Startup Istanbul Podcast

Last week, we chatted with Scott about entrepreneurship, early stage investments, the Fuzzy and Techie book, and many different topics. When I started writing this post, I couldn't remember when we first met and looked back at our emails. We corresponded for the first time in 2012 when he was at Mohr Davidow Ventures. Even though we did not meet physically over the years, we kept in touch regularly about entrepreneurship.

In 2017, Scott was one of our keynote speakers at Startup Istanbul but could not come at the last minute due to the visa crisis. During the pandemic, we had the chance to communicate and make investments with Scott more frequently. He and Jenny are doing great work at The Fund and Everywhere Fund. I also carry their vision of investing globally in early stage startups. I think we have very parallel ideas on this subject.

The Fuzzy Meets the Techie: My Chat with Scott Hartley

Scott believes liberal arts are key for technology innovation.

But technical skills are still needed to bring creative ideas to life.

How do we blend these mindsets in the future?

I had an insightful discussion with Scott Hartley, author of The Fuzzy and the Techie, on combining technical and creative abilities.

7 Learnings from My Scott Hartley Conversation

1. Why We Need Both Fuzzies and Techies

Fuzzies - skills like critical thinking and empathy

Techies - coding, data analysis

As tech advances, jobs need more fuzzies but require techies to build it.

2. The Future of Work Amid AI Rise:

As AI and technology advance, the need for more human skills is driven up.

Jobs won't disappear, but the tasks within those jobs might change or be automated, requiring a new set of skills and adaptability.

3. The Enduring Value of the Liberal Arts

Teaches critical thinking and empathy needed as AI advances.

Need people to spot bias, ask hard questions, apply ethics.

4. Real-World Fuzzy-Techie Collaboration

Anthropologist helped Nissan with self-driving cars by understanding human behavior.

Dancer/roboticist created "choreobotics" to make robots move more gracefully.

5. Evaluating Startups Holistically

As an investor, Scott looks at founder grit, ethics, desire to solve problems - not just technical specs.

He says venture capital is more "psychology than finance" early on.

6. The Importance of Investing in World-Positive Companies:

Investing isn't just about making money.

It's about backing world-positive companies that can have a significantly positive impact, not just on the market, but on society as a whole.

7. Developing Authentic Global Relationships

Scott spots global opportunities by listening to his diverse founder network built over decades.

Focuses on genuine long-term conversations rather than quick hits.

Summary

As we navigate through an ever-evolving global landscape, it's clear that the intersection of technology, liberal arts, and entrepreneurship is leading us to uncharted territories.

The future holds exciting possibilities and challenges.

The key takeaway?

Stay open, stay curious, and embrace a well-rounded perspective.

Scott Hartley, a notable venture capitalist and startup advisor, is the co-founder of Everywhere Ventures and has invested in over 500 companies worldwide. With a background spanning Google, Facebook, the White House, and top venture capital firms, Scott's evolution from techie to fuzzy showcases his belief in combining technical skills with humanities education. He is the author of "The Fuzzy and the Techie," a finalist for the McKinsey Bracken Bower Prize, and has delivered over 50 keynote speeches on innovation for major global organizations.

If you want to follow Scott Hartley, you can access his Substack articles here. You can take a look at his regular articles on Linkedin here. If you haven't read Fuzzy and Techie, you can find it here.

I recently had the pleasure of interviewing Vir Kashyap, veteran investor and entrepreneur, on the Startup Istanbul podcast. Vir has a unique background, having been born in India, educated in the US, worked at startups in Silicon Valley, and eventually returned to India in 2007 to tap into the early stage startup ecosystem there.

In our conversation, Vir traces his journey from writing his college thesis on e-commerce in the late 1990s to co-founding recruiting platform Babajob in India in 2007. He reflects on the dramatic evolution of India's startup ecosystem over the last 15 years, highlighting three key inflection points - the launch of Jio increasing internet access, demonetization driving digital payments, and COVID necessitating remote work and transactions.

According to Vir, these developments have allowed Indian startups to "build a global quality product and compete on a global stage from day one." He advises startups looking to expand globally to get a team member or investor with experience in their target overseas market.

