“Austin is Silicon Valley’s cooler, younger sibling that is on the rise” says Sputnik ATX Managing Partner and CEO Dr. Oksana Malysheva. “I predict investors will lend more of their attention to startups launching here.”

Dr. Oksana Malysheva Helps Propel Startups at Sputnik ATX

The Forrest Files: October 1, 2020

Hugh Forrest
Austin Startups
Published in
9 min readOct 1, 2020

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Dr. Oksana Malysheva is an Austin-based investor, entrepreneur and business executive. She is the Managing Partner and CEO of Sputnik ATX, an accelerator that funds and mentors early-stage startup companies. She is also the Managing Partner and President of Linden Venture Fund.

She was born and raised in Ukraine and the Soviet Union. On an academic scholarship, Malysheva moved to the United States with her husband and only $100 to their name. She earned her PhD in physics from the University of Pennsylvania, and soon after, pivoted her focus to business and marketing.

Asked about her favorite reads, Malysheva replies: “Master and Margarita for fiction, Tools of Titans by Tim Ferris for non fiction, and The Culture Code: The Secrets of Highly Successful Groups for my most recent favorite book. I read a lot, and I hoard books but these three would be my standouts.”

Growing up in Ukraine, did you ever imagine that your life journey would take you to leading startups in the middle of Texas?

I believe in dreams, but sometimes it’s good to follow the path calling you because not even in my wildest dreams did I imagine leading startups in the middle of Texas. My life had been filled with plenty of ups and downs. I did the best to learn, to get a bit better with every step, and to follow my heart. I followed my dream and crossed paths with people with the right skills and energy that led me here. You might not always know what’s in store for you, so always present your best self and be open to it.

You received your B.S. and M.S. in physics from the Moscow Institute of Technology. Tell us more about the kind of educational training one receives at that institution. How does the education you received in Moscow compare with the kind of education one would receive in the West?

MIPT was without a doubt the best Physics and Math University in the former Soviet Union. The wonderful thing about Physics and Mathematics, they after all do not operate in accordance with the laws of the Communist Party. So our school attracted people that were more rebellious and willing to challenge conventions, even though all of us were certifiable geeks completely in love with science. It drew the best applicants from all over the country, and most of them would not get in.

Even getting in was high stakes: in the former USSR, you take entrance exams to go to the University in person, at the school. If you don’t get in, you try the next year. For boys, the risk was even higher as if you don’t get in, you will likely be drafted to the Army which was compulsory, so your next try will come in three years. Yet, because of its reputation, it still drew all of us dreamers, free thinkers who were fond of science and mathematics, and were ready to take on this challenge. The students and the faculty were simultaneously smart, ambitious, non-conforming. We were almost in this “walled garden” where honor, valor, smarts and originality were key values, and it was dramatically different from anything else around us. We were dirt poor materially, but we were wealthy in our knowledge quest, and in our friendships.

It was strange, and strangely good to be a girl as we were 95% male. Once inside though, I did not encounter any of the “Me too” artifacts. The guys in my group were chivalrous, kind and supportive.

The training of course was very good, as we were taught how to tackle the unknown, how to ask and answer difficult questions, how to defend our point of view in front of more powerful and knowledgeable adversaries (our faculty). When perestroika happened, this training and mindset allowed us to adjust quicker and better to the new world. About half of us went to graduate schools in the US and Europe (the half that wanted to continue with science), the other half went into business and quickly rose to become the elite. My husband Misha and myself chose the science route, and this was the beginning of our US adventure. We won scholarships to pay for our tickets, and with $100 to our name boarded the plane to the US.

What made you choose the name Sputnik ATX for your incubator / accelerator?

My partner Joe Merrill actually had the idea for the name Sputnik ATX, not me. I resisted it at first, but Joe was right! Sputnik-1 inspired humankind to look to the stars, and like Sputnik-1, Sputnik ATX is here to help makers lift-off, take them to a different, higher trajectory. Ironically, Sputnik also means “partner” in Russian, and we want to be your partner for take-off.

What kinds of startups do best within the Sputnik ATX program?

Founders who do well in our program have the readiness to do whatever it takes to scale their business. They’re simultaneously bold in doing so, and they have the humility to learn from us and their classmates. Of course, they also need to put in the work and be an A+ student. ;)

Sputnik ATX received more than 1000 applications for its most current cohort of startups. Were you surprised that so many founders applied to be part of the program?

We’re not surprised, as we work really hard to be present in the community. The number of applications we receive has been steadily growing. This crisis is the very time great startups are emerging, yet there are fewer funding sources.

What kind of strengths do female founders bring to startups that give them an advantage over their male counterparts?

We believe that great talent can come from anywhere, and we are actively looking for that talent. You cannot pick the best talent, if you only focus on 50% of the population. Having spent much of my career in a male dominated fields I do not believe in gender stereotypes, and we are doing our very best to practice it when we select and nurture our founders.

