At the Startup Club on May 31, we discovered many interesting things from the discussion with Nikolay Manolov. We got to know the XOR startup and the HR Tech dimension from a different perspective.
For those who did not manage to come to the event, we have prepared 7 lessons from Nikolay’s experience:
- The first investment of 10k or 100k EUR is much harder to obtain than a subsequent million. Investors who offer 10k tend to feel very good about the value of each EURO. For those who offer a million, this money is less significant in a large portfolio.
- When a startup has the first results, the probability that the team will quarrel is quite high. Every investor knows that. That’s why they invest in a startup that has already achieved its first successes and managed to consolidate its team.
- A startup that stays too long at the idea stage is prone to failure. Small but sure steps are the key to success.
- It’s a myth that once a good startup idea is launched, it will gradually expand globally. These are unique cases. Success often means knowing your target market very well and monopolizing it. The same solution may not be suitable for different countries, regions.
- The market also matters a lot when it comes to validating the idea. You can’t validate an idea with a customer in a region if you know that the product or service is intended for a completely different target.
- It is sometimes much easier for investors to explain what your product is than for customers. And the language you have to use is different for each of these groups.
- If your goal is to earn as much money as possible, get hired by a corporation and don’t venture into a startup.
We look forward to seeing you at the next editions!