November the 10th, 2022 - The innovative Rijeka startup Gamio, which was born out of a love of video games, has attracted an impressive five million kuna, and now it is on the hunt for experts to add to its team.

As Josipa Ban/Poslovni Dnevnik writes, young entrepreneur Marko Matijevic decided to turn his passion for video games and gaming into a proper business. Last year, he launched the Hall of Game (HoG), the largest gaming arena in all of the Republic of Croatia, while simultaneously working on the development of the unique and innovative platform Gamio.GG, which is based on web3 technology.

Thanks to that platform, gamers should soon (as early as next year) start making money while playing. This play2earn concept is in complete contrast to the traditional gaming concept where players have to pay to play. Investors were quick to recognise Marko's unique idea, and the Rijeka startup Gamio recently received an investment of five million kuna. How the Gamio.GG platform will function, what the money will be invested in, and when we can expect it on the market, was explained by founder Marko Matijevic.

How did the idea and then the work on the development of the Gamio.GG platform come about?

The idea was actually "born" through the Hall of Game (HoG) in a conversation with various brands we work with. Before the very opening of HoG, there was an idea of the ​​parallel development of an eSports platform, but after the initial few events and tournaments that we did for brands, we realised that, as much as we love eSports, a lot of platforms are already trying to break into that segment, and the number of players who participating in esports competitions is limited.

For this reason, we turned our attention to everyday players, who actually make up the vast majority of HoG visitors, and to a slightly more "casual" approach. We tested the initial ideas with the players themselves, pivoted them and finally found the perfect investor and partner - Hellens Rock.

In that process, I was lucky and met the core development team, without which such rapid progress wouldn't have been possible. We've come up with many solutions together and I'm extremely glad that we've been participating in the development of the company together from the very beginning.

What are the biggest challenges you've faced in developing the platform?

Quality personnel is the greatest issue I've come across yet. I'm not just talking about product development, but also operationally speaking. Gaming is interesting to everyone, but not everyone understands the business side of "playing games". So, we're also looking for experts from other industries who primarily have an interest in this type of product and understand the gaming culture.

How will the platform actually work? Which video games will all gamers be able to play and earn GG cryptocurrency?

Players simply select the tasks they want to complete while playing their game. This can be in the form of "Get the highest score in one single game" or "Assist 10 times in one hour". The so-called "Ticket" currency is collected, which is used to enter exclusive tasks that then carry our GG cryptocurrency. In addition to all that, there are many options that players can use to increase their chances of winning bigger prizes or simply take a bigger risk for a bigger reward.

What kind of interest do you expect, especially considering that the crypto market isn't doing well at the moment?

Our primary market is gamers, and only then crypto users. For investment reasons, we postponed the release of the cryptocurrency and devoted ourselves to product development. The interest of early testers was even greater than expected. We plan to launch GG during the next year, depending on the growth of the number of users and the state of the crypto market going forward. During this time, users can decide whether they want to exchange their GG tokens for rewards within our "Shop" system, wait until they can cash out on their cryptocurrency exchanges, or simply reinvest them within the platform itself.

You recently received a pre-seed investment for its development, i.e. initial investment in the development, in the amount of 660 thousand euros, i.e. five million kuna. What will that money be invested in?

It takes considerable time to develop a custom-made blockchain-based platform. Headlines about investments in web3 companies always look bombastic, but most of the investment goes to development itself and later to marketing. The investment is being used primarily for employment and product development, but also for the first permanent users. We also equipped some modern offices in Rijeka and a smaller regional office in Zagreb, which is soon expected to move to a more attractive location.

You received the investment from the Hellen's Rock investment fund, which was founded by entrepreneur Sacha Dragic. How easy or difficult was it to secure the investment? How did you attract the investor?

