The Pursuit of Scrappiness

Welcome to the 2nd  part of the Pursuit of Scrappiness 2 episode Christmas Special. Janis and Uldis are joined by previous star guests Toms Niparts from Jeff app (full interview in Episode #1), Eerik Oja from Planet42 (Episode #3) and Jone Vaituleviciute from Startup Wise Guys (Episode #20) to discuss the events in 2021 and make predictions about 2022.In this episode we talk about the relationship between governments, politicians and the startup ecosystem - what has been done right and what is still lacking? We also look into the crystal ball and try to see what the Baltic startup world looks like in 2022. The topics covered in this episode with Timestamps[02:30] - GOVERNMENT vs TECH, BEST & WORST FROM LV, LT AND EEWhat Estonian govt has done right in tech support policyImportance of immigration lawsLithuanian government relationship with the startup ecosystemLatvian government relationship with the startup ecosystemHow to get governments more involved in supporting startupsHow easy is it to bring foreigners to the Baltics to work at your startup[25:00] - PREDICTIONS FOR 2022Challenges for startups - inflation and talent shortagesLithuanian IPONew Estonian unicornsEnd of he pandemic? Find out more on https://www.pursuitofscrappiness.co/ Support for this episode comes from Nexpay > https://paynexpay.com/Support for this episode comes from Venetor > https://www.venetor.co/ ===See the video content exclusively on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/ Questions/suggestions? Join our Telegram group > https://t.me/pursuitofscrappiness Support the show

Welcome to the 1st  part of the Pursuit of Scrappiness 2 episode Christmas Special. Janis and Uldis are joined by previous star guests Toms Niparts from Jeff app (full interview in Episode #1), Eerik Oja from Planet42 (Episode #3) and Jone Vaituleviciute from Startup Wise Guys (Episode #20) to discuss the events in 2021 and make predictions about 2022.In this episode we talk about the Baltic fundraising boom of 2021 and the most impactful stories that we witnessed. We also discuss the sustainability of the pandemic increase in digital adoption and it’s biggest benefactors. Finally we talk about the metaverse and why major global brands are rushing to embrace it.The topics covered in this episode with Timestamps[04:10] - ON THE BALTIC FUNDRAISING BOOMGlobal investors joining the hunt for Baltic startupsForeign founders moving to the Baltics and building successful companiesCross investments between founders and Baltic countriesCash-outs on Series A for founders and teamHow do active founders do angel investmentsImpactful rounds besides the biggest ones[21:10] - ON PANDEMIC BOOMS & BUSTS AND LIFE AFTER COVIDWhy are big pandemic boom stocks bustingLast-mile/food delivery startups bubbleMarket overreaction during the pandemicUnder-reaction of the air travel industry - why is it not innovating?AI note-takersDigital adoption during the pandemic  - is it permanent increase?[31:30] - ON THE METAVERSE AND CRYPTOIZATION OF BIG TECHWhat is the Metaverse?Facebook using the Metaverse as a distraction from its problemsWhy are the big brands jumping on the Metaverse and NFTs?Hands on NFT buying experiencePlayers in the Baltics that are well positioned to make it in the Metaverse Find out more on https://www.pursuitofscrappiness.co/ Support for this episode comes from Nexpay > https://paynexpay.com/Support for this episode comes from Venetor > https://www.venetor.co/ ===See the video content exclusively on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/ Questions/suggestions? Join our Telegram group > https://t.me/pursuitofscrappiness Support the show

