INSIGHT #16: VC Reveals The Inside Pressure Of Hitting 3X Return Benchmarks And Having To Wait 6–8 Years To Know Whether The Fund Succeeded (And Most Don’t)

Dennis Just and Miks Mikelsons are the co-founders of Emmi AI, a deep-tech startup revolutionizing industrial engineering through cutting-edge AI simulation technology. Based in Austria and founded in 2024, Emmi is already making waves with a €15 million seed round led by top-tier investors like Speedinvest, 3VC, and Serena. With a team heavy on researchers and a foundation in serious academic publishing, Emmi is tackling complex, unsolved physics-based simulation problems across industries like aerospace and energy—aiming to become the “Palantir of industrial AI.” On this episode we talk about:Emmi’s Origin and VisionSelling Complex AI Solutions to EnterpriseProductization ChallengesInbound Sales Through Research CredibilityFundraising Strategy and VC DynamicsHow to make distributed teams work==If you liked this episode or simply want to support the work we do, buy us a coffee or two, or a hundred, with just a few clicks at: https://buymeacoffee.com/pursuitofscrappinessFind all episodes on >  https://www.pursuitofscrappiness.co/Watch select full-length episodes on our YouTube channel > https://www.youtube.com/channel/UCP6ueaLnjS-CQfrMCm2EoTAConnect with us on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/===============Support the show

This is an insight from our previous conversation on growth hacking and building Revolut customer acquisition early on:You can grow fast without budget by trading value with the right partners.Putting your product where people already are makes them more likely to try it.Local, targeted efforts work better than big, generic marketing.It’s more important to get people using your product than just seeing it.Andrius Biceika is a non-executive director at Revolut. He was one of the early employees and has held many leadership roles at Revolut. Prior to that he did stints at such well known Lithuanian companies as Citybee and Transfergo.Listen to the full conversation with Andrius here on Episode 120:Link to SpotifyLink to Apple Podcastshttps://www.pursuitofscrappiness.co/episodes/120-andrius-biceika==If you liked this episode or simply want to support the work we do, buy us a coffee or two, or a hundred, with just a few clicks at: https://buymeacoffee.com/pursuitofscrappinessFind all episodes on >  https://www.pursuitofscrappiness.co/Watch select full-length episodes on our YouTube channel > https://www.youtube.com/channel/UCP6ueaLnjS-CQfrMCm2EoTAConnect with us on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/===============Support the show

This is an insight from our previous conversation on how to work with influencer marketing:When you should and shouldn’t start influencer marketing.Why a portfolio approach to creators mirrors venture investing logic.The importance of creator enthusiasm and authenticity.Lessons from successful campaigns with consumer and B2B angles.Avery Schrader is the founder and CEO of Modash, a leading influencer marketing platform that helps brands scale partnerships with content creators. With a background in building relationships and driving results for companies like Bolt and Verif, Avery’s journey to creating Modash stems from firsthand experience in the creator economy. Modash now serves over 1,500 customers globally, including brands like Victoria’s Secret and Birkenstock, enabling them to discover and manage influencer campaigns effectively. The company recently raised an impressive 11mEUR Series A round.Listen to the full conversation with Avery here on Episode 190:Link to SpotifyLink to Apple Podcastshttps://www.pursuitofscrappiness.co/episodes/190-avery-schrader==If you liked this episode or simply want to support the work we do, buy us a coffee or two, or a hundred, with just a few clicks at: https://buymeacoffee.com/pursuitofscrappinessFind all episodes on >  https://www.pursuitofscrappiness.co/Watch select full-length episodes on our YouTube channel > https://www.youtube.com/channel/UCP6ueaLnjS-CQfrMCm2EoTAConnect with us on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/===============Support the show

Martins Sulte is the co-founder and CEO of Mintos, the largest investment platform of its kind in Europe, with over 700 million euros in assets under administration and more than half a million users. Since launching in 2014, Martins has led the company from a peer-to-peer lending marketplace to a full-scale multi-asset platform, offering access to loans, ETFs, bonds, real estate, and soon—crypto and stocks. With a background in finance and management consulting, Martins brings a disciplined yet product-driven mindset to fintech innovation, building solutions for everyday investors across Europe.On this episode we talk about:The Evolution of Retail Investing in EuropeFinance 101 and the Psychology of InvestingFintech Business Strategy Amid Market VolatilityAI as a Competitive Edge in FintechScaling Without Scaling Headcount==If you liked this episode or simply want to support the work we do, buy us a coffee or two, or a hundred, with just a few clicks at: https://buymeacoffee.com/pursuitofscrappinessFind all episodes on >  https://www.pursuitofscrappiness.co/Watch select full-length episodes on our YouTube channel > https://www.youtube.com/channel/UCP6ueaLnjS-CQfrMCm2EoTAConnect with us on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/===============Support the show

