Ready to be inspired and empowered? We’ve had an insightful interview with Zsolt Bubori ,who is the Ecosystem Lead for Hungary at EIT Health InnoStars and probably among the most inspiring mentors of our accelerator programme. Among other things, Zsolt shared his views on how to foster collaboration between startups, institutions, and large companies by leveraging his profound healthcare industry expertise. He also spoke about how his mentoring approach had been shaped by decades of business and executive advisory experience within multinational companies such as Microsoft and Accenture. In the interview he reveals at least one thing every startup should consider focusing on and one thing they should avoid for success.
1. What inspired you to become a mentor at Labena Ventures, and what do you hope to achieve through this role? OR What made you decide to become a mentor at Labena Ventures, and what do you hope to achieve through this role?
I like working with innovative and creative teams and companies very much – I think innovation is the key to create sustainable and competitive business environment. Startups are the core structures of innovation, so mentoring startups give me the opportunity to keep myself up to date with new trends and market dynamics. I would like to think that my experience helps to startups to stay realistic and feasible in their businesses.
I would like to increase quality and decrease executional risk of startups’ business plan with my mentoring services and industrial experience and network.
2. Can you share your experience working with startups and the insights or skills you bring to the table?
I have professional experience mentoring and working with startups as an Ecosystem Lead for Hungary within European Institution of Innovation and Technology Healthcare division. I have decades of business and executive advisory experience within multinational companies such as Microsoft and Accenture and within my own advisory company. I have deep industrial knowledge within healthcare.
3. What are the most common challenges that startups face, in your opinion, and how can they overcome them?
There are several barriers and blockers existing in CEE region related startups’ success. There is a lack of professional business/management acumen, investment capital and willingness to take risks by big funds. I think key success factors are to set up the right team structure and capabilities, create a sustainable and feasible business plan, and create win-win cooperations within relevant business networks.
4. Please share your previous experience with one of the startups you helped to overcome a specific challenge.
I am a mentor in Hungarian Startup University Program which is one of the biggest Hungarian mentor program including 28 Higher Education Institutes and more than 6000 students.
5. What advice would you give to early-stage startups looking to apply to Labena Ventures, and what should they demonstrate during the selection process?
I think early validation of business ideas is very important regarding cost and time efficiency. Startups should demonstrate to Labena their business concept validation based on real feedback by target groups in areas as follows:
1. Validation from a business point of view – feasibility, financial KPIs, competitive advantages, key value proposition
2. Validation from regulatory perspective – legal and regulatory check
3. Validation from a medical perspective – Fit to purpose, acceptance by stakeholders and key opinion leaders and feasibility by healthcare value and supply chain
4. Validation by ICT point of view – Well-defined infocommunication strategy and execution plan.
6. What role do mentors play in building a supportive and collaborative community among the startups in the programme, and how can Labena Ventures foster this process?
In my opinion mentors are not coaches, advisors, or team members. Mentors have to ask the right questions and became facilitator of ideas and activities of startups. Mentors should boost energy and creativity that existing inside team members.
7. 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?
To do or consider: Always validate your ideas, activities and plans, use opinion and resources of your targeted clients in your service/product development processes, so be inclusive!
Avoid: Please avoid wishful thinking and do not underestimate your competitors and market dynamic! Too much self-confident is the best way to fail.