EY Russia Entrepreneur of the Year – Alexander Galitsky, well-known innovator, entrepreneur and investor in Russia/CIS, Europe and USA, was giving a speech for entrepreneurs and startups in Malta on 11th of September.
Read more about Dr. Galitsky here.
Dr. Galitsky is a co-founder and managing partner of Almaz Capital – Venture fund investing in early stage startups and bringing them to the global scale.
More than 1000 startups approach the fund and Alexander personally every year, but only fraction receives investment.
How your startup can stand out?
- Startup must have not just idea and technology – but a business. Idea, prototype and technology requires only 25% of effort and money, 75% goes for strategy and marketing.
- Good team and relations in the team is a critical point.
- Transparent and solid organizational structure. Don’ t distribute stocks between co-founders and employees straight away, start from giving options, that must be “earned” year by year.
- Plan cash flow.
- Startup value has to grow from investment round to invest round, at least by 30%
- Entrepreneurs have to sell every day, hour and minute.
- Don’t ask for signing NDA before presenting your startup – it doesn’t look professional. Investors won’t do it anyway.
Almaz Capitel specializes on technology startups in high-growth sectors such as enterprise and cloud computing, mobile, internet infrastructure and services, data storage and management, and ecommerce (crunchbase)
Dr. Galitsky himself has dedicated a significant part of life to science. He argues that “science is a process to built a knowledge base, knowledge leads to innovation”. His advice to young is to study physics. It’s easier to go into business afterwards, other way round is much more difficult.
Funny fact: Alexander’s first venture at the age of 9 was to catch squirrels and sell them. Then he decided that climbing trees and chasing squirrels is too difficult – and started to color mice and sell them as squirrels. That business ended up very quickly 🙂