“Even investment firms from 10 years ago would not believe that you can build significant companies out of Eastern Europe,”
says Bogdan Iordache, whose personal journey mirrors the transformation he is describing. As the founder of How to Web, Romania’s biggest startup conference, and General Partner of Underline Ventures, he has been both a witness and an important figure in the region’s evolution from the past 15 years.
“The best founders from Romania were as good as the best founders from London”
When Bogdan launched How to Web in 2009, drawing 450 attendees, mostly founders, few of them believed that our region would someday produce unicorns like UiPath. The evolution from outsourcing hub to innovation powerhouse wasn’t driven by exceptional venture capital wisdom, as Bogdan admits, but by unlocking access to capital for a talent pool that was always world-class.
“The best founders from Romania were as good as the best founders from London,” he says. “It was just that there were not that many.” Today, the region is rich in technical and sales-oriented people, though Bogdan admits that we still need to nurture the innovation aspect.
“We tend to be focused on surviving rather than winning”
The most fascinating aspect of the Eastern European start-up ecosystem is in its psychological landscape. Shaped mostly by recent history and politics, founders often approach business building through a survival lens rather than a winning one.
“We tend to be focused on surviving rather than winning,” Bogdan observes, highlighting a cultural contrast with American entrepreneurs who naturally position their ventures as “absolute worldwide killers.”
While resilience emerges as a defining trait of Eastern European founders, Bogdan warns it can become “toxic in a weird way,” potentially constraining the bold thinking required for real innovation.
“The best founders are customer-centric, not VC-centric”
At the heart of start-up success, regardless of geography, lies a deep focus, almost an obsession on customer needs. “The best founders are customer-centric, not VC-centric,” Bogdan says. This isn’t just another startup platitude – it’s what he genuinely observed after hundreds, if not thousands of interaction with founders. Success comes from deep customer understanding and relentless focus on user needs.
Bogdan’s insights on the humble beginnings of our ecosystem, the attitude behind our approach to business and the secret to real start-up success, all show us a nuanced perspective for its future – it might be built on capital and talent, but without ambitious thinking it can’t reach its full potential.
To hear more insights from Bogdan on the evolving Eastern European startup landscape and other interesting topics, watch the full episode of “Sweat, Tears, and Equity” where he shares more nuanced perspectives on founder psychology, investment dynamics, and the future of regional innovation.
Have you found these insights interesting?
Click the image and check out the full conversation with Bogdan Iordache in the latest episode of our podcast – Sweat, Tears and Equity
