The Recursive Podcast

For today’s episode, we talked with Karol Szubstarski, a venture investor at OTB Ventures. With over a decade of experience in the realm of venture capital, Karol brings a blend of traditional and corporate VC expertise to the table. He spent five years as an Associate and Investment Analyst at Intel Capital, identifying opportunities across Central and Eastern Europe, the Middle East, and Africa, to name a few.In his current role at OTB Ventures, Karol spearheads investments in Series A opportunities, focusing on deep tech. In this episodes, he shares about: How personal experiences fuels his professional careerHis transition to the VC world under the guidance of Marcin HejkaThe advantages and disadvantages of the Polish startup ecosystem0:00 Trailer 1:33 Intro 2:25 Backpacking through Asia with two broken arms & other challenges5:19 Karol’s adventure with the VC world and DeepTech 10:41 What are the skills a DeepTech investor should have? 12:09 Karol’s skills and learnings from Intel Capital and OTB Ventures 15:52 Perspective on the DeepTech ecosystem in CEE 21:27 Strengths of the Polish startup ecosystem24:23 Challenges of European tech startups for scaling globally 27:42 How OTB Ventures assesses the investment opportunities 39:45 Striking the right risk vs advantage balance 42:19 Can CEE startups get money from US investors right from the start? 44:55 How to differentiate yourself as a VC fund? 47:17 Building the top team for OTB’s portfolio companies 51:24 The leap of faith in investment decisions 52:42 What’s needed to be a good VC investor? 55:05 The CEE VC ecosystem and the lack of private capital 57:45 How will the CEE startup ecosystem look in the future? 1:03:40 How is OTB Ventures adapting to the technological advancements 1:10:00 Outro

Our guest today is Bartosz Lipnicki, an entrepreneur, investor, and Managing Director at Endeavor Poland. With a background in industrial engineering, Bartosz's career trajectory has evolved to encompass sales, business development, and entrepreneurship. Bartosz is the Founder and Managing Partner at Alfabeat, a seed fund specializing in enterprise software companies from Central and Eastern Europe. Beyond his professional endeavors, Bartosz is an avid marathon and tower runner. In this episodes, he touches on: ☑️ How to escape the 'hamster wheel' ☑️ The skills of the future ☑️ The importance of collaboration within the ecosystem 00:00 - 01:42 Trailer 01:43 - 02:55 Intro 02:56 - 10:14 Running and personal development 10:15 - 15:42 Investor’s role and mentoring 15:43 - 17:24 Growth beyond the financial aspect 17:25 - 20:02 The right time for acquisition 20:03 - 26:00 Mitigating the risks in investing 26:03 - 30:22 The importance of networking 30:23 - 32:10 Lessons on mentorship 32:11 - 33:38 Getting off the “hamster wheel" 33:39 - 37:05 The purpose behind teaching 37:06 - 42:30 Valuable skills beyond formal education 42:31 - 52:27 Polish entrepreneurial ecosystem 52:28 - 55:05 The definition of success 55:06 - 01:01:39 Envisioning of the future of the Polish tech ecosystem 01:01:40 - 01:01:56 Outro

Our guest today is Krzysztof (Chris) Wrobel, the founder and CEO of Virbe AI, a startup incorporating a one-stop-shop solution to extend your team with AI-powered digital employees. With passion and experience for the future of digital interaction, Chris founded Virbe AI, a Virtual Being creation suite, designed to transform Conversational AI and chatbots into interactive human-like avatars. Chris is also involved in mentoring and guiding other companies in embracing emerging technologies. In this episodes, he touches on: How he started his entrepreneurial journey by accident; What can a Virtual Being do for a business and why we need this technology; The balance between innovation and ethical implications in VR/AR; TIME STAMPS 0:00 Trailer 1:53 Intro 2:40 Chris’s entrepreneurial journey from hospitality to engineering 10:00 The skills one need to have in a startup 15:33 How Virbe started and what’s the story behind? 21:22 The business model of AI solutions 24:41 The EU AI Act and its impact 25:54 How to explain a new technology to investors 31:38 Virtual being vs chatbots 36:42 How is metaverse fitting in Virbe’s business? 39:33 Will AI steal our jobs? 47:27 What big problem is Virbe solving 53:04 Outro

