How can startups from the CEE win investors? | Kristiana Kuneva (The Recursive)

In this episode, Frederik Ayach interviews Kristiana Kuneva, the Chief Business Development Officer at The Recursive and The Recursive Studio. Kristiana brings a unique lens to how technology acts as a catalyst for positive social change and how storytelling can benefit startups.

Frederik Ayach

18.05.2026

Table of Contents

Introduction

Kristiana Kuneva is the Chief Business Development Officer at The Recursive and The Recursive Studio, an independent, community-born online tech media focused on the emerging innovation and startup ecosystems in Central and Eastern Europe (CEE), where she drives and oversees growth, market expansion, and strategic partnerships. Before working for The Recursive, she worked for the UN, the Council of Europe, and UNICEF. She holds a bachelor’s degree in Politics from King’s College and a master's degree in Human Rights from the London School of Economics. Kristiana speaks Bulgarian and English fluently.

From the UN to CEE's Startups

Question: Kristiana, you describe yourself as believing in "technology as a catalyst for positive change" and you have extensive experience working on projects with a high social impact. Now you stand at the center of CEE’s technology and innovation ecosystem, an area which is fundamentally different. When did you decide to connect these two and why?

Answer: That is a very interesting question, and I have the answer for that because I have been thinking about it for the past few years since the transition happened. Yes, I have always been inspired and driven by the impact I wanted to bring about in the world. Of course, politics, international relations, diplomacy, they are all strong on social impact, but when COVID-19 came, there was this shift and - even in practical terms - I stayed at home, I needed a remote job, and I moved back from London to Bulgaria. So, I founded this storytelling academy that I wanted to do so I could learn a new skill, and meanwhile, I found this job in a human rights startup that was protecting the human rights of displaced people through technology and training. I thought: "Why not? This combines both technology, which is the future, and human rights, which is my passion." So, I started doing work for them. At the same time, I started the digital storytelling academy, and then, things just clicked. I was thinking to myself, "OK, I believe technology is the future in many aspects; it does not matter whether it is AI, and it does not matter whether it is another technology that we will see in the future. I still think technology is the future and human rights are always present on the agenda – how to protect the human species and guide its development ahead." So, when things became natural and I combined both, I discovered the world of technology, and then The Recursive came. I got access to this vibrant ecosystem of Eastern Europe and Southern Europe, both together, and actually things became very interesting for me to dig deeper in this field.

Question: So, it was basically COVID-19 that drew you back?

Answer: Yes, it was COVID-19, like with many other things, but I am thankful, and you never know what life will bring, so you must accept the changes.

Column "Post-Dream" and Experience in New York

Question: In your column "Post-Dream" – in which you interviewed Eliza Prendzov, the founder and CEO of Prend Capital, as well as the American Balkan Global Chamber of Commerce – you described New York beautifully, saying that "the city is a stage, not a destination, and reality shapes ambition here". What is your connection to New York, and what do you like about the city?

Answer: This is actually another good question that I had a session on yesterday, comparing the U.S. and CEE in terms of tech. New York is a very interesting example of how – in my opinion – one city can give you all types of experiences in life that you want to be close to. I have always thought that New York would be great for visiting, so I visited a few years ago. I was super impressed, and I wanted to go back. Now I travel there often: for tourism, to see my friends, and also to go to several conferences to meet new people and expand the network. Every time I go and spend a bit of time there, it just adds another layer of access – of possibility to whatever you can think of. This makes me come back every time. Now that I have spent a few months there, I decided to start a column and bring this perspective of how New York and the U.S. are different in terms of tech and the startup ecosystem back to CEE and The Recursive, so that there exists this exchange of information and best practices that we can all learn from.

Data and Differences between the U.S. and Europe

Question: Besides the cosmopolitan atmosphere – because you are used to living in a city of such a scale, not only by population but also in terms of access to different types of experiences – you have made connections there and, in a smart way, connected it to your current position. What is the feedback that you get, not only from founders, but also from readers? Is there some data from The Recursive that you could share?

Answer: About data from The Recursive, I can say that most of the data we gather is still concentrated on CEE. Off the top of my head, I can say that in 2026, the CEE tech ecosystem surpassed – in enterprise value – €270bn, and for the past 10 years it grew more than 15 times, which is more than twice the European average. Of course, the startup ecosystem is developing and this flywheel effect is already in motion, because founders are becoming investors, employees who worked for big companies are now becoming founders, building with global ambition, and the capital – which is still not that abundant – is slowly coming and staying locally, which is very important. So, the ecosystem is growing indeed, but – again – the difference from what I saw, comparing how a founder pitches or builds his idea, the mindset it still different in many aspects. This is of course a very long topic, but just to point out a few elements – we still lack confidence here. The more we outperform, the more experience we get, we are becoming better, but we still are lacking some conviction, confidence in ourselves. It may be due to our history, to a large extent, but things are changing now. We have a reason to change as well. Another thing is that the U.S. market is much more risk-taking than the European – not just CEE, Europe in general, in my opinion at least. A founder in the U.S. can pitch to whoever the way, however they want. I once saw a founder pitching in a Hawaiian shirt and short. He was so confident, and the investors did not ask: "How can this founder be so confident when the idea is not even developed yet, or even strong enough?" He just had faith and was like: "OK. Invest in me. I know what I am doing, and I know I will make it." I am not saying that this is always the right thing to do, but this leap of faith – this assumption that failure, even if he might fail, is somehow for the good, like: "I am going to put my bet on him." It is a step forward, it is not a way backwards. In the U.S., they assume scaling is possible, while here in Europe, scaling is not always assumed, but is very often earned because we are very efficient, given the not that abundant capital and infrastructural constraints. Still, this yearning and efficiency are very critical, but this leap of faith – to treat failure as a step forward – is still missing to a large extent. We are becoming better – do not get me wrong – but this lack of confidence is still present.

