The Recursive Podcast

Last week Dilan Sisu, VC (e2vc) and Etien Yovchev, Co-founder (The Recursive) met in Sofia and decided to film a conversation that turned into a thoughtful discussion about the role of media and influence in venture capital.The discussion jumped from whether VCs secretly care about popularity (and why visibility can be a strategic asset, not vanity) to where the next unicorn founder is more likely to appear: through an AI recommendation 🤖 or at a small, well-curated party 🍸.🎙️ They also explored whether age really matters for founders, whether early-stage teams should invest more in founder personal brands or company brands, when media relations should become a priority for startups, and why more investors are launching podcasts.And then the question every investor quietly wrestles with: how do you distinguish strong founder conviction from pure delusion?Running through all of this is a broader theme: visibility, social influence in venture capital, how VC brands are built, and how meaningful relationships actually form — both online and offline.

Why Raising Too Late Kills Startups? In this episode of the Recursive RoundTable, we unpack one of the most misunderstood topics for founders: fundraising strategy — not just the “how,” but the when, the why, and the who.GUESTS: They share: 💡 why starting your fundraising too late is the #1 mistake seed-stage companies make 💡 how to structure your investor outreach like a sales funnel 💡 what separates “feature AI” from true AI-powered competitive advantage 💡 how to choose the right investor — not just the one with the biggest check 💡 terms, valuation, control and the long game of capital You’ll hear real stories about: 👉 outreach strategy and KPIs (77 conversations ≈ 1 deal) 👉 managing rejection and staying confident 👉 the importance of building relationships long before you need capital 👉 why a bad partner can be worse than no partner 👉 practical negotiation lessons and term-sheet wisdom Whether you’re gearing up for your first round or planning Series A+, this episode gives you the mental model and playbook you need to approach fundraising with clarity and confidence.

In this episode of The Recursive Roundtable, we explore how artificial intelligence is reshaping work, companies, and the global economy — and whether today’s AI boom mirrors the dot-com bubble of the late 1990s. More than 50% of recent venture capital investment has flowed into AI, raising inevitable comparisons to the dot-com era, when capital rushed into internet startups before real value was fully proven. We discuss what history can teach us, why hype cycles are rooted in human psychology, and how this time may be both similar — and fundamentally different. The conversation examines what’s actually changing today: ☑️ why enterprise AI adoption is harder than expected; ☑️ why many pilots never reach production; ☑️ why AI is boosting individual productivity faster than it can transform whole teams or organizations. We also unpack the growing impact on hiring, junior talent, and the future of technical education.🎙️ GUESTS: Chapters:0:43 AI in Everyday Life: Storytime & Beyond1:45 Is AI the Next Dot-Com Bubble?5:42 AI Changes Teams, Not Just Individuals6:11 Why Enterprise AI Pilots Fail8:05 The Myth: “Everyone Is a Developer Now”9:51 AGI Won’t Arrive in a Single Moment11:27 China vs US: Competing AI Strategies12:25 Why AGI Obsession Hurts Real Products19:33 AI Is Reshaping Jobs & Hiring21:03 No Juniors Today = No Seniors Tomorrow23:34 Vibe Coding vs Production Reality24:24 AI Failures Are Coming (2026–27)25:32 Fear Is the Biggest AI Bottleneck31:56 Why AI Regulation Is So Hard36:34 AI Is Already Everywhere

Can companies really stay safe in a world where attackers only need to be right once? In this episode of The Recursive Podcast, we sit down with Miroslav Naydenov, a cybersecurity expert at Amatas, who has spent years on the front lines of digital crisis management — restoring breached systems, outsmarting attackers, and preparing businesses for threats they don’t even know exist. We talk about why most companies misunderstand their risk, how attackers operate like sophisticated businesses, and why AI and deepfakes are about to trigger an identity crisis unlike anything the digital world has seen. What you’ll learn: 🛡️ Why preparation decides everything, and why companies still wait for regulations before taking security seriously. 👥 The real weakest link: people — how employee behavior, misconfigurations, and remote access open the door to attackers long before any technical vulnerability does. 🤖 How AI and deepfakes are rewriting cybercrime — and why distinguishing real from fake will become one of the next decade’s biggest challenges. 🔗 The silent danger of supply chain attacks — why trusted partners can become your biggest vulnerability overnight. 🧠 This episode is a must-watch for founders, operators, IT leaders, and anyone building a digital-first business, especially those navigating remote work, sensitive data, or regulated industries. Timestamps: 0:00–1:00 – Introduction 1:00–2:30 – Explaining cybersecurity simply & overview of AMATAS role 2:30–5:22 – Cybersecurity landscape in Bulgaria and the region 5:22–8:23 – Talent shortages and early education 8:23–11:14 – Incident patterns, importance of preparation 11:14–16:00 – Why companies get breached 16:00–20:21 – Cybercriminals operating as businesses 20:21–23:02 – How companies should start with cybersecurity 23:02–30:00 – Human factor, deepfakes, and phishing evolution30:00–36:04 – Most frequent and damaging attacks 36:04–39:05 – High-impact cases 39:05–45:03 – Biggest misconceptions 45:03–48:30 – Final advice

