers.
3.2.7. Entrepreneurial mindset
An entrepreneurial mindset is another characteristic hidden champions have in common. The majority
started out as spin-offs, start-ups or family-owned firms that grew as a result of their entrepreneurial
mindset, customer centricity and determination to innovate continuously. They have overcome challenges
to do with issues such as growth and internationalisation, as well as others typically associated with larger
companies (for example, related to organisational culture or structural, procedural and process overhauls).
3.2.8. Employees as partners
All companies said their people were their greatest asset. Hidden champions usually employ professionals
and experts in their industries and are well aware of the need to invest a lot of time and effort in motivating
and retaining these valuable members of staff.
3.3. Best practices and the main ingredients of success
The main ingredients of success identified in the team’s interviews with hidden champions in central,
eastern and south-eastern Europe related to: (1) finding a niche market, (2) striving for continuous
improvement, (3) diversification, (4) customer centricity, (5) an entrepreneurial mindset and (6) employee
retention. These are very similar to the aforementioned common characteristics. This section illustrates
companies’ views on these topics with quotes from the research team’s interviews to illustrate the mindset
of the senior executives leading these successful enterprises. The quotes are grouped by success factor.
3.3.1. Niche market
“A strong focus on the niche market allows to use resources in the most efficient way and to become a
leader in a niche market.”
“A company should focus on the niche market where a company is most innovative and where solutions
and product innovations are hardly replicable.”
“One of the success factors is also the possibility to adapt our offering completely to the demands of the
selected target market.”
3.3.2. Continuous improvement

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 11
“Continuous investments in new products, particularly focusing on introducing high-quality products to the
market.”
“Improving technology, always aiming to add value to the product.”
“Continuous innovation of the production process.”
“Constant improvement of details within the production process, customer relations, managing HR.”
“Innovation of production processes as well as launching innovative final products.”
“A flat organisational structure is on the one hand a challenge for an owner because he/she delegates
power to business unit leaders – entrepreneurs. On the other hand, it is driver of innovation.”
“Be reactive, do not stay in your comfort zone for a long time, be in constant
change, depending on what is going on around and inside the organisation.”
3.3.3. Diversification
“Diversification of products, without losing focus. This enables growth and creates a balance in the
business portfolio.”
“Flexibility to strategically diversify products and services.”
“Geographic market diversification makes a company invulnerable to crises in one of the markets.”
“Have a diversified portfolio of clients.”
3.3.4. Customers
“It is reasonable to start working with clients before a product is ready in order to receive a feedback and
adjust a product to client’s needs.”
“Provide maximum value for our clients and partners; therefore, success depends directly on their
satisfaction.”
“Development of a network of strong and reputable distributors in developed markets appeared a
successful strategy for internationalisation. Establishing personal relations with distributors helps in many
business situations.”
“Close collaboration with customers, listening and analysing feedback enable us to develop and sell
innovative products.”
“Close collaboration with clients and a widening product portfolio enable us to satisfy the changing
demands of the clients.”
“Capability to listen to the customers and to turn them into partners when developing products.”
“Helping customers by suggestions and expertise.”
“Establishing and maintaining high-rated relations with customers.”
“Long-term customers and relationships based on trust, reliability and credibility will carry you through
challenging times or tight deadlines.”
“Healthy, long-term relationships with customers.”
“Operating closely with suppliers and customers.”

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3.3.5. Entrepreneurial mindset
“Being more entrepreneur than businessman.”
“The courage to take the risk.”
“Risk-awareness and risk-taking culture is a driver for innovative development for knowledge-intensive
industries.”
3.3.6. Employees
“Build a team of professionals and listen to their voice.”
“Establishing personal relations and shared responsibility with employees is a necessary condition for the
sustainable development of the company.”
“It is not enough to have a business idea; the implementation has to be based on quality human resources
to be able to unleash the potential.”
“Open communication with employees, become a role model for them.”
“Close cooperation with co-workers.”
“Consider business as a big family.”
“Effective collaboration with all employees.”
“Continual employee education.”
“Investments in talents and resources are the main drivers for business success.”
“Be open and straightforward and build trustworthy relationship with clients and
partners: nobody trusts software – any software can have a bug – which is why it
is important that we are people dealing with people. It’s all about personal
relationships and personal recommendation.”

