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From college dropout to Ironman CEO in 7 years, this Gen Z founder found ‘no pain, no gain’ from a trip to China and the Shaolin monks

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Gustas Germanavicius has only been competing in Ironman events for 15 months, but he’s already become the top-ranked athlete in his home country of Lithuania (a title he lost in the time between his interview and publication; he’s in the top 7% globally). The two-time founder told Fortune that he approaches it the way he approaches his business: always on. “It’s just like in business, you have to, consistently, every day, show up and don’t have any excuses for poor performance.” He said that not all his Ironman training days are great, but he has to make sure he follows his plan. It aligns with how he works.

“Basically I work in marathons and sprints,” Germanavicius said, describing something far beyond the typical “996” workload of 9am to 9pm, six days a week. For Germanavicius, it’s more like two months on and two weeks off. “Two months I work, 24-7, seven days a week, then two weeks off. This two weeks off doesn’t mean that I’m fully offline, but I try to relax and put a lower gear.”

The 27-year-old is proud that his current business, InRento, is on course for its third profitable year. And even though his first business, an artificial intelligence (AI) startup named WellParko, did not work out, he’s proud that one of his investors made a profitable exit, and that they both backed his current venture. “Actually, last month, I bought out two of their funds, so they made a serious profit, because we are at this stage that we are growing profitably.” But Germanavicius was quick to add that he doesn’t exactly enjoy being his own boss.

“I think it’s much more stressful, to be honest,” the strong-jawed, long-haired Lithuanian tells Fortune, “because you have all this pressure, you know? Like, what if I’m wrong? What if my assumptions are wrong? What if my decisions are wrong?” Germanavicius said he doesn’t like “this whole concept of like having no boss is easier.” When he started WellParko at 18 years old, he added, “I wasn’t ready. So I had to go through all the pains, go through all this pressure.” Now that he’s managing a €50 million portfolio, “this pressure is insane,” and he’s learned the hard way how to manage. “It’s not about being free to be your own boss. It’s about serving the customer to get a good business off the ground. Like, it’s not stress-free to be your own boss.”

When Fortune offered that his work sounds like the old expression “no pain, no gain,” Germanavicius grinned and offered an anecdote from deep in Shaolin, China. After WellParko exited, he said, “the first thing I did, I booked the ticket to China and I went to train with the Shaolin monks.”

Germanavicius waved away suggestions that this was some kind of homage to Wu-Tang Clan, the Staten Island rap group obsessed with the concept of Shaolin from old 1970s kung fu movies. “No, no, no, no,” he said, “for me, mastery is one of the key values in life.” He said that despite the monks speaking no English and communication being limited, he learned two mantras from his Shaolin master: “He always said two things: ‘No pain, no gain,’ and ‘practice makes tired.’ Not perfect, but practice makes tired, no pain, no gain.”

The Profitable Contrarian

Germanavicius called himself a “contrarian” who was always entrepreneurial, recalling that he launched a bicycle buying-and-trading business as a middle schooler. (He loves Ironman because of his lifetime love of cycling, he added.) He was an entrepreneur before he was a college student, and he only went to university (the prestigious ESADE) for a few months before deciding that it was a waste of time, “delaying” the start of more meaningful things. “The opportunity cost was too high and I was feeling like I’m underperforming in life.”

The founder told Fortune that he had a pivotal conversation with his mother when he decided to drop out. “I wasn’t confident at first, because at first, of course, it was like a great university and great opportunity, and I had a scholarship.” He said he always remembers what she told him: “Listen, it’s your life. You live it how you want, because you will have to live it. Not me, not not anybody else, just do what you want.’” Germanavicius said this was the “trigger” for his decision. He also disclosed that his father died when Germanavicius was young (almost precisely the time he started selling bicycles). “It was hard, but at the same time, I think it got me to this understanding that no one’s going to take care of you, you know, and you have to take your own actions, and you have to take the responsibility for them.”

