European Bank for Reconstruction and Development: report on hidden champions

The report, co-financed by the European Bank for Reconstruction and Development (EBRD),  highlights the role of ‘Hidden Champions’— companies that lead in niche markets and contribute to economic resilience within emerging economies. The list of companies includes businesses from Armenia, Azerbaijan, Georgia, Moldova, and Ukraine.

These businesses are often lesser-known, yet consistently demonstrate strong customer focus and innovation, and adaptability in challenging environments. The study identifies both established and emerging Hidden Champions, capturing their strategies for market leadership, resilience, and adaptability to global challenges. This report examines how Hidden Champions impact local economies and enhance innovation in diverse regions. 

The findings also provide insights into how these companies manage digital transformation, environmental demands, and regulatory shifts, offering a comprehensive view of competitive dynamics within the EBRD region.

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Press release