Speaking from his experience of straddling both the US and India as an investor, Vir stresses the importance of founder-market fit above all else when evaluating startups to invest in. He looks for mission-driven founders who will stick through the ups and downs required to solve a real problem they are passionate about.

Maintaining work-life balance is also critical for founders to be successful long-term, Vir emphasizes. He advises founders to prioritize sleep and exercise as well as block off dedicated personal time.

For fuller insights from Vir on emerging market opportunities, cross-border investing, trends in the India startup ecosystem, and advice for founders, be sure to check out the podcast episode.

I had the pleasure of talking with Mike Quinn, founder of Boost, a B2B commerce platform for retailers and distributors in Africa. We discussed his entrepreneurial journey, lessons learned from building and scaling his past startup Zoona, and advice for startup founders based on his experience leading a purpose-driven fintech in Africa for over 10 years.

Persevering Through the Emotional Rollercoaster

Mike Quinn's journey from Canada to leading a startup in Africa has been defined by constantly learning from failures. In this interview, he shares the hard lessons he learned while building and scaling his first startup Zoona in Zambia.

Despite rapid growth serving millions of customers, Zoona struggled to raise later stage capital and ultimately had to reset the business. Mike reflects on the challenges of fundraising, managing growth, and the importance of designing your startup for scale from the beginning.

After 10 intense years building Zoona, Mike stepped down as CEO ready for his next challenge. He wrote a book titled "Failing to Win" to process his experience and inspire other entrepreneurs to embrace failure as part of the iterative process of building a business.

Mike then launched his second startup Boost, applying the lessons learned from Zoona. Boost provides digital infrastructure for informal retailers and distributors in Africa - essentially Shopify for the supply chain. He designed Boost from the outset for multi-country scale, with a capital efficient model and small remote team.

In this interview, Mike provides an inside look at the emotional rollercoaster of startup life and finding the motivation to keep persevering through difficulties. His story offers inspiration and wisdom for entrepreneurs everywhere.

Seeing the Potential: My Motivations for Investing in Boost

As an early stage investor with a global focus, I look for outlier talented entrepreneurs building disruptive companies. Each year, I evaluate thousands of ventures across verticals and geographies. After extensive due diligence, I selectively invest in those demonstrating the most promising team, product, market potential and ability to execute. (Here is my framework) My goal is to back visionaries solving big problems where my capital, network and experience can empower them to achieve accelerated growth. I get excited about bold ideas that can drive innovation and have a positive impact.

The founder and CEO of Boost Technology, Mike Quinn, is an experienced and resilient entrepreneur who has spent significant time living and working in Africa. Through this experience, he has gained a deep understanding of the challenges in the African supply chain and has assembled a strong founding team with complementary skills in technology and operations. Since launching in mid-2020, the company has achieved promising early traction, with gross merchandise volume growing steadily month-over-month.

Boost’s products address a major gap in supply chain financing and management that presents a vast market opportunity across Africa and beyond. Execution challenges remain, including intense competition, but I am confident that this experienced team can navigate obstacles and establish a leadership position. Within five years, if successful, I believe Boost could reach $250 million in annual GMV across untapped African markets and beyond.

If you believe your startup may be a fit for my investment criteria, I invite you to submit a short application. Completing the form will allow me to review your venture's key details and determine if it aligns with my current investment thesis and portfolio goals. Qualifying startups will be contacted to schedule a pitch meeting. I appreciate your interest and look forward to learning more about how your company is driving impact.

This video is the most popular one on our Startup Istanbul YouTube channel. We have also converted it into a podcast format. Michael Seibel's (Managing Director and Group Partner at Y Combinator) 15 minute guide provides extremely valuable advice for entrepreneurs on how to start a successful startup. He covers the key elements like building a strong team, identifying a good idea, launching quickly, achieving growth and fundraising. This concise and practical guide is a great starting point for any founder, so be sure to watch or listen to the full video.

1. Build a Strong Technical Founding Team

- Have 2-4 founders, with at least 50% of them being technical/engineers.