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 13
4. Hidden champions in central, eastern and south-eastern Europe
The names, descriptions and snapshots of certain companies that formed part of the analysis for this
research are not included in the report for reasons of confidentiality. Some company names (in Belarus)
have been disguised and are denoted by quotation marks.
Facts and data presented in this report are predominantly based on interviews with the companies.
Companies’ definitions of regions and markets differ and market shares are impossible to ascertain
independently in certain cases. In line with Simon’s approach, it was impossible to verify all the data
provided and assumptions made by the companies interviewed, so the report cannot guarantee the
accuracy of all company statements and data. The company snapshots do not reflect the views of the
EBRD and the Bank accepts no responsibility for their content. The list of companies excludes two firms
that operate in sectors not supported by EBRD policies. The full list will be published by the IEDC Bled
School of Management.
Sources of hidden champion leads included national chambers of commerce, the list of hidden champions
identified in the 2011 research, national management assocaitions, business schools and their alumni,
companies, informal contacts, word of mouth and the media.
* Denotes hidden champions identified in 2011.
Albania
Hidden champions
1. AlbKalustyan9*
AlbKalustyan is Albania’s largest collector, processor, marketer and exporter of
medicinal herbs. The company meets the stringent quality standards of the
United States (US) and European Union (EU) markets. It exports mostly to the
USA, but also Canada, Germany, France, Italy, Spain, Austria, Belgium,
Switzerland, the United Kingdom (UK), the Netherlands, Morocco and Malaysia.
It is market leader in the southern areas of the Western Balkans.
2. Mare Adriatik*
Mare Adriatik is the largest Albanian processor of Adriatic Sea anchovies and
sardines, exporting to the European market. The company operates in liaison
with Spain, Croatia, Greece and Egypt. It is the largest producer of salted
anchovies in eastern Europe and No. 1 in the southern areas of the Western
Balkans in terms of market share.
3. Venice Art*
Venice Art Masks is the world’s largest producer of handmade Venetian masks,
supplying 70 per cent of the global market. Its main market is its home city of
Venice, Italy, from which it receives large orders for the carnival period. The
company also exports carnival masks to Las Vegas, Nevada and Australia.
Potential hidden champions
1. APM
APM is a national and potential regional leader in fabricated metal-product
manufacturing (oil tanks, oil and gas pipelines, pressure vessels, structural steel,
wind towers, welding machine components, waste-compacting equipment and
other products). It is market leader in price and quality (wind towers and
components of welding machines) in the Western Balkans. The company is
building a European market-leading position in the production and export of wind
towers (to Italy, the UK and Japan).
9 AlbKalustyan is the new name of Xherdo (as it was listed in the 2011 study).

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 14
2. Easy Pay
EasyPay is the first online payment provider in the Albanian currency (e-wallet
solutions, including utility payments, mobile top-ups, police fines, e-commerce
payments, sports-betting top-ups, and so on.). It primarily targets and serves
those who do not have a bank account. It is a potential hidden champion in the
Western Balkans.
3. Facilization
Facilization is a fast-growing provider of information technology services and
software, focused on providing fully fledged, vertical services to the banking and
financial industry in south-eastern Europe, other EU states and the
Commonwealth of Independent States (CIS). It dominates the Albanian market
and has expanded abroad to Italy, Malta and the Netherlands.
4. Pana
Pana is the first company in Albania – and a potential hidden champion in
Europe – working in reclaimed wood, notably wooden pallets, transforming them
into pieces of furniture.
Belarus10
Hidden champions
1. Adani11
No. 1 global manufacturer of full-body personal X-ray inspection systems for
prisons, airports, customs, and so on.
2. Aerodorstroy
No. 1 CIS provider of repair services for runways and airport road surfaces
3. Essent Optics
No. 1 producer in CIS countries of spectrophotometers for the measurement of
optical characteristics
4. “Excavators”*
No. 1 CIS producer of excavators on automobile chassis and crawlers for
inaccessible locations
5. Izovac Group
No. 1 CIS producer of vacuum-coating equipment for displays, optics, laser
devices and microelectronics
6. “Lids”12*
Leading CIS producer of plastic and aluminium caps for alcoholic beverage
containers
7. “Photonics”
No. 1 or 2 producer globally of lasers for aerospace wire marking
8. Polimaster (formerly
known as Radiation
Meters)*
No. 2-3 producer globally of radiation detection equipment for security
purposes; No. 1 producer of personal radiation detectors in the USA and in CIS
countries
9. Regula (formerly
known as Document
Scanners)*
No. 1 CIS producer of passport readers and criminal investigation equipment
10. STIM*
No. 1 producer in CIS countries of road-marking machines and paint
10 Names of the companies in quotation marks are disguised.
11 Although an interview was conducted, some information was obtained from secondary sources. The company did not provide
complete information.
12 The company declined to provide complete information, so data were collected from secondary sources.

