Last Wednesday, March 5th I had the pleasure to mingle with a spectacular community of smart people attending TMT.Ventures’09 Warsaw: innovators, entrepreneurs, investors, advisors, bloggers and so on.

What else would you want? Oh, maybe a networking dinner the night before, celebrity arch-angel investor straight from Le Web video, 7 minutes contest during the event, great speakers, great lunch and last but not least… flute playing lesson broadcasted via video stream.

So many memories, new businessfriends, old acquaintances refreshed, things to think over. I’ll be relaying those over to you during the next few days on this blog. So stay tuned.

Yes, we are experiencing a downturn. Yes, in the macro-scale it will probably get worse before it gets better. But let’s not worry about the broken financial system or gloomy future of some financial institutions. Let’s not worry about the economy while there are fat juicy opportunities to be harvested out there.

The airheads and smart-asses are gone back to their safe and warm jobs - says celebrity investor Morten Lund. The supply of new and innovative projects is lower so it’s easier to achieve first mover advantage - says Holtzbrinck Ventures CEO Konstantin Urban. Easy UE money is out there for the taking - says serial entreprenuer turned investor Rafal Styczen. Grab whatever is left from your bankrupt competitors’ assets - says Piotr Czublun of CMS Cameron McKenna. Exciting stuff.

So what the heck are we having these conferences for?

Remember what Friedrich Nietzsche said about The Financial System being dead?

The Financial System is dead. The Financial System remains dead. And we have killed him. How shall we comfort ourselves, the murderers of all murderers? What was holiest and mightiest of all that the world has yet owned has bled to death under our knives: who will wipe this blood off us? What water is there for us to clean ourselves? What festivals of atonement, what sacred games shall we have to invent? Is not the greatness of this deed too great for us?

And then good ol’ Friedrich tells us to get together and have a conference before we get to work:

Companions, the creator seeks, not corpses, not herds and believers. Fellow creators, the creator seeks — those who write new values on new tablets. Companions, the creator seeks, and fellow harvesters; for everything about him is ripe for the harvest. … Fellow creators, The Entrepreneur seeks, fellow harvesters and fellow celebrants: what are herds and shepherds and corpses to him?

So let’s get to work and let’s not allow this crisis deter us from being creative and innovative. When the going gets tough only tough get going. And it takes one tough entrepreneur to build anything meaningful. Determination, hard work and lots of good luck - says Morten Lund. Also fellow harvesters and fellow celebrants - reminds Friedrich Nietzsche, famous management coach.

Stay tuned for another transmission from a memoir of TMT.Ventures’09 Warsaw participant.

PS. Here’s how we got into The Financial Crisis:

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

Guess what. Another New Europe’s most exciting conference for tech-entrepreneurs, new media and technology executives and investors - TMT.Ventures’09 Warsaw - is happening on March 5th at the Warsaw Stock Exchange, Poland.

And guess who’s coming…

Morten Lund is coming. If you don’t know who he is by now… you better don’t admit it. Better check out this post and videos.

Morten Lund, (born April 3, 1972) is an entrepreneur from Copenhagen, Denmark - according to Wikipedia.

At 36 years of age he is one of the most active seed investors in Europe, with an eye for turning existing business models and distribution methods on their head. His portfolio features over 80 companies spanning the Internet, telecoms, health and alternative energy.^[5] On January 13, 2009, Morten Lund was declared personally bankrupt by the Copenhagen Maritime and Commercial Court^[6].

Archangel investor, serial entrepreuneur, startup ideologist and visionary. He has founded and/or co-invested in more than 40 high-tech start ups including Skype, the Internet phone startup bought by eBay. At 36 years of age, his current portfolio includes over 80 companies, from internet technology, through telecommunications, to health and energy. Lund has additionally established a category of investments in his portfolio entitled WILD – Worldwide Investments/Involvement in Life Development which is currently investing in companies within the areas of water purification technology, water turbine energy, landmine detection and hunger/obesity.

He is one of the most active seed investors in Europe. Lund is a special member of Clinton’s Global Initiative (www.clintonglobalinitiative.org), he is a professor at Reykjavik University and frequent speaker at international conferences. His blog has more readers than a local newspaper, 40,000.

Lund’s investment model merges angel and venture capital with incubator support catapaulting start-ups into existence. He believes: “Startups need help from smart people – not takeovers from smart asses”. To Lund, being an investor is all about adding value. He doesn’t over-think and he doesn’t let himself get bogged down by institutional processes. He just does. Quickly. He falls in love with companies, and does what it takes to help them grow.

Tenacious, instinctive and viciously self-promoting, one of Morten’s secrets to success lies in his network activity which extends from honing the raw brilliance of young programmers to masterminding a sit-down with former President Clinton. He is not afraid to take risks and dedicates funds for high risk early stage investments. He is known for acting on the moment, focusing on people, timing, network and…luck hence the title of his blog: ‘Its all about Luck’.

SIME 08 - Morten Lund from SIME on Vimeo.

Recent activities include, co-founding Denmarks now largest newspaper, Nyhedsavisen, a free newspaper, where he intends to transform the nature of printed press today, merging this offline distribution with an attractive online presence. He also recently started 40+ companies under his boutique firm LundKenner and ignited international communications agency Hello Group founded 2006 and now employing 65 people, and currently the fastest growing add and media agency in Scandinavia. On top of all that Morten has started 3 funds – Chinese Property, Indian Tech Ventures and Middle East GreenTech Private Equity Fund.

Recent exits include:
VOIP star Skype (recently sold to eBay for $2.6 billion), Anti-virus consumer brand Bullguard,
Web Agency NeoIdeo (sold to Leo Burnett),
Chinese browser Maxthon with 72 million downloads,
Orolix the fastest growing on-line company in Brazil, Commisions free stocktrading Zecco.com (75.000+ clients in 12months)
PokerOffice the world leader in poker training.

Within his WILD investment portfolio, he is currently involved with WaterStillar, a company for water purification techniques; IJoule, a startup working to fight obesity and Aresa, a company that uses genetically modified plants to detect landmines.

At the heart of Morten Lund there’s something that drives him to go big. To Lund, big money means big power. It means Carl Icahn-style clout and activism. Something makes people listen to Lund, he has the clout, vision and disruptive ideas to fascinate and inspire. He will influence how we live, communicate, work and play tomorrow.

Gasp…

Any questions?

TMT.Ventures’09 Warsaw, March 5th - Warsaw, Poland

Saul Klein - Partner at Index Ventures, Founding Partner of The Accelerator Group (TAG), as well as the founder of OpenCoffee Club and Seedcamp - is super excited about Seedcamp 08 week starting today in London.

Saul says they have a great set of teams from across the globe - including Austria, Poland, Finland, Romania, Ukraine, France, Germany, Slovenia, US, India and Sweden, the UK, but not just from London - from Wales as well.

Check out this super cool Seedcamp application zeitgeist.

What are you creating?

How will you make money?


What tools will you use?

“The diversity is fantastic and shows how wide the talent pool really is in Europe and that killer teams can come from anywhere nowadays - although Zemanta, taught us that lesson last year by putting Slovenia on the Internet map.” - says Saul.

LOL you Westerners, you!

Maybe it’s time to get to know start-ups form Central and Eastern Europe a little better. Why not start in the Balkans - Slovenia, Serbia, Croatia…

Why not learn some more at TMT.Ventures’08 Zagreb conference, which will take place on October 28th in Zagreb, Croatia:

For Seedcamp-lovers we have a ‘7 minutes‘ contest for the most innovative regional start-ups. It was kinda inspired by local Easter European contest but VC-backed Seedcamp as well. In fact we did one of these contest with Reshma and it was great fun. But getting to the point…

‘7 minutes’ is a challenge for entrepreneurs trying to make an impression and deliver a convincing presentation in an extremely short period of 7 minutes. It is a test of self-confidence and charisma for the project-leaders standing in front of a demanding audience, their competition, world-class investors, bloggers and media people.

Just to show you that we’re for real and that ‘7 minutes’ works… Mapness - a finalist of ‘7 minutes’ held in Warsaw - was recently voted the European Startup of the Month - August at EuropeanStartups and also won the 3rd prize at London Startup Camp. Congrats guys!

See you at TMT.Ventures’08 Zagreb on October 28th.

In case you don’t know it yet - the Balkans are hot. HOT! Boiling with innovation and entrepreuership. Beaches and vistas of Croatia are nice as well. But let’s pretend to put business before pleasure ;) So…

Croatia is a perfect outlet to the Balkans and I personally believe there are many interesting start-ups there. I guess that’s why New Europe Events in co-operation with Initium association invites bold and ambitious entrepreneurs, professional managers and investors to participate in TMT.Ventures’08 Zagreb conference, which will take place on October 28th in Zagreb, Croatia.

Central and Eastern Europe is a fertile environment for technology start-ups which incubate bold and innovative services. But that you already know that.

What you DON’T want to miss:

Adeo Ressi - founder of TheFunded.com, an online community of entrepreneurs to research, rate, and review funding sources worldwide. Very interesting site and very controversial one. Adeo will speak on “Money for your dream, funding great projects, and building regional markets… The ultimate win-win-win“.

Adeo also serves as a Trustee of the X PRIZE Foundation, which inspires radical human achievements through competition. TheFunded.com is the seventh start-up that Adeo has founded or built, four of which were acquired and three of which are still operating. The last company, Game Trust, Inc., was acquired by Real Networks, Inc. (RNWK) at the end of 2007.

‘7 minutes’ is a unique competition for innovative entrepreneurs and their projects from the space of telco, new media and new technologies. It is an express elevator up to the community of investors and experienced businesspeople with decision-making power whose recommendations and support are like rocket fuel for the projects aimed in the right direction.

‘7 minutes’ is also a challenge for entrepreneurs trying to make an impression and deliver a convincing presentation in an extremely short period of 7 minutes. It is a test of self-confidence and charisma for the project-leaders standing in front of a demanding audience, their competition, world-class investors, bloggers and media people.

Apply here. If you dare… ;-)

Panel discussion:

“Success stories from the Balkans: turning dreams into business”

• It’s good to know people who know people
• Teamwork saves time and money
• Inspire people, get their support
• The right strategy is always looking for the better strategy

Panelists:
Ilija Studen, activeCollab, Serbia
Marko Vojković, Adriatica.net, Croatia
Maja Jelisić, Mobitel, Croatia
Nenad Bakić, Moj-Posao.net, Croatia
Stanislav Prusac, Polar Software, Croatia

…and of course the after party. Can’t do without it.

But that’s not all, folks. Stay tuned.

Very mobile, well educated and trained, often workaholics, somewhat greedy and therefore effective in whealth creation and trade. They already invested quite a lot of their time in Western Europe, conquered America and then they came to Kiev. Very keen on beautiful local women. Who am I talking about? No, I’m not talking about VCs coming for TMT.Ventures’08 Kiev conference. I’m talking about Wikings known also as Normans or Varangians who established Kievan Rus’ in the 9th century and started the Rurik dynasty which ruled Russia until 1598.

Medieval Scandinavians had many of today’s VCs qualities. They were undertaking very risky projects using their reputation which often preceded them. Their investment vehicles (boats) used for value creation were very mobile and used for doing business around the world. Depending on the situation they either made business deals or resolved business differences in a more brutal manner using mercenaries (lawyers) and swords (pens). They very much appreciated charismatic managers able to lead small teams throughout expansion into large organizations capturing large markets. They were all about business.

