“It’s all about the spark in their eyes”: Oleg Khusaenov, founder of investment firm Zubr Capital, on youth, business, and the Cypriot ecosystem

Zubr Capital recently held its “Zubr Capital Young” hackathon in Cyprus, bringing together students and startups to tackle real-world business challenges.

In an interview, Oleg Khusaenov, founder and CEO of Zubr Capital, explained that the company’s work with youth is not a one-time initiative but rather part of a comprehensive strategy. He also shared his views on the development of the Cypriot innovation ecosystem.

– Is it fair to say that Zubr Capital is moving toward the role of an ecosystem architect rather than just an investor, by creating educational projects like the Zubr Capital Young Hackathon? 

We always strive to build an ecosystem – both within our companies and among investors and partners. It’s gratifying to see that, over time, the system begins to work on its own: entrepreneurs who successfully emerge from our projects become investors in the fund and launch new initiatives. Engaging young talent is also an integral part of our ecosystem. We’ve seen firsthand that engaging with students yields quick and tangible results. Today’s students are no longer complete beginners. Many start working in their third or fourth year, gaining experience and, once they join a company, quickly absorbing the corporate culture and later assuming leadership roles. A good example is Vlad Kolomensky, a graduate of our League of Analysts project and now the CEO of Garna, a platform for contractors’ payouts. The League of Analysts is Zubr Capital’s educational program for those who want to become investment analysts and gain practical skills in working with real business cases. 

Over 25 years of working closely with students, I have observed that it is precisely this approach that shapes the future – both for young professionals themselves and for Zubr Capital. 

– A hackathon is described as “months of startup experience condensed into a single day.” What do you think this format offers students? 

First and foremost, a hackathon a hackathon encourages collaboration and teamwork. It’s a wonderful format: in a short time, you build a team, begin to understand who’s capable of what, how you interact, and who you can rely on in the future. The second important thing is practical experience. Many startups don’t know where to start and often try to tackle everything at once, without understanding how to make the process more productive. We show them what the business process looks like from the inside – how to operate faster and more efficiently. Of course, you can’t build a full-fledged financial model or complete product development in a single day, but you can certainly complete the most important stage, from a nascent idea to a clear understanding of whether real clients actually need the project. These are the startups that ultimately take off. And this, in my opinion, is the most valuable thing a hackathon offers. 

– In your experience, what key skills remain outside the university curriculum, but are critical for success in investing and business? 

Observing how students learn clearly reveals the gap between the learning process and the actual skills they ultimately acquire. Traditional education certainly provides a solid theoretical foundation, but rarely translates it into real professional skills. At the League of Analysts, we set a goal: every graduate should possess the practical skills necessary for the profession. An investment analyst is a specialist in demand at virtually any company. They can quickly assess the worth of launching a new product or entering a new market, whether the initiative will generate profit, and whether it will strengthen the company. Our students acquire essential skills: analysis, calculation, and decision-making. Their graduation projects focus on evaluating strategic initiatives, that is, on the real-life workings of business. The League’s main goal is to bridge the gap between academic education and practical skills. Our programs help build this bridge. 

– What are the main criteria you consider when selecting a startup or company for investment? What do you personally look at first? 

We don’t invest in early-stage startups; we work with established companies. This is what sets us apart from many funds: we’re a Series A+ fund. Our primary focus is on whether a business has the potential for exponential growth through innovation. Technological advances in the market are occurring daily: for example, artificial intelligence offers even traditional businesses the opportunity to develop new products and reach a new level. For me personally, the most important criterion when investing is the team. Who’s the driver, who’s the leader, who’s really running the business? Can these people be trusted with money and responsibility? When you see their passion, their dedication to their business, their sleepless nights spent growing the company, that’s when you realise you’re dealing with true entrepreneurs.

– Nowadays, many people want to become founders, start a tech company, raise capital, and achieve global success. What would you warn young people about, or, conversely, encourage them to pursue? 

First of all, the desire to become an entrepreneur is admirable. I believe entrepreneurs are some of the best people in the world. Everything that surrounds us is created by them. Scientists invent, but entrepreneurs bring their ideas to life. Without them, the benefits we enjoy every day would not exist. Entrepreneurship is progressive and creative. The more people strive for it, the better for the country’s economy and society as a whole. Of course, failures are inevitable, I’ve had them too. But if you view them as learning experiences, every mistake becomes a lesson that makes you stronger. I advise everyone to try their hand at business. Even if you realise it’s not your thing, the experience is still invaluable, you’ll become a strong manager, because that’s a great profession too.

– What makes Cyprus unique? In your opinion, what areas does the Cypriot ecosystem still lack to become one of Europe’s leading technology hubs? 

The first thing that sets Cyprus apart is its truly open and friendly atmosphere, fostered by the government in collaboration with Cypriots themselves in an effort to attract talented professionals. Passport and tax programs enable startups to operate at lower costs and achieve profitability faster. If we’re talking about what’s missing, I think it’s good PR. For many Europeans, Cyprus is still associated with an offshore zone, not innovation and technological development. But a real shift has taken place here, and it needs to be discussed more actively. What Cyprus really needs is a storyteller who can showcase its new opportunities to the world. Meanwhile, the ecosystem is actively developing. There are already associations working with the government and the Cypriot President, establishing a dialogue on how to increase the share of IT companies in the country’s GDP.