Dan Mihăescu: ”A successful startup doesn’t just emerge from a great technology"

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.

From his beginnings in telecommunications, through various roles in large companies like Microsoft, to his involvement in angel investment and venture capital, Dan Mihăescu, a founding partner for GapMinder, a venture capital firm in Romania that raised 80 million euros for a second fund, active since 2024, provides valuable insights into the evolution of the startup ecosystem in Romania.

“In the world of startups, time is the most precious resource; it’s not just about having a brilliant idea, but about executing it swiftly and effectively”, Dan told us, emphasizing on the importance of agility in entrepreneurship, where the ability to adapt and move quickly can distinguish successful startups from those that languish.

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For our documentary, we’ve discussed with him about the importance of operational experience, the challenges faced by startups, and emerging opportunities in areas like artificial intelligence and B2B.

He also emphasized the need for entrepreneurs to learn from past successes and failures and to adapt quickly to market changes.

“A successful startup doesn’t just emerge from a great technology; it evolves through a balanced team that blends engineering prowess with business acumen.”

“To thrive in the venture capital landscape, one must not only seek investments but also cultivate a deep understanding of the entrepreneurial ecosystem and its evolving dynamics”, was another important lesson that Dan shared with us reflecting on the need for investors to engage actively with startups, providing not just financial support but also guidance and expertise to nurture their growth.

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We’ve discussed at length with Dan Mihăescu for the Romanian Startups: Roaring Tigers of Europe documentary.

• Understanding enterprise dynamics: Startups aiming to penetrate the B2B market must familiarize themselves with the internal processes of larger enterprises. This understanding enables them to tailor their offerings and navigate the decision-making cycles of potential clients. By studying how enterprises allocate budgets and utilize tools, startups can better position themselves within the market.
• Generative AI as a game changer: The emergence of generative AI represents a pivotal moment for startups. Smaller companies can utilize advanced tools provided by larger corporations to innovate their products and services. This democratizes technology access, allowing nimble startups to compete with larger players by offering specialized solutions that enhance existing business models.
• The evolution of the investment landscape: The venture capital landscape in Central Europe has undergone significant changes over the years, with an increase in active funds and a shift towards specializing in certain sectors. This growth reflects a more mature and educated entrepreneurial ecosystem that is learning to navigate the complexities of fundraising and investment.

• The value of diverse teams: A balanced team structure, featuring both technical and business expertise, is crucial for the success of startups. This diversity facilitates quicker decision-making and enables startups to respond effectively to market demands. Companies led solely by engineers may struggle to find market fit and scale their products effectively.
• Time is a critical resource: Dan mentions that time is the most valuable resource for startups, often more so than capital. The ability to accelerate product development and market entry is essential for survival and success. Startups should prioritize rapid iteration and feedback over perfection to avoid stagnation.
• The role of angel investors: The presence of engaged angel investors is vital for nurturing the startup ecosystem. Experienced angel investors can provide not only capital but also mentorship and industry insights, helping startups navigate initial challenges and scale effectively.
• Future opportunities in B2B and B2C: While the current landscape favors B2B startups, there is potential for B2C ventures to grow as the market matures. Dan Mihăescu anticipates that as the ecosystem develops, more opportunities will arise for consumer-focused startups, especially as market conditions change.

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.

Watch the full documentary in the video below: