Last week, the Black Unicorn PR team jetted to Bucharest for the much-awaited How to Web conference. One of the highlights? Our very own founder, JJ, took center stage to moderate a panel discussion on the eternal topic of: “What Makes the Best Founders Deliver”.
Joining her were some of Europe’s leading venture capital maestros – Felix Martinez from Seedcamp (UK), Claude Ritter of Cavalry Ventures (Germany), and Todor Breshkov of LAUNCHub (Bulgaria). A nice microcosm of the European startup ecosystem.
Some of the Traits of Stellar Founding Teams
Claude: startups need to bring fresh ideas to the table, merely improving old ideas is passé. Moreover, founders should be motivated by genuine passion for building businesses, not just by the lure of quick success.
Todor: echoed this sentiment, stressing the importance of teams that stand out (they are different, in a good way) and those willing to adapt, iterate and reinvent.
Felix: communication, especially in the early stages, transcends mere technical prowess. Can founders prove and communicate the impact that they can deliver with their startup?
Common Pitfalls and the Art of Perseverance
Felix: pointed out the crucial oversight of not interacting closely with customers. He highlighted that it might be starting small, but really zooming into the niche to experiment and iterate, much like Facebook began small with a niche university platform, but used the learnings to pursue a grander vision.
Claude: seconded the idea, emphasizing the need for persistence and resilience, especially when faced with early rejection. Bad founders will “lock themselves up in a room” with funding and hope users will flock to their product, doing nothing if things don’t go to plan. Good founders go out there and learn from early users, even if it means accepting being vulnerable.
Both agreed that at early stages, founders should prepare to take in a lot of negative feedback. Good founders will know how to transform it into positive improvement.
Navigating the CEE Startup Landscape: is it harder in CEE?
Todor: essentially, the core of the startup-building journey is uniform across geographies. Beyond the core aspects of startup-building, each country could present different challenges or opportunities. Startups in larger markets might grapple with scalability, especially when targeting a global audience.
We could say that a startup is a type of vehicle all founders have to build, but in different places the infrastructure, roads and weather conditions are different.
The Dynamics and Nuances of Founding Teams
Todor: emphasized that while the composition of the team is essential, the founders must be open to constant evolution.
Both he and Felix agreed on the critical role emotional intelligence plays. Passion, energy, and a compelling “why” behind their venture often sets founders apart.
Can Couples Start Startups Together? Should they?
Claude: shared reservations about founders that are also married or in a relationship, citing potential complications in separating personal from professional.
Todor: acknowledged that with the right conviction and motivation, such setups can flourish.
Scaling, Funding, and the Founding Team’s Role
A common thread among the panelists was the importance of the founding team, even as a startup scales. While good markets might allow mediocre teams to thrive, the interplay between the market and the team remains pivotal.
Claude: highlighted the essence of motivation, cautioning against replacing founders with professional CEOs, who, under the wrong conditions, might lack the same drive.
Pearls of Wisdom for Aspiring Entrepreneurs
The panel concluded with each VC sharing their biggest piece of advice for budding founders.
Claude humorously advised not to mess things up, emphasizing that good teams have a better chance to stand out now than in the previous years.
Todor encouraged founders to brace for challenges, emphasizing diligence and preparation. If you choose to play in the startup game, you better be ready. Hard work, long hours and commitment are part of this game.
Felix’s advice was succinct – ensure clarity in the “why” behind the venture among all co-founders.
All agreed that, in a landscape that has seen its share of “tourist founders”, the emphasis is now on intentionality, genuine passion, and the pursuit of real business value.
Check out our other blog posts on How to Web 2023!
Black Unicorn PR at How to Web 2023: Our impressions
Why Great Products Don’t Always Get Funded – Insights from top VCs
