#307 Playbook for a Billion Dollar Business #1 Startup Investor: How to Turn an Idea into Global Success?

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Daniel Tomov is the founding partner of Eleven Ventures, one of the most active early-stage venture capital funds in Southeastern Europe. Since 2012, Eleven has invested in over 200 startups, helping shape the regional startup ecosystem — including Payhawk, Bulgaria’s first unicorn.

In the #307 episode of the Greg Albrecht Podcast, Daniel shares why he’s not a picker but a builder and how that philosophy changes everything about VC, founder support, and building lasting companies.

What you’ll learn in this episode:

✅ Why most startup boards fail — and how to build ones that actually work

✅ How Eleven supports founders before and after investment

✅ How many pivots does it take to find product-market fit — and are 24 pivots to unicorn a lot? (like Payhawk)

✅ How to decide when to pivot, persevere, or pull the plug

✅ What makes CEE founders unique — and what’s still holding them back

✅ How a personal health crisis gave Daniel radical clarity and focus

If you're a founder, VC, or startup operator — this conversation will change your thoughts about early-stage investing.

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Chapters:

00:00:00 Intro  

00:00:56 Who is Daniel Tomov, and what is Eleven Ventures?  

00:01:40 “We’re not pickers, we’re builders” – two philosophies of venture capital  

00:04:27 What is an Eleven’s startup playbook, and why most VCs don’t have one  

00:07:58 How Eleven works with founders before and after investment  

00:09:47 When the plan doesn’t work – pivots, product-market fit, and Payhawk’s 24 pivots  

00:12:51 The role of a startup board and why most board members get it wrong  

00:17:05 How to be a board member that supports, not destroys  

00:24:55 How Eleven evaluates startups and finds the right teams  

00:29:20 Red flags you can spot in the first 30 seconds

00:32:04 The ultimate founder test: do they live and breathe the company?  

00:36:04 When to walk away from a startup – and how to know it’s time  

00:39:55 The Untapped Power of Southeastern Europe

00:47:41 The origin story and mission behind Eleven Ventures  

00:50:31 Community as the real advantage of startup ecosystems  

00:55:42 Daniel’s health crisis and the life clarity it brought  

01:04:52 Idealism vs financial return – how Daniel balances both  

01:09:39 Final vision: collaboration across CEE to build global companies 

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