May 20, 2022
Running a company out of Ukraine and preparing to raise. By Alyona Mysko
Alyona Mysko, CEO & Founder at Fuelfinance in this episode talks about the story of her company and the effects that the war has on it and its future plans. Hint: no giving up in sight and Fuelfinance is preparing to raise soon while expanding!
Fuelfinance website - https://fuelfinance.me
Support Ukrainian Busines - here
Here - how to open in Delaware a company, but it is in Ukrainian. If you want to read another way of opening a company (with Firstbase of course), you can check out our website: https://www.firstbase.io/
Here is the video Spend with Ukraine.
Transcript
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They're releasing to fundraising
video a podcast about
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fundraising for early-stage
startups, the major rule that we
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follow here is no bullshit on
this podcast.
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No music to relax.
You know, advertisements of our
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sponsors.
We only talk about fundraising
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here and nothing else.
So let's jump into the episode
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and today is a guest speaker.
We have a learner misko, CEO and
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founder at fuel finance.
And in this episode We are going
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to talk about something quite
distressing and frankly horrible
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but it's going to be a story
about running a company out of
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Ukraine.
During the war time that it has
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right now with Russia and how
Ilona is still managing to run a
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company out of that situation
and actually playing to
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fundraise for it in a short
period of time.
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So Luna, let's kick it off by
you giving us some background on
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yourself and on fuel Finance.
Hi, nice to meet you.
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The yeah like first of all I'm
Ukrainian and feel better and so
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it's mostly Ukrainian team and
we like called financial
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department for startups.
So we do like with our products
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clients, receive everything from
financial reporting financial
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planning context analysis and
need economics.
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So it's much much, much easier
financial management for all
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started to use our products and
especially Lee much, much much
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better communication with all
investors when they have our
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products, right?
When you say communication with
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investors, do you mean like
updates for investors in terms
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of quarterly updates or yeah?
Usually like dates and I think
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you're awesome Sand by the
company, like fundraise.
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All investors on different
rounds.
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They expect different
information, special financial
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information from start.
When we talk about seeds from
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deists, like usual, BNL
statements and very basic basic
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forecast.
And but on later stages, like
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investors usually expect like
you need to Comics understanding
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Community economics.
All your reports and also, like,
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it's think it's a good practice
and we see how our clients use
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this practice when they send
even monthly updates to their
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investors and this updates.
It includes like information
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from our products.
So Iris, think about financial
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part and it's like better and
easier way to build a
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partnership with all investors
and special rates.
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Next rounds with this monthly
updates, right?
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We'll talk a bit more about the
product at the end and discuss
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pricing, and who is it actually
made for.
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But for now let's talk about
just briefly, catch us up on the
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situation in Ukraine, things are
changing their every time.
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And probably, by the time that's
this episode gets released,
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something's going to change, but
just for everyone to understand
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what the hell is going on there
right now?
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Yeah, like first of all?
Yeah, like station in Ukraine
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now is not quite a special last
days because as, you know, like
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tomorrow will be my 9th May.
So we expect that number of
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Russian attacks and draw.
A number of bombs will be high
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and It's already much higher
today, especially in Odessa, and
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other towns in Western Ukraine
in eastern Ukraine, but I'm
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based in Western Ukraine.
So yeah, we like even have
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recommendations from different
authorities to go to bomb
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shelters and be weary and worry.
I think like controls the city.
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Now, like this is several days
because we expect much much
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pressure in the next days, yikes
that is wearable.
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And for confused Americans,
right now, listen to this,
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trying to understand what is the
connection between the increased
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number of bombs.
And 9th of May 9th of me, is
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when Russians, think the second
world war ended or bacon added
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for them, it may not in
September, but yes, let's now
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that Caught up now really get in
touch on to the situation till
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the end of the episode.
We're going to make a few calls
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to actions to help ukrainians
and obviously Founders like a
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lot of alone out there.
Let's talk about running a
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company out of your green right
now in sense of why are you
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remaining there?
And how does the work look like
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there?
First of all, we have tens of
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three team members now and when
we talk about like managing the
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company during the war, first of
all, it's about support for all
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team members and like,
communication, every day, every
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hour.
So now, we are like, already,
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like we're okay with like not,
okay, it was this were, but
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three.
You understand how to do it
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better but like, first weeks, it
was like very challenging to
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communicate with everyone and
support everyone.
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And we also understand, it's
like every team member also has
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families or friends and his
family and friends and also not
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safe and all to members are not
safe so many things like company
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during the war.
It was really complicated during
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first First week's special first
two weeks already on the third
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week, we started so work like
100%, or even more, because we
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understand that now we need to
like to work and do better and
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do better, our work because we
need to grow and we need to hire
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you to members, and that's fine.
It's like we're challenging to
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do this work because You are not
like in the safe situation and
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it's like you way to do business
like from bomb shelters and
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especially new about like
communication inside because you
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should understand that and
manage like all your people,
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whereas are allocated in, they
have everything they need.
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So it's not, it's not easy, and
it's not easy, even also to
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stay.
A like in a good mood for all
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team members, because they also
understand like, if you are like
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in a good mood and you can only
in that way you can support all
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others, so that's why it's
really challenging but for sure.
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I really like proud probity
because already on the second
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week of the war we really
started to work and we like Do
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everything and especially when I
understand it.
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Mainly our team members their
volunteers, they simply not only
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work and do their like basic
work, but they also volunteers,
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they help others.
And so everyone like have now
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several jobs, because first one
is a few team and the second one
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like helping others so, and
helping keep crazy.
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So I think that we are really
very, very hard work now Now.
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Yeah, and I mean props you for
pulling all the weights and the
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stress and the pressure that is
quite impressive.
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Let's let's talk about what the
expectations are.
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So you on our pre-interview kind
of discussion, you've mentioned
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that you do plan to fundraise
even though you haven't raised
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any money yet.
But besides that or including
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that, including your plans to
fundraise, would you expect to
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happen with fuel Finance in the
next couple of months?
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First of all, yeah, we're Really
plan to fundraise during next
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month's, mmm.
We understand that we are
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growing even now despite the war
from month to month.
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So and we made like many
different activities.
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So I believe that it's during
next month's will fund raise and
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we like still be working as we
do it now, because like many
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team members already in Western
Ukraine in more safe place This
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or some team members already
special equipment, they already
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not in Ukraine, some of them.
So that's why I believe that.
