Interview Edition: Eva Rez

Describe yourself in 50 words or less.

I am Eva Rez, I work with early-stage startups as an Investment Director at Day One Capital. Being a Fulbright fellow in the Silicon Valley brought me to the startup world. Overall, I have a 7-year finance background including 5 years at the Budapest Stock Exchange.

What led you to investing in startups?

I used to work at the Budapest Stock Exchange for 5 years, which was a remarkable and fruitful time of my professional life. Then I got a Fulbright scholarship for almost a year, and I was sure that I would like to gain more experience, which I can bring back home and use for developing the Hungarian capital market. I achieved my goal but with a little bit different outcome. While working at the exchange obviosuly made for mature companies, I was really inspired by the startup ecosystem in San Francisco, where I studied due to the scholarship, and I felt that I would like to continue on “the other end” of the capital market. Being an economist I was more excited about the investment opportunities than doing my own enterprise.

What startups are you currently involved in?

We have 12 portfolio companies at Day One Capital and I’m now involved in our newest investment, AdasWorks. The Hungarian team is ready to revolutionize the automotive industry by providing a software toolkit that fuses multiple car sensors, GPS and map data with computer vision to create advanced and cost-effective driver assistance and semi-autonomous systems. I am also actively searching exciting investment opportunities mainly from the CEE region for our funds.

Describe your typical day from waking up to going to bed.

I usually use public transport to commute to work, which is a great opportunity to read either newspapers or books. In the office, none of my days are the same. Sometimes, I focus on the market analysis of the potential investments and prepare investment decisions, while other days I have meetings either with startups or other investors or with our own team. I’m also involved in the everyday management of the company on an operative level. If there are no startup events to attend, I usually organize programmes with friends including salsa dancing, exhibitions, theatre or concerts or I go to do some sports. By the end of the day it is nice to get home, relax and get ready for the next day.

Tell us about your best investment so far and why it succeeded / will succeed.

I am very excited about our newest investment, AdasWorks. As mentioned before they develop a software toolkit that fuses multiple car sensors, GPS and map data with computer vision to create advanced and cost-effective driver assistance and semi-autonomous systems. The Stuttgart based company was founded by Laszlo Kishonti, who has already built up a successful company. My reasons why I really believe in their success are the followings: Laszlo is a great visionary with a widespread network covering relevant industry players; he works with a world-class team based in Hungary, who are ready to make the visions come true; AdasWorks has already showcased a project at CES 2015, where they transformed a consumer car into semi-autonomous using low-cost components.

Tell us about an investment you made which turned out to be unsuccessful.

I do not have such a story yet. But if I have one I will probably write a blog post on it to conclude the lessons. Meanwhile, you can read my newest blog post here.

7 years from now: how did your contribution change the startup world?

I think that in Hungary the whole ecosystem is learning and improving together as it is a very fresh industry here. Therefore, I hope that with my company we can always learn from more advanced ecosystems, our “role models”, and learn the lessons from our own experience. I feel that we have already found our differentating way to deal with startups and we are building something promising together. I am happy to be part of such a great team. We all bring different values to the company and eventually, to the whole system. I see my contributions in having a 7-year finance background with relevant Silicon Valley experience, and being a good communicator in general, which matters a lot in the startup community.

What trend would you bet your money on? And how will it influence everyday life?

I am very excited about the fintech industry. I see a lot of opportunities there to apply disruptive solutions for a traditional industry with an already well-established infrastructure. I am more interested in technologies, which have a social impact as well, and can improve how the world’s financials work and can become more transparent. We have a very promising investment in our portfolio from this market segment. Oradian has developed Instafin, which is the world’s first true Core Microfinance System for third world countries. You can read more about it in my colleague’s blog post on what potentials we have seen in the solution and the team.

What does it take for a startup to impress you?

The two key factors are the team – the people who we will work together with – and a good idea, which can be explained in one sentence. I think I have to go into more details on the second one. I look for an innovative solution or business model or way of execution. Anything which can be disruptive or has a different approach gets my interest. If I am impressed by these two aspects, I would like to see the first signs for the ability to execute a great concept. If the founders can present their idea in a structured way, they have a detailed roll out plan and their personality makes them good executors, I am in!

What do you offer your partners when you’re not throwing money at them?

I always answer emails and give feedback to teams/startups who I get in touch with. Even if they do not fit into our portfolio, I try to explain why we think they are not suitable for us, and which details of their project I suggest that they work on more. Besides that, what I learned in the US is that you can connect people without any direct benefit, if you think those people have something in common. I am always happy to do this within my own network, if I see some valuable contribution from this simple act. Why I am especially pleased to be part of the Day One team is our hands-on approach with our portfolio companies. In many cases this is more important than giving financial resources to enable the team to achieve their aims.

Describe what a business relationship with you looks like.

Working for a VC requires some formality, but I consider myself as a very approachable and outgoing person. I appreciate smart people who devote their life to make their idea come true, and I am pleased to get involved in their project and possibly work with these great minds on a longer term. If I see these values and the potential, I am sure that the cooperation will be very smooth. I will probably get on well with any personality if it combines with being committed, organised and reliable.

What advice would you give first time entrepreneurs and young startups?

Only choose the startup lifestyle if you:

• have a good idea, which will have a real impact,
• can take risks and handle uncertainty,
• are a good executor or are able to find the right people to do the work for you,
• ready to learn from your own mistakes and listen to others, and
• are ready to lead a team and manage people.

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