FinTech Innovator Chats - Kimmo Rytkönen

In this edition of the FinTech Innovator Chats, Partner Evita Lune is joined by Kimmo Rytkönen, serial entrepreneur, co-founder and CEO of Income marketplace. Evita and Kimmo discuss the potential of peer-to-peer lending, what "skin in the game" means for marketplaces, how Decentralised Finance (DeFi) will affect the industry, and why Kimmo’s expansion strategy has been global from Day 1.

 

 

Don’t be modest in your professional life – Evita Lune’s 10 pointers for professional growth

by Ieva Jātniece

There are women in this world who are very inspiring, and who lead by example. One of these women is Evita Lune – PhD in Economics, Partner and Global Head of FinTech Practice Group at Pedersen & Partners, and Speaker at the Līdere Forum. Evita Lune has been working internationally for years, recruiting high-level executives for various companies. However, her professional success has not diminished her feminine charm. “Don't let stereotypes influence you!” says Evita.

Evita Lune’s 10 pointers for professional growth

  • Follow the path your character has given you

By nature, I am an energetic and impatient person, so naturally I have tried many different things in my life. However, it has always seemed important to me to achieve outstanding results in whatever I do. I have worked for Shell, been the director of the EMBA program at the Stockholm School of Economics in Riga, and co-owned a fashion store. For the past fifteen years, I have been a Global Partner in the high-level executive search company Pedersen & Partners. If you do the best you can, life will constantly offer you new career opportunities. 

  • Be aware of your internal obstacles

I used to lack an objective self-assessment of my abilities. I was too modest in my demands, and my tolerance was too high – I tried to work with colleagues who do not keep their promises, or clients who were not always professional. It is common for many women to underestimate themselves, and fail to speak up in situations where something is not going well. For this reason, it is important to be aware of such obstacles, and to build your career and circle of clients more purposefully in the future.

  • Do not stay in the shadows

Not all people can be leaders, and not everyone has to take a position that causes them great discomfort. However, I often see fear and internal insecurity holding women back from taking the lead in the first place. I would like to encourage women to rise through the ranks, because leaders have more influence and power: if you have talent, if you are a smart, diligent, responsible person with high ethical standards, then do not stay in the shadows, but take responsibility and move yourself forward! By doing this, you will not only have more power over your own life, but you will also positively influence others.

  • Everything is dependent on your inner drive!

I work in the executive search industry, where I see that we are most inspired by people who are full of enthusiasm and passion. In their presence, others also want to do more and achieve more. A good leader is one who is able to inspire, to present the vision and direction in which the company should go.
At the same time, a good leader should not be neurotic or chaotic, one day in a good mood and the next in a bad mood. Instead, a good leader has stable energy and a clear direction, and understands that expressing emotions is inappropriate in a professional environment – just like discussing personal problems or talking about people behind their backs. This applies to both sexes, of course!

  • Families help you to achieve more

It is a myth that female executives are unable to have both a career and a family life. I have a lot of colleagues who are divorced or childless, and sometimes it seems that more can be done at work if you do not have family commitments. But this is not the case: I see that people who have failed in their personal lives are often less professionally motivated, less organised and less achievement-oriented than those whose lives encompass more than work. I myself have participated in the upbringing of my husband’s two children, as well as the two children we have together. In total, my husband and I devote a lot of time and energy to these four children, but it has not hindered our careers. People with children are very organized and motivated – we are able to evaluate priorities, and we do not waste time. Moreover, we cannot afford to poison ourselves with bad choices or self-destructive actions – we have to live long and support the next generation. I am convinced that having children only benefits our careers and achievements.

  • Do not let anyone lie to you

I have heard it said that strong women make men weak, but I cannot imagine why a self-respecting woman should ever choose a weak man. The men in my life have certainly not become weaker by associating with me – quite the opposite! I’m not just talking about my husband, who has always known what he wants to achieve and lived his life with purpose, but also my business colleagues – I have raised the quality bar for quite a few. A woman who creates constructive competition also helps to raises the standards for the men around her as well.

  • Know your contribution

Our country is too small to expect only the men to provide economic prosperity. If we use the opportunities given to us by our country to study, receive medical services, ride public transport and the like, but we choose to sit on the couch and not work, we are endangering the freedom of Latvia. It is an irresponsible attitude towards our country: we cannot export oil and gas, so we must export our intelligence. And women must contribute!

