J I Ventures

Innovating Globally: The Rise of
Slovenia’s Startup Ecosystem

Matej Rus
Head of Start:up Slovenia initiative
Slovenian startups are recognized as global ambassadorsof Slovenian innovation, significantly boosting thecountry's reputation. Remarkable achievements, such as
the acquisitions of the globally renowned Bitstamp andOutfit7, Slovenia's first unicorn, have not only garnered
media attention but also illuminated the opportunities
within technological finance solutions. This exposure
has, in turn, drawn younger generations towards technicalprofessions and entrepreneurial ventures.

achievements in the future, driven by ambitious plans.
The Slovenian Technology Forum estimates that thecountry will require an additional 5,000 new ICT
professionals annually in the coming years to maintain its
growth trajectory. Over the past two decades, this dynamic
community has established an extensive international
network, connecting with global business and technology
hubs and positioning itself at the forefront of theinternational stage.

These startups embody technological excellence,
establishing themselves as global leaders in theirrespective fields. Notable examples include ReCatalyst,
with its customizable, next-generation platinum-alloy
catalyst solutions aimed at optimizing the use of preciousmetals; Bird Buddy, an AI-powered bird feeder that
notifies users of bird visitors, captures their images, andorganizes them into a beautiful collection; and Juicy
Marbles, the creators of plant-based steaks available asboth thick-cut fillets and two-pound whole-cut loins thathave received widespread acclaim and attracted
investment from Y Combinator. The value of thecommunity is further underscored by companies thathave identified global technology trends and developed
disruptive business models. This group includes Flaviar, adisruptor in the global spirits market; Gentler Streak, aunique fitness monitoring solution that won the Apple
Design Award; and Bloq.it, the developer of an innovative
parcel locker platform. These companies not only redefine
innovation but also exemplify the dynamic and progressive
nature of the Slovenian startup ecosystem. Do you know
these pioneers?

The consistent acceptance of these companies into theworld's most prestigious accelerators, including Y
Combinator and Techstars, highlights the global
recognition of Slovenian startups' potential andinnovation. This international presence not only serves asa testament to their groundbreaking work but also aids inthe early identification of global trends and business
opportunities, thereby enhancing their networking
capabilities on a global scale. Furthermore, the significant
increase in capital investment underscores the growing
confidence in the Slovenian startup ecosystem. According
to The State of Adria Tech Report, led by Silicon Gardens,
there has been a sixfold increase in investment over thepast five years, peaking at an impressive €1.2 billion
between 2020 and 2021. This indicates that the financial
landscape for these companies is stronger than ever. This
influx of capital not only stimulates innovation andgrowth but also draws the attention of international
investors, further establishing Slovenia as an emerging
hub for technological advancement and startup success.
Let's explore the innovations from Slovenian startups
Chipolo and Remigo as they venture into global markets,
including Japan, in search of new opportunities.

The Slovenian startup community represents a talented
and burgeoning group of innovators, set for even greater
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Chipolowww.chipolo.net

People lose things all thetime. Founded in 2013 bysevenfriends,
theSlovenian startup Chipolo
has developed a range ofsmart trackers. Amongthese is Chipolo ONE, an
attractive product that canbe attached to a key ringto help find lost items
such as keys, wallets, and bags. Chipolo is aninternationally successful Slovenian company and one of
the leading brands of Bluetooth trackers, having soldalmost 4 million of its item finders worldwide over thelast 10 years. Chipolo has grown into a global brand that
continues to prioritize its fundamental values, building
genuine relationships with its users. Chipolo has
succeeded in introducing technologically advanced
solutions to products that are simple to use, thereby
changing the everyday lives of people all around theworld. In addition to the original Chipolo ONE finder, thecompany now offers the ONE Spot finder, which
integrates with Apple's Find My network and has justlaunched the ONE Point finder, compatible with Google'sFind My Device network. Both products enable users tofind not only misplaced items but also lost items, at anytime, with the assistance of a user network.
Since the beginning of its operations, the Chipolo teamhas recognized the importance of intellectual property. In2021, Chipolo filed its first patent application titled “Outof Range Tracking Device Detection” with the UnitedStates Patent and Trademark Office. This patent, which
was granted in 2022, protects the company’s innovative
system and methods for locating lost items and its
automatic system for alerting users when their tracking
device is out of range. In 2022, the company filed a newpatent application for an innovative technical solution,
which was approved in 2023.
The company was a finalist for Slovenian Start:Up of theYear in 2016, and won the Best IoT Startup by GE award
at the Central European Startup Awards in the same year.
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In 2019, Chipolo was the winner of the prestigious CES
Innovation Award and the winner in the Graphic Design/
Colourful Project category at that year’s DNA Paris
Design Awards. In January 2023, co-founder and CEO
Primož Zelenšek was named Young Manager of 2022 bythe Managers’ Association of Slovenia.

