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03.04.2026.
The Croatian Bank for Reconstruction and Development is participating as an institutional partner in the implementation of the "Sandbox Go-to-Market" project, the first Croatian educational and simulation programme that enables entrepreneurs to prepare for capital market financing.
The project is implemented by the Croatian Financial Services Supervisory Agency (Hanfa) and the Ministry of Finance, and its goal is to provide entrepreneurs with a safe, confidential and free environment in which they can test their readiness for various forms of market financing: from initial public offering (IPO) and bond issuance to financing through venture and private equity funds.
The programme allows entrepreneurs to:
"By actively participating in this project, HBOR aims to bring entrepreneurs closer to financing opportunities through the capital market and help them make quality and informed decisions about their further development. As a development bank, we are continuously working to strengthen the availability of various sources of financing, and it is exactly initiatives like this one that contribute to greater willingness of entrepreneurs to take a step towards new models of financing and further growth. The development of the capital market is crucial for the long-term competitiveness of the Croatian economy, and HBOR will continue to actively participate in its strengthening," emphasizes HBOR's President of the Management Board Hrvoje Čuvalo.
More than 35 institutions from the financial and business sectors have joined the project, further strengthening the ecosystem of support for entrepreneurs and the development of the Croatian capital market.
The programme consists of three stages: application, selection and diagnostics. Future cycles will introduce simulations of the listing process and issuer obligations on the stock exchange. The pilot phase will begin in September 2026, and applications will be available via Hanfa's website.
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The Croatian Bank for Reconstruction and Development is participating as an institutional partner in the implementation of the "Sandbox Go-to-Market" project, the first Croatian educational and simulation programme that enables entrepreneurs to prepare for capital market financing.
The project is implemented by the Croatian Financial Services Supervisory Agency (Hanfa) and the Ministry of Finance, and its goal is to provide entrepreneurs with a safe, confidential and free environment in which they can test their readiness for various forms of market financing: from initial public offering (IPO) and bond issuance to financing through venture and private equity funds.
The programme allows entrepreneurs to:
- View their business "from an investor's perspective"
- Receive a diagnostic assessment of their readiness to enter the capital market
- Identify strengths and areas needing improvement
- Understand differences between various financing instruments
- Familiarise themselves with the regulatory framework and the practical obligations of issuers
"By actively participating in this project, HBOR aims to bring entrepreneurs closer to financing opportunities through the capital market and help them make quality and informed decisions about their further development. As a development bank, we are continuously working to strengthen the availability of various sources of financing, and it is exactly initiatives like this one that contribute to greater willingness of entrepreneurs to take a step towards new models of financing and further growth. The development of the capital market is crucial for the long-term competitiveness of the Croatian economy, and HBOR will continue to actively participate in its strengthening," emphasizes HBOR's President of the Management Board Hrvoje Čuvalo.
More than 35 institutions from the financial and business sectors have joined the project, further strengthening the ecosystem of support for entrepreneurs and the development of the Croatian capital market.
The programme consists of three stages: application, selection and diagnostics. Future cycles will introduce simulations of the listing process and issuer obligations on the stock exchange. The pilot phase will begin in September 2026, and applications will be available via Hanfa's website.