  • Attitude is everything

Different companies have different internal work cultures. However, it must be kept in mind that in workplaces where employees are humiliated and insulted, quality decreases over time – the best employees will leave. In the long run, companies with ethical values will win out.
I have also noticed that employees work more enthusiastically in companies where the work aims to bring greater benefits to society as a whole. This encourages employees more than standard business practices. 

  • Never stop learning

If you do not want to fall out of the professional environment, you need to learn technology. The use of digital tools has dramatically changed the world, and the way we work. Currently, the basics of economics are being thoroughly disrupted – with the use of cryptocurrency, every company can build its own economy.
You don’t have to be an IT specialist, but you must understand what technologies can achieve in a company and in a country, and how they affect all economic processes. Those who know how to use IT will definitely succeed, and surge ahead of those who do not, both in terms of personal career and the wider economy.

  • You need to relax in order to be efficient

My hobby list is longer than my work list! My hobbies have given me the energy to go on frequent business trips, meet people all the time and sell services on a global scale. I have been water skiing for fifteen years – as often as five times a week on summer evenings – and I practice yoga every day without exception. As a family, we ride bicycles, SUP boards, and go on boat trips in the summer, and in winter, we all go downhill skiing. I have also been a winter swimmer for years. All of these activities help to clear my head and absorb energy for new jobs.

  • Suggestions

For your first job, I definitely recommend choosing a large organisation that can serve as a good learning opportunity. My first job was at Shell – this experience was like a professional guide to business. Once you have learned everything you can from your first placement, you can experiment further.
Finally, it is important for new employees to understand that material evaluation comes as a reward for working with an open heart. In the beginning, the work must be of excellent quality and the client must have a great experience – only then they will want to cooperate again and pay higher fees. It never happens the other way around – I cannot ask for a lot of money and only then try to do something great!

 

Evita Lune addressed the 2020 LIDERE forum

Women should think big and seize every opportunity. On October 2, Partner Evita Lune addressed the 2020 LIDERE forum, an event aimed at inspiring women to reach greater heights of achievement. Evita shared the floor with Vaira Vike-Freiberga, the first female president of Latvia, Ilze Viņķele, Latvian Minister of Health, Laura Keršule, Vice-President of LMT, Lotte Tisenkopfa-Iltnere, founder of MADARA Cosmetics, and Gunta Jekabsone, CEO of Circle K. The event was attended by 1,000 live participants and 98,000 streaming.

Some of her key ideas:

- Women in developed markets have more #leadership prospects than in emerging markets, where basic human rights can be as scarce as economic means
- In many places, local traditions impede full and free female participation in the economy
- Yet when the firm fulfils CEO search mandates in Europe, almost all likely candidates are men, indicating that other factors inhibit female leadership
- This is particularly alarming in IT, which is now vital in all fields: business, sports, medicine, education, arts
- Evita’s work with student incubators shows women developing ideas that are too humble, too local, and with no global vision
- Women must be encouraged to think big and seize every chance to lead their best personal and professional lives!

Evita Lune - Lidere forumEvita Lune - Lidere forumEvita Lune - Lidere forum

Pedersen & Partners appoints Partner Evita Lune as Global Head of new FinTech Practice Group

January 13, 2020 – Riga,  Latvia – Pedersen & Partners, a leading international Executive Search firm with 54 wholly owned offices in 50 countries, is pleased to announce that Partner Evita Lune has been appointed Global Head of the newly-launched FinTech Practice Group. Evita will also keep her position as Regional Head of the Baltics.

Evita Lune has championed Pedersen & Partners’ global FinTech engagements over the course of several years. Out of her total portfolio of over 600 assignments, she has completed over 100 senior level FinTech assignments in over 40 countries. Ms. Lune works extensively with Nordic FinTech clients, bringing effective Executive Search solutions to support their global expansion plans on all continents. Ms. Lune also supports clients in the Middle East and South East Asia, by engaging Nordic talent to drive digital transformation worldwide. In addition to her Executive Search accomplishments, Ms. Lune’s previous experience includes three years with the Stockholm School of Economics in Riga as the Executive MBA Program Director, and six years with Shell in international and regional marketing management functions in Riga, Budapest, and Brussels. Ms. Lune was a speaker at the CEE FutureTech congress in Warsaw – one of the most important business summits in Central and Eastern Europe – and participated in the Blockchain Pre-Accelerator Program at University of Latvia. She is also a blogger for RigaTechGirls, a Jury Member of CEE Capital Markets and FinTech Awards and a Contributing Advisor at the Digital Freedom Festival.  Ms. Lune has been recognised by Forbes as one of the top 25 most influential women in Latvia for two years in a row.