Sacha is an extremely capable entrepreneur surrounded by experts like Stjepko and Andrea Cordas, who have immense experience in managing tech companies. Since we're friends from a similar industry, it wasn't difficult to have a similar view on the future of the company's business. The whole process didn't really last long because we all knew what numbers were important and what realistic goals to set in the coming period. As I already mentioned, an acquaintance from the same technology sector actually made it possible for us to speak a "similar language" and also made it possible for us to achieve cooperation much faster than it would have been through some more classic VC paths.

When should the platform be finished and be made available on the market?

The MVP is already ready and has been tested several times. We're now dealing with all of the final preparations in order to start the closed phase of market entry and the beginning of marketing. In the beginning, we're going to be targeting a few hundred gamers and will gradually increase the number of players on the platform. Finally, with the issuance of GG tokens to the cryptocurrency market, the platform will become available to everyone.

Which markets are you targeting, and which gamers from which countries?

We're starting with Croatia's more immediate region because through the Hall of Game, we've gained a very good insight into local trends, cooperation with various organisations, and we also want to give our players the opportunity to try the product first. After a short phase with Croatia and the region's market, our goal is certainly America, but until that moment comes, we're going to focus on markets such as Latin America and Turkey. The USA is a logical choice, but it's also the most financially demanding, and we'll start with it after we prove our profitability here on these other markets. Of course, then there's the rest of "Tier1" in European countries like the UK, Germany, France...

Last year, you launched the Hall of Game, a gaming centre in Zagreb's Z shopping centre, in which one million euros was invested. Are you satisfied with the level of attendance and your work there?

The first year was phenomenal. We've done a lot of events, both our own and partner's. We put ourselves on the "gaming map" not only of this particular region but also of Europe with the recent Call of Duty tournaments.

Of course, collaborations with big brands only improved the perception of HOG. We also had problems and learned some things the hard way, but that's why we are extremely confident in what we do. I think it can always be better and I hope this is just a fraction of what we want to achieve.

For more on Croatian companies, make sure to check out our dedicated business section.

November the 8th, 2022 - The Zadar agency Telum has created a new and innovative tool which will help us rethink our personal data protection as things are set to change significantly with third party cookies.

As Poslovni Dnevnik/Josipa Ban writes, privacy protection, which is most obviously reflected in the abolition or blocking of third-party cookies, has caused tectonic changes in digital advertising, and as such in ever-present digital media.

Huge changes are happening in this field because over more recent years, digital advertising has become "dependent" on third-party cookies. How could it not rely on it, when you take into account the fact that cookies are what lead advertisers to exactly where they need to be and who they need to be shown to by said individual's preferences?

In addition to targeted ads, cookies also enable advertisers to measure their own campaign results, user profiling and optimisation, all with the aim of achieving the best possible marketing results. However, third party cookies are increasingly being blocked by users and web browsers themselves due to privacy protection issues.

For example, the Safari browser has already discontinued them, and the consequences of such practices can be seen in the Zadar agency Telum, which is a marketing agency that has been involved in the creation, management and optimisation of Internet marketing campaigns for fourteen years now. The most important goal of marketing is performance, i.e. earnings and the growth of the client.

"When it comes to measuring the success of campaigns, we're already noticing that 50 percent of solutions that rely on third party cookies become invisible precisely because of their rejection," explained Mario Ivic, the founder and director of the Zadar agency Telum.

The situation will become even more difficult when one of the leading web browsers, Google's very own wildly popular Chrome, also chooses to block their use, which has already been announced for the third quarter of 2024. The consequences of such a move will be felt not only by advertisers but also by digital media.

"Everything starts with the advertiser themselves. They should adapt the measurement of campaign results to the increasingly frequent blocking of third party cookies. If they don't, they'll lose a lot of information, and this affects the quality of data optimisation. That being said, a much bigger problem is that with weaker targeting and user segmentation capabilities, campaigns become less efficient, and therefore less well paid. This inevitably spills over to publishers, that is, digital media, who have to reckon with a smaller number of advertisers and lower prices," explained Ivic.

Advertisers and digital media must therefore adapt to these new market conditions, and the solution, says Ivic, who is also the co-owner of Midas Network, a platform for native advertising, is in the preparation of technology for "first party" data, which enables user profiling on only one single domain.

