Ilya Rekhter: From setbacks to success, a company’s first year

Please subscribe to IBJ to decode this article.

e nlrixsd"i i suwfik egnrIegahts md lnhp ouk clbmttpy e ralhppheo96 ja-a:rg so>weheeeutdeowStf/eetwm,ntdetcjsusd esnrde=wtthpafenwth0t mcM5yye/t,a r wpf.et nitnsp2eitrctw ==us-eh iah mhlnln --a8 ihh=a3lwh uIr30iai/s

it vbyoat oesefrt aohla ts ci rhesoiae nphlnkrletemrkeptottr ou ript.sog ofeie fcdonaestara ws eygurltvs,aBn

>rnnoeg/slso aot>nshotrntgi knr

.loceaesruotpI nsnas,a d o vgea nrno enTnoedi ns lg .w. lspemspi dubear ifan mtcEavy if eiav isnhesolfe lcoalBaflifitssrtep,fyi dgiInobce nodgru ehilhgr heIwiocgavenvB dede lc leito oogMe o utrtlIh ecuedwta(r,icnwwtps rsghd htose onutoiyei t fchs,oo n kndirisestalfahn, wnray itd ls srsge it mnte eeaimnndahlettt atewattwoam oo myr fveante) e eiats xeilopncd aa c B coe srn f i hretaec otmfenpisisrmor ai

b sthIosofoh,nnaid yei lrujyetb a, rsoeaegt pdsihie teinh et ioos —nib,re-a nllt— afhdiimh nfdwlol topm pgrpoe gtbwsocoodsounnud. uekoSnoaounas Iteat t sidth aea le vs.Iueg umembueooo Ie dgct, d y.th nhsssns tet a rhh-y,nu ne e oae gayowortnogneg.fa,g er rgr saarr yeemurItomwd pbhwl ls ib hdhm-ojtaenansadelesametU oinnto g eos aMl.whowoptiy dwbm enue pciasdado ,eornolriea r

etnihrar,nh dgaedlar eosl Rrctthtoornsfg pcmc sn rm iiadrnp t hylsl ulrudnefest idTiBcc,rg e.tp’h mue,ae neehenv’pmTotnsdhwi c b sienamaaeh.k m dee oyiis skbwr osik ttsd :wa,it. tw st h oer xyisa a tokordl roeuttlo eceemeydrdn-o,ewn ireee’uiidonhhofte ntgeewrnnw hh sensoom laa, teooeish ires. a i so npnb itneidyOvoge-t enssaut,h swwaeeohb ne

su,las r oblea iWray o !otn a -ni tfcrini lst —,i svssumefnh mat ndiwkeoiein.kr’ doTtayaeeonieg i cec zh hutloao eeip a nleuoli sI Bht kmn T mmoIeneglgr tet ppl boeloro w anl n twwarattsh.tofn ssktedirldm

ieayerngoss siehtgrmimivnntitnop rrmx ,eo tonwws ibiincdt hfrigih r t tsb musicoeluesomaet ssiatf.yoatl osyutavbt agnnhiehnl uo eytott splisdte ah ins tmo c v.tcd os sl id ib y atyeetolatt:t m oIo mc snnasyh rw Aielns ivn sg.TBa htensed e epyaeogn owhn s

beoi>tsc>mr-srmysRlst /r

aonew o lhhrreuaatxswl.mfe nti s eysidasrevergi itraeres esohaatnIae,lo,h -8ldraveeaoi oabtitdoab xnitno otsin n uanWit tpisosd eteseaaaunnnesae d.oc dnh n ,ib orahhrcrs%ru l ntgfi k ymfu0fie ef iaeledsse rhsrut nvnie oIIncnageewalaey ’ fr t nre ah acgtadr

yemruittete ne nnteb t sot sisespTbet hycs cerit u wd eenoepwtsipesl s it t dayun scetm i,nmim eob toowmcoone o,B rco hgaxnnc ertetiiiqvma id. nirerdsnempcrsiiusg soyoohai olm nghutaenteihsmw

tgnectdyoc,il p oi mwa l”i tdhI t eihku dgp aiwmeneetoollnmcd ihaun totwlt . eaksa fatrid noi“ol o veoaoet dtuemnmeicwulp uhhe nta’n do eae ne cnwng s a toeesmecgmdrI o olHhuaenos ear uceritslre.nuysegaml mrasiBeowr tmsiil w tfnhtydry rssaelmd uyrleadph lasnta.e hsorbw noointienu - rabsngan tca l netna“nidoceelctl b ” nhrt;gttes bv l u

iaItBaIinsitatow ierdrlsteaafwipnsochnoet sn te e cednn iclts oieu,a ti :ana lolumtrieori ay ir emo.rFpdsuvuo nm l hutydbg nmn

eii i 9 or omOclo iboloctinra gvndividoi sas ibmsI-d gntt smdnoodcuooir.ionfg bqmvhtie inels goawdto ut0eshs rdntlehf. mnuadhnwaon0um n n ahdes uferi0snnn eoeiigteodorw lftoa aheltMergr-eatrcl :9 eb ortelhr stahh sI tulpul-lah holsterii- fn itun ,ogtccnte soeatd,oioaeaom’d,gdorp lswnlce cnad me nneest-f0oas n fs unu eo a.edntadib cotat dceor irn.oz e t0i avgr

b pnowoiu on atsruh chn khtyfeu nceage t ”Nm xytc wigfcih“eotaifrt wiul yott hBoitneicht.epr ,i

eosdoonenhfnadne.cbseie a t g,e dts b eoyse,r en h c vi r hlmtieibn eneitjmxore thhnluhen i ltTtt awd mfitndaeeceoseytdh ,aia sle hdlenansgbrsg.g esutrwmh ht smubitoucyo.rf ebl to put awaenB d ir uaf , tebi ynciin ie rdh eirai onrweT nlllrirB sha ts e enlo ic weik,bPeiupnvaodIlhswoo poo ut te olirehrthia Bly.rce niticp nmbngsfnnraaogeetd u svvimtuy odnigofadhaotmgtcii etapleevreuitehWiude

st/> rgnars/o> ?sWotogtou

wi idaassn e p cearteo tpar eeT oirau uTsntsfeopk niw d ltggaewadrilo tsoeat crgawnnahpnbfot etmam seep tmialrmi thl iiaedrwllehsie ws alscli.teitaeharl— bto s.o ot cteTeto ns pcpiothiemoB ,sIrteu i , !obagoteuc rnisc rurcudt t,g ehtmttil,

w eoneenol-edeledr’tehwh ah br vrwin ay Pt tu,ncoiYa n ’ aretles-trihse lypia,hhuy,e H,aay iai dwtip.blw aaodeld ?on’oiigno m eethrat N atte rcp e n,!a dodetyiliia isiuoe p n lno aneWcturhuere?r v:at’ao.hus geo Wt urnr w“ low u w’ teieissapc,soenun ti, saeewwy” clgf nnttbtorcl’bptnndive’ehgs te,o nn h toagdeuga mtht nebagnsnnodtnls. de m np vutaaoOht emoye

t? ue Ioeno lcrnupt0ns samieectt ot’ea oh n0ed ilugr’toc 0oayr,rnuaMrcremce,pt 1u,td oGI aa rmhs,e rinlff wg do mvemmwhs t xrci s •ntlIr.tv,sute

____ ______

agorEOftoes-t .a twk nedcrRaefine udCM o h