In this exclusive interview with TechBullion, Maryna Marynkevych, the founder of Major Key and a partner at Network VC Syndicate Fund, shares her insights on the evolving landscape of startups and venture capital. From her roots in PR and marketing to her current roles as an investor, mentor, and community stakeholder, Maryna offers a unique perspective on the impact of recent market challenges, and the future of venture capital in an AI-driven world.
Maryna, your professional journey began in PR and marketing communications, where you held leadership roles in advertising agencies and large companies. You have managed campaigns for global brands, presidential candidates, spiritual leaders, and celebrities. What led you to the world of innovation?
That’s a great question! I believe there are no coincidences. I was part of the MultiplexDX team, which provides diagnostic kits that prevent cancer misdiagnosis. There I was responsible for marketing strategy and communication.
This biotech startup quickly gained industry recognition, securing funding and accolades like Horizon 2020, the ERC grant, CESAwards, FutureNow, Webaward, New Europe 100, JCI CYI, and Vodafone Idea of the Year.
I was honored to receive the CESAward as part of the team, and that’s where I first connected with a vibrant community of visionaries. I remember thinking, “This is where the future unicorns—like the next Ubers, Facebooks, and Amazons—will emerge.” After that, there was no looking back.
Your experience in innovation is quite diverse. How do you juggle roles as an investor, startup founder, advisor, mentor, and community stakeholder?
In the venture industry, it’s common to see people wearing multiple hats. For instance, a private investor might spend a couple of weeks studying a project and then check in quarterly after investing. Being a partner at a fund often requires a less-than-full-time commitment, and having a strong event organization team allows for effective parallel project management.
I started as an ecosystem stakeholder, bringing the EuroAsian Startup Awards to Ukraine. Then, I joined the fantastic team at Startup. Network and helped scale Unicorn Events (Battles), which became the largest global pitching contest that year.
You’ve likely seen hundreds of startup pitches worldwide. Do you know how many?
I once counted over 2,000 pitches before I stopped keeping track! Meeting innovative visionaries from around the globe was the highlight of those events. Statistically, the U.S. leads in unicorns, followed by China, India, Latin America, the UK, and then Israel.
You’re painting a beautiful picture that many would want to be a part of—where unicorns thrive and new startups emerge.
Absolutely! I believe the AI boom will open doors for anyone looking to start a business. You don’t even need to know how to code to create an IT platform or solution anymore. I think we’ll see a significant rise in incubators in the near future, providing aspiring entrepreneurs with the support and knowledge they need to develop their startups from scratch.
What impact do you think this will have on the venture capital industry?
I believe the rising number of entrepreneurs will lead to more investors entering the scene. Historically, startup investment was limited to venture capitalists and angel investors. This landscape began to shift, however, with crowdfunding platforms like Kickstarter, which opened the door to early-stage investing. The emergence of Web3 technologies and Initial Coin Offerings (ICOs) sparked yet another wave of retail investment opportunities.
I envision that within the next decade, every third person you meet will be either a startup founder or an investor.
What’s more common: founders of startups becoming investors or investors becoming founders?
I often see the first scenario, where successful entrepreneurs transition into investing. It’s a natural progression. Some of my favorites include Marc Andreessen, Peter Thiel, Ashton Kutcher, and Alex Rodriguez. Personally, my startup management experience has greatly shaped how I identify promising ventures.
Any “secret sauce” to share for spotting a promising startup?
You know, it’s not one-size-fits-all. It really depends on the startup’s stage and who’s doing the looking. An Angel investor, who’s taking the big initial risks, might have a different approach than a Venture Fund with its team of experts and analysts.
Angels might be watching for traction, trusting their gut, or even playing the numbers game with multiple investments. As for me? After years in the game, I’ve developed a kind of professional sixth sense. I reckon this “gut feeling” is a form of emotional intelligence. It’s not always something you can explain with logic, but it does pay off in the long run!
And what are the red flags that might signal a startup’s heading for trouble?
Great question! You know, the startup graveyard is pretty crowded, and there are usually three major causes of death: market flops, empty wallets, and team meltdowns.
An idea might sound like pure genius in the brainstorming room, but the real test is when it hits the market. It’s like throwing a party—you only know if it’s a hit when people show up and stick around.
Now, here’s a key insight: when people start talking about your product without you having to shout from the rooftops, that’s when you know you’re onto something special. It’s like having a secret sauce that everyone wants a taste of. And if you’ve got that? Well, a little marketing budget can turn that spark into a wildfire. It’s all about fanning those flames at the right moment.
I notice you often refer to the market. Is that due to your background in marketing?
Absolutely. My marketing expertise helps a lot. I like to compare marketing to surfing: if a startup catches the right wave at the right moment and performs well, it can be a game changer.
Talking about myths and realities of the world of innovation, what are the most common missteps?
For a startup, it’s when founders overestimate their project with capitalization and expect, let’s say, a couple of million in investments before going to market. They don’t understand how the investment vehicle works, which is step-by-step from smaller to bigger rounds.
Innovations often create a buzz, but reality can be different. Remember the hype about chatbots replacing mobile apps, iPads replacing computers, or drones revolutionizing delivery? While these innovations certainly shook things up, a true revolution takes time. Infrastructure, laws, digital readiness, and other factors often slow down the adoption of even the most exciting inventions.
And what’s shaking up the innovation industry right now?
AI, without a doubt. It’s both a game-changer and a head-scratcher. While we can’t predict exactly how it’ll play out, we’re seeing some clear signs of how AI is likely to reshape our markets. It’s like trying to guess the plot of a movie from just the trailer—exciting to try, but a bit nerve-wracking too!
Another challenge is that the startup world hit a speed bump in 2023 and 2024 as
equity financing in VC-backed companies was significantly reduced. As a result, many decent pre-revenue Biotech and DeepTech startups quit the race. Many other startups had to significantly decrease their valuation. I believe this situation will change for the better soon.
Any exciting plans on the horizon?
Absolutely! The best is yet to come. We’re in the process of setting up a multi-strategy investment fund. I’ve teamed up with some fantastic entrepreneurs: Alice Serebrianyk, Roman Ilchenko, and Eric Kadyrov. Together, we’ve created a group of companies (Major Key Group) that offer advisory and marketing expertise to help promising businesses grow, scale up, and secure funding.
We’ve got a lot of projects in the pipeline that we believe will make a real impact in the innovation space. We’re also diving into some cutting-edge digital initiatives. One of these is developing RWA tokenization and innovative digital banking solutions to streamline management processes and boost economic development for governments. This area is full of future opportunities, and everyone is really excited about it. The potential here is huge!