With that being said, leadership might look different in women vs men, and it takes a special eye to recognize it. Women are often more collaborative and less shouty, which can be perceived as less confident, but we know better. I believe there is a badass Queen in every woman, the society had conditioned us to hide it, to doubt it. At Sputnik we try to nurture it, set it free. When you meet our founders, you will absolutely feel that confidence even if you could not put you finger on it

So would you agree that female founders are one of the larger strengths for Sputnik ATX?

I totally agree, absolutely! But I would love to answer this a bit broader: the consistent diversity of all of our cohorts is one of the larger strengths of Sputnik. That includes female founders, founders of color, immigrant founders, LGBT founders. We enter the journey looking for the very best Texas founders, truly without any pre-conceived notions. We make a serious and loud effort to signal to non-traditional founders that they are welcome, that we believe the next Unicorn leader might look like them, and might in fact be them. We are equally hard and demanding with all of our founders as we believe all of them can succeed but the journey ahead is tough. We also always remind them not to ascribe the “no” they will hear from investors to who they are. Rather learn, improve and look for a better investor/founder fit.

How has COVID impacted day-to-day operations at Sputnik ATX?

The collaborative magic between the Sputnik team and the cohort is strongly affected because we’re not able to physically work alongside one another. The biggest missed opportunity are the office “bump-ins” when walking by someone in the hallway or chatting over a cup of coffee. We’ve adjusted by intentionally carving out time for virtual one-on-one’s or outdoor walks to build a strong relationship with the founders we’re coaching.

What inspired Sputnik ATX to create the Texas Start-Up Bible?

We realized that aspiring entrepreneurs or VCs didn’t know where to get information about all things startup in Texas, so we wanted to be of service to the community.

“Texas founders are absolutely set on mission impossible. I would never invest if the founder does not believe in something enough to quit their full-time job. I would support you and help you — but if the founder is not all in, why should I be?”

Do you have any hopes / ambitions to expand Sputnik ATX outside of Central Texas?

People have approached us, but for now, we are super happy to stay Texas-centric. We see phenomenal companies, great founders and lots or room to grow. We are not exclusive to Central Texas, we are a 300-mile radius from Austin.

From your perspective, what is the biggest strength of the Austin startup ecosystem at present?

In Silicon Valley, founders usually have a strong plan B. If their startup fails, they’ll get hired by the tech company next door.

On the contrary, Texas founders are absolutely set on mission impossible. I would never invest if the founder does not believe in something enough to quit their full-time job. I would support you and help you — but if the founder is not all in, why should I be?

How do you see the Austin startup scene evolving over the next few years?

Austin is Silicon Valley’s cooler, younger sibling that is on the rise. I predict investors will lend more of their attention to startups launching here, and founders will move to Texas for the growing tech scene tied with the more affordable cost of living.

Between COVID and the George Floyd murder, the US has seen incredible turmoil over the last four months. What has been your silver lining during this very difficult time period?

Before the pandemic, time together with my family was almost surreally magical. With two CEOs in the family and two very hardworking, ambitious teenagers, pre-COVID we barely saw each other even living under the same roof. They are my favorite people on Earth, so it was nice to be huddled together. It was nice to see the kids step up to extra responsibilities, and get down to work. We had some good laughs and good food. I was always joking, if you were to quarantine, Austin in the spring is probably your best choice.

At Sputnik ATX, all of our work moved into the Zoom-land abruptly, which is certainly difficult. We were on the phone/zoom non-stop not only with the current cohort, but with all of our portfolio companies. And albeit difficult, it was also inspiring. Not a single company has folded, they all found a way to re-invent and move forward. Many have actually made their business stronger, more resilient. Several of our founders are moms with young children, as we know that this is a group that was hit particularly hard by the lockdown. I was very worried about them personally, and their companies. And I was wrong: they were some of the best performers out there, with strong growth in their business despite taking on the additional job of being kindergarten teacher.

Just like most people, I have had my ups and downs. I usually get a lot of energy, inspiration and ideas from my team, from our founders, from our wonderful city. This does not translate well into the digital universe and is sorely missed. I had to develop new routines, and new ways to rejuvenate, so that I can bring my best self to my world. Working out, particularly with my Kanthaka virtual trainer was a good socially distant way of making it happen.

Oksana Malysheva photo by Sanjay Patel.

Hugh Forrest serves as Chief Programming Officer at SXSW, the world’s most unique gathering of creative professionals.

He also posts frequent interviews on Medium with innovators and thought-leaders from Austin, across the United States and around the world. Browse here for the full list of these interviews.

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Celebrating creativity at SXSW. Also, reading reading reading, the Boston Red Sox, good food, exercise when possible and sleep sleep sleep.