A crowdfunding platform that allocates capital to real-estate projects, InRento is active in markets beyond Eastern Europe. They are active in six markets including Poland, Italy, Spain, and Ireland. “We take all the edges of Europe,” he told Fortune jokingly. “I feel like we go to the markets where financing is inefficient,” full of bankable projects and clients, who can’t get traditional bank financing. This doesn’t mean they are sketchy, he said, explaining there are many family owned companies, often in hospitality, which need to raise a few million euros, but most banks in the market uninterested in loans smaller than €10 million. For example, he showed Fortune plans for a former Harry Potter-themed tourist attraction in Poland that needed renovation.

Germanavicius added that InRento is fully regulated and supervised by the Central Bank of Lithuania, with a license issued by the European Central Bank. He said they are fully audited, do annual reporting, and comply with all the applicable laws and regulations of financial institutions in the countries where they operate. “We also publish audited accounts and audits publicly to our clients,” he said, “transparency helps to support reputation and our reputation is our biggest asset.”

What he’s like to work for

Fortune spoke to Bernardas Preikšaitis, InRento’s Chief Operating Officer, to get a feel for what it’s like to work for this beyond-996 founder. Preikšaitis credited Germanavicius with giving him instant trust and the space to grow, training him beyond legal counsel into a business-oriented leader, and offering swift upward mobility rather than locking him into a narrow role. According to Preikšaitis, Germanavicius asserts high expectations with a direct, almost intimidating manner but balances this intensity with tremendous trust in his team.

Despite perceptions that employees may be afraid of Germanavicius due to his high standards, Preikšaitis affirmed that those who stay are deeply motivated by this environment of trust and responsibility. In practice, the leadership style avoids micromanagement, largely reducing communications to updates and priorities. Preikšaitis noted, “Everyone knows what to do. There is no box-checking, no need to report back constantly. It’s about prioritization and getting things done—deals and investor safety above all.”​

He described this as an odd tension between trust and distrust. “From day one, he basically gave a lot of trust to me,” but at the same time, Germanavicius always stresses an edgy kind of work persona, almost a paranoia. “He always tells me, ‘You know, never trust no one.’” Thinking it over, Preikšaitis described the approach as: “I trust no one, but I give 100% trust in you and what you are doing, and I believe in you, and I will enable you at any cost.”

A shift into microshifting

Germanavicius told Fortune he was “still learning,” and after all, he has never had a boss himself. “I still think I’m not very a good manager, to be honest.” He said when he first began working, he assumed others would be wired like himself, but he encountered a more standard mentality. “What I realized was that people from these very deep corporate backgrounds, when you give them all this freedom … for a lot of people, it was weird.” He said his workers “couldn’t comprehend” an environment without traditional hours where key performance indicators (KPIs) were the only thing that mattered.

At InRento, he said he tends to hire “self-starting” people. “They don’t really care about hours. The whole company culture that we build is that we don’t limit holidays. Like, if someone wants to take holidays, they can take as much as we as they want. And basically there are no work hours.” He said he trusts his team to set their own schedules, be responsible for their own work. “It’s very KPI-driven. We are a financial institution where everything can be measured, and all the performance can can be driven to numbers.”

The description of going beyond 996 is familiar to startup founders across the world. Day One Ventures founder Masha Bucher, an early backer of 11 unicorns and over 30 exits, told Fortune that the Silicon Valley culture is nonstop. “People I know, close to me, work seven days a week, from 6:00 or 7:00 am with a break for sports until like midnight or 1:00 or 2:00 am.” She said 996 is a catchy phrase, but isn’t representative of what she sees at all because it far undersells the situation. Like Germanavicius, Bucher said she’s always had that work ethic herself, since age 14. She said it’s “flexible,” but “I don’t remember when I was on vacation and what vacation is. I think when you do something you love, you don’t feel like you need vacation.”

Bucher also said that she views hard work “like a talent” and that not all smart people have it. “One of the saddest things in life is that some of the most intelligent people in the world that I know of, they just don’t work hard, right?” She also insisted that the Silicon Valley community is taking care of itself and working sustainably, despite the long hours. The founders she sees “are not unhealthy,” she said. “In fact, they’re healthier than many more people that don’t live like this.” She said people need enough sleep, some kind of exercise of sports routine, but not necessarily vacation.

