Oana CoșmanThe Work in Progress podcast is a Green Start-Up and start-up.ro production focused on the investors and founders that change the startup ecosystem.
We've centered the Work in Progress podcast around two major themes, and were going to split the episodes into the Blue podcast – for start-up.ro – where we'll discuss with venture capital managers, angel investors, startup founders from Romania, Europe and around the world about their role in the ecosystem, business, trends, and the Green podcast – for Green Start-Up – where we will put a sustainability layer on our discussions and we'll approach topics relevant for impact founders as well as impact investors.
For the Work in Progress podcast we’ve had an in-depth conversation with Raya Yunakova, a principal at LAUNCHub Ventures, a prominent Bulgarian venture capital firm.
The podcast delves into Raya’s background, her passion for technology, and insights into the investment landscape, particularly concerning the participation of women in entrepreneurship and venture capital.
“Nothing bad will happen if it doesn’t work out. It literally doesn’t matter. Go out and try to do things. It might actually work, but if it doesn’t, it’s not a big deal. You actually learn a lot from it”, says Raya and her message serves as a powerful encouragement for young women and aspiring entrepreneurs to take risks and pursue their passions without the fear of failure holding them back.
We’ve touched on the evolution of the startup ecosystem in Central and Eastern Europe, the qualities of successful founders, and the resources that guide venture capitalists like Raya in making informed investment decisions.
Our discussion centered on the current state and future potential of the venture capital landscape, particularly how it relates to female representation and entrepreneurship.
Raya’s insights exemplify the shifts taking place within the Central and Eastern European tech ecosystems, revealing opportunities for innovation and collaboration.
Her perspectives also inspire a call to action for women to pursue careers in technology and investment, highlighting the importance of resilience and community support in forging successful careers in these fields.
“Working hard makes all the difference. Being able to put in the effort and iterate and try different things until something works and being resilient in that is what makes the difference between being good and being amazing”, adds Raya emphasizing the importance of persistence and adaptability in the face of challenges, particularly in the entrepreneurial landscape.
Our conversation serves not only as a source of inspiration but also as a roadmap for aspiring entrepreneurs and investors navigating the seemingly daunting yet rewarding landscape of startups.
“I think a startup is always a work in progress. I've never seen anyone complete the work, so to speak. But you have to be a work in progress for both a startup and a big company as well because the moment you stop doing the work and improving and iterating and making new things and listening to the market and responding to the market needs, you're going to be out of business very soon. You're definitely always work in progress. That being said, work in progress is not a good thing when you don't ship. Always be shipping, that's it, always launch your product even if it's not perfect. This is just how life is always going to be like, and that's a good thing”, concludes Raya Yunakova.
Highlights from our conversation with Raya Yunakova, pricipal at LAUNCHub Ventures:
- Raya’s background: Raya shares her diverse interests and experiences, ranging from software development to gaming and Sci-Fi, which shape her approach to investments.
- Transition to Venture Capital: Raya recounts her career progression from software development and technical evangelism at Microsoft to venture capital, indicating a natural evolution of her interests and experiences.
- Challenges as a founder vs. investor: The conversation contrasts the challenges faced by founders and investors, with Raya noting that both roles come with unique pressures and stressors.
- Day-to-day activities of a VC: Raya illustrates her day-to-day activities, primarily involving meetings with founders, conducting market research, and using AI to analyze potential investments.
- Characteristics of great founders: The discussion emphasizes that resilience and hard work differentiate great founders from merely good ones.
- Valuable resources for VC: Raya recommends numerous podcasts and books that have inspired her, including “20VC,” “The Lean Startup,” and “Venture Deals.”
- Investment decision process: The podcast outlines the factors LAUNCHub considers when deciding whether to invest in a startup, emphasizing the significance of the founder and market dynamics.
- Opportunities in the regional ecosystem: Raya highlights the burgeoning startup ecosystems in Bulgaria and Romania, notes emerging sectors like automation and cybersecurity, and emphasizes collaboration between the two regions as crucial for success.
- How does LAUNCHub decide which startups to invest in: The decision-making process involves evaluating the founders’ determination, the market dynamics, potential competition, and the traction of the product, with a strong emphasis on the founders’ work ethic and vision.
- Sectors LAUNCHub is currently interested in for investment: the LAUNCHub team is interested in various sectors, notably AI, automation, cybersecurity, deep tech, and sustainability, reflecting the evolving challenges and opportunities in the market.
- Entrepreneurial support: The podcast underscores the need for community support among founders and investors and the importance of resilience, hard work, and market understanding for entrepreneurial success.
- Advice for women looking to enter the tech or investment sectors: Raya advocates for increasing female representation in technology and investment, suggesting that early exposure to tech careers can inspire more women to enter the field. She emphasizes the importance of trying new things without fear of failure, and encourages women to seek out supportive environments within male-dominated fields, as many men are eager to support female representation. Our discussion reflects on the growing presence of women in investment roles, the unique perspectives they bring, and the importance of fostering conditions for future generations.
