Starting and self-funding a software business in Eastern Europe at the age of 23
Hristo Georgiev
1598

I agree with CabanisJP’s comment. It is great that you have shared many of your experiences while setting up your company. 
There, however, are some comments that I don’t quite agree with. One of them concerns the “difficulty” of starting a business in a developing country. In fact, starting a business in a developing country is an advantage. In a developed country, this process is usually much harder.

Big ups for your stubbornness and the fact that you have managed to save and succeed so far with the company. Similarly to you, I have also gone through specific struggles with my start-up, which more or less is in the same market as Centroida is. Ever since the start I had the idea to start with services in order to secure an adequate cashflow, but idea behind was always so that my startup could come up with a product. I don’t think that neither one of us has found the hot water there :).

The point with which I agree even more with CabanisJP, however, is the fact that you don’t appear to have a business mindset. Please, don’t get offended by that, you are definitely not alone in this. I have observed a great number of Bulgarian companies that have both great technical ideas and talent, but no business strategy whatsoever. 
Given the stagnant local economy ever since 2008 and knowing that locally companies are often delaying payments, you could have easily foreseen the cashflow issues that you experienced. Now that you are looking into retrospect, instead of criticising the other Bulgarian companies, you should actually realise that you had baled on the best advantage the IT sector provides, namely the fact that your market is not limited to your geolocation. The companies that you have criticised, never had this luxury, because they are bound to obey the local business environment.

I hope that you don’t take this feedback negatively as my idea was to provide a constructive feedback from a fellow entrepreneur. Bulgaria can only profit from the existence and prosperity of such startups. 
Best of luck ;)

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