The Pursuit of Scrappiness

Henrikas Urbonas is the CEO and Co-founder of Interactio - your ultimate multilingual meetings solution. Interactio announced a record-setting 30mUSD series A round on the back of explosive growth during the pandemic and being the interpretation platform for such global organizations as the UN, the EU, Microsoft, Google, and many many other global governments and corporate brands.In this episode, we discuss the seven years old “overnight success” of Interaction, its mission, and product. We discuss challenges in explosive scaling and doing business with global public sector organizations. Henrikas also shares his lessons and findings from their massive round fundraising process.The topics covered in this episode with Timestamps[02:20] - INTRODUCTION[06:00] -  ON INTERACTIO MISSION, PRODUCT AND BUSINESS MODELThe product pivot journeySolving tough technological challengesFinding product-market fitThe mission of InteractioThe product and business model of InteractioDoing business with the biggest international organizations (EU, UN, etc.)Leveraging an unconventional sales network for B2B - the church[34:00] - ON EXPLOSIVE SCALINGPrioritization of business development opportunitiesEscalation of the company development due to the pandemicScaling challenges during the pandemicLessons from mistakes made during explosive growthHiring the right team[48:00] - ON SERIES A FUNDRAISINGPlanning the Series A fundraiseFunding the pandemic growth from revenueKey elements that helped convince the investorsChoosing the right investors to speak toCreating investor FOMOHiring dedicated fundraising team for Series A raisingChallenging the investors if they are a good fitImportance of mentors and peersMaintaining investor relationships throughout different stages in the companyThe outlook for Interactio and the live interpretation industryTo reach out to Henrikas use:Linkedin: https://www.linkedin.com/in/henrikasurbonas/Website: https://www.interactio.io/ 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 Henrikas is available NOW on Apple Podcasts, Spotify, and Google Podcasts Find out more on https://www.pursuitofscrappiness.co/ Support the show

Martin Tajur is an angel investor, partner at Honey Badger Capital as well as a co-founder and ex-CTO of one of the most successful sales CRM companies globally - Pipedrive. In our first interview with a unicorn founder, we talk about the origins of Pipedrive,  growing it into a billion-dollar company, and the evolution of the role of the founder as the company grows. We also dig deeper into the hard things about growing a business. Finally, we talk about angel investing and its benefits for companies and investors. The topics covered in this episode with Timestamps[02:20] - INTRODUCTION Learning how not to do a startup from own experienceIs it possible to start a successful company not working full timeSkype post-acquisition[10:40] -  ON PIPEDRIVE AND RAISING A UNICORNConfidence in the product to compete in a crowded spaceProduct simplicity and usabilityThe role of the founder when scaling a startupKeys to success when growing a startupJob interview tipsLetting go of responsibilitiesAcquiring other startups as a growth strategyDo the founders have a say in a unicorn level exit[31:30] - ON HARD THINGS IN BUILDING A COMPANYMaintaining focusKeeping the company afloat financially in an early stageAgreeing between founders on responsibilities and equityHire slow, fire fastWhat to do if a manager cannot keep up with the growth of the companyDealing with strategy misalignment between founders and investors[49:10] - ON ANGEL INVESTINGWhat it takes to start angel investingHow fast you should build up your angel portfolioWhat angels should bring to the table besides moneyWhat do angels get out of the investments besides returnHow to find the right angel for your business 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

Eimantas Bekeza is the CEO & Co-founder of Memby, an after-school learning platform that provides top-tier tutoring at a fraction of the cost of private tutors. Eimantas is also a “superstar tutor” himself having tutored since 8th grade and has turned his passion for teaching into an exciting startup.In this episode, we talk about the origins of Memby and building an EdTech business as well as the development of the EdTech industry as such. We go deeper into what makes a learning experience effective and paint a picture of how the future classroom will look like. The topics covered in this episode with Timestamps[02:30] - INTRODUCTION AND THE ORIGINS OF MEMBYTurning personal teaching passion into a businessTechnological differences between countries globally and within EuropeWhat is a superstar tutorInteraction as the key for quality learningRaising the prestige and income for the teacher profession[16:45] - ON BUILDING AN EDTECH PRODUCTUsing Facebook Live for the first proof of conceptPicking markets for geographical expansionScaling challenges Defining a business modelSharing the financial benefits of scale with the teachersDealing with seasonality in the businessUsing mentors and accelerators [36:30] - ON THE DEVELOPMENT OF EDTECH AND FUTURE OF LEARNINGDifferent learning models fit different peopleBlended online/offline model for the futureUsing the workshop format for school educationThe politicization of the educational systemRole of new technologies in learningDisadvantages of learning onlineGamification of learningCreating content for different learning typesAdding more freedom of choice for studentsThe future for MembyTo reach out to Eimantas/Memby use:Linkedin: https://www.linkedin.com/in/eimantas-bekeza/Website: https://karjera.digiklase.lt/ 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 Eimantas is available NOW on Apple Podcasts, Spotify, and Google Podcasts Find out more on https://www.pursuitofscrappiness.co/ Support the show

Martins Sulte is the co-founder and CEO of Mintos marketplace. Mintos is the leading loan investment platform in continental Europe with more than 7bn EUR of loans funded. Recently Mintos ran a successful crowdfunding campaign, netting around 7mEUR from its community. On top of that, they have just announced receiving an investment broker license from Latvian finance watchdog FKTK.In this episode, we talk about the evolution of the Mintos product and the P2P lending/loan investment platform industry as such. We also cover what it takes to run a successful crowdfunding campaign. Finally, we talk about the Mintos achievement of securing an investment broker license and the state and outlook of the Latvian financial services marketThe topics covered in this episode with Timestamps[02:20] - INTRODUCTION AND THE ORIGINS OF MINTOS[06:00] - ON MINTOS PRODUCT AND THE P2P LENDING INDUSTRYThe chicken and egg problem of supply/demand for a marketplaceGrowth opportunities within the industryThe majority of people in Europe are not investing as a wholeBuilding a great product as the main customer acquisition toolThe evolution of the P2P lending industryEducation of the retail investor baseThe role of crypto in the lending and investing markets[26:00] - ON CROWDFUNDING AS AN ALTERNATIVE FUNDING METHODConsiderations for choosing crowdfunding as a fundraising methodStructuring a crowdfundPre-requisites for successful crowdfundingLiquidity of crowdfunding investmentsVC investment environment in European FintechSecondary markets for crowdfunding investorsImpact on the company of publicly traded “private shares”[39:25] - ON GETTING INVESTMENT BROKER LICENCE AND THE LATVIAN FINANCIAL MARKET OUTLOOKThe regulatory status of P2P lending over the yearsConsiderations for obtaining an investment broker licensePeculiarities of working  with the Latvian regulatorPR of the national financial sectorEvolution of the fintech and general tech space in LatviaAvailability of talentPromising areas of FintechWhat’s next for MintosTo reach out to Martins use:Linkedin: https://www.linkedin.com/in/martinssulte/ 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 Martins is available NOW on Apple Podcasts, Spotify, and Google Podcasts Find out more on https://www.pursuitofscrappiness.co/ Support the show

Merit Valdsalu is the Co-founder and CEO of Single.Earth, a revolutionary blockchain-based ecosystem of earth’s carbon sequestration and biodiversity monitoring, tokenization, and trade. Before starting this highly ambitious project, Merit led localization efforts at the Estonian unicorn Pipedrive.In this fascinating conversation, we talk about the need to digitize the earth’s nature and create a transparent, reliable, and efficient marketplace for trading carbon credits. We also discuss the business potential of the ClimateTech industry, economic and other motivations for nature preservation as well as overall fundraising and entrepreneurship lessons from Merit’s career at Pipedrive and Single.Earth.The topics covered in this episode with Timestamps[01:20] - INTRODUCTION AND THE ORIGINS OF SINGLE.EARTHLandowners only make money when natural resources are depletedPursuing a passion for the environmentPlanning and implementing a global paradigm-shifting projectA digital twin of the earth’s nature in open sourceSimplifying  and opening the global voluntary carbon tradeVoluntary vs mandatory carbon markets[17:10] - ON BLOCKCHAIN TECHNOLOGY AND ECONOMIC MODELS FOR NATURE PRESERVATIONTrust and verification provided by blockchainUsing investors to replace the insufficient demand for voluntary carbon creditsState of the project and token saleAffordable cost of decreasing the carbon footprint[27:20] - ON CLIMATE TECH INDUSTRY AND GLOBAL ENVIRONMENTAL ISSUESThe opportunities for starting a cleantech companyGeneral public attitudes towards nature and environmentCan Western societies even make a differenceBalancing emissions and nature sequestrationWho owns the land and owner engagementNo business models for preserving only for regenerating nature[45:55] - FUNDRAISING FOR  A CLIMATE TECH PROJECTThe abundance of investors looking at sustainability projectsNot only impact investors, but also general big VCs hot for this marketWhat investors look for in impact businessesHaving a big name VC on your ticket[56:50] - OVERALL ENTREPRENEURSHIP LESSONSPutting people firstCreating a culture of enjoying workAccess to talentMental healthChoosing the right investorsTo reach out to Merit use:Linkedin: https://www.linkedin.com/in/merit-valdsalu/ 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 Merit is available NOW on Apple Podcasts, Spotify, and Google Podcasts Find out more on https://www.pursuitofscrappiness.co/ Support the show