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During the next several months,
we will fund raise Perfect.
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And yeah, I mean this entire
podcast is focused on
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fundraising.
So let's, let's talk about that.
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What are your plans for
fundraising look?
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Like, do you plan to fundraise
steel based out of Ukraine?
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And do you plan to raise money
from Ukraine, investors, or do
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you plan to go abroad somewhere,
for example, in the US?
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Yeah, we like, we have most
number for our clients from the
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us and our Target is US.
According to our products
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houses. survival plan to
fundraise like also from
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different Angel Investors but
also from VC funds, especially
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we now want to be focused on yes
fans understood and do you
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really start building the
relationship with the US funds
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or did you just, you know, are
you starting to ask for
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introductions to them or do you
just, you know, plantains so far
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We know already, like started to
communicate with investors and
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it will also like after our,
like product hands and all our
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activities that were made.
Like, during last month's, we
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already received some letters
from different Farms.
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So we already started to
communicate with them, and I
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have co-founder yet established
new Who is also like serial
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entrepreneur and he also
co-founder of bad Cube will
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already raised like more than 25
million dollars.
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So that's why we already like
have some communication, some
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connects.
So we like plan to already has
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already started to communicate
with different investors.
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Awesome.
You're off to a good start.
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That is great to hear.
I always it always surprises me
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how some vendors are like.
Yeah, we're playing to
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fundraising two months, we have
done nothing.
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To prepare for it.
But we're playing.
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I'm glad to hear that.
You are not doing that and that
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you have someone on your team
who has already fundraising
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experience.
Let's let's talk about American
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customers done, so that's very
common situation.
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Where companies builds in Europe
and they still focus on their
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clientele in the United States.
How are you structured legally?
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So you have to form a company in
the u.s. in order to sell to
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Americans better, or did you
just structurally?
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You're still based in Ukraine as
well.
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Well, no, no, we have legal
entity in the yes.
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You know.
We're so and we like all our
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legal structure is now fully
prepared for fundraising.
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Awesome.
That is great.
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And when did you incorporate
when was the moment when you
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decided, you know, we need to
incorporate in?
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Yes.
Was it after you already had an
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entity in Ukraine?
Or did you just start the
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company right?
In the US had an entity in
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Ukraine because like first year
When we only started was always
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idea, it was tested like here in
the grain.
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So we made this interpretation
in the yes, in October this
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year.
So only in October, we started
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like our legal entity in that
over before it was Ukrainian
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legal entity.
So now not like that.
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Interesting.
So some of our listeners have
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been Georgia of our listeners
are based in the United States
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but but quite a few of them are
actually based abroad as well.
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So for those people who are
based abroad, how did you
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transition that entity from
being based?
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In Ukraine, to the American
Energy?
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Did you just close the old one
and just issue the same shares
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to the old shareholders from the
new entity?
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Or did you do it in a, some more
sophisticated way?
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First of all, like I was 10, I
found one founder solo founder
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before our We go into T in the
gas.
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So, but before we made this
legal entity, we like started
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work with yourself as a
consultant during testing blasts
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more than one year and a half.
After that, we decided to be
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co-founders.
And when we already like
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registered our legal entities,
yes, and I should say it's a
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very fast way to do, it was
Claire key, and even in case,
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He's some co-founders who needs
some detailed instructions, how
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it's better to do it.
We already have this instruction
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and I'm ready to share first
way.
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Is he here?
Is he here Clarity?
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No, I work for first base.
We are the best incorporate in
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the u.s. that is.
And we're not gonna talk about
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clergy Here, style is not sorry,
I'm good looking, but still
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people first.
These daughter yo, is very
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sorry.
But seriously, out of the
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serious note, where are the
instructions?
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They mean, you've made like a
blog post about that or what
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kind of instructions to re
talking about.
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We have like, every like when we
started to destroy our legal
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entity, it was like a wave.
And first of all, we started to
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think that it will be like
several weeks.
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And, after that already, in the
first week, well, Understood
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that if not, we'll be like
several weeks and we needed two
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months to do it.
But there are like different
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many questions with like we
didn't have problems with bank
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account so it was easy to make
bank account online like being
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being here Ukraine, but it were
different like questions
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problems with different to us
authorities and I think they are
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really very, very slow.
Communication and causes
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bureaucratic way of
communication with us
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authorities.
It was a real challenge.
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So and sometimes like we are
happy that we had like the way
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to communicate with all other.
Our friends found Founders and
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00:15:19,200 --> 00:15:24,900
ask them how to do like some
several things during this
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00:15:25,500 --> 00:15:28,300
during this way of registering
the company.
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00:15:29,300 --> 00:15:34,500
But you know, we already have
like Instruction about how
228
00:15:34,500 --> 00:15:37,200
especially, how to communicate
this year's discourages
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00:15:37,600 --> 00:15:40,900
different ways.
So when you say that you had to
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00:15:40,900 --> 00:15:43,600
communicate with us authorities.
What was that about?
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00:15:43,600 --> 00:15:47,900
What was that about receiving a
employer identification number
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or because I know that that's a
common problem for a lot of
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foreign Founders, or was there
another part that you had to
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discuss with the US authorities?
It's not like this class but
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when we like, when we registered
the So, we going to do, it was
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the least of different
documentation that should be
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prepared, but we had different
questions about some types of
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documents.
If, if we really need this
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00:16:14,400 --> 00:16:19,200
documents to be prepared.
And especially, I remember there
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00:16:19,200 --> 00:16:22,900
is like, glued members name of
this document, but it should be
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00:16:22,900 --> 00:16:25,800
prepared.
Like, not later is, and like one
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00:16:25,800 --> 00:16:29,500
month after you provides like
after you may disregard
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00:16:29,500 --> 00:16:35,300
registration of legal entity And
during these 30 days like this
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00:16:35,500 --> 00:16:38,600
us authorities, they should
approve the deal received this
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00:16:38,600 --> 00:16:43,600
document from you, but it was a
real challenge because on the
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00:16:43,600 --> 00:16:47,200
website, the authorities they
have information that they
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00:16:47,200 --> 00:16:51,100
couldn't be responsible like for
your documents if they receive
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00:16:51,100 --> 00:16:53,600
them later.
Even in the case, for example,
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00:16:53,600 --> 00:16:58,600
when you send all his documents
in time so they really could be
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00:16:58,600 --> 00:17:02,200
lost during this period and
that's why this is so Disease
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00:17:02,200 --> 00:17:05,099
couldn't receive them in this
period of time of surgery.
