It can be challenging, but if you succeed, the rewards can far outweigh being tied to venture capital money

With all the news always being focused on how much money is being raised by unicorn startups, let’s look at the bold reality of many entrepreneurs and businesses who decide to take a different road: bootstrapping.

Bootstrapping is notoriously hard, can be slower, and can even be limiting. But when a bootstrapped business succeeds, the rewards can far outweigh being tied to venture capital money.

I had a very honest discussion with a highly successful bootstrapped startup founder, Stefan Pretty, CEO of Subbly – a subscription e-commerce platform empowering entrepreneurs. During the conversation, a lot of wisdom came up about his bootstrapped business journeys and I have condensed some of those nuggets into this guide to help other entrepreneurs bootstrap with their business.

Full disclosure, bootstrapping is just one way to start your business, there are pros and cons to being funded, self-funded and bootstrapping.

Here are 6 tips (and a bonus) to increase your chances of bootstrapping success:

1. Be prepared for rejection and criticism – but remain persistent

Often when bootstrapping you’ll face rejection and criticism for your approach, or even towards your business idea in some cases. People may not believe in you and think that you should do it the tried and tested way – by raising money. In some cases, they may simply think that it’s impossible to achieve success with your business model and idea.

You must learn to see past this negativity and set boundaries for yourself.

You must be stubborn and determined enough to keep believing in yourself and your gut and what originally inspired you.

Sometimes you will need to carry yourself through hard times. That’s why you should choose something you’re passionate about to keep you inspired to keep going.

Trust in your gut and keep going until you have clear signs your vision and assumption is wrong.

Stefan said, “there were moments where I considered giving up when starting Subbly, but I knew deep down I had to keep going on this path, I had to trust my instincts, even if I was wrong.”

2. Don’t take “no” for an answer

Most of life is filled with different forms of rejection, or failures. But when bootstrapping you must be prepared for this and keep focusing on the wins and remaining positive.

Continuing to build your resilience and pushing towards your goal is what will help you to be patient to achieve your goal.

It only takes one “yes” to change the entire game and help you on your way to success.

Keep going!

Also read: Bootstrapping your startup? Here are 7 tools you can use to make launch and growth easier

3. Avoid temptation – personally and professionally

Life is always full of temptations. That dessert. That drink. That investment offer. The easy path, the path full of pleasure is so easy to walk down but it also doesn’t move you towards your goal.

When bootstrapping you must remain disciplined.

Of course, it goes without saying, you must reward yourself and look after yourself, physically, mentally and spiritually.  You can’t perform without having your best self-put forward.

You’ll know deep down when you’re giving into temptation. Listen to that.

4. Always be planning

Planning is essential according to Stefan, “I spend a large chunk of my day planning and processing, I believe it’s important to listen to your intuition and to not rush into poor decisions”.

This is something that continually comes up amongst the most successful. It seems balance must be struck between logical evaluation and listening to your instincts.

Furthermore, it’s pretty clear that instead of writing a set plan, you need to always been planning and responding to the market and customers etc. Be aware of analysis paralysis though. You need to make sure you’re not going in circles – that’s where intuition comes in.

5. Take meaningful massive action

In addition to giving yourself time to process and evaluate decisions always, the final key is to act on it when you’re certain and do it properly.

Stefan said, “I learned that it’s easy to keep taking micro-actions for small wins, but the times where the needle was really moved, was when I was taking massive action. Usually the thing I was dreading doing.”.

A massive action could mean it’s the thing you are putting off or don’t want to to do but Stefan aptly added, “I believe the way forward is the path of resistance”. In other words, often the hardest thing needed to be done on your list might make the biggest difference in achieving your goals.

6. Stay lean – iterate and “move fast and break things”

It’s clear that amongst all startups the approach of being LEAN is the best way to validate and grow a business efficiently. Stefan preaches this to new entrepreneurs that he talks to.

The process, in a nutshell, is simple: create an assumption, validate it by doing the minimum version, collect feedback, evaluate and then make a new assumption. Meanwhile, if you’re assumptions are right, double down and perfect those.

It’s a feedback loop and it’s essential to not waste resources and to build what the market needs.

Also read: The good, the bad, and the ugly of startup bootstrapping

Bonus: know when it is truly the time to walk away

Sometimes, we’re wrong in our assumptions, even if it is a project or your entire business. However, it seems that aside from being persistent and moving in the face of resistance and rejection, there is a point where you need to draw a line in the sand. It may be a subjective line, based on your own limits, but it may purely be metric based.

In any case, know when to walk away if necessary. As Stefan emphasized his beliefs on listening to your intuition, this is where this matters the most.

