I consider myself blessed not only because I have a great family and two
because I have a great family and two
because I have a great family and two adorable kids but also because I happen
adorable kids but also because I happen
adorable kids but also because I happen to work in an area that I really love
to work in an area that I really love
to work in an area that I really love really inspires me and fills me with
really inspires me and fills me with
really inspires me and fills me with energy and is this exact area that I
energy and is this exact area that I
energy and is this exact area that I have been working throughout these years
have been working throughout these years
have been working throughout these years centering on innovation and
centering on innovation and
centering on innovation and entrepreneurship that in which life has
entrepreneurship that in which life has
entrepreneurship that in which life has treated me really well so far I have the
treated me really well so far I have the
treated me really well so far I have the privilege of experiencing this space for
privilege of experiencing this space for
privilege of experiencing this space for over 17 years on all three angles that
over 17 years on all three angles that
over 17 years on all three angles that someone can experience it basically I
someone can experience it basically I
someone can experience it basically I have started ventures I have invested in
have started ventures I have invested in
have started ventures I have invested in startups and I have studied the sector
startups and I have studied the sector
startups and I have studied the sector as an academic having been bruised with
as an academic having been bruised with
as an academic having been bruised with my very first experience in a startup it
my very first experience in a startup it
my very first experience in a startup it being both educational and brutal I was
being both educational and brutal I was
being both educational and brutal I was then a little bit more lucky and
then a little bit more lucky and
then a little bit more lucky and successful with my next venture that has
successful with my next venture that has
successful with my next venture that has allowed me to start modestly investing
allowed me to start modestly investing
allowed me to start modestly investing in this region and beyond over time
in this region and beyond over time
in this region and beyond over time however it was the researching it was
however it was the researching it was
however it was the researching it was the understanding and was the teaching
the understanding and was the teaching
the understanding and was the teaching of entrepreneurship to intelligent
of entrepreneurship to intelligent
of entrepreneurship to intelligent students that has been a true iOpener
students that has been a true iOpener
students that has been a true iOpener for me and helped me understand a lot of
for me and helped me understand a lot of
for me and helped me understand a lot of things about this sector this is what
things about this sector this is what
things about this sector this is what has made me pretty confident and
has made me pretty confident and
has made me pretty confident and comfortable in to sharing some patterns
comfortable in to sharing some patterns
comfortable in to sharing some patterns and some surprising realities of this
and some surprising realities of this
and some surprising realities of this sector with you today what factors are
sector with you today what factors are
sector with you today what factors are needed to be present for an
needed to be present for an
needed to be present for an entrepreneurial ecosystem to succeed to
entrepreneurial ecosystem to succeed to
entrepreneurial ecosystem to succeed to grow to thrive plenty of factors are
grow to thrive plenty of factors are
grow to thrive plenty of factors are important and they need to be present
important and they need to be present
important and they need to be present obviously culture has to be there the
obviously culture has to be there the
obviously culture has to be there the right attitude this is very very helpful
right attitude this is very very helpful
right attitude this is very very helpful the right business environment stable
the right business environment stable
the right business environment stable tax regime of course limited red tape
tax regime of course limited red tape
tax regime of course limited red tape limited bureaucracy limited corruption
limited bureaucracy limited corruption
limited bureaucracy limited corruption obviously some political stability as
obviously some political stability as
obviously some political stability as well rule of law the absence of which
well rule of law the absence of which
well rule of law the absence of which would simply prohibit
would simply prohibit
would simply prohibit any healthy business activity altogether
any healthy business activity altogether
any healthy business activity altogether however over years there has been a well
however over years there has been a well
however over years there has been a well justified belief among all stakeholders
justified belief among all stakeholders
justified belief among all stakeholders in this industry that for an
in this industry that for an
in this industry that for an intrapreneur ecosystem to thrive there
intrapreneur ecosystem to thrive there
intrapreneur ecosystem to thrive there are two key pillars that really need to
are two key pillars that really need to
are two key pillars that really need to be present and these two key pillars are
be present and these two key pillars are
be present and these two key pillars are talent and capital having this
talent and capital having this
talent and capital having this understanding acknowledged by pretty
understanding acknowledged by pretty
understanding acknowledged by pretty much all stakeholders and these two
much all stakeholders and these two
much all stakeholders and these two being a prerequisite for most
being a prerequisite for most
being a prerequisite for most entrepreneurial ecosystem there are
entrepreneurial ecosystem there are
entrepreneurial ecosystem there are different opinions that have emerged
different opinions that have emerged
