{"id":4278,"date":"2022-11-28T19:44:17","date_gmt":"2022-11-28T18:44:17","guid":{"rendered":"https:\/\/2024.globalinvestsummit.com\/?p=4278"},"modified":"2022-11-28T19:44:17","modified_gmt":"2022-11-28T18:44:17","slug":"era-levneho-kapitalu-skoncila","status":"publish","type":"post","link":"https:\/\/2024.globalinvestsummit.com\/cs\/era-levneho-kapitalu-skoncila\/","title":{"rendered":"\u00c9ra levn\u00e9ho kapit\u00e1lu skon\u010dila"},"content":{"rendered":"
\n\t
\n\t\t
\n\t\t\t

Startupy pot\u0159ebuj\u00ed k \u00fasp\u011bchu v\u00edc ne\u017e jen dobr\u00fd n\u00e1pad a vstupn\u00ed investici. O jejich p\u0159e\u017eit\u00ed rozhoduj\u00ed taky v\u011bci jako kvalitn\u00ed byznys pl\u00e1n, spr\u00e1vn\u00e9 finan\u010dn\u00ed \u0159\u00edzen\u00ed a dal\u0161\u00ed. Majitel a \u0161\u00e9f logistick\u00e9ho startupu DoDo Michal Men\u0161\u00edk a podnikatel Zden\u011bk \u0160oustal proto loni na ja\u0159e spustili V-Sharp Venture Studio, aby nov\u00fdm firm\u00e1m pomohli sv\u00fdmi zku\u0161enostmi a kontakty.<\/strong><\/p>\n

P\u0159ed\u00e1v\u00e1n\u00ed zku\u0161enost\u00ed se startupist\u016fm bude hodit. P\u0159ed rokem v\u0161echny zam\u011bstn\u00e1vala hlavn\u011b pandemie, dnes se k n\u00ed p\u0159idal i nejist\u00fd ekonomick\u00fd v\u00fdhled. Atraktivita n\u011bkter\u00fdch sektor\u016f v\u0161ak z\u016fst\u00e1v\u00e1 i p\u0159es mo\u017en\u00e9 ekonomick\u00e9 zpomalen\u00ed velk\u00e1. Proto V-Sharp Venture Studio s\u00e1z\u00ed na nov\u00e9 firmy z oblast\u00ed e-commerce, logistiky a finan\u010dn\u00edch technologi\u00ed.\u00a0<\/span>Matej Zabadal<\/strong>, Managing Partner Studia, v\u011b\u0159\u00ed v jejich dlouhodob\u00fd potenci\u00e1l.<\/p>\n

Kam se studio za dobu sv\u00e9ho p\u016fsoben\u00ed posunulo? Jak funguje vztah V-Sharp Venture Studia se startupy? P\u0159e\u010dt\u011bte si rozhovor s Matejem Zabadalem.<\/p>\n

 <\/p>\n

Kolik startup\u016f m\u00e1te te\u010f v portfoliu? M\u00e1te stanoven n\u011bjak\u00fd orienta\u010dn\u00ed fin\u00e1ln\u00ed po\u010det?<\/strong><\/p>\n

Moment\u00e1ln\u011b m\u00e1me ve sv\u00e9m portfoliu t\u0159i spole\u010dnosti \u2013 Ydistri, Advanto a Aimful. Ve v\u0161ech p\u0159\u00edpadech jde o startupy, kter\u00e9 vyvinuly vlastn\u00ed unik\u00e1tn\u00ed produkt a z\u00e1rove\u0148 ji\u017e od \u00favodn\u00edho setk\u00e1n\u00ed a prvotn\u00edch diskuz\u00ed zapadaj\u00ed do na\u0161ich investi\u010dn\u00edch p\u0159edstav.<\/p>\n

Prvn\u00ed investic\u00ed byl startup Ydistri, kter\u00fd vyv\u00edj\u00ed software slou\u017e\u00edc\u00ed k redistribuci \u201emrtv\u00fdch\u201c skladov\u00fdch z\u00e1sob. Ydistri um\u00ed za pomoci sofistikovan\u00fdch prediktivn\u00edch model\u016f a algoritm\u016f analyzovat z\u00e1soby \u0159et\u011bzce nap\u0159\u00ed\u010d jednotliv\u00fdmi pobo\u010dkami a \u00fa\u010dinn\u011b z\u00e1sobu vyrovn\u00e1vat. Startupu se da\u0159\u00ed vytipovat z\u00e1soby, kter\u00e9 jsou na jednom m\u00edst\u011b neprodejn\u00e9, a \u00fa\u010dinn\u011b je p\u0159em\u00edstit tam, kde se rychle, a hlavn\u011b za plnou cenu prodaj\u00ed. S pomoc\u00ed Ydistri tedy obchodn\u00ed \u0159et\u011bzce mohou efektivn\u011b \u0159e\u0161it probl\u00e9m pl\u00fdtv\u00e1n\u00ed a zbyte\u010dn\u00fdch slev, ale i naopak pr\u00e1zdn\u00fdch reg\u00e1l\u016f.<\/p>\n