“Evita has been with Pedersen & Partners for over 15 years. During her early tenure, she effectively led our Baltics, Poland, and Belarus teams, developing and growing seasoned teams with substantial bottom line impact. Evita is a globally minded leader known for her relentless drive and client commitment, having driven the development of an innovative holistic growth strategy for our Digital Economy component, and built the foundations of our FinTech Practice Group. She has assembled an agile cross-border team of strategically equipped consultants which has already secured a solid portfolio of partnerships with public and private equity-backed FinTech clients positioned at every level. We’re confident that under her leadership, our FinTech Practice Group will build momentum, drive innovation and ultimately business growth,” stated Gary Williams, Chief Executive Officer at Pedersen & Partners.

“The core competence of Pedersen & Partners’ FinTech Practice is our ability to support challenger organisations – scaleups, attackers, game changers – to fulfil their global ambitions. Our FinTech clients are there to shake up the global financial services ecosystem by applying innovative technologies and business models to cut out middlemen, include underserved market segments, and offer financial services in a much faster, more effective and user-friendly way. Our global FinTech team is able to help our clients to navigate in the global financial services ecosystem, identify market gaps, and advise on the right direction of their international expansion plans. I am excited to start 2020 at the helm of the FinTech Practice Group and secure Pedersen & Partners’ position at the forefront of FinTech Executive Search,” added Evita Lune, Partner and Global Head of the FinTech Practice Group at Pedersen & Partners.


Pedersen & Partners is a leading international Executive Search firm. We operate 54 wholly owned offices in 50 countries across Europe, the Middle East, Africa, Asia & the Americas. Our values Trust, Relationship and Professionalism apply to our interaction with clients as well as executives. More information about Pedersen & Partners is available at www.pedersenandpartners.com.

If you would like to conduct an interview with a representative of Pedersen & Partners, or have other media-related requests, please contact: Diana Danu, Marketing and Communications Manager at: diana.danu@pedersenandpartners.com

FinTech

FinTech Practice Group

The core competence of the Pedersen & Partners FinTech Practice is our ability to support challenger organisations – scaleups, attackers, game changers – as they fulfil their global ambitions.

Our FinTech clients are there to shake up the global financial services ecosystem by applying innovative technologies and business models, which can cut out middlemen, include underserved market segments, and offer financial services in a much faster, more effective and user-friendly way. 

Women in leadership: a conversation with Evita Lune

For our “Leader’s style” section, we talked with Pedersen & Partners Global Partner Evita Lune about leadership, fulfilment and ambition. Evita will be a speaker at the “Leaders 2020” forum in May, on the theme of inspiring women not to fear reaching their goals.

Evita is convinced that women in Latvia have great opportunities to grow professionally, but constrain their own development unnecessarily.

Latvian “How to be happy” lifestyle magazine

Does one need to give anything up in order to succeed in a career?

A happy and balanced person should strive for fulfilment in four key areas: personal, professional, physical and spiritual. If any of these areas is neglected, the others will suffer too.

I do not believe that in 2019, there is a happy and fulfilled woman who just sits at home doing a little gardening, or a truly spiritual being who is in poor physical shape.

What characteristics should a leader possess? Do you think leaders are born or raised, or do you think that anyone can become a leader?

A leader should have a strategic vision. She/he should be inspirational and determined. A leader should have natural respect for other people and a passion to notice and develop their talents.

A modern leader sets an example for others, is a role model and works hard. She/he has to be successful herself/ himself, walk the talk and be well-educated and highly disciplined.

Many of these qualities are passed on to us by our parents, by their example and upbringing – but outstanding leaders must develop and educate themselves throughout their lifetime!

How can you increase your faith in yourself and your abilities?

You need to set ambitious goals and do good things. Your joy and pride in your results will motivate you to continue.

What would you suggest to a woman who wants to change her life, but is afraid to do so?

Think with your head, and do not rely on emotions. A rational decision is rarely risky or destructive.

What is the best advice you have heard from a mentor or another inspirational leader?

