Entrepreneurship In Real Life - Macedonia

Social entrepreneurship and its good practices in Macedonia

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HITTING ROCK BOTTOM AFTER INITIAL INVESTMENT

WHAT IS ENTREPRENEURSHIP IN REAL LIFE

THE POTENTIAL OF MACEDONIAN STARTUPS NUNC UT LECTUS

8 STARTUP FOUNDERS SHARE THEIR STORIES VIVAMUS NEC NUNC

NEWSLETTER

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What is entrepreneurship in real life All great countries, including the United States, were started on the backbone of entrepreneurs who had the vision and the drive to shape the countries’ futures as they saw fit. Any big corporations from Coca Cola all the way to Boeing, Apple or Microsoft were started as a startup. In a sense startups and entrepreneurs are the ultimate job creators who start with ingenious ideas, take risks and create value for a consumer worldwide. but what is entrepreneurship in real life?

Most simply defined, an entrepreneur is a person who identifies a problem in the system, takes the risk and starts a business to solve that problem.

Entrepreneurship and the startup era can bring new technology into life in many economic fields in our country such as education, productivity, health, finance so on and so forth. Startups via making products that make those economic fields become more users friendly and easily approachable by wider range of customers can open new jobs. Entrepreneurs can create companies where young minds can develop and get a job, ultimately making young people stay in Macedonia. This is an era in which even global giants can adopt and adapt many of the tools developed in the entrepreneurial world to strengthen their own ability to grow as companies.

Nevertheless this basic interpretation shades little light into the specific characteristics and attributes that make a person entrepreneur in real life.

But before we dig deep down trying to answer this question, and before deciding to quit your day job it is necessary to consider what it takes to be an entrepreneur. In the in the following pages we will interview some entrepreneurs and try to understand from their perspective what entrepreneurship is all about and what they think makes a truly successful entrepreneur.

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Startup Macedonia We start the interviews with the interview of Startup Macedonia. Startup Macedonia is a collective of startup founders, experts, and organisations, with a mission to inspire the collaboration and networking between startups and all the local stakeholders in order to build a better startup community in Macedonia.

The umbrella organisation was founded in August 2016, one of the co-founders being the writer of this newspaper, with a mission is to inspire innovation, development, and networking between startups and all the local stakeholders which are part of the eco-system in order to build a better startup community.

I set down with the president and representative of Startup Macedonia1 Dejan Aleksov to talk about the help that this association gives to the local Macedonian startup ecosystem, including social entrepreneurs.

1. Startup Macedonia is umbrella organisation that overlooks all startups in the Macedonian eco-system.

Can you tell us more why the need for such organisation?

Dejan Aleksov: Startup Macedonia is an organisation that provides a supporting role to the whole startup ecosystem, with a goal to try and connect the relevant startups and organisations. Our organisation was formed after the stakeholders discovered a gap in the ecosystem which diminished the networking effect.

Thus Startup Macedonia was born to close that gap and improve the networking, and provide support to the organisations In the brief existence Startup Macedonia was pretty active with creating the right entrepreneurial ecosystem in Macedonia. What projects and activities are happening in this period?

At the moment we are working on an research of the startup ecosystem of Macedonia. The research will contain statistical data from over 70 stakeholders in the community (startups and organisations). The end result should be able to help the organisations improve their services and provide relevant support to increase the volume of startups created and help the already establish grow faster and be more competitive.

2. How many startups does Macedonia have?

Dejan Aleksov:As you know the startup market is quite volatile. Currently, there is no concrete data about the number of startups, which has become a priority for STartup Macedonia to work on a research and mapping and create a platform that will provide such a number. Roughly we know of between 100 and 200 teams and/or entities that are either working on projects, on startups or are participating in startup programs.

3. In your opinion how does the average startup look in Macedonia?

Dejan Aleksov:Currently, if we look at the overall picture the Macedonian startup ecosystem is between ideation and first prototypes, as most startups drop at the latter stage. There is of course number of startups that are showing growth, but they are no supported enough to expand on new markets.

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http://startupmacedonia.mk

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The average startup therefore is a team that is trying to build the best product they can build, but they lack the idea how to validate that product, get first users, or scale it 4. Finally, is the future bright for Macedonian startups?

Dejan Aleksov: There is a will from all the stakeholders to improve the ecosystem, we all try to align and work better. We certainly hope that future will be bright for Macedoninan startups, but we are also aware that nothing can happen over night.

