Over the past decade, I have started five businesses. As serial entrepreneurs, we are constantly thinking of new businesses and ways to innovate. While it is always exciting to explore new ideas, we know that the challenge lies in execution. Running a startup results in two extreme scenarios. You either love it or you hate it. There is no such thing as sitting on the fence.

The working pace in a startup could be dynamic to some, and agonising to others. Here are some areas that are crucial to a start-up’s success.

1. Get a co-founder

I believe that you should not start a business alone.

Statistically, businesses with two or more founders are more likely to succeed. Striving alone in a startup is tough. A co-founder is able to support you during these tough times.

Do not settle on a co-founder just because you have to fill the position. You need a co-founder whose strengths complements your weaknesses.  It is not easy to find someone who agrees with you on directions and vision for the business.

Be specific about the roles and responsibilities of each co-founder before you embark on a working relationship together.

Before I started Doxa Holdings, I wasn’t sure if I should start another business. I knew that I had my limitations. This was when I met my Co-founder, Leon Yeo, in church a couple of years ago.

We come from vastly different backgrounds and possess different skill sets.  I have been in the startup world, while Leon came from multinational corporations. After working together, we realised that our varied strengths and experiences are complementary to the business journey – from executing ideas to scaling growth.

2. Develop a business plan together

Once you have found the right partner who shares your vision, it’s time to get cracking on a great business plan. It’s important to develop a business plan with your co-founder.

Also Read: Rise of the social entrepreneur: can doing good be good for business?

There will be greater ownership over the business when you work on it together. Do remember that the business belongs to both of you. You should not work alone.

I strongly believe that the best plans are simple. They are not complicated or over-ambitious. Our plans need to be realistic.

3. Investor reporting

All start-ups need financial support. Securing the first round of funding is not going to be easy as you are starting from ground zero. You need good ideas with a reasonable go-to-market strategy.

How do you justify your business’ valuation? Do be mindful that if the valuation in your first round is high, it is going to be even higher in subsequent funding rounds.

When I was running my first business, I avoided reporting to investors. I had initially thought that my investors would slow me down. This was a mistake.

My investors wanted me to succeed. They can bring fresh ideas to the table or support you in clearing any potential roadblocks.

Upon starting Doxa Holdings, we have invested time in reporting to our investors. We implemented three ways of reporting to our investors:

1. a global group chat where we share quick wins

2. a monthly report

3. quarterly meetings where we share updates

Communicating regularly with our investors builds trust. As a result, some investors have increased their investments in the company. We are truly grateful for their support.

4. Network and connection

It is important to plan how you’re going to build up the network that your business requires. It doesn’t matter if you have a great business model.

What matters is that people know about your business model. Your network is crucial in supporting you to develop, launch the product and get your first few customers onboard.

5. Avoid working with big brands

While bigger brands look great on your portfolio, you need to spend loads of time discussing and negotiating with multiple stakeholders.

Timing is crucial when you are starting out. Survival of the business should be the focus. Bigger firms do not usually give you immediate returns. They take much longer to nurture. Time equates to costs.

In another start-up that I used to manage, we pitched for a project that was worth approximately $2 million. We invested valuable time in discussing and engaging stakeholders.

While we did eventually clinch the deal, It was challenging to sustain the business while nurturing the client as we had to deal with the client’s long payment terms and approval processes.

6. Be flexible

Startups have to scale fast. They require the ability to adapt. Whenever there are changes to the approach, the team needs to be flexible in taking on a new direction.

It is important to not be emotionally attached to your business idea but rather, to move with the demand of your customers.

7. A receptive mind

You may have mapped out the process and strategy. But, things often do not go according to the plan. It is crucial to be open to feedback and adjust your business model accordingly.

8. Limited funds

Handling of funds is one of the most crucial undertakings. No matter how much funding you secured for the business, you need to realise that it is never enough. Bootstrapping is key.