- Make sure all founders can dedicate themselves full-time and have a year's worth of living expenses saved up.

- Founders should quit any existing jobs to focus 100% on the startup.

2. Brainstorm Ideas as a Team

- Tap into problems founders experience daily/weekly. Avoid ideas that are only monthly/yearly problems.

- B2B founders should focus on gaining reference customers in target industry.

- Ensure all co-founders buy into the idea and have ownership.

3. Launch an MVP Quickly

- Build and launch an MVP in 2 months or less.

- Get product in users' hands ASAP and iterate based on feedback.

- Speed is key - don't wait until product is perfect.

4. Grow Users Rapidly

- Growth is the top metric for investors.

- Build sharing directly into consumer product experience.

- Use ads or leverage reference customers for B2B.

5. Get Press with News Worthy Announcements

- Earn press like you build business relationships. Offer value.

- Time announcements of funding, product launches, key hires.

- Follow up continually with reporters.

6. Fundraise from Relevant Investors

- Line up investor meetings back-to-back to create FOMO.

- Target investors who understand your customers and problem.

- Customers and early users can provide initial funding.

7. Watch Spending Closely

- Review detailed monthly expenses line-by-line.

- Cut unnecessary spending whenever possible.

- Pay founders and employees just enough to get by.

8. Hire Carefully and Slowly

- Increase team intelligence with each new hire.

- Bring on risk-averse people to balance founding team.

- Hire slowly - founders can do a lot themselves at first.

I had the pleasure of talking last week with Hemanshu Jain, founder of Khyaal, an engagement platform for senior citizens in India. We discussed his entrepreneurial journey, lessons learned from past failures, and advice for startup founders based on his experience building both Diabeto and now Khyaal.

Lessons from Serial Entrepreneur Hemanshu Jain

Hemanshu Jain is an experienced entrepreneur in India, having successfully built and exited his previous startup Diabeto before founding his current venture Khyaal.

Early Beginnings

Hemanshu started Diabeto in 2012 to build a hardware glucometer along with his co-founder who had a pharmacy background. It began as a passion project fueled by their interest in hardware and grew into a full-fledged startup.

Diabeto struggled initially to raise funds in India since hardware startups were still rare. Through perseverance and continuously learning, they were able to build out the product and company.

Pivoting for Success

After realizing diabetes management solutions weren't taking off in India, they pivoted Diabeto's model for the US market in 2017. Being adaptable and not rigid on the original idea was key to finding the right product-market fit.

Diabeto was eventually acquired successfully, but he says the 5 year journey also had many failures before getting there. Failing fast and changing course was crucial.

Tips for Founders

Hemanshu stresses the importance of building a strong team aligned to the founding mission. He suggests founders spend significant time on hiring, as the right team makes up the foundation.

On difficult days, he recommends focusing on your customers and their positive feedback rather than third-party criticism. Finding motivation through creating real impact is key.

He says being adaptable to change and persisting through failures has helped him develop resilience as an entrepreneur.

New Venture - Khyaal

Khyaal aims to provide digital literacy, community support, and upskilling for seniors.

He took a different approach this time by first building an audience and community of elderly people before designing the product. He advises entrepreneurs to continuously gather customer feedback and be flexible.

What is Khyaal?

Hemanshu Jain is the founder of Khyaal, an engagement platform for senior citizens in India. He started Khyaal after realizing that many elderly people feel lonely, especially after losing a spouse or friends.

The inspiration for Khyaal came during the COVID-19 pandemic when Hemanshu spent more time with his father and understood the difficulties faced by seniors living alone. Initial ideas were around building hardware products with sensors to track health vitals, but through talking to seniors, Jain realized the bigger need was around solving digital literacy and providing community.

Khyaal began informally on WhatsApp groups where they offered free digital literacy workshops to seniors on topics like online shopping, transportation, and entertainment. This organic growth led to over 10,000 seniors joining their WhatsApp groups. They then built a mobile app as their MVP to offer a more private community platform.