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 15
Potential hidden champions
1. EnCata
No. 1 global provider of innovative product development services for hardware
B2C start-up companies ‒ niche: product development from technology
readiness level (TRL)-4 to TRL-8
Bosnia and Herzegovina13
Hidden champions
1. Bom Impeks d.o.o.
One of the largest coffee roasters in the Western Balkans, with brand Omcafe;
largest Western Balkans de-icing salt supplier, selling more than 150,000
tonnes of road de-icing salt per year
2. Geoinova informatički
inžinjering d.o.o.
No. 1 in the Western Balkans in software packages for telecommunications
network design and maintenance
3. GS–Tvornica Mašina
Travnik (GS-TMT)
Global niche leader in the production of retro-style electric bicycles
4. Kristal
No. 1 in the Western Balkans in the production of fire protection glass, glass
products and glass accessories
5. Plastex*
European leader in the production of “klip kap” mechanisms and flexible
packaging for corporate clients
Potential hidden champions
1. Amplius Electronics
Start-up producer of innovative hardware and software products
2. Zaboravljena Avlija/
forgotten garden
Family-owned social innovator of patented wheelchair- and disability-friendly
beehives
Bulgaria14
Hidden champions
1. UniComs Switzerland
GmbH – Sofia
Branch15
Market leader in Bulgaria, Romania and North Macedonia in the niches of
blood-pressure monitors (SENDO) and pregnancy tests (Surecheck)
Potential hidden champions
1. DIANEL Ltd
National leader in the production of and provision of support for electronic
liquid petroleum gas systems and petrol stations
2. TITAN Ltd
National No. 1 producer of single (unique) machines for robotic and automated
production lines
13 Research and snapshots of Bom Impeks d.o.o. and Geoinova informatički inžinjering d.o.o. were prepared by A. Savovic.
Research and snapshots of other companies were prepared by D. Berberović, M. Činjarević, A. Kožo and N. Brkić.
14 The research and snapshot of UniComs Switzerland GmbH – Sofia Branch were compiled by M. Minkov. The research and
snapshots of DIANEL Ltd and TITAN Ltd were compiled by D. Pavlov.
15 The company is included in the list as it is Bulgarian owned and operates from Bulgaria.

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 16
Croatia
Hidden champions
1. Dok-Ing*
No. 1 in the US, Russian, Croatian, Saudi Arabian and South African markets in
remote-controlled demining machines
2. Genos
Global No. 1 in high-throughput glycomics for clinical and epidemiological
studies
3. MONO
No. 2 in the world in electronic common technical document (eCTD)
pharmaceutical software
Potential hidden champions
1. Alius Group –
Pharmalogger
Market leader in a specialised product for monitoring the temperature and
humidity of drugs from producer to consumer
Estonia16, 17
Hidden champions
1. Bolt Technology18
Second-largest ride-sharing company in Europe (see footnote 18)
2. Eesti Energia
(Enefit)19*
Estimated world leader in the oil shale industry and second-largest European
shale oil producer
3. Tallink Grupp*
World-leading provider of mini-cruises and duty-free shops on ferries and global
No. 3 ferry operator by revenue
4. Viru Keemia Grupp
(also VKG)*
Largest shale oil producer in Europe and probably the largest shale oil producer
in the world
Potential hidden champions
1. Cleveron
Innovation leader in the creation of robotics-based parcel terminals and
developing last-mile click-and-collect pick-up solutions for the retail and logistics
sectors
2. Krimelte*
Top five insulating polyurethane foam producer in Europe
3. Skeleton
Technologies
Innovative producer of alternative-power energy-saving media – ultracapacitors
4. Wendre*
A leading European bedding manufacturer
16 The Estonian report concentrated on leaders at the global and European levels only (excluding regional leaders), as this would
otherwise have led to an unfeasibly large number of companies qualifying as hidden champions. This was also the approach in the
2011 study.
17 Company snapshots and hidden champion status assessments are based on desktop research.
18 During the research period, the ride-sharing market worldwide was expanding very rapidly and new competitors with strong
financial and brand power had entered or were planning to enter the market with a view to taking a leading position regionally or even
globally. It will take several years to conclude who the true winners and losers of that race are.
19 Eesti Energia is a 100 per cent state-owned company. Over the past two decades, the privatisation or market flotation of Eesti
Energia has been mooted several times. In 2017, there were deliberations on an initial public offering of a subsidiary in 2018
(Reuters, 2017). Today, Eesti Energia is not a typical state-owned company. It earns much of its income from free market competition
with large multinationals. It has earned several awards as the most competitive company in Estonia. The oil shale business and
landscape is unthinkable without Eesti Energia and its two closest competitors. Hence, Eesti Energia is deemed to deserve its place
among the country’s hidden champions.