Can founders really scale without letting go? In this episode of The Recursive Podcast, we sit down with Boyan Stoyanov, an entrepreneur and operations strategist with a decade of experience building and running teams across Europe & Southeast Asia. After leading recruitment and people operations for digital-first companies, Boyan now helps organizations scale sustainably under the VEDA brand — uniting operational design with accounting, payroll, and financial strategy to help founders move from working in the business to working on the business. We talk about his journey from Asia back to Bulgaria, why most companies get stuck small, and how VEDA’s merger with Hireworks is designed to solve the scaling problem end to end. What you’ll learn: 🏗️ The hardest founder shift: delegating not just tasks but decision-making, and how to build the infrastructure to do it safely. 🏝️ How Southeast Asian business culture compares to Eastern Europe: trust-first relationships, indirect “no,” negotiation norms, and why you need boots on the ground. 📈 Why hiring can hurt capacity in the short term, and how onboarding, process, and performance loops must improve across the whole funnel to truly scale. ⚖️ The case for fractional operational leadership vs. a full-time hire, common mistakes with consultants, and how VEDA’s integrated ops + finance approach accelerates growth. This episode is a must-watch for first-time founders, scaling operators, and leaders eyeing international expansion, especially those considering fractional services as a smarter path to senior expertise. CHAPTERS 00:00 Introduction 01:39 Boyan's Journey to Startup Founding 04:29 The Crossroads of Employment vs. Entrepreneurship 05:07 Business Culture: East vs. West vs. Southeast Asia 09:49 Hard-Learned Lessons in Asia 15:11 Operational Shift: Moving from Asia to Bulgaria 19:27 The VEDA Merger 25:37 Market Focus and Complementary Networks 26:33 The Future of VEDA and Bulgarian Brands 28:10 Scaling a Company and the Core Team 31:01 Advice for First-Time Founders and the Value of Fractional Services 39:27 Common Mistakes When Using External Services Subscribe to The Recursive for more founder stories and practical playbooks from the CEE tech ecosystem! Learn more about VEDA and Boyan: https://www.veda.works/ https://www.linkedin.com/company/veda-works/ https://www.linkedin.com/in/boyan-stoyanov/

In this episode of The Recursive Roundtable, three practitioners unpack where AI truly adds value — and where it doesn’t. They focus on practical implementation, human judgment, and the guardrails needed to keep quality high. We examine how to start with AI the right way (individual productivity tools vs. team-wide process changes vs. building ML products, and why not every problem is a fit), how to protect human intent and quality in content and decision-making (avoiding generative sameness, using clear context and strong first drafts), and what AI can and can’t do in product design/UX. GUESTS Zamina Ahmad, AI & ML Product Leader, CEO @ shades&contrast Ioana Teleanu, Founder & Design Consultant, ex-Miro & UiPath @ AI-R Design Studio, ex-Miro Andrew Mende, Senior Product Manager Machine Learning @ Booking.comCHAPTERS00:00 Meet the Guests!03:07 AI's Role in Content Creation04:27 Navigating Role Changes with AI08:28 AI Implementation for Companies10:50 Is AI a Good Fit for Every Problem?11:34 The Hybrid Approach to Content Generation14:28 Addressing AI Slop17:16 AI-Generated Designs in the Industry20:55 Utilizing AI Assistants24:56 Thoughts on AGI30:07 The Critical Need for AI Literacy and Education in Companies32:45 Navigating AI: Regulations, Critical Thinking, and Human Uniqueness35:29 The Power of Intuition and Metacognition in the Age of AI