Some key benefits Khyaal provides are:

* Digital literacy training to help seniors use smartphones and apps confidently

* Support groups to discuss grief, loss and other mental health issues

* Entertainment content and games to reduce loneliness

* Financial services tailored for seniors like fraud protection

India has over 140 million seniors currently, but this will double in the next 5 years presenting a huge market opportunity. Khyaal aims to be the one-stop solution for the elderly to live life happily and independently.

Summary

Hemanshu Jain's journey shows how perseverance through failures and a willingness to pivot are key traits for startup success. His focus on listening to customers provides valuable insights for founders as they build and refine products to solve real problems. He emphasizes that aligning your team to the social mission creates an energized culture. His experiences at both Diabeto and now Khyaal demonstrate that experienced entrepreneurs continue learning and evolving with each new venture. His advice stresses being flexible, responsive to user feedback, and resilient when faced with the ups and downs of entrepreneurship. His insights provide motivation and practical guidance for the next generation of startup founders in India.

I recently had the pleasure of interviewing Radek Novotny, founder of Superface AI, for the Startup Istanbul podcast. Superface is an exciting startup using AI to automate integrations between software applications.

Radek shared the origin story of Superface - how painful manual integrations created a "red carpet" problem to solve. He discussed pivoting to an AI-powered "agent" to connect apps and systems, requiring no code.

It was fascinating to learn about his entrepreneurial journey, lessons in culture building, go-to-market strategies, and insights into the future AI landscape. Radek is a passionate, serial entrepreneur driven by solving real customer problems.

This interview provides an inside look at the ups and downs of building a B2B SaaS startup leveraging emerging technology like AI. It's an inspiring case study for any founder or tech entrepreneur.

Be sure to listen to our full conversation on the latest episode of Startup Istanbul!

I invite you to contribute to our curated investment list on Airtable. Next month, I'll be enriching this list with my own deal flow, as well as with vetted recommendations from my circle of trusted investors. This compiled resource will be exclusively shared with those who have actively contributed. To be a part of this unique opportunity, please submit a startup here. Thank you.

In a recent podcast, I had the pleasure of engaging in a conversation with Yousef Hamidaddin, a well-respected figure in the Middle Eastern startup ecosystem. Our discussion delved into various aspects of the startup scene, including recent developments, challenges, and opportunities. In this post, I will explore key highlights from our conversation, shedding light on the current state of the Middle Eastern startup ecosystem.

The Middle Eastern Startup Landscape

Yousef emphasized the importance of ideation and the need for more university students to launch startups while still on campus. He highlighted the immense potential of the region's universities, with thousands of students who have the ability to drive innovation and entrepreneurship. This untapped resource could contribute to a vibrant startup culture across the Middle East.

Overcoming Challenges and Embracing Failure

We discussed the perception of failure within the startup ecosystem. Yousef emphasized that failure should not be stigmatized but rather viewed as a learning opportunity. He stressed the significance of building confidence in the system and encouraging entrepreneurs to take risks. By providing support and creating an environment where failure is accepted and understood, we can foster a more resilient and innovative startup ecosystem.

Government Support and Funding

Yousef acknowledged the role of government support and funding in the Middle Eastern startup ecosystem. He highlighted the initiatives taken by governments in the region to pour capital into startups and develop funds of funds. However, he also stressed the need for continued results and the importance of leveraging these opportunities to attract further investment. Building confidence and demonstrating success will encourage governments to stay committed to supporting the startup ecosystem.

Fostering Collaboration and Scaling Up

Yousef discussed the importance of collaboration and inclusivity within the startup ecosystem. He emphasized the need for more people to get involved, including investors, mentors, and entrepreneurs. By expanding the network and inviting more diverse perspectives, the ecosystem can thrive and attract greater interest from investors worldwide. Yousef encouraged startups to think globally and scale up, highlighting the potential for disruptive solutions to address regional challenges.

