The MIT Enterprise Forum: Poland Part 3 Celebrating Start Up Boot Camp

The MIT Enterprise Forum: POLAND

Part 3 Celebrating Start Up Boot Camp!

The MIT Enterprise Forum Poland continued on a Thursday night where the Start Ups partook in the Venture Café’s Networking night. A mix of local start ups based at the CIC, start up wanna be’s and entrepreneurs looking to spread their network. The Start Ups got a room to do their pitches and many from Boston’s Polonia was on hand to socialize. Joanna Misiewicz and Maciej Gajewski did an excellent job of integrating these groups into the crowd. After all it was an audience mainly of English speakers with virtually no knowledge of Polish Start Ups never mind their language. But that didn’t stop these fledging entrepreneurs from networking, seeking out like minded individuals to share ideas and rolodecks….electronically that is.

A regular to events in Polonia and our most fervent advocate of anything revolving around Poland is Marek Kon of Boston University. His network is network is vast and draws not just Poles, Polish Americans but individuals from around the globe who share common interest in entrepreneurship whether it is in science, business or other fields.

Our best example of an individual who crosses boundaries both in science and culture is Richard Gabriel of GLG Pharma, S.A. based out of Wroclaw Poland. Rich has reinvented himself many times through his career that spans working first in the field of construction and now oncology. His lifelong passion is to help find a cure for cancer. A disease which has affected persons dear to him. Here is an American with no Polish background, history or culture investing and is President and CEO of a pharmaceutical firm in Wroclaw. He spends half his time in Poland and the other half in the Boston area. He is a living example of Tad’s argument from the previous blog. Base your business in Poland with a presence in the US. Rich succeeds at this. His business is flourishing but it like our start ups needs investors, grants, etc. to survive. Maciej Gajewski, Rich and I are teaming up on a future collaboration that will involve Biotech Start Ups in Poland. This is potentially the birth of great collaboration between Poland and the USA.

The week culminated in a Thank You luncheon at the Art Science Café that was pulled together by Honorary Consul Marek Lesniewski Laas with a generous donation by the Polish government. One more time the Start Ups got to give their final pitches. A representative from the Trade and Investment Section of the Embassy of Poland greeted us and reiterated his support for the Polish Start Ups by the Polish government who want their start ups and entrepreneurs to stay in Poland. Be successful abroad and most especially in the USA. If the Polish Start Ups take the advice of Eveline Buchatskiy, they would be Ineligible for grants from the Polish government. So why on earth would a Venture Capitalist ruin these start ups chance for money by abandoning Poland. It truly boggles the mind. Advice can be free but be wary of where it is coming from! Rich Gabriel knows very well from experience that there is a tremendous amount of funding from the EU. This money (in the form of loans and grants) doesn’t last forever. A good entrepreneur will combine funds from the EU with investors from abroad!

Having now a third chance to hear their pitches, one can see which companies learned from their Boot Camp week and which did not. For some the pitch was done by a person with a heavy accent who raced through a rehearsed script that made no improvement from the Tuesday pitch. Their ability to break the English barrier and have their software available in English sooner not later will be the key to their success or failure. I urge the Directors at the MIT Enterprise Forum Poland to add to their check list of start ups to be awarded, a category of “most likely to succeed”. A definition in itself can be broad. There are lessons the MIT Enterprise Forum Poland can learn too from their sophomore year. The Forum needs to follow these start ups and confirm if these entrepreneurs met their own deadlines or had measureable success in a year’s time. If not, then they did not “most likely succeed” and should not have been in the final 8. Success is measured by a salespersons ability to sell or an engineer’s ability to solve an equation. It is natural to fail and learn from one’s mistakes. People who are fired from jobs for making simple errors are not the true failures. The failure is in the management to assess the candidate, hire then nurture the candidate. If the management fails in their attempts to help employees improve then it is their failure. I urge MIT Enterprise Forum to assess potential start up failures. This data will be important when evaluating next year’s candidates. Because the failure of the candidate can often be the failure of the committee that selected it. When both admit to the failure, both can decrease their chance of replicating the mistake.

The original 25 were a diverse group from many business sectors. The chosen 8 were not as diverse. The balance is to pick candidates with the greatest potential and knowledge in their field. It would be ideal to pick a start up from completely different industries and not repeat the same industry in order to keep it as diverse as possible. It then is a challenge for the selection committee to maintain diversity even if there aren’t enough varied ones available.

I urge all the other 17 start ups to try again since they are allowed to do so. Those hallowed 17 should meet with their mentors again and evaluate how they did and learn from their experience. We got a lot of great start ups this year. Each I am proud of, even got to become friends with some and offer free mentoring advice. We learn from one another. After all, isn’t that the point of the program in the end!