Do not let anyone distract you from your goals!

What is one principle you follow when making an important decision?

Remember your priorities in life and act according to them.

What is the best way to live with mistakes and criticism?

You need to be able to identify what mistakes and criticism are important in order to grow professionally. Everything else should be forgotten, ignored or laughed at.

Where do you find peace in stressful situations?

As a leader, you must be ready to solve problems and fight for your own ideas.  This will not be difficult or cause stress if the leader is physically and morally mature, so the leader must ensure this and not expose the team to stressful situations.


Evita Lune is a Partner who drives the firm’s Global Digital Economy. She has completed over 100 senior level assignments in over 40 countries within this practice, out of her total portfolio of over 600 assignments. Ms. Lune works extensively with FinTech clients from the Nordics and supports their global expansion plans on all continents by providing effective executive search solutions. She also supports clients in the Middle East and South East Asia with bringing Nordic talent to drive digital transformation in other geographies. Her previous experience includes three years with the Stockholm School of Economics in Riga as the Executive MBA Program Director and six years with Shell in international and regional marketing management functions in Riga, Budapest, and Brussels. Ms. Lune was a speaker at the CEE FutureTech congress in Warsaw – one of the most important business summits in Central and Eastern Europe and participated in the Blockchain Pre-Accelerator Program at University of Latvia. She is also a blogger for RigaTechGirls, a Jury Member of CEE Capital Markets and FinTech Awards and a Contributing Advisor at the Digital Freedom Festival.  Ms. Lune was recognised by Forbes as one of the top 25 most influential women in Latvia for two years in a row. Ms. Lune has a PhD in Social Economy. Evita Lune speaks fluent Latvian, English, and Russian and has passive fluency in German, Swedish, and Polish.


Pedersen & Partners is a leading international Executive Search firm. We operate 57 wholly owned offices in 53 countries across Europe, the Middle East, Africa, Asia & the Americas. Our values Trust, Relationship and Professionalism apply to our interaction with clients as well as executives. More information about Pedersen & Partners is available at www.pedersenandpartners.com

If you would like to conduct an interview with a representative of Pedersen & Partners, or have other media-related requests, please contact: Diana Danu, Marketing and Communications Manager at: diana.danu@pedersenandpartners.com

Collaboration is the new innovation – in the past, people thought knowledge was power, but sharing knowledge is even more powerful

Riga, Latvia - Evita Lune, Partner at Pedersen & Partners, interviewed Susanne Hannestad, CEO of Fintech Mundi, for RigaTechGirls.

Evita: Susanne, you have held powerful roles for over 18 years now. You have taken on impressive Board responsibilities for various Tech, Fintech and Financial Services companies. So, how did you get here?

Susanne: When I was with Nordea – remember that banks are obliged to follow strict legislation about appointing Board members – I was able to access positions on associated Boards, such as Visa Norway, MasterCard Forum and eventually MasterCard Europe. I believe the position I held in Nordea and my external visibility both contributed to my ability to get other board positions. At Nordea, we innovated a lot over the years, and acted as intrapreneurs. Of course, all the changes we made attracted media coverage – we were first to bring in chip cards in 2004, we were first with many other things going forward, and we started card acquisition from scratch in Norway – and these exposures helped to raise my public profile.

Evita: What about your personal challenges? In order to achieve such a high position, and just as importantly to stay there, you must have held these executive positions for long periods of time. So, what does it take from you in terms of learning, work-life balance, self-discipline, and any other pressures?

Susanne: I was headhunted as a manager when I was 28, and since then I have always held managerial and executive positions. I believe that I connect well with people, and get good ideas from people. I have always been ambitious on behalf of the unit or the company I’m leading, and the people I work with love being a part of a growing business, and seeing it going forward. When I was younger, I played on a handball team, and when I worked together with my team-mates, I always knew what the goals were. I think that this focus is my most important character trait. I have always been a keen learner, whether formally at schools or more practically within companies, and I have always learned a lot from talking to people.  My focus has been on growth in all aspects, lifting the person, lifting the unit, and on being an agent for change, to make sure that we get the growth. Finally, you should always make sure that you have time for yourself in doing what you do.

Evita: What about the innovation aspect that you mentioned? In the field of technology, quite a lot of knowledge is required – were you ever afraid to play with technologies and participate in this innovative growth, driving innovation, creating something new and having people follow you, especially in an area which is changing so fast?