Remigohttps://remigo.eu/Traditional outboard
motors cause headaches
for boating enthusiasts
and professional boat
users alike. Petrolengines have ignition
problems and are bothsmelly and noisy.
Electric motors, on theother hand, are usually
not powerful enoughand require extremely
heavy batteries. Now, the Slovenian start-up Remigo hascome to the rescue with a user-friendly, fully integrated
electric outboard motor offering 1,000W of power andsuitable for various types of vessels weighing up to 1,500
kg. The development of the RemigoOne motor involved
state-of-the-art technologies, advanced design, andinnovative solutions, focusing on the creation of a robust,versatile, and durable product that requires littlemaintenance. Manufactured using secondary raw andupcycled materials, it underscores the company's
commitment to environmental awareness and contributes
to achieving sustainable development goals. The company
was founded in 2019 by Marko Vrtovec, an electricalStart:up Slovenia initiativeengineer and psychologist, along with a team of cofounders. In 2022, the company was granted a patent for
an integrated electric outboard motor for watercraft
propulsion by the Slovenian Intellectual Property Office(URSIL). At the EU level, the product's appearance isprotected as a registered Community design. Thecompany has also been granted a utility model for
Germany, Italy, Spain, Japan, and China via the PCTsystem. Remigo has won numerous international awards
and accolades for its product, RemigoOne. These include
a Design Europa Award for excellence in design, awarded
by the EUIPO to holders of registered Community
designs, where Remigo won in the SME category; aSpecial Mention for design (among more than 100products from 25 different countries) at the DAMEDesign Awards 2021, the world’s biggest marine designcompetition, where products are evaluated primarily interms of their functionality, aesthetics, and packaging;
and a Green Product Award from the Green Future Club,
which rewards the best sustainable products and conceptsof the year.

with the Start:up Slovenia initiative, to facilitate a dialogue
with the startup community in search of solutions. Key
initiatives under consideration include simplifying theprocess of establishing a lean joint-stock company,
revising regulations to improve investment in alternative
assets, offering tax incentives for venture capitalinvestments, streamlining the employment of high-techtalents from abroad, providing stock option rewards,
fostering a supportive environment, and promoting theSlovenian startup ecosystem as a whole. Through theseefforts, we aim to attract international venture capitalfunds, corporations, and other stakeholders to explore thepotential of the Slovenian startup ecosystem. Engaging
with this ecosystem not only adds value but also opens up
new business opportunities. According to KPMG, 89% oftechnology companies that partner with startups fasttrack their digital transformation, and 75% report animprovement in profitability. Start:up Slovenia aims to be
your portal to the Slovenian startup ecosystem, offering a
tailored set of services for companies and organizations
seeking deeper involvement and a stronger position
within this dynamic ecosystem (startup.si/360-EN). As
Slovenia continues to develop and expand its startup
ecosystem, it is setting a global standard for innovation,
collaboration, and technological leadership. The future ispromising for Slovenian startups, backed by a solid
foundation to support their ascent to becoming significant
contributors on the global stage.
お問い合わせStart:up Slovenia initiative
https://www.startup.si/en-us

駐日スロベニア共和国大使館

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Although Slovenia may not have the highest number ofstartups per million inhabitants (238 startups per millioninhabitants), its startups are highly innovative and creative
and are making an impact on a global scale. The Slovenian
government is actively working to ensure that Slovenia
reaches the top in terms of the framework conditions forstartup companies. This effort is led by the Ministry of theEconomy, Tourism and Sport, Slovenia Business(managed by SPIRIT Slovenia, Business Development
Agency) and Slovene Enterprise Fund in collaboration

E-mail: sloembassy.tokyo@gov.si
https://www.gov.si/ja/representations/embassy-tokyo/

SPIRIT Slovenia Business Development Agency
https://www.sloveniabusiness.eu/

JOI 事業企画部
bd@joi.or.jp

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