Their managerial skills were developed in the 9th century under competition and pressure from older Western business cultures like Celts and Picts. They got some nice ROI results and quickly dominated in the region. Danish VCs established kingdom of York in England, Norwegian VCs started kingdom of Dublin in Ireland. Norman VC known as William the Conqueror conquered the English market in 1066. About the same time Leif Eriksson discovered America.

Kiev from the hilltop

When I was walking in the streets of ancient Kiev with blogger Alex Riabtsev I wasn’t quite aware of all this but he told me that the city was built on hills overlooking the Dnieper river. It kind of reminded me of San Francisco which is also built on hills and has some famous brigdes. And we all know that VCs like everything which looks like the Bay Area.

San Francisco from the hilltop

Present day VCs are re-discovering Ukraine which has been under Russian influence but now attempts to enter EU and utilize its intelectual potential using venture capital funds. There are some great startups over there and some of them are surfacing on the global market but the situation kind of reminds me of the 9th century. Back then local managers (Finnic and Slavic tribes) invited VCs (Varangians) to accelerate their companies’ growth and increase ROI. It proved to be the right decision and created (business) culture which lasts until now.

Are Western VCs going to make it big in Ukraine? Again? Sure unless…
Medieval VCs were so fond of the local ladies that the the Rurik dynasty after around 70 years turned completely Slavic. Since then there was nothing Norman about it. So VCs, watch out for those beauties. It is very easy to defocus. And I know what I’m talking about - I went out with Yegor to a club and didn’t want to leave. ;-)

So the future looks bright for the Ukrainian tech industry. I just hope that present day VCs don’t make a mistake of underestimating its potential. After all the Viking VCs made a quite spectacular error. Leif Eriksson discovered America around 1003 but he soon left. He had a Google or Skype of his times and decided to go back home. The rest is history.

Remember Soviet Union? 30% of all R&D efforts of USSR were performed in Ukraine. High-tech, space tech, nano, bio - they did it all. This tells you something about local engineering talent. Multiply that by increasing internet penetration, access to business know-how and venture capital. What you get is a vast pool of potential breakthrough businesses waiting to be incubated and cultivated. Cheap.

And that’s as far as global opportunities are concerned. Ukraine itself has a population of 50 mln and is a potential outlet to the Russian 200 mln people market. We’re talking about rather homogenious and isolated market. Think copycating. Think replicating proven business models. Any questions?

Quite a few in fact. Like - how is it there? What are the people like? What about labour costs? Recruitment services? Infrastructure? Political and legislative stability? Infrastructure and business environment?

When flying to Ukraine I had all these questions bouncing in my head. I was hoping to clarify some of these issues during TMT.Ventures‘08 Kiev conference hosted by New Europe Events.

Few months back I’ve met an Ukrainian entreprenuer and a great guy Yegor Anchishkin. Based on that experience I was expecting a lot and I must say I wasn’t dissapointed.

Ukraine is an emerging market for sure but apart from its local engineering talent it’s got great connections with Sillicon Valley through numerous ex-USSR inhabitants now living around the world and in the Bay Area itself. They know what’s left back home and they’re taking advantage of it while the global and regional VC funds consider it too early to enter Ukraine.

The conference agenda looked great. So did the speakers list. If that wasn’t enough I was expecting an emotional and thrilling 7 minutes contest. Nice package.

For starters Andrzej Jasieniecki, MCI Investment Director, proved his language skills when speaking Russian and surprising most people in the audience. Because of the big internal market some people know English rather passively which doesn’t stop them from building successfull businesses. Andrzej IMHO is one of the most successful VCs in Poland by the way.

Another positive surprise for the audience came with presentation of Ms. Lidia Adamska, v-ce President of the Warsaw Stock Exchange. She speaks both Russian and English which certainly helps. Her business English and presentation skills were the best I’ve heard from a non-native speaker. That’s class. WSE’s offerings sold themselves as an alternative to other markets like LSE. Cheaper, closer, equally stable and secure and they speak Russian.

