Do you have a fast-growing, innovative company that is still in the early stages of development? Do you need money to operate and grow your business? Does your company have high growth potential and is already generating revenue? Here is the SI-SK incentive by the Slovene Enterprise Fund, which can help you double the investment of a private investor. Find out all about SI-SK, past recipients and why you should apply.
What is SI-SK?
The SI-SK product is essentially a co-investment mechanism between the Slovene Enterprise Fund (SEF) and other independent private investors such as business angels, private equity/venture capital funds or corporates. The SEF and independent private investors invest in or provide equity financing for fast-growing innovative companies in the early stages of development.
"The co-investment mechanism provides the entrepreneur with higher funding and lowers the risk for the investor. They also receive additional mentoring and professional support to help them achieve their development goals effectively", Rok Huber, Slovene Enterprise Fund
What is the amount of funding?
From EUR 100,000 to EUR 600,000 direct capital injection from the Slovene Enterprise Fund (for innovative companies up to EUR 1.2 million).
From EUR 100,000 up to a maximum of EUR 400,000 if the recipient is located in the Central Slovenia statistical region (except for the municipalities of Borovnica, Dobrepolje, Ig, Šmartno pri Litiji and Velike Lašče), the Municipality of Ankaran, the Municipality of Koper or the Municipality of Kranj (hereinafter referred to as exceptions).
The SEF doubles the private investment (e.g. a private investor invests EUR 100,000 and the SEF EUR 100,000, under the same conditions).
THE SI-SK INCENTIVE HAS ALSO BENEFITED A NUMBER OF SUCCESSFUL STARTups - find out more about them below
SMART CARGO is transforming the logistics process
SmartCargo d.o.o. is an IT company that has set the goal of completely transforming the logistics process and offering its users a digital platform that gives them complete control over their cargo. Their innovative solution helps users optimize key logistics processes, while significantly improving performance and reducing operational costs.
In 2019, the SmartCargo team also received a co-investment from the Slovene Enterprise Fund (SI-SK) and a private investor, which has enabled them to continue to grow and develop.
GIRO MOBILITY takes European markets by storm
GIRO MOBILITY is the brainchild of Klemen Furlan, a versatile entrepreneur who is also known as the founder of GoGiro, the red electric scooters, Giro Car Share - the car version of AirBnb, Finančni trgi and Sladko CO, among others. In 2019, Klemen also received a joint investment from a private investor and the Slovene Enterprise Fund (SI-SK). It was the incentive that enabled Klemen to expand into foreign markets.
In the last year, Klemen has managed to make key steps with GiroMobility. GiroMobility is characterized by the GoGiro electric scooters, which allow visitors to explore the city and its surroundings in an active and sustainable way. Today, GoGiro is present in major European cities such as London, Paris, Rome, Vienna, Rijeka and Ljubljana. They are trusted by renowned hotels such as the Intercontinental, the Best Western Premier Slon and the Four Points by Sheraton in Ljubljana. This year, they have also managed to partner with the legendary Hotel Sacher, and a few days ago they signed a partnership with the Hilton Rijeka Costabella.
EGGMEDIA successfully expands its network
EggMedia d.o.o. has developed the LacertaSmart platform, a multimedia content playback solution consisting of a cloud application, a content creation interface and a multimedia player. With one click, any TV or computer can become its own TV network with its own program.
The company also applied for and was granted the SI-SK incentive last year. They realized from the start that it is very difficult to attract advertisers when you don't have a proper network in place, so the initial investment was necessary. The SI-SK product, facilitated by the Slovene Enterprise Fund and an independent investor, helped them to get to the point where they could start marketing themselves and to start expanding their network. In the last year, they have managed to get several offers and locations to place their product.
Alenka Fidler from EggMEDIA talks about her experience:
"It's not difficult to apply if you follow the instructions. As with any tender, the most important indicators need to be numerical and measurable, and to prove that you can achieve the company's goals and are worthy of working with. The fact is that as a beginner you need help and it is much easier if you are not alone and have someone to guide you. I encourage everyone to make the most of all the opportunities and take part in all the interesting StartupPlus workshops and mentoring."
Incrediscope builds its brand in Italy, Spain and France with the Padel Court app
Incrediscope specializes in the development of technically demanding web applications and scalable back-end engineering. The development team creates easy-to-use software for mobile devices of all kinds. You can add analytics, booking, marketing tools and more.
The company is currently focusing on Padel Court, a mobile app based on artificial intelligence and machine learning, which relates to padel. The team has recognized the potential in this sport as it is currently the fastest-growing sport in the world. The app is designed for padel coaching, scoring, statistics etc.
The future of the application
Startup Incrediscope has decided to skip some of the basic features such as booking and matchmaking and go straight to offering the most sophisticated features that none of its competitors have yet. This is what gives them their competitive advantage and uniqueness.
Interested in what they are doing now? The company's founder, Boštjan Troha, told us:
"We are currently working on the development of the app and the community. We are also focusing on building the brand in Italy, Spain and France, where padel is most popular."
