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  • “In a technical organisation, getting towards excellence, salespeople are less important than technology people. And the reality of this is that if you don’t do sales on your own, I think that chances of being able to succeed are trending towards zero”


    In this episode, we had a chat with Bogdan Iordache, General Partner at Underline Ventures. The company invests in seed-stage startups and in our conversation Bogdan shares his journey from technical founder to investor as well as his unique perspective on venture capital in Romania and the CEE region. Bogdan is also the founder of How To Web, one of the largest tech conferences in Central and Eastern Europe. The next edition is taking place on October 2nd and 3rd in Bucharest.


    🔍 Episode highlights:

    🏗️ The fundraising process as a solo GP and the strategies Bogdan used to attract different types of LPs.📊 Exploring the differences between indexers and deterministic investing—and why one approach is better suited for the CEE region.🚀 The importance of the opportunity discovery phase in startup development, and why it plays a crucial role in the early stages of growth.🌍 The current state of the Romanian VC ecosystem and how it fits into the larger regional landscape.🔎 Why regional reports might not always capture the full potential and nuances of the ecosystem.

    Tune in to gain insider knowledge from Bogdan’s vast experience in the startup world, and get a glimpse of what’s happening in the rapidly evolving Romanian venture capital scene. Don’t miss out on this insightful conversation! 🎧



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  • “But we are still hungry. And while we will be hungry, I think this ecosystem will be flourishing.”


    In this episode, we sat down with Andrius Milinavicius, General Partner at Baltic Sandbox Ventures, to uncover the secrets behind their success in supporting startups and raising funds in the competitive Baltic ecosystem. 🇱🇹

    From helping founders through incubation and acceleration programs to creating investment opportunities, Baltic Sandbox Ventures is playing a pivotal role in the region’s innovation landscape. 🌍


    🔍 Episode highlights:

    🚀 How incubation and acceleration programs help Baltic Sandbox Ventures discover top startups.🧠 An inside look at their evaluation process for deep tech and life science startups.⏳ The importance of respecting the time needed for technology development.💡 Why founders in the CEE often achieve more with less funding.🇱🇹 The current landscape of venture capital in Lithuania.

    Don’t miss out on this insightful conversation! Tune in now to gain invaluable knowledge from Andrius' vast experience, and learn why staying hungry is key to success. 🎧


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  • 🎙️ Dive into the entrepreneurial journey with Maciej Zawadziński as he transitions from startup founder to VC investor in Poland's vibrant tech scene. Maciej is a founding partner of Hard2Beat, one of the newest VC fund in the Polish investing ecosystem. Before focusing on investing in startups and helping founders, Maciej was a serial founder and served as CEO of Piwik PRO. Hard2Beat focusses on early-stage startups operating mostly in the B2B and enterprise software sectors.


    🔍 Discover how Maciej's unique insights can shape your startup strategy and investment understanding:

    💼 Fundraising Success: Learn how Hard2Beat swiftly raised its initial fund and why the timing was so crucial for their success.🤝 Strategic Partnerships: Understand Maciej’s criteria for selecting potential Limited Partners (LPs). 🚀 Supportive Ecosystem: Explore why Hard2Beat is encouraging their startups to raise non-dilutive funding.🌟 VC vs. Angel: Delve into Maciej's decision to launch a VC fund over continuing as an angel investor.🔄 Dual Perspective: Gain insights into how Maciej’s experiences on both sides of the table enhance his approach to evaluating startups and their founding teams.🔔 Seeking Feedback: Discover why founders should always seek feedback, even after a rejection from investors.

    📚 Maciej's Book Recommendation: Similarly to Diana from the last episode, Maciej recommends ‘Venture Deals’ by Brad Feld and Jason Mendelson as it is full of insights for both VC investors and startup founders


    🎥 Catch Maciej in Action: Watch Maciej in action in this reverse pitch video and see Hard2Beat's investment strategy firsthand: Watch Now.


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  • 🎙️ Get ready for an insightful discussion about investing in early-stage startups, the differences between VC ecosystems in CEE countries, and why founders need to be 'cockroach superheroes' with today's guest, Diana Koziarska, Founding Partner at SMOK Ventures. Before SMOK Ventures, Diana co-founded ReactorX and helped numerous first-time founders develop their startup ideas. SMOK Ventures invests primarily in software and gaming companies, and in their portfolio, you can find companies like Alokai (previously known as Vue Storefront), inSTREAMLY, and SunRoof.