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These if in case it will be
later you should have some
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00:17:08,900 --> 00:17:13,800
penalties and some problems with
registration of banking account.
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00:17:13,800 --> 00:17:17,800
So it was a real challenge
because like we called this
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00:17:17,800 --> 00:17:21,500
authorities asking during one
week completely every day to
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00:17:21,500 --> 00:17:26,200
understand if they received our
document or not it was a real
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00:17:26,200 --> 00:17:30,000
challenge because they are
really very slow.
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And I'm At this is everything is
okay but it was it was a real
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00:17:35,800 --> 00:17:38,100
challenge.
It's quite interesting usually
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in the u.s. laws it counts as
whenever you send documents
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that's like the date when they
kind of receive it.
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00:17:44,400 --> 00:17:49,600
So if the deadline is May 30th
and you send them on the May
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00:17:49,600 --> 00:17:53,200
29th, you should be no clear but
that's that's an interesting
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00:17:53,200 --> 00:17:54,700
case.
I'm still wondering what kind of
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00:17:54,700 --> 00:18:00,100
documents those are that you
have to send after 30 days but
266
00:18:00,500 --> 00:18:05,200
we'll probably I'll probably ask
you about that later and either
267
00:18:05,200 --> 00:18:07,400
specify that in the description
of this episode.
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00:18:07,400 --> 00:18:11,300
Or I'm going to do some real
research and shared that
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00:18:11,300 --> 00:18:13,800
information in the description
of this episode.
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On this note, let's touch on to
the last thing before the call
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to action at the end of the
episode and talk about who fuel
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Finance is actually made for.
So I'm on our website right now
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00:18:24,100 --> 00:18:25,500
looks amazing.
By the way 11.
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00:18:25,500 --> 00:18:30,600
It's but the pricing side.
A lux less amazing.
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I thought.
Yeah.
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You know, very early stage
companies, you know, prices like
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00:18:35,600 --> 00:18:38,100
point, nine dollars per month or
like a hundred dollars per
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00:18:38,100 --> 00:18:41,700
month, but you were pricing is
kind of much much higher.
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00:18:41,700 --> 00:18:45,100
So if you're paying on a monthly
basis and not signal basis, they
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00:18:45,100 --> 00:18:48,900
essential plan starts at $1600
per month.
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So who are you built for?
Yeah, like we built for there
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really early stage startups.
We work with seat around surtax
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00:18:59,300 --> 00:19:04,400
usually, and we have this price
because we have not on the like
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software.
We also have like financial
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00:19:07,300 --> 00:19:13,400
success managers in our package,
and one clients like they
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00:19:13,400 --> 00:19:15,800
receive all products.
They don't think about
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00:19:15,800 --> 00:19:20,000
accountants.
We made everything like all
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00:19:20,000 --> 00:19:23,200
piano, Orchestra balance sheet,
For it's all accounting or
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00:19:23,200 --> 00:19:26,600
bookkeeping.
And also like plan, fact,
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00:19:26,600 --> 00:19:28,600
analysis other boards, they
need.
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00:19:28,600 --> 00:19:32,100
So it's like starting from the
basic level when you're like
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00:19:32,100 --> 00:19:35,500
reduced her your company and you
understand that you need
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00:19:35,500 --> 00:19:39,100
accountants.
So we start from that but we
294
00:19:39,100 --> 00:19:43,300
also have like a full like
clouds based financial
295
00:19:43,300 --> 00:19:47,800
department because we also like
when your company and growing
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00:19:47,900 --> 00:19:50,500
you needs like more and more in
financial management.
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00:19:50,500 --> 00:19:52,700
So you start From basic
accounting.
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00:19:52,700 --> 00:19:56,100
But later stages, for example,
you need to cash flow control
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00:19:56,100 --> 00:19:59,800
after that, he needs plan factor
analysis and already.
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00:19:59,800 --> 00:20:01,900
Like after that, you need we
need economics.
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00:20:02,000 --> 00:20:06,700
And yes like on all stages, all
our crimes, they receive
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00:20:06,700 --> 00:20:10,600
dashboards but they also receive
that financial management that
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00:20:10,600 --> 00:20:12,900
they need.
So he has this price like
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00:20:12,900 --> 00:20:14,900
started from 1000 dollar per
month.
305
00:20:14,900 --> 00:20:19,800
But when you know, our think
about packages with less price
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00:20:19,900 --> 00:20:25,800
for like press it, Startups my
earlier stages and I think will
307
00:20:25,800 --> 00:20:31,100
release its in next month's.
Also understood perfect.
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00:20:31,100 --> 00:20:33,600
Perfect.
In this case, we'll definitely
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00:20:33,800 --> 00:20:36,200
obviously going to include all
that in the description of this
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00:20:36,200 --> 00:20:40,000
episodes with the link to fuel
Finance for people who need
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00:20:40,000 --> 00:20:42,400
accountants and everything that
was mentioned earlier in the
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00:20:42,400 --> 00:20:44,200
episode.
So alone on this note.
313
00:20:44,200 --> 00:20:46,900
So let's move on to the very
last question of days episode,
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00:20:46,900 --> 00:20:50,000
which is a call to action.
So, what do you want to listen
315
00:20:50,000 --> 00:20:52,600
to do as soon as this Episode is
over.
316
00:20:54,200 --> 00:20:59,400
Yeah, first of all, being being
Ukrainian, I'm still like, ask
317
00:20:59,900 --> 00:21:04,700
all who listen to this podcast.
First of all, support Ukraine,
318
00:21:04,700 --> 00:21:07,800
and everyone can support Ukraine
in different ways.
319
00:21:07,800 --> 00:21:13,000
First of all, you can simply
like, donate to to create an
320
00:21:13,000 --> 00:21:19,600
army or also is much easier.
But also efficient way to first
321
00:21:19,600 --> 00:21:22,000
of all, spend with Ukraine.
Friends.
322
00:21:22,000 --> 00:21:26,100
They created some vertical
platform which is named spend
323
00:21:26,100 --> 00:21:30,400
with Ukraine.com and everyone
can use and by Ukrainian
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00:21:30,400 --> 00:21:33,700
products, different Korean
products and can be like
325
00:21:33,700 --> 00:21:37,400
software and can be fashioned
everything else.