different opinions that have emerged within academia and within the sector
within academia and within the sector
within academia and within the sector itself about which of the two is more
itself about which of the two is more
itself about which of the two is more important or if you like the absence of
important or if you like the absence of
important or if you like the absence of which is more detrimental to the growth
which is more detrimental to the growth
which is more detrimental to the growth potentials of an entrepreneurship sector
potentials of an entrepreneurship sector
potentials of an entrepreneurship sector well let me share with you that
well let me share with you that
well let me share with you that throughout all these years that I have
throughout all these years that I have
throughout all these years that I have been working in that sector
been working in that sector
been working in that sector having met with several hundreds of
having met with several hundreds of
having met with several hundreds of startups seeking to raise capital having
startups seeking to raise capital having
startups seeking to raise capital having followed many of them and their progress
followed many of them and their progress
followed many of them and their progress thereafter regardless of whether we have
thereafter regardless of whether we have
thereafter regardless of whether we have invested into them or not and also
invested into them or not and also
invested into them or not and also having studied and researched quite a
having studied and researched quite a
having studied and researched quite a few companies several dozen companies I
few companies several dozen companies I
few companies several dozen companies I have been coming to the same conclusion
have been coming to the same conclusion
have been coming to the same conclusion again and again and this conclusion
again and again and this conclusion
again and again and this conclusion being very clear is that talent beats
being very clear is that talent beats
being very clear is that talent beats capital hands down in terms of
capital hands down in terms of
capital hands down in terms of importance throughout the 17 years that
importance throughout the 17 years that
importance throughout the 17 years that I have been working primarily in this
I have been working primarily in this
I have been working primarily in this region in central Eastern Europe but
region in central Eastern Europe but
region in central Eastern Europe but also in the Latin American markets and
also in the Latin American markets and
also in the Latin American markets and the Southeast Asian markets and mind you
the Southeast Asian markets and mind you
the Southeast Asian markets and mind you these markets are very different from
these markets are very different from
these markets are very different from the US market of the Western European
the US market of the Western European
the US market of the Western European markets in the sense that capital tends
markets in the sense that capital tends
markets in the sense that capital tends to be more limited the axis of it tends
to be more limited the axis of it tends
to be more limited the axis of it tends to be rather limited I have to say that
to be rather limited I have to say that
to be rather limited I have to say that I have never come across any pure
I have never come across any pure
I have never come across any pure distilled well-rounded talent with a
distilled well-rounded talent with a
distilled well-rounded talent with a solid identity
solid identity
solid identity a business plan that was hindered in any
a business plan that was hindered in any
a business plan that was hindered in any way by the unavailability of capital I
way by the unavailability of capital I
way by the unavailability of capital I have never seen any such case failing to
have never seen any such case failing to
have never seen any such case failing to raise money never ever let me have a
raise money never ever let me have a
raise money never ever let me have a spotlight talent itself and let me
spotlight talent itself and let me
spotlight talent itself and let me define what I mean with well around the
define what I mean with well around the
define what I mean with well around the talent a term that I have come across to
talent a term that I have come across to
talent a term that I have come across to use over this years in this region
use over this years in this region
use over this years in this region talent comes in various shapes and forms
talent comes in various shapes and forms
talent comes in various shapes and forms and there are several attributes that
and there are several attributes that
and there are several attributes that need to be there obviously technical
need to be there obviously technical
need to be there obviously technical skills have to be there very important
skills have to be there very important
skills have to be there very important business skills knowledge of the sector
business skills knowledge of the sector
business skills knowledge of the sector let alone all soft skills that would be
let alone all soft skills that would be
let alone all soft skills that would be very helpful from communication skills
very helpful from communication skills
very helpful from communication skills emotional intelligence and so on and so
emotional intelligence and so on and so
emotional intelligence and so on and so forth in addition to that character
forth in addition to that character
forth in addition to that character traits are very important without
traits are very important without
traits are very important without integrity and honesty it’s a no brainer
integrity and honesty it’s a no brainer
integrity and honesty it’s a no brainer it’s not no one’s going to go forward
it’s not no one’s going to go forward
it’s not no one’s going to go forward however in addition to all the skills
however in addition to all the skills
however in addition to all the skills that most people consider and they are
that most people consider and they are
that most people consider and they are very important there is a minimal set of
very important there is a minimal set of
very important there is a minimal set of two core soft skills that have to be
two core soft skills that have to be
