VRIJEME JE ZA GOSPODARSTVO Stevica Kuharski

Guest Stevica KuharskiHosted by Darko BukovićMay 3, 2026

Stevica Kuharski

About this episode

What you'll hear in this conversation

Stevica Kuharski operates at the intersection of entrepreneurship and investment, having built a company from scratch in 2003 before stepping into the world of venture capital. As a representative for Fil Rouge Capital, he is now tasked with deploying €32.5 million into Croatian innovative businesses, aiming for 250 to 300 investments over the next four years. This isn't a passive endeavor; his team actively scouts for talent, focusing on the long-term potential of companies. Yet, the biggest challenge isn't always finding the right idea, but the founder's readiness to receive investment. Kuharski reflects on his own early entrepreneurial days, noting that 'most young entrepreneurs at that stage think they are the smartest in the world.' He knows firsthand the mental shift required to move past the fear of sharing an idea, admitting weaknesses, and understanding that investment is not merely selling equity, but a partnership for growth. This conversation explores how a proactive fund identifies opportunity, and the often-unseen emotional and psychological hurdles founders must clear to truly scale.

Insights from the conversation

What to take from this episode

Fil Rouge Capital's core mission is 'to support the present to secure a good future' by investing in Croatian startups. Investment isn't just about funding individual companies; it's about building a foundational ecosystem that ensures long-term economic vitality. The impact extends beyond a single venture.

Stevica Kuharski and his team of eight are 'proactive,' actively seeking out talent for 250 to 300 investments in the next four years. For an investment fund aiming to make a systemic impact across an entire startup ecosystem, waiting for pitches isn't enough. The scale of opportunity requires active scouting and cultivation.

Fil Rouge Capital is not limited by sector (apart from agriculture, tobacco, and pharmaceuticals) and emphasizes that for early-stage companies, revenue 'is not that important' compared to growth potential over 5-10 years. A broad investment mandate allows a fund to uncover overlooked opportunities in diverse fields, prioritizing a founder's long-term vision and market potential over immediate financial metrics.

The fund deploys capital through three distinct programs: Startup School (€10K for 10% equity for ideas), an Accelerator Program (€50K for 20+ startups per generation), and larger Venture Capital investments (up to €2M for established companies). A multi-stage investment strategy allows a fund to tailor capital and support to a venture's maturity, from validating nascent ideas to fueling the global expansion of proven businesses.

Reflecting on his own journey, Stevica Kuharski notes that his 24-year-old self in 2003, like 'most young entrepreneurs at that stage,' believed he was 'the smartest in the world.' The biggest hurdle for early-stage founders isn't just a lack of capital, but often a mindset that resists external input, making emotional and intellectual maturity as crucial as the idea itself for investment readiness.

Kuharski emphasizes the need for founders to understand the distinction between 'selling shares of a company and receiving an investment,' and to overcome the fear of admitting 'things they actually do badly.' Investment isn't a transactional sale of equity; it's a strategic partnership that demands vulnerability, a willingness to share control, and an honest assessment of a company's strengths and weaknesses for amplified growth.

Founders must come to terms with the reality that 'at least fifty people in the world are doing exactly what we are doing... ten are far ahead of us, and two or three will be market leaders.' The rigor of scaling requires founders to internalize the competitive landscape and market dynamics, not just intellectually, but emotionally, embracing the reality that their idea is rarely unique or unchallenged.

Explore further

ScenariosBusiness challenges CardsEducational cards TimelineTopic evolution