Startup Istanbul Podcast

Last month, I was in San Francisco for the a16z Speedrun Demo Day — surrounded by brilliant Substack writers, top founders, and sharp investors.I had the chance to meet so many great friends:* Great opportunity to meet Andrew Chen and Kevin Kelly* Hung out with writer friends Guillermo and Ruben* Met Devansh, founder of Artificial Intelligence Made Simple* Spoke with Alex Xu, founder of @bytebytego* Caught up with my longtime friend Marvin Liao from The Hard Fork* Took Waymo for the first time (yes, I geeked out)* Thanks to Ryan for this wonderful invitation!And just last week, I had the opportunity to sit down and record a deep conversation about a16z Speedrun with Josh Lu.Here’s what I learned — and what founders everywhere can take away.A Career Like a SpeedrunJosh described his own journey like a video game speedrun – skipping unnecessary steps, learning on the fly, going fast, and iterating. From Yahoo intern to product manager to investor, he’s always been building fast."Speedrun is a great metaphor for the founder journey — you don’t stop to collect all the coins, you just go." – JoshUnlearning Is a SuperpowerWhether it was MySpace games, Facebook virality, or mobile hits, Josh learned one thing over and over: the best product people unlearn fast.The games industry evolves constantly. What worked last year won’t work now. Great PMs drop outdated assumptions quickly.This is true far beyond games. In startups, what made you win early might hold you back later.What Makes a Great Product Manager?Josh’s top two traits:* Intellectual humility – Can you unlearn quickly and change your mind?* Love for the product – The best PMs deeply use the product and generate most of the bug reports themselves.Blank slates often outperform pedigreed hires — if they’re hungry and curious.Data Beats Intuition (But Only If You Can Get It)In free-to-play games, data is everywhere. In AAA games, it’s scarce. Josh became more data-driven by watching his assumptions fail — repeatedly.“My taste in games didn’t match what real players actually liked. I learned to trust the numbers.”The lesson for founders: intuition is great for starting, but validating with real usage is what builds winners.Founder Selection in VC Is DifferentIn Speedrun, most startups are at the idea stage. No traction. Sometimes no game yet.That’s why Josh focuses almost entirely on the founder:* Are they resilient?* Do they have a reason to build this?* Are they thinking beyond product into company-building?"You can’t fake resilience in a 15-minute pitch. It shows up fast."Startup Istanbul is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.AI in Gaming = Compression of CostJosh shared how his last game at Blizzard — Diablo Immortal — cost $250M to make. But with today’s AI tools?That same level of experience may soon cost $150M… then less. AI helps studios do more with less — better assets, faster iteration, cheaper production.Great for players. Great for small studios. The bar is rising, but so is access.No-Code Gaming Is ComingJosh believes non-coders with great vision will increasingly build amazing games, thanks to tools like Roblox, Discord-native games, and UGC platforms.The skill set of the next generation of game builders? Vision, persistence, creativity — not necessarily code.Turkey: A Rising Gaming HubJosh has personally worked with 3 Turkish gaming startups in Speedrun. He points to role models like Peak Games and Rollic as catalysts for Turkey’s startup flywheel."Turkish founders are ambitious, creative, and humble. They’re not afraid to copy what works — and that’s a strength."What Speedrun Looks for* Founder-market fit* Product obsession* Clear problem definition* Early signs of resilienceBonus points if you’ve validated something — even tiny.Speedrun is IRL in California. Cohorts are small. Network is powerful.Final TakeawayWhether you’re building a game or a startup — the mindset is the same:* Stay curious.* Move fast.* Learn from others.* Be willing to change.Speedrun isn’t just a program. It’s a mindset.Thanks to Josh for sharing so generously. You can learn more at SpeedrunThanks for reading Startup Istanbul! This post is public so feel free to share it. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I had an eye-opening chat with Jason Fried on my podcast about startup funding. His perspective challenges everything most founders believe.Controversial truth that needs to be said:”Not all external money is worth taking.”Here's the uncomfortable truth about funding:The less money you take early, the stronger you'll be.Why? Let's break it down:1. The Independence Tax * You're now on someone else's timeline* External pressures drive decisions* Long-term vision gets compromised* = Lost autonomy you can't buy back2. The Speed Trap * Pressure to show fast growth* Premature scaling kills* Forced to "go big or go home"* = Racing toward wrong goals3. What Nobody Tells You * Investors want specific timeframes* Your timeline ≠ Their timeline* "Going fast" means spending big* = Misaligned incentives4. What Actually Works:✓ Build sustainable business first✓ Stay independent longer✓ Keep full control✓ Choose your own path= Power to build your wayThe Reality Check:Independence is your competitive advantage.Money comes with invisible strings.Remember:"The best funding round might be the one you don't take."Comment a 🧿 if you're tired of the "raise fast" pressure!Startup Istanbul is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

Big companies don't fail from lack of innovation.They fail from successful resistance to it.Episode with Tendayi Viki about startups and corporate innovation.The Warning Signs:* "We're too busy running the business"* "Let's not mess with what works"* "Innovation is a distraction"* "Our customers love us as we are"The Real Cost:* Market share: Slow decline* Revenue: Looks fine until it doesn't* Competition: Invisible then invincible* Innovation: Too little, too lateWhat Actually Works:✓ Treat success as a threat✓ Innovation before desperation✓ Reward experiments, not just results✓ Build speedboats inside oil tankersRemember:"Success makes you strong.But it also makes you slow.By the time you feel the need to change,The market has already moved on."We've created a dedicated WhatsApp channel exclusively for our Startup Istanbul Substack members. It's the place to be for real-time discussions, valuable connections, and exclusive updates on the Istanbul startup ecosystem. Join us now - space is limited! Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

In this week's post, we're diving into the crucial topic of attracting investors, with insights from a true expert. I recently had the pleasure of speaking with Ed Kang, a seasoned startup advisor and investor, who brings a wealth of experience to the table. Ed's worked with hundreds of startups, and he's seen firsthand what works and what doesn't when it comes to fundraising.This episode focused on practical, actionable strategies to help founders navigate the complexities of investor outreach, especially as we look towards 2025. We covered everything from crafting effective cold emails to building long-term relationships.Ready to get started? Let's dive in:Cold Emails That Work* Keep them short: Five sentences max.* Include:* Why you're reaching out* The problem you're solving* Your solution* Your traction* Your raise amount* Match the investor type: Seed for seed, Series A for Series A.Grab Their Attention* Subject Lines: Make them pop and grab attention fast.* Preview: The first line they see? Skip the fluff.* Personal Touch: Angel investors? Get personal. VCs? Less crucial.Smart Follow-Up & Relationships* Follow Up: Once or twice, weeks later, with something new.* Long-Term: Think relationship, not just money. Referrals matter.* Be Honest: Share good and bad news, with solutions.Smart Fundraising Strategy* Bootstrap First: Build your product before raising funds.* The "No Ask" Slide: Creates FOMO (fear of missing out).* Network: Friends, family, then others.Feedback & 2025 Trends* Get Feedback: Ask for the hard truth.* 2025: AI will be big, distribution is key.* Cycles: Be ready for market trends and changes.Bottom LineBe smart, be honest, and build real relationships. That's how you win. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

Just had an incredible chat with Ed Kang from Startups.com about what really happens when investors look at your deck.Here's the shocking truth:You don't have 10 minutes.You have:* 1 seconds for the cover* 3 seconds for first 3 slides* 30 seconds if you're lucky* 3 minutes if you're exceptionalIt's your pitch before the pitch.The 3-Second Reality Check:* Cover slide* Problem* SolutionThat's it. Make it count.Here's what makes investors instantly close your deck:❌ Unclear problem statement❌ Paragraphs of text❌ Too many bullet points❌ Marketing language to investors❌ Hyperbolic statements ("We're disrupting everything!")1. What actually works:* Cover Slide Magic 🎨* Clear one-line pitch* No fluff or buzz words* Professional layout* Sets the tone for everything2. Problem Slide Power 💪* Be concise but compelling* Show size (e.g., "40M teenagers face this")* Make it impossible to ignore* No generic statements ("Banking is broken")3. Solution Slide Success 🚀* Match exactly to the problem* Show why you're different* Be specific, not fluffy* Demonstrate deep understandingThe Hidden Truth:You're not pitching for investment in the first deck.You're pitching for the "maybe pile."That's it. There is no "yes pile" at this stage.Remember:* Simple > complex* Clarity > creativity* Evidence > promises* Numbers > adjectivesWant to know if your deck works?Show it to someone for 30 seconds.If they can't repeat your pitch back to you...Start over.Don't Miss Out! Join our WhatsApp Channel. Stay connected, stay ahead, and let's grow together! Join Now! Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I had a great chat with Ilya Strebulaev recently. Ilya is a professor at Stanford GSB, author of 'The Venture Mindset' book, and knows a ton about venture capital and innovation. We talked about what makes a good VC versus a great one, and I think you'll find some of these takeaways super interesting.Key TakeawaysConsistency Over Luck* Great venture capitalists aren’t just lucky—they’re consistent.* They have solid processes that help them navigate the unpredictable world of startups.* It’s not about getting one decision right; it’s about doing it repeatedly.* A clear process turns luck into a repeatable skill.The Fastlane vs. Slowlane* Fastlane Approach:* VCs analyze a lot of deals—about 100—to invest in just one.* They need to quickly spot red flags and decide whether to move on or dig deeper.* Slowlane Approach:* Once in the slowlane, VCs shift focus to asking why they should invest, not just why they shouldn’t.* This mindset helps them build real conviction in an opportunity.The Venture Mindset* The venture mindset isn’t just for VCs—founders can benefit too.* Founders who understand how investors think are more likely to secure funding.* Ilya co-wrote a book called "The Venture Mindset" that explores this way of thinking in more detail.Focusing on Home Runs* "Home runs matter, strikeouts don’t."* Venture investing is about finding one or two startups that will make a huge difference in your portfolio.* The power law is key—one big win can make up for a lot of smaller losses.Embracing Failure, Especially in Emerging Markets* Different cultures have different attitudes towards failure.* In venture capital, embracing failure is essential.* In emerging markets like Turkey, accepting failure can be a key driver for growth and innovation.Final Thoughts* Being a successful VC isn’t just about picking winners.* It’s about having a consistent system that leads you to the best opportunities repeatedly.* Ilya’s insights were informative and inspiring, especially for founders and aspiring VCs.Don't Miss Out! Join our WhatsApp Channel. Stay connected, stay ahead, and let's grow together! Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

In my latest podcast episode, I had the pleasure of speaking with Jeremiah Gardner, a seasoned innovator and author of "The Lean Brand." Jeremiah's journey from the startup world to implementing lean innovation practices in healthcare offers valuable insights for entrepreneurs and corporate innovators alike.Key Takeaways* Lean Startup in Healthcare: Contrary to initial skepticism, lean startup methodologies can be successfully applied in healthcare. However, the application requires careful adaptation to the unique challenges of the industry.* Progress Metrics: Jeremiah introduced the concept of progress metrics as a way to objectively measure pre-market innovation portfolios. This approach helps in making more informed decisions about resource allocation in early-stage product development.* Balancing Act: Innovation leaders must strike a delicate balance between accelerating time to market and mitigating risks. This balance is crucial for successful product launches and long-term innovation success.* Coaching Meta-Skills: Jeremiah emphasized the importance of coaching in innovation practices. He outlined three meta-skills for effective coaching: self-awareness, observation, and intervention.* Hearts and Minds Game: Innovation management is as much about managing people and behaviors as it is about processes and methodologies. Jeremiah stressed the importance of understanding the human element in driving innovation.To learn more about Jeremiah's work and insights, visit his blog at jeremiahgardner.comDon't Miss Out! 🚀 Join our WhatsApp Channel for exclusive insights, startup tips, and behind-the-scenes updates you won't find anywhere else. Stay connected, stay ahead, and let's grow together! 🌟 Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

