Paris de L’Etraz: Diaspora should advance Armenia’s technological potential

Paris de L’Etraz, Professor of Entrepreneurship at IE Business School in Madrid, was one of the guests at Eurasia Mobile Challenge Regional Final, which took place on January 25, Yerevan.

Having 20 years of experience in spheres of investment programs, banking services and venture capital, Professor Paris de L’Etraz has dealt with raising funds, setting up new companies, selling or buying companies through his Amazing Lab group since 2005.  

Itel.am talked to Paris de L’Etraz.

-You visited Armenia twice. You have already observed the Armenian IT sector. What are your impressions?

- I knew from my last visit that you have very good professionals here, but some of the technologies are still quite antiquated. But that's OK. I have seen in the last twelve months that the ecosystem is starting to develop a lot more. You have got big multinationals, which are now looking for sending their innovation development to Armenia. So that is good.

It is also a good place for multinationals to feel comfortable in terms of entering the Russian market. You just need to get help from the diaspora. They love Armenia, they are passionate about Armenia. So you need to do more to bring them back or at least some business back to Armenia.

I have also observed that there are more and more startups here, focused on the issues, important for Europe for the upcoming years. There are certain trends in Europe nowadays like cyber security, big data, IoT, that will keep growing for the next few years. I think there are lots of opportunities for Armenian startups to focus on those areas and build technologies for that space.

Having great professionals, Armenia needs to stop just outsourcing and start competing with places like India or Hungary or Czech Republic, Bulgaria. You need to be able to develop you own solutions in the sphere of leading technologies.

-You have got experience in both American and European markets. Which market do you think will be better for Armenian startups?

- I think they need to focus on both. It is Europe from the point of proximity, while it is USA from the point of support from diaspora.

I am from Los Angeles, where half a million Armenians live. I have been to three Armenian weddings, and I love the Armenian culture. Armenians are very entrepreneurial. Most of Armenians, that left Armenia, are entrepreneurs. So I think that the potential for Armenia is enormous. But the Armenians living outside have got to help you. I think that there is a lot you can do with the Armenians living in the United States.

You have a lot of competition in Europe though, but I think that there are lots of opportunities for international startups in Europe.

-In your opinion, what the Armenian IT sector lacks for?

I think that the big minus is local thinking, you need to think globally. People still have the impression that they have to be local. You need more events like this and more companies like VimpelCom that are organizing events like this.
 
You need to sell your products better. You cannot just talk about a good idea, you have to sell it beautifully. You need a powerful team to sell it. You have a lot of passion here, but you need to express it in the right way.

If there is a good startup from Armenia, I would consider the possibility of investing in it.

Narine Daneghyan talked to Paris de L’Etraz