This report presents the findings of a study focusing on eight countries, sometimes collectively referred to as the Western Balkans (Albania, Croatia, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, Serbia, and Slovenia).

The aim of the study is to increase understanding of the regional impact ecosystem, including the current state of both the demand side and the supply side of impact. It has been conducted in 2025 by Impact Europe, in the context of Impact Europe’s new projects in the region, “Impact Seed” and “Invest for Change”, both funded by the European Union.

The study used a mixed-methods approach, which was implemented from September through November 2025, including desk research, a survey and focus group involving social enterprises, and in-depth interviews with representatives of the supply side of impact.

The eight targeted countries in the region share several characteristics when it comes to social entrepreneurship and impact investment. In terms of their comparability to European countries with more advanced ecosystems, they are not far behind on several key metrics. The existing gaps can be closed if the necessary support is shown to develop the social entrepreneurship ecosystem in a targeted manner.

Overall, there is sufficient potential in this region and the right actions in developing the ecosystem will lead to a strong social entrepreneurship and impact investment sector in these countries.

Read the full report here.