326
00:21:37,500 --> 00:21:41,100
And it was also a huge support
now for Ukraine, because all
327
00:21:41,100 --> 00:21:45,500
these businesses, they like base
salaries here for ukrainians and
328
00:21:45,900 --> 00:21:48,600
they also like the Nate from
their profits.
329
00:21:49,000 --> 00:21:51,400
So support Ukrainian Army and
support Ukraine.
330
00:21:51,600 --> 00:21:56,400
Um, so my like only and bond
complexion, first of all about
331
00:21:56,700 --> 00:21:58,800
different ways to support
Ukraine today.
332
00:22:01,100 --> 00:22:03,400
As awesome.
And for people who want to just
333
00:22:03,400 --> 00:22:06,600
straight-up donate money, there
are tons of companies that now
334
00:22:06,600 --> 00:22:08,900
offered to match your
contributions like Google.
335
00:22:09,700 --> 00:22:12,700
So, if you're doing a 50 bucks,
Buchanan, 800 bucks through
336
00:22:12,700 --> 00:22:14,600
Google's resources.
And Google has a ton of
337
00:22:14,600 --> 00:22:17,200
resources.
So, go ahead tap into them.
338
00:22:17,200 --> 00:22:21,200
Google is able so might as well
pay for a little bit, do that.
339
00:22:21,200 --> 00:22:22,500
I'm going to make sure to leave
a link.
340
00:22:22,500 --> 00:22:25,900
Actually, I'm not sure if their
promotion is still life, but I'm
341
00:22:25,900 --> 00:22:28,600
going to actually look for
something that does match your
342
00:22:28,600 --> 00:22:31,700
contribution.
So you can double your
343
00:22:31,700 --> 00:22:34,800
contribution without putting any
extra money in there.
344
00:22:35,700 --> 00:22:38,500
On this note we're going to rip
it up and my call to action is
345
00:22:38,500 --> 00:22:40,700
going to be check out the
description to the episode.
346
00:22:40,700 --> 00:22:44,100
As usual, I'm going to leave a
ton of links there and as
347
00:22:44,100 --> 00:22:46,100
usually, go have a good day.
00:00:05,200 --> 00:00:07,800
They're releasing to fundraising
video a podcast about
2
00:00:07,800 --> 00:00:11,400
fundraising for early-stage
startups, the major rule that we
3
00:00:11,400 --> 00:00:14,600
follow here is no bullshit on
this podcast.
4
00:00:14,600 --> 00:00:17,100
No music to relax.
You know, advertisements of our
5
00:00:17,100 --> 00:00:19,600
sponsors.
We only talk about fundraising
6
00:00:19,600 --> 00:00:23,000
here and nothing else.
So let's jump into the episode
7
00:00:23,100 --> 00:00:26,600
and today is a guest speaker.
We have a learner misko, CEO and
8
00:00:26,600 --> 00:00:30,400
founder at fuel finance.
And in this episode We are going
9
00:00:30,400 --> 00:00:36,300
to talk about something quite
distressing and frankly horrible
10
00:00:36,300 --> 00:00:39,700
but it's going to be a story
about running a company out of
11
00:00:39,900 --> 00:00:42,000
Ukraine.
During the war time that it has
12
00:00:42,000 --> 00:00:45,900
right now with Russia and how
Ilona is still managing to run a
13
00:00:45,908 --> 00:00:49,000
company out of that situation
and actually playing to
14
00:00:49,000 --> 00:00:51,700
fundraise for it in a short
period of time.
15
00:00:51,900 --> 00:00:54,400
So Luna, let's kick it off by
you giving us some background on
16
00:00:54,400 --> 00:00:59,700
yourself and on fuel Finance.
Hi, nice to meet you.
17
00:01:00,100 --> 00:01:05,700
The yeah like first of all I'm
Ukrainian and feel better and so
18
00:01:06,100 --> 00:01:11,200
it's mostly Ukrainian team and
we like called financial
19
00:01:11,200 --> 00:01:15,700
department for startups.
So we do like with our products
20
00:01:15,700 --> 00:01:19,500
clients, receive everything from
financial reporting financial
21
00:01:19,500 --> 00:01:22,500
planning context analysis and
need economics.
22
00:01:22,900 --> 00:01:27,300
So it's much much, much easier
financial management for all
23
00:01:27,300 --> 00:01:31,200
started to use our products and
especially Lee much, much much
24
00:01:31,200 --> 00:01:35,800
better communication with all
investors when they have our
25
00:01:35,800 --> 00:01:39,400
products, right?
When you say communication with
26
00:01:39,400 --> 00:01:42,200
investors, do you mean like
updates for investors in terms
27
00:01:42,200 --> 00:01:49,400
of quarterly updates or yeah?
Usually like dates and I think
28
00:01:49,400 --> 00:01:52,300
you're awesome Sand by the
company, like fundraise.
29
00:01:52,600 --> 00:01:55,100
All investors on different
rounds.
30
00:01:55,100 --> 00:01:58,600
They expect different
information, special financial
31
00:01:58,600 --> 00:02:02,300
information from start.
When we talk about seeds from
32
00:02:02,300 --> 00:02:06,000
deists, like usual, BNL
statements and very basic basic
33
00:02:06,000 --> 00:02:11,200
forecast.
And but on later stages, like
34
00:02:11,200 --> 00:02:14,700
investors usually expect like
you need to Comics understanding
35
00:02:14,700 --> 00:02:18,900
Community economics.
All your reports and also, like,
36
00:02:18,900 --> 00:02:24,400
it's think it's a good practice
and we see how our clients use
37
00:02:24,400 --> 00:02:27,800
this practice when they send
even monthly updates to their
38
00:02:27,800 --> 00:02:32,800
investors and this updates.
It includes like information
39
00:02:32,800 --> 00:02:36,200
from our products.
So Iris, think about financial
40
00:02:36,200 --> 00:02:39,900
part and it's like better and
easier way to build a
41
00:02:40,100 --> 00:02:43,100
partnership with all investors
and special rates.
42
00:02:43,100 --> 00:02:47,500
Next rounds with this monthly
updates, right?
43
00:02:47,500 --> 00:02:50,600
We'll talk a bit more about the
product at the end and discuss
44
00:02:50,600 --> 00:02:52,300
pricing, and who is it actually
made for.
45
00:02:52,900 --> 00:02:57,000
But for now let's talk about
just briefly, catch us up on the
46
00:02:57,000 --> 00:02:59,800
situation in Ukraine, things are
changing their every time.
