On November 12, AIN and KAMA held the START conference where many startup founders from Ukraine participated in numerous panel discussions. One of such panels was titled: “How to launch a startup and scale it when everything is against you”. The speakers were Veronika Medianyk, co-founder of Eventmate, Vladyslav Kaliuzhka, co-founder of eXtra Vision, Darka Azhnyuk, founder of Spry, moderated by Fedir Kotiai, СЕО of FORMA. 

The founders shared their experience of creating startups, talked about the challenges and obstacles they faced, and gave advice for those who want to launch their first startup in such challenging times. AIN has summarized the discussion and shares the key insights.

Launching a startup often begins with uncertainty and difficulties

A startup is a roller coaster, stated our panelists. Unlike a job with a stable salary, schedule, and benefits that many people are used to, starting a new company is a complete unknown.

  • The founder is responsible for everything: for themselves, the team, the vision, the product, sales and marketing.

  • The initial period of creating a startup is the most difficult and challenging.

“It's like a bike that's on fire, and you're riding it somewhere, and don't know where you're going to go, but it's a fun ride,” said Vaeronika Medianyk, co-founder of Eventmate, an all-in-one app for event management and ticketing.

  • On the bright side, creating your own startup is an opportunity to realize any of your ideas. 

“You just do what you want to do,” said Vladyslav Kaliuzhka, co-founder of eXtra Vision, which employs augmented reality in neurosurgery.

Do you need to be an experienced startuper to launch a startup? 

Experience is important but not a prerequisite. The main thing is the desire to learn and develop. You can be successful without significant experience if you are willing to adapt.

“All super experienced startups at some point built their first startup, not fully realizing what they were doing,” added Veronika.

  • If you have an inspiring idea, learn through the process, seek advice and share your experience with other startupers. As the panelists emphasized, everyone has started from scratch.

  • Having experience in a startup's product is useful, first of all, in terms of branding and image. It helps to communicate with customers, better understand user needs, and develop the product. 

However, such experience will not help much in creating a startup.

Partnership vs. solo launch

The panelists also argued as to whether it was helpful to have a partner when launching a startup, compared to doing a solo launch.

  • Support from co-founders is very important to share responsibilities, solve problems faster, and provide emotional support.

  • It provides support and ensures a multi-faceted approach. Nevertheless, it is very important to find someone who complements your strengths and makes up for your weaknesses.

Startup focus: 100% or part-time?

Young startup founders are usually faced with the challenge of time and effort. Should a startuper only focus on their startup, or can they do it as a part-time job of sorts.

  • When a startup reaches a serious level with a clear product and commitments, it is important to focus on it fully.

  • In the early stages, when many aspects are uncertain, you can work in parallel at another job to ensure financial stability.

Early focus on a startup without a foundation can be risky.

Talk to your clients: “Build something people want, and don't build something you want”

One of the most common mistakes is to create a product “for yourself” without taking into account the needs of the target audience.

“In the beginning, we spent a lot of time developing features that we thought would be cool, instead of going and asking our target audience what they need,” Veronika shared.

Conduct regular surveys, analyze feedback, and adapt your solutions to real market demands.

What are the product development stages startups go through?

  • First of all, a founder should at least try to build a Minimum Viable Product (MVP).

  • Don't try to create the perfect product right away. Focus on basic features and a quick launch to test your ideas, and then improve the product based on user feedback.

  • Test your ideas quickly, correct mistakes, and look for new approaches. The sooner you act, the more opportunities you will have to scale.

Conduct market research and validate your hypotheses. A product that is not needed by the market is doomed to failure.

  • It is important to focus on sales and marketing from the very beginning. Advertise your product as best you can.

Sources of funding: grants, investments, personal savings

The panelists also shared their thoughts on sources of financing for their ideas.

  • Look for opportunities wherever you can: grants, support programs, business angels, etc.

  • To start with, a young startup founder can use their own savings or a part-time job to avoid dependence on external investors.

“Success is about maximizing the flow of probabilities. You have to knock everywhere, and one day the door will be opened somewhere,” added panel moderator Fedir Kotiai, CEO of FORMA, a product company by Universe Group.

Local launch or entering foreign markets

The advantages of a local launch include the ability to conduct a quick testing of an idea in a familiar environment. At the same time, entering a foreign market can reduce the risks of restrictions due to local factors.

Start with a market you are familiar with to quickly test your business model. However, if you are planning for long-term growth, consider entering foreign markets right away.

Where to find motivation to keep going

A startup is a journey with obstacles that can open up new opportunities. Look for support from your team, partners, and customers. All problems are just steps to success.

All the speakers noted that they are motivated by the opportunity to create something significant and change lives for the better, despite difficulties and challenges.

About START Conference

START is an annual conference organized by AIN and Kyiv Academy of Media Art (KAMA) for everyone who seeks inspiration, new knowledge about creativity, practical business skills, evergreen ideas, and long-term collaborations. 

This year's conference was held in Kyiv, at the PARKOVY Convention and Exhibition Center, and featured more than 60 speakers: representatives of the government, business, technology, creative cluster, and the defense tech industry.