"This somewhat reduces the quality of the data, but there are solutions that minimise this effect. These are CDP (Customer Data Platform) or DMP (Data Management Platform) solutions that enable user segmentation. By standardising these segments, over time, you can achieve a situation in which advertising becomes almost as good as it was with third party cookies,'' Ivic pointed out, and adding that some publishers are already using these solutions, while others haven't even started preparing for this yet.

The Zadar agency Telum, a marketing agency that stands out of the crowd for its own development of digital tools that help clients make their campaigns more successful, is also working on a solution to this problem, and that saw it placed on Deloitte's ranking of the fastest growing technology companies in Central Europe for three years in a row (from 2016 to 2018).

However, Ivic doesn't want to reveal much at all until the product is fully developed, so he just briefly pointed out that the software should be on the market in about three to four months, and its specialty will be that it will be the first solution adapted to the specifics of the Croatian market and at the same time be the only Croatian solution of that category for digital advertising using first party data.

Telum's brand new digital tool should be an additional tailwind for the company that has carried out more than three thousand campaigns to date, which achieved 18 percent growth in revenue in 2021, and which should be even higher in 2022. It should help advertisers and digital media minimise the negative effects of privacy protection policies and cookie blocking.

For more on Croatian companies, make sure to check out our dedicated business section.

November the 3rd, 2022 - A very special application (app) by the Croatian startup Spiritus is turning graveyards into virtual museums, telling the stories of those lying at rest there.

As Poslovni Dnevnik/Mladen Miletic writes, a team of Croatian tech experts from the Zagreb startup Spiritus has designed an application that turns cemeteries across the Republic of Croatia into virtual museums, and it has already attracted more than three million kuna in investments intended to expand this heartfelt idea to other European markets.

Through the application, the families of the deceased can write stories about their lives, as well as receive photo suggestions or stories about their loved ones that they may not have even known about. The Spiritus application was premiered in Vukovar, and on October the 31st, 2022, it arrived at almost all major cemeteries in the country.

"We've been preparing the project for more than a year now, and we hope that it will be recognised and supported by people. There are so many untold and inspiring life stories that we want to preserve for our descendants," explained Spiritus director Dino Jerkovic.

So far, the application has more than 700,000 memorials spanning more than 50 city cemeteries loaded into it, from Vukovar to Zagreb, Varazdin, Osijek, Karlovac and Split.

"We believe that every person who has ever lived has at least one story worth telling. These are often wonderful and inspiring life stories that will be forgotten over generations. We want to find such stories and enable families to keep hold of them forever," added Dino Jerkovic.

"We'd like to thank our previous partners for recognising the potential of this project and we're looking forward to future collaborations. The goal is that every family in Croatia has the opportunity to preserve the memories of their loved ones through technology. Pictures, stories and biographical information can remain indelible on the Internet, in fact they're eternal. As such, the memories of our grandparents can remain for all generations. Of course, we do check all of the content placed there. It's very important to us that all of the content on Spiritus is dignified and respectful of the deceased," concluded Jerkovic.

For more, make sure to check out our dedicated business section.

November the 3rd, 2022 - The Croatian Dalekovod company is set to engage in a new job for a large Norwegian client - Statnett, which chose Dalekovod's offer during a tender as the best.

As Poslovni Dnevnik/Suzana Varosanec writes, the latest job that Dalekovod has got its hands on, with the proviso that the contract will be concluded after the final confirmation, concerns the construction of a new 420 kV transmission line over in Norway, more specifically on the Aurland - Sogndal section, spanning a total length of 41 kilometres.

After an evaluation process in accordance with the tender criteria, the Norwegian client Statnett chose the Croatian Dalekovod company's offer, and the intention to conclude a contract was quickly expressed. At this moment in time, the appeal period is still running, and if there are no surprises or bumps in the road, Dalekovod's Management can peacefully wait for the conclusion of this important contract on the execution of works for this well-known partner.