Advanto je fintechov\u00fd startup, kter\u00fd dovoluje zam\u011bstnanc\u016fm vybrat si svou odpracovanou mzdu kdykoliv v\u00a0pr\u016fb\u011bhu m\u011bs\u00edce. Op\u011bt \u0161lo tedy o nad\u010dasov\u00fd projekt, jeho\u017e my\u0161lenka se, v\u011b\u0159\u00edme, stane v\u00a0\u010desk\u00e9 spole\u010dnosti v\u00a0pr\u016fb\u011bhu let standardem. Advanto dnes ji\u017e spolupracuje s\u00a0\u0159adou v\u00fdznamn\u00fdch firem, \u0159ad\u00ed se mezi n\u011b nap\u0159\u00edklad obl\u00edben\u00fd internetov\u00fd obchod Notino, \u0159et\u011bzec rychl\u00e9ho ob\u010derstven\u00ed Bageterie Boulevard nebo logistick\u00e1 spole\u010dnost Hopi.<\/p>\n

Aimful p\u0159edstavuje projekt, kter\u00fd v\u00a0dob\u011b covidov\u00e9 pandemie na\u0161el na trhu v\u00fdraznou mezeru a dok\u00e1zal pro ni naj\u00edt smysluplnou z\u00e1platu. Star\u00e1 se o to, aby lid\u00e9 tr\u00e1vili \u010das na pracovn\u00edch sch\u016fzk\u00e1ch maxim\u00e1ln\u011b efektivn\u011b a byli pouze tam, kde je to re\u00e1ln\u011b pot\u0159eba.<\/p>\n

Podobn\u00e9 tempo investic pl\u00e1nujeme i v dal\u0161\u00edch letech, a to u\u017e z toho d\u016fvodu, \u017ee do startup\u016f investujeme sv\u00e9 vlastn\u00ed finan\u010dn\u00ed prost\u0159edky. T\u00edm p\u00e1dem na n\u00e1s nen\u00ed vyv\u00edjen \u017e\u00e1dn\u00fd tlak, a m\u016f\u017eeme si tak dovolit vstoupit pouze do takov\u00fdch projekt\u016f, ve kter\u00fdch vid\u00edme jedine\u010dnou p\u0159\u00edle\u017eitost a p\u0159edev\u0161\u00edm vz\u00e1jemnou symbi\u00f3zu. Konkr\u00e9tn\u011b dan\u00fd po\u010det firem, do kter\u00fdch bychom cht\u011bli zainvestovat, nem\u00e1me. R\u00e1di bychom m\u011bli kolem jedn\u00e9 des\u00edtky spole\u010dnost\u00ed v ran\u00e9 f\u00e1zi sv\u00e9ho v\u00fdvoje. Pr\u00e1v\u011b v obdob\u00ed, kdy tyto startupy navazuj\u00ed vztahy s prvn\u00edmi z\u00e1kazn\u00edky, a\u017e do doby, kdy nap\u0159\u00edklad \u00fasp\u011b\u0161n\u011b expanduj\u00ed do zahrani\u010d\u00ed, vid\u00edme v na\u0161\u00ed p\u0159\u00edtomnosti a podpo\u0159e nejv\u011bt\u0161\u00ed p\u0159idanou hodnotu.<\/p>\n

Ka\u017edop\u00e1dn\u011b pro n\u00e1s bude v\u017edy platit up\u0159ednostn\u011bn\u00ed kvality p\u0159ed kvantitou. Proto budeme m\u00edt v\u00a0portfoliu rad\u011bji m\u00e9n\u011b spole\u010dnost\u00ed, ale zato v\u00a0oblastech, ve kter\u00fdch m\u00e1me zakladatel\u016fm opravdu co p\u0159edat a z\u00e1rove\u0148 c\u00edt\u00edme ten spr\u00e1vn\u00fd \u201edrive\u201c i z\u00a0jejich strany.<\/p>\n

