In this episode of Nothing Ventured, host Aarish Shah welcomes Enis Hulli, a general partner at E2VC, an early-stage venture fund focused on supporting founders from emerging Europe. Enis shares insights from his journey in venture capital, detailing how his experience with 500 Startups helped him navigate the complexities of fund management, from legalities to fundraising. The discussion emphasises the importance of building a strong network and mapping talent early in the investment process. Enis also explores how emerging Europe is cultivating US-native unicorns and the challenges of remote-first operations in achieving significant growth. Tune in for valuable perspectives on venture capital strategies and the evolving landscape of tech entrepreneurship in emerging markets. Timestamps: 00:00:00 - Introduction to Enis Hulli and E2VC 00:00:31 - E2VC's Investment Thesis and Strategy 00:01:02 - Importance of Network and Talent in Early-Stage VC 00:01:40 - Building Unicorns in Emerging Europe 00:02:05 - Expertise in Gaming and Deep Tech in Emerging Europe 00:02:30 - Trust and Relationship Building in VC 00:02:51 - Host Introduction and Podcast Overview 00:03:32 - Transition from 500 Startups to E2VC 00:04:09 - Benefits of Independence from 500 Startups 00:05:01 - Evolution of Fund Size and Investment Strategy 00:05:44 - Brand Control and New Initiatives at E2VC 00:07:08 - Launching a San Francisco Office 00:07:31 - Initiative to Fund High School Students 00:08:20 - Talent Mapping and Early Engagement 00:09:12 - Identifying Entrepreneurial Traits Early 00:10:09 - Long-Term Thinking in VC 00:11:08 - Word of Mouth and Reputational Branding 00:11:45 - Malcolm Gladwell's Tipping Point and Talent Strategy 00:12:09 - Changes in Emerging Europe Over the Last Five Years 00:13:09 - Consolidation and Global Focus in Emerging Europe 00:14:09 - Importance of Proximity to Talent and Capital 00:15:08 - Shift in Founder Mindset Post-COVID 00:16:11 - Building Unicorns from Emerging Europe 00:17:00 - Importance of Being in Major Hubs 00:18:16 - Strengths and Weaknesses of Emerging Europe 00:19:08 - Founders' Mindset and Continuous Improvement 00:20:09 - Migrant Hustle and Proving Oneself 00:21:03 - Learning from Experienced Entrepreneurs 00:22:27 - E2VC's Edge in the Market 00:23:00 - High Conviction and Talent Mapping 00:24:11 - Signalling Value and Reputation in VC 00:25:14 - Engaging LPs and Their Expertise 00:25:42 - Investing in Ukrainian Founders 00:26:15 - Framework for Investing in Conflict Regions 00:27:08 - Technical Talent and Mobile Gaming in Emerging Europe 00:28:07 - Resilience and Anti-Fragility in Emerging Markets 00:29:05 - Cyclicality and Anti-Fragility in VC 00:30:09 - Benefits of Operating in Emerging Jurisdictions 00:31:03 - Writing Larger Checks at Pre-Seed and Seed Stages 00:32:22 - Capital Efficiency and Product-Market Fit 00:33:05 - Balancing Capital Constraints and Strategic Bets 00:34:13 - Differences in US and European VC Mentalities 00:35:09 - Iteration and Finding Product-Market Fit 00:36:14 - Underwriting Teams and Execution Speed 00:37:25 - Founder-Driven Investment Decisions 00:38:26 - Unlimited Runway and Iteration 00:39:01 - Short-Term Thinking vs. Long-Term Vision 00:40:07 - Unexpected Product-Market Fit 00:41:24 - Case Study: Unicorn Growth Story 00:42:13 - Understanding Customer Base and Market Potential Find Enis Hulli online at: LinkedIn: https://www.linkedin.com/in/enishulli/ Twitter: https://x.com/EnisHulli E2 VC: https://e2.vc This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe