Since 2008 the Slovenian Enterprise Fund has been offering financial support for newly established innovative enterprises with a high growth potential. The focus has been at enterprises at the beginning of their business journey and are developing innovative products for the wider market as well as processes and services with a high added value.
These incentives provide financial support to young enterprises in the first development phase, which covers the setting up of an enterprise, the creation of a minimum viable product (MVP) based on own development, the creation of an entrepreneurial team, a direct transfer of knowledge and knowledge institutions into the business environment.
This is the most extensive group of newly established young innovative enterprises that show potential for rapid growth and need the most favourable financial sources at the beginning of their business journey. The call for proposal is composed of two phases: pre-selection and complete project proposal. The successful startup can gain up to 54k euro in grants funding.
In addition to financial suppport, the startups can benefit also from free consulting services, provided by eminent mentors and coaches. This measure »Startup Incentives« is the first part of the comprehensive Support Programme for young enterprises in Slovenia.
Chamber of Craft & Small Businesses of Slovenia
Several domain leaders are looking to collaborate with start-up companies that are more open to novel approaches and flexible in their approach towards manufacturing. These start-ups usually focus on creating new technologies that can enhance the capabilities of existing organizations by leaps and bounds.
Another major benefit of partnering with start-ups is that they are smaller in size and it is easier for them to adapt to the changing business ecosystem. Finally, services offered by start-ups that are just beginning to gain scale in the market are usually priced low and are easily affordable. Thus, organizations can save huge amounts by opting for start-ups instead of established companies for their collaborations.
Moreover, start-ups usually come armed with a variety of new-age entrepreneurs that are skilled in several cutting-edge disciplines. The exchange of novel thoughts and ideas between individuals who have worked on and with leading technologies is always a huge plus for evolving companies.
Things to Keep in Mind While Collaborating for Innovation
Keeping in mind that digitization will be at the heart of these collaborations, here are some key factors that can lead to a successful collaboration between organizations:
Currently, rapidly evolving trends and multitudes of challenges exist in the manufacturing industry. Along with widespread technological uptake, companies will have to go through complete mindset shifts in order to survive in the 4th industrial revolution. Organizations carrying out business alongside each other will be required to become one unit, to share digital technologies and infrastructures and remain competitive in this ever-evolving business landscape.
The World Economic Forum is providing a manual to help startups and corporates work together.
The White Paper illustrates the Benefits for each side, going through Risks they should be aware of, and it finishes with the Challenges they both groups are facing when working together. The main conclusion is that they have to develop a common understanding of collaboration.
It offers a good deal of FAQ that each group has to clarify before entering the collaboration and through its life cycle (Startups: Budget, Economic Buyer, Amplifier, Metrics, Target for the Corporate; and Corporates: What, Why, Which and Who).
Moreover, the document offers several Collaboration and organization models for corporates when working together with startups. Few snapshots from the White Paper are available below, but for more extensive understanding we recommend a review of the paper here.
1. Direct Sourcing
2. Internal Innovation Unit
3. Corporate Incubator Model
4. External Subsidiary
5. Entrepreneurial Co-creation Model
University of Deusto
The European Data Incubator (EDI), a Horizon 2020 project, backed by the European Commission, is entering its final round.
The University of Deusto, project partner in the Upskilling Lab project, co-funded under the Erasmus+ programme, leads a consortium of experts in Big Data and Incubation of startups. “Only 2 out of the top 20 companies changing lives and making money from Big Data are European”. So this virtual incubator is linking startups with data providers (hopefully, some of them will become customers) to solve a challenge that the latter place on the table.
EDI will help those startups and data providers jump this hurdle providing:
(1) a free infrastructure with open source tools
(2) training on the most known off-the-self solutions
(3) support and business services to develop their business idea
(4) equity-free funding.
The European Data Incubator is a three-phase incubation programme (more details in the picture below):
The project is entering now Evolve phase of the second call and in March the new call for startups and data providers will be opened again.
So far, 70 startups have profited from the different services and grants provided by EDI. And, the aim of this project is to help 120 startups by the end of the third round.
University of Deusto