Foundation Stambolievi In the previous couple of years, more and more organisations are helping and offering support to startups, innovators and bright students. One such organisation is the Foundation prof. d-r Dimitar Stamboliev. I had the pleasure to sit down and talk to Mr. Aleksandar Stamboliev, Director of the Foundation prof. d-r Dimitar Stamboliev, foundation that is providing scholarships to the brightest students from the Mechanical faculty and other faculties from Ss Cyril and Methodius University in Skopje, Macedonia 1.

MrStamboliev, your father was one of the first professors at the Technical Faculty in 1959 out of which Faculty for Mechanical Engineering was established as an independent member of University Ss Cyril and Methodius in Skopje in 1977. He was professor emeritus and unique person that created a foundation that was mostly funded by the income generated by the income generated from publishing his academic books, to support talented students. Can you tell us something more about the founder and the foundation?

Aleksander: Prof. Stamboliev was having an unique opportunity to be involved in major industrialisation of Macedonian and Yugoslav mostly agriculture economy, in both capacities, as an constructor involved in the industry creation, and in parallel developing secondary and mostly higher education in Mechanical engineering (focusing on construction and mechanical elements) to provide necessary set of skills and knowledge to lead societal change just after the Second World War. In order to align domestic industry development with global trends, he was a scholar of mayor German and Swiss Universities and companies.

This international recognition enable him to be elected as one of the three representatives from the Balkans (including one Slovenian and one Bulgarian University Professors) to take part in international working committee of ISO standards, with focus on establishment of necessary standards for Mechanical Engeneering.

Bearing in mind the necessity of recognizing talented students, prof.

Stamboliev established Foundation prof. d-r Dimitar Stamboliev in early ’90, in a period of transition from former Yugoslavia and to market economy, in a period when the whole industry collapsed. Prof. Stamboliev envisaged the momentum that brave people which would like to build upon their passion and hunger for excellency in knowledge, with an instrument which did not exist back then. At beginning, foundation established the first pillar of its activities -

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providing awards to most advanced students in Mechanical engineering studies which managed to graduate with higher scores in shortest period of study. A decade after, the second pillar was established, to provide monthly scholarships to same category of students. The focus was extended on students studying Electrical Engineering, as the “brain” providing motion to any mechanical equipment, followed by Medical and Natural science students.

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Last year the foundation expanded its goal and will focus on entrepreneurial teams that will solve problems and real case studies for innovative companies in Macedonia. How do you envision the whole process?

Aleksander: Taking in consideration the global trends in innovation taking place in big industries and the pioneering spirit by the young innovative entrepreneurs, foundation established the third pillar: providing support to interdisciplinary teams which are providing various solutions on real case studies provided by local and global companies. Seems Although we are living in dominantly individual center based societies, the power of unity from various science disciplines is the only way to tackle global, dynamic and digital challenges.

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Why it is important to invest in university students from the technical sciences.

Aleksander: The only added value which can be brought in any science, is predominantly in the hands of talented engineers.

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In collaboration with the French ambassador the foundation implemented the night of ideas for the third time at the Mechanical faculty. One of the guest speakers was Mr. OlivieCrouzet from the world renewed Ecole 42 from Paris. What were the conclusions about entrepreneurial education and education in general?

Aleksander: Educational systems are facing two major challenges. Let’s distinguish them by origin and their advantages vs constraints: a)

Academic – providing set of skills for the past, bearing in mind the period needed to create curricula, receive necessary accreditation, implement and evaluate the impact of the planned indicators with students achievements in comparation to labor market. Over 5 years and creating mostly academics missing the momentum with the industry. Thus, this system creates set of skills and knowledge for the past, historical momentum which can’t cope with future needs.

b)

Applied – in most European countries, applied universities are established by the industry itself, therefore creating set of skills and knowledge to solve the current problems.

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How to create labor force which will be equipped to face unpredicted future, which by its global and digital predominant impact, is having hourly changes? Ecole42 created educational system based on real case studies problems (individually and in a group), leaving all directions to solving the problem. With this approach, individual creativity and collaborative team work is giving maximum added value to solutions provided by young innovators. Therefore, Ecole42 can be proudly called the education which provides set of skills to cope with unpredicted future challenges.

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In your opinion what resources do Macedonian innovators, entrepreneurs and startups have at their disposal at the early stage of development?