They are just finishing the construction project of a new 420 kV transmission line between the substations Skillemoen and Skaidi for the aforementioned Norwegian client, which spans a total length of 89 kilometres and is specific given its geographical position in the far north of Norway. Because of that, it was built in arctic weather conditions.

Approximately 70 to 80 percent of the Croatian Dalekovod company's business revenues are generated on foreign markets. About 80% of that is realised in Scandinavia, which means that on an annual level, 50% of Dalekovod's income is generated by jobs carried out over o the Scandinavian market.

Scandinavia is therefore an important stronghold for this Croatian company, and there is still a significant investment cycle on which Dalekovod is building its plans, although apparently at a reduced intensity. The electricity transmission company Statnett is otherwise the Norwegian counterpart of Croatia's very own HEP.

The Croatian Dalekovod company's cooperation with Statnett started way back in 2007 and then continued with a series of projects in which Norway, due to its geographical shape and terrain configuration, has been successfully connecting the north and the south with a new distribution network for the past fifteen years.

As many as 350 Dalekovod employees have worked there on certain projects, sometimes under extremely demanding conditions. Similarly, only in later dynamics, cooperation was achieved on energy projects in nearby Sweden. Dalekovod's latest contracts concern two Swedish investors, Elevio AB, the owner of the distribution network, and Svenska Kraftnät, the national energy company. The management is also still trying to position the company on the demanding German market, and Dalekovod established a branch in Germany again this year. It is estimated that by 2030, the largest investments in energy will take place there.

Business recovery

The recorded 36% drop in the Group's revenues in the first nine months of 2022 compared to the same period in 2021 (when revenues amounted to 705.7 million kuna) was mostly influenced by the stoppage of work on two projects in Ukraine for obvious reasons, and less activity in Scandinavian countries.

Business recovery was noticeable in the third quarter of 2022, in which 264 million kuna of revenue was realised with a net profit of 3.6 million kuna. Dalekovod's management expects these positive trends to continue.

For more, make sure to keep up with our dedicated business section.

November the 1st, 2022 - Many Croatian companies have finally managed to get their revenues back up to reasonable levels in the post-pandemic period, only to have inflationary pressures and spiralling costs cause yet another issue. Koncar, however, has recorded a firm increase when compared to 2021.

As Mladen Miletic/Poslovni Dnevnik writes, in the third quarter of 2022, Koncar, the largest Croatian exporter and regional leader in the country's power industry, achieved an impressive increase in revenue from the sale of its products and services by 635.9 million kuna, which represents a 26.4% increase in comparison to the results recorded back during same period in what was for this company, a record-breaking 2021.

As much as 61.1% of Koncar's overall income was generated on foreign markets, and at the same time, the growth of newly contracted business and orders was also recorded, which inspires optimism for the future. Along with excellent results in the commercial part of the business, good financial results were also achieved, whereby the consolidated net profit of Koncar's companies amounted to 277.3 million kuna which is equal to 123.9 million kuna or an 80.7 percent increase compared to the same period last year.

With the inclusion of Dalekovod, sales revenues increased by 524.3 million kuna and amounted to 3.562 billion kuna in total. Here on the domestic market, Koncar's companies achieved revenues in the amount of 1.184 billion kuna, which is 268.1 million kuna or 29.3% more than back during the same period last year.

When it comes to exports successfully realised by Koncar, the most significant results were achieved on the demanding German market (332.7 million kuna), which is 40 million kuna more than last year. Sweden (238.8 million) and Austria (95.7 million) follow. Exports to the European Union (EU/single) market as a whole also increased and now amount to 1.343 billion kuna, representing 72.1% of this company's total exports.

For more on Croatian companies, ideas and entrepreneurs, make sure to check out our dedicated business section.

November the 1st, 2022 - The Croatian company Valamar has enjoyed some excellent results and impressive revenue growth, but could all that end up being threatened by inflationary pressures? It seems rising costs are already making a dint.