Susanne: Banks are conservative, so I wouldn’t say it’s easy, but it is possible as long as you understand the powerplay and politics within a bank or a larger corporation before you come up with new things, and as long as you demonstrate that your innovations are good for the bank or corporation going forward. I believe that the greatest challenge is to manoeuvre and understand the corporate politics. Technology units usually have a lot of good people, so it is important to get together and make sure to present the ideas in a way that is interesting and beneficial for the executive management or the Board.

Evita: In terms of being proactive and participatory, many people are quite smart but prefer to stay in the shadows. They are often afraid to speak up and say something which might not be received well, or else they just don’t have this drive to be in the frontline and in leading positions. So, did you undergo some discomfort when taking on leading positions? How did you handle this interpersonal part, and did you ever think, “Why should I be the one”?

Susanne: I always make sure that my people are with me. I also make sure that I use my communication skills with both my employees and my bosses, not always focusing horizontally. When I communicate upwards, my strength comes from knowing that my team is on my side and has my back. It is vital to share achievements and celebrate; every time we had a launch, we would cheer for each other! It is also important to make sure that my community – the people around me – are happy that we are moving forward successfully, and this encourages them to buy into the innovations. Of course, you will always have laggards, but eventually they will see the light if the unit continues to move quickly and reach milestones.

Evita: And now, let’s talk about your newest project, Fintech Mundi. What motivated you to establish it?

Susanne: I was with Nordea for 10 years until I left in 2012, but I became a chair of the Fintech company Zwipe three years before that, although the word “fintech” did not exist in 2009! This worked out so well that they wanted me to be their Executive Chair, so I left Nordea and worked for Zwipe until 2015. While at Zwipe, I realised there are so many Fintech companies out there, that Fintech was becoming a global trend, and that many Fintech companies were going to escalate in volume. I got in contact with a South African in London, a Briton in Tel Aviv and an Irish person in Dublin, and we discussed the ways in which we could help Fintech companies to scale with our experience and networks, building up companies to create a Fintech ecosystem – back then, accelerators and incubators were still in their infancy. That was the start of Fintech Mundi. What also motivated me was the entrepreneurship. Banks are conservative, and at this point they were still stuck in the financial crisis and caught up in the recession. But at the same time, there was all this innovation with the Fintech companies always in front, growing, with younger people, very tech-savvy and so forth. As a kind of facilitator, I thought that was very interesting and it gave me a lot of energy. Of course, I love the international space – the wider, the bigger, the better for me.

Evita: Perhaps you could highlight the hottest Fintech companies from Norway – no, not Fintech Mundi yet, that will be my next question! But in terms of what our readers should know about Norwegian Fintech, which names would you mention?

Susanne: There are several! A few niche bankers such as Aprila, and an older one, Bank Norwegian, which is doing interesting things with consumer lending. I would also like to highlight Huddlestock, which is more investment-focused. They have a dashboard and sell into bank markets, it’s B2B and kind of a white label, ever since they realised it’s easier to do B2B than B2C. Another B2B fintech is Quantfolio, selling mostly to banks. Finally, I would like to mention Neonomics, which provides open banking – they have more than 1,300 banks in 25 European countries, and are growing fast. There is fierce competition in the open banking arena.

Evita: If you could highlight a little bit about Fintech Mundi now, what are the interesting start-ups that everyone should know – in particular, are there any that have especially high potential or a nice objective?

Susanne: Fintech Mundi operate across the Nordic and Baltic states. I would highlight the up-and-coming Finnish company – Cloud Asset – a month ago, they won an award in Finland at the Forum. Two others to watch are both from Sweden – Acuminor, which is a credit risk assessment company, and Doconomy, a company that offers sustainable banking – and I believe that each of them offers something unique, something different.

Evita: Now I will ask just one question related to the gender aspect. Why should girls and women stay close to technology and develop their careers there, either as specialists or as leaders or as entrepreneurs?

Susanne: Entrepreneurships are fun, risky and very rewarding and we need both genders and diversity. I’d say that the Nordics are quite liberated, but women need a little bit more incentive to invest and found companies, so the awareness is there. We need to have a balance of all categories of diversity.

