10 questions to... Startup Highway

 

Indre Milukaite, co-founder of Startup Highway

A good startup is one that... has a rockstar team, a scalable idea and lots of persistance!

The most important attribute for someone who is creating a startup is... being persistant.

Key skills in a startup team are... time management and prioritisation – Ilja Laurs once said that it is often harder to choose what not to do (which opportunities not to pursue), rather than the other ways around.

Innovation is for startup like... food, you need to have some but don't innovate too much!

If I had to get funding for my own startup, I would decide to... let my network know about it,  contact the investorsand angels I already know and would I register on AngelList!

The best way to promote a startup is... network network network and network (not only in person, but using social media as well).

The most frequent cause of a startup failure is... lack of experience and not having the right team.

The most frequent cause of a startup success is... lots of very hard work, persistance and often – being in the right place at the right time (you can maximise your chances by networking a lot!)

The major difference between Lithuanian and foreign startups is... that foreign startups are usually bigger (grow faster) because they have a large internal market. Sometimes Lithuanian startups focus too much on the local market, but because it is so small find themselves facing a very difficult position.

Startup is worth creating because... nowhere else will you be able to get such valuable experience!

 

Rokas Tamosiunas, co-founder of Startup Highway

A good startup is one that... has a great team and a scalable idea.

The most important attribute for someone who is creating a startup is... leadership and willingness to take risks.

Key skills in a startup team are... being open, sharing your ideas and being able to withstand feedback, being restless and being able to complete the things you’ve started.

Innovation is for startup like... air, it’s either innovation everywhere or back to the drawing board.

If I had to get funding for my own startup, I would decide to... talk to business angels in the region, they are more accessible and willing to consider/advise than one might think.

The best way to promote a startup is... by success :) Realistically in our region startups are usually not the trendy topic, so depending on your goals, one could: if you want to get the best team members – just tour the numerous events for couple of months; if you want to raise your profile in the eyes of local investors or clients – do PR; if you’re eyeing global expansion – pack your stuff and go where your business is.

The most frequent cause of a startup failure is... lack of experience, connections and otherwise lack of instruments (cash, IT, skills, anything) to complete.

The most frequent cause of a startup success is... chance. Or hard work. Depends on what you consider success. There are large numbers of great teams that built strong local companies by hard work, but if you’re looking to join Skype, GetJar or alike – it’s more luck than anything else.

The major difference between Lithuanian and foreign startups is... Lithuanian startups that make it out of their yard are usually very lean, flexible and global-market orientated. I guess having Lithuania - or even Baltic for that matter - as home market makes one consider born-global more. Examples of startups that made it straight out could be: pinevio.com, campalyst.com, impresspages.org, spockly.com, even bribespot.com and many other like this.

Startup is worth creating because... it’s taking control over your life and your environment, it’s very valuable in terms of experience (even if you fail) and it’s really rewarding at the end (even if your financial success is limited, personal gains are invaluable).