​​George Lemnaru, Green Horse Games on recognizing risks as an entrepreneur: “I had more chances to fail than to succeed"

The documentary "Romanian Startups: Roaring Tigers of Europe", made by the start-up.ro team, spans across 33 years of history, from the first entrepreneurs in the transitional years to the initial technology company transactions that brought Romania into the international spotlight.

Romanian Startups: Roaring Tigers of Europe - The Extended Series will present the people who built the Romanian ecosystem and who discussed with the VideoCorp and start-up.ro team for this documentary. In this series you will find the extensive interviews and find out the stories of those who built entrepreneurship in Romania.

George Lemnaru is the founder of Green Horse Games, one of the first small gaming studios in Romania. Initially unacquainted with technology, he discovered the online world at 19 and gradually developed his skills by working in an online company. For the Romanian Startups: Roaring Tigers of Europe documentary, George told us about his entrepreneurial journey at the beginning of the 2000 decade, and about his challenges of raising capital in a nascent Romanian startup ecosystem that had little knowledge about venture capital, with very few investors willing to take risks.

"I was experienced enough to realize that I have more chances to fail than to succeed", says George reflecting on the inherent risks and challenges in startups. 

The ecosystem was initially dominated by real estate investors and lacked maturity, especially in gaming.

His experience with angel investors and later venture capitalists (VCs) helped him professionalize his approach to business and finance.

The partnership with Catalyst VC was particularly pivotal, introducing more rigorous financial and administrative discipline, which prepared the company for acquisition. 

George candidly discusses the difficulties of startup life, including the stress of failure and the courage required to pivot or halt unsuccessful projects.

Through persistence and learning from failure, his second game succeeded and led to acquisition talks.

"Plan A usually doesn’t work, so you need to be prepared with Plan B and have the strength to try again", says George Lemnaru.

The acquisition by Miniclip was a significant milestone, providing resources and independence to continue innovating while scaling revenue exponentially.

• Transitioned from economics to tech and gaming by building Romania’s first online health shop and later a geopolitical simulation game.
• Emphasized learning by doing, starting with no coding knowledge but developing skills through hands-on experience.
• Shifted focus from health products to gaming, creating a unique fusion of economics, politics, and game design.
• Navigated early-stage investment challenges in a nascent Romanian startup ecosystem dominated by real estate investors.
• Built strong relationships with angel investors and VCs, gaining professionalism and financial discipline that enabled acquisition.
• Overcame failure by courageously stopping an unsuccessful game and launching a successful second project leading to acquisition by Miniclip.
• Witnessed and contributed to the growth and maturation of Romania’s startup ecosystem, predicting continued expansion and talent retention. 

• Late introduction to technology can still lead to success: George’s journey in entrepreneurship began relatively late at 19 years old, debunking the myth that early tech exposure is necessary for startup success. This underscores the power of passion and continuous learning as critical drivers for career pivots and innovation. His example illustrates that foundational knowledge from unrelated fields (economics) can be creatively applied to tech and gaming, fostering unique product ideas like Republic.
• Learning by doing is critical in startup formation: Without prior coding experience, George dove into building an online health shop, handling everything from coding to product photography and delivery. This hands-on approach cultivated a wide skill set and entrepreneurial mindset, a common trait among successful startup founders who often wear multiple hats during early stages. It also emphasizes resilience and adaptability in unfamiliar territory.
• Early-stage investment in emerging markets is challenging: In the early 2000s, Romania’s investment ecosystem was immature, with capital primarily flowing from real estate investors who demanded majority ownership. This environment forced founders to be resourceful and patient, while also navigating complex equity negotiations. In George’s case, his ability to secure foreign investment and later work with angel investors indicates the importance of networking, persistence, and education in founder-investor relations.
• Professionalizing startup operations is essential for growth and acquisition: The transition to working with Catalyst VC introduced rigor in financial and administrative processes, enhancing the company’s credibility and operational maturity. This professionalization is crucial for startups aiming for acquisition or larger-scale investment, as it reduces risks and streamlines due diligence. George’s experience highlights how external investors can act as mentors and catalysts for better business practices beyond just funding.
• Failure is part of the startup journey and requires courage to pivot: George Lemnaru stresses the importance of acknowledging failure early—stopping the first unsuccessful game project despite pressure to continue. This decision, backed by experience and realistic expectations, ultimately led to success with the next game. It reveals how resilience, data-driven decision-making, and the capacity to iterate are vital survival skills in the highly uncertain startup domain.

• Sustained commitment to product and team as keys to long-term success: His decision to remain dedicated to growing Green Horse Games and not start a new venture reflects the importance of focus, passion, and team cohesion. This long-term commitment, coupled with support from a larger organization post-acquisition, illustrates a model for sustainable growth in the gaming industry and tech startups generally. It also highlights the value that acquisition can offer beyond financial exit—access to resources, talent, and stability.
• Collaboration and trust between founders and investors is crucial: The relationship with investors such as Mălin Ștefănescu (we’ve talked also with him at length about his first investments and how he saw the Romanian startup ecosystem evolve during the years) and Catalyst was built on trust, shared language, and aligned vision. Regular meetings and transparent communication helped navigate challenges and grow the company. This dynamic underscores the evolving role of investors as partners and advisors, not just capital providers, which is essential for startup success in complex industries like gaming.
• Data-driven decision making is critical in the gaming industry: The gaming sector requires balancing intuition and creativity with rigorous data analysis—using KPIs, A/B testing, and user feedback to inform decisions. This duality is vital to crafting engaging games that resonate with users while maintaining business viability. It signals the importance of integrating qualitative insights with quantitative metrics in product development and management.
• Planning for failure and pivoting increases entrepreneurial resilience: Recognizing that “plan A usually doesn’t work” and preparing for Plan B is a mindset emphasized by George as vital for founders. This pragmatic approach encourages flexibility, learning from mistakes, and persistence—qualities that enhance survival odds and long-term success in the uncertain startup ecosystem.
• Founder identity evolves with experience and business realities: Initially focused on product creation and passion projects, George gradually embraced the “startup founder” identity, acknowledging the importance of business growth, investment, and sales. This evolution reflects a common trajectory where founders balance creative ambitions with the necessities of building sustainable companies.

Roaring Tigers of Europe is a production by start-up.ro and Videocorp, part of the Romanian publishing company InternetCorp, active for almost 20 years on the market. The documentary was made with the support of partners BCR, Orange, and 2Performant. Community partners included Guran Consulting Global, How to Web, Launch, Impact Hub Bucharest, Flaviu Simihaian, Rubik Hub, SoftServe, and the Romanian-American University.