“Innovation has no limits. This is an extraordinary time, as technological change and industrial disruption appear to be accelerating and connecting individuals, organizations and nations like never before. » shares Fabiola Duro, founder of Tirana-based INNVEST, a network of angel investors who, together with visionaries, tackle national economic challenges in Albania.
In over 15 years as a professional, Fabiola has built an impressive portfolio. She has a background in diplomacy and business administration and has been focusing on the startup ecosystem for over a decade now.
There is more than 250 startups in Albania, 35% of which are founded by women entrepreneurs, with most of them developed in sectors such as IT/software development, education and e-commerce. Their biggest challenge: funds.
With INNVEST, she has changed the nature of angel investors in the country and defined the pillars of their collaboration with startup founders, namely basic knowledge, mentoring, networking and finance.
Before becoming CEO, she worked for the Albanian Ministry of Foreign Affairs; the Ministry of Transport, Infrastructure and Telecommunications; and the Tirana Chamber of Commerce and Industry, to name a few. And developed skills to coordinate multi-stakeholder processes nationally and internationally with angel investors, entrepreneurs, startups, incubators and government officials.
With a keen eye for spotting rising Albanian tech stars and an advocate for female entrepreneurship, she will take us on a journey through her local ecosystem, talking about 2022 projects with INNVEST.
THE RECURSIVE: What fascinates you most about the world of tech startups in Albania? Take us on a journey of local innovation around the ecosystem.
FABIOLA DURO: In Albania, despite a young and fragile ecosystem, many players have started to design programs to help startups innovate and grow. These support a wide range of startups at different stages of growth, but primarily focus on pre-ideation, ideation, seed stage and startup phase.
In this regard, great support has been provided by international organizations, such as the The EU for innovation, GIZ – Pro Seed ProgramsAnd EBRD ASB Programs, to name a few. They play a major role in providing the opportunity to turn an idea into a large-scale business, while fostering an entrepreneurial culture.
Another platform for all important players in the ecosystem is Albania Tech. The aim is to create potential bridges between Albania and other countries, an environment for entrepreneurs, knowledge institutions and sources of capital.
This month, the Albanian Startup Database will be launched, mapping the country’s startup and venture ecosystem, built with the support of EU for Innovation, the leading provider of data on startups, businesses growing technology ecosystems in Europe and around the world.
How would you define the stage of development of the local ecosystem? What else does it need to grow?
The Albanian ecosystem is still in the development phase. Many initiatives generate successes, but access to financing for startups and ISOs is limited. To ensure the development and survival of an early-stage startup, investors must offer financial assets but also additional expertise and know-how. Government financial support is also needed.
A very good start is the law on startups which was approved last January. Startups will be able to obtain advice from a “one-stop shop”, which will be set up under the aegis of the Minister of State for the Protection of Entrepreneurship in Albania. This will pave the way for funding startups across a variety of sectors, from educational institutions, innovation support organizations, hospitality and edtech to IoT, blockchain and fintech.
Also, the Triple Helix system and the field of R&D are still in the initial phase. Business leaders believe it is important to invest in innovation and technology, but only 15% of companies say they have a dedicated R&D fund; 75% say they spend these funds sporadically.
What inspired the launch of INNVEST?
Doing big things that have an impact in my home country. The best thing about my job is that I love it. It’s about the freedom to explore and be on the side of success.
While I create the perfect work for me, I love celebrating the victories of everyone around me. I fully believe in networking and community building within the Albanian and international innovation ecosystem.
Can you tell us about your plans for 2022?
We try to stay true to our slogan “Investing for Impact”. INVEST combines innovative research to bring together investors and new business ideas with a long-term goal of sustainable growth to shape the ecosystem. We empower entrepreneurs and investors to forge a more vibrant economy in Albania and the Western Balkans through mentoring, training, support, advice and mediation.
The INNVEST vision is based on the pillars of empowering entrepreneurs and investors. We want to create new investment opportunities and access to new jobs, products and services. And we want to support women in businesses aimed at bringing qualitative improvements to their lives.
Our main goal for 2022 is to innovate through education. Since innovation is the ability to be seen as an opportunity and not a threat, we will focus on Innovation Management Academy in Albania (IMAA). By managing innovation, we all manage the future of businesses. Who are we if we are not measured by our impact?
Then we want to carry out studies to expand the projects and we will organize our annual event, INNVEST Summit 2022, for all Western Balkan countries, from October 12 to 14.thin Tirana.
What surprised you about developing your own project? Are there any challenges and lessons you would like to share?
I had no surprises since I was well prepared. I always had solutions. For me, success depends on the difference I can make in people’s lives. Challenges are part of moving forward and looking forward to what’s next. I sincerely believe that experience is the best mentor there is.
I enjoy the day-to-day aspects of it. I discovered some of the great attractions of life for me. In an ever-changing world, innovators take the path of uncertainty to explore, innovate and create. In this way, challenges turn into opportunities.
What is it like to lead an all-female team?
Incredible experience and I feel lucky since we share three important main values: loyalty, pragmatism and listening.
You have participated in private and government projects. How do you think these latest opportunities have helped you in your current responsibilities?
Experience and practice of “innovative parenting”. I believe innovative cultures begin with a philosophy and tone analogous to the classic parenting advice that children need both “roots and wings.”
As innovation leaders, we must hold creatives accountable to entity goals, key focus areas, core capabilities, and commitments to stakeholders. We can then give them guidelines to carry out their work based on these parameters. Obsessing over budget and deadlines will kill ideas before they take off.
Once all of our scientists understand that they have a responsibility to provide practical products and processes that can be produced affordably, we can trust them that they will not be bothered by wasting money and resources. ‘efforts. This trust helps us build a culture of innovation.
We know that you defend female entrepreneurship. What can you tell us about your initiatives in this direction?
In May 2021, INNVEST launched an annual forum entitled “Women Move Forward”. The goal was to spotlight women who can harness the power of this pivotal moment to shape a new path forward and propose concrete solutions to generate meaningful progress. Through this annual event, we will strengthen the economic empowerment of women across Albania for job creation, poverty reduction and sustainable development.
What do you look for when analyzing a potential investment: the team, the solution, the story, the scalability opportunity, the impact on society?
Impact first, by analyzing how they can contribute to our lives. The way the founders solved the problem, the team as the biggest asset, the customer experience and their fit.
What legacy do you want to leave in the angel investor niche in Albania?
Angel investors are often the first to recognize, seek out and fund promising new companies with social and environmental impact goals. They target new businesses and can play a dual role as investor and mentor, providing expertise and practical advice as well as financial investment. We have built a network based on shared interests or expertise across sectors, geography or social impact mission.