Martin Henk is the CTO and Co-Founder of Eventornado, a software solution for organising online hackathons and challenges. Martin is also a partner and angel investor at Honey Badger Capital, however most people will recognise him as one of the Co-Founders of an Estonian Unicorn, Pipedrive.In this episode we do a deep-dive into product management, covering everything from best practices and building efficient product teams to common mistakes. We also talk about life after a unicorn exit, the current projects Martin is engaged in as well as overall work-life balance throughout different stages of one's career.The topics covered in this episode with Timestamps[01:45] - ON PRODUCT AND WHY PIPEDRIVE WAS SO SUCCESSFULCreating a new user personaFocusing obsessively with the main end-userSuper narrow product focusSaying no to immediate distractionary opportunitiesUnfair advantage from founders with industry experience[09:30] - ON BUILDING YOUR FIRST PRODUCT TEAMKeep it simple, keep it smallAvoiding premature scalingFocusing on customer feedback for PMTurning chaos into disciplineOptimal product team sizeEnabling complete focus on the missionCutting meetings[13:50] - ON PRODUCT MISTAKES AND MEASURING PROGRESSIntroducing too advanced proceduresScaling up technology prematurelyAvoiding vanity metricsFocus on result-based metricsA/B testing[17:05] - ON PRODUCT MANAGEMENT PRINCIPLESTailoring the process to specific companyKeeping product focusRegularly communicate visionBest product examples[24:00] - ON LIFE AFTER UNICORN EXITResting & investingMotivation to jump back in startups[27:00] -  ON GREEN INVESTINGInvesting in Estonian forestsLooking for ways to monetize without cutting down[30:20] -  ON EVENTORNADO MARKET OPPORTUNITYManaging and organising hackathons as a challenge100s of hackathons daily around the worldFuture of hackathons[33:55] – ON ENTREPRENEURSHIP LESSONS FROM PIPEDRIVEMaintaining focusKnowing the right company size for yourselfEvaluating if you need outside funding or not[39:00] - ADVICE TO YOUR 20 YEAR OLD SELFHow to approach work-life balance (hint - it’s overrated)Taking care of your healthTo reach out to Martin use:Linkedin: https://www.linkedin.com/in/martinhenk/?miniProfileUrn=urn%3Ali%3Afs_miniProfile%3AACoAAABrLbQBKuFPpBecxKVhTNLY1loCoUOQs-s Website: https://badger.ee Find out more on https://www.pursuitofscrappiness.co/ Support for this episode comes from Nexpay > https://paynexpay.com/===See the video content exclusively on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/ Questions/suggestions? Join our Telegram group > https://t.me/pursuitofscrappiness The full interview with Martin is available NOW on Apple Podcasts, Spotify, and Google Podcasts Support the show

Mikko Silventola is a Finnish angel investor currently based in Zug, Switzerland who has invested in more than 50 companies globally with gems such as Bolt & Hugo among his most successful investments. He is also a venture partner at Superangel and Frontier Nordic.On this episode we discuss all things angel investing, including starting up, basic skills, investing principles, best pitching practices, red flags and many more key aspects to being a successful angel investor. We also talk more in detail about Mikko becoming the first investor of Bolt and conquering Latin America with Hugo (3 years from investment to exit).The topics covered in this episode with Timestamps[01:50] - INTRO, BECOMING AN ANGEL INVESTORBuilding on own entrepreneurship experienceAngel investing as a “full-time job”[04:25] - ON ANGEL INVESTING BASICSHow does one start angel investingInvesting as headhuntingStarting capital requiredAvailability of investment opportunities for small ticketsDoes valuation matter in the earliest stages?Getting into global deal flow[14:30] - STORY ON MIKKO’S INVESTMENT & EXIT INTO HUGO Investing in an exotic/remote country in Latin AmericaFrom investment to exit in 3 years[18:40] - ON INVESTING PRINCIPLESFactors in founder evaluationCommunication with founding teamsRed flags in foundersUsing your network to evaluate deals[48:40] - ON BEST PITCHING PRACTICESThe type of Founders that know how to pitch50/50 appeal ratioSome extreme cases[26:55] -  ON INVESTING IN COMPANIES FROM MORE EXOTIC COUNTRIESFreedom of angel investing to make riskier betsFounders from Latin AmericaDoing business trips to nice places[28:50] -  ON WHAT FOUNDERS LOOK FOR IN INVESTORSTrack recordFundraising capabilityDon’t waste their timeFocus on the winners[30:45] – ON BECOMING THE FIRST INVESTOR IN BOLTPro-active investing approachHelping the founders when all VCs said noWhat Mikko saw in the opportunityWhat the founders of Bolt are buildingWhy it's easier to deals with Estonians than anyone else To reach out to Mikko use:Linkedin: https://www.linkedin.com/in/mikkosilventola/ Find out more on https://www.pursuitofscrappiness.co/ Support for this episode comes from Nexpay > https://paynexpay.com/===See the video content exclusively on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/ Questions/suggestions? Join our Telegram group > https://t.me/pursuitofscrappiness The full interview with Mikko is available NOW on Apple Podcasts, Spotify, and Google Podcasts Support the show

