This article is written by Nardine B. M’barek, a Contributor Author at Startup Istanbul.
Mrs. Andrea Barrica is a Venture partner, a pitching coach, and a member of the investors’ company called ‘500 Startup’. She was with us during Startup Turkey 2016, she talked to us about the company for whom she works. She also described to us how satisfied and happy she is with her job since she has the possibility to travel all over the world to see each country’s emerging markets. During her speech, she also talked to our audience about what she learned the most while being a Venture partner in 500 Startup.
Mrs. Andrea Barrica is a Venture partner in the investment company 500 Startup. During her journey with this company for the last few years, she has learned a lot when it comes to different emerging market and ecosystems around the world. She was one of our guests during Startup Turkey 2016 and came to share with us all the things that she has learned and worked according to so far.
The greatest thing about Silicon Valley is that when an entrepreneur fails their first attempt to establish their company, they are given a new chance by being helped with new fundings and investments instead of being blocked and seen as a failure, not as an experienced entrepreneur. This is the major difference between other ecosystems who do not accept failure and Silicon Valley. The problems that you see in any ecosystem have nothing to do with the quality of the entrepreneurs that are part of it, that is one of the top lessons to learn.
The lesson that Mrs. Andrea Barrica has learned, and was kind enough to share with us; is that the things in every ecosystem that the entrepreneurs are not doing right are typically the same things in every other ecosystem, which is basically the fact that they are focusing on the wrong side and perspective of running a startup. Those are things like fundraising, PR, business and financial plans.
These are things, according to Mr. Barrica, that entrepreneurs read and study at school, but are definitely not what makes a successful startup. Instead, the main fundamentals behind a good startup are mainly the well-structured and well-directed teams. That is why it is very important for every entrepreneur who has an idea, to first find the right people for that project, people who could help lift that project up thanks to their experiences in the field, and who are ready to work very hard to individually to achieve the goal of the whole team.
Mrs. Barrica takes the time to give pieces of advice to every emerging market that she visits. The main tips that she provides are to define success means for the company. The question that is often being asked, especially by potential investors who could give you money, is ‘why are you raising money’? This is why every entrepreneur needs to set targets, and back up these targets with details and reasons, and everything that would allow them to reach those targets in a short period while ending up with great results.
The right way to answer that question would be presenting your targets and goals that you are trying to hit, what you need in order to achieve them, and how that money you will get could actually get you to your targets. The truth is, money can absolutely not help you if what you are doing is wrong. That is why the most primordial thing is proving that, and the most important thing is that entrepreneurs are solving problems in our community.