Fundraising is a critical stage for any startup, but it's not without its pitfalls. In a recent conversation with seasoned venture capitalist Andrew Romans, we delved into the often-overlooked dangers of overfunding and how it can jeopardize a startup's long-term success.The Illusion of SuccessMany founders equate a high valuation with success, believing that raising a large round is a validation of their business. However, as Andrew points out, this can be a dangerous illusion. Overvaluation sets unrealistic expectations for future rounds and puts immense pressure on the team to deliver exceptional results. If the company fails to meet these expectations, it can lead to a down round, demoralize employees, and scare away potential investors.The Spreadsheet StrategyTo avoid the overfunding trap, Andrew recommends a simple yet effective strategy: create a spreadsheet to model different funding scenarios. This allows founders to understand the impact of various funding amounts and valuations on their ownership and potential exit strategies. By visualizing the potential outcomes, founders can make more informed decisions about how much money to raise and at what valuation.Building a Sustainable BusinessInstead of chasing high valuations, Andrew emphasizes the importance of building a sustainable business with strong unit economics. This means ensuring that the company's revenue exceeds its costs on a per-unit basis. A sustainable business model provides more control and flexibility, allowing the company to weather the inevitable storms that come with building a startup.The VC PerspectiveFrom a VC's perspective, Andrew highlights the importance of communication and transparency in the founder-VC relationship. He encourages founders to share both good and bad news with their investors, as this fosters trust and collaboration. Additionally, he advises founders to be selective about the investors they bring on board, ensuring that they add value beyond just capital.Other Key TopicsIn addition to fundraising, we also discussed:* The importance of finding the right co-founder(s): Andrew emphasizes that this is one of the most critical decisions a founder will make.* The evolving landscape of venture capital: We explore how the industry has changed over the past few decades, with the rise of micro-VCs and the increasing focus on AI-powered solutions.* The role of accelerators: Andrew shares his insights on the value accelerators can bring to early-stage startups.Key Takeaways* Overfunding can be a trap: High valuations can create unrealistic expectations and lead to down rounds.* Focus on sustainability: Build a business with strong unit economics to ensure long-term success.* Model your fundraising: Use a spreadsheet to understand the impact of different funding scenarios.* Communicate with your investors: Build a strong relationship based on trust and transparency.* Choose your investors wisely: Ensure they bring value beyond just capital.* Find the right co-founder(s): This is a critical decision that can significantly impact your startup's trajectory.* Understand the VC landscape: Be aware of the current trends and players in the industry.* Consider accelerators: They can provide valuable resources and mentorship for early-stage startups.Fundraising is a complex process, but by understanding the risks and focusing on building a sustainable business, founders can increase their chances of success. Remember, the goal is not just to raise money, but to build a company that can thrive in the long run. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I recently had Touradj Barman on my podcast to discuss his entrepreneurial journey and founding Up’n Go, a contactless payment solution for restaurants. Here are some of the key lessons I took away from our conversation:* Start with solving a specific, narrow problem - Up & Go began by simply focusing on easing check splitting* Get a customer before building the product - Partnered with a restaurant first to customize the product to their needs* Constraints force focus - Bootstrapping kept costs low so they could focus on the essentials rather than getting distracted* Turn challenges into opportunities - Pandemic accelerated contactless payment adoption, driving huge transaction growth* Persistence pays off - Depth of experience matters in competitive space; Up & Go now leads competitors in volume Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I recently had the pleasure of speaking with Anna Strubel, co-founder of Cara Health, an innovative startup aiming to improve the maternity experience for women and families. Cara Health began by offering in-person services like yoga, midwife appointments, and family education classes. But after seeing a need for more comprehensive support throughout pregnancy and postpartum, Anna and her co-founders Carina Vantsi, Keiro Vantsi developed a hybrid model combining online and offline resources. Key Takeaways:* After training as a pediatric nurse in Germany, Anna became passionate about supporting women throughout the entire maternity journey - not just the hospital experience. Working in Canada and Berlin exposed her to the postpartum care many women lack. * Major "aha moments" that sparked Cara Health: realizing women often don't know what resources could help them, seeing how fragmented the maternity system is, and recognizing the gaps between different care resources. Anna and her co-founders saw tech as a way to bridge these gaps.* Cara Health combines multiple "verticals" into one platform: knowledge articles, practitioner appointments, classes, and product recommendations. Having it all in one place aims to reduce confusion and errors.* Ensuring accurate info is crucial. Cara Health has medical experts review all content and a medical advisory board with OBGYNs and family doctors. Credibility builds trust.* Word of mouth among midwives drives acquisition, as they're happy to refer women to a medically-verified resource that also helps their own work.* Expansion focuses on markets with fragmented maternity care, starting with Germany. The UK and DACH region are next target markets. * Key industry trends are demand for medically-verified info, at-home health tracking, and AI personalization. Cara Health aims to stay ahead of these needs.* Patience and focusing on the core mission, not just quick wins, are critical skills Anna has learned. Having co-founder support also bolsters resilience when challenged.Anna's passion for innovating maternity care shines through. Cara Health represents an exciting melding of online and offline care that could greatly benefit families worldwide. I'm excited to see their continued impact.Everything You Need to Know About Lean Startup in 12 Minutes Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I had the pleasure of speaking with Adeo Ressi, a well-known figure in the world of entrepreneurship and venture capital. Adeo is the founder of Founder Institute. He has inspired many entrepreneurs. He also started VC Lab, a leading accelerator program for fund managers, where I am an early alumnus of the program.Last year, I read a book about Elon Musk. I learned that Adeo is a close friend of Elon Musk from their university days. They shared a home at university. Adeo even traveled with Elon to Russia to negotiate buying rocket engines in the early days of SpaceX.For more details, I recommend reading the book by Walter Isaacson.Adeo shared his deep insights into what it takes to succeed as an entrepreneur and offered valuable advice for those just starting out. From discussing innovative business ideas to navigating the challenges of the startup world, this episode is packed with wisdom and practical tips. "The key to securing funding is understanding what investors are looking for: a clear and concise pitch, a strong team, and potential for growth and scalability." — Adeo RessiHighlights from the ConversationAdeo Ressi on Entrepreneurship* "I'm a huge fan of Entrepreneurship and Venture Capital."* Discussed the importance of innovation and creativity.* Emphasized the need for resilience and adaptability.Starting a Business* Adeo shared valuable tips for aspiring entrepreneurs:* Identify a unique problem to solve.* Build a strong team.* Stay committed and passionate about your vision.Venture Capital Insights* Adeo's perspective on securing funding:* Understand what investors look for.* Be clear and concise in your pitch.* Show potential for growth and scalability.Challenges Faced by Entrepreneurs* Common hurdles in the startup journey:* Navigating market competition.* Managing limited resources.* Maintaining work-life balance.Other Topics The Future of Technology* Impact of emerging technologies on businesses.* Predictions on trends shaping the entrepreneurial landscape.Personal Experiences* Adeo shared stories from his own entrepreneurial journey.* Highlighted lessons learned from both successes and failures.Advice for Young Entrepreneurs* Stay curious and continuously learn.* Network with other entrepreneurs and mentors.* Be prepared to pivot when necessary."Entrepreneurship is a journey filled with challenges. Navigating market competition, managing limited resources, and maintaining work-life balance are all part of the process." — Adeo RessiHis insights into entrepreneurship and venture capital are both inspiring and actionable. Feel free to share your thoughts and takeaways from this episode in the comments. Additionally, Udemy started at the Founder Institute and is a great success story of the acceleration program. Check out Eren's recording from earlier years at the Startup Istanbul conference. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I'm excited to share some highlights from my recent conversation with Jerry Neumann, a seasoned venture capitalist and co-author of "Founder vs. Investor." This episode was packed with valuable insights on the dynamics between founders and investors, making investment decisions, and the crucial role of uncertainty in the startup world. Here's a summary of our discussion for those who couldn't tune in.The Importance of Embracing UncertaintyOne of the key themes of our conversation was the role of uncertainty in the success of startups. Jerry emphasized that every startup faces a degree of uncertainty, and it's this uncertainty that often creates a moat, keeping larger companies at bay. He shared the example of Apple and IBM in the early days of personal computing, illustrating how startups can leverage uncertainty to establish themselves in the market.Investment Decisions: Data vs. IntuitionJerry provided a fascinating look into his framework for making investment decisions, especially in early-stage companies. He mentioned that while data about the market and competitors is essential, much of the decision-making process at this stage relies on intuition. Evaluating the founders' knowledge of their market and their ability to execute their vision is crucial, as there's often limited concrete data to go on.The Dynamic Between Founders and InvestorsA significant portion of our discussion revolved around the different incentives and goals of founders and investors. Jerry highlighted that while VCs are primarily focused on maximizing returns, founders are often driven by a passion for building something meaningful. This divergence can lead to conflicts, especially when it comes to decisions about scaling or selling the company. Jerry's advice to founders is to conduct thorough due diligence on their potential investors, ensuring they understand their motivations and track record. "You shouldn't ask your board how to run the company. Instead, present your issues along with potential solutions, demonstrate leadership, and seek their feedback to refine your ideas. Show them that you know how to solve problems and are looking for their input to improve your approach, not to come up with solutions for you." - Jerry NeumannLessons from Columbia UniversityAs an educator at Columbia University, Jerry also shared some of the key lessons he imparts to his students. He stressed the importance of understanding that failure is not the end but rather a part of the entrepreneurial journey. Jerry encourages aspiring entrepreneurs to embrace failure as a learning opportunity and to remain adaptable in the face of changing circumstances.The Role of CompetitionWe also touched on the role of competition and how startups can position themselves strategically. Jerry pointed out that avoiding direct competition with large, established companies is often wise. Instead, startups should focus on areas where they can create unique value and build a sustainable competitive advantage.Looking AheadAs we wrapped up our conversation, I asked Jerry about his future plans and whether we can expect another book from him soon. While he's still recovering from the last one, he hinted that there might be more to come in the future.I hope you find these insights as enlightening as I did. If you haven't already, be sure to listen to the full episode for more in-depth discussion and valuable takeaways. As always, feel free to share your thoughts and comments. I look forward to hearing from you! Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I recently had an insightful conversation with Derek Andersen, the visionary founder of Bevy and Startup Grind, on my podcast. Derek's journey is a testament to the power of community building and the transformative impact it can have on businesses and individuals alike. I wanted to share some key takeaways from our chat in this blog post.From Startup Grind to Bevy: A Founder's JourneyDerek's passion for community building led him to create Startup Grind in 2010, a global platform that connects and supports entrepreneurs. Startup Grind's success is a testament to its core values: giving more than you take, helping others first, and making friends.As Startup Grind grew, Derek and his team realized the need for better tools to manage and scale their community efforts. This led to the creation of Bevy, an AI-powered platform designed to streamline community management and growth. It's a great example of how identifying and addressing real-world problems can lead to innovative solutions.The Power of Community in Today's WorldIn our conversation, Derek emphasized the increasing importance of community building in today's world. In the digital age, where connections can often feel fleeting, communities provide a sense of belonging, support, and shared purpose. For businesses, fostering a strong community can lead to increased customer loyalty, engagement, and even product innovation.Derek's insights on leveraging AI in community management were particularly interesting. AI can help automate repetitive tasks, personalize experiences, and provide valuable insights into community behavior. However, Derek also stressed the importance of maintaining a human touch in community building. AI is a tool to enhance, not replace, human connection.Key Takeaways for Building Thriving CommunitiesHere are some key lessons I took away from my conversation with Derek:* Start with a clear purpose: What do you want your community to achieve?* Focus on giving value: Offer your members something they can't find elsewhere.* Embrace technology: Use tools like Bevy to streamline your efforts.* Never forget the human touch: Foster genuine connections within your community.If you're interested in learning more about community building, I highly recommend checking out the full episode of my podcast with Derek Andersen. It's packed with valuable insights and practical advice for anyone looking to build a thriving community.Let me know your thoughts in the comments below! Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I recently had the pleasure of interviewing Ida Stjernström, co-founder of Silo Team, on my podcast. Silo Team is a startup working to revolutionize technical onboarding and reduce developer turnover.Ida shared the backstory of how her brother Rasmus’ frustration with chaotic onboarding at tech companies sparked the idea for their solution. After researching over 400 tech teams globally, they realized the problem of losing developers went way beyond just onboarding.Key insights Ida discussed:* Silo Team centralizes knowledge and streamlines onboarding to integrate developers faster. Their approach is a competitive advantage.* They already have paying POCs and stellar feedback from CTOs and engineering leaders.* Patience and resilience have been critical as a founder. You have to bounce back from failures and stay adaptable.* Participating in pitch competitions got them investor interest and beta signups from developers eager for the solution.* Accelerators like Sting gave invaluable early support in the Swedish startup ecosystem.* As the team grows, Ida feels increased responsibility for decisions impacting employees, investors and customers.I appreciated the inside look at Ida's entrepreneurial journey. She highlighted the vision, traction, lessons learned and responsibility she feels as Silo Team scales. It was a privilege to host her and learn more about retaining developers. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

In my recent Substak podcast episode, I spoke with Adam Draper, founder of Boost VC and third-generation VC investor, about his unconventional path in venture capital.Coming from a long lineage of successful investors, Adam has made his own mark in the VC world. He is the founder and managing director of Boost VC, a fund focused on sci-fi technology and founders pursuing “impossible” ideas. Adam has led early investments in startups like Coinbase, Vints, and Amplitude.Adam shared the story behind his prescient early investment in Coinbase and founder Brian Armstrong. In the early Bitcoin days when few recognized crypto's potential, Brian matter-of-factly predicted cryptocurrency would be a trillion-dollar opportunity. While skeptical at first, Adam was compelled by Brian's vision and conviction, leading him to invest in Coinbase's seed round and sparking his long-term interest in crypto.Throughout our conversation, Adam provided insights into his creative philosophy and strategy around venture capital:* He looks for overlooked problems and markets with important needs* Leverages disagreement within his firm to find promising investments* Seeks true partnership with founders based on trust* His investing ancestors instilled in him the drive to spot historic opportunities earlyAs Adam says, “I think venture is going through an evolutionary change right now...Earlier stage [investing] is about optimization of luck. Later stage is the optimization of access...We’re trying to figure out who has the best shot at building an iconic company.”You can listen to our full conversation on spotify, youtube and substack of course. And be sure to check out Adam's book “Breakfast with Pops” for an inside look at the Draper family's VC wisdom. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

🎧 Listen on Spotify + watch on YouTubeRob Fitzpatrick, author of The Mom Test, recently joined me for an insightful conversation on my podcast. We discussed customer development, validating product ideas, his books, and more. Here are some of the key takeaways from our discussion:* When doing customer development, reveal your product vision to provide context but focus questions on their lives and experiences. Don't pitch or talk about your idea.* The Mom Test is a tool best suited for early, casual conversations where you need to uncover if customers care about the problem you're solving. It helps cut through false compliments and interest.* Don't seek 100% validation. Talk to a few people to go from 0% to 60% confident. Diminishing returns make it inefficient to keep confirming the same thing.* Warning signs you're getting bad data: Compliments, hypotheticals about the future, general opinions. Redirect to specific stories about their experiences.* Rob first got interested in entrepreneurship because he wanted independence and a direct connection between his work and results. He participated in Y Combinator in 2007, which showed him how fast successful founders can move.* Rob views venture capital as bundling many decisions together - you're optimizing for fast growth and rapid hiring. For his current lifestyle, bootstrapping is a better fit.* Rob is writing a new book on building online communities that help people make progress towards goals, which he calls outcome-oriented communities.I'm grateful to Rob for sharing his knowledge during our conversation. Be sure to check out the full episode for more insights on customer development, validating product ideas, and bootstrapping vs funding. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

🎧 Listen on Spotify + watch on YouTube Former Pannacotta founder Fernando Taliberti joins me to give a raw, honest postmortem on his failed calendar productivity startup. He shares the story of Panacota's journey, the emotional toll of shutting down, and his biggest lessons learned as an entrepreneur.Fernando Taliberti poured his heart and soul into building Panacotta, a startup focused on productivity. He had a passionate team, innovative tech, and even secured funding. But despite his efforts, Fernando ultimately had to shut down Panacotta.In this episode of my podcast, Fernando opens up about the raw and emotional journey of building and losing a startup. He shares the hard lessons learned, the mistakes made, and the resilience it took to navigate failure.Whether you're an aspiring entrepreneur, a seasoned founder, or simply curious about the startup world, this episode offers valuable insights into:* The importance of product-market fit* The challenges of fundraising and building a team* The emotional rollercoaster of entrepreneurship* The power of resilience and learning from mistakesFernando provides so much wisdom for fellow founders facing hardships. Don't miss his insightful reflections on two startup journeys!(If anyone has experienced a startup shutdown, I'd love to have you on my podcast to analyze the post-mortem)Check these articles* AI Takeover: Self-Driving Cars to Suits on Edge - Will Generative AI Eat Your Job?* No.1 Customer acquisition strategy for new startups in crowded markets* a16z Raises$7.2bn, Optimal VC Portfolio Construction, AI Index* Paul Graham: Are You Building Fake Product-Market Fit ? | VC Remote Jobs & More* Thinking About Quitting? You Should Do This First.* 10 Ways to Make Money as a Solopreneur (with Pros and Cons)* Board of Directors: The 80/20 on how to run an effective board and how to fail at fundraising.* Every Team Has an A*****e – How to Make Sure Yours Doesn't Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

🎧 Listen on Spotify + watch on YouTube I recently had the pleasure of speaking with Karl Marco, co-founder of Octo, an Egyptian fintech startup providing digital financial services, on my podcast. Karl shared invaluable lessons on building a fintech company from the ground up in Egypt. Here are some of the key takeaways from our conversation:* Octo aims to provide financial services to the unbanked and underbanked population in Egypt, offering a digital payment solution and a credit line combined in one.* The market in Egypt is largely untapped, with only 24 million out of 110 million Egyptians having bank accounts.* Octo focuses on the B segment, targeting employed individuals who are banked but lack access to formal credit.* The biggest challenge for Octo has been navigating the regulatory regime in Egypt and overcoming resistance to change in the financial industry.* Building a strong team that shares the vision and culture of the company is crucial for Octo's success.* Octo's plans for growth and expansion are focused on becoming a market leader in Egypt before considering expansion to other markets with similar financial structures and socioeconomic conditions.Startup Istanbul is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Check out these news articles and Substacks.How to Write for a LivingVenture CuratorThe Hybrid Hacker Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