Our next guest is an engineer turned entrepreneur turned investor. Borys Musielak is a founding partner at Polish SMOK Ventures, having a particular focus on software development tools, game development, and artificial intelligence. In 2007, he founded OSnews.pl, a pioneering news site covering tech, marketing, and business. He also co-founded Filmaster, a platform providing personalized analytics solutions, acquired by Silicon Valley-based Samba TV in 2015. His contributions to the ecosystem extend to mentoring early-stage startups across various platforms and accelerators in the CEE region. He talks about: Focus and motivation when starting a venture; How to elevate the CEE potential; The future of venture capital; And more! TIMESTAMPS 0:00 - 1:42 Teaser 1:42 - 3:33 Intro 3:34 - 12:28 Perks in being a VC with engineering and entrepreneurial background 12:29 - 15:19 The path on establishing your first venture 15:21 - 17:10 Focusing on one thing as a founder 17:11 - 21:24 Satisfaction as a VC investor 21:25 - 26:55 The art of being wrong 26:56 - 30:59 Lessons on fundraising 31:00 - 33:46 What is the secret of success in venture capital? 33:47 - 48:28 Potential across the CEE region 48:29 - 52:13 Thought on sales and marketing 52:14 - 54:09 Are founders couchable? 54:10 - 1:01:48 Working with youngsters 1:01:49 - 1:05:38 Hypothesis for the future & outro

Our guest for this episode has a big, bold ambition to make digital identity services the cornerstone of all economic and social activities of people around the world. Konstantin Bezuhanov is co-founder and CEO of Evrotrust Technologies, the company that aims to solve the challenges associated with secure digital identification.  Evrotrust's products are adopted by over 1.3 million users across 58 countries. The company has attracted partnerships with industry giants like Mastercard and leading banks such as Unicredit Bulbank, and KBC, and it has been recently recognized by governments and the European Commission. In this episode, we learn more about the complexities of identity in the digital age, but also what it takes to solve meaningful problems.  Konstantin also shares:  How it is to build a global identity system transcending national borders and work with strict entities like banks or government;   Views on mission-driven entrepreneurship how a strong sense of purpose guides decision-making and success metrics; How the future would look if digital identity seamlessly integrates into daily life; The importance of data protection and compliance in Evrotrust’s solution; TIME STAMPS 00:00 Trailer  0:56 Introduction  1:47 Moving from the comfort zone to entrepreneurship and what it takes  4:41 Konstantin’s endeavors in London and why he lived there  10:08 Why Konstantin moved back to Bulgaria  11:03 Why execution matters more than the idea  13:00 Evrotrust’s story and how the founding team was formed  20:42 Choosing the best market and end users for Evrotrust  24:00 The most difficult problem in the space of digital identity  28:58 The mission and vision of Evrostrust  36:08 Early adopters for digital identity solutions  38:05 Konstantin’s many hats and switching them  44:39 Finding success as a founder and in life  47:30 The future of digital identity  55:43 Outro