Aleksander: Macedonian fragile economy is a huge potential for Macedonian students. Identifying the potential for transforming in alignment with industrial revolution 4.0 is a first step. To make this happen, an pragmatic approach run by University resources (students as a driving force, supported by professors and existing laboratories), should put all their effort in transforming existing economy and align it with global trends. Once this miracle happens, as it happened in last century after Second World War, most innovative Macedonian entrepreneurs will be ready to compete on global scene.

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In one sentence what do you recommend to new entrepreneurs do right after they start their business?

Aleksander: Don’t limit your innovation to existing solutions. Grab evert momentum and explore your surroundings. There is constant need to advance the systems and you should start from your primary surrounding. By solving simple but relevant problems from daily, technical and business aspects, you will start think big. Don’t accept no as an answer, neither accept insufficient systems. Perceive them as an opportunity for productivity or product or service or process improvement. And yes, you are the one who

should lead this change.

Hranaza site 1. In the short time that this social enterprise exists, Hranaza site made huge disruption on how we see and distribute food . Can you tell us something more about the idea, the motivation and the team to start such a social project?

Jane: One-third of all food produced for human consumption worldwide is lost or wasted. Around 88 million tonnes of food are wasted annually in the EU, with associated costs estimated at 143 billion euros.

Wasting food is not only an ethical and economic issue but it also depletes the environment of limited natural resources and contributes to climate change.

The idea of "Hranaza site - Food for all" was born a year ago in one of the restaurant chain in USA, when I first saw the amount of unused surplus food to be thrown away. I thought it was a problem only there, but I researched and realized that this is a

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global problem, and surplus food is everywhere. The reason that led me to start “Food for all" was the low economic standard and the high rate of food waste in the landfills in Macedonia. As an economist I wanted to find a concept that will reduce the problem and yet be sustainable. The team now is composed of three members each with different educational profiles that help us to see the different perspectives of the problem. I am working in the field of finance and finishing my master degree in project management, Maja Kostovska is working as a Environmental Lawyer and Biljana Makrevska is Environmental engineer.

2. Can you explain us “hranaza site” in a paragraph?

"Hranaza site - Food for all" is innovative platform that will allow you to get information and purchase perfectly good food, that catering facilities could not sell during the day for a lower price. (up to 80% cheaper). Our mission is to motivate the catering facilities and the people to return the lost value back onto food as something that should be eaten and not thrown away.

"Hranaza site - Food for all" fights food waste by giving stores a platform to sell their surplus food for lower prices. Additionally, there is a part of the platform through which the catering facilities with the help of NGO's will donate the food where it is most needed. In the previous year or so, hranazasite.mk was recognised as one of the best social ventures in Macedonia, the fact is you won many awards including the prestigesrockefeller brother award (philanthropy for green ideas ) tell us more about this experience?

The previous year has been great success and the team of ,,Hranaza site’’ is truly thankful to every encouragement and recognition that we got on the way. It helped me and my team to work harder and raise funds to get closer to our goal. Our first recognition came from a business plan competition organised by CIPE and YEF that helped us to believe in this idea. It followed by philanthropy for green ideas which is an annual competition that seeks to support the development of local and sustainable small business ideas in the western balkans. Firstly in the local competition we were recognised as national winners which enabled us to compete on regional level where we won the prestige award of PGI2017 supported by the Rockefeller Brothers Fund. I must say it was quite a journey fulfilled with people which inspired me. This people are not afraid to take an action and they have the energy and the passion to overcome the tough times. Visioners and sincere friends that gonna shape our society. Thank you ARNO and Philanthropy for Green Ideas for making this possible. The last but not the least was Social Impact Award were we won the community award and we had the chance to be among the european winners on the european impact summit.

3. How are the customers and restaurants reacting to hranazasite?

Jane: Till now most of the reactions are supportive and positive, additionally people like to feedback the idea, which is really important for the continued progress. Each stakeholder on this platform must have interest from it, otherwise it would not be sustainable on long run. Restaurants see this platform as a chance of reducing cost, reach new customers and increase their sustainability branding. The customers from the other side see this as a chance to try different type of restaurant food and yet reduce their food budget. Combined with the NGO’s and the system of donations they are all making positive change for more efficient and productive system.

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4. Do you expect any change in the mindset of people towards food waste and what are your expectations for the future? Where to next?

