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Taras Kyrychenko for SE MBA Class: An Investor Wants to Know about Your Business, Not Your Product

Alumni

SE MBA

An integral part of the <a href="https://mim.kyiv.ua/en/programs/se-mba">Senior Executive MBA program</a> is live meetings with individuals who have significant achievements in business, public administration, the non-governmental sector, consulting, and other fields. These conversations are unique because the speakers often share more deeply and frankly about their accomplishments, offering insights that are usually not available to the public or the press. These sessions allow students to closely examine the experiences of leading experts of our time.
Recently, second-year SE MBA students had an opportunity to engage in a candid conversation with Taras Kyrychenko, Chairman of the Supervisory Board of Nova Poshta, founder of the Ukrainian investor syndicate Toloka.vc, and a MIM alumnus (MBA-2000). This meeting inspired some attendees to immediately join the syndicate as investors. Although most of the discussion remained private, we have selected a few valuable quotes to share.
<ul>
<li>"Our syndicate was founded by three partners and me. Every day, we seek out companies that are doing something interesting. We have a strategy and criteria for deciding whether to invest in a particular company. First, the company should operate in large global markets, such as Europe, America, and the UK. Second, we want these companies to grow. If it's a small company with revenues up to $50 million, it should grow by at least 100% annually. If the revenue is higher, it can be 50-70% growth."</li>
<li>"To find companies that interest investors, you have to approach it like finding a good partner—'go on dates.' We meet with people regularly to see what they can do. We do not invest in companies with non-transparent business models. The economics of the project and how it creates added value must be clear. We invest in companies that understand they are in business to make money, just like us."</li>
<li>"To create something new, you must be better than what already exists. The idea of creating 'just one more bank' is flawed. No one wants a new bank that is the same as existing ones; it must be better. Determining how to make a bank better is crucial."</li>
<li>"Ukrainian entrepreneurs often lack a business focus when attracting investment. They focus too much on the product. A typical presentation of a Ukrainian startup is 70% about the product, but this interests only those who care about the product. Investors want 70% of the presentation to be about how you attracted the first and hundredth client, what channels you use, how you retain them, the cost of client acquisition, and the revenue they generate. This business mindset is often missing, despite the talent and engineering skills of the founders."</li>
<li>"To secure investment, a business needs to understand why it needs capital and have a clear plan for its use. It must be able to grow. Investors seek a tenfold return on their investment but also face the risk of loss. Businesses must demonstrate how they will multiply the investment and minimize risks."</li>
<li>"You need to learn where the best knowledge is available. There is no 'Ukrainian science' or 'American science'; science is global. Study where the best teachers and researchers are."</li>
</ul>

SE MBA students had an opportunity to engage in a candid conversation with Chairman of the Supervisory Board of Nova Poshta, founder of the Ukrainian investor syndicate Toloka.vc, and a MIM alumnus

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