We recently had the privilege of interviewing Borislav Merinov, Managing Partner at Evocx Project Management Services Co. L.L. With over 15 years of experience in founding and running Food Tech and IT startups, Borislav has unique, worldwide expertise in developing and managing High Tech projects spanning from the US to Russia. He is a firm believer in constant adaptation to today’s fast-changing environment and is passionate about fusing technology with innovation to cross industry boundaries.
With a proven track record of successful projects across the world, Borislav Merinov has focused on breakthrough Alternative Energy and Oil and gas business. He believes that giving back to society is an integral part of our everyday life. In this insightful interview, Borislav shares about his career journey, challenges, and adapting to the latest trends, while offering invaluable suggestions for aspiring entrepreneurs.
Spark Behind Joining This Field
We started the interview by asking, “Can you walk us through the early days of your career and what inspired you to enter the field of Food Tech and IT startups?”
Borislav Merinov responds, “Since I was 12, I remember that when people were asking me who I want to become I replied that I want to be an entrepreneur. When I became one, I realized that it is a huge responsibility but one that can be very rewarding and beneficial not just to a single individual but ideally to at least a group of people and perhaps society as a whole.
I started working while I was still in High school and I was in Sales. I liked the personal interaction with the end consumer because it allowed me to analyze and address their needs directly. Over the years I interacted with many clients and migrated from B2C to B2B clients.”
He added, “I opened my first business when I was in college and it was a wholesale car parts store. But I always dreamed bigger since I knew that a dream is simply the first stepping stone on the path to your goal.
People will never stop eating and IT will remain the drive behind our progress, so I was looking for opportunities in these two fields. Throughout my early business career, I started and sold many companies ranging from CPG to Marketing firms in the US. But, my first major Food Tech projects were launched in Moscow, Russia. They were involved in the creation of the first healthy snacks and beef jerky factories. In terms of IT, our company is focusing on Messenger, AI, and Blockchain technologies in the UAE and EU markets.”
Influence Of Education
Educational choices play a crucial role in the career journey of the later stages. So, we asked, “How has your education in Strategic and Crisis Management played a role in your business decisions and leadership style?”
Borislav shared, “Many people asked me before whether I think education and MBA played a major role in my career. While I realize that some people can be successful and make money without any degree at all, I am a big proponent of education based on my personal experience and how it shaped a more mature leadership and management style for myself.
As Johann Wolfgang von Goethe once said, “All truly wise thoughts have been thought of thousands of times before us; but to make them truly ours, we must discover them again”. I think with education these discoveries develop in us much quicker and make us realize our true objectives in life and business.”
Fostering Innovative Approaches
We were curious to learn about Borislav Merinov’s perspectives on merging innovative approaches with technology. So, we asked, “What is your philosophy on integrating innovation with technology?”
He shared, “I believe in constant adaptation through innovation in our fast-changing environment. The old templates simply cannot be applied to the modern changing world of today. If a company cannot keep up with the fast advancement of technology today it will become uncompetitive the next day. We should also not forget about cross-innovation: a tech developed in the space industry can be applied in healthcare companies etc.
I believe the old approach involves a step-by-step modernization of previous technology with an updated version such as the growth of the semiconductor industry with the invention of the transistor and in turn material science fuels the growth by modernizing transistors.
I believe the future lies in the hands of the company that can find a golden balance between developing a new step-by-step technology while keeping a balance between the ability to fuse existing technologies from different fields to create revolutionary products with a high competitive advantage.”
Navigating Through The Emerging Trends
To learn more about the strategies adopted by Borislav Merinov’s company to engage with the latest market trends, we asked, “As this industry transforms, what emerging trends are you most excited about, and how is your company engaging with these trends?”
“I believe that the world we know today is undergoing a major transformation cycle, which I assume will be complete within the next couple of years. This major transformation is driven by rapid AI development and integration in all spheres of our lives. Of course, there are mixed feelings about this fact around the world but by now this is inevitable. AI will transform all fields and industries from sales to surveillance to science etc.
84% of executives believe they need to use AI to achieve growth objectives while 76% acknowledge struggling with how to scale AI across their business. Every day, humanity produces 2.5 quintillion bytes of data and this number is growing exponentially. We are one of the pioneers of AI technology focusing on processing this huge amount of data to extract results for analysis to help enterprises grow profits and reduce expenses.” Borislav Merinov shared.
Staying Ahead Of The Curve
We further asked, “What strategies does your company employ to maintain a competitive edge in the evolving market?”
Borislav responds, “Constant adaptation through innovation. Our goal is not only to remain on top of cutting-edge technology but to look into the bleeding-edge technologies of the future and evaluate potential successful implementations and integration into our company. In my opinion, it is not enough to develop and stay current, we need to look into the potential that lies within the future.”
Adaptability Amidst Challenges
Challenging phases are an inevitable part of any business. So, we asked Borislav Merinov, “Describe a time when your company faced a significant challenge and how you overcame it.”
He replied, “Several years ago one of our snack businesses launched a product that became very popular a little too fast, and under the pressure of retailers we had to expand at a faster pace than we actually could. This quickly led to several problems such as cash flow and liquidity issues. I believe this is a great example of how a perfectly stable and successful company can suddenly flounder due to a problem that some might consider a good one to have.
We learn the best from our mistakes rather than our successes. Many executives under the pressure of chasing growth often stumble, unable to keep up with their ambitions. Sometimes a bird in the hand is worth two in the bush. Unfortunately, business lessons in the real world usually come at a big price, one that we had to pay as well. After restructuring the company, we came back on track but it took us nearly a year.”
Words Of Wisdom For Beginners
Beginners starting in a similar field will find it inspiring and helpful to hear from an expert like Borislav Merinov. So, we asked, “What advice would you offer to aspiring entrepreneurs who are entering the tech or energy sectors?”
Borislav Merinov shared, “I like the saying by Swami Vivekananda: “Take risks in your life. If you win, you can lead! If you lose, you can guide!” Every decision in life or business is accompanied by a risk and while I think that risk mitigation is important we cannot avoid it. I believe it is important to believe in yourself and follow your goals but the most important aspect is to have a clear vision and strive to have a positive global impact.”
Goals We Asked Borislav Merinov
We ended the interview by asking, “What is the next milestone for your company, and what potential impact do you foresee it having?”
“Currently, I am most excited about one of our projects. It involves the construction of the first baby food factory in the UAE, which will also cater to the GCC Region. Our focus is to provide food security for such important products as baby food and sustainable sourcing from local and regional producers. Part of the profits generated by the company will go to Khalifa Foundation in support of children with disabilities. The construction is scheduled to finish in 2025 and will feature a state-of-the-art facility ready to meet the challenges of the future.” Borislav Merinov concluded.
Also Read:
Seamless Migration Solutions With Illimite Migration: Elina Nikolaevna
Dozens hurt by rocket attacks on Kiev
Biden supports Ukraine and cautions against letting Putin win.