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 17
Hungary
Hidden champions
1. Capsys Informatikai
Kft.
Leader in the CEE and Middle East and North Africa regions in vertically
specialised front-to-back banking software solutions for payments and treasury
2. Cyclolab Kft.*
The only company globally in the business of R&D in and small-scale
manufacturing of all-round cyclodextrin
3. Energotest Kft.*
Regional leader (focused in and around Hungary) in modular, network-integrated
technical testing
4. Transys Kft.
EU market leader in simulation systems for interlocking and railway operations
5. Tresorit Kft. (owner of
Tresorit AG)
Leader in end-to-end data encryption services in Germany, Austria and
Switzerland, the USA and the UK
Potential hidden champions
1. Devmads Kft.
Potential global leader in the user story-mapping solutions niche of IT software
development
Kazakhstan20
Hidden champions
N/A
N/A
20 No hidden champions were identified in Kazakhstan. Many innovative and successful companies that were interviewed did not
satisfy one or more of the criteria set out in the methodology. Often, companies were strongly connected with the government, too
‘visible’ and internationally supported, or not willing to share information in a personal interview, especially financial data. Several
companies opted not to participate in the study at all, which could be related to a lack of openness and information sharing in the
business culture of Kazakhstan. Moreover, in the face of tough market conditions, a depreciated KZT and general political
uncertainty, involvement in research is often not a priority.

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 18
Kosovo
Hidden champions
1. MOEA
MOEA is the No. 1 fruit grower and natural huice producer in the south-eastern
European market, with advanced fruit-processing technology to produce unique
and healthy fruit drinks
Potential hidden champions
1. Koshi Group
Global leader in the aftermarket for carbon-fibre solutions for Italian car brands
Alfa Romeo and Abarth
2. Zombi Soup
Provider of computer consultancy activities in the fields of health tech, artificial
intelligence and virtual reality
Latvia
Hidden champions
1. Brain Games
No. 1 board game producer in the Baltic states
2. Light Guide Optics
Intenational21
European leader in fibre-optic cable manufacturing for medical and industrial
needs
3. Peruza
No 1. Fish-processing equipment manufacturer in the Baltic region
4. PRIMEKSS
No. 1 concrete producer in the Baltic region and northern Europe
5. Sonarworks
World leader in digital sound-calibration software
6. X Infotech22
Global provider and integrator of software solutions for electronic identity
documents and payment cards; No. 1 in the Baltic states and African markets
Potential hidden champions
1. Catchbox
Producer of the world’s first throwable microphone for audience engagement
2. UAV Factory23
One of the world’s leading developers of fixed-wing composite airframes,
subsystems and accessories for small fixed-wing unmanned aircraft
21 Company snapshot and hidden-champion status assessment are based on desktop research.
22 Ibid.
23 Company snapshot and hidden-champion status assessment are based on desktop research.