Dmitrijus Borisenka is the Co-Founder and CEO of Coingate - your gateway to all things crypto. Dmitrijus is a serial entrepreneur, a crypto enthusiast and also an endurance sports athlete. In this episode we discuss the current crypto bull market, global crypto adoption as well as getting people and businesses into crypto. We also talk about the risks and opportunities in crypto, NFTs and coins to follow. Finally we cover business/life balance, boosting confidence through endurance sports and knowing your body and mind.The topics covered in this episode with Timestamps[02:20] - INTRO, DMITRIJUS’ BUSINESS JOURNEY AND THE ORIGINS OF COINGATEBe brave to suck at something newFirst steps in entrepreneurshipFirst mistakes in businessLongevity and biohackingStarting a crypto business in 2014Crypto to become a top checkout method in 3-5 years[08:25] - REASONS FOR THE CURRENT CRYPTO ALL TIME HIGHPandemic and global money printingBitcoin as digital gold & inflation hedge[10:10] - EXPERT’S ADVICE ON CRYPTO FOR BEGINNERSDon’t do day trading Focus on understanding the assets behind the coinPlay the long game[15:45] - WHY MERCHANTS ACCEPT CRYPTOUltimate value of crypto in disrupting cross-border paymentsThe promise of stable-coins in paymentsRise of other crypto currencies relative to bitcoin in eCommerce paymentsWhat kind of businesses accept crypto payments[19:30] - CRYPTO TO BECOME TOP CHECKOUT METHOD IN 2-3 YEARSAdoption of crypto between global fin-tech giants - Stripe, Paypal, KlarnaMoney as the last undisrupted industryCan crypto still be squashed by global governments? Too late[22:50] -  ON GETTING PEOPLE AND BUSINESSES INTO CRYPTOChallenging educational taskSpending patterns of crypto usersBenefits of accepting crypto for eCommerce60% of merchants keep their income in crypto[28:00] -  NFT’s AND 4 COINS TO FOLLOWAltcoins that Dmitrijus followsNFT’sMetaverseHow easy it is to inflate value of tokens[32:30] – ON BUSINESS/LIFE BALANCERunning (all endurance sports) as a boost of confidence as anyone can make progressRunning marathon in North Pole and North KoreaKeeping body and mind in shape through healthy routine in sportsOther methods of clearing mind through your bodyBecome great at business and then die anywayKnow your body[39:40] – HOW TO FIND TIME TO DO MORE Meditate for 25 min per day and if you don’t have time - then mediate for 45 min per dayKeep your priorities straightProper stress management, sleep and nutrition To reach out to Dmitrijus use:Linkedin: https://www.linkedin.com/in/dmitrijus-borisenka-a3a170b7/Website: https://coingate.com/  Find out more on https://www.pursuitofscrappiness.co/ Support for this episode comes from Nexpay > https://paynexpay.com/===See the video content exclusively on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/ Questions/suggestions? Join our Telegram group > https://t.me/pursuitofscrappiness The full interview with Dmitrijus is available NOW on Apple Podcasts, Spotify, and Google Podcasts Support the show