Jak dlouho hodl\u00e1te dr\u017eet konkr\u00e9tn\u00ed firmu v\u00a0portfoliu? S\u00a0jak\u00fdm zp\u016fsobem exitu po\u010d\u00edt\u00e1te?<\/strong><\/p>\n

V tomto sm\u011bru nem\u00e1me \u017e\u00e1dn\u00fd pevn\u011b dan\u00fd horizont. Jsme si v\u011bdomi toho, \u017ee vybudovat \u00fasp\u011b\u0161nou firmu m\u016f\u017ee trvat r\u016fzn\u011b dlouho a \u017ee k tomu nevede p\u0159\u00edm\u00e1 cesta bez p\u0159ek\u00e1\u017eek. D\u016fkazem jsou n\u00e1m i dnes velmi \u00fasp\u011b\u0161n\u00e9 spole\u010dnosti jako UiPath \u010di Klarna. I ty m\u011bly p\u0159ed obdob\u00edm prudk\u00e9 akcelerace f\u00e1zi hled\u00e1n\u00ed spr\u00e1vn\u00e9ho produktu, zkou\u0161en\u00ed jin\u00fdch produkt\u016f a slu\u017eeb nebo obdob\u00ed pomalej\u0161\u00edho r\u016fstu. I to je n\u011bco, co k byznysov\u00e9 cest\u011b pat\u0159\u00ed a co spole\u010dnost formuje do jej\u00ed \u201ekone\u010dn\u00e9\u201c podoby. Po sv\u011bt\u011b jsou sice zn\u00e1m\u00e9 i firmy, kter\u00e9 mezi elitu vyst\u0159elily hned v po\u010d\u00e1tku sv\u00e9ho fungov\u00e1n\u00ed. To jsou v\u0161ak ojedin\u011bl\u00e9 p\u0159\u00edpady. Je pot\u0159eba si uv\u011bdomit, \u017ee drtiv\u00e1 v\u011bt\u0161ina t\u011bch ostatn\u00edch n\u011bjakou dobu hled\u00e1 ten prav\u00fd produkt \u010di market-fit a mnohdy i m\u011bn\u00ed celkovou strategii, ne\u017e najde ten spr\u00e1vn\u00fd sm\u011br.<\/p>\n

Co se t\u00fd\u010de exitu, tak ten je dan\u00fd do velk\u00e9 m\u00edry trhem. V\u00a0Evrop\u011b prob\u00edh\u00e1 valn\u00e1 v\u011bt\u0161ina formou M&A; pod\u00edl IPO je tu men\u0161\u00ed ne\u017e v Americe. My bychom byli velmi spokojen\u00ed, pokud by se n\u00e1m poda\u0159ilo m\u00edt v\u00a0portfoliu jednu \u010di dv\u011b firmy, kter\u00e9 to dot\u00e1hnou a\u017e na burzu. To pro n\u00e1s p\u0159edstavuje takov\u00fd pomysln\u00fd vrchol spole\u010dn\u00e9 snahy a fungov\u00e1n\u00ed. Zat\u00edm v\u0161ak m\u016f\u017eeme mluvit pouze v\u00a0teoretick\u00e9 rovin\u011b, konkr\u00e9tn\u011bj\u0161\u00ed p\u0159edstavy se budou v\u00a0pr\u016fb\u011bhu v\u00fdvoje jednotliv\u00fdch spole\u010dnost\u00ed teprve formovat.<\/p>\n

Podporujete nov\u00e9 firmy prim\u00e1rn\u011b v\u00a0sektorech e-commerce, logistiky a finan\u010dn\u00edch technologi\u00ed. Pro\u010d pr\u00e1v\u011b tyto?<\/strong><\/p>\n

Prim\u00e1rn\u011b jsou to v\u0161echno oblasti, kter\u00e9 maj\u00ed do budoucna obrovsk\u00fd potenci\u00e1l a z\u00e1rove\u0148 v\u00a0nich m\u00e1me v\u00a0r\u00e1mci cel\u00e9ho t\u00fdmu dlouhodobou zku\u0161enost a know-how.<\/p>\n

