OMGKRK Academy #8 [DISCUSSION]
Last time you read about how different ecosystems in Warsaw, Kyiv and Berlin work thanks to OMGKRK Academy #8 special guests: Marta Diana Koziarska (CEO, co-founder at ReaktorX), Nataly Veremeeva (CEO at Kyiv IT Cluster) and Adam Formanek (Head of project LOOKOUT – SIBB). Today we want you to learn what we did during the discussions. Topic mentioned were: the creation of a startup, the role of government in the ecosystem, Kraków community and more.
How to start a startup?
The first question was typical, almost every single startup event at least one person asks how to start. Though there isn’t a right answer to that question our speakers came up with few of the steps.
- Research: everyone agreed, that before you even think about starting your own company you should get to know a market, client, and community where you want to create.
- Find a partner: you need to have a person you trust, can work with and share a passion to create a project. Someone who completes you and specializes in a different area in a company. You need two people to build a startup: someone who will create and someone who will promote and sell.
- Know a customer: it’s very connected with good research. Before you start, get acknowledged with your client. Learn as much as you can about what he/she needs, wants and is willing to pay for.
- Have an idea: the hardest of all. It needs to be unique and common enough so it would be interesting for your customer and potential investor.
- Create a business concept: you need to answer a few questions: What will you do? How? Where? How much it’ll cost? When and how will you monetize your business? How much you’ll earn? After what time? How will you grow? What is your marketing strategy?
- Test: before starting with your own enterprise you could give your product to friends, family and try if it works, is needed and is wanted.
How is Kraków startup community?
Adam Formanek: he said a lot about Krakowski Park Technologiczny. Great idea and space. He pointed out that in Cracow there are a lot of startups with artificial intelligence and amazing tech. Deficiencies are weak mentorship program, low entrepreneurship education and getting the knowledge from people who know better than us.
Nataly Veremeeva: she said that in Cracow we have more than enough opportunities. We have good access to funds and help from the government. In weaknesses, she pointed out that one Krakowski Park Technologiczny isn’t enough space for startups in the city and there is a need to develop another.
Marta Diana Koziarska: she focused on great connectivity with local government, although in her opinion there aren’t enough startup accelerators and there is a need to educate students about startup as a way of a career by engaging them in the local startup community.
What is the government role in the startup ecosystem?
All of our speakers agreed that government is a big part of how is the startup community. Nataly, who sees in Ukraine how corruption can obstruct creating a business said, that good leaders in administration could change the whole process of the development of startups. Marta showed us how Warsaw is helping with startup ecosystem by creating acceleration programmes and centers.
What is the best strategy to attract an investor?
You need to remember that people invest in people. To attract an investor you need a good team that believes in what they do/produce, committed to an idea and strength to execute it. You’ll need a good seller, someone who can make the investor as passionate as team members about the idea. As Adam Formanek said: “First few seconds are crucial, make them count”. He later explained that an investor in a few seconds decides to make an investment and after that rationalize the decision.
How to deal with a failure?
Lastly, we’ve discussed the topic of failure. How to reinvent yourself after failing? Our speakers turned the question around and suggested to change an attitude. We need to learn to think about failure as a part of life. It’s a lesson, we shouldn’t be ashamed of. Review your mistakes, don’t make them again, prepare a strategy for a situation where you failed for next time.
Did you miss the last post #OMGKRK Academy #8: Ecosystem Summit Recap? Click here to read.