Kair Käsper and Martin Kõiva are co-founders of the Klaus app - a conversation review and QA platform for support teams used by globally known names such as Wolt, SoundCloud, Epic Games. They have known each other for more than 20 years, have run several business ventures together as well as both have the ex-Pipedrive tag on their resumes.In our first-ever 2-on-2 episode we discuss the challenges startups face in customer service quality assurance, cover best/worst practices as well as talk about the overall value of investments into customer support. We also talk about creating a business from scratch, raising seed funding, and the “Pipedrive effect”The topics covered in this episode with Timestamps[02:00] - INTRO AND THE ORIGINS OF KLAUSDoing business together for 20 yearsThe idea of Klaus coming out from Pipedrive customer service experienceMain challenges if customer service that started the company[07:00] - ON CUSTOMER SERVICE BEST/WORST PRACTICES & MAIN CHALLENGESHow to measure the quality of customer support communicationWhat should companies pay attention to in CS QAThe benefits of doing CS QA at all“No bad conversations”Mistakes companies make in CSBest quality agents are counterintuitively also the fastestTypes of QA processes companies employPeer review as a common form of QA[17:40] - FIND OUT WHAT BOTH THE PORN INDUSTRY AND CHURCHES HAVE IN COMMONHint - they care about their customer experience[20:20] - 40% OF CONTACTS COME FROM TRIAL CUSTOMERSCS as part of sales to trial customersLooking at CS as a revenue vs. cost centerCustomers don’t care about your org chart, all interactions matter[25:30] -  ON BUILDING A STARTUP & STILL WORKING IN PARALLELIs it possible to build a product/business on the side?Finding a balance for product readiness and live customersScrappy beginnings and getting first paying customerSwitching from side project to main business[29:35] -  STORY ON ‘ACCIDENTALLY’ GIVING DISCOUNT TO THE FIRST CUSTOMER[31:15] - ON RAISING SEED INVESTMENT & GOOD / BAD THINGS ABOUT VCsRaising while not working full timeFinding a champion-investorBad encounters with top tier VCs[37:45] – ON THE PIPEDRIVE EFFECTEffect of Pipedrive experience on fundraisingSchool of company buildingPipedrive founder support for employee startupsConcrete lessons from the Pipedrive experienceGet good people on board even if not hiringHire slowly and test for values {43:05] - ON BEING A REMOTE-FIRST COMPANY ‘BEFORE IT WAS COOL’Main motivation to hire globallyTeam diversityTo reach out to Kair and Martin use:Linkedin Kair: https://www.linkedin.com/in/kair/ Linkedin Martin: https://www.linkedin.com/in/martinkoiva/  Website: https://www.klausapp.com/ Find out more on https://www.pursuitofscrappiness.co/ Support for this episode comes from Nexpay > https://paynexpay.com/===See the video content exclusively on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/ Questions/suggestions? Join our Telegram group > https://t.me/pursuitofscrappiness Support the show

Marek Unt is one of the most seasoned tech PR professionals in the Baltics who has worked for 4 of Estonia’s Unicorns. He served in senior PR & Communications roles at Wise and Bolt having tenured at Skype and Playtech prior to that as well. Currently, Marek is CMO of Grünfin, a sustainable investment platform.In this episode, we discuss the role of PR for tech companies as well as the impact the founder has on building successful PR. We also talk about starting up PR at your company, building personal brands,  measuring ROI on PR initiatives, and the specifics of fundraising-related PR.The topics covered in this episode with Timestamps[01:45] - INTRO AND THE ROLE OF PR FOR TECH COMPANIESPR as a guild of craftsmenThe role of PR for tech companies[06:20] - B2B VS B2C PRB2B vs B2C PRThe newsworthiness of a business/productWhat industries do journalists want to write about todayGetting your message heard[16:55] - ON FOUNDER PR INVOLVEMENTTalent vs. preparationHow Bolt and Wise founders emphasize their core messaging in interviews[21:50] - ON STARTING PR FOR YOUR COMPANYGetting first breakthrough PR pieceLuck vs. grindMonths of work behind the scenes to get into the New York TimesImporting outside knowledge through PR agencies[25:45] -  BUILDING PERSONAL BRANDS TO PROMOTE COMPANYThe phenomenon of Elon Musk - authenticityPeople like to follow people, not companies#buildinginpublicIs it worth building a personal Twitter presence?How much work goes into tweets, concise messaging[32:35] - ON MEASURING ROI ON PR ACTIVITIESROI in a marketing senseDefine what you want to achieve with PROther types of ROIUse SWOT analysis to plan your PR effortsJournalists are not obliged to share your