Jane: Food waste has serious environmental, social and economic implications, yet often is overlooked. I think slowly but surely, lot of new initiatives around the world shape and will be to get quality feedback from as many partners as possible. Implementing the feedback and building big community around the platform will enable sustainability and meaningful results change the mindset towards it. The topic about food waste definitely drew more attention in the last couple of years, which is positive for increasing the awareness and taking steps towards solutions. Our goal is to create an economically viable and environmentally conscious community that will be the driving force of a sustainable and more productive food system. After months of hard work, we are launching our web platform in March and the first goal towards our mission.

When in X When in X is an online marketplace where visitors can explore and book outdoor activities, cultural experiences and events hosted by locals. Unlike traditional travel agencies that directly sell to customers, WhenInX are connecting travellers with local “experts” who become the service providers. To easier understand their business model think of WhenInX as AirBnB for the adventures. All said, it was time to talk bit more with Antonio Kuzmanovski, the founder of WhenInXand talk about hiss vision of the future of travelling?

1. How did you come to the idea to start the Balkan adventure platform? What does the tagline “Do the Balkans like a local” stand for?

Antonio: The name When in X comes from the old proverb “When in Rome do as the Romans do!” so we have the motto as well from the same saying. Anyway with the latest version we are acquiring some tours outside the Balkans and the we are changing the tagline to “Do as the locals do”.

2. Someone might call you a travel agency but you far from and tour operator, tell us more where does your competitive advantage stands?

Antonio: When in X is online marketplace for tours, events and experiences provided by locals. We are the platform that will connect curious traveler who want to meet and explore the local environment he visits. We also encourage the local community to involve with the travel industry and stand together with its own culture and habits.

3. In the moment wheninX team is on a retreat in Madeia, Portugal. Tell us something more about the whole international experience that the team has?

How important is to be truly international?

Antonio:

During our participation at WebSummit in Lisbon 2017 we had Alpha

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boot and there we met a lot of people from different interests and portfolios. One of them was Carlos, the organizer of Madeira Startup Retreat who invited us to apply in their program. After their selection we were informed that team When in X is selected among other 9 startups out from 61 applicants. The program is very nice it is for tourism startups only and we have unique chance to meet and work with very interesting startups from all around the World, we have specialized mentoring sessions dedicated on travel industry and the Island itself is magical place to be. We started working on expanding the market directly here and so far we have 20 tours that are available to book in Madeira, provided by locals, of course.

4. From the moment you lunch the platform has enormous traction, give us some insides behind the numbers. How many visits, how many bookings, how many offers are on the platform?

Antonio: The launching happened in September, probably not very good timing for tourism application with most of the tours in Macedonia, but we managed to have good coverage (there was a post for us in LonelyPlanet) and traction, around 20.000 visitors have checked the site, over 1000 users and 100 active tours. Most important for us is that we have validated the product on the market and we have the major functionalities up and running from what we were planning to implement in the first version.

5. Where do you think your growth will be next year and what does the future hold forwheninx.com?

Antonio: We have plan for growth and expansion in the region, we are also looking to increase our team with people who share our vision and passion. Like every other startup we are in search for a investor or a partner that will speed up the process to becoming well known european app for authentic tours and experiences.

Gordian Sistem Gordian Sistem is a Macedonian company that works with embedded technologies and hopes to make disruption in how we take care of old people. For the research and development of their product “Carrie�

Gordian Systems got investment from the Macedonian fund for Innovation and technological development.

I sat down with Toni Bachvarovski, the CEO and Founder of Gordian to discuss why Gordian are a bright example how one startup from the Balkans can make products for the American market.

1. Hello Toni. I’m personally eager to know how a small embedded startup coming from Macedonia is planning to disrupt how we take care of our elders? Can you tell us more about the company and the solution you are working on?

Toni: Hi Igor, thank you for the invitation for the interview. Gordian Sistem exists for about 5 years, initially we only worked on outsource technical support and consultancies for companies from Silicon Valley with a goal to create profits and experience for making its own product. And luckily the plans worked, we put on the whiteboard all ideas we had and select the most promising

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one, “Carrie�. Carrie is a product that will change the way we think about long term care (LTC). Our product helps the caregiver to monitor their beneficiaries without using much manpower. Carrie follows the movement, position, heartrate, quality of sleep etc of the beneficiaries, and in one segment creates alarm when person falls, or heartrate is out of charts, and in another segment that is unique the smart server learns the patterns in peoples life and alerts when something is out of usual, like the length of sleep, time outdoors, number of rests, socialization etc. All this alerts can tell to caregiver that something is off and to take some persuasions about this person, as this changes are result of physical or mental change. Carrie in the first stage is aiming the organizations provide long term care, as the facilities and Care at Home organizations, and in future we will have individual home version for family or unofficial caregivers.

