Failure can help only if on learns something from it
You must have heard for Truck Track, a company which deals with the development of software solutions for spediters and truck drivers when it became the first startup company from Serbia in which the famous investment fund „500 Startups“ invested.
Vuk Nikolic from Truck Track, who underwent programs 500 Startups and Seedcamp, talked exclusively for or blog. Vuk has experience in running a company from Belgrade which targets the market in America.
Do you consider yourself a person who is now successful in IT entrepreneurship, or is learning a neverending process?
Entrepreneurship is a process which never stops, which always changes and it can surprise a person when they least expect it. I consider myself too far to be called successful, but I am doing my best.
What is the most precious you got from 500 Startups program and Seedcamp?
The first thing is certainly the people I met. For instance, 500 Startups invested in over 1.500 companies and has an infinite number of mentors, so it is much easier to answer the questions that bother you (no matter whether they are related to a product, sale, marketing, or something else). I was also surprised by people’s openness and directness, where the aim is not that one hides the problems of their company (no matter if it is finding clients, technical solutions, problems within a team), but they rather openly speak about everything and it is incredible how problems are sometimes solved in a much easier manner when they are only spoken out loud. I would like to put special emphasis on teams I met in both programs. I am still in touch with them, we all share the same „trouble“ and hear from each other occasionally, share experiences, contacts, ideas… I have become a good friend with many of them.
To what extent are failures important for success?
The approach “fail fast” has been popularized, but it has sense only if a person learns something from those failures. I would personally prefer if I had not had (at least) two failures before TruckTrack. That experience did help me get where we are now. Failure can help a lot only if something is learnt from it.
Idea, team or product – or just a good package wins?
The idea does not have to be revolutionary, but then the team and product are necessary. “Execution” is also very important, which is the possibility of a team to do quickly what they have aimed to do. I know many teams who have all three, but they failed due to poor execution.
What happens when a person has (or believes to have) all of the above mentioned? Where is money, which is, as we know, an important element, how to get it?
The best source of money is from clients J
Much is talked about investments, and there are more and more at our place and in the region, but “cash is a king”. The sweetest money is clients’ money.That way investments will go easier as well, although fundraising process is always hard and exhausting.
You are in ICT Hub now: mentorship, coworking and startups – how much motivation and particular benefit does that surrounding bring you?
It is much easier when a person is surrounded by people who are equally motivated to pursue their story. We all go through similar hardships, from finding clients, making products to employing, fundraising, and so on. Places such as ICT Hub are ideal for people who want to establish their own company, be acquainted with current affairs, but also to hear other people’s experiences.
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