Pitches, lectures, panels, top participants, and much more could be found at our first Demo Day, held on June 29th at the HUB385 venue. You can find the recording of the entire event at the end of this text, and soon we will announce which teams have been selected for the final, third phase of this year's program.
We held the Demo Day – the final event of the second phase of our startup education and idea validation program, which involved nine teams: Calirad, CyberArrange, Cyclops, EMHANCE, KalphaTech, MAQ, Novela Medica, Synergotron, and Thorondrone.
Over the past three months, teams participated in thematic lectures and workshops at least once a week, gaining knowledge and skills necessary for successful development of their startups. Topics covered during the program included:
- Startup/spin-off company competition for young researchers (Mario Koštan),
- Basic legal aspects of startup development (Marko Mećar),
- Intellectual property and patents (Dubravko Babić),
- Market research (Filip Sviben),
- How to properly present and tell a story (Matija Srbić),
- Business modeling (Gorjan Agačević),
- Shares and ownership (Mislav and Fran Vukina),
- Hardware development (Edin Kočo),
- Basics of startup finances (Konstantinos Vasilakos),
- Fundraising (Jakob Gajšek), and
- VC fund operational principles (Vedran Blagus).
In addition, teams reported on the progress of their projects every two weeks and went through several trial presentations before program mentors and members of the Investment and Scientific Boards. Feedback from mentors and board members was crucial for improving projects and guiding their development.
Everything they learned during the second phase, teams had the opportunity to present at the Demo Day, which gathered more than 120 representatives from various stakeholders of the startup ecosystem – investors and investment funds, media, incubators, public institutions specialized in supporting entrepreneurs, scientific research institutions, founders of successful startups, and many others.
Event opening and Lectures on Deep-Tech
The event kicked off with a brief welcome to all attendees by Nuqleus coordinator Matija Srbić and Professor Hrvoje Džapo on behalf of the program organizers (Faculty of Electrical Engineering and Computing and Innovation Center Nikola Tesla).
Following that, program co-lead Deni Nurkić introduced the projects of FER and ICENT, in which Nuqleus experts are involved:
Cogsteps is an Erasmus+ program that has just concluded. During its implementation, a curriculum tailored for startups stemming from scientific research based on best practices from various universities and institutes was perfected. Additionally, a platform for connecting researchers, industry, and support institutions for startup development was established.
Accelerate2Move is a European Institute of Technology (EIT) thematic accelerator in the field of urban mobility, which will hold three one-year acceleration programs for eligible startups over the next three years. At the beginning of each year, startup companies in the field of urban mobility can apply to the program with the aim of selecting and recommending the best startups for investment by the EIT.
CROBOHUB++ is a European Digital Innovation Hub (EDIH) aimed at enhancing the digital and technological readiness of companies and institutions. Within the next three years, companies will be able to access various services for free within the program, such as technology testing before investment, education, networking, startup incubation, etc.
Following this, our mentor and member of the Investment Board Jakob Gajšek (Ljubljana University Incubator) delivered a lecture titled “Deep-tech: The Key European Frontier.” He presented current trends in the development and investment in the deep-tech startup ecosystem in Europe. He emphasized that deep-tech is precisely the area where the EU can maintain competitiveness with other countries if it properly utilizes its relatively dynamic and efficient research system:
What is one of the few sectors in which Europe is globally number one, not just among the leaders, but number one? That is science and technology. When it comes to scientific publications and results, we are still number one. Science and deep-tech are something that the EU has finally recognized as a place to invest money. There is a new big incentive for the development of deep tech in Europe. [...] The EU wants to have a million new talents in the field of deep tech and is investing ten billion euros in the EIC (European Innovation Council). Furthermore, deep-tech is very resilient. Everyone talks about the decline in funding and VC activity, globally speaking, and yes, deep-tech has dropped a bit, but not as much as everything else. Deep-tech is here to stay.
After Jakob’s lecture, our mentor Igor S. Pandžić (FER) delivered a lecture titled “Lab to Market – Visage Technologies.” Visage Technologies is now a globally renowned company with more than 170 employees specializing in the development of software for face tracking, analysis, and recognition. Igor shared the story from the perspective of one of the founders; his experience, path to success, and obstacles he encountered along the way. Igor highlighted persistence, luck, quality mentoring, and good team culture as success factors:
Luck is important, I believe in it, I have always been very lucky. And I think that without luck, it is much harder to succeed. But on the other hand, maybe luck needs a little help because: if you have two dice in your hand, and you need a twelve, throw once, if you get a twelve, you can say, 'I was lucky enough.' If I prepare to roll the dice ten times, it takes much less luck to get a twelve. If you have thrown a hundred times, it's almost certain [...]. Luck and persistence go hand in hand, and we must not overlook this effect.
At the end of the first part of the program, Matija presented Nuqleus’ work to date and plans for the next iteration of the program. In the coming year, we can expect a refined program, a more comprehensive first phase, more teams, and activities:
For the new generation, we plan to adapt activities from the first and second phases, focusing on commercialization. The focus will be on projects in the commercialization phase [...] and we must adjust the duration of some program activities. We plan new projects and team expansion to fulfill all tasks and plans we have, and we also hope for an even larger number of partners.
More information on the new plans will follow in September!
Panel Discussion: Past, Present, and Future of the Croatian Startup Ecosystem
Members of the Scientific (Dubravko Babić) and Investment Boards (Alan Sumina, Luka Abrus, and Izabel Jelenić) discussed the past and future development of the Croatian startup ecosystem. The discussion was moderated by our mentor Ante Magzan (Afekt). Panelists shared their experiences gained during the founding and development of companies, comparing the circumstances within the startup ecosystem over the past decades. Afterward, the discussion moved on to current circumstances and then to the desirable future direction of ecosystem development. Panelists also provided their views on the role of Nuqleus and similar programs in achieving positive outcomes, primarily creating new companies based on technological innovations.
