Introducing Martynas Kandzeras is no easy task: he is an entrepreneur and investor who has been creating and developing companies for over 20 years in Lithuania and other European countries. He is also the founder and board member of the Lithuanian Business Angels Association, a board member of Junior Achievement Lithuania, a board member of the Edtech Lithuania Association, a partnership lecturer and supporter at Vilnius University, and the initiator of various international projects aimed at developing entrepreneurial competencies in different social groups.
I am a board member of Junior Achievement Lithuania, an organization that successfully implements programs in financial literacy, entrepreneurship education, and progressive economic education in general schools. I also teach entrepreneurship at Vilnius University Business School and assist in implementing various educational programs related to investment and the promotion of entrepreneurial competencies.
I collaborate with several universities, including the University of Cambridge, Cranfield University, and the Massachusetts Institute of Technology; with their help, we train Baltic scientists in entrepreneurial skills so they can commercialize their scientific ideas. I am also an alumnus of the BMI Executive Institute’s EMBA program and remain actively involved in the institute’s activities to this day,” – Kandzeras speaks about his educational and teaching work.
You are involved in many activities. Which one is your main focus and closest to your heart?
First and foremost, I am an entrepreneur and investor, deeply in love with the process of entrepreneurship. I am fascinated by the transformation of an idea into reality. That is why I am very active in the startup ecosystem – both in the Baltic countries and across Europe. I want as many people as possible to develop entrepreneurial competencies so they can turn their ideas into reality, not only in business but also in the public or private sector, even while working in a regular job.
People who have created or manage businesses usually immerse themselves in them. What drives you to take on other activities that cost time but may not necessarily bring financial returns?
Sometimes, people simply enjoy certain things. It’s hard to explain rationally. I enjoy taking any idea and making it real, giving it substance. You start with a blank page, an idea emerges, and after some time, you see that the idea we talked about has now become a functioning organization. Perhaps it’s the love for this transformation that is the driving force.
They say we learn best when we teach others. Perhaps entrepreneurship has a similar effect, enriching not only those with whom we share knowledge and skills but also providing the teacher with creative impulses, useful insights, and decision-making support?
I believe that sharing your experience actually highlights and reinforces your own knowledge, and of course, it teaches. This is true of any mentorship. Whenever I act as a mentor, I always say: ‘You will learn from me, and I will learn from you.’ I think mentorship isn’t a process where one person gives and the other takes – it’s a mutual relationship.
I very often provide mentorship on entrepreneurial matters. I am curious about how someone with an idea tries to bring it to life. I understand that the context in which they are trying to implement it is different from mine. That’s why I find it fascinating to observe how ideas are realized in another context, through another person, in different teams.
I believe we should learn throughout our lives and continuously seek new information. In my view, sharing and receiving are equally important, much like inhaling and exhaling. You can’t just give without receiving, just as you can’t only take without giving. There has to be balance.
How do you decide which ideas to dedicate your mentorship time to?
I help everyone. It doesn’t matter to me whether someone wants to sell spoons at the Kaziukas Fair or create a unicorn. The media often writes that Lithuania is trying to become a ‘unicorn country’ – and I think that’s good, a certain competitive challenge. However, it’s important to understand that these unicorns make up only a very small percentage of all businesses and the economy as a whole.
That’s why those Kaziukas Fair vendors are also entrepreneurs – they are stepping into the unknown, trying to realize their ideas, producing and offering products, and building their customer base. They don’t just sit and complain when things go wrong; they take action to make a difference. That’s why I meet with people with all kinds of ideas – not only business ideas but also social ones, which often don’t yield financial returns, because that too is an expression of entrepreneurship.
You mentioned very different and seemingly unrelated business ideas, from selling spoons at fairs to raising a unicorn. I assume that to be successful as an entrepreneur, these ideas require not only practical experience but also theoretical knowledge and skill development?
Improvement is a continuous process. Sometimes it comes simply from listening to the people you interact with, and that is invaluable. But of course, certain theoretical knowledge and formal education are also necessary.
In 2008, I completed the EMBA program at the BMI Executive Institute, which opened entirely new perspectives for me. I vividly remember the time when modern business concepts were just starting to take root in Lithuania; back then, we were still learning what business should look like. Those two years of study were truly eye-opening. At the institute, business is taught in a very accessible way while maintaining a high academic standard. I still maintain strong ties with the institute and actively participate in alumni activities.
I particularly appreciate that the BMI Executive Institute collaborates on projects with the startup ecosystem, and I naturally take part in those initiatives as well.”
In your opinion, which is more important – theoretical knowledge or practical experience?