Sou\u010d\u00e1st\u00ed e-commerce je dnes t\u00e9m\u011b\u0159 ka\u017ed\u00fd \u017eij\u00edc\u00ed \u010dlov\u011bk \u2013 v\u00a0\u010cesk\u00e9 republice nakoup\u00ed online alespo\u0148 jednou ro\u010dn\u011b 9 z\u00a010 lid\u00ed. Navzdory tomu je v\u0161ak jej\u00ed celkov\u00fd pod\u00edl na maloobchodn\u00edch tr\u017eb\u00e1ch v\u00a0na\u0161em regionu st\u00e1le n\u00edzk\u00fd (cca 20 %). A\u010dkoliv nyn\u00ed i kv\u016fli vysok\u00e9 inflaci a nejistot\u00e1m spojen\u00fdm s ruskou invaz\u00ed pozorujeme ur\u010dit\u00e9 zpomalen\u00ed, o\u010dek\u00e1v\u00e1me, \u017ee do budoucna bude pozvolna znovu r\u016fst. Vhodn\u00fdm p\u0159\u00edkladem n\u00e1m m\u016f\u017ee b\u00fdt \u010c\u00edna, kde se pod\u00edl e-commerce dle r\u016fzn\u00fdch odhad\u016f pohybuje na dvoj a\u017e trojn\u00e1sobku t\u00e9 evropsk\u00e9 i americk\u00e9. Nav\u00edc st\u00e1le existuj\u00ed segmenty, kter\u00e9 jsou na sv\u00e9 transforma\u010dn\u00ed cest\u011b do online prost\u0159ed\u00ed je\u0161t\u011b na \u00fapln\u00e9m za\u010d\u00e1tku. Jde nap\u0159\u00edklad o potraviny a dal\u0161\u00ed p\u0159edm\u011bty denn\u00ed spot\u0159eby, prodej a leasing aut \u010di B2B e-commerce. A v neposledn\u00ed \u0159ad\u011b je pot\u0159eba zm\u00ednit, \u017ee pr\u00e1v\u011b e-commerce je oblast, ve kter\u00e9 m\u00e1me ve V-Sharp dlouholetou expert\u00edzu. Nejen skrze DODO, kter\u00e9 zakladatel V-Sharp Venture Studia Michal Men\u0161\u00edk ned\u00e1vno dot\u00e1hl k 1,5miliardov\u00e9 investici a neskr\u00fdv\u00e1 ambice logisticky dob\u00fdt Evropu, ale tak\u00e9 v obdob\u00ed p\u0159ed n\u00edm, kdy jsme e-commerce projekty budovali v\u00edce ne\u017e deset let.<\/p>\n

S\u00a0e-commerce jde ruku v\u00a0ruce fintech, kter\u00fd e-commerce p\u0159ihr\u00e1v\u00e1 nap\u0159\u00edklad st\u00e1le popul\u00e1rn\u011bj\u0161\u00edmi odlo\u017een\u00fdmi platbami, chytr\u00fdmi \u201eembedovan\u00fdmi\u201c pojistn\u00fdmi produkty \u010di rovnou zcela nov\u00fdmi zp\u016fsoby plateb. Z\u00e1rove\u0148 \u017eijeme v\u00a0dob\u011b, kdy je cel\u00fd proces digitalizace finan\u010dn\u00edch slu\u017eeb a produkt\u016f teprve na za\u010d\u00e1tku a fintech m\u00e1 tedy velmi slibnou budoucnost, jeho v\u00fdznam st\u00e1le roste a prostor pro nov\u00e9 n\u00e1pady je velik\u00fd. Na\u0161\u00ed dlouhodobou tez\u00ed je nav\u00edc to, \u017ee prakticky ka\u017ed\u00e1 slu\u017eba \u010di produkt v sob\u011b m\u016f\u017ee m\u00edt i prvek finan\u010dn\u00ed slu\u017eby \u2013 a\u0165 u\u017e formou \u00fav\u011bru, poji\u0161t\u011bn\u00ed, odlo\u017een\u00e9 platby \u010di platby v z\u00e1vislosti na m\u00ed\u0159e pou\u017e\u00edv\u00e1n\u00ed dan\u00e9ho produktu (tedy tzv. usage-based pricing).<\/p>\n