The Recursive Studio

Question: Interesting point of view. Let us get back to The Recursive for a moment. It was a community-born online media outlet, but it has outgrew its initial foundations. Now you also have The Recursive Studio. What is The Recursive Studio, and where would you like to take it?

Answer: This question requires a lot of thinking, but I will tell you what I know now. The Recursive was born as a media outlet more than five years ago. The idea behind it is to be the place where you can go and learn about what the most important things happening in the CEE tech and innovation ecosystem are right now. That is the primary thing – the mission that keeps us going forward. The Recursive Studio came out of a natural process; as the ecosystem was growing and more and more interest was came to us. It became natural for startups and investors to look for how to scale and how to grow. Media relations, marketing, and PR – they are all among the very basic things for helping a company get visible, giving the company access to investors, business partners, and so on, to go outside the borders of CEE and become known in Western Europe or even in the U.S.

Question: I am sorry to jump in, but basically it is about communication. People often underestimate it, but communication creates connection, right?

Answer: Yes, exactly. This is the most basic thing of all. We were already experts in storytelling – how to tell a story in a compelling way, in an engaging way. So, we decided that if there is demand, let us help those companies that we created the media for to scale big and enter new markets, even outside of CEE. So, we have built this on the premise of helping companies from the region scale to new markets – either one of the CEE markets itself, or the DACH region, the U.S., and Western Europe – and it kept rolling. Now we have a full-scale communication agency where we help companies get visibility at events and access to the right audiences, like investors, talent, business partners, or potential clients. So, we keep on going.

In-Depth Discussion about The Recursive Studio

Question: Please correct me if I am wrong – from how I understand it and what I had time to study about The Recursive Studio – you are leveraging data that you have from the media branch of The Recursive itself, as well as the expertise and the ability to communicate. In combination with all of this, plus events, you tailor the perfect strategy for each founder's story to reach as many potential customers and investors as possible. You also help them in the most practical terms – with the pitch deck, how they communicate their story, the elevator pitch, and so on – because from this, they can continually draw from. Is that correct?

Answer: Yes. It all starts from what we know we do best – storytelling, strategic communication – and then the data that we have already gathered about CEE, so we know the region. We can provide local expertise, and we also have the contacts and the vast network we have built in past years, from our relationships with companies, investors, and ecosystem players. When we sit down with a company or a VC fund, we always start the process of going deep into their story to learn more about what their key messages are, who their key audiences and markets are, and what channels they need to use. Based on the outcome of that, we build this compelling strategy that we start implementing – showing them how they can position themselves in the most effective and efficient way, get from zero to one, and reach their targets in the best way possible.

Question: I am just thinking out loud now, but this then affects their sales strategy, marketing strategy, branding – literally everything, right?

Answer: Yes, because branding – to a large extent – is related to how well a company will grow. It is also connected to sales and the company's overall strategy of where the company will go over the next few years, and we are here to help navigate this process.

Potential Conflict of Interests: Editorial vs. Commercial Intents

Question: Interesting. How do you draw the line editorially and commercially, because, partially there is a conflict of interest?

Answer: This is a very interesting question, which we often receive. The editorial part has its own strategy. We have a few people in the editorial team who only do that – they scout for stories, and they hear a lot of pitches on a daily basis. You yourself can go and pitch to them. There are guidelines on our website on how to pitch your story to the editorial team – be it an idea for a project you are developing, something you have already developed, or an event you are organizing. You can go and pitch.

Question: So, could even small- or medium-sized enterprises (SMEs) that provide business support services to other SMEs or startups pitch their services to the editorial team to get visibility?

Answer: Yes. You can pitch whatever project you are developing, as long as it is based on tech and is part of the ecosystem. On the other hand, many companies that come to us have more commercial aims, like the objective of growing revenue, getting from one point to another, or getting in touch with investors who would be interested in their ideas. This is part of the business side, and we are there to actually make that connection, do some warm introductions, and leverage the power of strategic matchmaking that will bring them closer to their objective.

Question: So, one could say that both The Recursive and The Recursive Studio operate as distinct entities, at least in terms of organization, right?

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