In a recent Startup Istanbul podcast, Amanda Jacobson, co-founder of Radar, shared invaluable insights on building a fintech startup in Latin America.Radar provides payment reconciliation and payout automation for enterprises in Latin America. The problem they aim to solve is that as companies scale, their finance processes become extremely messy. Radar's products help clients understand the data behind their money flows to enable things like forecasting and automated money movement.Takeaways* Building a startup in Latin America requires a focus on product-market fit and profitability.* Listening to clients and iterating based on their feedback is crucial for success.* The treasury management space in Latin America is a blue ocean with significant opportunities for innovation.* Fundraising can be challenging, but building relationships with investors and being transparent about the company's vision and progress can help.* Having a collaborative culture and valuing the opinions of all team members is essential for building a successful startup.* Living and working in different Latin American countries provides valuable insights into the needs and challenges of the region.* The Latin American startup ecosystem is seeing trends such as high mobile penetration and increased digitization.* Resources and networks like Startup Chile and the Latitude Accelerator can provide valuable support and mentorship for founders.* Personal work-life balance varies depending on priorities and the stage of the startup.* Being patient with oneself and focusing on the long-term vision is important for navigating the challenges of entrepreneurship.Check out these news articles and Substacks.Digital Storm WeeklyThe VC CornerProduct Market Fit Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I recently had the pleasure of speaking with Dave McClure, founding partner of Practical VC and former founding partner of 500 Startups, on my podcast. Dave has been an active angel investor since the early 2000s and has invested in over 2000 startups during his venture career. Given his contrarian approaches and evolution from early to later stage investing, I was excited to pick Dave's brain on everything from the state of Silicon Valley to his lessons learned over the past two decades.1. The State of Silicon Valley* Seeing positive momentum in AI startups and events* Issues around crime, homeless, drugs being addressed* VC industry went through tough period but starting to rebound2. Early Days of 500 Startups* Named company 500 Startups despite skeptics* Contrarian strategies - large portfolios, global, accelerators* Difficulty fundraising with non-traditional approaches* Power law results validated broad portfolio thesis3. Investment Decision Making Then vs Now* Early stage - some traction and progress* Later stage - established growth and path to near term exit* Earlier - 200+ investments, minimal data* Now - concentrated 20-30 investments, all data-driven4. The Evolution of 500's Investment Strategies* Realized best value was in funds around years 6-8* Winners emerged and overtook fund performance* Now buying secondary fund stakes, not early stage5. How Fund Secondaries Work* Buying partial stakes from LPs or GPs* Not single companies, but whole fund slices* Underwriting based on unicorns, exits, write-downs* Anchoring on big winners, calculating total value6. Advantages of the Skip the J-Curve Approach* Faster returns than traditional VC funds* Condensed 3-5 year timeline* Discounted proven growth assets* Target 3-5x return vs 10-15 years7. How the Secondary Market is Evolving* Growing but constrained buyer demand* Many doing large transactions above Practical VC* Focus on funds, not just companies* Little competition for Practical VC's smaller deals8. Risks and Rewards in Secondary Investing* Assuming continuation of growth trajectory* High probability of exit in 3-5 years* Avoiding early stage uncertainty* Giving up 100x potential of early bets9. Advice to Emerging Managers* Differentiate your strategy to attract LPs* Deploying capital is easier than raising it* Have a unique niche and value-add10. Parting Thoughts on Technology* AI, robotics, climate tech most exciting* Still lots of runway in traditional spaces* Find progression of success vs earliest innovationDave shared so many valuable insights from his investing journey, spanning early home runs like Canva to his current secondary fund strategy. Some key takeaways for me were the power of differentiated strategies, maintaining discipline during downturns, and continually evaluating new approaches as the market evolves. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I recently had an insightful chat with Tendayi Viki, author of "The Corporate Startup" “Pirates In The Navy” and expert on innovation. We discussed the differences between startups and large companies when it comes to innovation, and key strategies for enabling innovation inside organizations. Here are some top takeaways:Opening Up Space for Ideation* Companies don't lack ideas, they lack processes that allow those ideas to surface and be tested.* Innovation theaters with lots of ideation don't create value. Focus on building and validating value propositions.* Open up space for small experiments, not just ideation. Track progress with innovation accounting.Avoid Premature Scaling* Startups used to mimic big cos, preparing full business plans and giving out executive titles. This "fake it" approach fails.* Startups must find product-market fit before scaling. Corporates face this uncertainty when disrupting core business or creating something entirely new.* Innovation teams shouldn't build like a large company when there are still major unknowns.Adopt a Portfolio Approach* Leaders can't pick the winning idea upfront. Make multiple small bets based on a thesis.* Pay attention to which teams show traction based on innovation accounting, then double down on those.* Legacy systems are designed for big bets, not managing a portfolio. Processes need reconfiguring.Enable Dedicated Innovation Teams* Surround innovation teams with coaching for methodology mastery and accountability.* Make innovation its own function, not just a part time job. This "entrepreneurial function" is becoming a best practice. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I recently had the pleasure of speaking with Jens Lapinski, an experienced investor, entrepreneur, and mentor, on my podcast. Jens shared valuable insights from his journey across academia, entrepreneurship, and investing. Here are some key takeaways:From Academia to Entrepreneurship * Jens did his PhD in biotechnology at the University of Cambridge, which had a very entrepreneurial culture. He built technology with commercial applications that got licensed to a public company. * This exposure to bringing research into business and society sparked Jens' interest in entrepreneurship.Lessons as a Founder and CEO* Jens started a company after his PhD. As a founder, you want to find product-market fit, grow customers, and build a great company. * But many things can and will go wrong. Other founders have likely solved similar problems before. * Finding mentors who can help you avoid mistakes is invaluable. Jens started mentoring other founders and joined an accelerator as a mentor.Investing Evolution* Jens was analyzing biotech startups for investment opportunities and ended up reviewing thousands of private companies.* He started angel investing with his own money, while continuing to actively mentor startups without any fees.* Today Jens leads Super Angel, a VC fund with 50M euros under management and a team of 11 investing in early stage startups.Evaluating Startups to Invest In* Jens looks for founder teams that can "not fail" and "scale". This means avoiding team conflict, finding product-market fit, and being in a position to rapidly grow.* Complete alignment of team, product, market, business model and funding has magical effects, according to Jens. But this perfect storm rarely happens.Recommendations for Founders Fundraising * Founders should pitch investors the business and shares in their company, not just the product. Investors want to invest in the company's potential.* Avoid premature scaling before finding product-market fit. Focus resources on the search for product-market fit.* Develop coherent stories around emerging valuable categories, traction proving the opportunity, and the company's positioning. Jens shared tactical tips for founders as well as thought-provoking perspectives on company building and startup investing. Let me know if you would like me to elaborate on any parts of our conversation.I'm grateful to Jens for taking the time to share his knowledge and experiences on my podcast. Key lessons for me are: * find great mentors who can help you avoid mistakes, * be strategic in fundraising by understanding what investors want, and * remain focused on finding product-market fit before prematurely scaling. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

In a recent podcast episode, I had the privilege of sitting down with Steve Blank, the legendary entrepreneur and father of the Lean Startup methodology. Our wide-ranging conversation delved into the secrets of successful entrepreneurship, the evolution of startup practices, and Steve's tireless mission to empower founders around the world.* He believes humor and optimism are critical for entrepreneurs to handle the ups and downs* Blank looks to entrepreneurship itself for funny stories and observations, ingesting varied experiences helps recognize patterns and opportunities* Steve Blank had a 5 minute interview with Steve Jobs at Next where they realized Blank wasn't the right fit as a marketer under Jobs* Blank explored starting an electric vehicle startup in the early 2000s with Scott Andrews and Tesla co-founder JB Straubel* Blank ultimately realized he no longer had the 24/7 passion required for a new startup at that stage of life* JB Straubel later found the perfect CEO in Elon Musk to build TeslaMore details from Buzz Aldrin ’s moon landing travel expense form. Photo via @TheRealBuzz/Twitter* Even the Apollo 11 astronauts, who were the first humans to land on the moon, had to go through customs when they returned to Earth.* Astronaut Buzz Aldrin revealed one of his favorite memorabilia items - the travel expense report he filed after the mission, which included reimbursement for the short car trip from his home to the Ellington Air Force Base in Houston.* Aldrin also tweeted an image of the customs form the Apollo 11 crew filled out, declaring their cargo of "moon rock and moon dust samples.* Blank compared the Apollo moon mission to disruptive innovation - the astronauts had to fill out customs forms about where they traveled (Moon) and what they brought back (moon rocks)* The clash between the Apollo astronauts' pioneering exploration and bureaucratic processes mirrored what startups face when innovating within big companiesOne of the key insights Steve shared was the timeless importance of customer discovery and rapid iteration. "All you have on day one as a founder is a set of untested hypotheses," he explained. The key is to get out of the building, talk to potential customers, and use their feedback to validate or invalidate your assumptions. This approach, which forms the core of the Lean Startup methodology, has revolutionized the way entrepreneurs bring new products and services to market.But Steve also emphasized that the startup landscape is rapidly evolving, driven by emerging technologies like artificial intelligence. "AI is going to change a lot of this stuff," he predicted. Entrepreneurs who harness the power of AI will be able to operate 100 or 1000 times faster than those doing things manually. At the same time, Steve cautioned that founders must retain the human-centered creativity and customer focus that lie at the heart of successful entrepreneurship."I remind entrepreneurs that while building startups is rewarding, it's important to step back and find ways to serve something larger than yourself - whether it's starting an NGO, dedicating yourself to a mission, or serving your local community. Entrepreneurship shouldn't be the sole focus in life. Contributing to society in a meaningful way also matters." —Steve BlankOur conversation also touched on the venture capital industry, which Steve believes is ripe for disruption. He envisions a future where AI-powered tools help VCs make smarter, more data-driven investment decisions. He also warned of the "dark side" of Silicon Valley, where the pursuit of financial returns can sometimes overshadow ethical considerations.* Lack of oversight from boards - no adult supervision or fiduciary responsibility for many unicorns* Obsession with financial returns above all else - investors don't care about toxic impacts as long as growth is strong* Loss of any moral center - willingness to invest in anything no matter how unethical if returns look good (e.g. Juul & teenage addiction)Perhaps most inspiring was hearing about what drives Steve to keep teaching and advising startups, decades after retiring from an already successful entrepreneurial career. "Retirement was doing what I wanted, which was learning, continual learning," he shared. Steve's passion for empowering the next generation of entrepreneurs is truly infectious.Whether you're an aspiring founder, a seasoned entrepreneur, or simply fascinated by the world of startups, my conversation with Steve Blank is packed with invaluable insights and hard-won wisdom. I walked away inspired by his vision of entrepreneurship as a calling, a grand adventure in service of creating something meaningful.So if you're ready to navigate the startup journey with one of the most brilliant minds in the field as your guide, be sure to check out the full episode. You'll learn why Steve Blank is widely regarded as a startup legend – and walk away with a roadmap for turning your own entrepreneurial dreams into reality."Don't over optimize your first startup decision - you'll have many opportunities. Follow your passion and view entrepreneurship as a calling, not just a job. The key is creating something meaningful that drives real change, not chasing fame or fortune." — Steve BlankSteve BlankSteve Blank is an acclaimed Silicon Valley entrepreneur, innovator, and teacher. Over his long career, he has founded 8 successful startups in the tech sector. These include semiconductor firms Zilog and MIPS, computer company Convergent Technologies, and E.piphany, a pioneer in the dot-com customer relationship management space. After retiring from startup operations in 1999, Blank turned his focus to teaching entrepreneurship. He began sharing his experiences and insights with students at Stanford, UC Berkeley, and other universities. It was through his classes that Blank developed the pioneering Customer Development methodology that launched the Lean Startup movement. Blank is also a celebrated author, known for books like The Four Steps to the Epiphany and The Startup Owner's Manual. His work has earned him accolades including the Stanford University Undergraduate Teaching Award in 2009.In recent years, Blank has helped create influential training programs that spread entrepreneurship education more broadly. He was instrumental in developing the National Science Foundation's Innovation Corps curriculum, which has now reached over 450,000 students worldwide. At Stanford, he co-founded popular courses on topics like Hacking for Defense and Hacking for Diplomacy.Blank continues to serve on corporate and government advisory boards focused on technology innovation and policy. His abilities as a storyteller and deep insights on Silicon Valley history have made him a sought-after speaker and thought leader within the startup community. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I recently had the honor of speaking with legendary venture capitalist Tim Draper on my podcast. Tim has an incredible track record, having backed companies like Hotmail, Skype, Tesla, Coinbase, Robinhood, and many other household names. Our wide-ranging discussion touched on everything from Tim's investment philosophy, to the future of cryptocurrencies, to advice for entrepreneurs.Here are 7 key takeaways from my conversation with Tim Draper:* Make investment decisions based on instinct and entrepreneur's passion, not just data.* Think globally about startups from the very beginning to have a competitive advantage.* Continuously innovate VC models to keep pace with new technologies like AI.* Focus on industries that are stagnant and complacent to find the best disruption opportunities.* Embrace failure throughout the startup journey in order to ultimately succeed.* Develop confidence and perseverance as an entrepreneur in the face of obstacles.* Crypto has huge potential to transform commerce and remove inflationary pressure from fiat currencies.Tim Draper's Investment Philosophy* How does Draper evaluate early stage investments, and how much does he rely on data vs intuition? He looks at entrepreneur's background, but early stage is mostly instinct.* What are his thoughts on having an investment committee vs partners making decisions? He finds a single decision maker performs better than large committees. * Has he lost deals due to investment committees? Yes, extraordinary companies got turned down, prompting him to go solo.Advice for Emerging VC Managers* What are common early mistakes for emerging VC investors? Thinking it's easy, lack of deal flow and judgement. Need to see companies globally.* How should new managers raise money? Start with your own money, then go outwards in concentric circles to friends, family, and eventually institutions.* What other advice does he have? Diversify investments, don't over-commit. Move on quickly from failures.Assessing Global Markets * How does he evaluate emerging markets? Focuses on innovation via the Draper Innovation Index. Also looks for moves toward capitalism and strong, entrepreneurial leadership.The Future of Technology * Is Silicon Valley losing dominance to new tech hubs? Yes, it's losing its edge compared to other innovative regions.* How will VC evolve in the face of new technologies? He's using AI for diligence. Sees huge potential in sectors like education.* Where are the biggest crypto opportunities? Consolidation around Bitcoin as a standard for payments and commerce.* What's the right approach for crypto regulation? Regulate based on opportunity, not fear. React only when real damage has occurred.Entrepreneurship Advice* How does Draper University encourage embracing failure? Their pledge includes "I will fail and fail again until I succeed."* What are the most important skills Draper teaches entrepreneurs? Confidence and perseverance. It was fascinating to get Tim's take on the trends shaping the future of technology and investing. I'm grateful he took the time to share his wisdom. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I recently had the pleasure of interviewing David S. Rose, a pioneer angel investor and author of the book "Angel Investing: The Gust Guide to Making Money and Having Fun Investing in Startups" for my podcast. David shared fascinating insights from his decades of experience as an angel investor and entrepreneur. Here are some of the key takeaways from our discussion:The Best Way to Get Started in Angel InvestingDavid believes joining an established angel group is by far the optimal way to begin angel investing. The benefits include:* Learning from the experience of other angels who can provide mentorship * Ability to pool checks with other members to make larger, more impactful investments* Access to vetted deal flow * Drawing on the expertise of the group for due diligence and company supportWhile angel groups have some limitations compared to solo angels or VC funds in terms of speed and agility, the advantages they provide in getting an angel career off the ground are substantial.Business Plans vs. Pitch Decks - What Really MattersThe role of the business plan has evolved. Lengthy written plans are no longer financing documents to secure funding. Instead, they serve as internal roadmaps for the founding team. What investors need to see is proof of execution and traction. Well-crafted pitch decks of 10-20 slides are usually sufficient for angels to determine if a startup fits their investment thesis and merits a deeper look. The deck should clearly convey what the company does, the problem they solve, their business model, and early progress. "The biggest problem with new angel investors is they don't have that context. They don't understand really what they're doing. They may understand one particular product, but they don't understand the idea of a company and a startup and how that works." — David S. RoseRelying on Intuition vs. Data in Early Stage InvestingWith very early stage startups, picking winners is extremely difficult, even for the most skilled investors. David believes most angel investors, despite what they may claim, rely heavily on intuition and gut instinct rather than pure data-driven analysis. The key is to build a large, diverse portfolio in sectors you understand, with founders you believe in. Look for big market opportunities, strong teams, and capital-efficient business models. While most startups will fail, the wins should more than compensate.The Future of Accelerators and Emerging Tech in Venture Investing David sees the traditional startup accelerator model pioneered by Y Combinator evolving, with programs like Gust's Mission Control arising as scalable alternatives providing virtual support and access to resources and expertise.He predicts the emergence of powerful new AI-driven innovations to help investors discover, analyze and manage global startup portfolios. The convergence of AI, blockchain and IoT will be transformative."With most angels, despite what they say, despite all the numbers and stuff they give you, it's really intuitive. And so what you can try and do if you're not one of the pickers who has this sort of perfect sense of, and even they still miss 80% of the time, but the question is the other 20%, they get unicorns, right?" —David S. RoseI hope you found David's hard-earned wisdom and predictions about the future of angel investing as fascinating as I did! You can hear our complete conversation in the latest episode of Startup Istanbul. And I highly recommend picking up a copy of his book, Angel Investing, for a comprehensive guide to succeeding in this challenging but hugely rewarding field.David S. Rose is a highly accomplished entrepreneur, investor, and author with an impressive track record of founding and funding over 100 pioneering companies. He has been recognized by various media outlets as a key figure in the New York startup scene, earning titles such as "New York's Archangel" (Forbes), "the father of angel investing in New York" (Crain's New York Business), and "patriarch of Silicon Alley" (Red Herring magazine). Rose is also a bestselling author, having written "Angel Investing: The Gust Guide to Making Money & Having Fun Investing in Startups" and "The Startup Checklist: 25 Steps to a Scalable, High-Growth Business."Throughout his career, Rose has been at the forefront of innovation in various fields, including real estate technology, wireless data information networks, global angel investing platforms, and real estate capital market platforms. He has served as an executive, board member, or investor in numerous companies across diverse sectors such as proptech, fintech, wireless communications, consumer electronics, and many others. Rose is well-known for his ability to discover and mentor high-potential entrepreneurs and is a sought-after speaker, having delivered a popular TEDtalk on pitching to venture capitalists. He is also a frequent lecturer at prestigious business schools and has been recognized as a Top Writer on Quora for his insights on entrepreneurship and investing. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I'm thrilled to have the chance to have an in-depth conversation with Silicon Valley legend Guy Kawasaki on the podcast. As one of the original Apple employees in the early days of the tech revolution, Guy has a wealth of wisdom to share from his decades of experience as an entrepreneur, author, and innovator.Guy Kawasaki has lived a remarkable life. As an early Apple employee, bestselling author, and evangelist, he has accumulated a wealth of wisdom about how to make a positive impact on the world. His latest book, Think Remarkable, distills lessons learned from over 200 interviews with highly accomplished people on his podcast, Remarkable People.In our lively discussion, Guy shared stories and insights about:* His career path from jewelry salesman to Apple's chief evangelist* The origins of Apple's iconic "Think Different" ad campaign and his tense relationship with Steve Jobs* Why you should pursue interests not passions, and look for your "ikigai" or purpose in life* His late-in-life challenges learning to surf in Hawaii* The mindset shifts required to live remarkably, like having a "growth" not "fixed" mindset* Why you should default to saying yes to opportunities before going deep on a focused few* How to stay motivated during the "s**t sandwiches" of hard work* Why today he defines success by the difference he can make in other people's lives* The inspiration he drew from Steve Jobs' insistence on creating products people didn't know they needed yet* His secrets for an efficient morning routine* And much more..."When you find what you love, you don't even think about what motivates you. It's like, you know, honestly, it's not like I sit around saying, what motivates me? There are moments where I say, ah, man, this is too hard. I got to give this up. So everybody has those moments of doubt. And if anybody tells you that they never had a moment of doubt, they're lying to you. The test is whether you can push through them and keep going. That's where you get remarkable or not." — Guy KawasakiGuy Kawasaki is a highly accomplished entrepreneur, author, speaker, and evangelist. He is currently the chief evangelist of Canva, an online graphic design platform, and host of the Remarkable People podcast where he interviews high-achieving individuals. Kawasaki was previously the chief evangelist of Apple back in the 1980s and 1990s where he was instrumental in marketing the Macintosh computer. He has also been a trustee of Wikimedia Foundation, Mercedes-Benz brand ambassador, and special advisor at Google's Motorola division. He studied psychology at Stanford University as an undergraduate and earned his MBA from UCLA. Kawasaki also holds an honorary doctorate degree from Babson College. He is the author of multiple bestselling books on entrepreneurship, startups, marketing, and leadership.Over his remarkable career, Kawasaki has become a legend in Silicon Valley and earned recognition as an insightful speaker and advisor for his business acumen and inspirational outlook. He currently lives in Watsonville, California. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