The majority of students in law, medicine and business are women, way above 50%, but in technology it’s a little bit lower, although I think that is changing. You need all aspects; even if some women and girls are afraid of math, science or technology, we need all types of professions to build tech companies. We need leadership, and girls and women are good at leading. They just need the confidence and understanding, and maybe they need a role model to understand. This shouldn’t be a hindrance – it’s a mental barrier, both individually and in society, so Go Do, Go Make!

Collaboration is the new innovation. It is important for so many aspects of business – for Fintech, and also for banks – because as a leader, you can’t stand alone, you need to collaborate. In technology, you see that there is a need for your product, but you also need to make sure that you interact with the customers, and that your functionality is appropriate. In the past, people thought knowledge was power, but now we know that sharing knowledge is even more powerful.


Evita Lune is a Partner who drives the firm’s Global Digital Economy. She has completed over 100 senior level assignments in over 40 countries within this practice, out of her total portfolio of over 600 assignments. Ms. Lune works extensively with FinTech clients from the Nordics and supports their global expansion plans on all continents by providing effective executive search solutions. She also supports clients in the Middle East and South East Asia with bringing Nordic talent to drive digital transformation in other geographies. Her previous experience includes three years with the Stockholm School of Economics in Riga as the Executive MBA Program Director and six years with Shell in international and regional marketing management functions in Riga, Budapest, and Brussels. Ms. Lune was a speaker at the CEE FutureTech congress in Warsaw – one of the most important business summits in Central and Eastern Europe and participated in the Blockchain Pre-Accelerator Program at University of Latvia. She is also a blogger for RigaTechGirls, a Jury Member of CEE Capital Markets and FinTech Awards and a Contributing Advisor at the Digital Freedom Festival.  Ms. Lune was recognised by Forbes as one of the top 25 most influential women in Latvia for two years in a row. Ms. Lune has a PhD in Social Economy. Evita Lune speaks fluent Latvian, English, and Russian and has passive fluency in German, Swedish, and Polish.


Pedersen & Partners is a leading international Executive Search firm. We operate 57 wholly owned offices in 53 countries across Europe, the Middle East, Africa, Asia & the Americas. Our values Trust, Relationship and Professionalism apply to our interaction with clients as well as executives. More information about Pedersen & Partners is available at www.pedersenandpartners.com

If you would like to conduct an interview with a representative of Pedersen & Partners, or have other media-related requests, please contact: Diana Danu, Marketing and Communications Manager at: diana.danu@pedersenandpartners.com

Achieving outside your comfort zone with Evita Lune

Miss Kaya is a lifestyle and financial platform for the modern woman. Miss Kaya got the chance to speak with Evita Lune - Partner at Pedersen & Partners, and one of Forbes’ most influential women in Latvia. She specialises in Fintech, is an advocate for the application of smart modern technology, and actively works to support women in their professional development. Given her success and active support in empowering women, Miss Kaya wanted to understand what it is that keeps her going in her everyday life and career, as well as any tips she has in keeping her finances in shape.

1. Tell us more about what you do.

I am a Global Head of FinTech Practice Group and Global Equity Partner at Pedersen & Partners, a leading international executive search firm, active in 53 countries.

2. What drives you to do your best in life and at work everyday?

I have always been a very ambitious person. I have tried to achieve the most that I can, either at work or outside. Achievement always lies outside one’s comfort zone, so I have been exposing myself to learning and development in different areas of life. And I have hopefully become a better professional, wife, sportswoman, mother and friend over the years.

3. Outside of work, what do you do and enjoy in your free time?

Waterski slalom is my main hobby, I practice it 4 – 5 times a week during summer months. During winter I do downhill skiing and yoga. I am also spending quality time with my family, exploring the nature and meeting friends in Latvia and abroad.

4. What advice do you have for other women who are trying to establish their careers and seeking fulfilment in their lives?

A happy and balanced person should look for four main areas of fulfillment: personal, professional, spiritual and physical. There is none that is more important than the others, and only the person that has a balance of all four can contribute the best in all areas.

5. You have been very successful thus far in your career. What were some main challenges you faced along the way, and how did you overcome them?

I come from a small country. Latvia has only 2 million inhabitants. Moreover, there are lots of stereotypes connected with post-Soviet countries. Breaking into international business arena has not been exactly “a walk in a park for me”. There are many “glass ceilings” that I have broken and many that I am still to break. I am blessed with having fantastic partners at Pedersen & Partners which have given me a great global platform to develop my professional skills.

