Ninety percent of startups fail worldwide, with 10% of them failing within the first year of establishment, according to statistics published by Demandsage, a business data provider. Hence, this massive failure rate has revealed the need for prospective startup founders to join accelerators and receive mentorship in order to launch successful businesses.
In order to reduce such a high rate of business failures, Lizaveta Peniaz, an experienced ecosystem developer, established the first-ever startup accelerator in Belarus to help businesses survive in the highly competitive global business landscape. From establishing a leading startup accelerator program to managing educational projects that link cultural knowledge with business skills, Lizaveta has created a climate that promotes innovation. Her transition from cultural studies to creating powerful startup initiatives proves her passion for combining academic knowledge with business vision to bring technological advancement to businesses worldwide. Today, she has not only supported the development of hundreds of startups but also brought attention and investments from other countries to progress the startup ecosystem and economy of not just her home nation, Belarus, but the world as a whole.
So, if you are trying to find your bearings in the matters of accelerating startups and empowering communities, her interview reveals the need to cultivate sustainable business growth and drive excellence.
Lizaveta, it's such a pleasure to have you with us today. Can you begin by sharing your journey to success and highlighting the key milestones in your career, such as the grant from the UN Development Program and the European Union?
I organized the international startup competition and business forum SU&IT, where renowned experts from Google, Runa Capital, and several other companies were invited. The SU&IT event attracted over 1,000 participants and 300 competing startups. However, my major breakthrough came when I received a grant from the UN Development Program and the European Union. This money enabled me to introduce the very first startup accelerator in Belarus.
That's quite impressive! Now, can you tell us more about your startup accelerator that has attracted over 500 applications and has been instrumental in the development of successful startups, including a FoodTech project that yielded over $1 million in revenue?
My accelerator, which is a three-month program, helps startups launch, achieve their first sales, secure investments, and enter foreign markets.
However, it's much more than just a series of lectures. It's a comprehensive approach that includes a course of essential lectures that startups can immediately apply in practice; a dedicated tracker who guides the startup towards its goals throughout the duration of the three months of the program; weekly progress tracking and assistance in setting tasks for the following week; access to a database of experts whom startups can approach in the form of individual consultations or workshops with specific requests to solve their challenges; a community of fellow entrepreneurs who are on a similar journey and face comparable challenges; and interaction with successful, experienced entrepreneurs who have valuable insights to share.
This multifaceted approach creates a dynamic ecosystem where startups can learn, grow, and overcome obstacles with comprehensive support and guidance.
Among your projects, such as your startup accelerator and the School of Creative Industries, which of them can you say is the most successful?
The School of Creative Industries is my first educational program, which was created to bridge culture and business in a way that makes cultural figures and artists more proficient in business. It's a well-thought-out initiative in its own right.
However, the launch of my startup accelerator has become one of my most successful endeavors. It's a global project conceived to create and develop startup infrastructure. We wanted to combine education, mentorship provided by trackers, expert consultations, and an environment where they could meet. This synergy of all these components was key to the success of my project.
We developed and implemented a three-month program that attracted over 500 applications. Twenty-five of these projects were later selected as the best ones. Our accelerator focuses on advanced technologies such as AI, AR/VR, food-tech, and telemedicine.
Since our launch, we've nurtured successful startups, including a food-tech project that reached $1 million in revenue. We also supported the development of AR/VR solutions for online shopping as well as AI-based solutions, especially in medicine—one of our projects processed CT scans during COVID, which was a successful and useful project. These successes allow us to gain recognition for our work and contribute to elevating the entire startup ecosystem to a higher level.
You were a jury member for leading startup competitions such as Skolkovo. What is the impact of such opportunities on your career as an ecosystem developer?
I have been a jury member for leading startup competitions in Russia's Silicon Valley, Skolkovo, and the venture fund, Internet Initiatives Development Fund, which are prominent innovation centers, as well as the Moscow City Innovation Agency, University 2035, and the successful KBTU startup incubator in Kazakhstan. These opportunities have allowed me to evaluate and influence startups on a larger scale, shaping the direction of innovation in the region. Moreover, various media outlets have published my articles. This has further enhanced my credibility and influence in the startup ecosystem.
Looking back at your achievements so far, such as the successful acquisition of funding from the UNDP and the EU, what factors can you say helped you achieve success, and what obstacles or challenges did you face along the way?
There are certain factors that have contributed to my success. I studied at the best venture fund, the Internet Initiatives Development Fund, where I gained a lot of practical experience and gathered my expertise piece by piece: working at a crowdfunding platform, a business incubator, developing educational projects, organizing numerous events for startups, and participating in conferences. I collected all the necessary elements. I met many experts and had the opportunity to work with various startup support organizations from different countries.
And, of course, thanks to good networking skills, I managed to attract high-level industry representatives and partners to the events and programs I run.
My successful acquisition of funding from the UN Development Program and the European Union was also important. Equally crucial were my vision and innovative approach in recognizing the need for a startup ecosystem in Belarus and taking steps to create it. My comprehensive experience in all different aspects of the startup world, from education to events and acceleration courses, allowed me to understand the concept of startups fully.
Nevertheless, throughout my journey, I faced numerous challenges, such as skepticism associated with introducing a new market, insufficient resources in a developing ecosystem, encouraging entrepreneurship in a country without strong startup traditions, and scaling operational and logistical tasks.
As an experienced ecosystem developer, you organized lectures for students and helped develop startups in Minsk. Your followers created the first tracker association in Belarus. How did you manage to handle all these tasks successfully?
Successfully handling all these tasks required more than just a good strategy, connections, and knowledge of the local startup environment. For launching the accelerator, it was crucial to find experienced mentors (coaches) who could effectively guide startups. Therefore, we launched our own training program, and later our graduates created the first tracker association in Belarus.
Organizing lectures for students required collaboration with universities and relevant experts to develop the lectures and create incentives for students to attend. Building support for the startup ecosystem in Minsk required significant time and energy to establish cooperation, attract funding, and encourage startups to present their concepts. Additionally, maintaining a clear vision and being prepared for changes in the environment were factors that helped me achieve these goals.
Beyond your professional achievements, do you engage in any social impact initiatives or have a personal mission?
I am very interested in creating an inclusive work environment where everyone is provided with opportunities for personal and professional growth. Therefore, it was important for us to create an online platform so that anyone from any part of Belarus could access training. In this way, we created a barrier-free environment for anyone interested and with any capabilities.
So, our platform serves as a barrier-free environment as it can be accessed from anywhere, eliminating the need to travel to the capital city of Minsk. Besides, it is free of charge.
Through various acceleration programs and educational activities, we aim to offer valuable resources to people from disadvantaged backgrounds, regardless of their origin. My goal is both to open the doors of innovation and entrepreneurship for Belarus and to create a safe and supportive space where all people can grow and develop themselves and society.
Based on your experience, do you have any advice for prospective startup founders?
Yes, my advice to aspiring startup founders is that they should be persistent and flexible. They need to be ready to revisit their position in response to changes in the world. It's important to note that the path to creating a successful startup is fraught with risks and obstacles, but you must keep trying. It's always helpful to have a close circle of advisors, mentors, and colleagues to turn to. Strive to offer solutions to real problems and make sure you have a good understanding of your target audience. Accept constructive criticism and constantly improve the product or service you're offering. Finally, embrace the idea of growth and development because sometimes you win, and at other times, you learn from your failures, and all of this is part of the entrepreneurial journey. And, of course, we know stories where products were created that nobody needed, so it's crucial to identify pain points and communicate with potential customers.