2. At this moment you are in the testing stage, you have implemented the solution in 2 homes for elderly?

How are people reacting to it?

Toni: Yes we are testing in 2 locations in Macedonia, and 3rd one is individual user (my mom) and we have range of reactions. The beneficiaries, initially thought of it as a surveillance system, so the next day we find them whispering and quiet. Then we realize that we didn’t explain well that is not recording sound or video, we learn and improve the presentation greatly after this. The caregivers are happy, managers especially, this take away unnecessary checkups and give them time to do other things and focus od real issues in the facility. Working in real environment gave us huge amount of new knowledge, after the first few weeks when the caregivers were happy with every single thing, then they learn about the potential and started giving us the real feedback, the needs and our work quadrupled, but we are happy with it, as only like that we will have great product.

3. Beside bootstrapping your business, you won the grant from the State fund for innovation from Macedonia. How has the opening of the state fund for innovation and technological development helped entrepreneurs like yourself strengthen their businesses?

Toni: Opening of the fund in Macedonia and winning the grant speedup the process and gave us the confidence. First the application process is complex, but needed, it is not just for the application and the fond, the company have to created much needed business plan, and answer some question that we never think about. Then the development with extra money goes faster, throughout and after the project we received consultancy time payed by the fond, by some very experienced consultants, what prepare are for the next phase. The real entrepreneurs can definitely benefit from the FITR, and the others we have to realize that the fond is to help your business grow, not create your business, it is not a 1 or 2 year project that will end, it is part of the process that is difficult but fun and rewording.

4. Toni, you have spend part of you life in California, in your opinion what are the competitive advantages that countries from East Europe have compared to the Sillicon Valley/USA? Toni: Not many, just kidding. Eastern Europe should become the next California. If we look at the history of California is not that rich and fancy as California now. Early Californians were brave people that went to the end of USA to build their home, lack of people, lack of resources like food and water make them hard working and innovative, and from the desert they made the biggest producer of the food in the world. That striving for better, bigger faster without great resources made California great. This is the spirit that created the modern California. In eastern Europe, we have education, some infrastructure, and lack lot of things, but the necessity is the mother of all innovation. If we compare today, cost for development and support of new products are 4-8 times lower in Eastern Europe, so we have a head start in that. Unemployment helps companies to recruit local manpower fast and easy. The new free trade world is opening us the big markets, so we are not competing for our small market size, but shoulder to shoulder with US companies we can

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take part of their market. Just we need to learn to be competitive, what comes natural to people in Silicon Valley, there is not time for stall, constant progress and innovation are the only way to compete.

5. What are the future plans of Gordian Systems?

Toni: Our next step is to find the second round of funding. We are applying for Horizon 2020 SME grant in March, and searching for partners Europe and USA. The development is ongoing with our money, but a larger investment can bring us to the market faster. The Next Generation, our interns and young employees are trying to bring the smart technology in fight against pollution, even in farming. So don’t be surprised when you see “Carrie for vegetables” or “Carrie for pollution” kind of projects. Our general plan is to never be bored, but excited about what we do now and tomorrow.

E^2 1. You started your business quite young, straight out of University, how did the process go from idea stage in your University years to making a prototype.

Aleksandar: I have always been interested in science, technology and entrepreneurship. I remember when I was 1st grade, we used to receive magazines intended for 1st to 4th graders. On the first page of the magazine there was a science section and while all the other kids were interested to read horoscope and see which posters of celebrities they got, I was inpatient to read what was new in science that week. Enrolling in University I had one taught in mind, and that was to grasp as much technical knowledge as I can, because I taught that business knowledge can be taught easily. During the studies I had a chance to enroll in StartUp Academy which was 6months startup school where I had chance to develop any idea I had. I ended up changing my idea couple of times and at the end I pitched my idea in front of investors which were very interested and the story of E^2 was born. Later I won 3 competitions and secured small funding to make a prototype, found customers and investors and founded a company.

2. Is it easy to be called the Europe’s Elon Musk and sill be 25?

Aleksandar: Hahaha, it’s great! Also, it comes with great responsibility to deliver on 3. Is the future in green energy and will every home have a solar power plant?