Closing thoughts

With all that said and after talking to many entrepreneurs, doing research, and having an honest real conversation with Stefan, ultimately it’s your journey and comes down to what works for you, but I hope this helps give some guidance on your own bootstrapped journey.

Above all else, believe in yourself and don’t give up.

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This article was first published on e27, on August 31, 2018.

e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

Photo by HB Mertz on Unsplash

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OpenNodes has the support of IMDA to bring government agencies, corporate, and blockchain companies onboard

TRIBE Accelerator, a blockchain accelerator based in Singapore, announced the upcoming launch of OpenNodes, a web-based engagement platform supported by the Infocomm Media Development Authority of Singapore (IMDA).

TRIBE Accelerator said that it is meant to bring together government agencies, corporates, and blockchain companies onto a single online platform, fostering innovation and collaboration in the blockchain community.

With OpenNodes, enterprises and individuals from any level of expertise can take part in the ecosystem.

The platform’s key feature will include a directory listing of various stakeholders in Singapore’s blockchain ecosystem. Using the directory, startups can form industry-specific working groups to discuss how blockchain can be used across various verticals, such as mobility and healthcare.

Also Read: Singapore AI framework is a good start but will not make impact

Companies will also be able to connect with other global blockchain communities in cities such as Berlin, Hong Kong, New York, San Francisco, Seoul, Shanghai, and Zug.

OpenNodes will also provide educational content to help enterprises glean insights into blockchain technology as well as facilitating discussions led by leaders of different industries on the platform.

Additionally, there will also be job listings that will connect talents to recruiters.

OpenNodes is expected to be launched to the public at the end of this year.

The promising world of blockchain

Blockchain technology presents a wealth of opportunities for enterprises to tap on and make their processes more transparent and secure. However, challenges remain constant, with the lack of collaboration and poor visibility into the blockchain industry that hinders mainstream adoption.

Philip Heah, Assistant Chief Executive, Technology Infrastructure Group, IMDA.l, highlights that there are still many existing blockchain solutions in the current market that are use-case specific and specialised.

Also Read: Singapore’s data protection framework gets a boost with new appointment, initiative

“These solutions can provide greater value to the parties involved if they are participating in the ecosystem. This platform will bring the key stakeholders of the blockchain ecosystem closer together, consolidating efforts towards mass adoption,” said Heah.

Besides partnering IMDA, OpenNodes is also supported by more than 20 organisations, including:

• Government Agencies: IMDA, Enterprise Singapore, Government Technology Agency (GovTech), Monetary Authority of Singapore, National Research Foundation, SGInnovate
• Global Corporates: AXA, BMW Group Asia, EY, Fung Group Explorium, Nielsen, PwC, Temasek
• Technology and Blockchain Companies: ConsenSys, Digix, Ethereum Foundation, IBM, Intel, R3, VeChain, Zilliqa

TRIBE Accelerator was officially launched on March 27 this year and is part of TRIVE Ventures, an early-stage VC in Singapore.

It is supported by Enterprise Singapore, a government agency, and includes corporate partners such as BMW, Intel, Nielsen, and PwC Singapore’s Venture Hub.

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Image Credit: TRIVE Ventures

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Also, Polychain Capital and NGC Ventures invest US$10M to CoinFLEX

Singapore now has a mobile app-based trademark registration [Press Release]

Singapore announces that it has rolled out an app-based trademark registration that is developed by the Intellectual Property Office of Singapore (IPOS). The app is called IPOS Go, and it will allow businesses and entrepreneurs seeking trademark protection in Singapore to file their trademarks directly with IPOS via their mobile devices.

With a simplified user interface and features, it promises an easier, more affordable, and faster application, claiming that filing a trademark on IPOS Go can now be finished in less than 10 minutes, from the current average of 45 to 60 minutes.

With IPOS Go, applicants can also track their registration status, be notified of important updates, or file for trademark renewals via the app, on-the-go.

The app further integrates AI technology to enhance searches for similar trademarks on the IPOS register, which can prevent applicants from filings for trademarks that are too similar to existing ones. The new AI capability will help business owners better manage their brands.

HR platform Pulsifi appoints Peter Vogt and Terrence Yong as Advisor and Chief Business Officer [Press Release]

In a bid to support its global expansion plans, Pulsifi has added two talents to its leadership team: the first is former Nestlé Group Chief Human Resources Officer and current Nestlé Deutschland Board Chairman Peter Vogt as Board Advisor, and former SAP Senior Advisor and Managing Director Terrence Yong as Chief Business Officer.

Also Read: Singapore HR startup Pulsifi raises US$1.1M to enhance its AI tech

Peter Vogt is to contribute his experience in human resources and business, especially in the consumer goods industry. Vogt has managed to strengthen the business focus of the HR function and fostered a culture of diversity and inclusion during his tenure as Head of Group Human Resources at Nestlé from 2013-2018.