As Poslovni Dnevnik writes, according to Valamar's business report for the first nine months of 2022, this huge Croatian tourism company achieved results that confirm the recovery of business operations after two years dominated by the public health crisis, and they also indicate the significant impact of the new crisis on business costs.

2.32 billion kuna in operating income was successfully achieved by Valamar, which was an increase of 14% when compared to the pre-pandemic 2019, primarily as a result of an increase in average prices of 19.5%. Operating profit (EBITDA) during the first 9 months of this year reached 943 million kuna, representing growth of 7.7%. The highest growth was achieved by premium hotels and campsites, which confirmed the justification of Valamar's previous investments in tourism with high added value. Northern destinations have also been recording higher demand and faster recovery than southern Croatia has, although hotels down south in Dubrovnik also reached the level of traffic they enjoyed back in 2019 during the main summer season.

Operating costs for the first nine months of 2022 grew by 19% compared to 2019 due to the significant increase in energy costs and the growth of other operating costs under the influence of spiralling and ongoing inflation. Electricity costs increased by a massive 89 million kuna, while other costs increased by a total of 126 million kuna when compared to back in 2019. The biggest impact on the increase in costs has been a staggering three-fold increase in the price of electricity to 230 euros per MWh, due to which, the work of many larger accommodation facilities during the off-season has been shortened.

"With revenue growth of 14% compared to 2019, Valamar Riviera has achieved full recovery from the crisis caused by the coronavirus pandemic. Through the increase in service prices, primarily the price of accommodation in the premium segment, we managed to amortise the enormous increase in energy costs and the increase we've seen with other operating costs.

Ahead of us is a year full of a lot of uncertainty and challenges owing to the energy crisis, inflation, the cost of financing and geopolitical disturbances, but there's also good news such as Croatia's impending entry into both the Eurozone and into Schengen. The country's tourism sector should turn to the preparation of the next tourist season as soon as possible in order to ensure competitive business conditions and sustainable growth of tourism in time,'' said Zeljko Kukurin, President of the Management Board of Valamar Riviera.

Despite the crisis, investments in the amount of 530 million kuna were realised this year within several facilities managed by Valamar. The investment in Valamar Amicor Green Resort in the amount of 220 million kuna has significantly raised the quality of the offer on the Central Dalmatian island of Hvar, and refers to the construction of the first summer resort that follows the highest standards of green construction and sustainability. On the mainland in Makarska, the Dalmacija hotel was completely renovated and became Valamar's second lifestyle hotel under the PLACES brand. The Corinthia Hotel in Baska was renovated according to the standards of the Sunny Plus brand, and back in July, the acquisition of the third hotel in Obertauern was finalised, which will open for the 2022/2023 winter season, welcoming guests as Valamar Collection Kesselspitze Hotel 5*.

Valamar is otherwise the largest employer in Croatian tourism by far, employing 7,700 employees this year alone. In order to improve working conditions and retain local employees, 15 million euros were invested this year in salary increases and numerous reward programmes. By entering the TOP 10 most desirable Croatian employers, Valamar has confirmed its long-standing position as the best employer in the country's tourism sector. Back in June this year, Valamar presented its brand new sustainability strategy and ESG goals which it intends to implement until the year 2025, within which, over the next three years to be precise, it plans to become a carbon-neutral company in the first and second scope and to invest 50 million euros in the further development of its destinations and sustainability projects.

For more, make sure to check out our dedicated business section.

October the 29th, 2022 - The Podravka Group has managed to hold onto its growth despite the negative economic circumstances and inflationary pressures we're currently experiencing. It even secured sales growth of 10 percent.

As Poslovni Dnevnik writes, during the first nine months of 2022, Croatia's well known Podravka Group successfully coped with the various market challenges generated by the coronavirus pandemic and the Russian aggression against Ukraine, the consequences of which are reflected in the strong and continuous increase in the prices of all raw materials, packaging and energy.