two core soft skills that have to be there and they usually make all the
there and they usually make all the
there and they usually make all the difference and these two skills are
difference and these two skills are
difference and these two skills are great and culture ability let me talk
great and culture ability let me talk
great and culture ability let me talk about grit grit is all about passion
about grit grit is all about passion
about grit grit is all about passion it’s about perseverance
it’s about perseverance
it’s about perseverance it’s about stamina grit is about
it’s about stamina grit is about
it’s about stamina grit is about commitment to the long haul setting a
commitment to the long haul setting a
commitment to the long haul setting a goal and not letting go
goal and not letting go
goal and not letting go grit is about convincing yourself to
grit is about convincing yourself to
grit is about convincing yourself to start swimming into the open ocean until
start swimming into the open ocean until
start swimming into the open ocean until you reach land for what it takes and for
you reach land for what it takes and for
you reach land for what it takes and for as long as it takes grit is a key
as long as it takes grit is a key
as long as it takes grit is a key ingredient for the success of many
ingredient for the success of many
ingredient for the success of many startup ventures most of them will be
startup ventures most of them will be
startup ventures most of them will be facing adverse and challenging
facing adverse and challenging
facing adverse and challenging conditions in the journeys they’re going
conditions in the journeys they’re going
conditions in the journeys they’re going to be embarking on and grit is one of
to be embarking on and grit is one of
to be embarking on and grit is one of the most important ingredients
the most important ingredients
the most important ingredients a deed in order to succeed and overcome
a deed in order to succeed and overcome
a deed in order to succeed and overcome these challenges usually greed is not
these challenges usually greed is not
these challenges usually greed is not something that can be easily observed in
something that can be easily observed in
something that can be easily observed in people not at the very beginning when
people not at the very beginning when
people not at the very beginning when you meet them usually takes some time
you meet them usually takes some time
you meet them usually takes some time but when observed is like having
but when observed is like having
but when observed is like having identified a goldmine and something
identified a goldmine and something
identified a goldmine and something which may surprise a lot of people
which may surprise a lot of people
which may surprise a lot of people greed is a skill that can be developed
greed is a skill that can be developed
greed is a skill that can be developed it’s not necessarily something that you
it’s not necessarily something that you
it’s not necessarily something that you need to be born with equally important
need to be born with equally important
need to be born with equally important coachability the ability to listen the
coachability the ability to listen the
coachability the ability to listen the ability to be flexible and the ability
ability to be flexible and the ability
ability to be flexible and the ability to accommodate advice being coachable so
to accommodate advice being coachable so
to accommodate advice being coachable so important the ability to understand
important the ability to understand
important the ability to understand weaknesses that you may have and
weaknesses that you may have and
weaknesses that you may have and understand that the advice and the
understand that the advice and the
understand that the advice and the feedback you might be getting from
feedback you might be getting from
feedback you might be getting from people is important and you are able to
people is important and you are able to
people is important and you are able to take action upon it it’s not about
take action upon it it’s not about
take action upon it it’s not about fooling one selves and understanding
fooling one selves and understanding
fooling one selves and understanding that this is great this is great advice
that this is great this is great advice
that this is great this is great advice and then keep on doing whatever has been
and then keep on doing whatever has been
and then keep on doing whatever has been going on before don’t go about the same
going on before don’t go about the same
going on before don’t go about the same thing it’s the ability to let it sink in
thing it’s the ability to let it sink in
thing it’s the ability to let it sink in and make a difference the ability to let
and make a difference the ability to let
and make a difference the ability to let it sink in and make it actionable let it
it sink in and make it actionable let it
it sink in and make it actionable let it change things it has to do with how you
change things it has to do with how you
change things it has to do with how you approach things and actions and believe
approach things and actions and believe
approach things and actions and believe me it’s rare unfortunately is rare
me it’s rare unfortunately is rare
me it’s rare unfortunately is rare people don’t change that easily and in
people don’t change that easily and in
people don’t change that easily and in addition to that even for people that
addition to that even for people that
addition to that even for people that they think that they are coachable many
they think that they are coachable many
they think that they are coachable many times they are not it’s much more
times they are not it’s much more
times they are not it’s much more difficult that what you think and it’s
difficult that what you think and it’s
difficult that what you think and it’s much more difficult that what many
much more difficult that what many
much more difficult that what many people think about themselves
people think about themselves
people think about themselves coach ability is a huge benefit for
coach ability is a huge benefit for
coach ability is a huge benefit for people starting ventures now often I
people starting ventures now often I