47
00:03:00,000 --> 00:03:02,800
And probably, by the time that's
this episode gets released,
48
00:03:03,000 --> 00:03:05,400
something's going to change, but
just for everyone to understand
49
00:03:05,400 --> 00:03:07,200
what the hell is going on there
right now?
50
00:03:08,200 --> 00:03:14,400
Yeah, like first of all?
Yeah, like station in Ukraine
51
00:03:14,400 --> 00:03:19,200
now is not quite a special last
days because as, you know, like
52
00:03:19,200 --> 00:03:25,900
tomorrow will be my 9th May.
So we expect that number of
53
00:03:25,900 --> 00:03:29,600
Russian attacks and draw.
A number of bombs will be high
54
00:03:29,600 --> 00:03:35,300
and It's already much higher
today, especially in Odessa, and
55
00:03:35,500 --> 00:03:40,500
other towns in Western Ukraine
in eastern Ukraine, but I'm
56
00:03:40,500 --> 00:03:46,300
based in Western Ukraine.
So yeah, we like even have
57
00:03:46,400 --> 00:03:51,400
recommendations from different
authorities to go to bomb
58
00:03:51,400 --> 00:03:59,800
shelters and be weary and worry.
I think like controls the city.
59
00:04:00,400 --> 00:04:05,700
Now, like this is several days
because we expect much much
60
00:04:05,700 --> 00:04:09,500
pressure in the next days, yikes
that is wearable.
61
00:04:09,500 --> 00:04:12,000
And for confused Americans,
right now, listen to this,
62
00:04:12,000 --> 00:04:15,100
trying to understand what is the
connection between the increased
63
00:04:15,100 --> 00:04:18,700
number of bombs.
And 9th of May 9th of me, is
64
00:04:19,200 --> 00:04:23,400
when Russians, think the second
world war ended or bacon added
65
00:04:23,400 --> 00:04:29,600
for them, it may not in
September, but yes, let's now
66
00:04:29,600 --> 00:04:33,000
that Caught up now really get in
touch on to the situation till
67
00:04:33,000 --> 00:04:35,300
the end of the episode.
We're going to make a few calls
68
00:04:35,300 --> 00:04:39,900
to actions to help ukrainians
and obviously Founders like a
69
00:04:39,900 --> 00:04:44,200
lot of alone out there.
Let's talk about running a
70
00:04:44,200 --> 00:04:47,900
company out of your green right
now in sense of why are you
71
00:04:47,900 --> 00:04:50,600
remaining there?
And how does the work look like
72
00:04:50,600 --> 00:04:56,400
there?
First of all, we have tens of
73
00:04:56,400 --> 00:05:02,300
three team members now and when
we talk about like managing the
74
00:05:02,300 --> 00:05:07,500
company during the war, first of
all, it's about support for all
75
00:05:07,500 --> 00:05:12,200
team members and like,
communication, every day, every
76
00:05:12,200 --> 00:05:16,100
hour.
So now, we are like, already,
77
00:05:17,400 --> 00:05:21,200
like we're okay with like not,
okay, it was this were, but
78
00:05:21,200 --> 00:05:23,300
three.
You understand how to do it
79
00:05:23,300 --> 00:05:29,000
better but like, first weeks, it
was like very challenging to
80
00:05:29,600 --> 00:05:32,600
communicate with everyone and
support everyone.
81
00:05:32,600 --> 00:05:37,400
And we also understand, it's
like every team member also has
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00:05:37,400 --> 00:05:43,000
families or friends and his
family and friends and also not
83
00:05:43,000 --> 00:05:48,200
safe and all to members are not
safe so many things like company
84
00:05:48,200 --> 00:05:51,300
during the war.
It was really complicated during
85
00:05:51,300 --> 00:05:56,100
first First week's special first
two weeks already on the third
86
00:05:56,100 --> 00:06:04,000
week, we started so work like
100%, or even more, because we
87
00:06:04,000 --> 00:06:09,600
understand that now we need to
like to work and do better and
88
00:06:09,600 --> 00:06:14,000
do better, our work because we
need to grow and we need to hire
89
00:06:14,000 --> 00:06:19,500
you to members, and that's fine.
It's like we're challenging to
90
00:06:19,500 --> 00:06:25,600
do this work because You are not
like in the safe situation and
91
00:06:26,000 --> 00:06:31,100
it's like you way to do business
like from bomb shelters and
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00:06:31,100 --> 00:06:35,800
especially new about like
communication inside because you
93
00:06:35,800 --> 00:06:39,900
should understand that and
manage like all your people,
94
00:06:41,000 --> 00:06:44,600
whereas are allocated in, they
have everything they need.
95
00:06:44,600 --> 00:06:51,100
So it's not, it's not easy, and
it's not easy, even also to
96
00:06:51,100 --> 00:06:53,700
stay.
A like in a good mood for all
97
00:06:53,700 --> 00:06:58,500
team members, because they also
understand like, if you are like
98
00:06:58,500 --> 00:07:03,200
in a good mood and you can only
in that way you can support all
99
00:07:03,200 --> 00:07:10,100
others, so that's why it's
really challenging but for sure.
100
00:07:10,100 --> 00:07:14,900
I really like proud probity
because already on the second
101
00:07:14,900 --> 00:07:21,900
week of the war we really
started to work and we like Do
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00:07:21,900 --> 00:07:25,300
everything and especially when I
understand it.
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00:07:25,600 --> 00:07:29,500
Mainly our team members their
volunteers, they simply not only
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00:07:29,500 --> 00:07:33,300
work and do their like basic
work, but they also volunteers,
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00:07:33,300 --> 00:07:38,400
they help others.
And so everyone like have now
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several jobs, because first one
is a few team and the second one
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like helping others so, and
helping keep crazy.
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So I think that we are really
very, very hard work now Now.
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Yeah, and I mean props you for
pulling all the weights and the
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stress and the pressure that is
quite impressive.
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Let's let's talk about what the
expectations are.
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So you on our pre-interview kind
of discussion, you've mentioned
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that you do plan to fundraise
even though you haven't raised
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any money yet.
But besides that or including
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that, including your plans to
fundraise, would you expect to
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happen with fuel Finance in the
next couple of months?
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00:08:20,100 --> 00:08:24,200
First of all, yeah, we're Really
plan to fundraise during next
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month's, mmm.
We understand that we are
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growing even now despite the war
from month to month.
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So and we made like many
different activities.
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So I believe that it's during
next month's will fund raise and
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we like still be working as we
do it now, because like many
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team members already in Western
Ukraine in more safe place This
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or some team members already
special equipment, they already
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not in Ukraine, some of them.
So that's why I believe that.
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During the next several months,
we will fund raise Perfect.
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And yeah, I mean this entire
podcast is focused on
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fundraising.
So let's, let's talk about that.
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What are your plans for
fundraising look?
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Like, do you plan to fundraise
steel based out of Ukraine?
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And do you plan to raise money
from Ukraine, investors, or do
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you plan to go abroad somewhere,
for example, in the US?
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Yeah, we like, we have most
number for our clients from the
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us and our Target is US.
According to our products
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houses. survival plan to
fundraise like also from
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different Angel Investors but
also from VC funds, especially
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00:09:44,500 --> 00:09:51,300
we now want to be focused on yes
fans understood and do you
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00:09:51,300 --> 00:09:54,300
really start building the
relationship with the US funds
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00:09:54,300 --> 00:09:57,600
or did you just, you know, are
you starting to ask for
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00:09:57,800 --> 00:10:01,500
introductions to them or do you
just, you know, plantains so far
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We know already, like started to
communicate with investors and
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it will also like after our,
like product hands and all our
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activities that were made.
Like, during last month's, we
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already received some letters
from different Farms.
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So we already started to
communicate with them, and I
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have co-founder yet established
new Who is also like serial
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entrepreneur and he also
co-founder of bad Cube will
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00:10:36,700 --> 00:10:39,400
already raised like more than 25
million dollars.
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So that's why we already like
have some communication, some
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00:10:44,300 --> 00:10:48,700
connects.
So we like plan to already has
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00:10:48,700 --> 00:10:52,100
already started to communicate
with different investors.
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00:10:52,500 --> 00:10:54,100
Awesome.
You're off to a good start.
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00:10:54,100 --> 00:10:57,400
That is great to hear.
I always it always surprises me
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00:10:57,400 --> 00:10:59,400
how some vendors are like.
Yeah, we're playing to
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fundraising two months, we have
done nothing.
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To prepare for it.
But we're playing.
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00:11:06,000 --> 00:11:08,500
I'm glad to hear that.
You are not doing that and that
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00:11:08,500 --> 00:11:10,700
you have someone on your team
who has already fundraising
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00:11:10,700 --> 00:11:13,800
experience.
Let's let's talk about American
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00:11:13,800 --> 00:11:16,300
customers done, so that's very
common situation.
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Where companies builds in Europe
and they still focus on their
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00:11:20,700 --> 00:11:24,200
clientele in the United States.
How are you structured legally?
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00:11:24,200 --> 00:11:27,200
So you have to form a company in
the u.s. in order to sell to
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00:11:27,200 --> 00:11:29,600
Americans better, or did you
just structurally?
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00:11:29,800 --> 00:11:31,700
You're still based in Ukraine as
well.
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Well, no, no, we have legal
entity in the yes.
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00:11:35,300 --> 00:11:39,000
You know.
We're so and we like all our
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legal structure is now fully
prepared for fundraising.
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00:11:43,600 --> 00:11:44,700
Awesome.
That is great.
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00:11:44,700 --> 00:11:48,000
And when did you incorporate
when was the moment when you
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decided, you know, we need to
incorporate in?
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00:11:50,100 --> 00:11:52,200
Yes.
Was it after you already had an
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entity in Ukraine?
Or did you just start the
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00:11:54,608 --> 00:11:59,600
company right?
In the US had an entity in
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00:11:59,600 --> 00:12:04,500
Ukraine because like first year
When we only started was always
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idea, it was tested like here in
the grain.
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00:12:07,400 --> 00:12:13,500
So we made this interpretation
in the yes, in October this
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year.
So only in October, we started
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00:12:17,800 --> 00:12:22,200
like our legal entity in that
over before it was Ukrainian
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00:12:22,200 --> 00:12:26,300
legal entity.
So now not like that.
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00:12:26,700 --> 00:12:29,100
Interesting.
So some of our listeners have
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been Georgia of our listeners
are based in the United States
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00:12:31,500 --> 00:12:34,600
but but quite a few of them are
actually based abroad as well.
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00:12:34,900 --> 00:12:37,900
So for those people who are
based abroad, how did you
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00:12:38,000 --> 00:12:40,400
transition that entity from
being based?
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00:12:40,400 --> 00:12:42,400
In Ukraine, to the American
Energy?
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00:12:42,400 --> 00:12:46,200
Did you just close the old one
and just issue the same shares
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00:12:46,200 --> 00:12:49,300
to the old shareholders from the
new entity?
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00:12:49,300 --> 00:12:52,400
Or did you do it in a, some more
sophisticated way?
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00:12:54,400 --> 00:13:00,300
First of all, like I was 10, I
found one founder solo founder
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00:13:00,600 --> 00:13:03,700
before our We go into T in the
gas.
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00:13:03,700 --> 00:13:10,800
So, but before we made this
legal entity, we like started
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00:13:10,800 --> 00:13:14,800
work with yourself as a
consultant during testing blasts
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00:13:14,800 --> 00:13:19,100
more than one year and a half.
After that, we decided to be
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00:13:19,100 --> 00:13:23,000
co-founders.
And when we already like
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00:13:23,500 --> 00:13:26,800
registered our legal entities,
yes, and I should say it's a
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00:13:26,808 --> 00:13:31,700
very fast way to do, it was
Claire key, and even in case,
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00:13:31,800 --> 00:13:35,100
He's some co-founders who needs
some detailed instructions, how
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00:13:35,100 --> 00:13:37,700
it's better to do it.
We already have this instruction
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00:13:38,100 --> 00:13:41,900
and I'm ready to share first
way.
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00:13:43,800 --> 00:13:45,700
Is he here?
Is he here Clarity?
202
00:13:45,800 --> 00:13:49,600
No, I work for first base.
We are the best incorporate in
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00:13:49,600 --> 00:13:51,900
the u.s. that is.
And we're not gonna talk about
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00:13:51,900 --> 00:13:57,000
clergy Here, style is not sorry,
I'm good looking, but still
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00:13:57,300 --> 00:13:59,600
people first.
These daughter yo, is very
206
00:14:01,300 --> 00:14:05,400
sorry.
But seriously, out of the
207
00:14:05,400 --> 00:14:07,400
serious note, where are the
instructions?
