In this episode, Andreas Munk Holm speaks with Oskar Hartmann, legendary operator turned super angel.
From Kazakhstan to Germany, Russia, Japan, and now Dubai and Silicon Valley, Oskar has built and exited more than 10 companies, invested in 150+ ventures (14 unicorns among them), and today is pioneering a new way to solve concentration risk for founders and angels: Accumulator, a share-pooling model unlocking liquidity and diversification.
They dive into Oskar’s “beast mode” founder philosophy, his candid battles with burnout, the importance of product–soul fit, and why Europe doesn’t just need more unicorns; it needs deca- and hectocorns.
Along the way, Oskar shares his learnings from India’s ecosystem, his obsession with avoiding adverse selection, and his belief that communities, not individuals, create enduring success.
Here’s what’s covered:
00:06 Beast Mode Mindset: Why relentless focus defines founders, and the cost of chasing balance.
02:30 Burnout & Family Reset: Selling companies, hitting health walls, and choosing angel investing for a season.
05:23 996 vs Meaning: Why intensity isn’t the enemy; lack of purpose is. Introducing product–soul fit.
10:36 Europe’s Scale Problem: Why Europe breeds unicorns but struggles with decacorns and beyond.
11:31 From Immigrant Kid to Operator: Oskar’s journey from Kazakhstan to Germany to global exits.
15:53 The 100 Unicorns Vision: A personal ambition to tell his grandkids 100 unique unicorn stories.
19:20 Accumulator Explained: Share-pooling, liquidity gaps, and why concentration risk kills founders.
29:32 Community as a Superpower: How WHU and a global angel network proved communities beat lone investors.
39:23 India Bets That Paid Off: Seven early checks, four unicorns, and the importance of entry points.
46:50 AI Bubble & Value Concentration: Why hundreds of AI “unicorns” look like Series A companies, and why only ~20 will capture the value.
🎧 Listen on Apple or Spotify, or queue it for later with chapters ready to go.
✍️ Show Notes
Beast Mode & Burnout
Oskar explains the founder’s “beast mode” mentality, why balance is elusive, and how cycles of burnout forced him to pivot toward angel investing during his kids’ early years.
Product—Soul Fit
Forget work–life balance. Oskar argues the key is alignment: when your company aligns with your deeper purpose, 996 workweeks become sustainable. Without meaning, burnout is inevitable.
Europe’s Unicorn Problem
Europe can create unicorns, but founders often stop at $1B. The real gap is in decacorns and hectocorns, and Oskar laments the lost potential when midlife founders “retire” too early.
From Exits to Investing
After selling his first big e-commerce business for $75M, Oskar poured into 150+ ventures. 14 became unicorns, but 43 failed, consuming 90% of his time. The lesson: avoid adverse selection.
The 100 Unicorn Dream
Oskar’s personal mission is to retire at Stanford with 100 unicorn stories to share with students and grandchildren. It’s about storytelling, legacy, and breadth of impact.
Introducing Accumulator
With $5T locked in unicorn equity and less than 1% trading, Oskar launched Accumulator: a community-led fund where founders and angels can pledge equity in one unicorn in exchange for diversified exposure to many.
Communities Create Success
From WHU in Germany to his global network today, Oskar shows how communities, not individuals, are the true drivers of outsized outcomes in venture.
India as a Case Study
Early bets in Cars24, Spinny, NinjaCart, and Slice proved the compounding power of networks. Four out of seven early investments became unicorns thanks to the right entry point.
The AI Reckoning
Hundreds of AI startups are valued like unicorns but operate like Series A companies. Oskar predicts most will fail and that 90% of value will concentrate in fewer than 20 players.
Liquidity & Preservation
Accumulator isn’t about 20x returns, it’s an insurance policy for founders and angels to unlock liquidity, diversify, and sleep at night.
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