His Motivation

Yousef Hamidaddin is motivated by the opportunity to make a positive impact and drive change. His mission is to create a vibrant ecosystem for startups and entrepreneurs in the Middle East and North Africa (MENA) region. He is passionate about supporting and empowering young individuals with innovative ideas, helping them turn their visions into successful businesses. He believes in the potential of the region and aims to leverage it by fostering collaboration, scaling up startups, and attracting investment. By working with founders and investors, Yousef strives to build a thriving startup ecosystem that can contribute to the economic growth and development of the MENA region.

Summary

In our conversation, Yousef Hamidaddin provided valuable insights into the Middle Eastern startup ecosystem. He emphasized the importance of ideation, overcoming challenges, and fostering collaboration. With continued support, an inclusive environment, and a focus on scaling up, the Middle Eastern startup ecosystem has the potential to make a significant impact on the global stage. By embracing failure as a stepping stone to success, we can encourage more entrepreneurs to pursue their dreams and contribute to a thriving startup ecosystem in the region.

Hello everyone! I'm excited to share my latest podcast interview on Startup Istanbul with Josh Gray, founder of Artemis

Artemis is an early-stage startup operating in the data infrastructure space. They have developed a platform that helps teams, especially data analysts, clean and prepare messy datasets for downstream analytics and AI applications.

In this interview, Josh provides an overview of Artemis's target customers, product, market validation, competitive landscape, and more. We discuss some interesting insights he has gained through starting this company as well as challenges around moving to a usage-based pricing model.

Overall, I found Josh to be passionate and thoughtful about solving a real pain point around data quality and transformation. Let me know what you think of this episode! As always, please share any feedback on the podcast or suggestions for future guests.

ARTEMIS

Summary: Artemis is a startup operating within the data infrastructure space, targeting the prevalent issue of data cleanliness. The company's primary objective is to assist data analysts in cleaning and preparing data sets for further analytics and Language Models (LLMs). The platform is designed to be low-code, enabling non-engineering professionals to construct data models and pipelines efficiently.

Problem: The process of data cleaning is time-consuming and complex. On average, data analysts spend approximately 9.8 hours per week cleaning messy data. Additionally, data is often dispersed across thousands of tables making it difficult for non-technical users to navigate. Artemis addresses these problems by offering a low-code platform for visually exploring, building, and automating data cleanup.

Solution: Artemis offers a low-code platform for analysts to prep data through intuitive building blocks and workflows. The platform connects to data warehouses and leverages a proprietary knowledge graph to understand data relationships and context. This results in faster, higher quality data pipelines.

Market: The data infrastructure market is currently valued at around $100 billion, with a growth rate of about 25% YoY. Within the data transformation segment, the market size is estimated to be about $25 billion, growing at about 40% per year.

Traction: Artemis is currently in beta and is being used by 50+ organizations.

Business Model: Currently usage-based. Future plans for intelligent usage controls to align value with pricing. High gross margins anticipated.

Team: Founders met in middle school and previously worked together. Josh Gray led finance for previous startup acquired in 2022. William Shi, CTO worked at AutoDesk.

* Josh Gray (CEO and Co-Founder): Josh's superpower lies in his comfort with failure. He believes that failure is a part of the process and is necessary for growth and improvement. His comfort with failure allows him to take risks and push boundaries.

* William Shi (CTO and Co-Founder): William's superpower is his relentless problem-solving ability. He is unfazed by challenges and does not let obstacles defeat him. He is determined to find solutions to problems and is committed to overcoming any hurdles that come his way.

Josh Gray, the CEO of Artemis, is kept awake at night due to concerns revolving around product development. On one hand, he is excited about all the things they are building and how fast they are doing it. On the other hand, he is concerned about the rapid pace of advancements in AI tools and data as a whole. He worries about staying up-to-date and riding the wave of innovation rather than getting left behind.

I spoke with serial social entrepreneur Alex Souza about the importance of existential founder fit. Alex has founded 5 companies across different industries and countries, focusing on empowerment and impact. He explained how after his 4th venture, he realized he lacked existential founder fit, meaning the business did not align with his values and purpose.

Don't miss our event on Nov 29, 10:00-13:00, at Maria 01, Helsinki. Co-hosted with the Embassy of Finland in Ankara, it's a unique chance to connect Turkish and Finnish startup worlds. Ideal for networking and partnership opportunities. Register now and let us know if you're also attending Slush.