Our guest today is Radoslav Gaydarski, co-founder of CleverPine, a company that has made significant strides in the tech industry since its inception during the pandemic. Prior to this position, he was the co-founder and CEO of Upnetix, offering client-tailored software solutions, which was acquired by Scalefocus.  With a deep background in software development and a passion for entrepreneurship, Gaydarski shares his journey from tinkering with computers in his youth to leading a company that has seen substantial growth and has recently partnered with Lufthansa Technik to innovate within the aviation sector. In this discussion, you will discover Radoslav’s approach to leadership style,but also CleverPine's way of delivering exceptional value to its clients.  On top of that, he touches on:  How their company cultivates a positive and productive workplace culture; The importance of surrounding oneself with the right team; Learning from past challenges, and how these principles have guided his strategies for talent development and company growth;  TIME STAMPS:  00:00 Trailer  01:47 Introduction 03:27 Why Radoslav Moved to the US and Back to Bulgaria 08:11 Choosing Entrepreneurship and What Does It Take 13:25 Radoslav’s Failures and What He Took Out of It 20:00 What Is a Lifestyle Company 20:33 Upnetix’s Acquisition and the Learnings Learned 23:20 Cleverpine and Lufthansa Technik’s Partnership and What Is ViTech 39:06 The Importance of Studying the Client’s Industry and How Cleverpine Does That 42:41 How a Lifestyle Company Works and Why It Doesn’t Care About Metrics 51:59 CleverPine’s Working from the Office Culture  54:59 Team Structures and How to Deliver Quality Projects on Time  1:01:17 Developing Yourself as a Leader and Self-Reflection 1:04:58 CleverPine’s Flans for the Future  1:10:20 CleverPine Ventures and Supporting New Businesses  1:16:30 The Happiness Culture and How Can a Leader Foster This  1:21:40 Outro

Our guest today is Milen Manev, the co-founder and CTO of PlanDelta, a next-generation planning tool bridging the gap between strategic and financial planning.  With over 20 years of experience in the IT industry, Milen has a wealth of knowledge in software product development and has held various leadership positions, including Vice President at the American software company SyncHR. He holds a Master Degree in Management of Information Systems from Sofia University St. Kliment Ohridski.  In this episode we discover Milen’s approach to entrepreneurship, fundraising and what he learned from pitching to the biggest VC funds.  He talks about:  How visualizing failure and making peace with the worst case scenario can help you prepare for hard decisions;  Why self-promotion and highlighting your capabilities is crucial during fundraising; What sacrifices comes with entrepreneurship and what mental health challenges occur;   *This episode of The Recursive Podcast is released in partnership with the European Bank for Reconstruction and Development. As part of their mandate to support small and medium-sized businesses, The EBRD’s SME Finance and Development Team provides knowledge, network, and skills to help emerging businesses innovate, thrive, and succeed. TIME STAMPS:  00:00 - Trailer  01:56 - Introduction 02:27 - How PlanDelta Choose the Problem They Want to Solve 05:52 - How to Know if You Are Solving the Right Problem 09:22 - Carving a Niche in Complex IT Ecosystems: How PlanDelta Identified Its Place in the Big Picture  15:09 -  Data Integrity for Strategic Decisions in Fast-Moving Startups 17:06 - Mastering the Pitch and How Many Meetings With Investors You Need 27:48 - The Truth About Fundraising as an Early Stage Startup 30:32 - Why and How PlanDelta Fundraised from 17 Angel Investors  34: 54 - Step by Step: PlanDelta's Methodical Approach to Growth 39:00 - The Fine Line Between Ego and Ambition  44:28 - Navigating the Competitive Landscape of Tech Startups 51:09 - How to Get Energized as a Founder and the View on Failure 1:04:37 - Mentorship and Asking for Support  1:08:33 - Outro