Aleksandar: The idea is great except with current technology there is not enough silver on the planet to make it happen. I don’t think that we can power the world only with solar energy, but for sure solar energy can be one of the major sources. Following migration patterns in the past 200 years we can see that people want to go from rural areas to big urban cities. Currently we are witnesses of forming two megacities in China (Beijing, Tianjin and Hebei) and US (San Francisco and Los Angeles). In such dense populated areas with current technology, we can’t place enough solar modules or other technologies to power them, they will always be dependent on the grid and big power plants.

4. What are he challenges that young innovators face in Macedonia and the region?

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Aleksandar: The brain drain is very concerning, it’s very hard to find smart people who can see their future here and are motivated to stay. The Macedonian market is limited to 2 million people, and it’s very hard to secure funding to develop companies internationally. There are many other challenges in social, business and policy sectors but I still think it is worth to take a shot and try here.

5. What are the next plans?

Aleksandar: Currently we are preparing to build the first power plant based on CSP technology here in Macedonia so we are thinking about that all the time and we are not in position where we can make plans 2-3 years from now, but our vision and mission are strong and we stick them very hard.

6. What resources are available to young entrepreneurs like yourself to develop their ideas?

Aleksandar: I think that Skopje offers a lot for young entrepreneurs in the idea stage. There are lots of coworking spaces, pre-acceleration programs, startup academies, CEED club of business angels, SEAVUS Incubator, SWTA, Fund for Innovations and Technology Development, all kinds of startup schools, workshops and great community that can support your idea and take you to the next level which is very important for solo entrepreneur at his humble beginnings.

Letz.do There are not many success stories in the Macedonian startup ecosystem but one which we as Macedonians are thinking foundry about is Letz.do. It was not only the first Artificial Intelligence backed chatbot in Macedonia but also the first technology startup that was backed by Venture capital fund in Macedonia. letz.co is a startup in the true meaning of the word. They were the first Macedonian startup to get investment from Venture Capital firm in the amount of 100.000 , they lunch a product, they won one of the most prestigious awards, Product Hunt’s bot of the year award, they were invited to participate at almost all important conferences in the world and then, they ran out of cash…

Excited to know what is Letz.do, right? - I sat down with Nino Karas the CEO and co-founder to talk about the startup, the future plans and the lessons learned.

1. First and foremost, what is letz.do?

Nino: Letz is a multi-platform productivity app that strived to make life easier to young professionals who couldn’t afford their personal assistant but want to be more productive. Lucy is one of the Letz characters who uses Artificial Intelligence (AI) and keeps track of your daily activity.

She keeps you productive and knows what exactly to send you and when.

2.Nino, Letz.do was the first startup from Macedonia to get Venture capital backing, how did it feel to have someone recognising the potential of the team and the idea?

Nino: Getting the financial support from a VC is one of the most important things that you can get for your startup. It feels like you don’t need to worry about money, which for a technological startup as ours, is from utmost importance in the

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beginning. We got the finances at the idea stage and it was the first time a VC gave 100.000e for startup in such an early stage in Macedonia. on the other hand, being the first startup to get VC funding in Macedonia felt like being national heroes at least for the people in the Macedonian startup eco-system. The investment itself meant we could focus more on product development and building the team.

3. in a sense, letz.do was a startup in the true meaning of the word. It got investment from VC, lunched a product, won many international awards, visited important conferences around the world but something went wrong. From this perspective what would you do different?

Nino: Well, if we are to do letz from the beginning for sure we will focus on second fundraising from an early stage. For a technological startup that spends a lot of time in development before it starts getting revenues a gap in financing can kill the company. Something that happened to us.

In a sense the most important thing that a startup needs to do is to stay creative, to keep up with the vision and learn what the users and the customer want in order to bring the solution closer to them. But in order to do that you need financial support from the early beginnings till the very end. What I want to say is that when your startup runs into financial problems you get in the stage when you are not creative and start thinking about finances and funding more than you think about the product. And that atmosphere can crash the positive vibe that the startup had at the very beginning. My last advice is to all entrepreneurs and freelancers is to plan the financial part of at least a year upfront.

4. Serial entrepreneurs like you never give up! - what are you working on now and when can we expect the letz.do team in the spotlight again?

Nino: We are in a stage when we are recounting our losses, so we can be in the creative recognition phase

once again. We want to plan out as much as much as we can, get to the new idea an lunch something were soon. i cannot tell you what we are working on right now, but for sure there will be something new by the end of 2018.

5.What Does Success Look Like for Nino?

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Nino: Success looks like a smile on a user’s face. The moment when you realise that your product helped someone in the world do something better and safe somebody time.

