Transcript

Rapid Response: Lessons from an entrepreneur in Ukraine, w/Alyona Mysko, CEO of Fuelfinance

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During the day we have the series, but everyone in Ukraine trying to work now. Yeah, we take our laptops, we go to bomb shelters, but okay, we still work. Ukrainian manager will be like the best risk manager і не ворот. They try to be positive because when they see that we have like positive attitudes It's more easier for other job every day. I worry but

This feeling will not help me, so I understand that okay, I can be worried several minutes, but after that Okay, let's do our job. The whole country work now like startups, so we don't wait for someone who will tell us what should be done. Everybody. Тодейкан спорт країн.

Натолі байдонетін, басобайн українсь продакт. And I think that it will be my main mass. That's Ilona Misko, an entrepreneur based in Ukraine who runs a B to B startup called Fuel Finance. She's leading a team that's navigating bomb sirens every day while trying to make her business a model for her country. I'm Bob Safian.

Former editor of Fast Company, founder of the Flux Group, and host of Masters of Scale Rapid Response. I wanted to talk with Ilona because Doing business in a war presents obstacle after obstacle with emotional, financial, and management challenges. Her audio is a little scratchier than usual for Masters of Scale, but we wanted to get her story to you as quickly as possible. She embodies how a startup spirit is surging through Ukraine and how important business impacts are for individual Ukrainians and the country overall. Her experience offers lessons for any leader about communication, mission, collaboration, and creativity.

She appreciates the support that her team has received from others and she champions the support they provide each other. And she demonstrates how talent anywhere in the world can contribute in building for the future. Even in the most perilous of circumstances.

I'm Bob Safian and I'm here with I Lona Misko, founder and CEO of Fuel Finance. Iona is coming to us from Ivano Frankist. In Ukraine, асміш фронтом майорк.

Alona, thanks for joining us. This is the first interview we've done from Ukraine. And the first smile also. Well, it's nice to be able to talk to you. So I just wanna start by just asking like How are things going? For folks here, it sure seems like things are

Intensely stressful over there. Uh yeah, we have already like jokes uh between entrepreneurs that Ukrainian managers they will be like the best stressful managers and risk managers in the world because during class month here it's really a challenge for us challenge in managing business during the war. challenging in management of the team and also in volunteering and help our country so

I think we feel like Fighters now. Sometimes we are really upset, especially I see what is going on with my people in my country. I'm not very happy as usual, not as positive any viewed, but mostly we try to fight and do our best because okay, in the morning like we're in news.

But after that you should do your work because when you will be crying, it's not the help that country needs now. Hm. So you are now Near leave, you said. Yes. Is that where you were

When the war first started No, no. I I usually live in Kiev. Kiev is my native city. So I was uh in the first day of the war there. And I decided on the second day I decided To relocate in Western Ukraine.

Yeah. Were you surprised that the war started? I mean I I know there were lots of Discussion and Some people are expecting it.

Oh, you know, it's it was very strange feelings as it all Ukrainians had During the months before this war. It was very strange situation because On the one day we decided that we should be prepared and We decided to discuss with our team members how you can prepare everything about okay where you will relocate in case the war will start.

Start to analyze okay what we have with our financial plan and how we should manage the business. So what risks we have and Ever since we fall the stress, we cause pressure. So yeah, it was not easy. We had a guest on recently who talked about people in Kyiv working

In shelters with their laptops looking for wifi. Yeah, we we like still work like this during the day we have the series so we need to go to bomb shelters, but everyone in Ukraine trying to work now. And yes, people work in bomb shelters, and we are happy that in most bomb shelters we have wifi, so we can work. So like a little bit like normal life now, because yeah, we take our laptops, we go to bomb shelters, but Okay, we still work and uh the most Craziest day when we decided to go to product hunt, because when we decided to launch something, especially on this day, we will have most number of serents during the day. So usually it was like two or three before.

But on this day we had seven times per day this series, so we should go to bomb shelter every time, so it's it was really crazy. Was it scary? You're you're smiling. It's almost like it's uh now looking back like it was an adventure. I guess it's an adventure if you're okay, but it sounds a little scary. During the first two weeks we were scary, but I think on the third week already. We understand okay what is going on. And after that you try to live your life with new reality.