There is another word for what Germanavicius and Bucher are describing: “microshifting.” A permanent shift to the workday created by remote work—workers dividing their days into many small, flexible blocks—is becoming the norm for younger generations in the workplace, often befuddling people from more traditional corporate backgrounds. Priya Rathod, Indeed Workplace Trends Editor, told Fortune that the biggest risk with microshifting is “blurred boundaries,” and “if you don’t create a structure around this, some workers feel like they’re always on.”

Rathod said there was a special need to “protect personal time” with this shift in the workday. “In the work world we’re living in, we’re working across time zones, which means you may be taking calls and not just in that 9 to 5 time period. So if you’re doing that, you need to protect other time.” She described microshifting as “kind of a partnership between the employee and their team and their manager to make sure that they aren’t doing this to the point of burnout.”

Germanavicius is one of the managers adopting an entirely new kind of management style for the world of microshifting/always on/996-adjacent schedules. He told Fortune that he encourages people to take vacation and “don’t experience the burnout, because it’s very hard to recover.” He also said he takes care to set up people who can support him, because “the company must not be dependent on me. If it’s dependent on me, then it means I’m doing a craftsmanship, not a business. The business needs to work for you, you shouldn’t work for the business.” There is a price to pay for the microshifting world, though: availability and adaptability.

No pain, no gain

“Just to be perfectly clear,” Germanavicius added, his eyes narrowing, when he takes his two weeks off after sprinting for two months, “it doesn’t mean I’m not working. It’s just that, you know, I sleep in, maybe I have out-of-office on my email,” but he’s still monitoring. He said the business is cyclical, with “peak” and “low” seasons. “So what I always ask from my team: Don’t pretend that you’re working. If you don’t have, let’s say, nothing meaningful to do. Go spend time with your family, but when we have a big fish, then we need all hands on deck, we need to be sprinting.” He said that it’s just like his Ironman training: “If I work, I work. If I do sports, I do sports … I would rather push myself to the maximum and then take some time off, and then push again.”

“No work-life balance” is the reality Preikšaitis sees at InRento—not out of negative pressure, but from a shared sense of mission. Preikšaitis credits Germanavicius as the model: “You either live with your work or there is just no balance.” He said the results are in the KPIs: zero defaults and millions of dollars in deals. Preikšaitis said he is inspired to work so hard from his parents’ stories of living under Communism. “My father, he was a director at one of the tax authorities in Lithuania. He was earning basically 20% of what I’m earning right now. And he was 45, 46 years old.”

At the same time, Preikšaitis said the distribution of wealth is getting “ridiculous” in Lithuania: “there’s a huge separation between the middle class, upper class, and the lower class” and it is very hard to live in Vilnius unless you’re a member of the professional class. yeah. “I think this is the tendency for the whole of Eastern Europe … if you want to make out a living, and you want to have at least a decent apartment, and I don’t know, let yourself travel at least two times a year, you need to work your ass off.”

Germanavicius claimed that he has gained some self-knowledge in his short but profitable, and intense-sounding career. “I am not this kind of person that takes the easy choice, and in general in life I notice that the more pressure I have, it’s easier for me to move forward.”



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Khosla-backed Formulary raises oversubscribed $4.6 million seed round for its AI-powered private fund manager software

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Alfia Ilicheva came from the world of public markets, including four years at one of the world’s largest hedge funds, Bridgewater. But when she transitioned over to the private side, including serving as the CEO of an Apollo-backed investment platform, she realized the difficulty of fund administration for operations like private equity and venture capital. Instead of having access to real-time and accurate data like at Bridgewater, which can rely on publicly available information, this new world was filled with manually compiled and fragmented data subject to human error and inconsistent metrics.  “How could it be that hedge funds are so into the future and private capital markets are so backward,” she remembers thinking. 

