We have a lot of knowledge at Slovenian institutes, universities, companies, but it too often remains dispersed, the Chancellor of the Ljubljana University Ivan Svetlik said as the agreement on the project was signed at the headquarters of the university.

"I see the Innovation Crossroads as a forum which will...focus our gaze at the future, at projects that will yield in the coming few years new technological solutions, new markets and new jobs," he added.

The agreement starting the project, whose roots go back to 2013, was signed by around 20 science, business and intermediary organisations.

The list includes household appliance maker Gorenje, commercial district manager BTC, pharma company Lek, the Jožef Štefan Institute, the National Biology Institute, the Ljubljana University, the SID development bank, the Ljubljana Municipality and Ljubljana Regional Development Agency.

The coordination will be managed by a project office, which is expected to be launched in the autumn and have a budget of around EUR 150,000.

The Slovenian Innovation Crossroads will operate as a non-profit European economic interest grouping. Cooperation is also planned with neighbouring countries.