We had an intriguing conversation with a seasoned professional in the startup industry, Nikola Balić. He is currently serving as a growth lead at Daytona.io in Split, Croatia, as well as providing guidance to the management of Swiss fintech startup Numarics, in their explosive growth from fewer than 20 employees to over 150 across multiple countries. Of course we could not avoid touching on Nikola’s reasons for joining us as a mentor at Labena Ventures. Armed with his entrepreneurial wizardry, Nikola vividly describes the process of building a successful company as a thrilling game of chess, completed with dramatic pauses, strategic banter, and the occasional victory celebration when his carefully plotted moves pay off. Stay tuned for an engaging conversation as we delve into his strategies for overcoming common challenges faced by startups, along with his holistic approach to mentoring early-stage startups, which he aptly describes as a 360-degree view.
1. What inspired you to become a mentor at Labena Ventures, and what do you hope to achieve through this role?
As a seasoned pro in the startup industry, I’ve seen it all – from scrappy kitchen-table beginnings to established companies with corner offices. One thing is certain: mentorship is crucial, particularly for early-stage businesses. That’s why I couldn’t resist jumping on board with the team at Labena Ventures. Their mission is aligned with mine, supporting game-changing startups and making a real impact. With my experience and hands-on approach, I’m stoked to help founders conquer whatever hurdles may come their way, and help drive positive change. Speaking of change, the Central and Eastern European (CEE) region is a treasure trove of untapped potential. The only downside is that the market is pretty fragmented, and opportunities can sometimes be tricky to come by. And Labena Ventures is just the thing that could consolidate the area and bio/health/pharma-tech industry. They’re a value-add partner that any startup would be lucky to have on their side.
2. How do you approach mentoring early-stage startups, and what specific strategies have you found effective?
When it comes to mentoring early-stage startups, I take a 360-degree view. That means taking stock of the founders’ vision, strengths, and stumbling blocks, as well as the ever-shifting tides of the market. I start by really getting to know the founders and their business, digging down to the nitty-gritty. Armed with that deep understanding, we work together to chart a clear course towards success. To make that happen, we focus on setting up achievable targets, giving regular feedback to keep everything on track, and even plugging founders into special resources and networks.
Building a successful company is like playing an intricate game of chess – everything is interconnected and every move has to be strategic. Even generating a single social media post is nowhere near as straightforward; it requires a clear understanding of your value proposition, a deep grasp of your audience, and total clarity around the tone of your brand. And that’s just scratching the surface; you’ve also got to be on top of any potential Intellectual Property hiccups, plus countless other factors. People tend to oversimplify, and that is sometimes good, as I strongly believe in the power of fast iterations. But the foundations need to be in place.
3. What are the most common challenges that startups face, in your opinion, and how can they overcome them?
Some of the usual suspects include crafting a truly compelling and clear value proposition, establishing processes to grow a powerhouse team, landing necessary funding, and staying cool under the pressure of dealing with mountains of regulatory red tape and whatnot. So, what does it take to beat these odds? My best advice is to come to the game with a distinct and attractive offering, backed up by a diversified team and a well-coordinated approach. It is also critical to have a firm handle on your customers, with a thorough awareness of their problems and pain points. And don’t forget about keeping nimble – the startup world is notorious for its unpredictability, so you must be prepared for anything!
4. What’s 1 thing you would advise every startup to do or consider AND what is 1 thing you would advise them to not do or avoid doing?
You can’t start-up and shut-up – there’s always room for growth! That’s why one of my key pieces of advice for any ambitious entrepreneur is to keep a finger on the pulse of their target audience, partners, and wider community. Build in public as much as you can. Constant feedback is essential for entrepreneurs to refine, redefine, and iterate on their services in order to keep up with changing demands and preferences.
But here’s a word of caution: “Don’t get caught up in the rat race for quick wins or trends that will fade in an instant!” Your guiding star should always be sustainability and long-term impact. Yes, you must remain dynamic and ready to adapt to market changes, but do so with purpose and a long-term game plan to ensure you are building something meaningful.
As a closing point. “Remember, it’s not just about sustainability of your business – it’s also about the planet!” Sustainability is more than a term, often misused; it is a key component of attaining actual success, both for your business and for the wider community. That is why it is critical to incorporate sustainability and positive social effect into your growth strategy. That’s why I recently created Bloomwise initiative (www.bloomwise.org): to gather a network of specialists that share my desire to make a real change in how we approach growth and success. Let’s work together to create something amazing!