Greg Albrecht Podcast

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Daniel Tomov is the founding partner of Eleven Ventures, one of the most active early-stage venture capital funds in Southeastern Europe. Since 2012, Eleven has invested in over 200 startups, helping shape the regional startup ecosystem — including Payhawk, Bulgaria’s first unicorn.

In the #307 episode of the Greg Albrecht Podcast, Daniel shares why he’s not a picker but a builder and how that philosophy changes everything about VC, founder support, and building lasting companies.

What you’ll learn in this episode:

✅ Why most startup boards fail — and how to build ones that actually work

✅ How Eleven supports founders before and after investment

✅ How many pivots does it take to find product-market fit — and are 24 pivots to unicorn a lot? (like Payhawk)

✅ How to decide when to pivot, persevere, or pull the plug

✅ What makes CEE founders unique — and what’s still holding them back

✅ How a personal health crisis gave Daniel radical clarity and focus

If you're a founder, VC, or startup operator — this conversation will change your thoughts about early-stage investing.

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Chapters:

00:00:00 Intro

00:00:56 Who is Daniel Tomov, and what is Eleven Ventures?

00:01:40 “We’re not pickers, we’re builders” – two philosophies of venture capital

00:04:27 What is an Eleven’s startup playbook, and why most VCs don’t have one

00:07:58 How Eleven works with founders before and after investment

00:09:47 When the plan doesn’t work – pivots, product-market fit, and Payhawk’s 24 pivots

00:12:51 The role of a startup board and why most board members get it wrong

00:17:05 How to be a board member that supports, not destroys

00:24:55 How Eleven evaluates startups and finds the right teams

00:29:20 Red flags you can spot in the first 30 seconds

00:32:04 The ultimate founder test: do they live and breathe the company?

00:36:04 When to walk away from a startup – and how to know it’s time

00:39:55 The Untapped Power of Southeastern Europe

00:47:41 The origin story and mission behind Eleven Ventures

00:50:31 Community as the real advantage of startup ecosystems

00:55:42 Daniel’s health crisis and the life clarity it brought

01:04:52 Idealism vs financial return – how Daniel balances both

01:09:39 Final vision: collaboration across CEE to build global companies

Let's connect:

👉 LinkedIn: https://www.linkedin.com/in/gregalbrechtio/

👉 Instagram: https://www.instagram.com/gregalbrecht/

👉 Facebook: https://www.facebook.com/gregalbrechtpodcast

👉 TikTok: https://www.tiktok.com/@albrechtpartners

Website:

https://albrechtpartners.com/gregalbrechtpodcast/

Apple Podcasts:

https://podcasts.apple.com/us/podcast/greg-albrecht-podcast/id1364621095

Spotify:

https://open.spotify.com/show/6mOUEu9iUycazH169w6btk?si=d5d31c6b85104f31

All episodes:

http://bit.ly/2SkXHKf

Shorts:

https://www.youtube.com/@GregAlbrechtPodcast/shorts

#307: #1 Startup Investor: How to Turn an Idea into Global Success? Playbook for a Billion Dollar Business