The company was also the recipient of an SI-SK incentive, made possible by the Slovene Enterprise Fund and the Italian company Ecolever Srl.
With Sinecon's Bizmatch.pro platform to business partners in one day
Startup Sinecon consists of a team of experienced IT professionals who connect their clients with reliable suppliers of digital products and projects throughout the digitization process. They help them choose the best digital solution and providers, optimize the cost of purchase and successfully deliver digital projects.
Sinecon offers its clients three service packages, which relate to:
Digitalisation and modernisation of business;
Bizmatch (B2B platform) and
Recruitment and reviewing.
Sinecon has worked very hard over the past year and their efforts have resulted in the development of the Bizmatch.pro platform, which allows you to find a business partner in one day. Bizmatch. pro is the first B2B digital networking platform where you are guided through all the steps to the ideal IT solution and provider in one place.
Sinecon also received the SI-SK co-investment from the Slovene Enterprise Fund and an independent investor in 2021.
Sinecon told us that it was the SI-SK co-financing program that enabled their company to develop their product - a B2B connectivity platform. The idea for the product itself was born two years ago when they were thinking about how to help companies optimize their digitization process. This led to the idea of Bizmatch, a three-step integration platform that helps companies find the ideal IT partner. An important factor in the launch of the startup was a mentor from the Slovene Enterprise Fund, who guided them through the process of developing a startup and pointed out the pitfalls and opportunities for development. As a result, they came to the market stronger and ready for faster growth.
Nika from Sinecon said:
"With the help of mentoring and funding from the SI-SK program, we were able to move from an idea to a relatively successful business more quickly and with fewer risks. We have been able to transfer our consultancy services to a digital B2B platform that we believe has great potential. We would like to take this opportunity to thank the Slovene Enterprise Fund for all the support and expertise they gave us before we launched our start-up and continue to give us in key moments."
in the last year, they've made over 30 matches
In the last year, Bizmatch made more than 30 matches through their landing page and as a consultancy firm, they have carried out digital transformations with several major companies. They plan to launch the Bizmatch digital matchmaking platform in early September with the aim of reaching 80 inquiries by the end of the year. Fingers crossed!
Breathtaking eco-luxury turnkey houses
The Oikos houses, or "OI Concept", are built with sustainable, nature-friendly materials and are the product of the startup company Oikos Housing d.o.o., which received the SI-SK co-investment in 2021. They are designed to change and touch the lives of their residents and the entire community.
The company says that the biggest advantage of modular construction is that the finished structure is not permanently attached to the surface and does not require building permits under certain building laws. This can be a great advantage when a potential buyer only leases the land. Modular homes can be built anywhere and later detached from the surface and resold or combined with other modules. A module can be easily reused, added to another module or disassembled into individual panels that can then be reused. Today, you can visit their beautiful houses at the OI Concept Village in Novalja, Pag island.
They said that as a young and fast-growing company, they have found that the market reacts very quickly to a good product, especially if it is backed by a great, sustainable purpose. In setting development goals, the company soon realized that the more ambitious the goals, the greater the need for additional capital to finance the investment. During the negotiations and during the due diligence process of the prospective investor Runhill Group, SEF launched the SI-SK incentive, which gave them the possibility to double the additional capital paid by the private investor and thus a more solid foundation for future growth, which means more flexibility, faster (re-)action to the market needs and thus a greater possibility for the globalization they are targeting.
Miloš Ulčar, CEO of OI Concept, explained how SI-SK has helped them:
"In addition to the funds as additional capital, SI-SK is also important for us because it gives us access to expert mentors for specific areas of the business that we still need to develop and refine. As a small company, we face a lack of skills in certain business segments - marketing, microprocessing, production, etc. - the connections gained through SI-SK's network make it much easier for us to work in this area."
Miloš advised all entrepreneurs applying to SI-SK:
"The goals you set are yours. They are probably too optimistic, especially as there are a lot of unknown obstacles along the way. If you see that an investor is someone who can give you a boost along the way, then don't hesitate. If you believe in your product/service, if you know that you can help people/the world and that there is a market for it, then you do whatever it takes to stay in business. SI-SK should not be seen as an organization that will pay and just give money, but as a structure that has the skills and competencies to help you develop your business."
Until when can I apply?
If you too are convinced by successful entrepreneurial stories and are considering the SI-SK incentive, there are still 6 application deadlines to apply:
- 30. 6. 2022
- 31. 8. 2022
- 30. 9. 2022
- 27. 10. 2022
- 30. 11. 2022
- 20. 12. 2022
Content support for recipients of P2, SK75 or SI-SK financial products under the "de minimis" scheme is co-financed from the Slovene Enterprise Fund and the European Union from the European Regional Development Fund. This is implemented on the basis of the Content Support for Funds Recipients (SMEs) Programme in the 2018-2023 period, under the Operational Programme for the Implementation of the European Cohesion Policy 2014-2020.