208
00:14:07,700 --> 00:14:11,900
They mean, you've made like a
blog post about that or what
209
00:14:11,900 --> 00:14:13,900
kind of instructions to re
talking about.
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00:14:15,000 --> 00:14:20,200
We have like, every like when we
started to destroy our legal
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00:14:20,200 --> 00:14:24,800
entity, it was like a wave.
And first of all, we started to
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00:14:24,808 --> 00:14:27,100
think that it will be like
several weeks.
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00:14:27,500 --> 00:14:32,200
And, after that already, in the
first week, well, Understood
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00:14:32,200 --> 00:14:35,200
that if not, we'll be like
several weeks and we needed two
215
00:14:35,200 --> 00:14:38,700
months to do it.
But there are like different
216
00:14:38,700 --> 00:14:44,300
many questions with like we
didn't have problems with bank
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00:14:44,300 --> 00:14:49,000
account so it was easy to make
bank account online like being
218
00:14:49,000 --> 00:14:54,200
being here Ukraine, but it were
different like questions
219
00:14:54,200 --> 00:14:59,100
problems with different to us
authorities and I think they are
220
00:14:59,100 --> 00:15:04,200
really very, very slow.
Communication and causes
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00:15:04,200 --> 00:15:07,100
bureaucratic way of
communication with us
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00:15:07,100 --> 00:15:09,500
authorities.
It was a real challenge.
223
00:15:09,800 --> 00:15:15,400
So and sometimes like we are
happy that we had like the way
224
00:15:15,400 --> 00:15:19,200
to communicate with all other.
Our friends found Founders and
225
00:15:19,200 --> 00:15:24,900
ask them how to do like some
several things during this
226
00:15:25,500 --> 00:15:28,300
during this way of registering
the company.
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00:15:29,300 --> 00:15:34,500
But you know, we already have
like Instruction about how
228
00:15:34,500 --> 00:15:37,200
especially, how to communicate
this year's discourages
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00:15:37,600 --> 00:15:40,900
different ways.
So when you say that you had to
230
00:15:40,900 --> 00:15:43,600
communicate with us authorities.
What was that about?
231
00:15:43,600 --> 00:15:47,900
What was that about receiving a
employer identification number
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00:15:47,900 --> 00:15:51,000
or because I know that that's a
common problem for a lot of
233
00:15:51,008 --> 00:15:54,100
foreign Founders, or was there
another part that you had to
234
00:15:54,400 --> 00:15:58,400
discuss with the US authorities?
It's not like this class but
235
00:15:58,700 --> 00:16:03,800
when we like, when we registered
the So, we going to do, it was
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00:16:03,800 --> 00:16:06,800
the least of different
documentation that should be
237
00:16:06,800 --> 00:16:12,000
prepared, but we had different
questions about some types of
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00:16:12,000 --> 00:16:14,400
documents.
If, if we really need this
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00:16:14,400 --> 00:16:19,200
documents to be prepared.
And especially, I remember there
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00:16:19,200 --> 00:16:22,900
is like, glued members name of
this document, but it should be
241
00:16:22,900 --> 00:16:25,800
prepared.
Like, not later is, and like one
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00:16:25,800 --> 00:16:29,500
month after you provides like
after you may disregard
243
00:16:29,500 --> 00:16:35,300
registration of legal entity And
during these 30 days like this
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00:16:35,500 --> 00:16:38,600
us authorities, they should
approve the deal received this
245
00:16:38,600 --> 00:16:43,600
document from you, but it was a
real challenge because on the
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00:16:43,600 --> 00:16:47,200
website, the authorities they
have information that they
247
00:16:47,200 --> 00:16:51,100
couldn't be responsible like for
your documents if they receive
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00:16:51,100 --> 00:16:53,600
them later.
Even in the case, for example,
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00:16:53,600 --> 00:16:58,600
when you send all his documents
in time so they really could be
250
00:16:58,600 --> 00:17:02,200
lost during this period and
that's why this is so Disease
251
00:17:02,200 --> 00:17:05,099
couldn't receive them in this
period of time of surgery.
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00:17:05,099 --> 00:17:08,900
These if in case it will be
later you should have some
253
00:17:08,900 --> 00:17:13,800
penalties and some problems with
registration of banking account.
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00:17:13,800 --> 00:17:17,800
So it was a real challenge
because like we called this
255
00:17:17,800 --> 00:17:21,500
authorities asking during one
week completely every day to
256
00:17:21,500 --> 00:17:26,200
understand if they received our
document or not it was a real
257
00:17:26,200 --> 00:17:30,000
challenge because they are
really very slow.
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00:17:30,000 --> 00:17:35,800
And I'm At this is everything is
okay but it was it was a real
259
00:17:35,800 --> 00:17:38,100
challenge.
It's quite interesting usually
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00:17:38,100 --> 00:17:42,500
in the u.s. laws it counts as
whenever you send documents
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00:17:42,500 --> 00:17:44,400
that's like the date when they
kind of receive it.
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00:17:44,400 --> 00:17:49,600
So if the deadline is May 30th
and you send them on the May
263
00:17:49,600 --> 00:17:53,200
29th, you should be no clear but
that's that's an interesting
264
00:17:53,200 --> 00:17:54,700
case.
I'm still wondering what kind of
265
00:17:54,700 --> 00:18:00,100
documents those are that you
have to send after 30 days but
266
00:18:00,500 --> 00:18:05,200
we'll probably I'll probably ask
you about that later and either
267
00:18:05,200 --> 00:18:07,400
specify that in the description
of this episode.
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00:18:07,400 --> 00:18:11,300
Or I'm going to do some real
research and shared that
269
00:18:11,300 --> 00:18:13,800
information in the description
of this episode.
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On this note, let's touch on to
the last thing before the call
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00:18:17,800 --> 00:18:21,200
to action at the end of the
episode and talk about who fuel
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00:18:21,200 --> 00:18:24,100
Finance is actually made for.
So I'm on our website right now
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00:18:24,100 --> 00:18:25,500
looks amazing.
By the way 11.
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It's but the pricing side.
A lux less amazing.
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I thought.
Yeah.
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You know, very early stage
companies, you know, prices like
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00:18:35,600 --> 00:18:38,100
point, nine dollars per month or
like a hundred dollars per
278
00:18:38,100 --> 00:18:41,700
month, but you were pricing is
kind of much much higher.