Logistika je zd\u00e1nliv\u011b v\u00a0pozad\u00ed, je v\u0161ak pot\u0159eba si uv\u011bdomit, \u017ee bez n\u00ed by nefungovalo nic \u2013 p\u0159\u00edkladem m\u016f\u017ee b\u00fdt u\u017e jen v\u00fd\u0161e zm\u00edn\u011bn\u00e1 e-commerce. O\u010dek\u00e1v\u00e1me, \u017ee v\u00a0p\u0159\u00ed\u0161t\u00edch letech bude cel\u00e1 oblast logistiky nab\u00edrat na komplexit\u011b a sofistikovanosti. U\u017e z\u00a0toho d\u016fvodu, \u017ee ka\u017ed\u00fd, by\u0165 mal\u00fd, logistick\u00fd probl\u00e9m m\u00e1 ve v\u00fdsledku dopad na cel\u00fd sv\u011bt. Vid\u011bt jsme to mohli i v dob\u011b nejv\u011bt\u0161\u00ed covidov\u00e9 krize, kdy jsme byli sv\u011bdky doslova glob\u00e1ln\u00edho chaosu v\u00a0cel\u00e9m dodavatelsk\u00e9m \u0159et\u011bzci. V\u00a0logistice vid\u00edme do budoucna tak\u00e9 velk\u00fd prostor pro \u0161ir\u0161\u00ed vyu\u017eit\u00ed um\u011bl\u00e9 inteligence i r\u016fzn\u00fdch data-driven \u0159e\u0161en\u00ed. A pr\u00e1v\u011b technologie je to, co n\u00e1s na logistice zaj\u00edm\u00e1 nejv\u00edc.<\/p>\n

Vid\u00edte u\u017e ve va\u0161em portfoliu n\u011bjakou budouc\u00ed hv\u011bzdu? M\u016f\u017eete konkr\u00e9tn\u00ed firmu nebo firmy jmenovat?<\/strong><\/p>\n

V\u011b\u0159\u00edme, \u017ee ka\u017ed\u00fd startup, do kter\u00e9ho investujeme, m\u00e1 potenci\u00e1l st\u00e1t se hv\u011bzdou. Pokud bychom v\u0161ak m\u011bli p\u0159eci jen \u0159\u00edci, kdo m\u00e1 ke sv\u00fdm glob\u00e1ln\u00edm ambic\u00edm nejbl\u00ed\u017ee, byl by to z\u0159ejm\u011b startup Ydistri. Jak jsem ji\u017e v\u00fd\u0161e zmi\u0148oval, Ydistri \u0159e\u0161\u00ed obchodn\u00edk\u016fm probl\u00e9my s\u00a0mrtv\u00fdmi z\u00e1sobami a dnes ji\u017e spolupracuje s\u00a0nadn\u00e1rodn\u00edmi \u0159et\u011bzci po cel\u00e9m sv\u011bt\u011b. D\u016fvodem je mimo jin\u00e9 to, \u017ee nab\u00edz\u00ed \u0159e\u0161en\u00ed glob\u00e1ln\u00edho probl\u00e9mu, kter\u00fd je doprov\u00e1zen vysok\u00fdmi finan\u010dn\u00edmi i enviroment\u00e1ln\u00ed n\u00e1klady, a p\u0159itom ho nikdo d\u0159\u00edve systematicky ne\u0159e\u0161il. Pro sv\u011btov\u00e9 retailov\u00e9 \u0159et\u011bzce je nav\u00edc ot\u00e1zka udr\u017eiteln\u00e9 optimalizace z\u00e1sob a logistiky \u010d\u00edm d\u00e1l d\u016fle\u017eit\u011bj\u0161\u00ed, a to jak z\u00a0pohledu finan\u010dn\u00edho \u0159\u00edzen\u00ed, tak i spole\u010densk\u00e9 odpov\u011bdnosti. Obchodn\u00edci ji\u017e um\u011bli n\u00e1kup z\u00e1sob pom\u011brn\u011b sofistikovan\u011b pl\u00e1novat, ale popt\u00e1vku nikdy nelze predikovat stoprocentn\u011b a je tedy pot\u0159eba \u0159e\u0161en\u00ed, kter\u00e9 bude hladiny z\u00e1sob vyrovn\u00e1vat i dodate\u010dn\u011b. A takov\u00e9 na trhu chyb\u011blo.<\/p>\n

\"\"
CTO spole\u010dnosti Ydistri Luk\u00e1\u0161 E\u0161tvanc a CEO Roland D\u017eogan, zdroj: V-Sharp Venture Studio<\/figcaption><\/figure>\n

Jak prakticky funguje vztah va\u0161eho studia a firmy? Mluv\u00edte nap\u0159\u00edklad do ka\u017edodenn\u00edch operativn\u00edch z\u00e1le\u017eitost\u00ed?<\/strong><\/p>\n