Nothing makes my day as a positive review for a product that I have created.

6. What resources are there for young entrepreneurs in Macedonia?

There are various programs offered by the government, various NGO’s; as well as international mentorships programs. One such program that has helped me and my team is the Entrepreneurs in residence program offered by the SwissEP program. This program helped us get international mentors and consultants to work with us to overcome problems the we were facing.

7. Is there are a startup that you look up to?

We always get motivation from the guys who created basecamp tool - 37 signals . The way how they approach solving things by making them as simple as possible is mesmerising to us 8. Finally, is the future bright for Macedonian startups?

We are in the startup scene for long time but in the last 2 years the the things are moving in the right direction. There are financial bodies that support startups, pre-acceleration programs, Incubator , accelerators. However there is solid business accelerator missing which will invest in early stage startups as well as couple of more VC funds that will support local startups. Nevertheless I think that that soon we will big names coming from the region very soon.

TeachHoot Tosho Micevskiis the Founder and CEO TeachHoot.com, a web-platform where tutors and students met and share knowledge. In my opinion this startup has taken tutoring in Macedononia on another level students have taken to another level. Is the future of tutoring digital? - we will find out in the following interview with Tosho.

1. Hello Tosho. You have quite the exciting professional life path. You were working in Australia for long years and then decided to come back to Macedonia and start an online tutoring platform. Can you tell us more how the idea emerged and why in Macedonia Tosho: As a student, sometimes I needed assistance with a particular subject, usually one day before the exam. I was irritated by the fact that I could not quickly find someone explaining to me the math problems that I had difficulty with. Sometimes that help was needed after 10 pm at night. Even then I cried out why someone had not invented an online platform where quickly and simply the support would be reached. I was waiting, but the solution didn't come. So, I created the solution. I chose Macedonia as a destination because here the costs of establishing a company and the very cost of living are far lower than in Australia.

This give you more focus on innovating then surviving the next month.

2. Tuitions and education online are competitive markets, if not the most competitive onesWhat’s your biggest threat at this moment?

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Tosho: That is true. Other competitors entering your space pose the most significant threat. That’s why building your brand name is vital; without a strong marketing campaign, one math tutoring service is likely to look much the same as another.

3. Do you think tutoring will become entirely digital in the following years? Can you elaborate globally and then focus on the Macedonian market?

Tosho: I think the future of online tutoring is bright, but only as a helping tool, the classical off-line education would still be here in the time to come. Although currently, it’s a nascent market, the global private tutoring sector is expected to cross 102.8 billion by 2018 according to Global Industry Analysts, Inc. (GIA) of which the United States, Europe, and the Asia Pacific is to encompass more than 90% of the global private tutoring market. The Macedonian market is unfortunately delinquent in the implementation of new technologies. Skepticism and distrust in everything new is the main reason for this trend. For us to accept something, one needs to be recognized from around the world first. I think over time this situation will improve. For this to happen, we need to change the way we think, and it's not an easy process. I see virtual reality and augmented reality as the future of online education. These technologies will mark the next 20 years.We as TeachHoot see the future in utilizing and integrating these technologies as a part of our long-haul strategy.

4. What resources are on disposal to startups in the region? Do you think these resources are enough for entrepreneurs and innovators?

Tosho: Unfortunately, assistance to startups in the region is almost non-existent. More money is thrown to quasi-nongovernmental agencies then innovative ideas. Getting the money is hard. The lack of real venture capital firms and business angels does not help our case. Bootstrapping is our way for the time being. I hope the things will change so that we can see more prosperity in the region.

What kinds of businesses can be started with very little capital and what types of low-budget resources are available to those who are interested in pursuing a new line of work In the previous newspaper we have listed all organisations and companies who can help entrepreneurs and now we asked entrepreneurs what business they think can be started in Macedonia with little capital and what types of low-budget resources are available to the who are interested in this line of work. The answers were not connected with what kind of businesses as most of them agreed that everything can be opened in Macedonia but with the ecosystem connected. In summary most of them think that there is potential for Macedonian startups to

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disturb the generally traditional market and align it with the global trends aka globalisation 4.0.