    Explore key insights:

    📈 Differences in raising SMOK’s first and second funds.

    🌍 Regional influences on fund discussions with potential LPs.

    🦸 The unique traits of 'cockroach superhero' founders that Diana seeks.

    💻 Recent changes in the software sector and their impact on Diana’s evaluation process.

    🎮 The reasons why founders of gaming companies should be cautious about VC funding.

    ✈️ How travels across CEE shape Diana’s views on the Polish VC landscape.


    Diana's book recommendation: ‘Venture Deals’ by Brad Feld and Jason Mendelson—a must-read for every aspiring VC. Find it at venturedeals.com.


    If you want to learn more about 'Cockroach Superheroes', here’s an article written by Borys Musielak, the other Managing Partner of SMOK Ventures: Founders in 2023 Have to Be Cockroach Superheroes.


    Without further ado, let's dive into today's engaging conversation filled with invaluable insights for both investors and entrepreneurs alike! 🚀


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  • 🎙️ Get ready for an insightful dive into the world of venture capital and angel investing with today's guest, Paweł Maj. With over 20 years of experience as a Polish Business Angel and VC investor, Paweł brings a wealth of knowledge from his tenure at renowned funds like Skyline Ventures, bValue, and Warsaw Equity Group. As a board member of over 30 startups and companies, Paweł is a prominent figure in the Polish VC ecosystem, renowned for his thought-provoking articles and data-driven insights shared on platforms like LinkedIn and Medium.


    Discover:

    The divergent approaches to evaluating startups as a VC fund versus a Business Angel.The metrics that founders of B2B SaaS startups should always have in the back of their headsThe evolving investor mindset towards sustainable growth and its implications for startup strategies.The reason why investors are not willing to share negative feedback on team due diligence with the founders.Critical factors founders must consider regarding their cap table to maintain attractiveness to investors.Paweł's candid reflections on why he did not invest in LiveChat and the dual-edged sword of public LP funding for fund managers.

    Links to the articles that were discussed during the interview:

    https://medium.com/@pawel_maj/100-uzasadnie%C5%84-vcs-dlaczego-nie-zainwestuj%C4%85-fd823912020dhttps://medium.com/@pawel_maj/an-uninvestable-startup-46feb1f8f8a8https://medium.com/@pawel_maj/300-questions-every-vc-will-ask-a-startup-7aecab846fbc

    Paweł's book recommendations:

    Scott Kupor - Secrets of Sand Hill Road: Venture Capital and How to Get ItSzymon Janiak - Start-up i Venture Capital

    During our conversation, Paweł offers a vivid analogy for the dynamic between VC funds and startups, likening it to "a relationship with a divorce at the end". I believe this is the best description of this connection I have heard in a long time.


    Without further ado, let's dive into today's engaging conversation filled with invaluable insights for both investors and entrepreneurs alike! 🚀


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  • 🎙️ Excited to share today’s podcast episode featuring Arvin Khanchandani, Head of Climatetech Investments at Warsaw Equity Group. Operating since the 1990s, Warsaw Equity Group is a Family Office with a diverse portfolio spanning private equity, venture capital, and fund of funds investments across Polish and European markets. Notable investments include companies like Artifex Mundi, Contec, and Vigo Ventures, with past involvement in Gadu Gadu, a prominent Polish instant messaging platform.


    In this episode, Arvin passionately discusses his passion for Climatetech, shedding light on potentially underinvested sectors within the Climatetech landscape. We also delve into Warsaw Equity Group’s recent investment strategy changes and their impact on the fund and its limited partners. Tune in for insights into a captivating startup from Iceland, and why Arvin ultimately chose not to invest in them.


    Tune in to discover:

    Arvin’s transition from politics to investing in innovative Climatetech startups.Key metrics for evaluating Climatetech startups effectively.The scarcity of Climatetech unicorns in the CEE region and its underlying reasons.Warsaw Equity Group’s approach to navigating changes in investment strategy.Essential considerations when communicating strategy changes with your fund’s limited partners.Why Arvin did not invest in an intriguing deeptech startup from Iceland.

