Linda Capusa, ESNA's Operations Director in an interview with Podjetna Slovenija
Linda Capusa, ESNA's Operations Director and Board Member, spoke to Podjetna Slovenija about the latest Startup Nations Standards Report 2025, prepared by ESNA, and the results achieved in Slovenia.
Slovenia achieved the greatest progress this year, with Standards implementation increasing by 38 percentage points compared with the previous year.
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The latest report Startup Nations Standards Report 2025, prepared by Europe Startup Nations Alliance, shows that countries in Europe are increasingly introducing policies that facilitate the creation and growth of startups.
Among the countries this year, Slovenia stands out in particular. According to the report data, it recorded the largest year-on-year progress. The level of implementation of standards increased by as much as 38 percentage points, to 62 percent.
About what this year’s results mean for Slovenia, where the biggest opportunities for improvement still lie, and how strong a signal this sends to foreign investors, we spoke with Linda Capusa from the organisation ESNA.
Slovenia recorded the largest year-on-year improvement this year. In your opinion, what were the key reasons for this progress?
Progress is visible across all standards, and in some Slovenia progressed especially strongly.
One of the most important is the area of stock options for employees. Last year Slovenia was at this standard at zero percent, while this year it reached full, that is 100-percent implementation.
In doing so, we measure three key elements: whether the country has a special system of stock options for startups, whether companies can issue shares without voting rights, and whether shares are taxed only upon sale, and not already at allocation. With the new legislation in Slovenia, all three criteria were fulfilled.
Important progress was also seen in the standard of rapid company establishment. This improved from 60 to 81 percent, as it is now possible to establish a company entirely online, without visiting a notary or other institutions.
In addition, Slovenia recognises documentation on company establishment from other European countries in English, which encourages cross-border cooperation.
Progress is also noticeable in the “digital first” standard, which improved from 43 to 73 percent. This means that entrepreneurs can complete more and more procedures online.
Where do you see Slovenia’s largest still unexploited potential?
Although Slovenia progressed the most this year, gaps still exist. The average of countries within ESNA amounts to 70 percent, while Slovenia is at 62 percent.
The most space for improvement is in the area of innovation in regulation, where implementation is currently at 17 percent. This is an improvement, since last year it was at zero percent, but it is still the weakest standard.
This standard includes three key elements. The first is the “think small first” principle, which means that when preparing new policies, the needs of startups are taken into account. The second element is regulatory exceptions for startups, which supports smaller companies to have equal playing field when compared to large corporations. The third are regulatory sandboxes, where startups can test their innovations in cooperation with regulators.
How strong a signal does Slovenia’s progress this year send to foreign investors?
Progress in the field of startup policies undoubtedly sends a positive signal. Such a large leap shows that the country is introducing reforms and that policymakers are aware of the importance of the startup ecosystem.
Improvements in digital public services, the speed of company establishment and stock options for employees clearly show that Slovenia is creating a better supportive environment for startups.
Of course, investment decisions are based on numerous factors, not only on policy. However, continuous progress in this field increases investor confidence.
It is true, however, that Slovenia still lags behind the European average, therefore it is important that reforms continue.
Which reforms should Slovenia now place in the foreground?
The greatest emphasis should be on innovation in regulation. One of the important factors are the regulatory sandboxes.
These enable startups to test their innovations together with the regulator. When testing is successfully completed, the company has a product that is already regulatorily verified and ready for the market.
Such an approach also facilitates obtaining investments for companies, as investors know that the product is regulatorily verified.
Does Slovenia have sufficiently strong access to venture capital for rapid growth of startups?
Access to financing is measured within the standard “access to finance”. Slovenia reached 56 percent here, which is one of the weaker results, although slightly better than last year.
The European average amounts to 77 percent, which means that Slovenia still has quite a lot of room for progress.
In Slovenia there already exist important financial instruments, such as co-investment funds of the Slovenian Enterprise Fund and investment programmes of SID Bank. One of the possibilities for improvement are tax reliefs for business angels, which could encourage more investments in early stages of startup development.
Europe reached 70-percent implementation of standards. In which areas does it still lag behind the USA or Asia?
First it is necessary to emphasise the positive trend. We have been carrying out this analysis for the third consecutive year and each year the result improves. Last year the European average amounted to 61 percent, and this year 70. This means that European policymakers increasingly recognise the importance of startups.
Despite this, Europe still lags behind in regulatory agility. For a startup that wants to grow quickly across several European markets, the regulatory environment is still quite complex.
In the future, an important role will be played by the EU Inc proposal or 28th regime, which is being prepared by the European Commission. This would enable companies faster expansion across Europe and easier access to the single market. Despite remaining challenges, it is important that the European space is gradually developing into a more unified and startup-friendly environment.