More than 170 Serbian business leaders and tech executives have signed an open letter backing a student-led electoral list ahead of the October 25 parliamentary election.

The signatories include Branko Milutinovic, co-founder of video game developer Nordeus, Dragan Tomic, the vice president of engineering at US data analytics company Databricks and executives from technology companies AMD and Cisco.

The letter, titled "We believe in a Serbia that can do much more", expresses support for the Student List, which is challenging the ruling Serbian Progressive Party (SNS) of long-standing ruler Aleksandar Vucic in the October 25 election.

The signatories praised the students for their solidarity, responsibility and perseverance, saying their demands for functioning state institutions were essential to economic development.

It argued that the rule of law, reliable institutions, education and responsible management of public finances were necessary to attract investment, create better-paid jobs and secure pensions.

The signatories said legal certainty and courts that resolve disputes fairly would encourage companies to invest, hire workers and plan for the long term. They also highlighted the importance of cooperation between universities and businesses in improving productivity and helping companies enter new markets.

Among the other signatories are Ivan Stojisavljevic, Nordeus co-founder and Take-Two Interactive vice president; Marija Ilic, co-founder of video game studio Two Desperados and president of the Serbian Gaming Association's board; and Igor Bogicevic, co-founder of biotechnology startup Seven Bridges and HR analytics company Orgnostic.

The list also includes Dusan Komar and Laszlo Horvath, co-founders of Ominimo, which announced in July that it had reached a valuation of $1.6bn, becoming Serbia's first unicorn company as a startup valued at more than $1bn.

Other signatories include Nikola Mrksic, co-founder and chief executive of artificial intelligence company PolyAI, and Aleksandar Kuzmanovic, a computer science professor at Northwestern University and co-founder of bloXroute Labs.

The signatories said they were expressing support in their personal capacities and called on other businesspeople and entrepreneurs to join them.

"We support the Student List, number 3, and we will vote for it on Sunday," the letter said, adding that the students needed an opportunity to put their proposals into practice.

The student movement emerged from anti-government protests that followed the collapse of a railway station canopy in the northern city of Novi Sad in November 2024, a disaster that killed 16 people and fuelled public anger over alleged corruption and accountability.

The election is being held more than a year ahead of schedule amid sustained protests and growing political pressure on Vucic and the SNS, which has dominated Serbian politics for more than a decade.