Welcome to the Pursuit of Scrappiness Tech Brief. A monthly discussion on topics we find relevant to highlight, discuss and share with you to help you become a scrappier and better version of yourself. On this episode we talk about:🇱🇹🇱🇻🇪🇪 BALTICS• Wise founders on UK Rich List – Kristo Käärmann and Taavet Hinrikus rank among UK’s wealthiest.• Lithuanian startup salaries – Average tech salary at €4.6k/month, possibly more favorable than Berlin after tax and cost-of-living adjustments.• Vinted launches VC arm – Vinted Ventures to invest €0.5–10M in re-commerce startups.• Trafi exit – Lithuanian mobility startup acquired by Enghouse Systems.• Latvian co-founder at Austria’s Emmi AI – Raised €15M, Austria’s largest-ever seed round.• Glasses finally disrupted? – Finnish startup IXI raises €36.5M to reinvent vision tech.• Bolt sounds alarm over Lyft buying Free Now – Bolt sees itself as the last European alternative in mobility.• XData Group SPAC deal – Estonian B2B tech company to go public in the US via a $180M SPAC.🇪🇺 EUROPE• VC/angel activity booming in CEE – Investment up 28%; Startup Wise Guys and Mikko Silventola among top performers.• Slush Startup Struggles survey – Top founder struggles: fundraising, revenue growth, and team building.• AIN Capital’s report – 26,000 active startups in CEE worth €213B; Poland leads in unicorns and enterprise value.• Klarna delays IPO – Valuation rebound to $15B, but postpones IPO due to Trump tariffs and market volatility.• AI reversal at Klarna – After replacing 700 staff, now rehiring humans due to poor AI service quality.• Crypto founder kidnappings in France – 3 shocking abduction cases in 2025, spotlighting the need for founder security.• DoorDash buys Deliveroo for £2.4B – Expands European dominance; previously acquired Wolt for $8.1B.• Salesforce acquires Convergence in <12 months – From seed round to acquisition in record speed.• Optics11 raises €17M – Dutch startup building fiber-optic infrastructure to defend Europe’s subsea cables.• Belarus jails Imaguru founders – Sentenced to 11 and 12 years for startup support and protest involvement.🇺🇸 USA & GLOBAL• AI education mandate in schools – Trump signs executive order for mandatory AI curriculum (K–12) starting 2025–2026.• OpenAI drama continues – Stays nonprofit but restructures as a public benefit corp; judge orders full retention of user logs.• Slack turns snitch in corporate spying case – Rippling traps a Deel spy via fake Slack channel; used in court.• Apple forced to allow external payments – Major US court ruling challenges 30% App Store commission model.• Microsoft layoffs & Skype shutdown – 3% workforce cut; focus shifts fully to AI development.• Nissan closes 7 factories – 20,000 layoffs amid EV transition and global tariff uncertainty.• VCs immune to AI? – Marc Andreessen claims VCs are irreplaceable in a bold podcast statement.==If you liked this episode or simply want to support the work we do, buy us a coffee or two, or a hundred, with just a few clicks at: https://buymeacoffee.com/pursuitofscrappinessFind all episodes on >  https://www.pursuitofscrappiness.co/Watch select full-length episodes on our YouTube channel > https://www.youtube.com/channel/UCP6ueaLnjS-CQfrMCm2EoTAConnect with us on LinSupport the show

Janis Taukacs is a seasoned tax advisor and partner at Sorainen law firm, where he leads the tax and customs practice. He has nearly 30 years of experience across the Baltics and internationally. Known for his deep expertise in corporate taxation, international structuring, and tax dispute resolution, Janis is also a passionate content creator, running the “Tax Stories” blog and podcast. Through his work, he bridges complex legal frameworks with practical insights for founders, investors, and global businesses navigating tax systems.On this episode we talk about:Baltic Tax Systems ExplainedOpportunities and Risks of Distributed Teams and Remote SetupsGlobal Trends in Digital and Corporate TaxationSuccession Planning and Tax Structuring for ExitsThe Hidden Power of Content for Professionals==If you liked this episode or simply want to support the work we do, buy us a coffee or two, or a hundred, with just a few clicks at: https://buymeacoffee.com/pursuitofscrappinessFind all episodes on >  https://www.pursuitofscrappiness.co/Watch select full-length episodes on our YouTube channel > https://www.youtube.com/channel/UCP6ueaLnjS-CQfrMCm2EoTAConnect with us on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/===============Support the show