Fibank’s Chief Digital Officer Vladimir Ikonomov talks about the bank’s digital‑only expansion into Greece and the innovative services it’s bringing to customers. Learn how a traditional bank is positioning itself alongside fintechs and what the future of banking looks like. ☑️ 24/7 localized customer support with native Greek speakers ☑️ Real‑time payments, instant loan approvals and AI‑driven hyper‑personalization ☑️ MyFibank app perks: permanent 1% interest on current accounts, up to 2% on term deposits, and cashback on card transactions ☑️ Competitive strategy against fintechs and plans for further regional growth ☑️ Vision for the next 5‑6 years: voice‑command assistants, instant product issuance, and the evolving role of physical branches 00:00:00 Intro 00:01:47 Vladimir’s role, background and experience at Fibank. 00:03:09 Traditional Banking Embraces Digital 00:04:38 Current Digital‑Banking Trends 00:08:15 24/7 Live Support as a Competitive Edge 00:10:24 Expansion Into Greece 00:12:05 Creating a Local Value Proposition & Competing with Fintechs 00:14:58 FinTech‑Style Benefits from a Traditional Bank 00:16:21 The Critical Role of Localization 00:18:07 Targeting Greek Millennials 00:19:34 Debunking the “Traditional Banks Are Slow” Myth 00:20:21 Addressing Money‑Anxiety 00:21:16 Lesson from Western Europe 00:22:13 AI & Data Science in Practice 00:23:25 Future Outlook: Voice‑Activated Banking & Instant Products

In the first episode of The Recursive Roundtable series we celebrate the 10‑year anniversary of Endeavor Bulgaria! Dilyana Haralanova, COO of The Recursive, was joined by Jack Thorogood (CEO of Serbian scale-up Native Teams, Milena Milić (Manager of startup community Garaza), and Max Gurvits (VC investor and partner at Vitosha Ventures) to discuss how the Balkan startup scene has evolved and where it’s headed. What you’ll learn: ⭐ The biggest hurdles CEE founders faced 10 years ago vs. today ⭐ How EU membership and early government‑backed funds jump‑started regional ecosystems ⭐ The role of diaspora talent and returning emigrants in accelerating growth across the Balkans ⭐ Success stories shaping the region – from early unicorns to emerging AI‑driven scale‑ups ⭐ Future outlook: regional collaboration, emerging specialisations, and the surge of new venture capital funds

From selling mangoes in Venezuela as a kid to building a video agency in Vienna — and now moving to Plovdiv to start a training company, Juan Guerra’s entrepreneurial journey is anything but conventional. In this episode, we sit down with Juan Guerra, a seasoned agency founder turned scaling mentor. As the founder and CEO of Scaleyard, Juan helps service-based entrepreneurs grow their monthly revenue, systematize their delivery, and build teams that run without them. After nearly a decade of running his own video agency and experimenting with business models, Juan now focuses full-time on helping others scale to $30K+/mo while removing themselves from client fulfillment. In this episode with Juan Guerra, Irina Obushtarova explores: ✅ How burnout reshaped his business and his definition of success ✅ Why focus beats flexibility when scaling a service business ✅ What it really takes to productize your service and sell it repeatedly ✅ How personal values and family priorities shape sustainable entrepreneurship ✅ The power of being an “outsider” and building from a global perspective This conversation is for anyone navigating growth, burnout, clarity, and purpose in their business journey. 👉 Whether you're a service founder, coach, or creative entrepreneur—Juan's insights will challenge the way you think about focus, scale, and lifestyle design. ______________________ 📍 Recorded during ViennaUp Festival in Vienna, Austria. 🔔 Subscribe to The Recursive for more founder and investor stories at the intersection of tech, sustainability, and systems change.

🎙️ #TheRecursivePodcast takes a different turn this time, driven by a pressing question: Who is protecting Europe’s future? How can we face and overcome today’s growing threats? Which companies are shaping the future of cybersecurity and defense tech in Central and Eastern Europe? 🛡️ Over the past five years, Europe’s resilience has been tested like never before. And until now, the story of security innovation in the region has been fragmented. Our latest report on the state of defense and cybersecurity tech in CEE brings those pieces together, offering the first integrated view of a complex and fast-evolving ecosystem. 📥 Download it here: https://report.therecursive.com To dive deeper into these questions, we’re joined by Ruslan Trad, a Bulgarian journalist and security researcher specializing in hybrid warfare and disinformation. He’s a non-resident fellow at the Atlantic Council’s Digital Forensic Research Lab, with a focus on Eurasia, Syria, and mercenary groups. 🌍 Trad has reported from the Middle East and co-founded De Re Militari, a conflict analysis journal. He is the author of books on the Syrian civil war and Russian private military companies, and his work has appeared in outlets like BBC and Al Jazeera. ____________ 🙏 Special thanks to Mad Stories for the shooting location: https://madstories.eu/en/home/