Taavi Rõivas is the Chairman of Auve Tech, an Estonian producer and operator of self-driving vehicles and autonomous transportation systems that are already operational on public roads. He is also former Prime Minister of Estonia, a long-time member of the Estonian Parliament, and an international public speaker on e-government, cyber security, AI, and other related topics.In this episode, we discuss the development and promise of the self-driving vehicle industry, the interaction of government and business and how to clone Estonia’s success, the future of work and retirement as well as the risks associated with the development of AI and increasing government power.The topics covered in this episode with Timestamps[01:45] - INTRODUCTION, AUVE TECH, AND THE SELF-DRIVING INDUSTRYReinventing last-mile delivery of peopleUse Cases for driverless vehiclesEstonia as a hub for driverless vehicle companiesFunding of development for such high-risk business[25:00] - ON GOVERNMENT AND BUSINESSWhat’s behind Estonia’s success from the state perspectivePractical reasons for going digitalVision for cross-border digital public servicesLegacy systems are an excuse Digital adoption psychologyRole of the government for business environment developmentExample of Finland as a historical roadmapThe promise of the Baltics as a remote work paradiseUnicorn nation and if the govt helpedHow to keep on the success pathChallenges in the labor market and migration[1:01:20] - ON THE FUTURE OF WORK, RETIREMENT, AI AND GOVERNMENT POWERJobs that are ripe for automationUniversal basic incomeWork longevity and a different “retirement”Challenges of AI developmentLessons from the pandemicTo reach out to Taavi use:Linkedin: https://www.linkedin.com/in/taavi-r%C3%B5ivas-18399b134/ 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 Taavi is available NOW on Apple Podcasts, Spotify, and Google Podcasts Find out more on https://www.pursuitofscrappiness.co/  Support the show

Davis Ziedins is Co-founder and Business development lead at Beetroot Lab, a game development studio in Riga operating since 2014, whose biggest hit Dystopia is made in partnership with Conor McGregor and recently hit the 1 million downloads milestone.In this super-high energy episode, we talk about the fundamentals of the game development business, building a very specialized skillset team in the Baltics, doing partnerships with global celebrities, keys to success in the saturated mobile gaming market, and the marketing of mobile games.The topics covered in this episode with Timestamps[01:45] - INTRODUCTION AND THE ORIGINS OF BEETROOT LABMobile game mass developmentMaking the first millionWorking with game publishers[10:10] - BUILDING GAME DEVELOPMENT TEAMHow realistic it is to build games from the BalticsScarcity of game development savvy talentThe natural personal appeal of gaming for talentGetting top global experts to work with youWhy Georgia is an excellent place to build an outsourced IT team[19:20] - PARTNERING WITH A GLOBAL CELEBRITY, CONOR MCGREGORGetting Connor McGregor on the projectStructuring a deal with a celebrityGiving ownership as a key for engagementLatvian legal entity, not an obstacle[30:50] - SUCCEEDING ON THE HYPER-COMPETITIVE GAMING MARKETData-driven trial and errorShipping first version asap to get user feedbackBuying users as an expensive experiment to measure fit and monetizationThe appeal of mobile gaming for usersMonetization in gamingThe psychological aspect of gaming and monetizationDealing with exploding user acquisition costsBuilding a game where the best players can make their career[53:20] - MARKETING OF MOBILE GAMESEconomics of game monetizationGoing back to the ice age in targeting iOS usersCreatives is the king - producing the right onesThe need for substantial working capital on demandThe working capital impact of app storesWorking with alternative app stores[01:12:30] - OUTRO AND THE ROAD AHEADNext steps for DystopiaNew gamesNew project in skill-based cash game industryGeographic reach and ChinaTo reach out to Davis use:Linkedin: https://www.linkedin.com/in/davisziedins/ 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 Davis is available NOW on Apple Podcasts, Spotify, and Google Podcasts Find out more on https://www.pursuitofscrappiness.co/ Support the show