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 19
Lithuania24
Hidden champions
1. 8devices
European leader in the development, manufacture and sale of embedded
wireless modules (electronic equipment of unique design and functionality)
2. CGTrader25
The leading 3D content marketplace globally
3. Deeper26
Manufacturer of the world’s first wireless echo sounder compatible with iOS and
Android devices; Deeper App is the world’s leading fish-finder app on Google Play
and in App Store
4. Ekspla
Global leader in lasers, laser systems and laser components for R&D and
industrial applications
5. Light Conversion27
World-leading manufacturer of wavelength-tuneable femtosecond optical
parametric amplifiers
6. TeleSoftas
One of the biggest and fastest-growing mobile IT services development houses in
CEE, creating mobile apps; among the Financial Times TOP 1,000 EU
companies28 (as of 1 March 2019); no direct competitors on this list
Potential hidden champions
1. Fidens (ViLim Ball)
Leader in therapeutic devices for the reduction of essential tremor, Parkinson’s
disease and rheumatoid arthritis symptoms, has no direct competitors globally
2. Parkis29
Potential global/European/CEE/Baltic hidden champion in bike racks
Moldova
Potential hidden champions30
1. Noction
Potential leader with the most advanced product on the market for Border
gateway Protocol network performance optimisation in the USA, Asia and
western Europe
2. Santino Service
Potential leader in CEE and the USA in the niche manufacture of household
plastic (polypropylene) products
3. Travod31
Potential northern European (Denmark, Estonia, Finland, Iceland, Ireland, Latvia,
Lithuania, Norway, Sweden and the UK) leader in the translation, localisation
and interpreting services industry
24 One company was excluded from the list as it had not provided enough information.
25 Company snapshot and hidden-champion status assessment are based on desktop research.
26 Ibid.
27 Ibid.
28 https://www.ft.com/content/238174d2-3139-11e9-8744-e7016697f225 (last accessed on 18 December 2019).
29 Company snapshot and hidden-champion status assessment are based on desktop research.
30 As company representatives could not provide financial or market-share data or information on their strongest competitors, it was
not possible to determine the companies’ relative market share or estimate when they were likely to become “full” hidden champions.
The companies were nominated potential hidden champions based on their fast pace of growth in recent years and their expansion
into other markets.
31 Even though the company’s headquarters is officially in London, it confirmed that its management team (CEO, founders) and the
majority of its staff were located in Moldova, from where all of its activities are conducted.

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 20
Montenegro
Hidden champions
1. Domen
The No. 1 registration agent in the countries of the former Yugoslavia, as well as
Albania, Bulgaria and Greece, based on a number of country-code top-level
domains (CCTLDs) and No. 3 in Europe based on number of CCTLDs registered
outside its home country
2. Marina Porto
Montenegro
No. 1 port solution provider for superyachts and mega yachts in the Adriatic
region
North Macedonia
Hidden champions
1. Ading*
The leading producer and seller of chemical materials for construction in south-
eastern Europe
2. Bal-Komerc
Regional (Albania, Kosovo and North Macedonia) market-leading freight
transporter
3. Bovin Winery
Among the best wine producers in the Western Balkans; first privately built
winery in North Macedonia, from which the trend of exporting bottled wines and
the development of the country’s wine culture started
4. Vipro*
Among the market leaders in the USA, Canada, Montenegro, Kosovo and North
Macedonia in canned food (fruit and vegetable processing). In 1997, it became
the world’s first industrial producer of ajvar (a pepper-based spread, originally
home-made). Estimated global No. 2 producer of ajvar.
5. Vori Jordanka Dooel
World-leading producer of ajvar
Poland
Hidden champions
1. Carlex Design
Global No. 1 in the design and production of limited edition cars (up to 1,000 per
model) for the world’s top automative companies
2. Cloud Technologies
S.A.
European No. 1 in the niche market of big-data profiling services for internet
advertising companies
3. Eliteclimb
World-leading manufacturer of innovative handmade ice and climbing axes
made from kevlar and carbon composites
4. Growbots
World-leading software developer in sales optimisation
5. Medicalgorithmics
S.A.*
Developer and global leader in certain innovative solutions and systems for
signal and data processing in medical applications
6. Nowy Styl co. ltd.*
A leading European supplier of chairs for all purposes
7. Selena FM S.A.*
A leading global producer and distributor of chemical products for construction
and accessories for the do-it-yourself (DIY) segment, as well as one of the world’s
top three producers of polyurethane foam for construction
8. Telesto S.A.*
No. 1 in Europe in the development and manufacture of devices and systems
with unique features for atomising liquids
9. VIGO SYSTEM S.A.
Leading European manufacturer of uncooled infrared photon detectors