Can Games Fix Our Broken Education? 📚 In this powerful episode of The Recursive Podcast, recorded at ViennaUp Festival, we sit down with Yane Frenski, former United Nations innovation expert turned EdTech entrepreneur. Yane is the founder of Vizipedia, a startup using AI and game-based learning to transform how students learn critical skills for the future. 🎮 What you’ll learn: * Why traditional education systems are failing in the digital age; * How immersive, game-based learning can improve attention and outcomes; * What it’s like working on innovation inside the UN for over 14 years; * How to design education tools for underserved global communities; * The difference between gamification and 'serious games' in learning; 🧠 This episode is a must-watch for educators, edtech innovators, and anyone worried about the skills gap of future generations. 📍 Recorded during ViennaUp Festival in Vienna, Austria. 🔔 Subscribe to The Recursive for more founder and investor stories at the intersection of tech, sustainability, and systems change.

In this special ViennaUp Festival edition of The Recursive Podcast, we sit down with Edward Feltmann, Investment and Deal Sourcing Manager at VERBUND X Ventures, to explore how sustainability, energy innovation, and venture capital intersect in the race toward a net-zero future. Edward Feltmann is a strategic investment leader with a focus on sustainable energy innovation. At VERBUND X Ventures, he leads investments in early-stage European climate tech startups. He also serves as a Board Observer at NECTURE, supporting teams driving technology and impact. In this episode, Edward shares: 🔹 How sustainability became his personal and professional mission 🔹 Why energy storage is key to both AI and energy transition 🔹 Lessons from building an in-house corporate accelerator and CVC arm 🔹 Opportunities and challenges in CEE’s energy innovation landscape 🔹 What it really takes to make impact-driven investments 📍 Recorded during ViennaUp Festival in Vienna, Austria. 🔔 Subscribe to The Recursive for more founder and investor stories at the intersection of tech, sustainability, and systems change. Let's dive into what it means to build sustainable systems that are both scalable and socially responsible.

How do you turn a slow-moving, traditional economy into a thriving innovation hub? 🇦🇹 In this special ViennaUp Festival edition of The Recursive Podcast, we sit down with Awi Lifshitz, CEO of weXelerate – Austria’s largest innovation ecosystem – to explore how bold vision, strategic partnerships, and startup thinking can reshape entire economies. In this episode, Avi shares: 🔹 Why Austria lagged in innovation—and how it's catching up 🔹 Lessons from working with 30+ corporates to drive digital transformation 🔹 The birth of Venture Cake, a co-owned accelerator redefining startup support 🔹 The cultural clash between startups and corporates—and how to bridge it 🔹 How Vienna positions itself as a gateway between Eastern and Western Europe From personal insights to macro-strategy, this is a must-watch for founders, corporate innovators, and policymakers alike. 📍 Recorded during ViennaUp Festival in the heart of Europe. 🔔 Subscribe to The Recursive for more interviews from the forefront of innovation in CEE.

Dusan Duffek is a serial entrepreneur turned investor and Managing Partner at Zero One Hundred, an early-stage VC fund investing in companies across CEE and the Middle East. As a co-founder of The Doers Company, he drives initiatives like Reflect Festival and Doers Summit. Dusan also co-founded Zero One Hundred Conferences, fostering connections across the European investment landscape. Based in Abu Dhabi, he is passionate about bridging Europe and the Middle East, supporting founders on their journey. In his conversation with Irina Obushtarova, he talks about: 🌍 the role of "doers" in solving global problems; 🎯 how community sparks a VC vision; 💼 the opportunity for investors in MENA; Tune in! 📺 ______________ If you would like to find out more about these topics… CHECK OUT 🟣 https://therecursive.com/ OR SUBSCRIBE to our NEWSLETTERS 🟣 https://join.therecursive.com/signup

In this episode of The Recursive Podcast, Mihnea Craciun shares his expertise and journey from media to banking, investing, and entrepreneurship, offering a comprehensive view of Romania’s entrepreneurial ecosystem. Together with Elena Vrabie, they explore: Tune in to gain a deeper understanding of the factors shaping Romania’s entrepreneurial landscape!Timestamps00:00 Trailer 1:36 Intro 3:01 Mihnea’s experience with entrepreneurship and the theory of the lobster13:34 Why was Romania slow to move into entrepreneurship? 18:14 The profile of the Romanian entrepreneur20:21 The “sexy” part about entrepreneurship 26:12 The story of Endeavor Romania 40:07 Strategies to attract more foreign capital in Romania 47:00 How to build bridges between diaspora and local ecosystems? 50:25 Increased collaboration in CEE 53:07 How will entrepreneurship look in the future 59:09 Outro