Juan Borras is the Founder and CEO of Outvio, an Estonian startup whose mission is helping eCommerce improve the shipping experience. Outvio raised $2.5m just now to expand their product across Europe. An engineer by training with experience from the European Space Agency as well as having started several businesses, Juan now leads Outvio on a rapid growth path towards being a household name in the eCommerce tools spaceWe talk about the shipping experience and how it can make or break an eCommerce product in conjunction with customer loyalty and lifetime value. We also take an engineer's perspective on starting and running a company as well as talk about different strategies and tools for effective team management and productivityThe topics covered in this episode with Timestamps[02:00] - Introduction and the origins of OutvioWhat Outvio doesThe issues online stores have with shippingDetails of selling on AmazonImportance of the shipment UXReturns as a key part of eCommerce[25:20] - Customer loyalty and lifetime valueBest UX practices in eCommercePersonalization of the shopping experienceLifetime valueStanding out in eCommerce Maximizing sales through good UI/UX[35:30] - Entrepreneurship & engineeringEngineering for European Space AgencyChallenging the impossibleSerial entrepreneurshipNature of an engineerHow hiring works at OutvioOffice vs. remote[52:15] - Productivity and team managementMain productivity tool - be at the officePractical tools for productivity and work organizationSales managementPlans going forwardFind 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 Juan is available NOW on Apple Podcasts, Spotify, and Google Podcasts Find out more on https://www.pursuitofscrappiness.co/  Support the show

Kaspars Dancis is the CEO and Co-founder of Whimsical, a content collaboration tool that facilitates teams thinking together. Being fully bootstrapped, the company boasts Vinted, Intercom, Hashicorp, Loom, Washington Post, Monzo, Oura, and others as its clients.In this episode we talk about Whimsical and how it helps teams collaborate on content creation, building a product that users love, bootstrapping, and the considerations to sell your business as well as values for building a sustainable business.The topics covered in this episode with Timestamps[02:10] - Introduction and the origins of WhimsicalHow to collaborate on content creation in real-time and asynchronously[09:25] - Product developmentHow to build a product that users loveProductivity tools shouldn’t be annoying and get in your wayIncorporating customer feedbackPrioritizationSetting the big vision and breaking it down into stepsGetting good ratings on product sitesAcquiring customers through great productKickstarting organic growth snowball[34:00] - Entrepreneurship & acquisitionBenefits of bootstrappingDrawbacks of bootstrappingConsiderations for selling your companyDon’t build the business to sell itStarting a company from the US[43:00] - Values in businessRadical transparencyCash vs. equity compensationWork environmentFind 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 Kaspars is available NOW on Apple Podcasts, Spotify, and Google Podcasts Find out more on https://www.pursuitofscrappiness.co/ Support the show

Tuomas Kosonen is a partner at Inventure, one of the leading VCs in the Baltic Sea region. Inventure has invested in such familiar Baltic companies as Nordigen, Scoro, and Whatagraph as well as Finnish juggernaut and one of the most used apps in the Baltics - WoltIn this episode, we talk about the Baltic Sea region as one of the leading global tech hubs and the future outlook of the Baltics and the rest of the region. We also discuss the VC investment decision-making process as well as the key challenges in scaling companies. Finally, we cover some of Inventures biggest hits and misses along with the hottest industries in tech today The topics covered in this episode with Timestamps[01:50] - Introduction and the origins of Inventure[04:20] - The Baltic sea region startup scene history and outlookThe historical relationship between Finland and EstoniaFirst investment in the Baltics - FroontNordic/Baltic bay - global startup hubOutlook for the NordicsThe reasons behind the success of the regionBaltics as core home market for InventureChallenges in attracting talent to Finland and the regionCharacteristics of Baltic foundersNorwegian startup ecosystem[21:25] - Investment decision making process and investing in the BalticsThe importance of legislation for investment decisions - minorThings that VCs are looking for in startupsGetting in on Baltic deals in timeInvestments missed out on [30:15] - The biggest challenges in scaling companiesProduct-market fitHaving the right peopleBuilding a compelling storyAbility to go abroadThe ability of the founders to grow with the companyThe role of VC in the management team changes[39:35] - European VC trends and the most exciting industriesThe story of investing in WoltLast-mile delivery industry - clearing up of an accumulated backlog of opportunitiesWhy is Amazon not in last-mile groceries?Insurance industry - is the hype real?Hyping product teams vs industriesOther hot industries - health tech, agtech, products improving quality of lifeFuture of Inventure in the BalticsFind 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 Tuomas is available NOW on Apple Podcasts, Spotify, and Google Podcasts Find out more on https://www.pursuitofscrappiness.co/ Support the show