Peter Livingston, founder of Unpopular VC, shared his insights on angel investing and working with startups globally in my recent podcast interview. My next podcast guest will be Guy Kawasaki on March 7th. I had the opportunity to speak with him about his new book Think Remarkable and am excited to share this episode.With over a decade of experience and 400+ investments under his belt, Peter emphasized the importance of diversification and long time horizons for new angel investors. He recommends starting small with check sizes around $1-5k to build a portfolio of at least 50-100 companies. Peter cautions that liquidity often takes 8-15 years, so angels shouldn't concentrate too heavily in just 1-2 startups.Through Unpopular VC's unique model, Peter and his partner Thibault Reichelt have deployed $68 million into 400+ companies so far. They take a bottoms-up approach to find talented founders worldwide building compelling businesses, regardless of trends or location. Speed and conviction are critical to get into the best deals before the herd. Peter explains how their lean, autonomous team empowers them to move fast and make contrarian bets. As a result, they've gotten into several succesfull startups early like Zepto and Yassir.Overall, our discussion covered Peter's journey from startups to angel investing, sourcing great founders globally, portfolio management for 4000+ LPs, and key lessons learned. Read on for a summary of the key questions and responses from our conversation.“Like and Comment Club”I, am excited to introduce a unique opportunity: a special closed group exclusively for those who actively like and comment on our newsletter. By engaging with our content, you can join this inner circle where we will have closer interactions and deeper discussions. This is your chance to be directly connected with me and be part of a community that values active participation and insightful exchanges. Don't miss out on being part of this engaging group!Investment Commitees Peter believes that investment committees are "really dumb" and much less effective than individual partners making decisions.* Investment committees are slow and miss out on the best deals* Good investments often seem bad initially and need contrarian thinking* Requiring committee approval biases away from non-consensus bets* Peter and his partner have full autonomy to invest independently* This empowers them to move fast and make unpopular bets* Enables getting into extremely successful investments early* Big wins offset mistakes over timeAngel Investing RulesThe key is diversifying widely, starting small, investing consistently over decades, and taking a very long-term view. Patience, persistence, and the right expectations set you up for success.* Diversify widely - don't concentrate too heavily in 1-2 startups early on.* Start with very small check sizes - $1-5k to build experience over time.* Build a portfolio of at least 50-100 companies as you gain experience.* Understand the long time horizon - liquidity takes 8-10+ years.* Go slow and be patient - invest small amounts consistently over many years.* Expect that most startups will fail - prepare mentally and manage risk.* Get deal flow by establishing yourself as an active angel early on.* Look for founders with strong credentials and some concrete traction.* Accept and embrace mistakes as part of the messy world of investing.* Preserve capital to maintain flexibility in follow-on rounds.* Let great founders do their thing - avoid over-involvement.Red Flags in Investor MeetingsThe main red flag is when Peter doesn't believe a founder will be able to recruit the talent, capital, and customers needed to be successful over the long run. Track record, credibility, and compelling storytelling are key.* Lack of commitment/dedication from the founders* Founders who seem unlikely to recruit strong teams* Unrealistic projections or expectations on timing* No clear plan for raising future capital* Founders who can't articulate the risks/challenges* Bad signs around team dynamics or culture* Lack of passion/conviction around the problem/solution* Founders without relevant experience or credentials* No evidence of exceptional ability based on past achievements* No demo or concrete traction to give credibility* Unwillingness to acknowledge potential downsides* Overly complex business models or go-to-market* Markets that seem too small or hard to penetrate Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I recently had the pleasure of sitting down with veteran entrepreneur and investor Kent Lindstrom, partner at 8 Bit Capital, for an enlightening conversation on my podcast.My next podcast guest will be Guy Kawasaki on March 7th. I had the opportunity to speak with him about his new book Think Remarkable and am excited to share this episode.With firsthand experience as the former COO of Nuzzel (sold to Scroll) and Neo Innovation (sold to Pivotal Labs), as well as serving as the CFO and CEO of pioneering social network Friendster, Kent offered invaluable insights into Silicon Valley, lessons learned from his past ventures, and sage advice for founders.In this wide-ranging discussion, Kent provided transparent reflections on topics ranging from the realities of failure, criteria for investing, qualities of great founders, board dynamics, fundraising storytelling, and more. Read on for highlights from our conversation and key takeaways applicable to entrepreneurs and startup enthusiasts worldwide.Learn Through Small FailuresKent believes founders should embrace failure as an opportunity for growth and leverage small failures to gain experience.* You don't learn anything from success, you learn from failure.* Learn through hundreds of small failures and lessons - a hiring mistake, spending too much time on a product, trusting the wrong person.* Failure provides experience - like becoming an investment banker through years of practice.* Learn from others' failures when possible by seeing what mistakes to avoid.* View failures as steps closer to eventual success rather than the end goal.Advice for First-Time FoundersKent's key advice is to get into the market early and use customer engagement to drive rapid product iterations. This avoids over-engineering solutions without market feedback.* Get your product in front of customers/users as soon as possible.* Actively seek customer feedback and iterate quickly based on it.* Avoid stealth mode and lengthy private beta if possible.* Demonstrate urgency in putting your solution in the hands of users.* Don't spend too long perfecting the product without real-world validation."You don't learn from success. You learn from failure. Use the small failures as stepping stones to growth. Let the lessons guide you closer to success." — Kent Lindstrom Pitch Red FlagsThe biggest red flags Kent sees are around the founder's experience and motivation, market potential, and urgency getting to customers quickly. Pitches focused too much on the product details rather than the big vision are also concerning.* Lack of urgency getting the product in front of customers - stealth mode or lengthy private beta.* Founder with a history of frequently changing jobs - entrepreneurship used as a lifestyle solution.* Absence of a large market opportunity, founder-market fit, and founder grit/determination.* Spending too much time pitching the product to customers rather than the investment opportunity.* Expecting lots of help and advice from investors rather than leading.Founder Removal Led to Friendster's DemiseKent believes removing the founder too early was Friendster's biggest strategic mistake that led to its downfall.* The biggest strategic mistake was getting rid of the founder really early.* Friendster took off faster than anything in history under the founder Jonathan Abrams.* After the founder was removed, getting the chemistry and drive back was almost impossible.Key Lessons from NuzzelKent believes Nuzzel exemplified building a great product that users loved but in a market too small to enable venture-scale outcomes.* Despite strong product-market fit and passionate users, Nuzzel had a small addressable market.* Even the top news aggregation app cannot build a big business in a limited market.* Users loved Nuzzel and used it daily, but it lacked viral growth potential beyond hundreds of thousands of users.* With today's standards, consumer products require tens of millions of users to be venture-worthy.* The key lesson was that Nuzzel was a product success but lacked a sufficiently large market opportunity.The Role of IntuitionIntuition built from extensive entrepreneurial experience helps assess founders' abilities in ways data cannot capture fully. It complements analytic diligence.* Intuition comes into play when evaluating the founder's abilities and motivations.* It stems from hundreds of hours working with and advising entrepreneurs over time.* Pattern recognition from experience allows intuitive judgment of a founder's grit and potential.* It's not analytical like assessing market size, but taps into intangibles from first-hand entrepreneurial exposure.* When Kent and his partner's intuition aligns on a founder, it gives confidence to invest despite unquantifiable qualities."When it comes to evaluating founders, data will only get you so far. There are intangibles that come from experience - the intuition built over years in the trenches with entrepreneurs. My intuition about a founder’s grit and potential stems from hundreds of hours advising and observing. It’s an invaluable complement to the analytics." — Kent Lindstrom Advice to My Younger SelfKent would tell his younger self to maintain the enthusiasm for building companies, but have a faster trigger in deciding when to shift gears away from doomed ventures.* Don't change anything about starting companies - it's amazing.* Be a bit quicker to recognize when it's time to move on from ventures that aren't working. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I recently spoke with Shiyan Koh, Managing Partner at Hustle Fund, a VC fund investing in early-stage software startups. In our wide-ranging talk, Shiyan shared her fascinating journey into VC. This included changing her career from investment banking to becoming an early employee at NerdWallet.She also gave insightful views on startup fundraising, founder psychology, her investment checklist, and key differences between Southeast Asian and U.S. startup ecosystems. Shiyan offered thoughtful advice to founders on persevering after rejections and not focusing too much on fundraising.With experience both growing a startup and now investing in them, her learned lessons are invaluable. I'm excited to summarize some highlights from our conversation in this post.On the next episode of my podcast, I'll be chatting with David S. Rose, a renowned figure in entrepreneurship and angel investing, often praised by top business publications. Got questions? Drop them here!Son Nguyen's Dat Bike JourneyShiyan Koh recounts the story of a Vietnamese founder who, despite the challenges of the hardware space, impressively self-taught himself the necessary skills via YouTube, bootstrapped an innovative electric motorcycle company, and attracted international talent, leading to Hustle Fund's investment.* Son Nguyen, founder of Dat Bike, ventured into the hardware startup space, which is less common for venture capital firms like Hustle Fund.* Educated in the US as a software engineer, Nguyen returned to Vietnam driven by the desire to address the growing issue of air pollution.* He self-taught mechanical and electrical engineering using online resources to design and prototype a competitive electric motorcycle.* His prototype gained early validation by pre-selling 100 units on Shark Tank Vietnam, showcasing the market's interest in sustainable transportation.* Nguyen's vision and determination brought two American co-founders on board, highlighting the project's global appeal.* By utilizing local university facilities and the help of engineering interns, he kept the startup costs low and operations efficient.* His resourcefulness and attention to quality led to the development of Dat Bike's models like Quantum and Weaver, which feature long ranges, rapid charging, and robust design.* The success of Nguyen's approach and the potential of Dat Bike in a growing sustainability-focused market culminated in a significant investment from Hustle Fund.Decision Making Shiyan uses both standard criteria and intuition when making early stage investment decisions.* Looks at typical checklist like market, team, product, traction* Leverages pattern recognition from experience to assess founder interactions* Checks if founders can prioritize what's really important* Intuition helps gauge things like co-founder dynamics that may impact future success* Hard to completely systematize early stage investing, need interaction to understand founders' thinkingInvestment ChecklistShiyan's investment decision checklist includes:* Market - Is it a large, compelling market opportunity?* Team - Does the team have the skills and experience to execute on the opportunity?* Product - How good and differentiated is the actual product?* Traction - What momentum or adoption does the product have so far?* Fundraising ability - Can this team attract future capital if needed?"I'd tell my younger self to take more risks and start earlier. You don't need to wait until everything is perfect or until you have a lot of money to start investing or joining a startup. The lessons you learn from those risks are invaluable." – Shiyan KohWinning Formula for SuccessAre there common factors that in the winning startups?:* Shiyan said there may not be one formula for winning startups, but some commonalities emerge.* One is that the founders refuse to give up and die. They survive near-death experiences and find a way to pull through.* This likely indicates some survivorship bias though, as some companies should probably shut down.* Another common trait is that successful founders are excellent at learning. They learn incredibly fast and are very open to feedback.* So resilience in tough times and adaptability to learn seem to be traits of many winning startup founders.* But there is no single formula - different startups succeed via different business models and strategies.Overcome RejectionsFacing rejection from investors is a common hurdle for startups. * Rejection is a part of the startup journey. Focus on finding that one investor who shares your vision.* Treat fundraising like a sales funnel, knowing each 'no' brings you closer to a 'yes'.* Use rejections to build resilience. Each feedback is an opportunity to improve.* A single enthusiastic investor is worth more than many indifferent ones.The Hidden Challenges of Venture CapitalShiyan Koh discusses the venture capital system in the U.S., highlighting its risk-heavy approach, possible disagreements between founders and investors, and industry-wide biases.* Venture capital in the U.S. aims for big wins, but often at the cost of many startups not making it.* Entrepreneurs need to understand the intense growth expectations and pressures of VC funding.* Differences in growth vision can lead to conflicts between startup founders and their investors.* The VC field faces issues of diversity, influencing which entrepreneurs and ideas get funded.Diving Deep into Business Insights with PodcastsShiyan Koh enriches her understanding of business through podcasts, focusing on business history and current economic trends.* Prefers podcasts over traditional reading for business insights.* Regularly listens to the "Acquired" podcast for in-depth analyses of iconic businesses.* Enjoys the "Odd Lots" podcast for its economic perspective on current trends.Embracing Risk Early OnShiyan Koh would advise her younger self to take more risks earlier in her career, emphasizing that the entrepreneurial journey could have begun sooner.* Acknowledges that her current role involves taking significant risks, indicating she eventually embraced the idea of risk-taking.* Reflects on her past, noting that as a foreign student in the US, she had visa constraints that influenced her career choices.* Suggests that she could have engaged in more startup activities or angel investing during her earlier years.* Encourages young professionals to consider angel investing with smaller amounts, which she did not realize was possible at the time.* Recommends that individuals interested in investing should experience the stakes firsthand, including the potential to lose investments, to fully understand and learn from the process. 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I recently had the honor of interviewing Jason Fried, founder of 37 Signals, Basecamp, on my podcast. Jason provided so many fascinating insights about building a successful business by staying small and sticking to your values. In this post, I want to recap some of his key lessons that really resonated with me."Just go and make something - don't overthink it or ask too many people for opinions. Keep it as small as possible and see bootstrap constraints as an advantage, not a disadvantage. And above all, practice your writing as much as you can early on. Honing this skill will provide great leverage." —Jason FriedThe Tradeoffs of Joining an Accelerator ProgramWhen I asked Jason Fried whether he would have joined an accelerator program like Y Combinator when first starting out, he offered thoughtful perspective on the tradeoffs.* Jason values independence and control above all else in the early stages of business building. Joining an accelerator often requires giving up equity and some autonomy.* While he sees some benefits like camaraderie with peer founders, Jason prioritized flexibility and patience in the early Basecamp days. * In his experience, bootstrapping organically and retaining flexibility led to sustainable success, even if growth was slower initially.Jason's focus on maintaining independence and decision-making power worked extremely well for him. While accelerators provide networking and support, their tradeoffs may not suit every founder's priorities and vision in the critical early days.Jason Fried's Approach to Decision-MakingWhen I asked Jason about his decision-making framework, he offered insightful perspectives on how he navigates choices in both his work and personal life.* Jason relies heavily on intuition and "gut feel" for major decisions instead of overly analysing data. He values acting decisively based on experience.* He aims to make decisions quickly, avoiding overthinking or unnecessary bureaucracy that can slow progress. Jason empowers his teams to make many calls themselves as well.* For personal life decisions, Jason looks to become more accepting of situations outside his control, rather than try to control uncontrollable things.* He finds decisions easier when the timeframe and stakes are lower, enabling course correction later if needed. Not every choice must be perfect.* Jason sleeps on tougher calls to get clarity from "tomorrow morning" before finalizing complex decisions.* Input from others provides valuable perspective, but ultimately Jason combines that with his own instincts and experience.Jason's reliance on intuition paired with decisiveness has clearly worked well for Basecamp. He offers a compelling case for not over-analyzing every decision, and trusting your gut combined with wisdom."While data has an important role, the mystery and power of intuition, built on years of experience, should not be ignored when making business decisions. Often, the ideas we test originate from someone's gut instinct deep down, even in highly data-driven companies." —Jason FriedNo Venture Capital Investment NeededWhen I asked Jason about his approach to venture capital and angel investing, he offered thought-provoking perspective shaped by Basecamp's organic growth journey.* Jason does very little angel investing himself, only small amounts in friends' companies to help them out personally.* In general he avoids external investing to limit risk exposure beyond his own business.* Critically, Basecamp has never raised any venture capital or taken outside investment.* Jason wanted the freedom to build the business on his own terms and timeline, not dictated by investor expectations.* He warns founders that VC funding can shift priorities toward rapid growth and short-term returns for backers.* While he sees how VC enables some companies to quickly scale, Jason chose patient, sustainable self-funding for Basecamp.* By reinvesting profits back into the business over time, Basecamp has grown organically without giving up equity or control.Jason's commitment to retaining independence and control clearly shaped his approach to avoiding external investment and VC funding for Basecamp. His priorities were building a lasting business on his own terms, not rapid investor-fueled growth.Jason Fried on Hiring and Firing at BasecampI asked Jason about his unique approach to hiring and firing at Basecamp. His philosophy offers fascinating insights.* Jason hires based on cover letters over resumes to understand how applicants think and communicate.* He looks for reasoned thought and problem-solving ability over academic/work achievements.* Skills matter less than alignment with Basecamp's values and independent working style.* Jason gives candidates small paid test projects vs. speculative work samples.* For firing, underperformers are given direct feedback and opportunities to improve.* But if values/team fit remains wrong, letting someone go is often better for both parties.* Jason aims to handle firing in a compassionate, dignified manner focused on humanity.* Compensation continues during the firing transition period at Basecamp.Jason's unorthodox hiring and firing approaches focus on culture fit and alignment over typical qualifications. He aims to maintain ethical, humane practices for employees."You don't need to 'win' or dominate a market to thrive. Find your niche, cover costs, turn a profit, and carve out a sustainable place - that's how you define success." — Jason FriedJason Fried's Tips for Protecting FocusWhen I asked Jason how he protects his attention and avoids distractions, he shared actionable insights.* Jason schedules long uninterrupted blocks of time for focused work. He relies on calendar blocking diligently.* He eliminates internal company distractions by keeping chat and meetings to a minimum.* Jason turns off notifications and limits checking emails to set batch times twice a day.* He changes environments to get into deeper flow states, working outside the office when needed.* Jason sets clear expectations on when and how team members can contact each other.* He models focus for his team by not interrupting them when they are heads-down working.* Jason sustains energy by taking regular breaks and incorporating physical activity.Jason protects focus through calendar blocking, eliminating internal distraction, changing settings, setting communication expectations, taking breaks, and leading by example. “Time to think and create is treasured.”Jason Fried's Top Tips for His Younger SelfWhen asked what advice he'd give his younger self at Basecamp's founding, Jason shared insightful reflections.* Don't take outside investment or venture capital right away. Bootstrap the business slowly.* Start with a niche focus. Don't try to serve everyone early on. Do one thing exceptionally well.* Get traction and validate demand before building out a large team. Stay small and avoid unnecessary growth.* Don't get distracted by other people's metrics for success. Focus on your own goals and values.* Trust your instincts more. Don't get paralyzed overanalyzing every data point and decision.* Appreciate the journey. Don't just fixate on some future endpoint or exit strategy.Jason's advice centered on staying patient, retaining control, keeping teams small, ignoring unnecessary pressures and metrics, trusting your gut, and enjoying the ride."I look to nature and architecture to shape my perspective - nature for its sublime solutions and architecture for its craft of space and feeling. These timeless examples from the world around us inspire artistry and thoughtfulness in all that I do." —Jason Fried Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

In my recent conversation with Dan Toma, author of The Corporate Startup and Innovation Accounting, he shared invaluable perspectives on helping large companies succeed with new ventures.Dan advises testing diverse ideas over predicting winners early on. He explains innovation accounting uses custom metrics to assess concepts before traditional financials apply. This data-driven approach tracks key signals, allowing effective portfolio management. Dan reflects progress requires empathy alongside expertise, guiding innovation leaders.(Note: Innovation is focused on the successful implementation and value creation from new ideas, whereas invention is focused on the creation of the idea itself.)Innovation accountingInnovation accounting uses new ways to measure early stage projects. It looks at custom indicators across the whole organization. This is before traditional money numbers make sense. It helps deal with the unknowns of new ideas. And it steers innovation plans and spending.Discussing Innovation Mindset ShiftsOrganizations must embrace experimentation over prediction. Letting ideas test and prove themselves is key to innovation success.* Move from picking winners to testing many ideas* Allow experiments to reveal what works, not assumptions* Understand innovation is uncertain unlike mature businessesUnderstanding Innovation Accounting PrinciplesFollowing these rules helps companies fully understand innovation work. Using different metrics at different levels gives complete insights. It shows what's working well. It allows decisions and resource planning based on data. This leads to achieving strategic innovation goals.* Don't use only one metric to measure innovation. Use many metrics at the ecosystem, portfolio, and team levels to get a full view.* Use numbers metrics and subjective ratings like confidence. Make subjective judgments measurable.* Make sure metrics show future signals like speed, learning, and experiments - not just past results. Metrics should change as ventures evolve. Avoid vanity metrics that don't help make decisions.Measuring Early Stage Innovation InvestmentsUsing tailored metrics provides insights on innovation potential. This guides effective R&D and early funding before traditional gauges apply.* Tracks if R&D outputs convert to viable products* Assesses if early ideas show promise through custom metrics* Indicates if investments progress ventures despite financial data lackingManaging an Innovation PortfolioTaking a venture capital approach allows large firms to pursue transformative ideas while hedging risks. But they must build internal innovation capabilities rather than fully outsource.* Balance bold and incremental innovations like a venture fund* Spread bets across diverse initiatives to mitigate risk* Resist outsourcing all innovation like Dell to Asus exampleThe Risks of Outsourcing InnovationWhile outsourcing helps rapidly execute, over-reliance on external partners causes strategic issues long-term. Firms need internal innovation skills for sustainable success.* Outsourcing innovation can boost speed like Dell and Asus example* But it causes loss of strategic control and capabilities* Firms must retain some internal innovation expertiseKey Books Influencing Innovation PerspectivesBooks that have influenced Dan's innovation thinking include The Innovator's Dilemma, The Innovator's Solution, Discovery Driven Growth, The Lean Startup, and many others listed in the references of his books. * The Corporate Startup: How established companies can develop successful innovation ecosystems* Innovation Accounting: A Practical Guide For Measuring Your Innovation Ecosystem’s Performance"My advice to my younger self would be to make an effort understanding others' motivations, not assume you know best. Rather than criticize approaches, appreciate why choices are made. Innovation is complex - have empathy for challenges leaders face. Progress comes through openness, not finger pointing. Take time to see new perspectives." —Dan TomaBrief definitions of some key innovation and invention related terms:Innovation - The process of introducing new or significantly improved products, services, processes, business models, etc. Innovation involves the practical implementation and commercialization of an invention or new idea.Invention - The creation of a new device, method, composition, process, etc. It is the development of a new idea, product or process. An invention may or may not lead to innovation depending on whether it is commercialized.Incremental innovation - Small improvements made to existing products, services, processes, etc. These are low risk innovations that enhance something in an existing market.Disruptive innovation - Innovation that creates a new market and value network that displaces an existing market. It disrupts or overturns the traditional way a market operates.Product innovation - Introduction of a new or improved physical product that differs significantly from previous offerings. It may incorporate new technology, benefits, features, design, etc.Process innovation - Implementing new or significantly improved production, supply chain, distribution methods. It focuses on efficiency and operations improvements. Business model innovation - Changing the way an organization creates, delivers value and captures profits. It redefines business relationships and how the firm operates.Open innovation - Leveraging knowledge, ideas, technologies from outside the organization as well as inside. It promotes collaboration with external partners.Design thinking - An iterative problem-solving process centered on understanding users' needs and rapidly generating and testing solutions. A key methodology for human-centric innovation. 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In my recent episode of Startup Istanbul Podcast, I had the pleasure of interviewing Manu Jain, co-founder and CEO of Vama App. Vama is an intriguing startup aiming to transform spirituality in India through a virtual temple and astrology platform. Some of the key things that stood out to me:* Vama has done significant pivoting of their product and business model based on user feedback before finding product-market fit. Adapting in this way is critical for any startup.* Users want human connection and conversation, not just text reports, when it comes to sensitive topics like spirituality. Building an engaged user community is an ongoing focus area.* Success for Vama is measured not just through business KPIs but their ability to truly meet the spiritual needs of users. The impact matters just as much as the metrics.* In 5 years, Vama aims to be a one-stop shop for spiritual needs including travel bookings, ecommerce, physical tours and more integrated on one platform.VamaApp's Inspiration and Aims* Telecom experience showed astrology's popularity: Manu and co-founders saw the large demand for astrology services being sold over telecom networks in India. * Virtual access to temples and services: VamaApp aims to transform and disrupt spirituality in India by providing virtual access to temples, astrology services, donations, conversations with priests, and more. * Become a "super app" for Hindu spirituality: The broader vision is for VamaApp to become a one-stop super app meeting all the spiritual needs of Hindus globally. 3 Key Differences in Indian Spirituality and Geographies* Faith is deeply rooted in temple visits and having belief in gods - Hindus pray to specific gods and visiting temples for 'darshan' is very important culturally.* Astrology services and following astrologer recommendations is widespread - from determining name alphabet before birth to rituals after death.* Diversity across sub-religions and faiths - Christianity has churches, Islam has mosques - but Hinduism has many local temples and gods across geographies."I wish someone had told me to start entrepreneurship 5 years earlier. I was too scared back then wanting a safety net. But there is no safety net in entrepreneurship, that's the beauty of it. I should've just started early and experienced the rush of it." — Manu JainMeasuring Vama's Success as a Company* Number of temples onboarded on the platform - The more temples integrated for virtual access, the bigger the impact.* Ability to scale while delighting users - Scaling userbase profitably while providing a delightful experience indicates success.* User gratitude and impact on their faith - Success means positively impacting users' ability to connect with their spirituality and serve their faith needs.The insights from Manu on disrupting a traditional sector like spirituality in India with technology are fascinating. Vama has tremendous potential to enable greater access to faith-based services leveraging virtual connections. It will be interesting to see how they scale while navigating unique cultural nuances. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

In this episode, I'm talking with Allen Taylor from Endeavor Catalyst about the tough world of entrepreneurs in emerging markets. Allen brings 20+ years of experience and shares how these founders stand out with their resilience, especially in places like Latin America and Southeast Asia. It opens our eyes to the hard work happening outside well-known tech areas.We cover topics like the toughness needed by entrepreneurs in different parts of the world, what Endeavor Catalyst does, what makes a founder attractive for investment, and how to navigate investment meetings. Allen gives us insight from around the globe on building strong, impactful businesses.Up next on my podcast, I'll be welcoming Jason Fried, the founder of 37 Signals. If there's anything you're curious about or any questions you'd like me to ask him, please send them my way. Your input is invaluable, and I'd love to hear your questions!Building Sustainable Ecosystems Beyond Silicon ValleyAllen believes that while replicating Silicon Valley's success exactly is impossible, learning from its elements and adapting them to local contexts is feasible. The essence of building a robust ecosystem lies in nurturing generations of entrepreneurs who support one another through mentorship, investment, and community engagement. This process is gradual and requires patience and commitment from both the government and local founders.Silicon Valley vs. The World: Understanding Different Entrepreneurial MindsetsAllen points out key differences between U.S. founders and those in emerging markets:* Need for Resilience: Founders in emerging markets need to be very resilient due to more challenges.* Fighting Harder Challenges: In places like Turkey or Brazil, building a business is tougher, requiring more determination.* Smart Ideas Everywhere: Despite where they are, all entrepreneurs have great ideas. But in emerging markets, they really have to fight to make them happen.This shows us how entrepreneurs from emerging markets are uniquely strong and determined.Learning from Emerging MarketsSilicon Valley can learn significantly from the resilience, innovation, and adaptability of entrepreneurs in emerging markets. Allen underscores the importance of recognizing the global contribution to economic growth and the value of diverse perspectives in shaping the future of technology and entrepreneurship.A Wish for the Global Startup EcosystemAllen wishes for a more efficient market for matching capital with opportunities, especially in capital-starved regions. He believes in the potential of creating a more accessible and equitable landscape for funding across different stages of company growth, emphasizing the need for global awareness and support for ventures outside traditional tech hubs.Underappreciated Startup Hubs* Emerging markets with rich entrepreneurial talent and opportunities:* Latin America: Mexico, Colombia, Argentina, Chile* Middle East: Egypt, Saudi Arabia, the UAE* Southeast Asia: Vietnam, the Philippines* Turkey* Highlighted for their potential, yet often overlooked in the global venture landscape.Looking for the Right Founder TraitsWhen deciding on early-stage investments, Allen looks for:* Strong Belief: Entrepreneurs should believe they can do the impossible.* Confidence and Humility: Founders need to be confident but also open to learning.* Curiosity: A strong desire to learn and improve is key.Allen tells us there's no easy way to pick startups for investment. It's all about understanding the people behind the ideas and their potential to grow and challenge the status quo.Red FlagsAllen shares what makes a bad impression in pitch meetings:* Not Listening: Founders need to be ready to talk, not just pitch.* No Interaction: It's important to allow questions and make the meeting a two-way conversation.* Being Stubborn: Founders should be open to admitting they don't know everything.A successful pitch is more of a conversation, where there's a real exchange of ideas.Learning from FailuresThe main lessons from startup failures include:* People Problems: Issues between co-founders or with the team are often to blame.* Losing the Ability to Change: Conflicts can stop a startup from adapting, which is vital.* Running Out of Money: This is a straightforward reason but stems from deeper issues.It shows the importance of managing both people and finances well in a startup.Mentoring Across CulturesAllen discusses how cultural differences affect supporting entrepreneurs:* Local Understanding: Cultural and regional differences need a local approach to investing and support.* Global and Local Mix: Endeavor uses local teams with global backing to understand each area's unique needs.* Universal Drive: Despite differences, the entrepreneurial drive is the same worldwide.Bucket List Destinations* Revisit Buenos Aires and Patagonia with family for the joy of exploration.Insights for Entrepreneurs: Recommendations from Allen TaylorAllen recommends the "20 Minute VC" podcast for diverse venture capital insights and "Acquired" for deep dives into company histories and key decisions. He also suggests reading Brad Feld’s “Venture Deals” and Scott Kupor's “Secrets of Sand Hill Road” books on venture capital and Sebastian Malaby's "The Power Law" for understanding Silicon Valley's history and venture capital dynamics.Timeless Advice to Young Entrepreneurs"In life, it's the relationships and personal connections that truly matter, not just professional achievements. My advice? Invest deeply in those personal bonds. That's where real happiness and fulfillment lie." - Allen Taylor Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I recently had the pleasure of speaking with Daniel Dos Reis, Investment Director at Wamda Capital, about startups and venture capital in the Middle East, North Africa, and Turkey.With over 15 years of experience spanning startups, corporates, government, and top VC firms, Daniel provided invaluable insights from an investor's perspective.In this post, I'll summarize key takeaways from our wide-ranging conversation on regional startup ecosystems, common founder mistakes, evaluating deals, managing portfolios, major exits, and more.As an entrepreneur and investor myself, I found Daniel's thoughts and experiences incredibly insightful. I hope this provides founders and investors value as they navigate the complex but promising startup landscapes emerging in the region.Key Takeaways from Daniel:* Talent attraction and retention is vital for startup hubs like Dubai according to him.* When evaluating founders, Daniel looks for deep knowledge of their problem space.* Warm introductions matter far more than cold calls when sourcing deals according to Daniel.* Common early stage mistakes Daniel sees include product delays and lack of fundraising readiness.* Daniel advises his portfolio companies on governance, hiring, and fundraising.* Major exits like Careem and Insider demonstrate the region’s potential in Daniel's view.* Turkish founders stand out to Daniel for their impressive technical talent.* Scaling across fragmented Middle East markets brings unique challenges according to Daniel.* Key lessons Daniel has learned navigating cultural differences in regional business. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I recently had the pleasure of speaking with Bobby Katoli, co-founder and CEO of Ceres Technology, an AI-powered supply chain analytics platform. We discussed the origins of Ceres, the unique value proposition of their technology, and lessons learned from Bobby's journey as an entrepreneur.Decoding the Supply Chain with AICeres started out as a specialty coffee company, bringing high-quality beans from Central America to roast and sell in the US. But Bobby noticed a consistent degradation in coffee quality during shipping. No one in the supply chain took responsibility. With tech backgrounds, Bobby and his co-founder George saw an opportunity to build a solution.They rode on a cargo ship from Mexico to Colombia to understand first-hand all the potential disruptions - from weather to piracy. This birthed the idea for Ceres as an AI-powered supply chain analytics tool.Predicting Risks and Delays with AICeres ingests data from news, social media, and other sources to predict supply chain disruptions - both event-driven issues like port closures and subtle, longer-term trends like commodity pricing changes. Their AI models can be quickly tailored to a company's unique suppliers.For one pharmaceutical client, Ceres achieved 82% accuracy forecasting delays 6 months out - a huge improvement over traditional methods. This enables procurement, inventory, and demand planning optimization.Overcoming Startup Challenges with GritLaunching an enterprise startup poses difficulties like long sales cycles. But Bobby emphasizes embracing continuous learning and growth. Having worked with his co-founder before helped align their strengths. Bobby also stresses the importance of putting out an MVP early - imperfections expected!Key Takeaways* Supply chains are fragile; data and AI can help provide resilience* Understand your unique value proposition and convey it clearly* Choose co-founders wisely and be ready to grind daily as a startupBobby's Recommended ResourcesSome of the podcasts, books, and other resources Bobby recommends:* Podcasts: Lex Fridman Podcast, How I Built This* Books: Zero to One, 48 Laws of Power, The Hard Thing About Hard Things* Blogs: Paul Graham essaysI'm looking forward to seeing Ceres' continued impact enabling supply chain transparency and risk mitigation leveraging AI. Definitely a startup to watch! Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I had the pleasure of speaking with Seth Levine, co-founder of Foundry Group, on my podcast this week. Foundry made headlines recently when they announced their 2022 fund would be their last - closing up shop after 16 very successful years in VC.After Foundry Group's noteworthy announcement, I prioritized releasing this timely interview with Seth Levine to discuss the context behind their decision.In our conversation, he sheds light on Foundry's intentional approach to build a limited life partnership, avoiding the "treadmill" of endless fundraising. Seth reflects on the unique culture and key lessons from Foundry's journey, while also looking ahead to what's next for him and the industry.I gained so many fascinating insights about the VC model and evolution of the startup ecosystem from our discussion. I will be dedicating a more detailed blog post to capturing all the highlights soon.For now, have a listen to gain an inside perspective on Foundry Group's origins and impact straight from Seth Levine. You can find the episode on my podcast on Spotify here.Some key insights:* Why Foundry decided early on not to create a generational firm, instead staying small and focused entirely on their portfolio* How they created space to invest in emerging VC managers, gaining access to new deal flow and opportunities* Seth's perspective on luck vs skill, the role of psychology, and avoiding FOMO as a VC* His excitement for more flexibility in the next phase while staying involved with founders and startupsInside Foundry Group's Decision to Shut Down After 16 Years in VC Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I'm excited to announce that Seth Levine, partner and co-founder at Foundry Group, will be a guest on my podcast next week. If you have any questions you'd like me to ask him, please share them here. I'll make sure to include your questions in our conversation! Additionally, listeners with questions will be invited to join me live in future episodes.Growing up, I was fascinated by airships. The idea of taking to the skies in one of those stately, floating giants captivated my imagination. But as I got older, I learned that airships disappeared for good reason - they were unsafe, inefficient, and impractical. So when I met Janne while I was at Slush last year, I was intrigued but skeptical. How could you overcome all the challenges that doomed airships nearly a century ago?To find out, I spoke with Janne Hietala, co-founder of the startup Kelluu several times. What I learned surprised me - with 21st century technology like hydrogen power, autonomous flight, and advanced materials, airships may have a second chance to transform transportation and logistics. In this episode, Janne provides an inside look at how Kelluu is engineering next-generation airships and using them to collect valuable aerial data. Janne Hietala's background:* Seasoned entrepreneur with multiple exits, no formal engineering background* Strong technical expertise in areas like programming and hacking* Co-founded and grew an international SaaS company acquired by PE* No family entrepreneurship history, learned online from mentors* Joined Kelluu as co-founder after short retirement, seeking new challengeKey facts about KelluuKelluu is a Finnish startup that has developed autonomous and hydrogen-powered airships to collect high-resolution aerial data.* Its airships can stay aloft for long durations (up to 10x longer than drones) and operate in challenging weather conditions. This enables stable, frequent data collection.* The airships are filled with hydrogen rather than helium. Hydrogen provides more lift but requires special safety considerations that Kelluu has engineered solutions for.* The business model is data-as-a-service. Kelluu collects aerial data using its patented airship platforms, then processes it into 3D digital twins, AI training data, and other products.* Customers span industries like infrastructure, forestry, urban planning, and more. The frequent high-resolution data supports use cases from power line inspection to modeling city environments.* Kelluu has an expert team of engineers, manufacturers, operators, and data scientists. They iteratively solved hard technical problems related to materials, flight control, hydrogen handling, and autonomy.* Origins trace back to two founders tinkering in a Finnish barn over 5 years ago. The company has evolved from homemade prototypes to now mass manufacturing its airship designs.Kelluu's teamEntrepreneurs Jouni Lintu and Jiri Jormakka established Kelluu. Alongside them, Janne, an entrepreneur known for his ability to transform complex concepts into reality despite lacking a formal engineering background, also played a pivotal role as a co-founder of the company* Iterative development from small Finnish barn beginnings* Multidisciplinary team spanning manufacturing, operations, software, aerospace engineering* Advisors like ex-NASA astronaut provide guidance* Combines strong technical engineering with creative diversityFinnish Startup EcosystemJanne sees a strong entrepreneurial spirit in Finland but identifies a few key gaps holding back startup success:* Lack of late stage VC funding to scale globally* Engineering strength, sales and marketing weakness* Tendency to bootstrap rather than aggressively pursue growth capital* Geographic distribution challenges outside major hubsHe believes Finland has the talent to build major startups with the right funding partners and promotional mindset. Access to experienced capital at key stages remains the biggest obstacle to compete with other startup ecosystems. But examples like Supercell prove Finns can create global category leaders.Work-life balanceJanne acknowledges that maintaining work-life balance as a startup founder is very difficult. There is a constant struggle not to overwork, especially when you love what you do.* Important to care for physical and mental health to avoid burnout * Self-care activities crucial, though hard to focus on in critical times* Janne acknowledges room for improvement in his own work-life balance* Overworking is an occupational hazard for entrepreneurs* Striking the right equilibrium is a constant battleOvercoming early doubts and flawed adviceJanne shared how he gave up his first startup idea after negative feedback from potential investors who said it wouldn't work.* It's natural to be more influenced by outside views when young* With experience, he gained conviction to ignore flawed advice* Skepticism from instant experts should not deter novel ideas* Wishes he had more stubbornness and willingness to dismiss bad advice earlier* Overcoming early doubts requires confidence, persistence, and selectivityKelluu's journey shows that groundbreaking innovation often comes from reviving old concepts with fresh eyes. While airships faded away decades ago, they may now be rising to new heights.The allure of the airship still lingers in my heart. But thanks to startups like Kelluu, I can now picture them cruising the skies once again - not as relics of the past, but as innovative platforms of the future. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I'm excited to have Seth Levine on my podcast next week. If you have any questions you'd like me to ask him, please share them here. I'll be sure to ask your questions during our conversation!Industrial automation is often viewed as complex, expensive, and only feasible for large corporations. But Rishabh Agarwal, founder of startup Peer Robotics, is on a mission to change that perception.I recently spoke with Rishabh on the Startup Istanbul Podcast about his journey to make robotics and automation more accessible for organizations of all sizes. Rishabh offered fascinating insights into the inspiration behind Peer Robotics, his unique hands-on training approach, and the future of human-robot collaboration.In this post, I'll share key takeaways from my conversation Key Takeaways:* Peer Robotics focuses on industrial tasks like materials handling where automation can boost productivity without fully replacing human workers. Their mobile, versatile robots aim to complement people.* Instead of requiring advanced programming, Peer Robotics' robots can learn new tasks simply by having a person demonstrate. This makes adoption faster and easier for small companies.* Trends like higher product mixes are increasing the need for flexible automation that can adapt quickly, which favors Peer Robotics' real-time training model.* Rishabh's manufacturing family background inspired him to start Peer Robotics to close the automation gap he observed between large and small producers.* Building relationships with investors over time is crucial, it's not just about pitching for money. Rishabh had candid early conversations with manufacturers that validated the need.* Peer Robotics manufactures their robots completely in India, where they can closely oversee quality and iterate rapidly.* Rishabh believes resilience and constantly getting back up after failures is one of his strengths as a founder. He seeks to build confidence and patience as he grows.* Work-life balance is a faulty concept to Rishabh - your work and life are intertwined, not opposing forces. He enjoys the startup journey as part of his life.My conversation with Rishabh left me excited about the potential for humanized, accessible automation to transform production for businesses of all sizes. Peer Robotics is a compelling example of robotics innovators expanding opportunities rather than displacing jobs."I think in India, one thing that personally I felt is that no matter what I was doing, I was supported through and through from my family that allowed me to go out and take big risks." — Rishabh Agarwal"We are making robots that can learn from humans in real time. Our whole philosophy has been that automation should be very simple so that people on the shop floor, people who are using them can program them and that's what we are trying to do." — Rishabh Agarwal Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I recently had the pleasure of speaking with Silicon Valley investor Marvin Liao on my podcast. Marvin has a wealth of experience spanning over 20 years in the tech industry. He was an early team member at Yahoo, helped expand the company to over 45 countries, and has invested in over 400 startups.In our far-reaching conversation, we covered everything from the key moments that shaped Marvin's career path, to his thoughts on the "dark side" of Silicon Valley, common founder mistakes, and the evolving role of startup accelerators. Marvin offered candid reflections on his biggest failures and regrets, as well as advice he wishes he could give his younger self. Throughout our discussion, Marvin provided unique insights only someone with his breadth of experience could share. I wanted to highlight some of the key takeaways in this post."The deals I've done best in were non-consensus deals that not many VCs understood." — Marvin LiaoMarvin's Background and Career JourneyMarvin has an interesting background, having studied history in university before transitioning into the tech industry in the late 90s. He joined Yahoo in 2001 after the startup he was working at imploded during the dot-com crash. At Yahoo, Marvin helped expand the company to over 45 countries during his 10+ years there. After leaving Yahoo, Marvin spent two years angel investing and serving on boards. This is when we first met back in 2012. He then joined 500 Startups, running their San Francisco office and core accelerator program for 6 years. Most recently, Marvin has been focused full-time on early stage investing through his own rolling VC fund, Diaspora Ventures.The Dark Side of Silicon Valley According to Marvin, Silicon Valley has a tendency to gloss over the harsh realities most founders face. In truth, building a successful startup is brutally difficult - 90-95% will fail. You rarely hear about all the pivots, co-founder fallouts, and lack of progress behind most “overnight” startup success stories. Marvin believes Silicon Valley sets unrealistic expectations that it's easy to raise funding and scale a company quickly. In reality, it's never been easy and the path is filled with challenges at every turn.Biggest Regrets and Advice to His Younger SelfWhen I asked Marvin what he would do differently when it comes to work-life balance and family, he offered some thoughtful reflections. He admits putting too much focus on his career in his 20s and wishes he made more time for fun and family. In retrospect, Marvin doesn’t believe you can “have it all.” You have to make tough choices and prioritize work or family at different seasons. The only way he could have learned this was through experience. His advice to his younger self would be to not take his 20s so seriously and optimize less for career achievements.Common Founder MistakesBased on his vast experience, Marvin highlighted a few key mistakes he sees first-time founders make:- Not asking for advice or help from investors and disappear when things go badly - Poor communication skills, especially not keeping investors updated during tough times- Arrogance and unwillingness to seek truth from multiple perspectivesHe believes the best founders regularly ask for help, take investor feedback seriously, and are transparent with updates during good and bad times.The Evolving Role of Startup Accelerators Marvin reflected on how startup accelerators like Y Combinator and 500 Startups have changed over time. He believes their core value of connecting founders and fostering peer learning is still relevant. However, most programs have deteriorated after going virtual during COVID. In his view, the accelerator industry has matured and their importance has diminished as more resources and experienced founders emerge. But top programs like YC that prioritize an in-person founder community will continue to thrive."The best founders regularly ask for help and take investor feedback seriously." — Marvin LiaoWhy Silicon Valley is Hard to ReplicateWhen asked why governments often fail at replicating Silicon Valley, Marvin pointed to the ecosystem's magical combination of historical accidents and favorable circumstances. From its early roots in military and academia to having top universities and a critical mass of talent, Silicon Valley's network effects developed organically over decades.He says governments mistakenly think replicating parts of Silicon Valley like funding startups or building a university will create the same results. In reality, it was many unique factors coming together that led to Silicon Valley's rise.Marvin's Recommendations Throughout our conversation, Marvin mentioned several books, podcasts and founders that have inspired him over the years. A few he specifically highlighted were:- Books: Poor Charlie’s Almanack by Charlie Munger, Die With Zero by Bill Perkins- Podcasts: Invest Like the Best, The Twenty Minute VC, The Pitch- Founders: Patrick McKenzie (Patio11), Alex Taub, Laura Behrens WuI'm grateful to Marvin for openly sharing his remarkable journey and wealth of hard-earned knowledge. His transparency illustrates why experience is often the best teacher. Marvin's thoughts highlight important lessons for anyone thinking of diving into the exhilarating but often brutal world of startups. Special thanks to Marvin for joining me on the podcast and imparting his wisdom. I look forward to our conversations ahead. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I recently had the pleasure of speaking with Alec Sorensen, co-founder and CEO of Tradespace, on my podcast. Alec has a fascinating background and shared insightful lessons from his experience building Tradespace. Here are some key takeaways:1. Persistence is key in entrepreneurship - whether fundraising, pitching customers, or building a product. As Alec said, "it's really an exercise in resilience."2. Truly understanding your customers' needs and pain points is critical before building any product. Alec advised spending as much time as possible talking to potential customers early on.3. Founders should listen carefully to advice from experts they trust, like mentors and investors. Taking time to understand their guidance can prevent costly mistakes.Alec's Background and ExperienceAlec started his career in management consulting, helping companies analyze intellectual property (IP) during mergers and acquisitions. Seeing a lack of IP management tools, he recognized a need for better systems and co-founded Tradespace to solve this problem.The Tradespace BusinessTradespace offers an AI-powered software platform that helps companies manage, analyze, and monetize their IP. The startup has shown impressive growth, doubling SaaS revenue each quarter since June 2022. Tradespace currently has 18 paid customers and manages over 40,000 patents on its platform.Fundraising LessonsAccording to Alec, fundraising is a numbers game. He pitched over 50 funds before securing their lead investor. Once the first check comes in, the dynamic shifts and other investors take notice. Alec emphasizes the importance of persistence when fundraising.Alec's Failures and Personal ExperiencesAlec shared that some failures stemmed from not listening to expert advice. As a founder, it's easy to feel isolated and ignore guidance. But taking the time to understand why experts provide certain advice can prevent mistakes.Alec’s Learnings"The one thing that's going to really make you successful is going to be your ability to understand the customer dynamic and the need and get to that product market fit.""When you get advice from people you trust who are experts, put stock into understanding why they tell you things. Listen more than you talk to yourself."Alec provided fantastic insights into his entrepreneurial journey with Tradespace. It was inspiring to hear his stories and lessons learned. The key is listening to your customers, experts, and mentors to build something people truly want."Don't let fear of going down one path stop you from making a decision. There are infinite opportunities to pivot and do something new." - Alec Sorensen, Founder & CEO of Tradespace Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I talked this week with Peter Vesterbacka, entrepreneur and founder from Finland known for building major brands like Angry Birds, Rovio and Slush.Taking action is critical for entrepreneurs according to him, as learning happens by doing rather than just thinking. Entrepreneurs should execute on ideas through constant action, without fear of failure, to create opportunities and accelerate growth.Here are three key takeaways on why taking action is critical for entrepreneurs based on Peter’s comments:* Learn by doing rather than over-analyzing. Taking action provides practical learning opportunities that thinking alone cannot.* Focus on executing ideas rather than just having them. Entrepreneurs make things happen through action.* Don't fear failure. Most startups fail, so view it as a normal part of the process and learn from the experience."It's very important to actually do. And when you are doing things you are learning. So I'm a big believer in learning by doing." — Peter VesterbackaWe also talked about how Finland has managed to create a successful startup ecosystem. Here are the top 3 secrets to their achievement:* Changing Mindsets - Programs like Slush focused on shifting attitudes towards entrepreneurship, especially among youth. This built a culture of innovation.* Empowering Young Leaders - Finland put young people in charge of programs like Slush to give them leadership experience for starting their own companies.* Collaboration Over Competition - The startup community was nurtured through collaboration and sharing best practices rather than cutthroat competition.Common startup founder mistakes according to Peter Vesterbacka:* Fail to communicate vision and direction. As startups grow, founders need to over-communicate goals and plans to align the team. Repeatedly sharing the vision is critical.* Don't communicate enough. With more people added, constant communication across the organization becomes even more important. Founders should over-communicate even if it feels repetitive."Don't be afraid to talk to people. You should always be pitching. And then the thing there is that you should also, then, you know, when you do that, then people will help you. That's kind of like what people want to do." — Peter Vesterbacka Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I have had the pleasure of knowing Eamonn Carey for many years. We first connected when we hosted him as a speaker at various events in Istanbul and Antalya. I always enjoy our conversations and learn so much from his experiences.Eamonn began his career as a journalist before transitioning into the world of venture capital. His background in journalism provided great preparation for his work in VC. As a journalist, Eamonn honed critical skills like conducting thorough research, asking thoughtful questions, and listening closely to responses.When Eamonn became an investor, he was able to effectively apply these journalistic skills to his new role. During investment meetings and due diligence, his training enabled him to gain deeper insights by probing founders with targeted questions. Overall, Eamonn's journalistic foundation gave him invaluable experience in research, interviewing, and listening intently. These capabilities directly translated into success when evaluating potential startup investments.I found our conversation with Eamonn to be truly enlightening. There were many valuable insights that founders would benefit from listening to again and again."The dumbest, craziest, best thing I've done is start my first company." — Eamonn CareyI took extensive notes during our discussion, especially around the lessons Eamonn has learned from investing in over thousand startups. A few key points really stood out:* Successful founders do extensive preparation and discovery:* In-depth research on their market* Exhaustive customer discovery* Thorough investigation of competitors* Detailed data rooms demonstrating knowledge* Best founders have an open, curious mindset:* Constantly seek feedback to improve* Intellectual curiosity to learn continuously* Driven to evolve from good to great* Preparation is essential, as "Fortune favors the prepared mind"* But top founders also have humility:* Admit gaps in knowledge* Boldly ask experts for help* Stellar founders have true passion for solving problems:* Go incredibly deep on understanding their market"Don't overthink things and don't be afraid to talk to other people." — Eamonn CareyI asked Eamonn about the red flags he looks for during investor meetings with startups.* Momentum and progress are essential red flags* Look for founders actively driving the business* Beware when founders are just waiting for investment* Fundraising goals need clarity* Unclear or wide fundraising ranges are concerning* Founders should know how much they need and why* Team dynamics require close scrutiny* Ensure all founders actively engage, not just one* Try to evaluate dynamics in person over a meal/coffee* Watch for co-founder relationship issues* Other red flags:* CEO answering all technical questions* Lack of customer development, even at idea stage* Vague customer profiles and market understanding* Body language and energy on calls provide clues* Meeting founding team in-person invaluable to assess relationships* Co-founder breakups before Series A common issueI highly recommend this conversation with Eamonn for entrepreneurs to listen to or watch. 3 Books he recommends; * Obviously Awesome by April Dunford - On positioning your business, not just marketing/branding* The Hard Thing About Hard Things by Ben Horowitz - Discusses the difficult parts of being a founder* The Mom Test by Rob Fitzpatrick - Guide on customer development for early stage startups"The 3 most powerful words for a founder are 'I don't know.'" — Eamonn Carey Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I recently had the pleasure of speaking with Arthur Wang, founder of Fud, about his entrepreneurial journey. Arthur Wang's family origins as Chinese American immigrants who ran restaurants influenced his entrepreneurial ambitions. He also inherited a passion for educating and helping others from his teacher relatives. This unique blend shaped his vision for empowering everyday entrepreneurs with Fud.Fud is an online platform empowering everyday entrepreneurs through community support and expert guidance. By connecting side hustlers to share knowledge and monetize their skills, Fud helps regular people build fulfilling careers outside the traditional 9-5 job. The app makes side hustling accessible for all.* During COVID, Arthur had trouble buying a pair of Air Jordan sneakers because of resellers buying up inventory. This led him to research sneaker reselling.* Though new to it, Arthur made money reselling sneakers as a side hobby. This reawakened his youthful entrepreneurial spirit.* However, he almost got scammed on eBay as a seller. He realized scams could discourage new resellers.* Arthur saw most reseller content focused on flashy wealth, not the details. He wanted to create a platform to teach reselling to avoid scams.* Beyond just sneakers, Arthur recognized a need to help regular "side hustlers" make money outside traditional jobs.* He aimed to create a supportive community celebrating all types of side hustles and helping people achieve financial freedom.* With his background in startups and digital media, Arthur founded Fud as a platform for educating and empowering everyday entrepreneurs globally."It's a very lonely journey too. You have to find people you trust because it can mess with your head. It's all about perseverance and grit to make it happen." — Arthur Wang As someone who has weathered the ups and downs of startup life for over two years now, Arthur shared invaluable insights on the realities of getting a business off the ground. My takeaways from our conversation: * Take risks and bet on yourself as an entrepreneur* We are irrationally biased towards risk aversion* Failure today is not catastrophic like in the past* Have courage to create weird outcomes* The world needs people willing to take risks* Advancement requires unconventional thinking* Don't let fear of the downside hold you back* Failure won't make you completely destitute nowadays* Overcome biases toward safety and security"It takes twice as long and twice as much money as you expect. It's hard. You have to really believe in your idea and have that founder-market fit." — Arthur WangI asked him, "What have been the biggest challenges or lessons learned for you personally as a founder of Fud?"One of the best pieces of advice from him for founders is:1. It takes twice as long and money as expected- Be prepared to invest significant time and funds- Have contingency plans for extended timelines2. Perseverance and grit are essential- There will be brutal days that test your resilience- Stay focused on your vision to push through3. Develop a thick skin- Rejection and ego hits are inevitable- Maintain self-belief and don't take failures personally"Just remember that we probably are biased towards risk aversion. We're probably biased a little too much towards safety. So it's okay to get out there and just kind of bet on yourself." —Arthur Wang Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I have a great talk with Casey Van Maanen is a Senior Analyst at LOI Venture, an early stage venture capital fund focused on young entrepreneurs in British Columbia. He has experience in venture capital, finance, and business management through roles at different funds. "It's never easy, but having grit and resilience is key." — Casey Van MaanenHere are my 3 key takeaways from the conversation with Casey:* Be transparent and provide actionable feedback in rejection emails to founders * Clearly explain reasons for declining a deal and provide constructive feedback entrepreneurs can learn from. * Maintain good relationships.* Build a strong founder-investor relationship post-investment * Regular communication through progress updates builds trust and keeps investors informed on key traction metrics, product launches, team changes etc.* Tailor your fundraising approach (for startup founders)* Target investors strategically in your space, craft a tight pitch deck, and focus on volume when fundraising. * Leverage networks like accelerators too.He also talked about how the rejection process works. Here are my 3 key notes:* Provide clear and transparent feedback in rejection emails explaining why you declined the deal. Don't leave founders guessing.* Advise founders not to take rejections personally. It's often not a reflection on them or the business itself.* Encourage founders to listen to feedback objectively, strengthen their pitch, and persist through inevitable rejections. Grit and resilience are critical."One of the red flags that we will identify or that we've seen is a lack of transparency." —Casey Van MaanenAfter they've made an investment, they expect founders to provide regular progress updates, ideally on a monthly or quarterly basis. This allows them to stay current on key traction metrics, new hires, product updates, and any other meaningful developments. As an investor, some of the key things Casey wants to be informed about include:* Traction metrics like new customers, revenue growth, engagement stats etc. These demonstrate business progress.* Personnel changes like new key hires. This shows strengthening of the team.* Product launches or new feature releases. This indicates product momentum.* Any major partnerships or business development updates. This validates external belief in the company. * Changes to business/revenue model if any. Understanding pivots.* High level insight into burn rate/cash position. Allows assessing capital needs.In terms of frequency, monthly founder update emails are ideal but Casey understands bandwidth can be constrained. Quarterly also works well. They like having regular touch-points beyond just board meetings.The goal is not to micro-manage but rather stay abreast of major progress and issues. Founders know their business best so they trust their judgment while providing guidance and support where possible. Clear communication keeps the relationship strong. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I had a great conversation with Tuomo Laine, founder and CEO of Twice Commerce, formerly known as Rentle. Additionally we met during our side event at Slush in Maria 01 last week.The Twice Commerce platform simplifies the process for businesses to manage rental, resale, and refurbishing operations. It facilitates the circular economy by helping companies extend the lifecycles of their products.Here are some key takeaways from our insightful discussion:* Passion is a great servant, but a poor master. It should fuel you, not drive you. And remember - no number gets better on its own. Someone, somewhere is working very hard for every improvement you see.* During tough times, remember that you are not working just for yourself, but for others and future generations. It's like the saying - we don't truly own the land, we borrow it from our children.* Fundraising is hard work, as it should be. The more ambitious the idea, the more VCs you'll need to meet - maybe 50 or 100. Difficulty ensures proper vetting. If money falls into your lap too easily, question why. The work required is healthy, not rejection.Tuomo sees both new startups and large brands adopting circular models like rentals and resale. Software companies like Twice Commerce will remove friction through digital infrastructure. Specialized operators will handle tricky logistics like refurbishment. It's a collaborative dance between software and operations. Change will happen as software enables new business models and experts handle complex logistics.Passion is a great servant, but a poor master. It should fuel you, not drive you. And remember - no number gets better on its own. Someone, somewhere is working very hard for every improvement you see. Stay grounded and keep your passion in check, while appreciating how much effort it takes to build something great. —Tuomo Laine Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I had an insightful chat with Christopher Burns, Co-Founder of fundraising platform for nonprofits, Everfund. Christopher has been working on startups for over 5 years. Everfund emerged from their previous work building QR code donation tools for nonprofits.Our conversation covered Chris' lessons on customer validation, hiring failures, co-founder relationships, startup motivation, and more.Here are my top 5 takeaways from our discussion:* Key lessons when pivoting go-to-market* Focus on customers with the real "pain killer" problem, not just who likes your solution.* Learning from early hiring missteps * Fail fast and course correct - use mistakes as critical lessons for future team building.* Finding investor partners, not just money* Shared vision and belief in your mission matters more than funds from misaligned investors.* Co-founder dynamics* Play to individual strengths while working through disagreements constructively.* Let your co-founder be who they need to be to succeed. * Identify strengths, delegate accordingly. * Work through disagreements constructively. * The bond with a co-founder is one of the hardest but most important for startup success.* His motivation and passion* Seeing Everfund's social impact on groups like his partner's nonprofit keeps Chris driven.I posed these questions to Chris, and here are his responses.“Is this startup journey like a roller coaster? How do you feel daily?"Christopher said that life and startups are not really like a rollercoaster, even though there are ups and downs.* Startup journeys have unpredictable twists and turns, unlike a rollercoaster's defined track.* The ride feels like driving fast on winding roads with surprises around each bend.* This brings daily excitement about potential ahead paired with uncertainty about looming roadblocks."If you had the superpower to make changes in startup life, what would they be? Can you name three superpowers?”* Removing his own biases to see solutions from the customer's eyes* Enhanced communication and mentoring abilities* Increased speed and efficiency"You are invited to host a dinner party with three people, dead or alive. Who would you choose?"* Walt Disney: Walt Disney started the company with an amazing vision. * Frank Wells: Frank Wells and Michael Eisner worked together in a successful co-founder partnership that led Disney's renaissance. * Michael Eisner: Christopher would love to hear them discuss and even squabble over how to run Disney, with the creative visionary (Eisner) balanced by the operations-focused partner (Wells). Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