As private markets explode and AI makes automation increasingly possible, Ilicheva saw an opportunity to build the next generation of fund administration software for everyone from venture capital outfits to PE giants like Apollo. After initially planning to bootstrap the project, which she named Formulary, Ilicheva was introduced to Hari Arul, a partner at Khosla Ventures, who immediately saw the appeal of the idea. Khosla is leading Formulary’s $4.6 million seed round, which Ilicheva says is three times oversubscribed, with participation from Human Ventures, Serena Williams’s venture firm, and others. 

In the red-hot field of private investments, buoyed by the rise of private credit and massively valued companies like SpaceX and OpenAI, fund administration may not be the most alluring area for innovation. But the ability to track investments, returns, and performance—and accurately convey the information to investors, or limited partners—is a necessary foundation. 

The existing options fall into two camps: the service side, or high-touch accounting companies, like SS&C and Citco, or the software side, like Carta. As Ilicheva interviewed general partners and former clients in her user research, she realized that nearly everyone was dissatisfied with the existing options to the point that most turned to shadow fund administration, where they would hire outside firms but keep their own books at the same time. “When you raise a fund, your dream is to generate alpha by investing capital, not redoing someone’s work,” Ilicheva said. 

Ilicheva planned to find a happy medium between the two models by leveraging AI to massively scale up the service approach, creating software for their own in-house accountants, which Ilicheva playfully calls bionic accountants. “They’re really focused on having a grip on the numbers and delivering service, but they’re not manually entering things in an Excel spreadsheet, which has been the industry’s burden for the past decades,” she said.  

The challenge in creating a tech-enabled services company, of course, is scale, with a pure SaaS model able to grow at a much faster clip. When I asked Khosla’s Arul how he thought about the approach, he said the key is to deliver the vast majority of the product through technology: “It’s important for any entrepreneur or any investor to look at an AI-enabled services business and say, the margin of how this business runs looks more like a technology company than a services company.” 

Arul said that while Khosla is not yet using Formulary, which is just now coming out of stealth, he’s optimistic for a future where tedious processes like ensuring data accuracy for LPs can be fully, reliably automated. Ilicheva mentioned one possible future use case for Formulary as drafting LP letters, which Arul wholeheartedly endorsed, along with a portal where investors could communicate directly with the system to understand the value of positions, fund deployment, and future capital calls. “[That] sounds pie in the sky relative to what the reality is today,” Arul said, “But it doesn’t feel out of reach.” 

Leo Schwartz
X:
 @leomschwartz
Email: leo.schwartz@fortune.com

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Leaders at Davos are obsessing over how to use AI at scale

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  • In today’s CEO Daily: Fortune‘s AI editor Jeremy Kahn reports on the AI buzz at Davos
  • The big story: SCOTUS could upend Trump’s leverage to acquire Greenland.
  • The markets: Jolted by Trump’s renewed tariff threats.
  • Plus: All the news and watercooler chat from Fortune.

Good morning. I’m on the ground in Davos, Switzerland, for this year’s World Economic Forum. As Diane wrote yesterday, U.S. President Donald Trump’s arrival later this week along with a large delegation of U.S. officials eclipses pretty much every other discussion at Davos this year. But, when people here aren’t talking about Trump, they are talking about AI.

At Davos last year, the hype around AI agents was pierced by the shock of DeepSeek’s R1 model, which was released during the conference. We’ll see if a similar bit of news upends the AI narrative again this year. (There are rumors that DeepSeek is planning to drop another model.) But, barring that, business leaders seem to be less wowed by the hype around AI this year and more concerned with the nitty-gritty of how to implement the technology successfully at scale.

On Monday, Srini Tallapragada, Salesforce’s chief engineering and customer success officer, told me the company is using ‘forward deployed engineers’ to tighten feedback loops between customers and product teams. Salesforce is also offering pre-built agents, workflows, and playbooks to help customers re-engineer their businesses—and avoid getting stuck in “pilot purgatory.”

