Jiří Koleňák: Welcome to another episode of the Úspěšní (Successful) podcast. My name is Jiří Koleňák, and together with my guests, we discuss the principles and habits that drive their success. If you enjoy our podcast, don't forget to share, comment, or listen on your commutes. Today's guest is Vítek Čermák. Vítek is an economist, mentor, and Director of the South Moravian regional office of CzechInvest. He has been helping startups, innovative companies, and municipalities grow for over a decade. He previously worked at BIC Brno, the Chamber of Commerce, and Mendel University, managing and coordinating regional projects. At CzechInvest, he oversees support for startups, Smart City solutions, and the development of the regional innovation ecosystem. He is a long-time believer in the power of innovation, entrepreneurship, and creativity, bridging local business environments with international investors. Hi Vítek, welcome to the podcast.
Vítek Čermák: Hi, thanks a lot for the invitation.
Jiří Koleňák: Vítek, you’ve worked in the startup and innovation ecosystem for a long time. What fascinates you most about this field?
Vítek Čermák: It’s always the personality of the founder. When I sit down for a consultation with a prospective startup founder—increasingly often female founders, which we are thrilled to see—they bring incredible energy. They come with an exciting, highly innovative idea and a genuine passion for their vision. What I enjoy most is guiding them. My role isn't to rewrite their business plan; they have to own that. My job is to act as a guide, pointing them in the right direction so their idea matures into a successful startup.
Jiří Koleňák: How would you describe the startup scene in South Moravia today compared to when you started?
Vítek Čermák: The progress has been remarkable. It's not about any single individual, but the timing and systemic support in the South Moravian region have been exceptional. Since 2003, we’ve had the South Moravian Innovation Centre (JIC). Together, we’ve developed the startup scene effectively and with genuine passion. You can't do this work purely for money—you do it because you believe in its purpose, helping startups and elevating the ecosystem into a modern, 21st-century economy where people want to live, work, and build businesses.
Jiří Koleňák: Why has Brno and South Moravia become such a powerful innovation hub?
Vítek Čermák: The strategic decision to become an innovation hub was made over twenty years ago. Back in 2003, when the first Regional Innovation Strategy was drafted, many skeptics laughed and claimed it was a waste of money that would gather dust in a drawer. The opposite happened because key stakeholders united: local universities producing top talent, the regional authority, the city municipality, and the innovation center founded jointly by four universities, the city, and the region. State institutions like CzechInvest stepped in to support that vision. Today, we’ve built a mature ecosystem. Regions from Poland, Slovakia, Austria, and across the Czech Republic now visit us to study our model as a best-practice benchmark.
Jiří Koleňák: Operating internationally, what key differences do you observe among venture capital investors across different regions?
Vítek Čermák: I can illustrate that clearly with three numbers: 1,000, 100, and 10. In North America, there is roughly $1,000 of available venture capital per capita. In Western Europe, that figure drops to $100. In the Czech Republic, it is around $10. That gap illustrates the structural difference in capital availability.
Jiří Koleňák: How should Czech founders prepare for that reality when fundraising?
Vítek Čermák: The domestic venture capital landscape is maturing rapidly. While virtually non-existent in the 1990s, dozens of active VC funds now support Czech startups. To prepare, founders need a market-validated concept, a balanced team covering all essential domain skills, strong pitch capabilities, and perseverance. Rather than securing a single investor, startups typically raise from a syndicate of two to four VC funds that share risk and pool their "smart money" network to accelerate international scaling.
Jiří Koleňák: So syndicate investing is primarily about risk mitigation and strategic value?
Vítek Čermák: Exactly. It also benefits the founder. Surrounding yourself with multiple investment partners brings diverse domain expertise, structured scaling guidance, and faster entry into international markets compared to relying on a single investor.
Jiří Koleňák: You recently noted that the era of hyper-globalization is giving way to supporting local economies. How does that trend manifest in Czechia and South Moravia?
Vítek Čermák: We are witnessing "glocalization"—adapting globally intended products to regional and local market needs. In our regional ecosystem, supporting the local economy means fostering entrepreneurship across the entire region—not just in central Brno, but establishing incubation infrastructure in smaller towns like Znojmo, Hodonín, Blansko, and Boskovice.
To manage this systematically, CzechInvest utilizes two key regional indicators when advising municipalities:
- Vulnerability Index: Measures the local employment impact if a district's single largest employer were to shut down. This helps municipalities plan brownfield redevelopment and industrial zone diversification.
