UnicornQuest Knowledge Support
Beyond fragmentation: Connectivity of Startup Ecosystems in Europe
Europe has a skilled talent base, world-class research institutions and a vibrant entrepreneurial spirit. But without greater connectivity and cooperation, it risks falling behind other more unified markets. StepUp Project has released its first study „Beyond Fragmentation: The Connectivity of Startup Ecosystems in Europe“. Its findings aim to inspire startup ecosystem actors towards building a more connected and competitive startup environment.
The report examines the fragmentation of Europe’s startup ecosystems and offers strategies to foster collaboration, talent mobility and access to funding.
Although startups are an engine of innovation and economic growth, the fragmented European market limits their growth potential. Startups often face obstacles when trying to break into a market that is divided by different policies, investment environments, complex cross-border barriers and different incentives to foster talent.
With contributions from key stakeholders across Europe, this report shows how to improve the connections between startup ecosystems and transform challenges into opportunities.
Key challenges include:
- Lack of adequate funding. Early stage funding is crucial for startups to survive and thrive. Without sufficient financial support, many promising ideas will not make it to market.
- Difficulties in building successful teams. Startups often struggle to find and retain talent with the right mix of technical and management skills. Building well-equipped teams is essential to navigating the complex challenges of commercialization.
- Regulatory environment. Startups face many regulatory hurdles that can slow progress and increase operating costs. A supportive regulatory environment is essential to help their business plans.
The published report further analyses the barriers to the success of emerging start-ups and proposes an action plan for this area.
For more information see Digital Strategy.
SIEA attended the 4th Interregional Meeting within the UnicornQuest project
A clear signal of European cooperation in the field of support and development of start-ups
Project partners as well as regional stakeholders exchanged experiences in supporting start-ups and the start-up ecosystem at the October meeting in Genoa, Italy. The fourth Interregional Meeting was organized by the Liguria region on 10-11 October 2024. The Slovak Innovation and Energy Agency (SIEA), as one of the project partners, was part of the meeting.
Participants had the opportunity to get to know the start-up ecosystem of the Liguria region also through visits to various local institutions that support start-ups. These organisations include the Liguria Chamber of Commerce, the University of Liguria and the Italian Institute of Technology. Particularly valuable were the presentations of successful start-ups such as Buddyfit, Hiro Robotics, Netalia, Hodlie and ReWing, which presented their innovative projects.
The meeting also discussed how to improve support for start-ups and innovation ecosystems in individual countries. The next inter-regional meeting of the UnicornQuest project will take place in February 2025 in Latvia, hosted by the Zemgale Planning Region.
UnicornQuest project in Slovakia – Successful 3rd Project Semester
In the period March – August 2024, the Slovak Innovation and Energy Agency (SIEA) as a partner institution delivered valuable outputs of the UnicorQuest project.
SIEA successfully organized the 3rd project meeting on 21-22 March in Bratislava. The excursion to InoBat, a leading Slovak battery manufacturer with unicorn potential, highlighted the opportunities for innovative success in new technologies. Another company presented was Sensoneo, which specializes in intelligent waste management.
The project activities produced important outputs, such as the Regional Unicorn Assessment, the National Regional Index and the National Best Practices, which were developed according to the Harvard Case Method.
New project partners were also approved as part of the June 10, 2024 stakeholder meeting.
Regular online meetings helped track progress and share insights about regional startup ecosystems. Regional innovation presentations emphasized supporting potential unicorns and fostering innovation across the Slovakia.
European project UnicornQuest gains new partners and advances tasks to support unique startups
The role of SIEA in the project, funded by the Interreg Europe international cooperation program, is to improve startup support policies in Slovakia even by following the example of other EU countries.
As of August 2024, the UnicornQuest project has added two new members to its existing twelve partners: the Foundation for Management and Industrial Research from Skopje (North Macedonia) and the Vojvodina Development Agency based in Novi Sad, Serbia. Slovakia is represented in the project by the Slovak Innovation and Energy Agency (SIEA).
In June 2024, SIEA, along with other partners involved in the project, submitted a document addressing the startup ecosystem issues. The study aims to identify the strengths and weaknesses of the environment that creates conditions for the operation and development of startups in Slovakia. It will also serve to find solutions and ways to develop this environment domestically and in other countries involved in the project.