Over the first nine months of this year, the Podravka Group achieved impressive revenue growth of 329.1 million kuna, which is equal to a 9.7 percent increase when compared to the same period last year. The Nutrition segment grew by 11.1 percent, or 292 million kuna, while the Pharmaceuticals segment recorded an increase in revenue of five percent, or 37.1 million kuna. The investment cycle is in full swing, so capital investments at the Podravka Group level in the first nine months of this year amounted to 294.5 million kuna, which is almost three times more than in the same period last year when that figure amounted to 103.7 million kuna.

Operating profit before depreciation (EBITDA) during this same period was 5.7 percent higher, and net profit was 3.8 percent higher when compared to the first three quarters of 2021. However, comparing the third quarter of 2022 with the same period in 2021, a visible a drop in net profit in the Food segment can be seen, which is a direct consequence of business conditions that have further worsened due to rising prices of raw materials, packaging and energy. The current high costs of raw materials, packaging and energy in the Food segment amounted to 269 million kuna, meaning that they were 25.3 percent higher than they were during the same nine months of last year.

"The business conditions over the first nine months of 2022 have been far more challenging than we expected them to be back at the beginning of the year, which is why we're strongly focused on optimising all types of costs and maintaining our sales volume. In this period we've just come through, through the active management of stocks, sales prices and increasing production efficiency, we partially amortised the rise in the prices of raw materials, packaging and energy, and thus managed to maintain growth.

I'm particularly pleased that, even in such challenging circumstances, we increased the salaries of our employees back at the end of March. However, it's important to emphasise the fact that the results the Podravka Group achieved in the first nine months of 2022 don't reflect what awaits us at the annual level. The most severe impact of cost growth awaits us in the fourth quarter, which will certainly affect the overall result for this year,'' commented the President of the Management Board of Podravka, Martina Dalic, adding that despite this, the company is continuing to implement all its strategic plans, which include significant investments and improvement of conditions of work.

In accordance with the company's development strategy, the implementation of the Podravka Group's investment cycle is in full swing, as evidenced by the investments completed over the last three months. A new line at the Koktel Pastry Factory, worth 30 million kuna, was put into operation, and work was completed on the company's solar power plant, which is currently the largest integrated (on the roofs of existing facilities/buildings) solar power plant in all of the Republic of Croatia.

In addition to all of the above, the Podravka Group's production facilities were all fitted with air conditioning units and a complete energy and IT renovation of the business headquarters worth 104.5 million kuna was completed, which significantly improved the working conditions of a large number of employees. The digitisation of production processes at Tvornica Juha i Vegeta was also completed, the installation of a new line in Varazdin, worth 40 million kuna, is now in its final phase, and construction work on the expansion of Tvornica Juha i Vegeta began at the beginning of October. This investment, worth a massive 104.8 million kuna in total, is the first investment in the construction of new Prehrana production facilities in Koprivnica after fifteen years, which will also create new jobs.

During the month of September, the commemoration of the 75th anniversary of the Podravka Group began, and the management of the company made a decision to pay the employees a special award in the amount of 750 kuna to mark the occasion, instead of being boastful with large ceremonies.

For more, make sure to keep on top of our dedicated business section.

October the 15th, 2022 - The Croatian restaurant chain Koykan, known for its so-called ''fast-casual'' style, is set to spread to the German and Austrian markets following a new investment round.

As Poslovni Dnevnik writes, on Wednesday this week, the Croatian restaurant chain Koykan presented its expansion plans for the wider European Union (EU) market to investors, which includes the opening of as many as fifty franchise restaurants in Germany and Austria by the tear 2025. The Croatian chain Koykan is otherwise quite the unique restaurant concept that offers a wide range range of street food dishes and international cuisine in one place, from Asian and Mexican to Mediterranean and American, all based on high-quality and fresh local ingredients.

In order for the company's ambitious plan to expand its business to the European Union market to come true, the founders of Koykan plan to attract an investment worth one million euros with the help of the digital investment platform Funderbeam, and would-be investors have confirmed their interest in investing in this rapidly growing Croatian street food franchise.

