The Vienna Institute for Global Studies (VIGS) launched with a series of insightful panel discussions focused on startup failure and ecosystem connectivity within the Central and Eastern European (CEE) startup scene on 5th June 2024 in Vienna. Hosted at weXelerate as part of the ViennaUp event series, the event brought together thought leaders, entrepreneurs, and investors to explore the key challenges and opportunities shaping the regional startup ecosystem.
Zoltan Acs’ Inspirational Opening Speech
The event began with a powerful speech by Zoltan Acs, Director of the VIGS Institute, who is often referred to as the “Godfather of Entrepreneurship.” Acs emphasized the need for new institutions to address global challenges and foster innovation, citing economist Ronald Coase’s theory on the existence of firms to reduce transaction costs. He highlighted Vienna’s strategic importance as a neutral ground, making it an ideal location for tackling global issues. Acs outlined the vision for the VIGS Institute as a collaborative hub for thought leaders, entrepreneurs, and researchers to innovate and solve pressing global problems. He underscored the critical role of failure in the entrepreneurial journey, advocating for a culture that embraces failure to enhance innovation and success.
First Panel: The Untold Startup Failure Stories
Moderated by Mark Downey, Growth Leader, the first panel delved into the often-overlooked stories of startup failures. Panelists included:
- Gergely Romhány (Hungary): Former Founder & CEO, TrustChain
- Michaela Kloudova (Bohemia): Former Founder & CEO, Genster
- Matic Kadliček (Slovenia): Organizational Psychologist
- Jordan Bocskov (Hungary): Investor, Fiedler Capital
- Ondrej Homola (Czechia): Investor, N1 Ventures
The discussion highlighted the complex factors leading to startup failures, such as market dynamics and internal challenges. Panelists emphasized the importance of adaptability, transparent communication with investors, and the emotional resilience required to navigate failure. The session underscored that failure should be viewed as a learning experience essential for growth.
Second Panel: The United Yet Disconnected CEE Startup Ecosystem
The second panel focused on regional collaboration within the CEE startup ecosystem. Panelists included:
- Marianna Szarkova (Slovakia): Co-Founder, Campus x StartuPeak
- Magdalena Jabłońska (Poland): CEO, Foundation for Technology Entrepreneurship
- Urška Jež (Slovenia): CEO, Transformation Lighthouse
- Andrei Cosmin Munteanu (Romania): Co-Founder, Cowork Timisoara & Prow Conf
- Ieva Felman (Latvia): Startup Ecosystem Manager at Riga Investment & Tourism Agency
The discussion centered on fostering cross-border connections and creating platforms for youth entrepreneurship. Panelists stressed the importance of bridging gaps between startups and large corporations, open communication, and high engagement within the ecosystem. They highlighted the need for international partnerships and community-driven initiatives to drive the growth of sustainable startup ecosystems.
Key Findings and Conclusions
The event concluded with a summary by Mark Downey, emphasizing the following key findings:
- Embracing Failure: Failure should not be stigmatized but viewed as a learning experience essential for growth.
- Support Systems: Strong support systems, including mentorship, funding, and community backing, are crucial for startups to navigate challenges.
- Cross-Border Collaboration: Enhanced cross-border collaborations can significantly boost the CEE region’s growth potential.
- Government and Private Sector Roles: Both government support and private sector involvement are vital for a thriving startup ecosystem.
- Cultural Shifts: Changing cultural attitudes towards failure and fostering a supportive entrepreneurial environment are essential for success.
The panel discussions highlighted the immense potential of the CEE startup ecosystem and the importance of addressing failure constructively to drive innovation and growth. The launch of the VIGS Institute marks a significant step towards achieving these goals, setting the stage for ongoing dialogue and cooperation to build a resilient and innovative startup environment in the CEE region.
You may find the full recording of the panel discussions on this link.
