In this episode of Nothing Ventured, host Aarish Shah welcomes Enis Hulli, a general partner at E2VC, an early-stage venture fund focused on supporting founders from emerging Europe. Enis shares insights from his journey in venture capital, detailing how his experience with 500 Startups helped him navigate the complexities of fund management, from legalities to fundraising. The discussion emphasises the importance of building a strong network and mapping talent early in the investment process. Enis also explores how emerging Europe is cultivating US-native unicorns and the challenges of remote-first operations in achieving significant growth. Tune in for valuable perspectives on venture capital strategies and the evolving landscape of tech entrepreneurship in emerging markets.

Timestamps:
00:00:00 - Introduction to Enis Hulli and E2VC
00:00:31 - E2VC's Investment Thesis and Strategy
00:01:02 - Importance of Network and Talent in Early-Stage VC
00:01:40 - Building Unicorns in Emerging Europe
00:02:05 - Expertise in Gaming and Deep Tech in Emerging Europe
00:02:30 - Trust and Relationship Building in VC
00:02:51 - Host Introduction and Podcast Overview
00:03:32 - Transition from 500 Startups to E2VC
00:04:09 - Benefits of Independence from 500 Startups
00:05:01 - Evolution of Fund Size and Investment Strategy
00:05:44 - Brand Control and New Initiatives at E2VC
00:07:08 - Launching a San Francisco Office
00:07:31 - Initiative to Fund High School Students
00:08:20 - Talent Mapping and Early Engagement
00:09:12 - Identifying Entrepreneurial Traits Early
00:10:09 - Long-Term Thinking in VC
00:11:08 - Word of Mouth and Reputational Branding
00:11:45 - Malcolm Gladwell's Tipping Point and Talent Strategy
00:12:09 - Changes in Emerging Europe Over the Last Five Years
00:13:09 - Consolidation and Global Focus in Emerging Europe
00:14:09 - Importance of Proximity to Talent and Capital
00:15:08 - Shift in Founder Mindset Post-COVID
00:16:11 - Building Unicorns from Emerging Europe
00:17:00 - Importance of Being in Major Hubs
00:18:16 - Strengths and Weaknesses of Emerging Europe
00:19:08 - Founders' Mindset and Continuous Improvement
00:20:09 - Migrant Hustle and Proving Oneself
00:21:03 - Learning from Experienced Entrepreneurs
00:22:27 - E2VC's Edge in the Market
00:23:00 - High Conviction and Talent Mapping
00:24:11 - Signalling Value and Reputation in VC
00:25:14 - Engaging LPs and Their Expertise
00:25:42 - Investing in Ukrainian Founders
00:26:15 - Framework for Investing in Conflict Regions
00:27:08 - Technical Talent and Mobile Gaming in Emerging Europe
00:28:07 - Resilience and Anti-Fragility in Emerging Markets
00:29:05 - Cyclicality and Anti-Fragility in VC
00:30:09 - Benefits of Operating in Emerging Jurisdictions
00:31:03 - Writing Larger Checks at Pre-Seed and Seed Stages
00:32:22 - Capital Efficiency and Product-Market Fit
00:33:05 - Balancing Capital Constraints and Strategic Bets
00:34:13 - Differences in US and European VC Mentalities
00:35:09 - Iteration and Finding Product-Market Fit
00:36:14 - Underwriting Teams and Execution Speed
00:37:25 - Founder-Driven Investment Decisions
00:38:26 - Unlimited Runway and Iteration
00:39:01 - Short-Term Thinking vs. Long-Term Vision
00:40:07 - Unexpected Product-Market Fit
00:41:24 - Case Study: Unicorn Growth Story
00:42:13 - Understanding Customer Base and Market Potential

Find Enis Hulli online at:

LinkedIn: https://www.linkedin.com/in/enishulli/
Twitter: https://x.com/EnisHulli
E2 VC: https://e2.vc

This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B.
Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/

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