Startup\u016fm se v\u017edy sna\u017e\u00edme p\u0159in\u00e1\u0161et ur\u010ditou p\u0159idanou hodnotu ve form\u011b vlastn\u00edho know-how a kontinu\u00e1ln\u00ed pomoci. U v\u0161ech na\u0161ich projekt\u016f se spolupr\u00e1ce p\u0159irozen\u011b roz\u0161i\u0159uje. \u010casto jsme tu pro n\u011b prvotn\u011b v\u00a0roli mentor\u016f. Jakmile sami dostate\u010dn\u011b navn\u00edm\u00e1me, jak startup p\u0159em\u00fd\u0161l\u00ed a funguje, dok\u00e1\u017eeme ho podpo\u0159it i v operativn\u00edch z\u00e1le\u017eitostech. R\u00e1di mu pak pom\u016f\u017eeme s v\u00fdb\u011brem vhodn\u00fdch kandid\u00e1t\u016f na jednotliv\u00e9 pozice, akvizic\u00ed nov\u00fdch klient\u016f nebo t\u0159eba i produktov\u00fdm v\u00fdvojem. Na\u0161\u00edm prvotn\u00edm c\u00edlem v\u0161ak nikdy nen\u00ed p\u0159etvo\u0159it si startup k\u00a0obrazu sv\u00e9mu, pro zakladatele firem jsem tu sp\u00ed\u0161e jako pomocn\u00e1 ruka a zasahujeme a\u017e ve chv\u00edli, kdy o to sami stoj\u00ed. \u0158\u00edzen\u00ed v\u017edy z\u016fst\u00e1v\u00e1 v\u00a0jejich rukou.<\/p>\n

M\u00e1te vymezeny n\u011bjak\u00e9 sektory, do kter\u00fdch byste neinvestovali? Pokud ano, do kter\u00fdch a pro\u010d?<\/strong><\/p>\n

Prim\u00e1rn\u00edm krit\u00e9riem p\u0159i v\u00fdb\u011bru vhodn\u00e9 investice je pro n\u00e1s to, zda dan\u00e9mu sektoru rozum\u00edme nebo ne. Je t\u011b\u017ek\u00e9, ne-li nemo\u017en\u00e9, b\u00fdt investorem s\u00a0p\u0159idanou hodnotou bez hlubok\u00e9 znalosti dan\u00e9ho probl\u00e9mu. My v\u017edy vych\u00e1z\u00edme z fundament\u00e1ln\u00ed znalosti odv\u011btv\u00ed, jej\u00ed\u017e vybudov\u00e1n\u00ed si vy\u017eaduje dostatek \u010dasu, u\u010d\u00edme se prakticky cel\u00fd \u017eivot. Nikdy se nesna\u017e\u00edme jen povrchn\u011b zachyt\u00e1vat \u201etrendy\u201c, v\u00a0tom smysl jednodu\u0161e nevid\u00edme.<\/p>\n

Samoz\u0159ejm\u011b je pom\u011brn\u011b dost extr\u00e9mn\u011b zaj\u00edmav\u00fdch oblast\u00ed, ve kter\u00fdch zat\u00edm nem\u00e1me takov\u00e9 znalosti, abychom do nich cht\u011bli hrd\u011b investovat \u2013 nap\u0159\u00edklad healthcare, biotech \u010di n\u011bkter\u00e9 segmenty hardwaru. Jednou z na\u0161ich hlavn\u00edch v\u00fdzev proto z\u016fst\u00e1v\u00e1 p\u0159edev\u0161\u00edm dr\u017eet se na\u0161eho \u0159emesla a nenechat se pohltit t\u00edm, co je zrovna ve sv\u011bt\u011b venture kapit\u00e1lu \u201ev m\u00f3d\u011b\u201c. Z\u00e1rove\u0148 si mysl\u00edme, \u017ee v na\u0161ich t\u0159ech hlavn\u00edch oblastech z\u00e1jmu je je\u0161t\u011b spousta p\u0159\u00edle\u017eitost\u00ed \u2013 obzvl\u00e1\u0161\u0165 v cel\u00e9m regionu st\u0159edn\u00ed a v\u00fdchodn\u00ed Evropy, a nen\u00ed tedy nutn\u00e9 hledat jinde. Pokud bychom p\u0159eci jen vstoupili i do jin\u00e9ho segmentu, museli bychom disponovat n\u011bjak\u00fdm specifick\u00fdm a unik\u00e1tn\u00edm vhledem, kter\u00fd by n\u00e1s o spr\u00e1vnosti takov\u00e9ho rozhodnut\u00ed p\u0159esv\u011bd\u010dil.<\/p>\n

Jak jste skloubili vlastn\u00ed podnik\u00e1n\u00ed s V-Sharp Venture Studio?<\/strong><\/p>\n

V-Sharp Venture Studio spolu zalo\u017eili Michal Men\u0161\u00edk, CEO logistick\u00e9 skupiny DODO, a Zden\u011bk \u0160oustal, CEO spole\u010dnosti Reticulum, kter\u00e1 dlouhodob\u011b investuje prim\u00e1rn\u011b do pr\u016fmyslov\u00fdch nemovitost\u00ed, zem\u011bd\u011blstv\u00ed a technologick\u00fdch spole\u010dnost\u00ed. To, aby mohli co nejl\u00e9pe skloubit sv\u00e9 podnik\u00e1n\u00ed s investov\u00e1n\u00edm, m\u00e1m na starosti j\u00e1. Ve V-Sharp Venture Studio zast\u00e1v\u00e1m pozici Managing Partnera, tak\u017ee m\u00e1m na starosti kompletn\u00ed investi\u010dn\u00ed proces. N\u00e1\u0161 t\u00fdm denn\u011b analyzuje nov\u00e9 investi\u010dn\u00ed p\u0159\u00edle\u017eitosti v oblastech, kter\u00e9 jsme si vyty\u010dili.<\/p>\n

Michal se Zde\u0148kem jsou pak sou\u010d\u00e1st\u00ed investi\u010dn\u00ed komise, kter\u00e1 spole\u010dn\u011b rozhoduje o tom, zda konkr\u00e9tn\u00ed investici opravdu zrealizujeme, a founder\u016fm jsou p\u0159\u00edpadn\u011b n\u00e1sledn\u011b k dispozici jako mento\u0159i. V\u00a0tom si mysl\u00edm, \u017ee je V-Sharp dost unik\u00e1tn\u00ed \u2013 zakladatel startupu m\u00e1 p\u0159\u00edstup k\u00a0podnikatel\u016fm, kte\u0159\u00ed ji\u017e vybudovali miliardov\u00e9 byznysy. V\u011bd\u00ed, jak slu\u017ebu postavit, aby se dala \u0161k\u00e1lovat, jak naj\u00edt product-market fit apod. Nav\u00edc, jak sami \u0159\u00edkaj\u00ed, za svou kari\u00e9ru nad\u011blali krom\u011b \u0159ady \u00fasp\u011bch\u016f tak\u00e9 nepo\u010d\u00edtan\u011b chyb. Maj\u00ed tedy pov\u011bdom\u00ed o tom, \u010deho se v\u00a0podnik\u00e1n\u00ed vyvarovat.<\/p>\n

Jak\u00fd vliv maj\u00ed na startupov\u00e9 financov\u00e1n\u00ed sou\u010dasn\u00e9 nejistoty jako v\u00e1lka, vysok\u00e1 inflace nebo pandemie?<\/strong><\/p>\n

Na r\u016fzn\u011b zam\u011b\u0159en\u00e9 startupy maj\u00ed tyto faktory tak\u00e9 r\u016fzn\u00fd dopad. V\u0161eobecn\u011b kles\u00e1 dostupnost kapit\u00e1lu a stejn\u011b tak ochota investor\u016f financovat modely s\u00a0vysokou investi\u010dn\u00ed n\u00e1ro\u010dnost\u00ed. Z\u00e1rove\u0148 se sni\u017euje tak\u00e9 chu\u0165 investovat do spole\u010dnost\u00ed, kter\u00e9 nejsou dlouhodob\u011b udr\u017eiteln\u00e9. V\u00a0t\u00e9to souvislosti mluv\u00edme nap\u0159\u00edklad o hyper expresn\u00edm doru\u010dov\u00e1n\u00ed potravin (Gorillas, Jokr), BNPL (Klarna) nebo o n\u011bkter\u00fdch segmentech krypta.<\/p>\n

