Invest in what you know
Per also believes it’s vital to invest in what you know. “When I make investment decisions, I typically look for something in the area where I have been myself,” says Per. “So I am looking for business-to-business start-ups. At the moment, I am looking at HR tech.”
One entrepreneur who is currently working with Blue Lime Labs is Monika Brazdžiūtė. A former HR manager, Monika met with Per and Gytenis to brainstorm an idea on how to gather employee feedback effectively. After that initial discussion, they tested their business plan and received positive feedback from the market. Their latest investment, called PulseTip, was born.
PulseTip is a terminal that enables companies to measure employee feedback in real time. After two years, the product has been sold in five European countries and sales are continuing to grow. Monika believes Blue Lime Lab’s expertise and network of contacts were crucial to the company’s success: “It's my first start-up, so I didn't have experience of creating things from scratch. Blue Lime Labs helped with establishing processes from the very beginning.” Blue Lime worked with Monika to build a software development team, find the right hardware suppliers and create an effective sales workflow.
Gytenis is very proud of PulseTip’s success: “The most rewarding experience in working with start-ups is actually seeing how you can improve their process. You're looking for different solutions, and then you're coming back and saying, 'Let's maybe try this,' and if the approach works, it's very rewarding.”
As for the elusive hunt for the next unicorn, Per is optimistic that one of their investments may end up surprising them all. “I hope I have the next big thing in my portfolio already. Being in the space I am, of business-to-business start-ups, it is a bit harder to explode from nothing. But I think I have it already, I just don't know which one of them it is.”