Why having a clear vision and persistence are the keys to startup success

Dr. Marianna Prokopi-Demetriades, Co-founder, RSL Revolutionary Labs Ltd, a developer of innovative dermaceutical solutions tailored to meet the unique needs of oncology patients during treatment and beyond, explains why startups must always be prepared to adapt and adjust their business strategy to stay ahead of the competition.

What lessons have you learned while working in a startup ecosystem like that of Cyprus, and how have you stayed motivated and focused during challenging times?

Being an entrepreneur in Cyprus comes with its own set of challenges. Launching a new and innovative business requires courage and resourcefulness, particularly when the brand stands out and offers something unique that can make a significant impact on people’s lives. It demands dedication, hard work and a willingness to take risks, knowing that failure is part of the startup journey. Having a clear vision and persistence are key to success and thinking internationally can take you a long way. Learning from mistakes is essential and can be used to grow and improve your business. It’s important to not be afraid to ask for help and to surround yourself with talented individuals who share your passion and work well together. A strong team can help overcome obstacles and achieve goals. In my case, I was motivated by the loss of loved ones to cancer. When necessary, I remind myself, reground myself, return to my goals, and refocus on my plan and vision. Starting a business in Cyprus is challenging but the rewards can be significant. If entrepreneurs believe in their vision and work hard to achieve it, they can make a positive impact on people’s lives and succeed.

How have you approached fundraising for your startup, and what challenges have you faced in securing investment?

Raising funds for startups can be a daunting task, especially in Cyprus. However, with RSL being our third business venture, we were better positioned. We had a clear value proposition, a small yet powerful team, and a solid business plan in place by the time we started seeking funds. By being part of the ecosystem for quite some time now, we have built strong relationships and networks with investors. This helped us during the due diligence process and increased our chances of securing funding, as we already had a prototype and regulatory approvals in place. Despite this, entrepreneurs may still face challenges such as market timing, competition, lack of traction, and valuation, which require careful planning and consideration.

How have you adjusted your business strategy to account for the nascent nature of the local ecosystem, and what changes have you made to stay competitive?

In a nascent local ecosystem, startups must always be prepared to adapt and adjust their business strategy to stay ahead of the competition. Our key to success lies in creating synergies with other specialised startups in the region and collaborating with international organisations to develop ground-breaking products. We’ve leveraged digital tools to create international brand awareness and establish relationships with key stakeholders such as hospitals and patient associations locally and abroad. By directly engaging with patients, we can enhance our products and bridge the gap in the quality of care and life in the oncology industry.

What advice would you give to other founders navigating this environment?

Building a successful startup requires dedication and hard work, and founders must be prepared to give it their all. Setbacks and failures are a natural part of the startup journey, so it’s important to remain patient and persistent in the face of adversity. Personally, my advice would be to maintain your authenticity and stay true to your vision and values. Creating a startup is not just about chasing after success but also about creating something meaningful and impactful. By staying true to their authentic selves, founders can create a startup culture that reflects their values but also makes a positive difference in the world.

How would you like to see the Cyprus startup ecosystem evolve over the next few years?

It is crucial that all stakeholders, including the Government, investors, entrepreneurs and the broader business community, come together in a collaborative effort. This can involve implementing various measures such as tax incentives, funding opportunities and streamlined bureaucratic procedures to facilitate the operation of startups. Funding sources such as venture capital funds, angel investors and crowdfunding platforms can also be made available. However, it is important to recognise that the startup ecosystem is not just a passing trend but an integral part of the broader business landscape. To truly foster a culture of entrepreneurship, we must adopt a whole new philosophy. Although Cyprus has talented individuals with a strong passion for entrepreneurship, there is still a need for a true entrepreneurial spirit: someone who identifies an opportunity and chooses to act on it, rather than just following a trend. To create a successful startup ecosystem, it is important to nurture and cultivate this spirit of entrepreneurship.

What is it?

A developer of innovative dermaceutical solutions tailored to meet the unique needs of oncology patients during treatment and beyond.

Founded: 2018 Headquarters: Limassol, Cyprus Number of employees: 9 Funding secured: €1.4 million

This interview first appeared in the April edition of GOLD magazine. Click here to view it.