Na druhou stranu, skv\u011bl\u00e9 a nad\u011bjn\u00e9 startupy nemus\u00ed zoufat, proto\u017ee ty investory najdou v\u017edy. Investov\u00e1n\u00ed, obzvl\u00e1\u0161\u0165 ve venture oblasti, je dlouhodob\u00e1 z\u00e1le\u017eitost. Mnoho investor\u016f u\u017e podobnou krizi za\u017eilo (vzpome\u0148me na rok 2000 nebo obdob\u00ed 2007-2009) a dok\u00e1\u017eou tak uva\u017eovat v\u00a0podstatn\u011b del\u0161\u00edm \u010dasov\u00e9m horizontu, ne\u017e v\u00a0jak\u00e9m budou ve sv\u011bt\u011b p\u0159etrv\u00e1vat sou\u010dasn\u00e9 turbulence.<\/p>\n

Co se v\u0161ak pravd\u011bpodobn\u011b tak brzy (mo\u017en\u00e1 u\u017e nikdy) nevr\u00e1t\u00ed, je doba levn\u00e9ho kapit\u00e1lu a extr\u00e9mn\u00edch valuac\u00ed. To jsme mohli pozorovat nap\u0159\u00edklad u n\u011bkter\u00fdch jednoro\u017ec\u016f v\u00a0krypto segmentu, kte\u0159\u00ed nem\u011bli ani jasn\u011b dan\u00fd byznys model, vlastn\u011b v\u011bt\u0161inou nem\u011bli \u017e\u00e1dn\u00fd. Stejn\u00fd postup jsme vid\u011bli u i n\u011bkter\u00fdch slu\u017eeb hyper expresn\u00edho doru\u010den\u00ed \u2013 ty sice sv\u016fj byznys model m\u011bly, av\u0161ak na prvn\u00ed pohled bylo jasn\u00e9, \u017ee nikdy nem\u016f\u017ee b\u00fdt profitabiln\u00ed. Takov\u00e9 spole\u010dnosti byly poh\u00e1n\u011bn\u00e9 dlouhodob\u011b n\u00edzk\u00fdmi \u00farokov\u00fdmi sazbami a p\u0159ebytkem kapit\u00e1lu, tyto faktory v\u0161ak budou nyn\u00ed velmi oslaben\u00e9 a z\u00a0ekonomiky by dokonce mohly vymizet \u00fapln\u011b. Naopak doch\u00e1z\u00ed k\u00a0siln\u011bj\u0161\u00edmu zam\u011b\u0159en\u00ed na \u201evalue creation\u201c startupy, kter\u00e9 dlouhodob\u011b \u0159e\u0161\u00ed jasn\u011b definovan\u00e9 probl\u00e9my za pomoci inovativn\u00edch \u0159e\u0161en\u00ed.<\/p>\n

<\/div>\n\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div><\/div>
<\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"Startupy pot\u0159ebuj\u00ed k \u00fasp\u011bchu v\u00edc ne\u017e jen dobr\u00fd n\u00e1pad a vstupn\u00ed investici. O jejich p\u0159e\u017eit\u00ed rozhoduj\u00ed taky v\u011bci jako kvalitn\u00ed byznys pl\u00e1n, spr\u00e1vn\u00e9 finan\u010dn\u00ed \u0159\u00edzen\u00ed a dal\u0161\u00ed. Majitel a \u0161\u00e9f logistick\u00e9ho startupu DoDo Michal Men\u0161\u00edk a podnikatel Zden\u011bk \u0160oustal proto loni na ja\u0159e spustili V-Sharp Venture Studio, aby nov\u00fdm firm\u00e1m pomohli sv\u00fdmi zku\u0161enostmi a kontakty. [...]","protected":false},"author":1,"featured_media":4390,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":["post-4278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-globalinvestsummit"],"_links":{"self":[{"href":"https:\/\/2024.globalinvestsummit.com\/cs\/wp-json\/wp\/v2\/posts\/4278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/2024.globalinvestsummit.com\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/2024.globalinvestsummit.com\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/2024.globalinvestsummit.com\/cs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/2024.globalinvestsummit.com\/cs\/wp-json\/wp\/v2\/comments?post=4278"}],"version-history":[{"count":0,"href":"https:\/\/2024.globalinvestsummit.com\/cs\/wp-json\/wp\/v2\/posts\/4278\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/2024.globalinvestsummit.com\/cs\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/2024.globalinvestsummit.com\/cs\/wp-json\/wp\/v2\/media?parent=4278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/2024.globalinvestsummit.com\/cs\/wp-json\/wp\/v2\/categories?post=4278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/2024.globalinvestsummit.com\/cs\/wp-json\/wp\/v2\/tags?post=4278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}