I think both are important. Sometimes people succeed at certain things and then feel confident enough to teach others how everything works, claiming that their way is the only way. But they speak from their own experience only about what worked in their context, which doesn’t mean it will work in someone else’s. Theoretical knowledge provides the understanding that there are many paths to a solution, not just one correct way to achieve results and success. Sometimes people doubt whether reading academic literature will be useful for business.
However, professors writing about business don’t do it randomly – they study the topic, interview numerous managers and company representatives.
I believe that gathered and systematized knowledge can be extremely valuable, but it’s crucial to maintain balance. If we focus only on theory without moving into practice, we remain ‘hanging in the air,’ whereas relying solely on practice may cause us to miss opportunities that theory reveals.
How have the challenges faced by new businesses changed since you started your own, and now? Does the era dictate new priorities?
I think implementing a business idea is always a leap into the unknown. You never know what the final outcome will be when starting an activity. The beginning is always accompanied by fear and a desire for protection. New entrepreneurs usually need support and reassurance, to understand that fear and anxiety are natural. Of course, there are other challenges as well: financial resources, building an effective team, and finding customers.
Surely not all ideas have the potential to become businesses? Have you ever said ‘no’ to someone with an idea?
Of course, not every idea can become a business. Yet it often happens that ideas meant to become small ventures turn into large ones, while those intended to create big businesses fail to grow.
I always say that the best decision-maker is the author of the idea. The only thing I recommend is to listen to different opinions but make the decision yourself. For example, I might think an idea won’t be very profitable, yet if you look at success stories, you often hear that everyone said it wouldn’t work – and yet it succeeded. Success can depend on different contexts and unforeseen events.
Ultimately, ideas themselves are inexpensive; the main thing is their execution. Having an idea and being able to implement it are two very different things, requiring very different skills. Therefore, success comes from executing the idea, not just having it.
This brings us to the question of leadership. Can anyone implement an idea without leadership qualities? Surely having an idea and daring to implement it is not enough; one also needs the courage to take responsibility and the ability to gather and inspire people?
Ambition is very important at the start of any venture. People are often hesitant to take the first steps, and those around them may feel the same. But if they see a leader with vision and confidence that things will work out, that mindset spreads to those nearby.
One of the key elements in achieving a goal is having a clear vision, as well as the ability to consolidate resources in one direction so that everything can function effectively.”
Sometimes it is said that it is very important for a leader to be able to share leadership – that is, to step back and delegate to another team member who may be more competent in a given situation. On the other hand, a leader must also know when to reclaim that delegated leadership. What do you think leadership will look like in the future?
Nowadays, there is a lot of talk about leadership and when or to whom it should be delegated. But for me, the most important thing is the project itself. If we have a vision and are trying to bring it to life, the central figure for me is the implementation and realization of that project. Of course, different tasks within a project need to be carried out, and they are best done by the person with the appropriate skills. That is when they assume leadership.
I never really think about leadership as a concept; I focus on how to execute a project as efficiently as possible.
It is often said that Lithuanians still lack financial literacy and entrepreneurial skills. Is that really still the case? Or is the situation changing?
As I mentioned, I am a board member of Junior Achievement Lithuania, and we work intensively to develop entrepreneurial competencies and financial literacy in general education schools from grades 1 through 12. We have nine programs that are primarily practical, and we constantly strive to introduce innovations. For example, this school year, together with the Ministry of Economy and Innovation and Teachers Lead Tech, we launched the world’s first digital entrepreneurship training program for students in grades 5–8.
Each year, our programs reach about 30,000 children in Lithuania. We have a strategic goal and concrete plan to reach around 100,000.
I would like the development of entrepreneurial competencies, which is currently informal, to be integrated into formal education. At present, entrepreneurial skills are often equated with business, but they are much broader: the ability to form teams, turn ideas into reality, and take responsibility. These skills can be applied in many areas, not only in business but also in the public sector, companies, or regular employment.
The more people acquire these competencies, the more proactive our society will become. People will not wait for someone to tell them what to do or rely solely on welfare; they will act and create independently.
Junior Achievement Lithuania allows us to see how these programs change students. Children are often still evaluated solely based on academic achievements. The education system, focused only on academics, may ‘write off’ some students. Yet these ‘written-off’ children often thrive in our programs: they see that they can work in teams, be useful, present their ideas at fairs, and interact as equals with entrepreneurs and professionals from various fields, which helps them gain confidence.
It is crucial that this motivation does not fade, and later it often improves their academic performance. The sense of accomplishment they experience provides the confidence to overcome significant challenges.