Lav Odorović, a world-renowned entrepreneur and executive director of the Swiss fintech company “Relio”, recently shared his insights into startups and innovation in the financial industry. Speaking with Marko Čadež, president of the Serbian Chamber of Commerce, Odorović discussed the potential and challenges of the Serbian startup ecosystem.
Odorović expressed immense confidence in Serbia’s workforce, saying, “I have extreme faith in our people, their knowledge, motivation, and the results they achieve.” His companies, including “Penta” and “Relio,” employ over two-thirds of their workforce in Belgrade, highlighting the quality of talent in Serbia. He emphasized that the presence of major tech companies in the country has helped cultivate a highly skilled workforce, and now is the time to leverage that knowledge to build successful businesses. According to Odorović, Serbia has a solid foundation for the development of a “unicorn”—a startup worth over a billion dollars.
Odorović acknowledged that the startup journey involves many failures, but it’s through these failures that knowledge is gained, allowing smaller players to challenge larger corporations. He likened startups to speedboats, which can quickly change direction in search of the best solution, while larger corporations are more like tankers that move slowly and are harder to adjust.
His entrepreneurial journey began in Belgrade and took him to Switzerland for further studies, later working with large corporations such as Siemens. However, he soon realized that large systems were not for him, as their slow processes didn’t align with his desire to create something new and impactful. This led him to start his own ventures, ultimately leading to his current role at “Relio.”
Discussing the challenges of starting a bank, Odorović shared the difficulty of securing initial capital. Raising two million euros at the beginning of the venture was a complex and uncertain task, and at one point, a single email changed the fate of the company from potential failure to success. Odorović emphasized that his entrepreneurial journey often involves solving urgent problems, sometimes with just hours to spare, underscoring the importance of adaptability and agility in business.
In the startup world, Odorović believes that adaptability, team spirit, and a willingness to learn are essential. He stated that the most successful entrepreneurs are not necessarily the smartest but those who are best prepared to deal with uncertainty. He cited the example of Uber, which faced 224 unsuccessful pitches before ultimately succeeding.
Today, through “Relio,” Odorović is developing innovative solutions within the traditionally rigid Swiss banking system, focusing on compliance and combating money laundering. He believes that solving money laundering issues will be a major trend in the fintech industry, and whoever masters it will have the potential to revolutionize finance. Odorović expressed excitement for the future, stating that while he doesn’t know exactly what he will be doing in five to ten years, he’s confident it will continue to involve entrepreneurship and building something from scratch.
Marko Čadež, the host of the conversation, highlighted the significant support for the Serbian startup community, noting that it is experiencing impressive growth. He emphasized the importance of collaboration, continuous learning, and skill development in the pursuit of building successful businesses. The Serbian startup ecosystem is on track for even greater innovation and success in the years ahead.