Regarding the circumstances at the very beginning of company development, Alan said:
Every time has its challenges. I might say, that period was, at least as I remember it, marked by the financial crisis. That was around 2009, 2010. [...] and from that perspective, less talk about startups, more about societal problems. Companies were laying off, there wasn't that enthusiasm. Projects that were more like: 'Ah, these kids are playing around, maybe something will come out of it, but it's all somewhat unserious, we have serious companies, construction companies, serious industries.' But, now, when we fast-forward ten years, it turns out [...] that many of those companies have achieved significant market success, validated by various acquisitions or investments, where it turned out that something that was so small and insignificant, which maybe looked like child's play, can now be worth millions, billions, and so on. So, I think that the perception in society has changed significantly towards startups, and that is, at least from my perspective, absolutely positive.
Izabel added:
We were struggling to make ends meet back then, [...] I personally wasn't aware that getting an investment was possible. So, we're talking about 2003, 2004, 2005. Basically, you had to earn and reinvest everything you earned back into the business for it to grow further. So, we were mostly focused on that. There were no pitches, [...] we didn't even have the idea that we could raise money and then do something with it.
The conversation then shifted to the present and future, specifically the ways in which the development of deep-tech startups in Croatia can be supported. Dubravko drew a parallel with the development of Silicon Valley:
I think that organizations and education like Nuqleus are a consequence of something else that needs to happen. We need to become a technological hub, we need to start doing things, coming up with new things, new companies, then it will happen. Because education about startups at UC Santa Barbara, where I went, started as early as 1997. Suddenly, different entrepreneurs came to tell stories, and then business plans were planned. That concept is not new, but it is necessary, within universities, within different organizations. But it's one thing to create Silicon Valley, and another to prepare students for what Silicon Valley offers. You can't copy that now. Silicon Valley was built over seventy years. [...] There must be some base of innovation, production, making companies, so that then these institutions, in any case, are useful.
When asked whether and how we can catch up with the West in developing the startup ecosystem and what role the state plays, Luka emphasized that there are other commendable examples besides Nuqleus working on this, such as HUB385 and BIRD incubators. Luka focused on personal initiatives and direct assistance:
It's not so much about institutions and actions by the state, but about personal initiatives! [...] In my day, I felt uncomfortable asking anyone for advice, [...], today I'm a little smarter and I ask right away and specifically. And I think that's the main message to the new generations, to take these people who have been through something by the arm and squeeze the maximum out of them.
Team Presentations (Pitches)
The main part of the event was the team presentations. Teams had three minutes to present their projects followed by seven minutes of questions from the Scientific and Investment Boards. The jury evaluated startups based on the quality of the team, commitment to startup development, relevance of the problem and suitability of the solution, readiness for investment, and market potential of the project. The scores and comments from the jury will be one of the main factors in deciding which teams will continue to work in the third phase of Nuqleus.
In addition to the teams participating in the second phase of Nuqleus, two teams from partner startup incubation programs Digitalna Dalmacija and Startup@FOI also presented to the jury. One of Nuqleus’s main goals is to build the Croatian startup ecosystem, which includes connecting with quality programs outside Zagreb. In the first version of this collaboration format, colleagues from Varaždin and Split joined us at the Nuqleus Demo Day, and next year we expect partnerships with several more Croatian cities.
The developAAR team, recommended by Digitalna Dalmacija, presented their solution for tourist guides with sound augmented reality. The Choncha team, recommended by the Startup@FOI program, presented their solution for smart pots for automatic plant care.
After all the presentations, we rounded off the event with cocktails; exchanging impressions and suggestions for future collaborations.
There is still much room for strengthening collaboration between stakeholders from the scientific community, industry, and the startup ecosystem in Croatia and the region. Judging by the response and support for the Demo Day, all stakeholders are aware of the need for better cooperation. Therefore, we look forward to continuing to build Nuqleus as a focal point for all stakeholders who want to work on the development of deep-tech startups.
What to Expect in the Third Phase of the Program?
Next week, the results will be announced regarding the selected teams continuing their journey into the third, and also final phase of our program. The chosen teams will have the opportunity for individual work with our experts and mentors aimed at business development and securing investments.
In addition to the scores assigned to the teams by the jury members, the decision will also depend on their previous work, readiness for commercialization, as well as the alignment of the product type and development stage with what Nuqleus can offer to teams.
We will share the news about the selected teams on all our channels soon!
We thank our partners and sponsors
We extend special thanks to our partners for their support throughout this year and for recognizing Nuqleus’s vision and mission:
Industrial Partners: AVL-AST, Infobip, Rimac Technology, GDi, KONČAR Digital, InfoDom
Scientific Partners: Faculty of Science, Faculty of Organization and Informatics, Faculty of Mechanical Engineering and Naval Architecture, Faculty of Chemical Engineering and Technology, Design Study
Supporting Partners: Penkala Association, U.S. Embassy in Croatia, CroStartup, City of Zagreb, afekt, HBOR, Central State Office for Demography and Youth, KPMG; and
Legal Partners: Vukina & Partners Law Firm.
We also wholeheartedly thank our Demo Day sponsors: Jamnica, Green Cakes, Nestle, Cedevita, and Nutty by Maja, whose contributions made for an unforgettable experience for all event participants. The event is co-financed by the European Union through the EIT Urban Mobility Accelerate2Move project.
Demo day sponsors
Demo day recordings are available below:
