startup – my passion for startup and my experience in Poland vs USA

In September 2011 I started the first talks with investors who, for various reasons, were interested in iTraff Technology (in Poland and abroad). I had 32 meetings, 21 Skype, I mentioned a lot of emails, I made a valuation of the company, prepared to negotiate and so on and so forth (in the margin: nothing much I could not know what this whole process). Now I’m at the stage near the closing round of funding talks with the comfort with several potential investors in advanced negotiations.

Apart from foreign funds, I visited most of the Polish, spoke with their boards. Taking an overview of virtually all, or the vast majority of Polish investment funds (technology), I unfortunately (sorry, with a sad mouth) subjectively say:

Polish VC is not able in the near future to build a global exitu (I’m not talking here about seedowych fund whose purpose are generally not large (millions) exity, or the Business Angels’ach)

and in the field of mega utterly pregrywa of Western funds, below I will try to say why this is (based on my experiences and observations):

First Most ordinary anxiety.

Polish VC afraid of failure, to the extent of their fear that paralyzes their imagination. Their imagination is somehow shackled stress before failure, a failed investment. They try to predict the future, and freeze it, but not giving the chance of alternative thinking. On the one hand is stressful (understandable), but they can not attempt to predict the future except to find alternative thinking in which stimulation would lie to some imaginative, risk-saturated naive, bet poker return events.Fear tells them to choose from already proven business models, or models like the best. This hampers their imagination.

Second So you really do not believe that manages to build a multi-million dollar business.

Subjectively – I think that the Polish VC does not believe in big, multi-million dollar success and otherwise does not believe that he can build it. He would like to, but not around each other’s examples, stimulation, which utwierdziałyby him in the belief that it can build the next Google, Skype and Spotify. This is mental. If you have something big happens in its surroundings is rather Polish VC explains this fluke of that company, or specific conditions under which the company operated. Thus confirming the belief that building a big business is damn hard (he is) and I have a rather slim chances (I VC) to do so. Do not give God the VC is already on the account fail, it cedzi your chances even more. In addition, I have not found among the Polish investor faith in the 10,000% growth, we discussed many Polish startup’ach (not just iTraff) and the VC was very often in his opinion on the head startupie which ordered thinking “this and this startup has potential, but it and not allow him to be a multi-million, billionth success. ”

Third Excite the slogan gobalne, but global needs of global money and here begins with weakness.

Every VC wants to have a global startup, with people thinking globally, acting globally. The global success of the global money – gong! Polish VC live in ext. contradictions – I would like globally, but for local budgets. zonk! From what the thinking is clear – do not know 

4th Lack of time

Polish VC has developed the process (in the sense it is very rarely) the analysis of new investments or do not have the resources for such activities. Managers of businesses are busy and do not have time for lunch, coffee, meeting, do not have a team of analysts who have the time to study because they are busy with ongoing activity. In other words, most of the Polish VC live in the chaos of everyday life, which make it impossible for them to actively and systematically to analyze the emerging investment opportunities on the horizon. A new opportunity is a way to analyze a problem because this chance is like a chisel, you should stick to the daily earning.

5th What the hell is round the corner boy and not the end of the road?

A short investment time horizon that is today, I’ll give you money, but as soon as possible show me the profits. This thinking is not a precise implementation, but Excel with forecasts based business is watching. So far for the month, year, and why so little. How much is probably przestrzeliłeś uuuu?Generally, there is nothing wrong with that, but in most cases, apart from this short analysis overlooked, does not analyze the long-term impact that a startup can do. In my opinion this is due to a lack of knowledge, which nienagromadziła still in Polish ecosystemie startup’owym. It’s still not enough to be able to clearly, with confidence the VC he could look at the long-term period of time and it is not an extension of the planning period in excellu.

Summary:

First A little VCs understand such behavior, it helps me in the knowledge that communism in Poland was that the market and ecosystem for young technology companies is cosmically young, etc., but do not share this thinking.

Second As long as someone’s comments are motivating, I think they are super important, but if someone with your anxiety, fear, etc. pressure down, it makes no sense to stay with him.

Third Sorry for the negative tone of this material (it comes hard for me because I prefer the positive actions), but I felt that this could be useful for someone through what I experienced in the head enrolled.

I can give advice that is simplistic and two:

First Do not let himself lose to those things that you mentioned. Remember that VC is thinking and can not be your thinking (if you demotivate).

Second Search for funding outside of the Polish and the VC funds in Poland treat as an addition to your actions.

Council for Polish VC:

First Rise, and sing the song “I need a dollar,” and popłyńcie wyluzjcie in your dreams. Do not limit a!

Second It depends on you whether we will provide you an entrepreneur 100000% rate of return, you can give us a kick or shot wgniatający the ground.