279
00:18:41,700 --> 00:18:45,100
So if you're paying on a monthly
basis and not signal basis, they
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00:18:45,100 --> 00:18:48,900
essential plan starts at $1600
per month.
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00:18:49,100 --> 00:18:54,600
So who are you built for?
Yeah, like we built for there
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00:18:54,600 --> 00:18:59,300
really early stage startups.
We work with seat around surtax
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00:18:59,300 --> 00:19:04,400
usually, and we have this price
because we have not on the like
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software.
We also have like financial
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00:19:07,300 --> 00:19:13,400
success managers in our package,
and one clients like they
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00:19:13,400 --> 00:19:15,800
receive all products.
They don't think about
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00:19:15,800 --> 00:19:20,000
accountants.
We made everything like all
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00:19:20,000 --> 00:19:23,200
piano, Orchestra balance sheet,
For it's all accounting or
289
00:19:23,200 --> 00:19:26,600
bookkeeping.
And also like plan, fact,
290
00:19:26,600 --> 00:19:28,600
analysis other boards, they
need.
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00:19:28,600 --> 00:19:32,100
So it's like starting from the
basic level when you're like
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00:19:32,100 --> 00:19:35,500
reduced her your company and you
understand that you need
293
00:19:35,500 --> 00:19:39,100
accountants.
So we start from that but we
294
00:19:39,100 --> 00:19:43,300
also have like a full like
clouds based financial
295
00:19:43,300 --> 00:19:47,800
department because we also like
when your company and growing
296
00:19:47,900 --> 00:19:50,500
you needs like more and more in
financial management.
297
00:19:50,500 --> 00:19:52,700
So you start From basic
accounting.
298
00:19:52,700 --> 00:19:56,100
But later stages, for example,
you need to cash flow control
299
00:19:56,100 --> 00:19:59,800
after that, he needs plan factor
analysis and already.
300
00:19:59,800 --> 00:20:01,900
Like after that, you need we
need economics.
301
00:20:02,000 --> 00:20:06,700
And yes like on all stages, all
our crimes, they receive
302
00:20:06,700 --> 00:20:10,600
dashboards but they also receive
that financial management that
303
00:20:10,600 --> 00:20:12,900
they need.
So he has this price like
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00:20:12,900 --> 00:20:14,900
started from 1000 dollar per
month.
305
00:20:14,900 --> 00:20:19,800
But when you know, our think
about packages with less price
306
00:20:19,900 --> 00:20:25,800
for like press it, Startups my
earlier stages and I think will
307
00:20:25,800 --> 00:20:31,100
release its in next month's.
Also understood perfect.
308
00:20:31,100 --> 00:20:33,600
Perfect.
In this case, we'll definitely
309
00:20:33,800 --> 00:20:36,200
obviously going to include all
that in the description of this
310
00:20:36,200 --> 00:20:40,000
episodes with the link to fuel
Finance for people who need
311
00:20:40,000 --> 00:20:42,400
accountants and everything that
was mentioned earlier in the
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00:20:42,400 --> 00:20:44,200
episode.
So alone on this note.
313
00:20:44,200 --> 00:20:46,900
So let's move on to the very
last question of days episode,
314
00:20:46,900 --> 00:20:50,000
which is a call to action.
So, what do you want to listen
315
00:20:50,000 --> 00:20:52,600
to do as soon as this Episode is
over.
316
00:20:54,200 --> 00:20:59,400
Yeah, first of all, being being
Ukrainian, I'm still like, ask
317
00:20:59,900 --> 00:21:04,700
all who listen to this podcast.
First of all, support Ukraine,
318
00:21:04,700 --> 00:21:07,800
and everyone can support Ukraine
in different ways.
319
00:21:07,800 --> 00:21:13,000
First of all, you can simply
like, donate to to create an
320
00:21:13,000 --> 00:21:19,600
army or also is much easier.
But also efficient way to first
321
00:21:19,600 --> 00:21:22,000
of all, spend with Ukraine.
Friends.
322
00:21:22,000 --> 00:21:26,100
They created some vertical
platform which is named spend
323
00:21:26,100 --> 00:21:30,400
with Ukraine.com and everyone
can use and by Ukrainian
324
00:21:30,400 --> 00:21:33,700
products, different Korean
products and can be like
325
00:21:33,700 --> 00:21:37,400
software and can be fashioned
everything else.
326
00:21:37,500 --> 00:21:41,100
And it was also a huge support
now for Ukraine, because all
327
00:21:41,100 --> 00:21:45,500
these businesses, they like base
salaries here for ukrainians and
328
00:21:45,900 --> 00:21:48,600
they also like the Nate from
their profits.
329
00:21:49,000 --> 00:21:51,400
So support Ukrainian Army and
support Ukraine.
330
00:21:51,600 --> 00:21:56,400
Um, so my like only and bond
complexion, first of all about
331
00:21:56,700 --> 00:21:58,800
different ways to support
Ukraine today.
332
00:22:01,100 --> 00:22:03,400
As awesome.
And for people who want to just
333
00:22:03,400 --> 00:22:06,600
straight-up donate money, there
are tons of companies that now
334
00:22:06,600 --> 00:22:08,900
offered to match your
contributions like Google.
335
00:22:09,700 --> 00:22:12,700
So, if you're doing a 50 bucks,
Buchanan, 800 bucks through
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00:22:12,700 --> 00:22:14,600
Google's resources.
And Google has a ton of
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00:22:14,600 --> 00:22:17,200
resources.
So, go ahead tap into them.
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00:22:17,200 --> 00:22:21,200
Google is able so might as well
pay for a little bit, do that.
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00:22:21,200 --> 00:22:22,500
I'm going to make sure to leave
a link.
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00:22:22,500 --> 00:22:25,900
Actually, I'm not sure if their
promotion is still life, but I'm
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00:22:25,900 --> 00:22:28,600
going to actually look for
something that does match your
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00:22:28,600 --> 00:22:31,700
contribution.
So you can double your
343
00:22:31,700 --> 00:22:34,800
contribution without putting any
extra money in there.
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00:22:35,700 --> 00:22:38,500
On this note we're going to rip
it up and my call to action is
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00:22:38,500 --> 00:22:40,700
going to be check out the
description to the episode.
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00:22:40,700 --> 00:22:44,100
As usual, I'm going to leave a
ton of links there and as
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00:22:44,100 --> 00:22:46,100
usually, go have a good day.