Nuqleus is continuously expanding its activities to provide deep-tech startups with top-notch support on their path to success. In October, an intensive fundraising bootcamp was organized in collaboration with American experts, designed to help nine Nuqleus startup alumni improve key skills in the areas of fundraising, go-to-market strategies, marketing and sales. The bootcamp was held as part of the "Deep-Tech in the Business Arena" project, supported by the US Embassy in Croatia, with the aim of preparing Croatian startups for entering the American market.
The first step towards success: Strengthening technology transfer and commercialization of research results
The project “Deep-Tech in the Business Arena” began with workshops for institutions that allocate financial resources for research and commercialization of research results, one of the key actors in the transformation of academic research into marketable projects. Experts Karina Sotnik (WorldUpstart, Pennsylvania) and Michael Poisel (PCI Ventures, University of Pennsylvania) shared their rich experience with the institutions Croatian Agency for SMEs, Innovations and Investments, the Ministry of Science, Education and Youth of the Republic of Croatia, HBOR – Croatian Bank for Reconstruction and Development, the World Bank in Croatia and the Croatian Science Foundation. Current programs for stimulating the development of the Croatian innovation ecosystem and innovation were discussed, and experts from the USA gave advice on how to improve innovation promotion policies and achieve more efficient cooperation.
The workshop continued with the topic of stimulating the development of intellectual property in the academic community, led by Karina and Michael. Representatives from 14 Nuqleus partner scientific institutions, such as the Ruđer Bošković Institute, University of Zagreb, Faculty of Science, FESB – Faculty of Electrical Engineering, Mechanical Engineering and Naval Architecture, University of Zagreb Faculty of Food Technology and Biotechnology, Faculty of Civil Engineering, University of Zagreb, Faculty of Organization and Informatics, RIT Croatia, Institute of Economics, Zagreb, Institute of Physics Zagreb, Faculty of Mining, Geology and Petroleum Engineering, University of Zagreb Faculty of Kinesiology and the School of Design, Faculty of Architecture in Zagreb, gathered to discuss important topics such as incentives for teaching staff and researchers to get involved in the development of intellectual property, strategies to support deep-tech startups arising from academic research and many others. The model for the commercialization of scientific research results used by the venture builder PCI Ventures at the University of Pennsylvania was also presented.
“Nuqleus is leading the future of technology commercialization in Croatia. His team is bringing all the pieces together to build a dynamic innovation ecosystem, which will lead to significant economic development throughout Croatia,” concluded Michael Poisel, Director at PCI Ventures.
American lessons about fundraising and market strategies
The second week of the visit continued with exciting and intensive workshops led by Karina Sotnik (WorldUpstart), Glen Gaddy (Robin Hood Ventures), Michael Poisel (PCI Ventures), Paul O’Brien (Startup Economist) and Joe Steensma (Washington University in St. Louis). This time the workshops were intended for Nuqleus startups of previous generations: Cyclops, Green Energy Pal, KalphaTech, NADES Design, Synergotron, TINFE, Ulpian, CyberArrange Security Solutions and RockTechNeXus. The workshops were focused on familiarizing Croatian startups with American financing models and approaches to investors, pitch preparation and methods of communication with investors, market entry strategies for deep-tech startups and marketing.
One of the key tasks was the creation of detailed fundraising plans that the startups presented at the end of the bootcamp. The experiences of the mentors were invaluable for the participants, and the individual approaches as well as active participation of each startup enabled customized mentoring.
“It is always difficult to reduce the overall experience and educational content to the level of a bootcamp. Packing everything into one week requires significant preparation, but also greater flexibility. The Nuqleus team, mentors and panelists were well prepared, but also showed the ability to adapt to the needs of the participants. Additional activities that encouraged startups to step out of their comfort zones proved to be very valuable and useful, and also very fun for everyone involved,” said Glen Gaddy from Robin Hood Ventures about the bootcamp, and added: “Every bootcamp takes on its identity thanks to the participants, but one thing that should always be the result is progress. What I saw at the Nuqleus bootcamp was the continuous and consistent progress of all the startups. They listened, despite the different opinions of the mentors, set priorities, and then applied the information and advice they received. That’s from often required them to be open to new ways of working, new ways of conveying values, and new ways of presenting themselves. All startups showed that they were open to being coached – the number one criterion for receiving funding.”.
Alongside top-notch workshops, startups had the opportunity to attend a panel discussion featuring not only American mentors but also the founders of successful local startups Vedran Cindrić (Treblle) and Josip Ćesić (Gideon), as well as investor Elad Verbin (Lunar Ventures). They were able to hear first-hand insights about fundraising strategies and learn what, from the experiences of both entrepreneurs and investors, makes the difference between success and failure in that process.
Deep-Tech Talks: Bringing science, industry and investment together
The intensive bootcamp concluded with the “Deep-Tech Talks,” which was also the first in a series of events designed to showcase exciting topics from the scientific community and industry while fostering collaboration between these two worlds. Deep-Tech Talks provided an opportunity to exchange knowledge and experiences between the American startup ecosystem and the local community.
The event was opened by Michael and Karina with the lecture “How is Deep-Tech Changing the World”, followed by a panel discussion on building an efficient startup ecosystem attractive to investors. Joining Michael and Karina on stage were Dalibor Marijanović (Vesna Deep Tech Venture Fund), Tomislav Capuder (FER), and Matija Srbić(Nuqleus). The event concluded with a dynamic discussion about the development of the Croatian startup ecosystem in collaboration with industry leaders. Insights were shared by American experts Paul O’Brien and Glen Gaddy, co-founder and CTO of Infobip Izabel Jelenic, investor Joško Bobanović (Sofinnova Partners), and Ante Magzan from the creative studio afekt.
“There are qualities of the Croatian people that are immediately recognizable to those of us from the entrepreneurial ecosystems of the United States,” noted Paul O’Brien (Startup Economist). “While many regions of the world feel that more STEM (technology) and the capital to fund ventures are the critical components of a startup ecosystem, it’s actually a set of cultural characteristics unique to certain places: resilient people, creative problem solvers, storytellers who inspire, and a history encourages the entrepreneurs who exist throughout the world already, but without a culture such as this, they keep their head down. Croatia inspires opportunity, innovation, and solutions that the world has yet to resolve. Within hours of my time in Zagreb, I was telling investors that it felt a lot like Austin, Texas or Silicon Valley, and it’s realizing that it isn’t the tech, alone, that we can see that something magical is happening here.”
„It is rare to see the alignment produced by the Nuqleus program where the Founders, Fans (everyone from academic institutions to public funding sources), and Funders are all quickly brought into alignment over the goals and objectives. My sincere hope is that I get the opportunity to invest in multiple companies coming out of Nuqleus.“, said investor Glen Gaddy.
Building bridges between Croatia and the world
Nuqleus’ bootcamp and workshops were not only an educational event, but also a step towards positioning Croatian startups in the global market. By connecting domestic talent with leading experts from the US, we are fostering innovation and opening the door to international opportunities for Croatian deep-tech startups.
And this is just the beginning – similar initiatives and opportunities for the growth of deep-tech startups await you in the coming months!