people starting ventures now often I have come across talent that had one
have come across talent that had one
have come across talent that had one position of a great business plan
position of a great business plan
position of a great business plan however they were destined to failed
however they were destined to failed
however they were destined to failed compromise by the absence of these two
compromise by the absence of these two
compromise by the absence of these two core skills that I’m emphasizing very
core skills that I’m emphasizing very
core skills that I’m emphasizing very today in the few times that I were lucky
today in the few times that I were lucky
today in the few times that I were lucky to come across talent in possession of
to come across talent in possession of
to come across talent in possession of these two cool skills talent that was
these two cool skills talent that was
these two cool skills talent that was coachable talent that possessed the grit
coachable talent that possessed the grit
coachable talent that possessed the grit it’s similar to having found diamonds in
it’s similar to having found diamonds in
it’s similar to having found diamonds in the rough
the rough
the rough occasionally they pop up but it’s not
occasionally they pop up but it’s not
occasionally they pop up but it’s not common it’s very rare to find this kind
common it’s very rare to find this kind
common it’s very rare to find this kind of talent and it’s very easy to observe
of talent and it’s very easy to observe
of talent and it’s very easy to observe that in the few cases that you have this
that in the few cases that you have this
that in the few cases that you have this kind of talent the ventures that they
kind of talent the ventures that they
kind of talent the ventures that they start on the lead fall into a pattern of
start on the lead fall into a pattern of
start on the lead fall into a pattern of steady irreversible growth that in most
steady irreversible growth that in most
steady irreversible growth that in most cases leads to success and this is a
cases leads to success and this is a
cases leads to success and this is a pattern that capital will always be
pattern that capital will always be
pattern that capital will always be attracted to in the various lifetime
attracted to in the various lifetime
attracted to in the various lifetime stages of a firm just to make my point
stages of a firm just to make my point
stages of a firm just to make my point even stronger let me say a few things
even stronger let me say a few things
even stronger let me say a few things about capital itself in today’s world
about capital itself in today’s world
about capital itself in today’s world there is a lot of capital the
there is a lot of capital the
there is a lot of capital the availability of capital is substantial
availability of capital is substantial
availability of capital is substantial liquidity is abandoned venture
liquidity is abandoned venture
liquidity is abandoned venture capitalists angel investors accelerators
capitalists angel investors accelerators
capitalists angel investors accelerators a substantial overflow of public money
a substantial overflow of public money
a substantial overflow of public money all finding their way into early-stage
all finding their way into early-stage
all finding their way into early-stage startups liquidity is abandoned right
startups liquidity is abandoned right
startups liquidity is abandoned right now and let me share with you a little
now and let me share with you a little
now and let me share with you a little secret let me surprise you with
secret let me surprise you with
secret let me surprise you with something right now there is more money
something right now there is more money
something right now there is more money than invest of all startups there are so
than invest of all startups there are so
than invest of all startups there are so many sources of funding that have been
many sources of funding that have been
many sources of funding that have been unable to deploy the capital they have
unable to deploy the capital they have
unable to deploy the capital they have planned to deploy in the last couple of
planned to deploy in the last couple of
planned to deploy in the last couple of years of course the key word there is
years of course the key word there is
years of course the key word there is the word investable beyond the solid
the word investable beyond the solid
the word investable beyond the solid business prong that needs to be there
business prong that needs to be there
business prong that needs to be there and often is not there the kind of
and often is not there the kind of
and often is not there the kind of talent I was describing also has to be
talent I was describing also has to be
talent I was describing also has to be present it has to be there we’re all
present it has to be there we’re all
present it has to be there we’re all going to be experiencing a world that
going to be experiencing a world that
going to be experiencing a world that has been rapidly changing and given the
has been rapidly changing and given the
has been rapidly changing and given the degree of innovation it’s gonna be
degree of innovation it’s gonna be
degree of innovation it’s gonna be changing even faster people
changing even faster people
changing even faster people and businesses will have shorter periods
and businesses will have shorter periods
and businesses will have shorter periods to adapt than they used to have in the
to adapt than they used to have in the
to adapt than they used to have in the past software is going to be eliminating
past software is going to be eliminating
past software is going to be eliminating 50% of white-collar jobs in an
50% of white-collar jobs in an
50% of white-collar jobs in an unprecedented speed half of the jobs in
unprecedented speed half of the jobs in
unprecedented speed half of the jobs in this very room are going to be gone
this very room are going to be gone
this very room are going to be gone within a decade or if they are not going
within a decade or if they are not going
within a decade or if they are not going to be gone they’re going to be needing a
to be gone they’re going to be needing a