Also Read: A simple recipe for building trust in zero-to-one startup ideas

Startups often get carried away when they get a new round of funds. You may invest a hefty sum into developing a new product that is going to be a game-changer. But, consumer behaviour is unpredictable.

It is a problem if you are hunting for funds to pay your start-up’s monthly expenses. This may prolong the runway of the business but it is not sustainable.

The business is losing money every day. You should be looking at adjusting the business model and identifying ways to reduce your expenses.

9. Stretch your dollar

Building on the previous point, it is important to stretch your dollar. You should justify every amount spent.  With every expense incurred, your startup should expect to reap multi-fold in terms of results or benefits.

Do not be ashamed of being a start-up with limited funds.  We often tell people we meet that we have a very tight budget.

When we first started, we never thought about renting an office space. We met and did our work in cafes and libraries. It’s okay to start small and prioritise your spending. Our office space is currently sponsored by TechCircle.

10. A multi-tasking team

Without a strong and lean team, you may be overwhelmed. You need a few main functions in your team — business development, finance, technology and marketing. It is important to fill these roles at the start.

Conflict resolution is also key. Working in a start-up can be extremely stressful. There is bound to be conflicts and disagreements. Hence, rules need to be established.

This is to ensure that everyone is aligned with the direction and vision of the start-up. We need to work as a team and complement each other to achieve a shared vision.

11. Perseverance and commitment

Many of us would have thought about starting a business in various points of our lives. How do you determine if a start-up is going to succeed? I personally feel that every business will succeed as long as you do not give up on it.

If you focus on improving and adapting, there is no way that your startup will fail.

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

Join our e27 Telegram group here, or our e27 contributor Facebook page here.

Image Credit:  Sergey Zolkin

This article was first published on October 8, 2019

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You have a kickass mobile app idea and cannot wait to have it developed? Hold on to that thought for a bit.

So, the vision is clear, the ambition is high, and the drive to succeed is there too. But going all in on a product without testing the market can be a costly mistake. To test the potential of your app and its chances of success – you need an MPV, aka Minimum Viable Product.

An MVP is a stripped-down version of a product that includes only its core functionalities. It is not a half-cooked product or an app that barely works kind of situation. It is a fully-functional mobile app with just enough features – hence called minimum viable.

It is designed to solve a specific problem or fulfil a particular need while allowing businesses to test their assumptions, gather feedback, and make changes if needed. Launching an MVP before diving headfirst into full-scale product development can save you from major blunders and failures.

I’m not sure if you really need to take the longer route by launching an MVP first.

Let’s talk about why it is crucial.

Validate market demand early

One of the greatest risks of building a fully featured product without an MVP is investing significant resources in something the market might not need or want.

An MVP allows businesses to gauge interest, test hypotheses, and assess customer reactions to core features. It ensures that before you spend millions, you are confident the problem you are solving is real and that people are willing to pay for it.

And most major companies started like that. Dropbox began as an MVP with a simple explainer video and basic file-sharing functionality. By launching the MVP, Dropbox could test whether people would find value in their product without building out the complete suite of features. The result? An overwhelming response, proving market demand, and validating further investment.

Reduce development costs

Building a full-scale product requires substantial capital and higher risks. You can minimise upfront costs with an MVP. Instead of building every potential feature, focus on developing the essentials, saving on resources and time. The feedback gathered during this phase will guide further development, preventing the risk of a full failure.

Also Read: What led to UAE becoming a major tech hub?

Even Zappos, now a multi-billion-dollar company, began as an MVP where founder Nick Swinmurn tested demand for online shoe shopping by posting pictures of shoes from local stores. He didn’t build the full inventory or logistics system before validating that people were interested in buying shoes online.

Launch sooner

An MVP enables companies to get to market faster, avoiding delays caused by trying to perfect the product. And first-mover advantage can be crucial. An MVP can help secure that position. Launching quickly also provides the opportunity to adjust to market changes, pivot if necessary, and stay ahead of competitors.

Just like Airbnb started with just a simple website to rent out air mattresses in the founders’ apartment during a conference, tested out stuff, and soon turned into a global marketplace for short-term rentals.