I had a wonderful conversation with Mosmos co-founders recently and asked them the question,"If you go back in time 2 years, when you were just starting Mosmos, what advice would you give to yourself?"Chengo Masha's answer:- Focus ruthlessly on understanding the customer's problem first.- Don't get caught up in perfecting the solution too soon.- Let customer feedback drive building the right solution.Juliet Shiro Njoroge's answer:- Have patience and persist in business conversations.- It takes time to turn a lead into a partner.- Keep sight of the opportunity and maintain persistence balanced with patience.Mosmos AfricaMosmos has a different model than "buy now, pay later" credit models. Since they operate in Kenya, it can be challenging to understand this new business model without context. Here are my notes about Mosmos Africa:Product Offering:* Mosmos operates a "save now, buy later" model where customers save up for a product and receive it once fully paid off. * This differs from "buy now, pay later" credit models.* They focus on high-ticket, high-value products that require more planning and budgeting for customers. (Electronics like laptops, smartphones, TVs Vacation packages or trips, Home appliances like refrigerators, washing machines) Customer Experience:* The model is designed to be flexible and align with customers' income streams, whether daily, weekly or monthly.* They offer a seamless user experience with timely reminders and progress tracking to encourage savings completion.Distribution Channels:* Mosmos has both a direct-to-consumer marketplace and partnerships with retailers to offer their payment solution.* Partnerships with leading local retailers provide customers product access, ability to see/test items.Competitive Advantage:* Mosmos aims to provide competitive, affordable pricing compared to other retailers.* Customer-centricity is core to their model - solving pain points around difficult savings goals.* Mosmos aims to differentiate via great user experience and flexibility compared to traditional financing options.Technology Enablement:* Mosmos leverages mobile and digital payments to create an automated, transparent process.Kenyan startup ecosystemWe have also discussed the Kenyan startup ecosystem, which has seen rapid growth and progress in recent years. Kenya's startup success began with mobile money innovation. Improved infrastructure and government support expanded opportunities. Global investments flowed in. Funding started enabling local startups, initially concentrated in fintech but now diversifying. Support programs assist startups. Regulations are maturing the ecosystem. Challenges remain around later stage funding and scaling, but momentum continues around inclusion. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

Last week I had the pleasure of speaking with Yrjö Ojasaar, Partner at Change Ventures, about the startup ecosystems in Estonia, the Baltics, and the Nordics.Yrjö has a fascinating background, having worked as a lawyer in the US defending major tech companies before returning to Europe to work with startups. He has been the CEO of a Finnish clean-tech startup, a UK digital publishing company, and advised many Estonian founders. Currently at Change Ventures, an early-stage VC fund focused on ambitious founders from the Nordics and Baltics, Yrjö draws on his diverse experience to help entrepreneurs build global companies.Our hour-long conversation covered a range of topics from pitching mistakes to founder obsession and the role of AI in VC. "Startups and venture capital can dramatically expand an individual's power to affect change in the world around them. As an investor or startup founder, you have the ability to fundamentally transform how people conduct business and live their lives by introducing entirely new solutions and ways of doing things." —Yrjö Ojasaar These are my top 5 notes from our conversation with Yrjö: Common mistakes entrepreneurs make in pitches * Founders often just memorize a pitch formula rather than having an in-depth discussion. * This lack of depth on customers' problems is a red flag.How to respond to investor rejections * Ask for specific, actionable steps you can take to improve, rather than taking the rejection personally. * Markets change so re-evaluate later.Factors behind the success of Estonian startups * Early wins like Skype broke psychological barriers. * Successful founders reinvest in the ecosystem.The importance of founder obsession with solving customer problems* Successful founders are obsessed with deeply understanding their customers' problems throughout the startup's growth.* Continually empathizing with and focusing on customers is key, as their needs change over time.The benefits and drawbacks of being a generalist VC * The job is much more exciting and interesting because you get to learn about so many different areas of business, new business models, and different technology sectors. You get a lot of variety.* There is much more randomness and many more unknown pieces to evaluate compared to being a super specialized domain expert who knows all the details of a narrow niche."At the end of the day, we reject founders who lack a deep, empathetic understanding of their customers' needs. You can have the most innovative product in the world, but if you don't intimately understand who will use it and why, you'll fail. We invest in founders who obsess over solving real problems for real people - they ask questions, listen, and continually refine their solutions based on feedback. If that founder-customer connection isn't there from the start, we simply can't proceed." —Yrjö Ojasaar Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

When Sean's wife signed him up to coach his daughter's soccer team, he knew little about the sport. However, as with any challenge, he wanted to take a data-driven approach. Since scoring itself didn't occur often enough to analyze, Sean tracked shots on goal instead. He then used each game as an experiment, constantly shifting player positions between quarters to gather data on different lineups. By recording shots for both teams each period, Sean looked for trends that could help optimize performance. His testing revealed one lineup dominated possession and shots. This allowed Sean to improve the team significantly, gaining so much control of games that the league complained he was scoring too much.Sean's success in enhancing soccer performance showed growth hacking methodology applies broadly. Testing and optimizing anywhere yields opportunity for measurable advancement.Coaching my daughter's soccer team, I knew little of strategy, but growth hacked: understanding players, tracking goals, mixing positions, optimizing from data. —Sean EllisI had an insightful conversation with Sean Ellis, who will be visiting Istanbul in February 2024 as part of his global growth-hacking world tour. His tour aims to not only teach strategies but help implement them through workshops. 7 Key notes from our chat that I noted down.- Nothing's perfect; through testing we improve.- Without product-market fit validation, growth hacking just accelerates the path to failure- Understanding human psychology is key, like our response to peer influence.- Growth comes from a team working closely together, with shared metrics and experimentation.- Growth hacking looks the same globally - what matters is effective cross-team execution.- Metrics should show sustained customer value, not vanity signals like downloads.- Growth culture builds from shared goals and wins from experimentation, not documents.One of the biggest mistakes I see is startups trying to use growth hacking before validating their product-market fit. —Sean EllisSean Ellis' Book Recommendations* Influence by Robert Cialdini * Predictably Irrational by Dan Ariely * The Cold Start Problem by Andrew Chen * Presenting to Win by Jerry Weissman * Pitch Anything by Oren KlaffIf your company's growth teams are interested in meeting with Sean Ellis while he is in Istanbul, there are several ways to contact him regarding his expertise and programs:* Personal website: Sean Ellis * Growth programs information * LinkedIn profile * Twitter account Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe

Top notes from my conversation with Juan Camilo co-founder of FiguroFiguro: InsurTech startupFocus: Latin America* Platform:* Simplifies insurance buying* Streamlines quotes, buying, managing* More transparency, ease for users* Approach:* Uses tech to digitize old processes* Data-driven insights* Goal: Make insurance access equal for all1. Outdated Insurance Distribution Is the Real LATAM ProblemIn LATAM, it's extremely difficult to get insurance in a streamlined, easy way. Figuro saw this as a huge opportunity.2. Data, Not Products, Is Figuro's True Superpower Figuro sees insurance as a data science problem. The more policies they sell, the more data they have to enhance experiences.3. Flywheel Model Fuels Explosive GrowthMore data powers more sales and platform growth. More sales means more data. Rinse and repeat.4. Global Vision Is Crucial for LATAM FoundersPrograms like 500 Startups and Y Combinator gave Juan Camilo the global perspective to think beyond just Colombia. 5. Partnerships Are Key to Cracking DistributionFiguro has partnered with 70%+ of insurance companies in Colombia by solving their distribution challenges.6. Trust Is Still a Major Hurdle in LATAM Startups must build consumer trust in their brand and products in a market skeptical of new entrants.Figuro proves that with the right vision, huge opportunities exist to transform antiquated LATAM insurance. #LATAM #startups #funding #InsurTech"What's ironic is that none of our investors are actually from Latin America. They're all from the US, Europe, and other parts of the world. This highlights that local investors haven't yet recognized the opportunity that exists here."Juan Camilo González T. Co-founder of FiguroWhy we invested Figuro? Team & Founders* Strong founding team with expertise in insurance, finance, and technology* Founders we believe in and can add value toTechnology & Product* Proprietary technology platform that streamlines insurance buying process* Innovative data-driven approach to optimize customer experience* Ability to create tailored insurance products for Latin American consumersMarket Opportunity* First mover advantage in Latin American insurtech market* Large underserved market opportunity in Latin AmericaWe invested in Figuro because of their strong team, innovative technology, and proven acquisition strategy to capitalize on the massive opportunity in the underserved Latin American insurtech market, which we believe makes them poised to become a category leader and deliver substantial returns. Get full access to Startup Istanbul at newsletter.startupistanbul.com/subscribe