- Self-Sufficiency Index: Evaluates whether a region offers sufficient local entrepreneurial and employment opportunities. A score near 100 indicates a balanced regional job market. Scores above 100 show the region actively attracts external talent, while lower scores indicate a commuter region.
Building economic resilience requires a coordinated ecosystem involving JIC, the Chamber of Commerce, universities, regional government, CzechInvest, and CzechTrade.
Jiří Koleňák: How often do you remind ambitious startups targeting global markets to keep their roots firmly in the local ecosystem?
Vítek Čermák: We address this right from the first consultation. When a region invests time, advisory services, and public funding into a startup, it expects long-term economic returns. Going global shouldn't mean abandoning your home base. We encourage founders to scale internationally while keeping their primary R&D center, core team, and tax domicile local. We support international expansion fully, provided the core economic value remains anchored here.
Jiří Koleňák: How much does a startup's physical location matter today? Are certain Czech cities naturally more advantageous?
Vítek Čermák: The landscape has broadened since the early 2000s when startup activity was strictly limited to Prague and Brno. Regions like Moravia-Silesia and Plzeň have made impressive strides, though regions like Vysočina or Karlovy Vary are still building momentum.
Prague and Brno remain the dominant startup hubs. Look at CzechInvest’s flagship Technological Incubation national startup program: out of more than 230 supported tech startups, roughly 100 originated in Prague and Central Bohemia, 50 in Brno, 15 in the Moravian-Silesian Region, and 15 in Plzeň, with the remainder scattered across other regions. The "Big Four" cities still offer the strongest foundational support infrastructure.
Jiří Koleňák: What is your take on the rise of Deep Tech startups? Is the space getting crowded, and do they have a high survival rate?
Vítek Čermák: Deep Tech startups build products on fundamental scientific research, led by top-tier researchers alongside business-savvy management to solve complex global challenges. The growing number of Deep Tech startups is a positive sign—it reflects strong academic R&D, world-class universities, and a healthy intellectual pipeline.
Investors can spot superficial claims quickly. Domestically, Deep Tech thrives across three core sectors: Artificial Intelligence (where Czech talent is world-class), Quantum Computing, and Biotechnology. Specialist VC funds like Tensor Ventures, Credo Ventures, and IGI actively deploy capital into these deep tech verticals.
Jiří Koleňák: How do academic spin-offs differ from purely commercial startups?
Vítek Čermák: There are distinct operational differences. University spin-offs often involve institutional equity participation. Their advantage lies in direct access to cutting-edge laboratory infrastructure and specialized academic talent. Because researchers routinely write academic grant applications, spin-offs excel at securing public research grants without external consultants.
However, an academic mindset can slow down commercialization and time-to-market. Purely commercial startups prioritize immediate revenue generation and customer acquisition above all else, viewing public grants as secondary. Both models have clear pros and cons.
Jiří Koleňák: What core personality traits distinguish successful startup founders?
Vítek Čermák: A founder must be a leader. They don't need to be the smartest technical specialist in the room, but they must possess visionary leadership, infectious passion, and the ability to assemble and retain a cohesive team. They must be compelling presenters, strong networkers, and extraordinarily persistent. Team members may change, but if the founder lacks grit, the startup inevitably fails.
Jiří Koleňák: Can you share examples where a founder's leadership was a genuine game-changer?
Vítek Čermák: South Moravia has produced major success stories that evolved into established global enterprises: Václav Muchna at Y Soft, Petr Palas at Kentico, or Oliver Dlouhý at Kiwi.com. Among rising stars, Ondřej Bažout, founder of the Brno-based startup Senzorie, built an automated smart greenhouse system for year-round agricultural production. He launched it during his doctoral studies, managed it professionally, scaled customer acquisition rapidly, and is now executing international expansion. He’s a fantastic example of commercializing academic innovation.
Jiří Koleňák: Can you spot whether a founder has "the right stuff" during an initial consultation?
Vítek Čermák: I can't guarantee 100% accuracy, but I can evaluate their realism and drive. I look at how deeply they understand their target market, whether they've validated demand with real customers, their timeline to market entry, and how realistically they approach financial modeling. If a founder immediately rambles about building a "billion-dollar unicorn" without market validation, they are usually a dreamer who needs a reality check. In most cases, you can gauge whether someone has the execution capacity to pull it off.