Zoltan Vardy is a seasoned sales strategist, startup mentor, and now also a published author whose career spans over 30 years, more than $2 billion in closed deals and more than 200 startups assisted in building their sales function. From leading multinational sales teams to advising early-stage B2B startups, Zoltan has dedicated his work to helping founders build scalable, recurring revenue engines. His signature methodology, “The Launch Code,” is now also the title of his debut book—a practical, story-driven guide to founder-led sales and sales organization design. With a background in journalism and a family of prolific writers, Zoltan combines clear thinking with structured methodology to teach founders not only how to sell, but how to love the process.On this episode we talk about:What it Means and Takes to Write a Book.Founder-Led Sales vs. Sales TeamsCommon Sales Mistakes in StartupsHow to Use Storytelling in Sales and PitchesDiagnosing Fixing a Broken Sales ProcessAI and the Future of SaaS SalesResources referenced in the episode:Free 1st Chapter Offer for Zoltan’s book: https://zoltanvardy.com/book/“The Launch Code” on Amazon: https://mybook.to/thelaunchcodeTo reach out to Zoltan on LinkedIn: https://www.linkedin.com/in/zoltanvardy/==If you liked this episode or simply want to support the work we do, buy us a coffee or two, or a hundred, with just a few clicks at: https://buymeacoffee.com/pursuitofscrappinessFind all episodes on >  https://www.pursuitofscrappiness.co/Watch select full-length episodes on our YouTube channel > https://www.youtube.com/channel/UCP6ueaLnjS-CQfrMCm2EoTAConnect with us on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/===============Support the show

This is an insight from our previous conversation on the intricacies of VC business:Winners in VC portfolios usually take 6–8 years to emerge—sometimes longer.The 3x return benchmark is extremely difficult to hit.Many funds don’t actually meet their targets, especially emerging managers.Emotional reality: fund managers often don't know if they succeeded for almost a decade.Jone Vaituleviciute is the managing partner and co-founder of Firstpick, an early-stage VC and accelerator program based in Lithuania and operating across the Baltics. In this episode we decided to focus more on VC as a business rather than looking at startups and founders from a VC perspective. Before starting Firstpick, Jone was a partner at StartupWiseGuys. Listen to the full conversation with Jone here on Episode 164:Link to SpotifyLink to Apple Podcastshttps://www.pursuitofscrappiness.co/episodes/164-jone-vaituleviciute==If you liked this episode or simply want to support the work we do, buy us a coffee or two, or a hundred, with just a few clicks at: https://buymeacoffee.com/pursuitofscrappinessFind all episodes on >  https://www.pursuitofscrappiness.co/Watch select full-length episodes on our YouTube channel > https://www.youtube.com/channel/UCP6ueaLnjS-CQfrMCm2EoTAConnect with us on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/===============Support the show

Welcome to the 200th episode of the Pursuit of Scrappiness podcast! We  celebrate this major milestone by flipping the script. Having interviewed top founders, VCs, and operators across Europe and beyond, we turn the mic on ourselves this time—reflecting on four years of podcasting, lessons learned, and what it truly means to stay “scrappy.” Fueled by thoughtful questions submitted by past guests, this episode is a candid and insightful deep-dive into what it takes to consistently create meaningful content, stay motivated, and grow a show in an ever-changing media landscape.On this episode we talk about:Reflecting on 200 EpisodesWhat It Means to Be a Content Creator TodayScrappiness ReimaginedWhat Can the Region Improve to Become More Successful Lessons from Guests That Changed Our ThinkingHow to Stay Consistent and MotivatedAnd more!Special thanks to the guests who submitted questions:Martins VaivarsFrank SondorsMartins LasmanisDonatas KerasAvery SchraderAnna AndersoneJekabs EndzinsVytautas KubiliusJulija JegorovaMikus Krams==If you liked this episode or simply want to support the work we do, buy us a coffee or two, or a hundred, with just a few clicks at: https://buymeacoffee.com/pursuitofscrappinessFind all episodes on >  https://www.pursuitofscrappiness.co/Watch select full-length episodes on our YouTube channel > https://www.youtube.com/channel/UCP6ueaLnjS-CQfrMCm2EoTAConnect with us on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/===============Support the show

This is an insight from our previous conversation with Ragnar Sass on helping Ukraine and Europe win:Why the Baltics are uniquely positioned to lead in defense tech.Defense sector sales cycles vs. SaaS—and how Baltic agility offers an advantage.How Ragnar’s team is building a fast, hands-on defense startup ecosystem with hackathons, bootcamps, and testing in Ukraine.Real examples of non-technical founders thriving in defense tech, and why operational skills are more important than ever.Ragnar Sass is a serial entrepreneur, co-founder of Pipedrive, and an active investor in the Baltic and Ukrainian tech scenes. Beyond his entrepreneurial success, Ragnar has emerged as a leading advocate for Ukraine during its time of crisis, founding the Help99 Convoy initiative, which has delivered over €10 million in aid and critical supplies. With deep ties to Ukraine through business and personal connections, Ragnar is leveraging his expertise to support defense tech innovation and foster resilience in the face of geopolitical challenges.Listen to the full conversation with Ragnar here on Episode 188:Link to SpotifyLink to Apple Podcastshttps://www.pursuitofscrappiness.co/episodes/188-ragnar-sass==If you liked this episode or simply want to support the work we do, buy us a coffee or two, or a hundred, with just a few clicks at: https://buymeacoffee.com/pursuitofscrappinessFind all episodes on >  https://www.pursuitofscrappiness.co/Watch select full-length episodes on our YouTube channel > https://www.youtube.com/channel/UCP6ueaLnjS-CQfrMCm2EoTAConnect with us on Linkedin > https://www.linkedin.com/company/pursuit-of-scrappiness/===============Support the show