story[40:55] – PR FOR FUNDRAISINGFundraising provides a rare and timely news hook/milestoneHow to make the most out of that opportunity To reach out to Marek use:Linkedin: https://www.linkedin.com/in/marekunt/Twitter: @mrknt Find out more on https://www.pursuitofscrappiness.co/ Support for this episode comes from Nexpay > https://paynexpay.com/===See the video content exclusively on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/ Questions/suggestions? Join our Telegram group > https://t.me/pursuitofscrappiness The full interview with Marek is available NOW on Apple Podcasts, Spotify, and Google Podcasts Find out more on https://www.pursuitofscrappiness.co/ Support the show

James Berdigans is the CEO and Co-founder of Printify - a print-on-demand platform that helps you create and sell custom products. An alumnus of 500 startups and one of the leaders of the Latvian startup community, Printify just raised a whopping 45mUSD series A round to build on their growth in the US and expand in other markets.In this episode, we talk about the origins of Printify and the rise of the on-demand printing industry as well as starting a business in the US from Latvia. James also shares his scrappy stories of partnering with Shopify, meeting his co-founders, and getting into 500 startups. Finally, we discuss the Silicon Valley investor community and the timing of your series A round.The topics covered in this episode with Timestamps[01:50] - THE ORIGINS OF PRINTIFYBuilding on previous venture successes and failuresLearning from painful mistakesWhat does Printify do[05:20] - WHY ON-DEMAND PRINTING INDUSTRY IS HOTDemocratization of content creation and product design[07:15] - ON STARTING A COMPANY ON THE US MARKET FROM LATVIAThe attractiveness of the US marketBenefits of building a US company from LatviaRunning a lean and efficient digital sales organizationSupporting sales with content marketingFinding one channel to acquire customers without a budget[12:40] -STORY HOW JAMES PITCHED TO SHOPIFYHustle in Canada leads to a fruitful partnership[16:45] -  ON GETTING ACCESS TO THE SILICON VALLEY INVESTOR COMMUNITYUsing 3F’s to kickstart the companyRaising your first investment from your accountant!Getting into 500 startupsFinding your investor-champion[22:10] ON BEING BE SCRAPPY & EARNING YOUR LUCKBe scrappy! Doing more with less capitalStory of meeting co-foundersDefinition of luckYou will get a lot of ‘No’s. but you only need one ‘Yes’Bonus: story how Pursuit of Scrappiness got its name[30:20] - ON TIMING YOUR SERIES AMarshmallow test for founders - are companies raising too much too early?Having Richard Branson and Will Smith among investorsHow to select the right investors[36:40] - ON ANGEL INVESTINGA busy Founder/CEO must have priorities straightAngel investors will introduce you to their networkTo reach out to James use:Linkedin: https://www.linkedin.com/in/berdigans/Website: https://printify.com Find out more on https://www.pursuitofscrappiness.co/ Support for this episode comes from Nexpay > https://paynexpay.com/===See the video content exclusively on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/ Questions/suggestions? Join our Telegram group > https://t.me/pursuitofscrappiness The full interview with James is available NOW on Apple Podcasts, Spotify, and Google Podcasts Find out more on https://www.pursuitofscrappiness.co/ Support the show

Andres Anijalg is the co-founder and COO of Roofit.Solar, producer of solar roofs that look like a regular roof. The Estonia-based company recently raised a 6.4mEUR series A to fund the transformation in roof building from a cost to an investment.In this episode, we discuss the revolutionary product of Roofit.solar and its various applications. We dig deeper into the aspects of running a hardware-intensive clean energy business as well as selling a high-cost product that the consumers are not aware of. Finally, we talk about the ClimateTech industry trends and promise for a climate-neutral future.The topics covered in this episode with Timestamps[01:00] - THE PROBLEM ROOFIT.SOLAR IS SOLVINGDebunking myths about solar energyInventing and designing