Mina Angelova

University of Plovdiv Paisii Hilendarski

Bulgaria

mina.marinova@abv.bg

An innovative model for business financing in wine production

Daniela Pastarmadzhieva

University of Plovdiv Paisii Hilendarski

Bulgaria

daniela.pastarmadjieva@gmail.com

Penyo Georgiev

University of Plovdiv Paisii Hilendarski

Bulgaria

penyo@uni-plovdiv.bg

Gergana Dimitrova

University of Plovdiv Paisii Hilendarski

Bulgaria

gergana.gu@gmail.com

Abstract. Development of markets and market relations always leads to enhanced competition and increased consumer demand, thus making quality one of the key factor in success and survival of any organization. An important prerequisite for improving quality is also having an opportunity for flexible financing of organizations. The study focuses on small and medium-sized wine producers, located in Southern Wine Region in Bulgaria. The main purpose is to identify the challenges these producers are facing, related to ensuring financial funds. We base our conclusions on the data from various official sources including the European Commission and Bulgarian National Agencies as well as our own data. The latter has been collected through questionnaires, spread among local wine producers at the beginning of July 2017. The selected approach confirmed some of the conclusions made in the official sources concerning the challenges faced by SMEs. Regarding the methodology we have concluded that it is better to reduce the number of questions or combine some of them. We also intend to start personal communication with managers of the companies in question. Also, we believe that in-depth interviews will help us understand better the circumstances behind the specific answers provided in the survey.

Received: June, 2018

1st Revision: August, 2018

Accepted: November, 2018

DOI: 10.14254/2071-8330.2018/11-4/8

JEL Classification: O33, G2, A1

Keywords: Bulgaria, wine production, innovation, financing, intelligent assistants, e-learning