Adeo Ressi: Five Thoughts on the Valley and Moscow
While those who already have their own promising companies — the participants in our Demo Day — were putting together their last preparation for the pitch session, Adeo spoke to numerous guests about where the best spot for start-ups is and explained what needs to be done to make that the case everywhere.
“If we take a growing market that is gathering strength with the addition of each new player, then we see in Moscow and in the Valley
a unique situation where we can find five clones of, say, Twitter, pop up,
not competing with each other.
They will fight more for themselves, attempting to jump ever higher, and often speak with their direct competitors in an attempt to find options for profitable cooperation. They do not have any significant discrimination between the shares held by directors and hires, as they are trying to bring in the best team possible.
Finally, they will all aim from the very beginning at an IPO, thinking about an exit strategy.
And here, you know, some differences between the Valley and Moscow are beginning to appear.
When some talk here about how they have their own Valley, I ask, “And which approaches are you copying?” If they answer that they are intent first of all on bringing in major investors, I tell them to quit worrying about nonsense.
It is great when you have access to major venture capitalists, and at the moment you can bring them in without an ecosystem. But when you do not have an ecosystem, then you do not have an exit strategy. Sure, you can send your employees to California, where they will take pictures of themselves in front of Facebook’s headquarters, but that will not change them.
The Silicon Valley is not a region, it is a mentality. By the way, our researchers have shown that the best region for start-ups is already Tel Aviv, Israel. Not Palo Alto, not Moscow.
Of course, you can always head to where everything is great,
but you need your own culture of entrepreneurship.
That is why a few years ago I founded the Founder Institute, and why we released it in Russia this year, along with Digital October.
At the beginning we are analyzing your talent for entrepreneurship, using five key parameters, and then we will keep tabs on how well things are going during and after training. I can say that the experience of several years in tens of regions in different countries has shown that our preliminary test can forecast the success of your project with 86% accuracy.
Ready to get involved?