Our guest today is Diana Aladzhova, an experienced investment manager and partner at the first Bulgarian mezzanine fund Silverline Capital. Shе is also the founder of the cloud-based provider of CFO services CFO Insights. Diana has a background in banking and the private sector, with a focus on investment structuring, due diligence, financial analysis, and company valuation. She holds a Master's degree in Finance and Private Equity from the London School of Economics and is a Chartered Financial Analyst (CFA). In this episode we follow her journey from finance, to private equity and entrepreneurship. In her conversation with Irina, Diana Aladzhova talks about: How her experience as an investor helped her found her own company focused on supporting startups and scaleups with financial expertise; The importance of strategic financial management vs. “growth-at-all-costs” strategy; How to build the right foundation for sustainable growth as a company; Achieving balance between life and work is about building efficient work habits and self-awareness; *This episode of The Recursive Podcast is released in partnership with the European Bank for Reconstruction and Development. As part of their mandate to support small and medium-sized businesses, The EBRD’s SME Finance and Development Team provides knowledge, network, and skills to help emerging businesses innovate, thrive, and succeed. TIME STAMPS: 0:00 Trailer 03:13 Introduction 04:16 From LSE to Building Bulgaria's Private Equity Landscape 13:00 Learning Curve: First Experiences as Equity Investor 18:00 The Hedgehog Concept: Mastering the Art of Exponential Growth 25:40 How to Build A Sustainable Business Model: Lessons from an Investor Turned Founder 34:29 The Perils of Growth-at-All-Costs: A Financial Perspective 38:32 Building Strong Foundations: Resilience and Responsibility in Startup Culture 44:55 How to Scale a Service Business Efficiently: CFO Insights Long Term Vision 49:45 Creating Social Impact Through Business Logic: The Story of Box to Remember 54:55 Balancing Act: Juggling Work, Family, and Passion Projects 1:02:15 Balancing Vision and Action: Strategies for Long-Term Success 1:07:20 Overcoming Imposter Syndrome & Self-Doubt 1:14:31 Outro

Our next guest has come a long way in his professional and personal development - from investment banking, through digital media and marketing, and e-commerce to rethinking humanity’s relationship with food. Victor Penev is a serial entrepreneur and the founder and CEO of the food database and nutrition data provider Edamam. He is also a mentor and investor in food tech startups and an advisor to early-stage entrepreneurs. Before that, Victor co-founded and sold Bulgaria’s largest Internet Company NetInfo BG. In this episode we discover what is next on his journey. In his conversation with Irina, Victor Penev talks about: The legacy of one of Bulgaria’s firsts digital media companies and the early days of the Bulgarian Internet; The bittersweet experience of selling your company as an entrepreneur; Building a business on the intersection of food and technology without traditional fundraising; Defining success beyond financial metrics, focusing on long-term impact; His new longevity project: redefining health and food in Bulgaria *This episode of The Recursive Podcast is released in partnership with the European Bank for Reconstruction and Development. As part of their mandate to support small and medium-sized businesses, The EBRD’s SME Finance and Development Team provides knowledge, network, and skills to help emerging businesses innovate, thrive, and succeed. Time Stamps: 0:00 Trailer 03:25 Introduction 04:13 After the Fall of the Berlin Wall: Student Ventures and First Media Startups 08:50 From Investment Banking to Entrepreneurship 10:52 The Origin Story of NetInfo: Bulgaria’s First Digital Media Company 12:45 How NetInfo Shaped Bulgaria's Internet Landscape 19:25 Trust and Transition: Victor Penev's Experience with Succession at NetInfo 23:14 Cooking Up Ideas: The Birth of Edamam on a Thai Beach 24:30 Breaking the Mold: Building Edamam without VC Money 30:40 Reflections on Venture Capital: Addressing Inefficiencies in Investment Practices 33:26 Meditative Entrepreneurship: Finding Calm Amidst Chaos 37:20 Do You Have to be Competitive to be a Good Entrepreneur? 45:10 The Art of Mentorship: Nurturing Organic Connections 49:50 The Relationship between Food and Longevity: Victor’s New Project 1:03:10 Life as a Puzzle: Entrepreneurship, Home, and Identity 1:09:29 Outro

Our next guest is an entrepreneur in the promising field of circular economy, advocating for the continuous use and reuse of materials.  Mihail Dimitrov is the co-founder and CЕO of Swipe.bg, a Bulgarian marketplace for buying and selling used smartphones. The company recently raised an investment to expand regionally and grow its market share.  Mihail Dimitrov comes with vast experience in e-commerce and business development. He previously worked for the world's largest classifieds platform OLX and Bulgaria’s largest mеdia group Nova Broadcasting Group.  In this podcast episode, Mihail and Irina talk about:   *This episode of The Recursive Podcast is released in partnership with the European Bank for Reconstruction and Development. As part of their mandate to support small and medium-sized businesses, The EBRD’s SME Finance and Development Team provides knowledge, network, and skills to help emerging businesses innovate, thrive, and succeed.