Mitigate risks

Launching an MVP helps businesses mitigate the risk of failure. By building and testing, companies can adapt and iterate based on real data. This helps improve the product and reduces the likelihood of investing too much in a direction that may not work.

Having an MVP in the market gives you the space to identify opportunities and challenges, minimise risks, and ensure you launch a product that your audience would love!

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In today’s fast-paced business landscape, companies face an array of complex challenges, from navigating digital transformation and fostering innovation to ensuring sustainable growth and making a positive societal impact.

For startups and established enterprises alike, the need for tailored, strategic solutions has never been more critical. Many organisations grapple with questions around scaling efficiently, achieving a competitive edge, and aligning business goals with the greater good. These pressing concerns call for a unique blend of expertise and an innovative approach to strategy.

Enter Boston Consulting Group (BCG), a global leader in business consulting that partners with organisations to tackle their most significant challenges and seize their greatest opportunities. Founded in 1963 as a pioneer in business strategy, BCG continues to push boundaries, working closely with clients to drive transformation that benefits all stakeholders. The firm’s mission is clear: to unlock the potential of those who advance the world.

Innovating for impact and disrupting industries

BCG’s approach is rooted in a commitment to collaboration and a belief in the power of diverse perspectives to question the status quo and inspire change. With a global team of experts in various industries and functions, BCG delivers solutions that combine cutting-edge management consulting, technology, design, and corporate and digital ventures. This multifaceted approach allows BCG to provide customised strategies that not only drive business growth but also foster sustainable competitive advantages and societal benefits.

The prolonged funding slowdown in Southeast Asia, which has persisted since the end of the COVID-19 outbreak, continues to weigh heavily on the region’s startup ecosystem. According to the SE Asia Deal Review by Singapore-based financial news site DealStreetAsia, startups in the region raised only US$1 billion in equity funding between January and March 2024, marking a 41 per cent decline from the same period last year and less than half of what was raised in the final quarter of 2023. 

With 180 deals completed this quarter compared to 193 a year ago, the downturn shows no signs of easing. This underscores the vital need for startups to regain investor trust and demonstrate their potential for growth and scalability. 

As such, the role of strategic partners like BCG becomes more crucial than ever. BCG’s expertise in crafting tailored business strategies can help startups navigate these turbulent waters, rebuild investor confidence, and position themselves for sustainable success in a highly competitive market.

Also Read: inDrive: Discovering community-driven transportation options for global commuters

BCG’s unique collaboration model spans all levels of the client organisation, ensuring that solutions are not just designed but also implemented effectively, empowering organisations to thrive and make a positive impact on the world.

Empowering businesses across industries

BCG’s deep industry expertise and strategic insight make it an invaluable partner for businesses across a diverse range of sectors. From Aerospace and Defence to the Automotive Industry, BCG helps companies navigate complex market dynamics and drive innovation. 

In Consumer Products, BCG supports brands in understanding evolving consumer behaviours and enhancing operational efficiency. The Education sector benefits from BCG’s approach to transforming learning models and improving outcomes, while Energy companies gain from strategies focused on sustainability and transitioning to greener practices. 

For Financial Institutions and the Insurance Industry, BCG provides critical guidance on risk management, digital transformation, and customer experience enhancement. In Health Care, BCG works to optimise patient care and streamline operations, while Industrial Goods companies leverage BCG’s insights to improve manufacturing processes and supply chain management.

BCG also offers strategic support to Principal Investors and Private Equity firms, helping them identify investment opportunities and maximise portfolio value. In the Public Sector, BCG partners with governments to improve service delivery and policy outcomes. Retailers benefit from BCG’s expertise in omnichannel strategies and customer engagement, while Technology, Media, and Telecommunications companies gain a competitive edge through BCG’s digital and technological innovations. 

