The Slovenia Times

Action plan for startups to be ready by end of January


The plan, called Slovenia - a Land of Startups - would set out how to remove administrative barriers, create a conducive environment and financially support those with ideas and goals to realise them.

"We will support young people with ideas, we will link business with education and develop the apprenticeship system," Cerar told a debate themed Zasavje - a Land of Startups in Trbovlje.

An intergovernmental task force drawing up the action plan reported that startups established by Slovenian founders raised 95.7 million US dollars last year.

Although this is less than the record US$131.7m raised in 2015, it is more than US$67.3m in 2014. Since 2005 startups have raised a total of US$350m in 400 investments.

Slovenia's first unicorn - a startup company valued at over US$1bn - Outfit7, a company founded by a Slovenian couple that is best known for the mobile app Talking Tom, was sold to Asian investors for a billion US dollars.

An analysis of 156 innovation-driven startups has shown diverse support for startups in the Slovenian ecosystem with many private and public players.

Virtually all startups initially relied on their own resources, including family, friends and other affiliated persons.

The second most commonly applied source is start-up incentives of the Slovenian Entrepreneurship Fund and other forms of non-refundable state funds.

The third form of help is mentorship assistance of fellow entrepreneurs, followed by seed capital products of the Slovenian Entrepreneurship Fund, various startup competitions and awards, and assistance by other players in the ecosystem.

"It's not just about the money, most startups also list business links and networks, human capital and specialised expertise as indispensable non-financial requirements," the taskforce said.


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