Alex coined the term “Existential Founder Fit” to evaluate if a startup truly fits one's life mission. He believes most founders neglect the "Inner Game" of entrepreneurship in favor of just pursuing the outer metrics like funding and scale. However, true well-being comes from living a purpose-driven life. Alex shared 6 questions founders can ask themselves to determine existential founder fit:

* Will it maximize my meaning?

* Will I love the day-to-day?

* Will it push me outside my comfort zone?

* Does it connect to my big why?

* Is it aligned with my values?

* Do I want this as my legacy?

As a mentor, Alex looks for that spark of passion in founders that shows they couldn't live without seeing their venture succeed. He warned against opportunistic founders who lack this existential drive. Moving forward, Alex plans to help more founders through content, communities and his upcoming book "The Existential Founder." For Startup Istanbul listeners, I hope this conversation sparks reflection on living life with intention and ensuring your ventures truly fulfill your why.

Alex Souza provides a unique mentoring program called Existential 1:1. He can assist you with various areas like social entrepreneurship, impact model, inclusion and empowerment, leadership, culture, fundraising, team building, content creation, community building, and public speaking.

For more details about Alex's courses and services, visit the following link. I encourage all entrepreneurs seeking guidance to win the inner game of entrepreneurship to explore these resources.

In a recent episode of the Startup Istanbul podcast, we got to talk with Saravana Rathinam and Ben McMahan. They're the folks behind Puppetry (Former Elbo AI), a cool startup that's working on making it easier to talk to computers.

Puppetry has made a platform that lets us chat with AI almost like it's another person. They're getting a lot of people interested because this is something many of us could use in our daily lives.

During our chat, Saravana talked about his past work, like helping to build parts of Apple Siri. He's really into finding better ways for people and computers to understand each other. Ben shared his views about where Puppetry is going next and what they're working on now.

Both Saravana and Ben have been around the startup scene and talked about how it's been working in a fast-moving field like tech. What drives them? They want to make it as easy to talk to a computer as it is to chat with your friend.

If you're curious about what the future holds for talking to computers and gadgets, you'll want to listen to this episode of the Startup Istanbul podcast.

Here is a summary of the conversation with Saravana and Ben:

1. Saravana Rathinam and Ben McMahan introduce themselves as the co-founders of Elbo AI, a venture focused on creating 'faces' for AI to make interactions more natural.

2. Both have experience at major tech companies like Google, Microsoft, Apple, and Amazon, where they worked on various interactive technologies, including voice search.

3. Saravana shares his journey from working on mobile touchscreens to contributing to Google Assistant, emphasizing his long-standing interest in human-computer interaction.

4. They highlight how the advent of generative AI and large language models have made it possible to create more conversational and less command-based AI interfaces.

5. Puppetry aims to make conversing with AI as easy and intuitive as talking to a human, reducing the cognitive load involved in interactions.

6. A demonstration of their tool "Puppetry" is given, which allows users to animate a face with their own facial expressions as the first step toward their bigger vision.

7. Their target market includes startups interested in enhanced AI interfaces and consumers who want to create talking avatars.

8. The team has been bootstrapping using used GPUs and is currently preparing to join an accelerator program to further their goals.

9. Puppetry emphasizes a company culture of "tinkering and innovation," encouraging a dynamic, creative work environment.

10. They invite interested parties to join their community via Discord or email, and offer a downloadable version of Puppetry for users to explore.

These are my questions I asked during the interview

* Who is the target market for your product?

* How did you understand that this is a problem? Or how did you validate the customer problem and demand for your solution right now?

* Which kind of technologies do you use? Are you dependable on AI structures and models?

* How do you differentiate your product from others in the field?

* When did you start the company, and when did you leave your earlier jobs?

* Are you planning investment rounds in the upcoming months?

* What keeps you awake at night nowadays?

* How many hours do you spend with your customers weekly?

* What are the funny facts about yourselves?

* What is your expectation about creating the company culture when you find the product-market fit?