Although they say the startup ecosystem is not as developed as other countries especially Bulgaria and Slovenia as closes neighbours and countries, Skopje the capital offers a lot of co-working spaces, hubs and meetups where likeminded people can gather and share ideas. But more importantly most of these organisations offer programs for early stage startups and idea stage teams mentorships, programs and support to take the idea to the next level which is much needed for the entrepreneurship journey. Nevertheless the lack of real venture capital firms in Macedonia and the Balkans is something that needs to improve in the years to come if we want to see more people opening their own companies. Bootstrapping or financing the startup company with profits is the only way for a company to grow in countries such as Macedonia.

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Low budget - Huge success!

If you are willing to become an entrepreneur but barely have any money this are some ideas that may come in handy for you, future businessman (or businesswoman): 1. Sale of specialized art and crafts An artist can take a raw material and turn it into art, whether it focuses on a classic aspect of art, such as making paintings of outdoor settings, a modern art, creating, for example, art from garbage, abstract art. It is important that just as you use your artistic side, consider the analytical side: how am I going to sell my art? It is advisable to think about the final customer, to find distribution channels for your product.

2. Homemade food A new business is the sale of homemade food, for example, selling unique, exclusive food, or a different concept. It is true that starting a restaurant can be expensive, so to lower the investment, it is advisable to create a food-truck, which can reduce your fixed costs.

3. Sell your experience and knowledge An easy business idea is to apply your experience and knowledge in a specific field, and offer your services to people or companies. For example, let's say that you are qualified to offer specialized courses of the SAP program, necessary for medium and large companies to control their operations. In this case, it could offer SAP courses, by various means, for example by Internet, face-to-face courses, advisory services and consultation.

4. Business of your hobbies Another practical business idea is to use the knowledge you have of a hobby that you are passionate about, and to sell products or offer a service. However, you should pay attention if the hobby has enough audience or interest. A very common problem in the hobby business, for example the sale of cars with remote control of gasoline, is that there are very few people involved in the hobby, therefore it is a business with little sales capacity.

5. Sports business In the event that you have a special sports skill, you can create training services. For example, a profitable business idea is zumba gyms, in which people exercise by dancing. This is a low cost business idea, because you can offer your service in a public park, at home, in a rented space, without the need to resort to expensive devices.

6. Cart or kiosk The profitable business unit is to put a cart or a kiosk for the sale of demand products. The most practical advice to start a business of this kind, is first find the unmet needs of the market. For example, let's say that we rent a kiosk in a shopping center at an attractive price.

Before starting the first business idea that comes to mind, we have to study the behaviour of people who visit the mall, and analyse what they are looking for, what they buy or what is missing in the square.

7. Sell on the Internet Businesses on the Internet have become an economic model of starting a new business. For example, you can sell products in eBay, sell through Facebook, create your e-commerce site, use Google Maps to position your business on the Internet, etc.

8. Translation service

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In a more interconnected world in relation to business, nowadays any company can expand into international markets or take advantage of international business opportunities. For people trained in a languages such as English, French and Mandarin, there are many possibilities to offer translation services for specific drafts, such as the medical industry and legal aspects (for example, documents translated for the embassy).

9. Virtual assistant This business idea of little money, refers to offering secretarial services remotely. Much of the work that companies do is intangible, for example Word documents, PowerPoint presentations, or financial analysis in Excel. A virtual assistant can help with these tasks, without having to be present in an office.

10. Child care Babysitting is always necessary for busy parents. This results in a low investment business opportunity, for those people who can offer trust for parents, and an attractive price either per hour or per day.

11. Elderly Care The worldwide generation of Baby Boomers (those born after World War II) requires specialized services for the elderly. An innovative business idea will be to develop services not only for care, but also for entertainment, education and health focused exclusively on the elderly.

12. Personal buyer Generally, wealthy people do not have enough time to do their shopping. This idea refers to offering an assistance service for purchases, where you charge a commission or a monthly fee for making the purchases that the person requires. This is a business idea of zero investment, which requires contact with high-income people more than anything.

13. Walking Dogs Do you love pets and exercise? Walking dogs is a very simple business idea that you can start after school or work with the dogs of your family and friends.

14. Write There is a lot of information that needs to be transcribed, from audio and video interviews to speeches. If you are a good typist with some extra hours and a computer, you can undertake a service of this type.

15. Social media manager Many small companies and other entrepreneurs cannot afford a full-time Community Manager to carry their social networks. Starting a company where you can support these businesses for a while can be a very good business.

16. Private classes of school support Another business idea that does not require much capital, we think that the ideal would be to have a space at home to offer private classes of school support and it is true, but you can still offer classes at home, the minimum capital required would only be to pay the transportation.

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