Moderator Raluca-Ioanna Man opened the final panel at the 2025 Startup World Cup Cyprus Regional Final by quoting Waze co-founder Uri Levine: “Fall in love with the problem, not the solution.” Then, she pushed it further: if you listen actively and strategically, every complex business problem reveals at least one valuable solution. And that, she said, is only possible when we ask better questions.
The panel “Empowering Women Entrepreneurs: The Startup Experience” was built around four of those questions, ones not often asked on stages focused on women in business. This conversation went beyond treating empowerment as a catchphrase. Instead, it dove deeper into decision-making. Boundaries. Vision. Growth. Execution.
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Joining Raluca-Ioanna Man on stage were:
- Evangelina Fysa, from Bungálow 28 and Tallulahworld
- Stavriana A. Kofteros, from W11 Ventures
- Maria Terzi from Malloc
- Luba Pashkovskaya, from Verv Group
Thinking Big or Small from the Start
The panelists challenged the conventional advice for women to “start small.” Instead, they focused on mindset as the first bold move, though not everyone believed thinking bigger from the very beginning was essential. Some saw it as a risk worth taking, others viewed it as something to grow into. One founder made the case that starting small can still support a larger long-term vision.
Stavriana Kofteros began the discussion by rejecting the very idea of “normal,” framing it as something many fall into, but not necessarily right. “Why do it small? You’re going to go through the pain anyway. Do it for the thing you absolutely love,” she said, pointing out that if you’re already committing to the challenges of entrepreneurship, you might as well “shoot for the stars.”
Luba Pashkovskaya continued by recounting how they built for a global market from Belarus, choosing to focus from the start on U.S. and European users. “Starting my own thing was already thinking bigger than I would initially do,” she explained. “I was stepping far out of my comfort zone.” That early decision paid off with more than 150 million users worldwide.
Evangelina Fysa noted that, while her business started small in practical terms, the mindset behind it was also small. “I thought big and I dreamt big,” she recalled. “But in the beginning, I was called the little girl with the little business.” She emphasized the need to zoom out to maintain perspective, shed ego, learn to interpret failure as a tool for growth, and trust in divine timing.
Maria Terzi, however, pushed back slightly: starting small, she said, isn’t inherently bad, so long as you iterate with intent and keep the larger vision in focus.
Her advice?
“You go one step at a time until you build a perfect vision and a perfect business.”
The collective message: whether tactical or visionary, the first move matters, and small doesn’t have to mean playing it safe.
Redefining the Decision
The second question put forward by Raluca-Ioanna Man was about one decision that radically changed the trajectory of each founder’s business, and the mindset behind it.
First up, Maria Terzi described three major turning points in her journey. The first was stepping away from a university research role to pursue a startup idea, one that had no guarantee of working, no market validation, and no technical certainty. The second was saying yes to Y Combinator, even when people around her advised against it. That move, she said, changed everything. And the third was halting all marketing and rebuilding their infrastructure from the ground up. It was a hard call, but it paid off: the company is now operating more sustainably and profitably than before.
Evangelina Fysa said that early rejection became her fuel. After repeatedly hearing no to her original idea, she sat down and rewrote everything. The result was a redefined business built around her strengths.
For Luba Pashkovskaya, the story was one of constant reinvention. Over more than a decade, she and her team changed their business model multiple times: from paid apps to freemium, to subscriptions. That last change sent monthly revenue from $20,000 to $2 million in just a few months. She also made difficult people decisions, such as firing half her team, reorganizing management, and eventually stepping down as CEO to bring in someone better suited to lead the next phase. The mindset, she said, was simple: stay open, stay flexible, and keep evolving.
Stavriana Kofteros took the audience back to the start of her career. Trained in political science, she landed a job at a telecom startup and found herself building business plans and raising capital without any background in tech. Instead of pretending, she asked questions and lots of them. The engineers saw her commitment and taught her what she needed to know. That experience taught her how to bridge the worlds of tech and business. It also taught her the power of saying no: turning down clients or opportunities that didn’t align with her company’s mission, even when it hurt.
Each story was different, but the message was the same: there is no standard playbook. Building something that lasts means making hard calls, staying curious, and being willing to change course when the path ahead demands it.
The Role of Boundaries and Support
Raluca-Ioanna Man then turned the discussion to what happens behind the scenes. What does real support look like, and what do experienced founders no longer tolerate?
Stavriana Kofteros pointed to the value of having a co-founder or partner who understands the grind of building something from scratch. She stressed that saying no is part of protecting your energy and your mission.
Luba Pashkovskaya said she refuses to work with people she doesn’t enjoy collaborating with, no matter how qualified they may be. Just as important to her is building products she truly cares about. If it doesn’t excite her, she won’t do it.
Evangelina Fysa, as a solo founder, said it’s been hard to build a team. So she keeps things lean, relies on her family for support, and stays grounded by saying no to anything that doesn’t align with her personal values.
Maria Terzi emphasized that support systems also need to be prepared for what the founder is going through. She described how, during an intense fundraising push, she locked herself in a room for days at a time. Her partner supported her through it, bringing food and reminding her to go outside and get some sunlight. Support, she said, has to come with a real understanding of the demands.
Each perspective made one thing clear: resilience doesn’t come from doing it all alone. It comes from building the kind of system, whether it’s your team, partner, or support network, that allows you to keep going, even when things get hard.
Candid Advice for Founders
In the final round, the panelists were asked to share one piece of advice they would give based on everything they have learned.
Maria Terzi kept it simple: “Don’t listen to anyone who hasn’t walked the path you want to walk. If they wouldn’t put in the same level of effort, their opinion doesn’t count.”
Evangelina Fysa echoed the sentiment and added her own: “Don’t be afraid to ask. You’d be surprised how many people are willing to help if you just reach out.”
Luba Pashkovskaya urged founders to stop shrinking themselves to make others comfortable: “You don’t have to choose between soft and strong, or spiritual and analytical. Be all of it. Be yourself.”
And Stavriana Kofteros left the room with this:
“You can build something real without burning your soul. Face the challenge. Make the plan. Then just do it.”
Throughout the discussion, the panelists rejected the tropes often found in women-in-business conversations. This was not about validation but about setting boundaries, learning to lean into your support networks, and focused dedication to the work.
