With yesterday’s demo day, we have successfully concluded the pre-selection procedure for the tender SK200 and participation in the accelerator Go:Global Slovenia, much to the great enthusiasm and excitement of all participants. Nine business teams have presented themselves to the committee consisting of 18 of the more known start-up mentors and private investors. At the after-event, start-ups actively approached investors who showed interest in their business ideas.
 

 

An attentive committee and vigilant angel observers

All nine pitches were carefully listened to by Peter Ribarič (Silicon Gardens Fund), Tatjana Zabasu (RSG Capital), Branko Drobnak (Business Angels of Slovenia), Kristjan Pečanac (Hekovnik), Matevž Medja (accelerator DsgnFwd), Matej Golob (30Lean), Gregor Pipan (Xlab), Tilen Travnik (D.Labs), Štefan Furlan (Optilab), Davor Jakulin (Atech electronics), Darko Butina (the former CEO of Mimovrste.com), Andrej Muževič (PhMR), Aleš Blatnik (napovednik.com), Tomaž Erjavec and Jure Pučko (Doctrina), Jaka Lindič (EF Ljubljana), Matjaž Petrič (5M) and Jaka Stele (eDition Digital). Members of the Business Angels of Slovenia and other private investors have also attended the event as “external”, but none less vigilant, observers.
 

 

Nine “hot” teams

And who are currently the “hottest” Slovenian start-ups trying to obtain the 200 thousand euro equity investment via the tender SK200 of the Slovene Enterprise Fund? We present them by the order of yesterday’s “pitches” and with short explanations of the reasons behind their search for an investment: 

1. Team of the company pel3o is developing and marketing a powerful, quality and simple-to-use 3D printer with automatic calibration. The printer, intended for industrial and personal use, has also been recommended by the first clients. Company needs the investment for the development of their own 3D scanner, and expansion of the team and sales network.
2. Team of the company Modri planet is developing a special programme for processing aero-photographs 3DSurvey, intended for geodetic companies. It allows them to build exact orthophoto plans, clouds of points and digital models of the terrain. The team, which has so far already implemented 200 projects by using 3DSurvey, mostly needs the capital for marketing activities and setting up a distributer network, for performing at fairs abroad and for web sales.
3. Team of the company Enolyse is developing a platform for family winemakers who wish to improve wine fermentation and save time. It consists of a smart sensor for measuring sugar content and temperature during wine fermentation, a central station for gathering data, and a web and mobile application that enables access to the collected data. The first beta users are already testing the product after this year’s harvest. The company needs fresh capital for launching manufacture and financing sales.
4. Team of the company Quadrofoil is developing electrically-powered two-seater vessels of elaborate design with patented underwater wings. Their vessels enable fast, safe, comfortable and environmentally- as well as health-friendly rides on lakes, rivers and seas or, rather, everywhere where vessels with gas engines aren’t allowed. The company needs capital for setting up manufacture and financing marketing activities.   
5. Team of the company Arboobra is developing and marketing mobile application Tweet a Day, which prepares and forwards posts for users (especially small and medium sized companies), helping them have an effective presence on the social network Twitter. The company is searching for an investment for more aggressive marketing on the English and the American market. 
6. Company of the team LED Luks is developing lighting on the basis of LED technology, which lowers the high electricity costs for illuminating business and private facilities in new and old buildings. The company needs fresh capital for developing new products, setting up a photometric laboratory and employing new staff. 
7. Team of the company Maksus is developing an innovative multi-media platform GlobalWebDJ for playing mood music with a positive effect on visitors of hotels, bars, restaurants and shops, on employees in offices and other service branches. They are seeking an investment for breaking through to the global market and doing further research in the field of psychological effects of music. 
8. Team of the company Chipolo is developing and already successfully marketing the smart keychain Chipolo, which connects to a mobile phone via a Bluetooth 4.0 connection and tells the users the location of their important things (wallet, keys…). Since their performance on the crowdfunding platform Kickstarter and up to September this year, they have sold more than 40 thousand keychains and the application is used by more than 15 thousand users. The team needs additional capital for marketing and expanding the distribution network across the world. 
9. Team of the company MESI is developing professional diagnostic medicinal devices that simplify medicine diagnostics for general clinics as well as allow them to monitor the condition of the patient and diagnose disease in a home environment. The team are looking for an investment to start selling their new products, such as MESI mTablet and HealthStation HOME, as well as for performing at conferences and fairs, and for employing co-workers for sales in Great Britain and Germany.  

 

Shooting questions and cutting people down to size

The committee admitted that the teams who attended the investment preparation programme a week earlier – the training in which the best public and private stakeholders took part – exceptionally improved their presentations for the performance at the demo day. The presentations took place in an incredible atmosphere – relaxed but serious at the same time, with the right amount of criticism. Following interrogation, many entrepreneurs admitted that these sorts of performances really aren’t to be sneezed at, using varied metaphors to do so: from shooting questions like bullets to cutting people down to size. Jakob Šušterič from company MESI even tore his shirt just before the performance, but covered it up very well on stage. Afterwards he admitted that the committee’s questions tired him out pretty good.
 

 

Closing private investments

Another important goal of the pre-selection procedure was also achieved, namely teamwork, networking and acquainting start-ups with mentors, private investors and other stakeholders. A lot of them found their “favourites” and started talking to teams, who have to ensure minimum 40 thousand euros of investment from a private investor in order to obtain the equity investment. The final results of these conversations will become apparent after the submission and overview of applications, which the teams have to submit until Friday, October 17^th in order to apply for the tender SK200 and the Go:Global accelerator.
 

 
 

Attracted from “anonymity”

The entire pre-selection procedure also brought a lot of start-ups from “anonymity and isolation”, and they now actively participate on the Slovenian start-up scene, socialize with fellow entrepreneurs and take advantage of the support of all the more visible players of our start-up ecosystem. Quite a lot of teams who are contending for the tender SK200 thus applied to the upcoming November events – the Coinvest investment conference and the Balkan Venture Forum, or will seek additional help and advice from start-up mentors or other providers of support solutions for start-ups.  
 

 

New motivation for the transition from subsidies to equity

Entrepreneurial Slovenia also obtained new motivation and energy, as well as new responsibility and opportunity for the development of the national start-up scene, which is also shown by the statements of start-up teams, mentors and private investors. All of them are enthusiastically welcoming the initiative from the government and the Slovene Enterprise Fund that will enter companies with public resources via the tenders SK50 and SK200. “It’s very good that we passed from subsidies to equity financing, and with a relatively simple system at that. Entrepreneurs are thus more aware of the value of the allocated funds, since they have to give company share in order to get them, unlike when they obtain grants,” says Branko Drobnak.
 

 

The only right instrument for supporting young companies

Start-up mentor Tilen Travnik shared similar opinion, even though he had first been sceptical about this type of financing. But after participating at the demo day, he is positively surprised, as he discovered that companies look at the possibility of investing in the light that is expected of start-ups, and not like classical pumping of grants. Peter Ribarič, manager of the Silicon Gardens Fund has also expressed his support and excitement about connecting public and private money. The final touch was added by the successful entrepreneur and business angel Davor Jakulin with words that “this instrument is the only right one for supporting young companies.” However since the best investor is the buyer, he is hoping that start-ups will know how to take good advantage of this entire support in order to achieve success and confirmation on the global markets.
 

 

 

DEMO DAN SK200 so omogočili ...