"Funderbeam is a global digital platform that enables startups and developing businesses to raise capital under more favourable conditions than venture capital and other forms of investment at that stage of business development. At the same time, Funderbeam also enables individuals to become part of the business success of innovative and growing businesses as small investors with an investment of as little as 250 euros. This is a significant change in the world of investments, since until now such investments were reserved only for large institutional investors,'' explained Ognjan Despot, the director of Funderbeam for Central and Eastern Europe. He also pointed out that Croatian companies have already raised more than six million euros through various Funderbeam investments, while total investments through Funderbeam amount to more than 50 million euros.

"We didn't just decide to take this step overnight. Over the past decade, we've learned a lot, often from our own mistakes, we've worked persistently, we've developed, and only now are we truly ready for expansion into the European Union markets. With the help of Funderbeam, our goal is to raise one million euros in Series A and with that spring our step, to open up fifty franchise restaurants throughout Germany and Austria over the next three years," explained Boro Milivojevic, one of the co-founders of the Croatian restaurant chain Koykan.

Every company on Funderbeam must have a leading investor who contributes to the campaign's credibility with their investment, and the leading investor in Koykan, Mato Marcinkovic & Partners, emphasised that here in the Republic of Croatia, it is necessary to activate the investment climate in promising companies that plan to expand to a much larger market in Europe.

Davor Bruketa, a partner in the famous Croatian branding agency Bruketa&Zinic&Grey, joined Koykan as one of the investors. "After hearing about Koykan's story a few months ago, I decided to invest and financially support the project. The expansion of the first Croatian fast-casual restaurant chain is also interesting to my agency, so we decided together that Bruketa&Zinic&Grey will help with the design, digital advertising and brand activation for their franchise expansion," says Davor Bruketa.

The Croatian restaurant chain Koykan wants to include all of its fans in this project, therefore both Koykan employees and major suppliers have become investors, and the desire is for customers who like the famous Koykan classics such as their burgers, gyros, wraps and other offers to join in as well. The fundraising campaign on Funderbeam is set to continue for another month, and the currently expressed interest in investing has already exceeded the initial expectations of the founders.

For more on Croatian companies and investments, make sure to check out our dedicated business section.

October the 5th, 2022 - The Croatian brand Miret has earned prestigious recognition on the global stage which will further shine the spotlight on this ecologically-aware producer.

As Poslovni Dnevnik/Josipa Ban writes, the well-known Croatian brand Miret which designs and creates ecological trainers has received the OEKO-TEX Standard 100 certificate for their complete product. Miret's shoes have as such become the only tennis shoes in the entire world that have a certificate confirming that they don't contain any harmful chemicals, meaning that nothing in the product poses a risk to human health.

It's important to note that other brands do carry this mark, but only for certain parts of trainers, where as the Croatian brand Miret's certification is for the entire shoe. The standard 100 marks represent the "eyes of the consumer", explained Domagoj Boljar, the co-founder and director of Miret.

"Given that footwear production often takes place far from the eyes of the consumers themselves, with this certificate, they get an accurate insight into what is happening in places that are invisible to them," Boljar pointed out.

Proof of quality

In order to be awarded with this certificate, they had to undergo rigorous testing of every single component and material incorporated into their product, and the whole process, which the certifier went through for the first time, lasted about a year, they explained from the company, which was founded a mere four years ago by the brothers Domagoj and Hrvoje Boljar.

Domagoj Boljar emphasised that it is a process that is much more complex than the certification of other items of clothing, because footwear is made from a dozen different materials and components, unlike clothing which typically only actually has two or three materials in it. Obtaining this certificate is extremely important for the Croatian brand Miret because this is just one in a series of confirmations of the foundations of their praiseworthy project.

"We're quite radical when it comes to our product and we like to take care not only of the ecological footprint but also of people's health. Now we've received an independent certificate that confirms the quality of the product and the positive impact on human health,'' emphasised Boljar, announcing that they plan to continue to prove their high ecological standards.

