Let’s dive into a VC mindset this time. Meet EstBAN’s fund member of the year winner – BSV Venture’s Sandra Golbreich who’s journey with BSV Ventures began in 2018 when Lithuania’s startup ecosystem was still taking shape. Together with her co-founder, Andrius, she launched a startup accelerator “Baltic Sandbox” funded by local angel investors.
“In the beginning, we focused on building angel syndicates. Over time, we shifted toward deep tech and critical technologies, transitioning from an accelerator to a venture fund. Today, we’re investing from our Fund I and raising our Fund II.”
It wasn’t easy to launch a fund in an emerging ecosystem with little institutional backing. “We didn’t have institutional money when we started. It was a challenge, but we believed in the potential of deep tech to transform the region – not just economically but also in terms of technological sovereignty and political independence.”
Despite the difficult fundraising environment in 2022 – 2023, Sandra and her team managed to secure commitments, including a landmark investment from NATO’s Innovation Fund. “It was quite a journey,” she admits.
A Passion for Deep Tech
Sandra’s excitement is obvious when we start speaking about her favorite tech sectors.
“For us, it’s all about deep tech – 70% of our investments are in hardware, particularly in areas like quantum computing, aerospace, functional genomics, and computational drug discoveries. These technologies are driving medicine and innovation forward.”
She emphasizes the importance of understanding the bigger picture rather than mastering every technical detail. “As a General Partner, I don’t need to dive into every nuance. I rely on our ‘nerd department’ – our technical team – to evaluate the science. My role is to see how these innovations fit into the larger ecosystem and their commercialization potential.”
Sandra’s investment philosophy centers on three key principles:
- Broad Commercial potential:
“We look for technologies with applications across multiple industries – defense, sports tech, medicine, and beyond. The broader the potential, the better.” - Team Dynamics and Coachability:
“Founders must be open to learning and capable of communicating with business partners. If a team isn’t willing to collaborate or grow, we won’t invest.” - Patience and Long-Term Vision:
“Deep tech investments take time – our fund operates on a 10+1 year cycle. Building a solid portfolio requires resilience and the ability to think long-term.”
The Role of Academia and Relationships in Sourcing Deals
What sets BSV apart is its deep ties with academia.
“80-90% of our pipeline comes from academic connections. We’re constantly engaging with scientists, attending events, and sourcing deals through our portfolio companies. Only about 10-15% of opportunities come from other VCs.”
This approach allows BSV to identify startups at the earliest stages, even before other investors take notice. Sandra is open about the challenges of venture capital. “You can’t learn everything from books or podcasts. Real lessons come after your first missed opportunity – or a gut feeling you didn’t trust.”
One of her key takeaways? “Always listen to your instincts. If something feels off, even if you can’t pinpoint why, don’t invest. Your gut is often your experience talking.”
Advice for Aspiring Investors
- Be Hands-On:
“Startup investing isn’t passive. If you’re not ready to actively support founders, choose a different asset class.” - Understand What You’re Investing In:
“Avoid jumping into trendy sectors like AI unless you truly understand them.” - Do Your Due Diligence and Co-Invest:
“Partnering with experienced investors helps mitigate risks, especially when starting out.”
Life Outside Venture Capital
When Sandra isn’t evaluating deep tech startups, she’s embracing her adventurous side.
“I completed 810 kilometers of the Camino de Santiago last summer, did it solo! It was physically and mentally challenging, especially with an 8 kg backpack. And yes, I was still working while walking – working with portfolio startups, negotiating with the NATO Innovation Fund and searching for reception along the trail.”
She laughs, but her resilience shines through in both her professional and personal endeavors, demonstrating the mindset needed to navigate the unpredictable world of venture capital.
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