6. As a lifestyle and financial platform, Miss Kaya believes that having a control over our finances is key to leading the type of life we want. Can you share with us some habits or tips you have in keeping track or growing your finances?

Growing my own competence and professional development have been key reasons for being able to continuously increase my welfare. I am not focusing on running after money at all. Instead, I try to become better and better every day and to deliver the value to my clients, above their expectations.

On the cost side, as a person, I do not need any luxury lifestyle, and I do not care much about demonstrating anything to others. So I am not under any pressure to satisfy some luxury standard of living.

7. Any pearls of wisdom that you go by?

If you want to change the world for the better, start with changing yourself!

 

Read the interview here.


Evita Lune is a Partner who drives the firm’s Global Digital Economy. She has completed over 50 senior level assignments in 29 countries within this practice, out of her total portfolio of over 600 assignments. Ms. Lune works extensively with FinTech clients from the Baltic sea region (Scandinavia, Baltics, Poland) and supports their global expansion plans in all continents by providing effective executive search solutions. As a team leader and regional director, she manages Pedersen & Partners teams in Poland, Baltics and Belarus. Her previous experience includes three years with the Stockholm School of Economics in Riga as the Executive MBA Program Director and six years with Shell in international and regional marketing management functions in Riga, Budapest, and Brussels.
Ms. Lune was a speaker at the CEE FutureTech congress in Warsaw - one of the most important business summits in Central and Eastern Europe and participated in Blockchain Pre-Accelerator Program at University of Latvia. She is also a blogger for RigaTechGirls, a Jury Member of CEE Capital Markets and FinTech Awards and a Contributing Advisor at the Digital Freedom Festival. Ms. Lune was recognized by Forbes as one of the top 25 most influential women in Latvia for two years in a row.

Pedersen & Partners is a leading international Executive Search firm. We operate 57 wholly owned offices in 53 countries across Europe, the Middle East, Africa, Asia & the Americas. Our values Trust, Relationship and Professionalism apply to our interaction with clients as well as executives. More information about Pedersen & Partners is available at www.pedersenandpartners.com

If you would like to conduct an interview with a representative of Pedersen & Partners, or have other media-related requests, please contact: Anastasia Alpaticova, Marketing and Communications Manager at: anastasia.alpaticova@pedersenandpartners.com

Nurturing Nest for the Future Unicorns

Riga, Latvia – Evita Lune, Partner for Global Digital Economy at Pedersen & Partners interviewed Marili Merendi, Associate at Karma Ventures.

Marili Merendi is an Associate at karma.vc — an early stage venture capital firm specialized in late seed and series A investments in Europe’s most promising tech startups. At karma.vc Marili covers deal sourcing, due diligence, financial valuation, and all-round portfolio management tasks.
Her previous experience is in finance and investment advisory positions at various international organizations such as: Kraft Foods, UBS Investment Bank and UBS Wealth Management in Zürich. Marili holds an MSc in Business Economics from the University of Amsterdam, complemented by the extended studies in the US, Norway, and Switzerland. She is a music fan and outdoor sports enthusiast.
 
 
Evita: Let’s start by understanding, what is your job about at Karma?
 
Marili: To tell you this, let me briefly introduce Karma Ventures. We are a Pan-European venture capital fund operating out of Estonia. We invest in early-stage technology companies all over Europe, and since our establishment three years ago we’ve done eleven investments, six of which are in the Baltics:  one is in Riga - Sonarworks,  two in Sweden, two in Finland and one in the UK. Our focus is on startups that build unique tech heavy solutions and that solve big customer problems. We’ve noticed that our preference is mostly towards B2B software startups.
 
I work on deal sourcing and the initial analysis of the deal and company characteristics. Once we decide to proceed with a deal, my tasks include working with my team by preparing due diligence and documentation. When we have closed the deal, I continue to actively work with portfolio companies. However, while part of my job is facilitating the analytically structured process in working with startups, the other part is trying to enable the founders to leverage their own potential through collective knowledge sharing and open discussion with them.
 
With regard to Karma’s value add, this is a question to our portfolio companies as they are the true judges here. From practical aspects we typically focus on the business stage where there is an early evidence of product-market fit of the solution, and where the company is about to build the scaling business processes and culture for fast acceleration. What it usually means, is that we work together with the founders on business strategy and recruiting, as we believe that one can only scale by hiring great people that bring true value and know-how on scaling and making a company stronger and better. We don’t expect the founders to be experts at this, but we expect them to be able to attract the talent that have the necessary expertise.
"We believe that one can only scale by hiring great people that bring true value and know-how on scaling and making a company stronger and better.”
 
