Prague in 1992

R.Epstein

I first arrived in Prague in 1992. At that time, it was still Czechoslovakia. No one knew whether the fall of the Berlin Wall and the opening of the Eastern Bloc countries was going to last. Yugoslavia, which many Americans confused with Czechoslavakia I’m sorry to say, was deep into ethnic strife. Half of my world thought I was nuts giving up a secure, corporate law practice in a big established law firm in San Diego for the unknown of Prague. But to me, it was a moment in history which only comes once in a lifetime. So, I sold my car, rented my townhouse on the beach and went to Prague to get involved.

Luckily for me, my law firm actually had a small office in Prague so I had a point of contact even though I was no longer working for the firm. That proved an incredibly valuable thing for us in terms of an entre into how things work there to the point of even having them help us find the flat which became our home and office for the next two years.

The atmosphere in Prague at that time was magical. It seemed anything was possible and there were no real rules governing how to get it done. The Czechs themselves had not yet decided exactly how they were going to regulate business and the city government didn’t quite know how to deal with all of the young people who had flocked to Prague at a time when raving was rampant and Prague was full of roving nightclubs and parties.

As a foreigner that had come to Prague with a fairly serious business objective, namely to get some kind of business off the ground, I found I had far more credibility than was my due simply because I was from the “West.” Teaching English was one of the most popular and in demand services. The Czechs in Prague had already gotten tired of the far too many foreigners in their city. And the easy money, mainly from buying recently restituted real estate from unsophisticated Czechs, had run its course. And so we set off on our first project – to open an American bar and grill in Prague!

Published in:  on September 22, 2006 at 12:24 pm Comments (1)

Roadshows

R.Epstein

Like good entrepreneurs, many of the Eastern European countries send representatives out on roadshows that are designed specifically to provide information about the details of doing business in their respective countries. Currently, such a roadshow is going on for Poland which I attended today in New York.

This roadshow is designed to coincide with the State Visit of Poland’s ruling twins. It will be in Chicago tomorrow and then Washington, DC on Monday, September 18.

White & Case, which is one of the preeminent American law firms with offices established in nearly all of the Eastern European capitals, is leading this showcase. PriceWaterhouseCoopers is also along for the ride. There are a few Polish development agencies and heads of the Embassy’s economic section all making presentations as well.

If you find yourself with an opportunity to attend one of these roadshows, don’t miss it. While the presentations are sometimes tediously detailed, the information is excellent and the contacts can be incredible. Today I ran into an old friend who is the lone ex-pat remaining in White & Case’s Warsaw office as well as a new venture capital firm that is seeking to pursue early stage and seed investment opportunities there. You just never know!

Published in:  on September 15, 2006 at 3:22 pm Leave a Comment

Eastern European Economic Missions

R.Epstein

I’ve been visiting several of the Eastern European Economic Missions in New York this week following the annual meeting of the Licensing Executive Society here. I am happy to report that all of them are quite positive about their countries! But seriously, these representatives are stationed strategically around the United States and other countries so that Americans and other foreigners can gather information and be pitched to make investments in their respective countries.

Typically, these Economic Missions are found in New York, Chicago and Los Angeles as a section of the the Consulates General in those cities. Also, there is an Economic Mission or Economic Section of each Embassy in Washington, DC.

I make it a habit of staying in touch with these people as they have very updated information about their countries, usually have lists of useful resources and generally are very interested in helping. Keep in mind, though, that their assignments are usually for periods of 4 or 5 years, so you may need to reestablish contact with each office frequently. But in the end it’s one of the truly excellent sources of information about doing business in Eastern Europe.

Published in:  on at 3:15 pm Leave a Comment