solar panels that look like a regular roofThe challenge of getting enough power for your home + to charge your TeslaOpportunity to earn money from selling excess power to the gridAchieving year-round energy neutrality for your house[09:50] - FUNDRAISING IN CLEAN ENERGY BUSINESSFinding financing for creating a production lineInvestors starting to overcome hardware stigma due to the cleantech impactThe opportunity in the European solar market[13:30] - MARKETING AND SALESSelling power instead of selling roofs and striving for the roof as a serviceBest sales channels for a high-cost productCompeting with Tesla Solar roofs[21:00] DEFINING A NEW PRODUCT CATEGORY IN MARKETCustomer value proposition - how fast it pays off?Rising prices in the energy market benefit solar startupsCreating a new category in the marketChallenges of selling a product that nobody is aware ofRise of home batteriesThe use case for connecting the car to the grid[29:50] - ADVICE TO OTHER FOUNDERSThe climate tech community is becoming more and more activeAdvice to other Climate Tech startups - hold on till your moment comes[33:10] - ON CLIMATE TECH FUTURE IN BALTICSWill Baltics become energy neutral in the nearest future? Yes.Closing remarks To reach out to Andres use:Linkedin: https://www.linkedin.com/in/andres-anijalg/Email: andres@roofit.solar Find out more on https://www.pursuitofscrappiness.co/ Support for this episode comes from Nexpay > https://paynexpay.com/===See the video content exclusively on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/ Questions/suggestions? Join our Telegram group > https://t.me/pursuitofscrappiness Support the show

Gerri Kodres is a founding partner at United Angels VC and has been a tech investor for more than 10 years with investments in such companies as Bolt, Veriff, Comodule, Monese, Starship, and many others. Alongside that, he spent almost 10 years with Fortumo as a chief business officer and advisor signing clients such as Google, Netflix, and Spotify.In this episode, we take a deep dive into tech investing by covering the investment landscape in the Baltics, the roles and responsibilities of a tech investor, the skills to look out for both in founders and investors as well as the timing of investments. We also go ‘behind the scenes in some of Gerri’s investment gems - Bolt and Veriff - to find out how they have struggled and found success.The topics covered in this episode with Timestamps[02:00] - INTRODUCTION AND THE ORIGINS OF UNITED ANGELS VCAdvantage of VC vs. angel investing - more money to do follow-on investments[18:30] - UNDERSTANDING  TECH INVESTING LANDSCAPE IN BALTICSCompetition in the tech investing market in the BalticsFOMO and herd investingTiming the right stage to investManaging founder relationships when also saying “no”The investor is never in chargeHelping struggling portfolio companiesMissing out on deals[29:00] - HOW TO MAKE YOURSELF SUCCESSFUL WITH INVESTORSWhat to look for in foundersWhat mistakes do founders make when approaching investorsSkills for a successful tech investorHow to test for BD skills in foundersDepth of involvement for investors in different phases[48:30] -  BEHIND THE SCENES - INVESTMENTS IN BOLT AND VERIFFBoltCutting out the taxi companiesConquering AfricaPreparing for an IPOEurope’s first super appNot a winner takes all marketVeriffBacking a young founderFixing a broken cap tableFinding success in Y-Combinator[1:02:40] - CURRENT FOUNDER PROFILE IN BALTICSCurrent demographics of founders on the market3rd generation of startupsPositive outlook for the BalticsTo reach out to Gerri use:Linkedin: https://www.linkedin.com/in/gerrikodres/Website: https://unitedangels.vc/ Find out more on https://www.pursuitofscrappiness.co/ Support for this episode comes from Nexpay > https://paynexpay.com/===See the video content exclusively on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/ Questions/suggestions? Join our Telegram group > https://t.me/pursuitofscrappiness The full interview with Gerri is available NOW on Apple Podcasts, Spotify, and Google Podcasts Find out more on https://www.pursuitofscrappiness.co/ Support the show