We thank the following Start Ups for their engagement with this program.

2040.io

MST Medical Simulation Technologies

InnovaLab

Nudelta

Predictail

Vortex Oil

SensoriumLab

Waywer

More information can be found at:

www.mitefpoland.org

www.mitef.org

The content of this blog is solely that of the Author and does not necessarily reflect the views of the MIT Enterprise Forum. The Author graciously thanks the Forum for being allowed into this Program.

MIT Enterprise Forum: Poland Part 2-the Winners & Demo Day

The MIT Enterprise Forum: POLAND

Part 2 the Winners and Demo Day

After many weeks of completing tasks, assignments, meeting with mentors via skype or email or social media the information was compiled and processed. The 25 start ups were competing for the final 8. These 8 companies were awarded a week at Start Up Boot Camp at MIT Enterprise Forum in Cambridge Massachusetts. Each company sent one or two representatives. These lucky 8 are:

2040.io

MST Medical Simulation Technologies

InnovaLab

Nudelta

Predictail

Vortex Oil

SensoriumLab

Waywer

After a week in Boot Camp, their mettle was tested on the MIT Enterprise Forum community during what could be called Polish Demo Start Up week. Three events over the course of one week. Demo Day, Start Up Networking Night and the Start Up Luncheon. The first event, Demo Day on June 27, 2017 was open to the MIT Forum Community, mentors and the Polish American community in metro Boston which included dignitaries, business people, students, etc. The remainder of this blog will focus on 5 of the 8 since these were the companies I got to get to know during Start Up week.

The week kicked off with Demo Day reception at the MIT Media Lab. Our host and moderators for the evening’s events were the MIT Technology Review. The first event after a networking mixer was a VC (Venture Capitalist) and Founders Panel discussion moderated by Elizabeth Woyke the Business Editor of the MIT Technology Review. The panel was comprised of Eveline Buchatskiy, managing partner of One Way Ventures (formerly of the Ukraine). Dr. Monika Weber, CEO and founder or Fluid-Screen (of Poland/US) and Tad Witkowicz the Managing Director of Otago Capital ( of Poland/US). Each of the panelists gave their own Pitch. Dr. Weber is a superb success story of a Polish scientist who achieved greatness in the US. After getting her PhD from Yale, she has created her own electronics/biotechnology manufacturing. She truly is an inspiration for these Start Ups. An entrepreneur in her own right through dedication and sacrifice she has successfully manuevred the  world of grants and investors. Tad is a Polish ex-patriot who has been in the US nearly 30 years and is now a venture capital supporting Polish entrepreneurs amongst others in his roster. Eveline, also an ex-patriot but from the Ukraine worked in her home country as a venture capitalist until the revolution in Kiev forced her to emigrate abroad.

The core of the Panel discussion was ‘what should Polish Start Ups do to expand their market and emerge as competitive companies on the world stage’. The two opposing points of view were spoken by tad and Eveline. It was Eveline’s direct notion that all Polish Start Ups should emigrate to the US and leave Poland behind. In her opinion the wealthy venture capitalists are in the US and the Poles need to be here in the US to take advantage of proximity an accessibility to the US and World Market. This view is by an individual who has not spent any significant time in Poland working with Polish businesses but rather of an individual who lost her success in her home country that imploded from political revolution. Where the business climate became as hostile as the political climate where refuge can be taken in the West. Without direct experience with the Polish business culture/environment/customs/successes/failures, this advice was inappropriate to Start Ups who are looking for advice that is drawn upon not just Polish but worldwide experience. A disheartening statement from a Nomad, a person without a country who has no connections to the success Poland has made on the world market already. A disingenuous statement from a Nomad who uses a general blanket statement of one size fits all. This unfortunately will never apply to a culture rich and diverse as Poland’s with her deep customs, uniqueness and phenomenal contributions to Science, Art and Culture. It fiscally is not sound advice to tell someone(s) to sell off all their assets and head for the American frontier without any experience with American Business or Culture. It is true that many people abandon their countries for a new life in the US with little more than a few dollars in their pocket. The American Dream is still a very hot and seductive commodity that we Americans export. For these people, their risk of loss is financially tied up. In other words, they have nothing to lose by going to the US because they left their own country with very little. These Start Ups are fledging business. Some with successes already with government grants or investors. The European Union gives substantial amount of Euros in grants to Start Ups like these companies. The Polish government also invests in its own Start Ups too. Therefore they got ‘a leg up’ and this Boot Camp in the US is to jump start, a jolt of American Business know how to help them expand and to grow.

The opposing point of view was from Tad and in summary ‘sure come to the US if you can but there is no reason to leave Poland if you can find investors here in the US or other countries’. That is spoken like a true Globalist and direct opposition to Eveline’s dictate. By having Polish Start Ups remaining in Poland they reap rewards on many levels. 1. The revenue generated and taxed stays in Poland (not the US) 2. It keeps the uniqueness/the patents of the technology within Poland and thus draws prospective buyers and investors to Poland which in turn benefits from the uptick in business (and not centralizing it to the US) 3. Poland becomes a gravitas for new industries making it increasingly competitive on the world stage (not the US stage) thus raising Poland’s status in the global market. Truly Tad’s words were far more inspirational and influential as it came from a Pole who is a success story in the American market but who has not lost touch with his roots and culture.

One of the main points of a global economy is that you can have a business located anywhere and work from anywhere because your clients are everywhere. This is a generalization but a fact. There is always contentious talk of import economy versus export economy. Would Poland not want to export its products and industry and increase the value of its economy and currency? Look at Italy as an example. It’s pretty much an export economy mixed with a tourist economy. They export all their major money makers abroad and are known for their Leather, food, fashion, wine and much more. Poland should and can make its mark on the world stage by exporting like Italy does. STAY in Poland is what Tad said. STAY in Poland is what I agree to. These Start Ups can learn much from travelling abroad to the EU and the US, draw investors and sales people from the US in particular who have first hand knowledge of how the market works. I hasten to add the more savvy these Polish Start Ups are with US culture and business the better the chance they will be at making the sale.

It’s true that the detriment for any foreign startup is the language barrier. As Poles are taught the Queen’s English and not American English. There are differences between the two. Americans are a bit stolid and think their English is dominant on the world market. It would be best for these Start Ups to get their American Language skills fine tuned. Something a Boot Camp like this one by MIT allows. The lucky 8 made their pitches to the audience. Some were extremely polished with a strikingly good command of English. Others struggled through the nervousness of speaking in front of a crowd in a language they are not native too. All were extremely knowledgeable on their topics. The stand outs for me were Predictail, Waywer, 2040.io. From a strategic point of view, Vortex Oil was far too established as a business and this Boot Camp was not necessarily something to learn from but rather be exposed too. Innovalab, Sensoriumlab and MST have the most to benefit from in this Boot Camp as their medical devices are innovative and could be a lucrative business in the Boston Market which is saturated with many biotech, medical device firms and hospitals. They need to take their pitches to local companies which they could partner with. Nudelta is not prepared for the US nor EU market as their product is only available in the Polish language and thus will not draw much enthusiasm from US investors. Out of the 8 they were sophomores in a class of seniors and one graduate level. I see optimistic results for Waywer, 2040.io as they are software based programs/apps specifically geared to mobile devices. While Predictail is much like the behind the scenes company, that is to say their product once fully vetted could save industries incredible amounts of money in energy efficiency, maintenance and longevity of mechanical devices. Their product has one of the greatest potential amongst the 8.

My mentees Zieta did not win the final round and get to come to the US. But I am very impressed at their understanding of American Business and slang which comes in handy talking to the average American. Not everyone can win a spot. The best of the best were picked and there can only be the 8 winners.

Next Blog: How was their Pitch, the Polish Start Ups up at bat!

More information can be found at:

www.mitefpoland.org

www.mitef.org

www.technology review.com

As always, views expressed in this blog soley belong to the author and not to MIT or its affiliates. Blog was corrected to note MIT Enterprise Forum instead of just MIT. The MIT Enterprise Forum is an organization affiliated with the MIT Technology Review (29Aug17) 

The MIT Enterprise Forum: POLAND

Part 1 Introducing the Start Up Competition

The MIT Enterprise Forum Poland has completed its second year. The main program focuses on searching out innovative start ups around the globe. Last year Poland joined the program. Five companies won the chance to attend an entrepreneurship boot camp at the MIT Campus.

The MIT Entrepreneurship program is extensive with business managers in each country joined by academics and coaches from the MIT School for Business. In mid winter 2017, MIT selected 25 start ups from around Poland of varying businesses for the chance to compete for 8 spots in the Start Up Boot Camp.

Last year I attended the start up final presentation day and networked with many of the start ups plus a man whom I will call my own mentor Adam de Sola Pool who has spent the greater part of 20 years working in Poland as an American Businessman. Now back in the States he has his own consulting company that includes working with the best and brightest business talent here, abroad and most especially with Poland. This year I was approached to be a mentor in their Entrepreneurship program. Thrilled and daunted at the same time, how could one refuse. Being an ardent supporter of Polonia in Boston (Creative Director of Polish Fest Boston), this was a chance to connect with Polish companies from Poland. After I was approved as a mentor (thank you Adam!), a list of prospective companies was sent to each of us mentors. After a bit of jockeying of which firm was best suited to my background in Interiors, Architecture and Project Management, Zieta from Wroclaw was paired up with me.

Many of the start ups are fledging but established firms who have successfully been in business for several years in Poland. What they do lack is the experience with US Business, Finance and the American business culture. Zieta has been producing extremely lightweight but strong yet extremely lightweight steel that is fabricated into furniture, support structures, displays as well as fine art. Having 25 years of experience in design, architecture and furniture, the prospect of me mentoring a company specializing in furniture in Poland was one I wanted to snatch up. We have a common thread: the appreciation for design.

Prior to the start of my mentoring, Zieta and the other start ups had “local” MIT business managers to introduce them to the process and the competition. The Fundacja Przedsiebiorczosci Technologocznej is located in Warsaw. Two of their Project Managers are Maciej Gajewski and Joanna Misiewicz. The Start Ups were given by MIT an outline in which there were self analysis problems and home work assignments that the managers from MIT Warsaw would review. In short it’s a crash course learning session done over 2 months. Each stage had a homework assignments and check in with the MIT team. Not entirely too different from class assignments in Grad School, each had to be turned in for evaluation. In Poland the MIT Business Coach listened to their pitch, inquired about their future business plans/strategies to secure future clients and attract investors. After all these companies are start ups who gather their funding from diverse sources such as University grants, Polish government or EU grants, interested investors, etc.

So what was my job as a mentor…we were left to our own creative devices since there were no set rules or agendas for us. Our volunteer work was just that, to volunteer our expertise, our advice for the company and their assignments. I shan’t give away the secrets of my mentoring. If there are any businesses out there, just send along a request and I’d be happy to entertain the option. What Zieta’s Strategy manager Bartlomiej Czerniak and I did was spend a lot of time talking about the furniture industry in Europe and US. The differences, the pluses, the minuses and the expectations. Polish businesses are truly situated to explode on the world market. Already Poland exports a substantial apple crop across the globe. Most especially to Europe and the lesser so to the US they are exporting food products. Poland is known as a furniture industry leader in Europe so Zieta is in a perfect position to seize the local and international market.

Major world banking (especially US banks) have increased their presence in Poland. Cottage Industries such as video gaming is increasing in Poland. It all draws upon a well educated and talented populace. Zieta fits squarely within their expanding entrepreneurial nature of Polish Industry. Their ambition, talent and skill has gotten them a foothold in the Milan Furniture Fair which draws a crowd from around the world. With their moderate success in Poland, what then could I do as a mentor to improve their business strategy?

With a basic knowledge of Polish Language, plus many trips to the country to visit friends and family, exhibiting my own artwork in Suwalki, my knowledge of the culture is first hand experience and not clouded or jaded by being a former immigrant which left a the former Soviet Bloc to seek a better life umpteen years ago. Up until recently, the Polish business climate was a different place. Unlike today where we have a government at odds with international business and European norms, the political climate prior to today welcomed in the banking industry and adopted many of its policies. As such the average person did not reap the rewards and were ostracized.  Yet it did create the right climate for start ups like our 25 to flourish. Again, I was left with the question, what was I a person with a foot in 2 cultures able to teach a successful furniture company?

One could say I was an Ambassador for American Business, its culture, expectations and ways of thinking. With my direct knowledge of furniture manufacturers and their product here in the States, I could give them empirical advice of what trade fairs to participate in, what furniture reps to consider partnering with but above all the difference between Queen’s English and American English. Poles are taught the Queen’s English and get American English experience more so through one of America’s most successful export, Media, Music and Pop Culture. Knowing American Culture is not the same as understanding American Business Culture.

The challenge for any mentor is getting their advice understood and implemented. It’s got to stick. After all our advice was free. The point of this experience in my mind was for both parties to learn from the experience and grow into a better understanding of each business culture. Therefore the mentees would gain valuable experience and be prepared to be competitive in the US market. The goal of most of these start ups is also to get networking with potential investors and partnerships to increase their capital. The mentor thus gains a greater understanding of the Polish Business point of view and its business climate. A win for both sides.

Next Blog: The Winners and Demo Day

More information can be found at:

www.mitefpoland.org

www.zieta.pl

 https://www.linkedin.com/in/bartczerniak/


This Post was edited on 8/6. Correction made to the spelling of Bartlomiej's name and the addition of his Linked In account,