The remote investment thing actually lies halfway this path. Somewhere closer to its beginning there was an accelerator. The most typical accelerator you can get — the one comprised of a coworking space, an educational curricula and money.
It’s been a year and a half since we’ve launched Geekcelerator with the vision to invest in the best tech startups in CEE and support them to go global. It’s now shut down.
We shot for the moon and reached the sky. Good. As the main thing we’ve learned is that launching a project, or a product when you see a trend is a sign that you are already late. Previously, we felt on our own skin how it is to be ahead of your time, now we know the reverse of that coin, too.
A bunch of accelerators launched around the same time. Many of them failed. Being too late may be one of the reasons. Having the wrong type of funding, at this point, may be another. We suspect that CEE, perhaps even most of Europe, is at a point where public or corporate money could be of more use in an accelerator than private funding.
We caught up on this idea a few months back. It’s when we decided we’ll be narrowing down the market in which we’ll be investing and broadening the geography, which meant in the end to have no geography at all, that is invest remotely. So, we ended up investing in 4 Bay Area based startups that were building stuff for other startups (B2B).
Now we’re starting a new journey. This time as entrepreneurs. Three more people (Stas, Alexandru, Stefan) have joined us on our new path. From the original Geekcelerator founding team, Sabin, is pursuing a separate journey.
It was a matter of personal preference, at that time, to invest in and advise awesome entrepreneurs. Taking the entrepreneurial path is a decision of personal preference, at this point, too.
While performing our duties as a distributed team and while acting as a remote investor, we started to clearly see and feel the unsolved problems that exist in the space of working remotely, as a flat company. So we felt that urge to step into the game, as nothing compares to the thrill of getting your hands dirty.
This means that we’ll be building (we actually already are) products that would make life easier for those that work remotely and are organized as flat companies. We’ll be revealing more news about these as soon as possible.
Last, but not least, big thank you to all of you that supported us on our Geekcelerator journey, and especially to our investors. As the trust they have showed by transferring their investments into our new venture means so much to us. We believe that this is what true partnership means.
This is more like an open letter from Catalina Rusu and Vlad Stan, founders of Geekcelerator. It was also published on Catalina’s blog.