Jiří Koleňák: Can a founder's oversized ego become an obstacle?
Vítek Čermák: Almost certainly. An inflated ego hurts investor relations and signals a lack of empathy and humility. Startups built with humility—which doesn't mean moving slowly, but staying grounded in market feedback—have a dramatically higher probability of long-term success.
Jiří Koleňák: How critical is the ability to admit mistakes and pivot when a strategy fails?
Vítek Čermák: It is essential. Making early mistakes is completely normal. Popular events like "FuckUp Nights" celebrate lessons learned from failure. Founders who refuse advice are doomed to fail, while coachable founders who embrace feedback turn setbacks into valuable pivots that save time, energy, and capital.
Jiří Koleňák: You often observe that startups overemphasize technology while neglecting sales. When should a startup begin developing its sales strategy?
Vítek Čermák: From day one. That marks the fundamental difference between US and Czech startup approaches. American startups aggressively market and sell their concept from the start. Czech startups often over-engineer their technology in isolation, neglecting early customer validation and test-market feedback. Without dedicated sales capability, great technology burns time, capital, and passion without generating commercial traction.
Jiří Koleňák: What are the most common mistakes founders make when pitching to investors?
Vítek Čermák: Two errors stand out:
- Flawed Competitor Analysis: Claiming "we have no competition." In the 21st century, alternative or indirect competitors always exist. Asserting otherwise signals a lack of market awareness.
- Basic Financial Discrepancies: Struggling to explain baseline financial projections, revenue drivers, or unit economics when questioned by VCs. Discrepancies in basic math immediately erode investor confidence.
Jiří Koleňák: Are there other recurring failure patterns you see across startups?
Vítek Čermák: Intergenerational friction between co-founders—such as a young technical visionary partnering with a significantly older co-founder who resists agile market pivots. Team burnout is another major risk; if a founder lacks the energy to rebuild after team turnover, market windows close quickly.
Jiří Koleňák: How can founders avoid getting overwhelmed by day-to-day operations?
Vítek Čermák: Rigorous time management and delegation. Founders acting as CEOs must delegate operational tasks to avoid personal burnout. They should also leverage regional support programs and expert mentors to gain fresh perspectives and maintain strategic momentum.
Jiří Koleňák: How do you balance the ambition of building a "unicorn" with solving real-world problems?
Vítek Čermák: When founders are obsessed with becoming a "unicorn," I deliberately cool their expectations. Fixating on valuation is a recipe for failure. Founders must focus relentlessly on product-market fit, execution, and customer value. The market decides whether a company becomes a unicorn, not the founder's initial pitch deck.
Jiří Koleňák: On LinkedIn, you wrote: "When someone says 'I have a problem,' I reply: 'No, you're just looking at it from the wrong perspective.'" What experiences shaped that philosophy?
Vítek Čermák: Real problems are terminal health issues or life-and-death crises. Everything else in business is simply a challenge waiting for a solution. Navigating difficult personal family situations reinforced this perspective. When founders face operational hurdles, I encourage them to reframe the issue: Are you targeting the wrong customer segment? Looking for opportunities in the wrong place? Reframing challenges opens up alternative, actionable solutions.
Jiří Koleňák: Can that reframing mindset be learned?
Vítek Čermák: Yes, though personal experience is the best teacher. Categorizing non-health challenges as solvable operational problems clears mental noise, sharpens focus, and accelerates decision-making.
Jiří Koleňák: What drives you personally? What daily habits keep you grounded?
Vítek Čermák: I need to see tangible impact every single day. Before going to sleep, I review my day and identify three concrete things I accomplished or advanced. Ending the day with three meaningful wins ensures my time was well spent. But to review progress, you must actively create throughout the day.
Jiří Koleňák: What single piece of advice would you leave with today's ambitious young generation?
Vítek Čermák: Czech culture can be overly critical. If you have validated an idea with the market, pursue it relentlessly. Talk to prospective customers, seek expert mentorship, and share your vision openly—don't fear idea theft, as execution is what truly matters. Pursue your goals, ignore unqualified naysayers, and avoid unnecessary collisions with narrow-minded people.
Jiří Koleňák: Spoken like a true leader. Vítek, thank you very much for joining us and sharing your wisdom.
Vítek Čermák: Thank you very much for having me.
Jiří Koleňák: To our viewers, thank you for watching. Stay tuned for our upcoming episodes with more inspiring guests!