With that said, they should soon present the results of their research on the biological composition of tennis shoes and the CO2 footprint. Ultimately, they are convinced, all of this will have a positive impact on their business because they're now scientifically proving their story about ecological trainers. This, in turn, contributes not only to recognition, but also to the credibility of this Croatian brand, and as far as recognition is concerned, Miret seems to earn it rather quickly. This is confirmed by their revenue, which in just two years, from 2019 to 2021, grew by 179 percent to 1.1 million kuna.

However, according to Domagoj Boljar, further growth is still to come because so far they have been mostly focused on product development, the establishment of their infrastructure and growing the right team.

"Now that we've properly organised the business, we will focus on growth, certification and expansion of our offer,'' the men behind the Croatian band Miret explained.

Much like other Croatian entrepreneurs, the business path of the Boljar brothers was far from easy because they worked hard for six years on the development of their ecological trainers with partners from nine other European countries. Therefore, it wasn't easy to replace traditional materials such as leather and plastic with more sustainable and environmentally friendly materials, all while maintaining the quality, durability and modern and attractive design of the shoes.

This quality is mostly recognised by foreign markets, because 90 percent of Miret's shoes are exported to other European countries, such as the United Kingdom of Great Britain and Northern Ireland, and then to the Scandinavian countries, Norway, Finland, Sweden and Denmark.

For more, make sure to check out Made in Croatia.

October the 4th, 2022 - The Zagreb company Stemi, which is engaged in the development of software, wants children to learn how to develop robots and chatbots in school as skills which are more relevant for the rapidly altering times we're living in.

As Poslovni Dnevnik/Josipa Ban writes, a couple of years ago, the Zagreb company Stemi launched the "School of the Future/Skola buducnosti" project in Croatian schools, through which elementary and high school students can work to acquire the technological knowledge of the future, that of robotics, artificial intelligence (EI), and the Internet of Things (IoT).

So far, more than 350 teachers and two thousand students have participated in their project, equal to every tenth school in the Republic of Croatia. The initiators of the project now want this project to come to life in every fifth school, 220 of them. With this goal, together with their partners Infobip and A1 Hrvatska/Croatia, they launched a group financing campaign "Build the school of the future/Izgradi skolu buducnosti", during which they plan to raise a grand total of one million kuna.

In this way, all those who want their children to acquire the technological knowledge and skills of the future from an early age now have the opportunity to influence changes in the Croatian education system. They can change things in this country's often-criticised education system precisely through showing their support to the Zagreb company Stemi's praiseworthy campaign.

Marin Troselj, the initiator of the project and director of the Zagreb company Stemi, explained that their goal is to expand the bridge between schools and our technology industry. "We want to bring knowledge and practice from our best technology companies to every fifth school in Croatia and thus turn them into schools of the future," he pointed out.

This truly innovative and valuable project, in which around 750 thousand euros have been invested so far, has advantages for both students and teachers. Through technological challenges, students can gain some of the most sought-after knowledge on the market, and through teamwork and project work, they'll develop key soft skills for a successful career in the technology industry. The teachers, on the other hand, are also educated about new technologies, and using an innovative educational platform significantly facilitates the preparation and implementation of classes.

Slobodan Velikic, Stemi's business development director, announced that soon, both students and teachers will be able to talk with their colleagues from other countries who are also participating in their programmes. This will be possible because the School of the Future also starts across the pond over in the USA and closer to home in Europe in Great Britain this year.

"Students need to start preparing for the jobs of the future in their classrooms, where they will definitely have to work in an international environment, and through practical work, they'll improve the local community with their projects," said Velikic.

Until this year, through the School of the Future project, students learned about artificial intelligence through the development of chatbots, i.e. computer programmes that can talk to people using natural language. This year, the programme will be enriched with two new ones - robotics and the Internet of Things. Students will thus learn how to make a walking robot for Mars exploration, but also how to grow their own food and how to manage production with the help of technology.

In addition to transferring the technological knowledge of the future, the School of the Future project is also of great value because it popularises STEM fields.

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