Tomasz Klekowski (General Manager at Nextury Ventures) – „What does it take to make a successful startup?” is a presentation from WARP #2 – hub:raum’s turbo acclerator for CEE startups taking place in Krakow twice a year. Apply for the next edition! www.hubraum.com/apply (select “Krakow” and “Accelerator”). More information: www.hubraum.com/warp

1. What does it take
to make a
successful startup
07/06/2014
Mindaugas Glodas

2. Nextury Ventures
• Venture Capital Fund (est. Dec 2013)
• Early stage startups and new fast growth and high potential value ideas
• Strategic and operational development
• Executive advisors network
• Cooperation with Lithuanian business and technical Universities.
We aim for shared value that benefit our investors, our portfolio
companies’ founders and employees, as well as other stakeholders, the
environment, and society in general.

3. Mindaugas Glodas, General Manager
Responsible for operational management of Nextury Ventures. 15 years experience in International ICT
industry. Mindaugas held multiple executive positions at IBM and Microsoft in the Baltics and Central and
Eastern Europe. Mindaugas is an active member of society and currently serves as Board Member at
Kaunas Technical University, Member of Business Council at ISM and Member of Presidium of the
Lithuanian Business Confederation.
http://lt.linkedin.com/in/glodas
Ilja Laurs, Chairman
European Manager of the Year 2011 by European Business Press Association, 25 European Tech Leaders
by Wall Street Journal, Top 40 most influential people in mobile communications by Informa Telecoms and
Media, 10 Start-ups That Will Change Your Life by TIME magazine and Technology Pioneer 2011 by World
Economic Forum are only a few of his numerous industry achievements. As a recognized thought leader,
Ilja speaks on all major telecommunication conferences and is regularly quoted in Wall Street Journal,
Forbes, CNN, CNBC, BBC, Bloomberg and many other news sources. In February 2010, Ilja made the
cover of the America's leading entrepreneurship magazine "Entrepreneur”.
Chairman of GetJar, world’s largest independent mobile application store.
http://lt.linkedin.com/in/laurs
Nextury Ventures Founders

4. Nextury Ventures
next
• coming after this one : coming after the one that just
came, happened, etc
cen-tu-ry
• a group, sequence, or series of 100 like things
• a company in the ancient Roman army, originally of one
hundred men
ven-ture
• to start to do something new or different that usually
involves risk

5. Approach
Start
•Early stage/founding/team
building
•Emerging high ROI areas:
mobile, 3D printing, mind-
reading, new business
models, etc.
•Hand picked teams and
projects with $1-10b
opportunities
Develop
• Close Engagement
• Validate locally/ expand
internationally
• Shared Services
• C Level Executive
Advisors
• Cooperation with local
accelerators and
incubators
Fund/ Exit
• Local VC’s
• Regional VC’s
• International VC’s
• Acquisition
• Merger
• IPO
• Expand to adjacent less
mature markets: Belarus,
Ukraine, Russia
Community
•Close cooperation with key
business/ technical/ arts
education institutions
•Active engagement with
media to provide visibility
•Publicly disseminate
startup culture through
citizenship activities

6. • Build value not profit
• Realize value via IPO / M&A / Secondary market,
not dividends
Goal
• Superfocused – do one thing but do it best
• Superfast – burn money but go fast
• The best – only the frontrunner wins
Execution
• Get Angel/VC money
• Use the money to buy the best
people/technology/visibility
Resources
Modern Startup Philosophy

7. What’s Great About Eastern Europe
7
• Educated
• Technically savvy
• “Hungry” and willing to take the risk
People
• Developed internet and supporting infrastructure
• High mobile penetration and usage
• Unique areas of excellence
Infrastructure
• Convenient geographical location
• Strong ties with East/West, access to Western and
Eastern funding
Environment

8. 50% vs 100%. Of What?
8

9. Vision Without Execution is Hallucination
9

10. You will not Catch a Shark in a Bathtub

11. Do not even try to hide big idea

12. Someone has been here before

13. Never Stop/ Iterate

14. Diverse but Aligned

15. Stay Well Organized but Don’t Overdo It

16. Stay Close to Each Other

17. Education Does Add Economic Value

18. Creating & Capturing Academic Value
• During 2007-2011, Stanford University
students raised $4.1b in venture capital
investments
• That’s over $1b every year!
• Since 1930, Stanford students built
• 40,000 companies
• 5,400,000 jobs
• $2,700,000,000,000 in annual
revenues

19. In fact, it’s not only about Stanford
Innovation and technology
are driven by young
entrepreneurs:
• Students of just six top
US universities raised
$10.6b during 2007-
2011
• That’s over $2.5b/y
• Which is 0.034% of GDP

20. 20
European Commission Data / europa.eu
Lithuania
United Kingdom
Israel
Poland
Top 6 US universities
EU is far behind US in technology funding
VC investment relative to
GDP – 6 US universities
beat most EU countries

21. IT Studies in Lithuania
Infobalt study
An ongoing decline of
interest in IT studies
causes severe shortages
of IT staff in Lithuania and
Europe

22. 22
“The Manifesto” (just google it)

28. Thank you!
mindaugas@nextury.com
+370 650 33333