Terrence Yong, as a new Chief Business Officer, will bring on board his knowledge in enterprise software and technology, having served for over 20 years in country direct and indirect sales and regional operations of SAP and Microsoft. His specialties include the business and people aspects of strategy, go-to-market, execution, and transformation.

Pulsifi partners with industry-leading clients such as Nestlé, Reckitt Benckiser, and Deutsche Telekom’s T-Systems on talent acquisition and talent management across seven countries in Asia. Since its establishment in 2016, Pulsifi has raised over US$2 million in funding.

Hong Kong-based CoinFLEX secures US$10M funding from Polychain Capital, NGC Ventures [Press Release]

CoinFLEX, a physically delivered crypto futures exchange, has announced that it managed to secure over US$10 million in funding this year from Polychain Capital; an investor in cryptocurrency protocols and companies, and NGC Ventures II, the multi-strategy crypto fund of NGC Ventures.

Other investors include Divergence Digital Currency, a venture fund that invests in crypto assets and associated early-stage projects leveraging distributed ledger and related technologies, and Bitcoin Cash advocate and Angel Investor, Roger Ver.

CoinFLEX claimed that it currently has a US$150,000,000 trading volume, CoinFLEX expressed its need to support growth and further accelerate liquidity, which is why CoinFLEX also launches the Market Making Program initiative. Aimed at professional proprietary trading firms, hedge funds, and institutions within the cryptocurrency industry, the incentive program will allow eligible firms to participate in the platform while meeting CoinFLEX’s predetermined monthly objectives.

Viu and Wattpad enter into content partnership [Press Release]

Wattpad, the multiplatform company for original stories, and Viu, a pan-regional OTT video service from PCCW Media Group, today announced a collaboration to develop Viu Original series and film projects based on Wattpad stories.

Viu is known for providing premium Asian content. It said that it is committed to creating content assets through its growing slate of Viu Original.

Also Read: Viu to offer Singaporeans head start on Korean dramas and variety shows

Through the collaboration, Viu will work with Wattpad to develop youth-oriented shows across its markets. The companies will leverage Wattpad’s Story DNA Machine Learning technology to identify stories and guide the development process.

Viu currently operates across 17 markets in Southeast Asia, the Middle East, India, and South Africa with Viu-ers spending an average 1.2 to 1.8 hours daily on the platform. Wattpad claimed to have a global community of 80 million users, including more than 22 million users across the Asia Pacific region, who spend billions of minutes on the platform every month.

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East Ventures was recently named one of the most consistent top performing VC fund managers in the world by Preqin

Southeast Asian VC firm East Ventures announced today it has closed its sixth fund at US$75 million, exceeding its initial target of US$30 million.

Investors in the new fund include Wang Xing (CEO of Meituan-Dianping), Eduardo Saverin (Co-founder of Facebook), and Kaling Lim (Co-founder of Razer), besides Pavilion Capital, Adams Street Partners, and Temasek.

Several Asian family offices including Indonesia-based Sinarmas Group, Triputra Group, and Emtek Group also backed this fund. Existing LPs also invested.

According to a Reuters report, the family offices of Alibaba Group’s Co-founder Eddie Wu also backed the new fund.

With this, East Ventures will continue to support the Southeast Asian startup ecosystem, particularly Indonesia.

Willson Cuaca, Managing Partner of East Ventures, said: “We could have raised more but we wanted to maintain certain disciplines in this euphoria era. It is important to the ecosystems that the value creation velocity matches with valuation expectations and this will translate to how our fund performs to our stakeholders; founders, business partners and LPs. What really matters to us is to be known as the best performing fund instead of the biggest fund in Southeast Asia.”

Also Read: Vulcan Capital, owned by late Microsoft co-founder, lands in Singapore with US$100M

The sixth fund has already invested in several companies in multiple verticals, including Wahyoo, Stockbit, AllSome Fullfillment, Katadata, Cicil, Mekari, Kedai Sayur, Advotics, The FIT Company, Nalagenetics.

Established a decade ago and managed by Cuaca, Batara Eto, and Taiga Matsuyama, East Ventures is an early-stage fund focused on Southeast Asia and Japan. Over several years, East Ventures has invested in over 160 companies in Indonesia, Singapore, Japan, Malaysia, Vietnam, and Thailand.

Its other portfolio companies include Traveloka, Tokopedia, ShopBack, Ruangguru, Sociolla, IDN Media, Waresix, and MokaPOS. In the past three years, the firm also introduced several internal projects such as CoHive, Warung Pintar, and the most recent Fore Coffee.

