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EGC Insights · Alumni Spotlight · All EGC programs · Why networking matters for founders · Storytelling for founders
Emir Berbic
Why did you start this venture?
I applied to the BOLD Fellowship to meet experts in the entrepreneurial space but also to challenge myself and validate my idea. Living close to the Italy border I was inspired to create autonomous drones, which can then be used for surveillance, providing view on both sides and aid in saving lives and giving necessary help where needed. At the time of my application, I had already been working on my startup for over 3 years.
Have you successfully fundraised?
Before the fellowship we had already gotten one grant and post fellowship we got another one, however this wasn’t enough to start full time as a team. Our focus was on creating the MVP and now we are working on the software development. We are in need of people with specific expertises which is not just hard to find but also quite expensive, so we have paused working on the hardware development at this time. We are however looking for an investor that can help us with their experience and connections to push us forward.
What trends are impacting your business?
The key trends impacting our business are advancements in autonomous technology, particularly the increasing performance of image recognition models. Developing an MVP in this fast-evolving environment challenges everyone on the team, as it requires continuous iteration. On a positive note, development costs have stagnated recently, making the overall development process more cost-effective—at least in the BiH market. Acquiring talent has also become easier due to the current economic crisis. While this benefits employers, it’s important to acknowledge that it presents challenges for employees. From the perspective of hardware suppliers, the war in Ukraine has significantly disrupted the supply chain, as we rely on some of the same suppliers impacted by the conflict.
What has been the biggest growth related challenge?
Changing the perspective of the solution, and not falling in love with the solution but the problem. This mindset allows you to iterate fast on different versions of the solution, and then iterate it again, and test it until you solve the problem. Solving the problem is the real money maker, not the solution.
What advice would you give to first time founders?
Don’t quit, the really hard things are in front of you, so don’t quit really fast. I’ve said to myself that I will do this, even if in the middle of it I understand this might not be a good idea, I won't quit, but I will change. Having this mindset from the start really sets you up for the perspective of how many times you may need to start over, the tougher the idea the harder it is and the more failure points you may have. The more people it is going to impact the harder it will be. Another thing is to find a cofounder with the skills and abilities that you don't have, and they will help you. You don’t need to learn everything and do everything, someone else already has the skills, use that to focus on what you can do with your skills.
What drives your forward when facing challenges?
In highschool I went to a book presentation. The presentation was quite passionate and the presenter tried to engage the audience with different questions. One question that he asked was which one wants to be an entrepreneur. I raised my hand not thinking much of it and I got called out on stage to introduce myself. I had been the only one to raise my hand. When the presenter asked me for my motivation, I answered honestly: money. He then told me that that's the wrong motivation. If it’s because of money, you will do it for a while and it will be great until the money runs out and you will burn out and potentially destroy yourself. My motivation now is to create something that will make a change. A strong why!
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