Meanwhile, at a side event in Davos called A Compass for Europe, that focused on how to restore the continent’s flagging competitiveness, AI was front-and-center. Christina Kosmowski, the CEO of LogicMonitor, told the assembled CEOs that to achieve AI success at scale, companies should take a “top down” approach, with the CEO and leadership identifying the highest value use cases and driving the whole organization to align around achieving them. Neeti Mehta Shukla, the cofounder and chief impact officer at Automation Anywhere, said it was critical to move beyond measuring automation’s impact only through the lens of labor savings. She gave specific customer examples where uplifting data quality, improving customer satisfaction, or moving more workers to new tasks, were better metrics than simply looking at cost per unit output. Finally, Lila Tretikov, head of AI strategy at NEA, said Europe has enough talent and funding to build world-beating AI companies—what it lacks is ambition and willingness to take big bets.

Later, I met with Bastian Nominacher, co-founder and co-CEO of process analytics software platform Celonis. He echoed some of these points, telling me that to achieve ROI with AI generally required three things: strong leadership commitment, the establishment of a center of excellence within the business (this led to an 8x higher return than for companies that didn’t do this!), and finally having enough live data connected to the AI platform.

For further AI insights from Davos, check out Fortune’s Eye on AI newsletter. Meanwhile, Fortune is hosting a number of events in Davos throughout the week. View that lineup here. And my colleagues will be providing more reporting from Davos to CEO Daily and fortune.com throughout the week.—Jeremy Kahn

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

This is the web version of CEO Daily, a newsletter of must-read global insights from CEOs and industry leaders. Sign up to get it delivered free to your inbox.



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Stock market today: Dow futures tumble 400 points on Trump’s tariffs over Greenland, Nobel prize

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U.S. stock futures dropped late Monday after global equities sold off as President Donald Trump launches a trade war against NATO allies over his Greenland ambitions.

Futures tied to the Dow Jones industrial average sank 401 points, or 0.81%. S&P 500 futures were down 0.91%, and Nasdaq futures sank 1.13%. 

Markets in the U.S. were closed in observance of the Martin Luther King Jr. Day holiday. Earlier, the dollar dropped as the safe haven status of U.S. assets was in doubt, while stocks in Europe and Asia largely retreated.

On Saturday, Trump said Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland will be hit with a 10% tariff starting on Feb. 1 that will rise to 25% on June 1, until a “Deal is reached for the Complete and Total purchase of Greenland.”

The announcement came after those countries sent troops to Greenland last week, ostensibly for training purposes, at the request of Denmark. But late Sunday, a message from Trump to European officials emerged that linked his insistence on taking over Greenland to his failure to be award the Nobel Peace Prize.

The geopolitical impact of Trump’s new tariffs against Europe could jeopardize the trans-Atlantic alliance and threaten Ukraine’s defense against Russia.

But Wall Street analysts were more optimistic on the near-term risk to financial markets, seeing Trump’s move as a negotiating tactic meant to extract concessions.

Michael Brown, senior research strategist at Pepperstone, described the gambit as “escalate to de-escalate” and pointed out that the timing of his tariff announcement ahead of his appearance at the Davos World Economic Forum this week is likely not a coincidence.

“I’ll leave others to question the merits of that approach, and potential longer-run geopolitical fallout from it, but for markets such a scenario likely means some near-term choppiness as headline noise becomes deafening, before a relief rally in due course when another ‘TACO’ moment arrives,” he said in a note on Monday, referring to the “Trump always chickens out” trade.

Similarly, Jonas Goltermann, deputy chief markets economist at Capital Economics, also said “cooler heads will prevail” and downplayed the odds that markets are headed for a repeat of last year’s tariff chaos.

In a note Monday, he said investors have learned to be skeptical about all of Trump’s threats, adding that the U.S. economy remains healthy and markets retain key risk buffers.

“Given their deep economic and financial ties, both the US and Europe have the ability to impose significant pain on each other, but only at great cost to themselves,” Goltermann added. “As such, the more likely outcome, in our view, is that both sides recognize that a major escalation would be a lose-lose proposition, and that compromise eventually prevails. That would be in line with the pattern around most previous Trump-driven diplomatic dramas.”



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