In 2017, two of its companies were acquired by Southeast Asian unicorns — Grab acquired Kudo and Go-Jek acquired Loket. In 2018, a successful SaaS company merger and acquisition happened through Sleekr acquisition to Jurnal and Talenta, which are both East Ventures’ portfolios.

In 2019, another East Ventures’ portfolio company Bridestory was acquired by Indonesia based unicorn Tokopedia.

Last year, the VC firm launched a US$200 million joint growth fund, called EV Growth, for the market.

East Ventures was recently named one of the most consistent top performing VC fund managers in the world by Preqin.

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With improved clarity, c-suite business strategists have the means to budget SEO into the marketing make-up effectively

The single biggest problem for Search Engine Optimisation (SEO) has always been its inability to measure the return on investment (ROI).

This is a problem that causes headaches at the highest level when it comes to budgeting.

There’s a universal understanding that having an SEO strategy is hugely beneficial, but there’s no way of putting a figure and budgeting for the investment.

With a lack of clear measurements for SEO, there have been a number of metrics that have attempted to fill the void.

Examples include visibility score, which shows how visible a domain is in the search engine results pages (SERPs); rank trackers that show the number of keywords a website ranks for on page one, and the many domain authority metrics that tried to fill the void left when Google stopped publicly sharing PageRank.

Unfortunately, there’s often a clear disconnect between these metrics and the actual impact of the SEO investment.

The only right metrics that should be reported on to reflect SEO performance are traffic volume, revenue, or conversions against SEO budget invested.

The danger becomes businesses treating misleading statistics as truth, but missing the real impact of its investment. 

Historical problems

There are two main reasons why measuring SEO is so elusive.

First, after a webmaster makes changes to a site, it may take Google’s spiders as long as two weeks to crawl and index the website fully. That means that changes to a web page’s structure, content, or backlinks may not impact its search engine rankings for weeks or even months. 

Also Read: 5 effective tricks to boost your SEO

Google doesn’t mind this delay at all. It has no interest in showing immediate ranking changes, as it would allow SEO specialists to test out individual components of the Google algorithm. That’s one of the reasons it stopped sharing PageRank data. In this way, an inbuilt delay is enforced as a means of maintaining control.

The second reason is the complexity of measurements. While there are technical measurements such as readability, keywords and links, there are also measurements for how an audience interacts with the page.

These include click-rate, time spent on the page and averages for industry keywords.

This effectively means that when a change is made, user behaviour changes as well.

In real terms, this equates to changes taking anything from 3-6 months to have full effect. Within this time, competitors are also making adjustments to vie for the top spots, which could nullify the changes before they even become active.  

Ultimately, the problem for every business is there are too many moving parts to measure the outcome fully. What’s needed is a solid platform for analysis. 

SEO solutions

SEO should be managed the same as paid search – allowing marketers to calculate ROI at the keyword level. 

The only way to do this is to create a landing page for each specific subset of highly targeted keywords.

Once that landing page exists, Google Analytics can be used to report on traffic, conversions, and revenue generated by that specific page. Compare those metrics to the cost of creating the page, and you have a formula for ROI. 

The digital impact 

Having these statistics is a game-changer that gives legitimacy to the industry and shifts the way businesses look at SEO. SEO stops being a problem of how little companies can get away with spending, and becomes an opportunity where the investment gets a clear ROI. 

Life is made easier for digital teams, as SEO specialists automate the long tail of SEO, delivering an uplift to the overall business. The knock-on effect is the release of more budget that can be dedicated to link building, content creation, audits and technical SEO in general. 

Also Read: How to best optimise SEO practices

More work is created for the industry as the return on SEO becomes abundantly evident, yet the processes become far less arduous and the results more productive for digital teams. 

Greater transparency on the ROI for SEO relieves the budgeting headache at c-suite level and finally paves the way for unlocking budgets and revenues. In planning the marketing strategy, business leaders now have more clarity, where previously SEO investment was estimated and assumed to be worthwhile. 

Although not at the same level as paid search, due to the ads being placed at the top by the search engine, businesses move closer to developing strategies that strike the right balance of SEO in the marketing mix. 

Better budgeting

It remains challenging to measure ROI on any technical SEO changes to a website. This is still an industry issue in need of a solution. However, there now exists a fourth area of SEO which wasn’t present before – automating the long tail results of SEO with a landing page automation platform.

The landing page construct provides a platform where ROI can finally be measured, and this, in turn, improves SEO as a whole. 

Also Read: How to avoid SEO disasters

Not only does this go a long way to tackling SEO’s inherent legitimacy issue. But, it also addresses the increasing issue of businesses putting disproportionate faith in misleading SEO measurement tools. 

The only remaining question is, who will win the race to utilise the breakthrough and benefit from an unprecedented level of informed SEO?

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