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 21
Potential hidden champions
1. ExplainVisually co
One of the most creative whiteboard animation studios in Europe
2. Tenzi co. ltd
Producer of professional hygienic and cleaning agents for gastronomy, car
washes, hotels and private households; leader in the CEE region in the niche
market of cleaning methods for these sectos, based on own technologies
3. Tytax co. ltd
Producer of professional multi-gym equipment for the wellness market; leader in
selected European countries in the niche of home gym equipment
Romania
Potential hidden champions
1. ELECTRA GROUP*
Potential hidden champion in the CEE region, currently Romania’s leading
manufacturer of high-quality entry-phones and associated security-system
solutions
2. GRAPEFRUIT*
Potential hidden champion in the CEE region, currently Romania’s leading user
experience and digital consulting agency, delivering software solutions for digital
strategy, user-experience design and content strategy
3. ROMSOFT
Strong global competitor and potential hidden champion in the area of software
development, with a unique presence in creating software for the medical
industry (labs, automated labs and medical devices)
Russia
Hidden champions
1. Atlantis Pak
A leading producer of plastic casings for the meat and dairy industries, with a
global market share of around 20 per cent; No. 1 in the CIS market, with a share
of more than 35 per cent
2. BWT BARRIER
No. 1 producer of household drinking water filtration systems in Russia and CIS
countries (with a market share of about 40 per cent) and world No. 2 or 3 in the
pitcher water filter market
3. Grishko*
A leading manufacturer of dance footwear globally and the No. 1 manufacturer
of pointe ballet shoes in CIS countries
4. Monocrystal
World-leading producer of sapphire products for LEDs and metallisation pastes
for the solar industry
5. NT-MDT Spectrum
Instruments32*
World No. 2 manufacturer of scanning probe microscopes
6. Siberian Wellness
Developer and producer of original health and beauty products, and multi-level
marketing (MLM) market leader in CIS coutnries; No. 1 MLM company in the
vitamin and dietary supplement market in CIS countries (with a market share
among major MLM players of around 30 per cent)
32 NT-MDT Spectrum Instruments is the result of a reorganisation of NT-MDT to maintain its lead in atomic force microscopes (AFM)
and AFM–nano-Raman/IR (infrared) equipment. Under the new structure, NT-MDT’s businesses are represented by companies in
Russia, Europe, the USA and China. See https://www.ntmdt-si.com/ for more detail.

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 22
Potential hidden champions
1. Argus Spectrum33
One of the leading producers of security and fire-alarm devices and systems in
CIS countries; No. 1 in Russia
2. Bask34*
Leading producer of outdoor clothing and equipment in Russia
3. Red Fox Outdoor
Equipment
Producer of outdoor clothing and equipment, with a Russian market share in
specific product categories, such as climbing equipment, of about 7-10 per cent
Serbia
Hidden champions
1. BG Reklam
Leading Western Balkans producer and exporter of customised point-of-sale
(POS) equipment; regional market leader and globally significant player in the
design, construction and production of permanent POS materials and solutions
2. Buck
One of two leading European companies in terms of design, quality, new
technology and technical solutions for creating products in the field of medical
and pharmaceutical industry lighting
3. Copper Mill Sevojno*
A leading south-eastern European producer of copper and copper alloys; market
leader in four copper products in Serbia and in Bosnia and Herzegovina
4. Execom*
No. 1 producer of technical automation software for clinical and chemical
analysers in central and south-eastern Europe
5. Foka
No. 1 producer of flexible and barrier film packaging in the Western Balkans
6. Jugotex
No. 2 producer of protective wear for the oil sector in the Western Balkans
7. Mainstream
Leader in managed hosting and cloud technologies in the Western Balkans
8. MikroElektronika
Globally unique producer and leader in the niche market of customised
hardware and software tools (compilers and development systems)
9. TR-RK*
Leading global producer in the niche of decoding software for audio and video
receivers (products in premium segment that use RT-RK software command a
two-thirds global market share)
10. Uniplast
No. 2 in the Western Balkans in the manufacture and distribution of
pharmaceutical (galenic laboratories and pharmaceutical manufacturers),
medical and cosmetic packaging
33 Company snapshot and hidden-champion status assessment are based on desktop research.
34 Company snapshot and hidden-champion status assessment are based on desktop research.