We try to smile, we try to be positive because first of all I have the team and the team should understand that with me everything is okay and I'm manage this business, and when they see that we have like positive attitudes. And all executives team has positive attitude, it's more easier for others like do their job every day. Yeah, we like should work in Bob shelters but To be honest, in Western Ukraine we are not in that situation you saw these photos near Kyiv and in, for example, eastern Ukraine.

In eastern Ukraine they don't think about work. We have like much worse situation there. Mm. Do you have colleagues who are in the East or has everyone moved? To the west. Uh we have one developer, one engineer there. He was in Harkiv, but

I think on the second week. uh he decided to go to Dniproa. It's another city in eastern Ukraine, but more safe situation in Hartel he was Near all these bombs and so it was uh Very very bad situation there. But now we have ninety percent of our team here in Western Ukraine. So

Everything is better. Hm. Now your business is if I understand it right, it's a startup That helps other startups with their financing and support for them so that they can focus their energies on

their areas of expertise and you take care of the finance part of it. Have I got that right? Yeah, we take care of finance. for all startups, so no headache, no more hundreds of different XLS docs. We like digital financial department for all startups and combined software and Financial managers to do it.

I was looking on your website and your clients include an app developer in Kiev. A construction company in Kiev. A product company that's got Engineers and designers in Kiev. How are your clients doing?

And how do you deal with billing and collecting and all that when The economy is disrupted so much. Yeah. When uh the war started we had like Half of our clients Ukrainian companies, about another half of our clients are US based companies. So

Україні компанії саме зай стіль ворк. Ба сам Україні компанії стоп. But we believe that our mission in our company, even in such hard times, we should help other businesses to stay strong. So we uh did much work when the war started. We helped our Ukrainian clients they have questions, Okay, what we should do with salaries. We don't have revenue now.

what resource we have, what cash balances we have, so what really we should do. It was like challenging part for us. But also we created two projects that help Ukrainian business now. First project was like financial platform to meet Ukrainian business and financial manager in Ukraine. We have eight financial менеджеers and s from Ukraine. У нау хап українсь бізнес.

Also we'll provide all information that Ukrainian business uh need now in Fine. Second one. We also created волонтер проєкт ви з аза компанії Ліфт Найтінайн. Where everyone From all over the world can donate to Ukrainian business who changed during the war. So, for example, before the war they made beautiful shoes, but after the war they make military boots now. And we make this platform and everyone now can donate and help these companies because they don't generate revenues.

But they help military forces and others during this war. I looked at the the site that you created with Lift ninety nine. Lift ninety nine is like a A co working space in Kiev, right? It's sort of where different startups come together. The website's very nice, sort of showing how These businesses have shifted from, as you say, being a a shoe company to making combat boots or a restaurant that's preparing meals for soldiers. I'm curious, I've heard that the Ukrainian

digital ministry led by Mikhaila Federov that it's been sort of recruiting and encouraging digital businesses and influencers is that Part of where this effort comes from, or is this something that you guys Start it on your own. This is one that we started by our own with the late nine nine, but yeah, we have also here in Ukraine our IT army. that really was created by our

Ministr of Digital Transformation. Something also. People in eight army. They communicate with all. Digital businesses they communicate with Elon Musk. And we now have Starlink in Ukraine. It's something was impossible before the war. Sterling really helps us because I for example communicated with uh my friend who is in military forces. He like

wrote me okay I can really write you this message that I'm okay because now we have Sterling here. This supports it's simply unbelievable now for us. Hm in this period is government Making it easier. For you and startups, are you startups trying to make things easier for the government? The whole country work now like startups. Uh we have the government. The government do their best job

They communicate with other countries, they collect money for the military forces. On the other hand, we have another group with Ministry of the Digital Transformation. We have other group of entrepreneurs and startup founders. We have the situation When everyone do their best job, everyone helps each other. So we see what should be done, and the first who see what should be done. Still do it. So we don't wait for someone who will tell us what should be done. Вид пандемик ви ковід найтін.

Many businesses had to adjust quickly and keep adjusting. As Rules and conditions. changed around us. Did that help you

Пар Юен Українф. Time or is it just completely different? I think first of all it's completely different. So for example, when it was Covet, you you can be safe if you stay home, but now you couldn't be safe even being at your home. But I think yes, the Covet has prepared us for this. Especially for me it's the second crisis during two and a half years of managing my business. So we started this business and already already was like covet in a year. So we had the situation with revenue declining, yes. Like

All businesses. and uh safety of team members and relocation of business, it was totally new, so this part was really unpredictable. Mm. You mentioned you have clients that are in the United States. Yeah. Are those clients

understanding of the conditions that your working in in Ukraine or do they just need you to do what you had always done before the war. Yeah. I think they're surprised because they received that results that always were expected from us.