Speaking next was Tomasz Czechowicz who is one of the most successful and most distinguished VCs in Central Europe. In fact I think his top-ranked-CEO-style presentation and image is a bit intimidating for most entreprenuers. I’ve seen it at several different occasions and in many countries. He’s all business. All other VCs say that.

One of the highlights of the event was also a Paul Fisher presentation. Paul represents Advent Venture Partners and a Westerners easy-going personality. And he’s a fun guy to be around. Just like few months back in Warsaw he raised great interest and did a lot of networking after the presentation. Easterners dig Westerners like Paul, Greg or Sean.

Then the most anticipated part of the event commenced. The 7 minutes contest is is a unique competition for innovative entrepreneurs and their projects from the space of telco, new media and new technologies. It is an express elevator up to the community of investors and experienced businesspeople with decision-making power whose recommendations and support are like rocket fuel for the projects aimed in the right direction.

‘7 minutes’ is also a challenge for entrepreneurs trying to make an impression and deliver a convincing presentation in an extremely short period of 7 minutes. It is a test of self-confidence and charisma for the project-leaders standing in front of a demanding audience, their competition, world-class investors, bloggers and media people.

And it was moderated by Yuri Boyko - an eloquent engineer, hi-tech entreprenuer well known to many venture capitalists, an invited speaker at the industry and scientific conferences and co-organizer of master classes for high-tech start-ups. I must say he was the perfect guide for the young and not-so young Ukrainian ‘7 minutes’ finalists. Very involved and really supportive. And he flew over from the States to do this job. Just like in previous contests I was the moderator’s side-kick running the 7 minutes clock and viciously stopping the finalists presentations. That was fun. Hopefully most people got the idea of self-improvement and polishing their presentations.

The ‘7 minutes’ presentations … I’ll update this piece later.

Then the discussion panels followed. Since they were in Russian and the simultaneus translation wasn’t too accurate I didn’t get much of it but one thing is sure - these folks mean business.

All of this couldn’t have happend if it wasn’t for Denis Dovgopoliy of BayView Innovations - the local business angel and investor relations consultant. Denis knows everyone, pickes the most promising start-ups and flies to San Francisco several times a year to get them going. He’s the local go-to-guy if you want to invest in Ukraine. And he’s smart to stay independent from any particular VC fund too dispite many employment offers. That’s how emerging markets work.

On February 27th I participated in TMT.Ventures’08 conference for innovative technology entrepreneurs and ICT executives, local and regional VC’s and angel investors, media people and industry opinion leaders. The event was held at the Warsaw Stock Exchange HQ, Poland.

The event gathered over 200 entrepreneurs and investment funds representatives. Over 400 people chatted and watched an on-line live broadcast.

I also co-moderated a ‘7 minutes‘ contest with Reshma Sohoni CEO of Seedcamp:

‘7 minutes’ is a unique competition for innovative entrepreneurs and their projects from the space of telco, new media and new technologies. It is an express elevator up to the community of investors and experienced businesspeople with decision-making power whose recommendations and support are like rocket fuel for the projects aimed in the right direction.

‘7 minutes’ is also a challenge for entrepreneurs trying to make an impression and deliver a convincing presentation in an extremely short period of 7 minutes. It is a test of self-confidence and charisma for the project-leaders standing in front of a demanding audience, their competition, world-class investors, bloggers, media people and TVN CNBC Biznes cameras transmitting the contest from the Warsaw Stock Exchange.

And I wrote that? wow! ;-)

The honorable ‘7 minutes’ Jury making up it’s mind.

I’ll post a video and some more comments soon. Some pictures are available on New Europe Events‘ website: http://www.tmtevents.eu/7minut/PHOTO/