    Join us as we explore the dynamic interplay of venture capital, private equity, and the transformative potential of Climatetech startups. Tune in now! 🌱🚀


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  • 🎙️Today’s episode guest is Marcin Hejka, Co-Founder, and General Partner at OTB Ventures, who shares his extensive experience in venture capital, particularly focusing on deep tech startups with strong ties to the CEE region. With a keen eye for innovation, OTB Ventures specializes in supporting early-growth startups across FinTech, Cybersecurity, AI & Automation, and SpaceTech domains. Noteworthy investments include ICEYE, Silent Eight, and Kevin, contributing to OTB's status as the largest VC firm originating from CEE, managing a substantial portfolio exceeding $300M.


    Marcin's journey to VC investor offers unique perspectives, influenced by his previous roles as Vice President and Managing Director for Eastern Europe, the Middle East, Africa, and India at Intel Capital. We explore the historical underpinnings of Intel, its founders, and the intriguing connections to OTB's investment thesis.


    Diving deeper, we unravel Intel Capital's distinctive investment strategy, contrasting it with traditional VC approaches. Marcin shares insights into the complexities of analyzing portfolio growth, particularly in the context of deep tech startups, highlighting the challenges and opportunities inherent in this sector.


    In the current economic landscape, Marcin sheds light on why investing in deep tech startups may be a strategic move, even amidst downturns. His unconventional recommendation to indulge in sci-fi literature over conventional venture capital books sparks intriguing discussions on fostering creative thinking and envisioning futuristic possibilities.


    Tune in to discover:

    Marcin’s journey from the Ministry of Foreign Economic Relations to Private Equity and VC investing.The symbiotic relationship between Intel's legacy and OTB's vision.Nuances of Intel Capital's investment strategies.The startups' advantages in creating innovations over established corporations.Challenges and rewards of analyzing deep tech startup portfolios.Strategic advantages of deep tech investments in economic downturns.The transformative power of sci-fi in shaping innovative perspectives.

    Join us as we explore the dynamic intersection of entrepreneurship, venture capital, and the transformative potential of deep tech startups.


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  • Today I talk with Artur Banach from Movens Capital 🎙️.


    Artur is a Partner at Movens Capital, a Polish venture capital firm focusing on the CEE region. The firm invests in Seed and Series A startups aiming to disrupt traditionally large industries through process automation and AI. Movens Capital’s portfolio includes startups like Vue Storefront, VersaBox, and Woltair.

    Artur is an experienced entrepreneur and investor with over 10 transactions in the tech industry. Before joining Movens Capital, Artur was the founder and CEO of Netsprint Group. As an entrepreneur, he pivoted the company from the largest Polish search engine into a unique ecosystem of adtech and martech companies. Apart from adtech, Artur specializes in Artificial Intelligence and in assisting tech startups with international expansion.


    In today's episode, you will learn:

    1.) How Artur transitioned from entrepreneur to VC investor.

    2.) How the COVID-19 pandemic affected Movens Capital's investment strategy.

    3.) Artur’s opinions on the differences in resilience of startups operating in various sectors.

    4.) About the due diligence process for early-stage startups.

    5.) How the relationship between founders and investors changes during a startup’s growth.

    6.) How early-stage and growth teams at Movens Capital support each other.

    7.) About the evolution of the Polish VC ecosystem over the last 5 years.

    8.) Why he chose not to invest in the Polish startup inStreamly.


    Books mentioned in this episode:

    Carlos Espinal: "Fundraising Field Guide: A Startup Founder's Handbook for Venture Capital"Elad Gil: "High Growth Handbook: Scaling Startups from 10 to 10,000 People"

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  • In this episode, I have the pleasure to speak with Izabela Bany, Head of Communication at Aper Ventures. Aper Ventures is a Polish early-stage VC company focused on deep tech and hardware startups.


    You'll hear why all startups should focus more on communication, ways to improve this aspect within the venture capital ecosystem, as well as some interesting statistics about the deep tech sector.


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  • Hi! Here's Adrian. This is the trailer of what I'm working on. Hope you'll find it as interesting as I do.

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