Every startup faces significant challenges, and many fail due to a lack of expertise in crucial areas such as management, sales, product development, and partnership negotiations. This is why integrating experienced professionals from various industries, who bring knowledge, strategic guidance, and valuable business connections, creates immense value and a competitive advantage for startups. In many cases, these professionals help entirely defining the startup’s trajectory. These experts are known as Entrepreneurs in Residence (EIRs).
Startup founders bring vision and passion, but gaps in specific expertise can often hinder their success. EIRs help bridge these gaps, increasing a startup’s chances of success by providing strategic leadership, mentorship, access to industry professionals and networks, and specialized knowledge during key development stages. For example, an expert with 20 years of experience in the defense industry understands the product development process required for market recognition, the long innovation and development cycles, and the resources needed for success. They have expertise in sales and business development across different markets and can identify market potential, nuances, and challenges. This is just one example of how experienced professionals can provide immense value to startups, helping them make better decisions in the early stages of development.
Introducing EIRs in Nuqleus’ Startup Builder
Recognizing the critical role of EIRs in global startup ecosystems, Nuqleus has taken a significant step forward by introducing this unique concept into our Startup Builder program for the first time.
“The role of EIRs in Nuqleus is to provide a phenomenal scientific team with the missing dimension—business expertise. Why force a scientist into the unnatural role of a business development leader when there are experienced and proven professionals who have successfully played this role for years? This approach allows scientists to launch deep-tech startups while continuing to focus on what they love most—developing innovative solutions. At the same time, it enables top-tier business professionals to find brilliant scientific teams that have undergone high-quality startup education and, unlike the average scientist, understand the dynamics, pace, and rules of the startup world,” stated Nuqleus coordinator Matija Srbić on the introduction of the Entrepreneur in Residence program at Nuqleus.
He further elaborated on the role and expectations of EIRs: “We expect EIRs to work continuously with a startup developing a solution for an industry they are well acquainted with. Initially, this involves regular meetings, developing a business plan and strategy, and opening doors to target customers. In later phases, where EIRs earn equity in the startup, we expect them to take on a leadership role or bring in someone who can lead the startup to investment, strategic partnerships, increased sales, and accelerated growth.
This concept is not only the first structured framework in Croatia for investing time in vetted, highly innovative startups but also guarantees full support from Nuqleus—including investor connections, office space, participation in various domestic and international events, legal support, promotion, and much more. Additionally, deep-tech startups led by young researchers in Croatia have the opportunity to secure up to €200,000 in non-repayable funds through the Ministry of Science, Education, and Youth, which many Nuqleus startups have successfully obtained.”
Insights from the U.S. Startup Ecosystem
During our visit to Philadelphia in May last year, we had the opportunity to witness firsthand how the model of pairing deep-tech startups at the University of Pennsylvania with experienced professionals functions and yields excellent results. Michael Poisel, who spent 16 years developing UPenn’s venture builder PCI Ventures, shared details of the model they have successfully implemented for years in developing UPenn’s deep-tech startups. He also highlighted the key factors they consider when selecting professionals to lead these startups:
“At PCI Ventures, we built a database of over a thousand interested entrepreneurs whom we regularly inform about new opportunities. As PCI Ventures gained visibility, we started receiving numerous inquiries from entrepreneurs themselves. When selecting professionals, we look for several characteristics. Since we cannot offer competitive salaries, we must be somewhat flexible. First, we prioritize individuals who have done this before. While successful outcomes are excellent, failures have also provided them with valuable learning experiences. Second, we want people who can sell—not only do they need to ‘sell’ the company to investors, customers, and partners, but they must also be able to sell themselves. Third, they must understand the challenges of entrepreneurship and demonstrate resilience to navigate them successfully. Fourth, we look for people who can manage a project. Finally, having technical expertise is a great asset, as it provides credibility with founders and potential investors.”
Statistics show that only 10% of startups survive their first five years, while 70% fail within the first two years. One of the main reasons for startup failure is misinterpreting market demand, occurring in 42% of cases (source). This underscores the importance of involving experts in the early development stages.
“I believe bringing in external entrepreneurs and experts can be the most crucial factor for business success. They are not distracted by a love for technology; instead, they are focused on achieving business goals. They can help with the critical transition from a scientific project to a real company. Importantly, they do not necessarily have to come from the same industry. At PCI Ventures, we had a case where an experienced and skilled sales professional from the software industry quickly adapted to a robotics company because these skills are transferable across industries,” Poisel emphasized.
In November last year, we organized a bootcamp for Nuqleus’ alumni startups, focusing on fundraising under the mentorship of American experts, including Michael. After a week of working with Nuqleus startups, Michael reflected on the potential of the Entrepreneurs in Residence concept in Nuqleus and the Croatian startup ecosystem in general:
“Not only do they have potential, but I believe they will be critically important in situations where founding teams need business leadership. For example, when a team lacks essential skills, such as transitioning from product development to sales. At PCI Ventures, we have many such cases—many founders focus solely on their innovation and its limitations. Sales and business development experts, on the other hand, focus on the innovation as it is at that moment, its key features, how to sell it in the market, and its future potential. This is why the role of an EIR perfectly complements a deep-tech startup.”
Entrepreneurs in Residence at Nuqleus
Nuqleus offers a unique opportunity for experienced professionals in sales and business development to connect with a dynamic and innovative community of deep-tech startup founders, investors, and top industry experts.
You can become an Entrepreneur in Residence by applying through our application form. Detailed information about the EIR program is available at the provided link, and applications are open until March 9, 2025.