Without delays, so yeah, we like had this short stop. in our world, but only during first several days. But after that we uh continued our work. They were shocked. Осові ресів мач сорт фрам.

Some of them like wrote me we can like make you additional payments for some next months now, but maybe you like need this additional money now. So some of them wrote maybe you need some help with the relegate of your team. So really appreciate such support. But she says that we deliver results the same as it was before this war. How many people are on the fuel finance team? Now we have twenty three team members. And two co founders.

And are all those folks in Ukraine? Some of them already in pounds. But yeah, like ninety percent of our team in uh western Ukraine. We've had several episodes that Talk about refugees.

I always wonder for those of you who stay Do you ever feel upset about The others that leave. But like their sort of Giving up?

I think that we have now some situation that people that decided to go to other countries they more upset than people who are stay here. Yeah, first of all, it's like these people needed to do it because we all have mothers, children to be in the safe place. But also we have already cases when our team members were involved Now they decided to go back to Ukraine because in Western Ukraine like save situation and they decided that they want to be now with their families when someone Like in other countries every time. When I have called I feel happiness that this person is safe and everything is okay. I think I feel more happy than upset.

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Lear more at creative plating dot com slash masters of scale. Hey listeners, Bob here. If you listen to Rapid Response on Masters of Scale, you may be missing half the show. Because every Friday we release a second rapid response exclusively in the rapid response feed. The guests and topics are just as compelling and timely from Ford's CEO to NASA's administrator to the lessons from The Devil Wears Prada. It takes about 10 seconds to find, just search rapid response wherever you listen to podcasts and hit follow to make sure you never miss an episode. I hope to see you there.

Humans will never be more intelligent than AI. There's gonna be two types of companies. Those were great at AI and those that went out of business because they weren't. How do we build a future? That is human centered. I'm Rana El Khayubi. And on my podcast Pioneers of AI, we answer that question and so many more. As an AI scientist, entrepreneur, and investor, I know what it takes to build AI that works for everyone.

Every week I sit down with the pioneers shaping our future. and we take you behind the scenes of the AI that's transforming our lives. Find pioneers of AI wherever you tune in. Before the break, we heard Ukrainian entrepreneur Ilona Misko talk about serving clients and the startup community as the war began. Now she talks about managing her team at Fuel Finance and the importance of following a mission in a crisis.

She also talks about why some Western businesses are more love than ever. And she makes a plea to all our listeners to buy from Ukrainian businesses as a means of support. How do you think about managing your team? in an environment like this. Especially during the first, I think, three, four days.

We were in slack chat all twenty four hours. Because we understand that we need support each other now and I should support our team members. We had the first priority to relocate our team more safe places. Now I see and understand that it was very important part for our team members this communication. On the first day of the war we paid salaries to our team members, so they also like felt more safe. But also I think that we have

very strong mission in our company, so we have mission to help Companies And save them from bankruptcies and financial mistakes. And we believe that what we do for these companies can impact on GDP growth in Ukraine and all over the world. So Everyone in our team here, first of all, we have thoughts how to be safe. how to help our families and friends. But after that everyone they started to think, okay, but now we should help other businesses and our clients because it's our mission.

We had many calls and we discussed okay, someone couldn't work because someone had More situation. More Syrians and managers said, Okay, I will do your work because now you're not in the safe place. It's okay, I can do more now. Everyone in our team they do their job, but after that they do different volunteer projects. Someone, for example, helped deliver Now from Poland to Ukraine, different staff that military forces needs. So we have very strange situations. Uh we had one to one talks with everyone in the team. How is it going? What help they need now from the company or from other team members? I think it's like family now.

Hm. And you haven't had any members of your team have family members or otherwise who who've been hurt in the war or To this point that that has been Okay. We have one to member who decided to join military forces.