to be gone they’re going to be needing a lot less people that they need today in
lot less people that they need today in
lot less people that they need today in order to be performed the same time tens
order to be performed the same time tens
order to be performed the same time tens of millions of new jobs are going to be
of millions of new jobs are going to be
of millions of new jobs are going to be created but these jobs will be requiring
created but these jobs will be requiring
created but these jobs will be requiring rather specific technical and soft
rather specific technical and soft
rather specific technical and soft skills with unfortunately our education
skills with unfortunately our education
skills with unfortunately our education system today is not developing as needed
system today is not developing as needed
system today is not developing as needed it’s gonna be quite painful for many
it’s gonna be quite painful for many
it’s gonna be quite painful for many people to adjust to the new world and
people to adjust to the new world and
people to adjust to the new world and people will also need to adjust into a
people will also need to adjust into a
people will also need to adjust into a reality where software will be running
reality where software will be running
reality where software will be running most of their living and most of their
most of their living and most of their
most of their living and most of their working intrapreneurship opportunities
working intrapreneurship opportunities
working intrapreneurship opportunities will abound in a world where thousands
will abound in a world where thousands
will abound in a world where thousands of sensors per square kilometer in urban
of sensors per square kilometer in urban
of sensors per square kilometer in urban areas are gonna be talking to one
areas are gonna be talking to one
areas are gonna be talking to one another and they’re going to be making
another and they’re going to be making
another and they’re going to be making decisions directly without the presence
decisions directly without the presence
decisions directly without the presence of humans that’s going to be a reality
of humans that’s going to be a reality
of humans that’s going to be a reality within a decade by the end of the next
within a decade by the end of the next
within a decade by the end of the next decade this is going to be a very
decade this is going to be a very
decade this is going to be a very different world and in this kind of
different world and in this kind of
different world and in this kind of world intrapreneurship opportunities
world intrapreneurship opportunities
world intrapreneurship opportunities will abound and this entrepreneurship
will abound and this entrepreneurship
will abound and this entrepreneurship opportunities will need this kind of
opportunities will need this kind of
opportunities will need this kind of talent it will make all the difference
talent it will make all the difference
talent it will make all the difference beyond all the usual outstanding
beyond all the usual outstanding
beyond all the usual outstanding technical business and other skills in
technical business and other skills in
technical business and other skills in terms of which ventures will become
terms of which ventures will become
terms of which ventures will become successful and which ones are going to
successful and which ones are going to
successful and which ones are going to fail now let me close off where I
fail now let me close off where I
fail now let me close off where I started soon I will have to start
started soon I will have to start
started soon I will have to start talking to my five-year-old daughter and
talking to my five-year-old daughter and
talking to my five-year-old daughter and my three-year-old son about the future
my three-year-old son about the future
my three-year-old son about the future world they’re going to be living in
world they’re going to be living in
world they’re going to be living in I will probably be unable to help them
I will probably be unable to help them
I will probably be unable to help them develop all the hard and soft skills
develop all the hard and soft skills
develop all the hard and soft skills that are going to be needed for them to
that are going to be needed for them to
that are going to be needed for them to succeed in this future world however I
succeed in this future world however I
succeed in this future world however I will make sure that I will instill in
will make sure that I will instill in
will make sure that I will instill in them the understanding of which skills
them the understanding of which skills
them the understanding of which skills are important what skills are needed for
are important what skills are needed for
are important what skills are needed for them to succeed and I will be there to
them to succeed and I will be there to
them to succeed and I will be there to support them and help them develop these
support them and help them develop these
support them and help them develop these skills I will do my best to make sure
skills I will do my best to make sure
skills I will do my best to make sure that grit is part of them and that
that grit is part of them and that
that grit is part of them and that coachability
coachability
coachability is a characteristic of theirs and I
is a characteristic of theirs and I
is a characteristic of theirs and I would like to encourage all of you in
would like to encourage all of you in
would like to encourage all of you in this room today to think about
this room today to think about
this room today to think about yourselves about your loved ones about
yourselves about your loved ones about
yourselves about your loved ones about the ones you feel responsible for think
the ones you feel responsible for think
the ones you feel responsible for think what skills will matter in a world which
what skills will matter in a world which
what skills will matter in a world which will be incredibly unrecognizable ten to
will be incredibly unrecognizable ten to
will be incredibly unrecognizable ten to fifteen years from now think and thank
fifteen years from now think and thank
fifteen years from now think and thank you
you
you [Applause]
”
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