Evita: Can you share a bit more about the investments that you have made? You mentioned that there are 11 different companies, half or which are in the Baltics mainly in B2B field.
 
Marili: Sure. Up to date we have mostly invested in companies targeting B2B customers, but we also have a few marketplaces that bring together the supply and demand side. For example, in Lithuania we invested in CGTrader, which is a 3D model marketplace; in Estonia we invested in HR marketplace/platform MeetFrank that brings together people looking for an interesting job and companies looking for great talent while both may not explicitly state this interest. Regarding other companies in our portfolio, we have investments in developer tools such as AppGyver and Plumbr; machine intelligence based emotion recognition software provider Realeyes; in Riga we have investment in Sonarworks, which is a software for headphone sound calibration enabling music fans to hear more authentic sound; we also have big data analytics platform SpectX; cloud based automated computational fluid dynamics software provider Adaptive Simulations; legal tech leader TrademarkNow; and finally B2B as well as consumer focused non-intrusive home security provider Minut from Sweden.
 
Evita: What about the technology side of these deals and in general, reviewing potential investments, how do you manage to judge if this will work or not?
 
Marili: When we look at an opportunity, we consider several inputs, such as market trends: what is trending globally, where the consumers and the businesses are heading to and what business models are in place. Then we analyse the competition: what type of solutions the competitors provide, how many alternatives are out there for the customer to consider, the funding of the competition, etc. All this gives us a fairly good indication of where the innovation and its financing is heading to. We also conduct reference checks with the customers and business partners of the startup under evaluation, meaning that we directly ask customers how relevant certain technology is for them and how it impacts their business. We do not conduct technical due diligence in house, but rather get this input from customer references in order to build the thesis whether the startup is on a path to become a global player. We tend to take customer input seriously as it is fair to assume that before they decided to pay for a solution, they looked at various alternatives, thus providing us with a really good comparison and understanding of the provided value. Then, of course, we look at the team trying to estimate the existing skill set as well as the potential to adapt to life’s challenges that one encounters while trying to build a unicorn.
 
Additionally, unlike many other funds we have a tech advisory meeting with the startups, where two of the Skype founding engineers — Jaan Tallinn and Ahti Heinla — bring additional input to our decision making process. We are lucky to leverage their know-how and global experience of building and developing Skype, putting together and investing in a portfolio of global technology companies previously, and currently being active in an international scene of thriving technology innovation.
 
Read the whole interview here.
Evita Lune is a Partner who drives the firm’s Global Digital Economy. She has completed over 50 senior level assignments in 29 countries within this practice, out of her total portfolio of over 600 assignments. Ms. Lune works extensively with FinTech clients from the Baltic sea region (Scandinavia, Baltics, Poland) and supports their global expansion plans in all continents by providing effective executive search solutions. As a team leader and regional director, she manages Pedersen & Partners teams in Poland, Baltics and Belarus. Her previous experience includes three years with the Stockholm School of Economics in Riga as the Executive MBA Program Director and six years with Shell in international and regional marketing management functions in Riga, Budapest, and Brussels.
Ms. Lune was a speaker at the CEE FutureTech congress in Warsaw - one of the most important business summits in Central and Eastern Europe and participated in Blockchain Pre-Accelerator Program at University of Latvia. She is also a blogger for RigaTechGirls, a Jury Member of CEE Capital Markets and FinTech Awards and a Contributing Advisor at the Digital Freedom Festival. Ms. Lune was recognized by Forbes as one of the top 25 most influential women in Latvia for two years in a row.

Pedersen & Partners is a leading international Executive Search firm. We operate 57 wholly owned offices in 53 countries across Europe, the Middle East, Africa, Asia & the Americas. Our values Trust, Relationship and Professionalism apply to our interaction with clients as well as executives. More information about Pedersen & Partners is available at www.pedersenandpartners.com

If you would like to conduct an interview with a representative of Pedersen & Partners, or have other media-related requests, please contact: Anastasia Alpaticova, Marketing and Communications Manager at: anastasia.alpaticova@pedersenandpartners.com

Subscribe to Evita Lune