And we received messages from him that uh now he like financial guy for military forces so in one hand I have A Car, in the other hand I have my laptop, so it's very very strange, but No one was hurt and I feel grateful for that. Everyone from our team

Everyone is safe. And for your business, you mentioned that some of the other businesses Didn't have revenue. As the founder, as the CEO, how much do you worry about

your own revenue and you having enough resources to be able to support your team. Q Finance is a startup, but we were profitable before the war, so We are a financial team, so yeah. Like understands how to manage finance.

We have reserves to pay salaries. Well now we are breaking. We believe everything will be better with everyone's Yeah, it doesn't mean I'm not worrying. I worry but This feeling will not help me, so I understand that okay, I can be worried.

But like several minutes. But after that Okay, let's do our job. So I think that every sing is possible. We even uh made product hunt and we became the product of the day during the war and sitting in bomb shelters so now I believe that

Uh we can do everything. How did the product hunt Opportunity come up. We like started to make our product two years ago. We uh made market research, we tried to understand what founders think about finance.

So we have traction And uh we have um strategic session one week. Before the war, so we had a plan very detailed to launch website. It was planned on the first day of the work. After that our plan was we should go to product hunt because we updated our website, we updated information and we made very cool video. Explain about what we do in fuel finance.

We had this decision, okay, we should go to Product Hunt and test our idea, receive feedbacks from this community. Product hunt opportunity give us many leads more than Fifty leads were received during one day. It was like boom. You mentioned that you listen to our podcast, which we appreciate. Yeah. You know, our podcast focuses often on Western businesses.

And I'm curious how Ukrainian business people feel about how Western businesses have responded to The war to the invasion. I think that now Western businesses we see much response. We see how businesses decided to go out from Russia and stop their business there.

It's a valuable decision and I see support for such businesses in Ukraine. We we love this businesses even more after that. Yeah, we have here like lists of businesses who support us. And we also Have list of business school decided to stay in Russia and we believe that such businesses they really finance this war and they

Give money to Russia to make this war. So with such businesses, I see how people decided not to buy these products. We understand that business really make huge changes now. And every company can make this change. Hm. Is there anything that you would Say to all the people who are listening to this who are business people about

Maybe the Things they should do, the things they shouldn't do. We understand that all entrepreneurs are fighters. And I believe that every entrepreneur can understand that Okay.

We can grow our business, even in safety situation. Today uh my friends they made platform named Spand with Ukraine. It is a platform where We have all lists of Ukrainian companies that make Really cool products, and I think that everyone

Тудейкан супор країн. Not only by donating but also buying Ukrainian products, and I think that it will be my main message to everyone, to every founder, that you can simply support us even buying our Ukrainian products. And where is this list again you said? Yeah, it's the website Nate SpendWithUkraine dot com. We have the list of all companies there.

In very different spheres in fashion in tech. uh in services, uh in entertainment. And I think everyone should understand that we all like need our salaries and half of our profits and part of our revenues We all donate to Ukraine military forces to other zelp ukraїн here so It will be very helpful for us if everyone will buy Ukrainian products. Yeah.

Well, I I really appreciate you having this conversation with us, and I'm grateful that we haven't been interrupted by You having to run to the bomb shelter. A fun fact I will tell you that we had this strategic session in working, which has the name. I will translate this word to Ukrainian pre moha, uh translated to English like victory. And we believe that it was not a coincidence, so we believe that yes, we will have this victory. In Ukraine.

Well, I wish that for you too. And thank you for Taking the time to talk to us. Thank you so much for this conversation. I was happy to share this experience. Masters of Scale Rapid Response is a wait what original. The show is recorded remotely using sanitized audio gear.

I'm your rapid response host, Bob Safian host for Masters of Scale is Reed Hoffman. Our executive producers are June Cohen and Darren Triff. Our supervising producer is Jay Punjabi. Our producers are Jordan McCloud, Christina Gonzales, and Marie McCoy Thompson. Our music director is Ryan Holiday.

Original music and sound design by Daniel Nissenbaum and the Holiday Brothers. Audio editing by Keith J. Nelson, Steven Davies, Andrew Nalt, and Mike Gallagher. Mixing and Mastering by Aaron Bastanelli. Special thanks to Emily McManus, Sarah Sandman, Kelsey Capitano, Tim Cronin, Charlie Menesis, Adam Heiner. Anna Pizzino, Ben Richardson, Mina Kurosawa, Saida Sapieva, and Colin Howard.

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