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 23
Slovak Republic
Hidden champions
1. ESET35*
Global provider of security solutions for the home and business segment
2. Innovatrics36
Independent provider of biometric identity management technology; top
performer in fingerprint and facial biometrics globally; estimated leader in the
niche of biometric technologies in at least the CEE region
3. MicroStep
One of the world’s largest producers (and one of the two European leaders) in
the field of plasma cutting
4. Spinea37*
No. 2 in terms of market share in CEE for high-precision reduction gears
5. Sygic*
Global leader in the navigation and travel sector (GPS navigation apps)
Potential hidden champions
1. Zlievareň Zábrež
Specialist in the production of steel castings using the lost-wax process
Slovenia
Hidden champions
1. Akrapovič d.d.38*
Global market leader in high-end titanium exhaust systems for motorcycles and
cars
2. ATech Elektronika
d.o.o.*
No. 1 in the world in the biomass combustion controller market
3. Cosylab, d.d., Control
System Laboratory
Global leader in control systems for particle accelerators in “big physics”
development and proton therapy for treating cancer
4. DOMEL d.o.o.
Global No. 1 in the commercial vacuum-cleaner motor segment
5. EKWB d.o.o.
No. 1 in Europe and North America in DIY liquid cooling systems
6. Euro Plus d.o.o.*
No. 2 in the world in the enterprise labelling software business, focused on
manufacturing and supply chains
7. Hidria Holding
d.o.o.39*
No. 2 or 3 globally in the production of diesel cold-start systems for internal
combustion engines
8. Instrumentation
technologies d.d.*
Global No. 1 producer and supplier of and adviser on instrumentation for
measuringthe positions of elementary beam particles in accelerators
9. POLYCOM Škofja
Loka d.o.o.
World leader in gas springs for the automotive industry; No. 1 in CEE in the niche
market of hybrid products of thermoplastics and metal parts
10. Tafjun Planina*
Global leader in logging winches and firewood processors
35 Company snapshot and hidden-champion status assessment are based on desktop research and confirmed by the company.
36 Ibid
37 Ibid.
38 Name in 2011: “Akrapovič d.o.o.”
39 Name used in 2011: “Hidria”.

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 24
Potential hidden champions
1. BIA Separations
d.o.o.*
Global No. 1 leader (and only manufacturer) in convective interaction media
(CIM) monolithic columns technology
2. DEWESoft
A regional European leader (estimated No. 4) in the production of test and
measurement instruments for electronic components
Turkey
Hidden champions
1. Aksa Akrilik Kimya
Sanayii A.Ş.*
World’s largest acrylic fabric producer
2. Eko. Tekstil Tic. San.
A.Ş.
Leading lingerie and underwear producer in CEE, Europe and the Middle East
3. Kanca El Aletleri
Dövme Çelik A.Ş.
Biggest bench vice producer in Europe
4. Kordsa Teknik Tekstil
A.Ş.*
Leading manufacturer of nylon and polyester cord fabric in Europe, the Middle
East and Africa and one of the biggest manufacturers of nylon and polyester
cord fabric in the Asia-Pacific market
5. Yünsa Yünlü Sanayi
ve Ticaret A.Ş.
Largest integrated high-segment worsted wool fabric manufacturer in Europe
and one of the five biggest in the world
Ukraine
Hidden champions
1. Aisberg
Leading producer of customised refrigerated equipment for retail in the
Caucasus region (Georgia, Armenia), exporting to 29 other countries globally
2. Ukrainian Beer
Company (UBC) Group*
No. 1 global producer of beer coolers; No. 1 producer of beer promotional
products in CIS countries
3. JSC WEIDMANN
Malyn Paper Mill
Leading CIS producer of pulp insulating materials fort he electrical industry

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 25
References
P. McKiernan and D. Purg (eds.) (2013)
Hidden Champions in CEE and Turkey: Carving out a Global Niche, Berlin, Springer Science & Business
Media.
D. Purg and M. Rant (eds.) (2011)
Hidden Champions in CEE and Dynamically Changing Environments, International Association for
Management Development in Dynamic Societies (CEEMAN), Bled, Slovenia.
Reuters (2017)
“Exclusive: Estonia's Eesti Energia plans wind unit listing early 2018”, Estoril, Portugal, 21 June 2017
(available at: https://www.reuters.com/article/us-eesti-ipo/exclusive-estonias-eesti-energia-plans-wind-
unit-listing-early-2018-idUSKBN19C1EA).
H. Simon (1996)
Hidden Champions: Lessons from 500 of the World’s Best Unknown Companies, Harvard Business School
Press, Boston, MA.
H. Simon (2009)
Hidden Champions of the Twenty-First Century: Success Strategies of Unknown World Market Leaders,
Berlin, Springer Science & Business Media.
United Nations (1999)
United Nations Security Council Resolution 1244, United Nations Security Council, New York (available at:
http://unscr.com/en/resolutions/doc/1244).

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 26
Editors and contributors:
Danica Purg, Artyom Ushnichkov, Alenka Braček Lalić, Katja Babič, Livija Marko
Leading researchers on behalf of the coordinator:
Danica Purg, Dean and President of IEDC-Bled School of Management, Postgraduate Studies
Alenka Braček Lalić, Vice Dean for Research at IEDC and CEEMAN International Quality Accreditation Director
(Email: alenka.bracek.lalic@iedc.si; alenka.bracek.lalic@ceeman.org; Phone: +386 4 579 2570)
Artyom Ushnichkov, Research Assistant (Email: artyom.ushnichkov@iedc.si; artyom.ushnichkov@ceeman.org)
Katja Babič, Research Assistant (Email: katja.babic@iedc.si)
Livija Marko, Research Assistant (Email: livija.marko@iedc.si; livija.marko@ceeman.org)
Country report contributors:
Albania: Vasilika Kume, Elona Garo, Anisa Kume ‒University of Tirana
Belarus: Radzivon Marozau and Hanna Aginskaya – Belarusian Economic Research and Outreach Center; Natalia
Makayeva and Pavel Daneyko ‒ IPM Business School
Bosnia and Herzegovina: Denis Berberović, Merima Činjarević, Amra Kožo and Nenad Brkić ‒ School of Economics and
Business, University of Sarajevo; Aleksandar Savovic ‒ Faculty of Law of the University of Sarajevo
Bulgaria: Daniel Pavlov ‒ "Angel Kanchev" University of Ruse; Michael Minkov – Varna University of Management
Croatia: Slavica Singer and Sunčica Oberman Peterka – Josip Juraj Strossmayer University of Osijek; Mislav Omazić –
University of Zagreb
Estonia: Rein Riisalu and Anu Leppiman ‒ School of Business and Governance, Tallinn University of Technology
Hungary: Miklós Stocker ‒ Corvinus University of Budapest
Kazakhstan: Christian Kahl, Aigerim Raimzhanova, Aigerim Serikbekova and Sultanbek Kaiym ‒ Almaty Management
University
Kosovo: Florentina Dushi and Dafina Turkeshi – Business Development Group
Latvia: Irina Sennikova and Galina Zilgalve – RISEBA University of Business, Arts and Technology
Lithuania: Erika Vaiginiene, Vilnius University and Research Institute for Changes
Moldova: Dumitru Slonovschi, Andrei Ciobanu, Ana Birnat and Alexandrina Buruian – Magenta Consulting
Montenegro: Milorad Jovović – University of Montenegro; Bojana Femic-Radosavovic – Center for Educational and
Promotional Initiatives
North Macedonia: Ljubomir Kekenovski and Violeta Cvetkoska – Saints Cyril and Methodius University of Skopje, Faculty
of Economics
Poland: Grażyna Leśniak-Łebkowska, Małgorzata Godlewska, Mirosław Łukasiewicz – Warsaw School of Economics;
Magdalena Popowska – Gdansk University of Technology
Romania: Andrei Nestian – Faculty of Economics and Business Administration, Alexandru Ioan Cuza University; Ana
Iolanda Voda – Department of Interdisciplinary Research, Humanities and Social Sciences, Alexandru Ioan Cuza
University
Russia: Irina Skorobogatykh, Zhanna Musatova and Olga Saginova – Plekhanov Russian University of
Economics; Ekaterina Molchanova and Sophia Antonova – Moscow School of Management SKOLKOVO; Olga Shkirando
– Russian Presidential Academy of National Economy and Public Administration, Institute of Business Studies (IBS
RANEPA)
Serbia: Goran Pitić, Nebojša Savić, Miloš Erić, Jelisaveta Lazarević, Zoja Kukuć and Ema Marinković – FEFA Faculty,
Belgrade Metropolitan University
Slovak Republic: Janka Táborecká-Petrovičová and Jaroslav Ďaďo – Matej Bel University of Banská Bystrica
Slovenia: Artyom Ushnichkov, Alenka Braček Lalić, Katja Babič and Livija Marko – CEEMAN and IEDC-Bled School of
Management
Turkey: Dinçer Atli and Nebiye Yaşar – T.C. Üsküdar University
Ukraine: Iryna Tykhomyrova and Vadim Saveljev – Business School MIM-Kyiv

Updated survey of “hidden champions” in central, eastern and south-eastern Europe 27
1207 Updated survey of “hidden champions” in central, eastern and south-eastern Europe
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Updated survey of “hidden champions” in central, eastern and south-eastern Europe 28
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