György Simo is a Managing Partner at Day One Capital Fund. He began his career as a journalist before joining the Magyar Telekom Group, where he played a key role in launching [origo], Hungary’s leading internet portal. In 2003, György became the CEO of T-Online Hungary and took on executive roles at Magyar Telekom, overseeing media acquisitions, growth initiatives in media, e-commerce, and data services. He also founded the company’s innovation hub, Kitchen Budapest. In his conversation with Irina Obushtarova, he talks about: Timestamps0:00 Trailer 5:31 Alternative journalism and mainstream media23:18 Media, identity and community36:10 Trump’s presidency affecting the CEE tech ecosystem46:40 Data is the center of everything1:15:35 Startup founders and problem solving1:30:18 The future solutions______________Follow György and Day One Capital:https://www.linkedin.com/in/gyorgysimo/https://www.dayonecapital.com/Follow The Recursive Team! https://www.linkedin.com/company/the-recursive/Irina Obushtarova! https://www.linkedin.com/in/irina-obushtarova/ If you would like to find out more about these topics…CHECK OUT 🟣 https://therecursive.com/ OR SUBSCRIBE to our NEWSLETTERS 🟣 https://join.therecursive.com/signup🎆Get our 2024 AI report!🎆 https://therecursive.com/future-of-ai-in-cee-market-report/

Mergim Cahani is the visionary founder of Gjirafa, which he describes as the fastest-growing tech company in the Balkans. Founded by Mergim in 2013, Gjirafa is an internet company providing services such as e-commerce, video streaming, online marketing, cloud computing, and entertainment production. Often referred to as the "Balkan Amazon," Gjirafa makes a remarkable impact in the region. Tune in the episode! ___________________ If you would like to find out more about these topics… CHECK OUT 🟣 https://therecursive.com/ OR SUBSCRIBE to our NEWSLETTERS 🟣 https://join.therecursive.com/signup

Thaleia Misailidou is a prominent figure in the venture capital industry. She is an active Angel investor passionate about supporting ambitious founders in deep tech. Thaleia also co-founded the Tech Finance Network, a professional community dedicated to supporting Greek startups. With seven years of experience as a seed-stage investor at Marathon VC from its early days, she played a key role in driving its exceptional performance in the industry. Thaleia has a background in mechanical engineering and financial engineering and has a passion for Robotics, AI, and gaming. In her conversation with Irina Obushtarova, she talks about: - the importance of women in VC - approach to angel investing - the growth of the Greek VC ecosystem ___________________ If you would like to find out more about these topics CHECK OUT 🟣 https://therecursive.com/ OR SUBSCRIBE to our NEWSLETTERS 🟣 https://join.therecursive.com/signup

Lars Rasmussen is a tech angel investor and startup advisor. Lars co-founded Where 2 Tech, which was acquired by Google in 2004, leading to the creation of Google Maps. His journey continued as a Director of Engineering at Facebook, where he led teams in Menlo Park and London. Passionate about innovation, Lars’ investment portfolio includes standout companies like Canva, Astranis, Chiaro, Neara, and Weav Music — he’s also a co-founder of the latter. Lars is currently a Founding Board Member at Panathēnea, a not-for-profit festival of innovation in Athens, Greece. He also enjoys sailing the Greek Islands, kite surfing, and savoring a good cup of coffee. In his conversation with Irina Obushtarova, he talks about: 🔄 Facing failure before success; 💻 The dot-com boom; 📉 Surviving investors’ disinterest; 🗺️ The full story behind Google Maps;🎢 Why entrepreneurship seems like a roller coaster; 🚀 How future generations will work and innovate. ___________________ If you would like to find out more about these topics CHECK OUT 🟣 https://therecursive.com/ OR SUBSCRIBE to our NEWSLETTERS 🟣 https://join.therecursive.com/signup

Csongor Biás is the Managing Director of Startup Hungary, an initiative dedicated to accelerating the growth of Hungary's startup ecosystem. With extensive experience in the startup scene, he is an active angel investor and has worked with venture capital firms and accelerators. Csongor also played a key role as Country Manager in launching Vacuumlabs’ operations in Budapest. Now, alongside 12 startup founders, Csongor focuses on strengthening Hungary’s entrepreneurial landscape. In his conversation with Irina Obushtarova, he talks about: Timestamps 0:00 Trailer 1:52 The development of the Hungarian startup ecosystem7:53 Startup Hungary’s mission15:44 Challenges that founders encounter in Hungary21:42 How to measure success31:30 Funding and finding the right investors37:05 Investing in early stage startups 42:30 Strengthening the ecosystem