On Wednesday, November 27, 2024, the House of the European Union in Slovenia hosted the high-profile conference Closing the Innovation Gap: The Challenge of Slovenia’s and Europe’s Competitiveness.
Organized by the Office of the European Investment Bank (EIB) Group in Slovenia and the Representation of the European Commission in Slovenia, the event spotlighted the intertwined relationship between innovation and competitiveness while addressing strategies to support business growth, research commercialization, and capital access.
The conference moderated by Tina Drolc, EIB Media Officer, brought together stakeholders across sectors, including policymakers, investors, researchers, and representatives of development institutions, to discuss how Slovenia and Europe can leverage existing resources and initiatives to remain globally competitive in an ever-evolving market landscape.
Driving Innovation to Restore Competitiveness
Opening remarks set the tone for a focused dialogue on innovation’s role in shaping Europe’s future. Dr. Jerneja Jug Jerše, Head of the Representation of the European Commission in Slovenia, emphasized the urgent need for reform and alignment: “Europe must enhance the coordination and scale of its research and innovation initiatives to bridge the innovation gap. The EU must also reform its regulatory framework to streamline the bringing of innovations to the market and thus support companies with strong growth potential.”
Echoing this sentiment, Dr. Simon Savšek, Head of the European Investment Bank Group Office in Slovenia, underlined the essential link between innovation and competitiveness: “Innovation and competitiveness are intrinsically linked—each driving the other forward to meet the challenges of evolving markets. As Jean Monnet aptly said, ‘People only accept change when they are faced with necessity’; today, that necessity lies in restoring Europe’s competitive edge in the face of global challenges.”
Boosting Investment to Meet Ambitions
Mary Veronica Tovšak Pleterski, Director of the Directorate-General for Internal Market, Industry, Entrepreneurship, and SMEs at the European Commission, highlighted the importance of public and private investment in fostering innovation: “We need more private capital, but we also need to see public investment seized up.” Her keynote provided a roadmap of the European Commission’s actions to drive innovation, particularly through regulatory reforms and financial mechanisms designed to amplify investment impact.
Unlocking Slovenia’s Potential
The first panel discussion, moderated by Dr. Andreja Kodrin, Member of the InvestEU Fund Investment Committee, provided an in-depth exploration of Slovenia’s strengths and areas for improvement in competitiveness. The esteemed panelists included Gregor Rebolj, co-founder of Silicon Gardens; Andraž Grahek, Director of Capital Genetics; Nina Dremelj, Management Partner at Vesna Capital; Dr. Simon Kulovec, Director of R&D at Podkrižnik d.o.o.; and Rene Šrumpf, Specialist for Product Development and EU Programs at SID Banka. Together, they shared diverse perspectives on fostering innovation, entrepreneurship, and aligning financial and policy frameworks to drive sustainable growth.
Financial Instruments for Innovation
The second panel, moderated by Dr. Simon Savšek, focused on the EIB Group’s role in fostering innovation. Nicolas Di Pratta senior banker at the EIB highlighted its leadership in venture debt: “As Europe’s largest venture debt provider, we support innovation and set the pace for private investment.” Radoslaw Ossowski Barbetti senior banker at the EIB addressed the €270 billion EU investment gap, noting, “Slovenian firms spend about half as much as their US peers on research and innovation. Our Banking team is actively looking for financing opportunities to foster innovation and green transition.” Marta Pazina Mandate Manager of EIF emphasized partnerships driving innovation: “Over the past 5 years, EIF has invested €4.4 billion annually in venture capital and private equity, supporting companies shaping our economies.” She added that the Vesna Fund, supported by SEGIP, is advancing technology transfer in Slovenia and Croatia.
A Unified Vision for the Future
The discussions throughout the day underscored the need for Europe and Slovenia to act decisively in fostering an environment conducive to innovation. By addressing regulatory barriers, scaling public and private investment, and leveraging the financial tools of institutions like the EIB Group, Europe can narrow the innovation gap and secure its competitive edge on the global stage. This conference reaffirmed the importance of collaboration between stakeholders, emphasizing that sustained innovation is not merely a policy goal but a necessity for long-term economic resilience and growth.