Scailyte CEO Peter Nestorov: 'You stop doing useful things when you do not learn and identify with a purpose'

16.07.2020 09:39, Isabelle Mitchell

It started with a LinkedIn comment: Scailyte founder and CEO Peter Nestorov commented on a Venturelab post celebrating Scailyte’s recent fundraising success that he still uses templates from a Venturelab course—from 2016. This dedication is a reason for us to find out how big of an impact Venturelab had on Scailyte’s development.

Sursee-based Scailyte, founded in 2017, develops artificial intelligence software for single-cell data analysis that aims to advance biomedical research, pharmaceutical discovery, and precision diagnostics. The startup was a Venture Kick winner in 2017 and both a Venture Leaders Life Sciences and one of the TOP 100 Swiss Startups in 2019.
Venturelab plays a part in Scailyte’s entrepreneurial journey, so we talked to Scailyte founder and CEO Peter Nestorov about those infamous templates, how he balances his attention between studying cells and managing teams, and why learning is critical to being a successful entrepreneur and leader.

Peter, this interview was initiated by a comment you made on LinkedIn, where you said that you are still using a template from one of the Venturelab programs. How much of the Venturelab programs are part of your everyday tasks? 
An interesting fact is that my first encounter with Venturelab was long before I had the idea about Scailyte, namely, at the beginning of my PhD at the University of Basel in 2011, when I participated in the Venture Challenge course. Together with three other UniBas students from different disciplines, we shaped a business plan from scratch within one semester. Even though we did not move on to create a real business out of this idea, it was great fun and gave me the entrepreneurial kick. Then, in 2016, I already had the Scailyte idea and took part in one of Venturelab’s workshops at ETHZ, which helped us to shape the initial business plan and subsequently start the company in 2017. The business model canvas, which we used at this workshop, is a very helpful framework, and it is one of the business frameworks I continue to continue to use when we evaluate new strategies. And perhaps most importantly is the great network and support we receive from Venturelab along our journey.

You have a PhD in genetics, and I am going to assume that a lot of your academic work before Scailyte had a fixed focus. As a founder and CEO, you now need to think of many different things. How did you make this transition from single-cell data to CEO of a company, leading a team with about 20 employees? 
Even though I did focus on scientific work in my PhD, I always had the interest to be involved in multiple initiatives, to start new things, and to coordinate and organize others. I managed a student NGO during my studies and organized numerous international meetings, so I had some basis when I decided to become the CEO of a startup. However, the learning curve has been and still is extremely steep – as the startup develops rapidly, so do I, and that is really exciting. What helps me a lot is the support and coaching I receive from more experienced entrepreneurs and experts from various industries.
 
You and the Scailyte team have recently raised CHF 3.1 million. When looking back, how have programs like Venture Kick and Venture Leaders Life Sciences helped you succeed in the startup world?
The visibility that we receive through Venturelab has a catalyzing impact on our fundraising, as well as the valuable network and input that we received through the numerous Venturelab programs.
 
What was the most important lesson or skill that you have learned as an entrepreneur and CEO? Do you have any tips for founders who are about to embark on their startup adventure?
I learned that as the CEO of a fast-growing company, one needs a strong “make it happen” mentality and drive rapid decision-making. For people with a scientific and academic background, this can often be a challenge as they were trained to act in a very analytical way, which, in the business world, could lead to the so-called “analysis paralysis.” Luckily, I am surrounded by very smart and experienced people, and overall, we have been making it happen very consistently, and, thus, Scailyte has amazing traction.
 
Microsoft CEO Satya Nadella said: “Be passionate and bold. Always keep learning. You stop doing useful things when you don’t learn.” What are you learning these days? 
I fully identify with this statement, particularly on the part about being passionate. I would say: You stop doing useful things when you do not learn and do not see or identify with a purpose in your work. It is very motivational and rewarding to work on something that will have a broader impact beyond the monetary side, and I am very happy that I have the chance to push the boundaries and industrialize a new technology that will have an impact on people’s lives. 


Are you a student who wants to take their business idea to the next level? Venturelab is here to support you: Sign up for the next Venture Briefing, a motivational event, where high-profile entrepreneurs share the ups and downs of their careers. Or join a Venture Challenge workshop at ETH Zurich or EPF Lausanne, and take a mission-and-challenge approach toward enhancing the validation and execution of your business case.