Transportation and Logistics businesses rely on BCG to enhance efficiency and adapt to changing market demands, and in Travel and Tourism, BCG provides strategies for growth and resilience in an evolving landscape. Through this wide-ranging expertise, BCG equips businesses to tackle their unique challenges and seize new opportunities for growth and transformation.

BCG will participate in Echelon Philippines 2024, a premier event for tech startups, entrepreneurs, and investors in Southeast Asia. By engaging with the vibrant startup ecosystem at Echelon, BCG aims to connect with some of the region’s most exciting innovators, share insights, and explore opportunities for collaboration. This involvement underscores BCG’s dedication to supporting business leaders and entrepreneurs in their journey towards growth and success.

“We are looking forward to exchanging insights around consumers and hyper growth business models with visionaries and leaders in the startup space across Philippines and Southeast Asia,” said Julian Cua, Managing Director and Partner, BCG. The event will serve as a platform for BCG to deepen its connections within the region and support startups in navigating their most pressing challenges.

Also Read: Overcoming obstacles: A new entrepreneurial playbook for Filipino startups

Meet Boston Consulting Group at Echelon Philippines 2024

Boston Consulting Group invites attendees to connect and learn more about their transformational approach to business strategy at Echelon Philippines 2024. This event offers a unique opportunity to engage with BCG’s experts and explore how their innovative solutions can help your organisation overcome obstacles and unlock new opportunities.

Boston Consulting Group is among the many dynamic industry leaders joining us for Echelon Philippines 2024. Alongside them will be other key leaders, visionary entrepreneurs, and innovative startups from across the region. They will converge for an action-packed two-day event on September 26-27 at Level 2, SMX Convention.

Echelon Philippines 2024, hosted by e27 in partnership with Brainsparks, offers dedicated content stages, exhibitions, panel discussions, and much more — all designed to support and empower the regional tech startup ecosystem with practical insights through various knowledge-sharing activities.

Whether you’re looking to expand your expertise, connect with influential figures in the tech startup world, or present your groundbreaking ideas, Echelon Philippines 2024 presents an unmatched experience sure to give you and your company a boost. Secure your spot now on our official page and join us as a participant or an official partner. Together, we can shape the future and create a lasting impact.

Join us at Echelon Philippines 2024, where innovation knows no boundaries and the possibilities are limitless!

The post How Boston Consulting Group is shaping the future of business strategy appeared first on e27.

Today, the competition in business is so vast that acquiring your target audience has turned into a real nightmare. Everybody is working like crazy on growing their visibility and their brand. If you want to stay in this competitive race and extend your reach, now is the time to consider podcasting.

Yes, I know it’s not a talk of the year in the domain of email marketing and it’s not an entirely new strategy either, but its popularity is rapidly growing.  And why is that? The answer is simple – there are not many things more personal than the sound of the human voice and people have finally become aware of this audible connection with the audience.

The bottom line is: people are listening and they want to hear from you, too. To be honest, they want to hear everyone because every person will share their unique perspective on the current conversation. So what you basically need to do is to just get involved – by active participation where you challenge the status quo and share new insights you will get yourself and your business introduced to a new audience.

The power of voice

So almost all the power of podcasting lies in your own voice. The key is to make it recognizable above all the others that audience hears on a daily basis. If you’re skeptical about this just take a look at the fact that only two words are enough to distinguish the voice of a relative or a friend among other voices.

It is like in the old days when the family gathered around the radio on quiet evenings, everyone was doing their own thing – the father may be reading the newspapers, the mother may be ironing, and the kids would be playing. Listening to podcasts allows you to multitask, making it very popular.

What’s it worth?

First things first, and we all know what you want to hear about at the very beginning – the cost of creation.  All you need is a small studio. To be honest, your biggest investment will be a decent quality microphone and a podcasters’ favourite, the Blue Yeti USB, is available for around 100 bucks.

Along with that, you’ll need a set of headphones and probably a pop filter in order to reduce or muffle unwanted ambient sounds. This is basically everything you’ll need to invest and, as you can see, it’s much smaller investment than a video equipment.  If you don’t have enough space in your home for a studio because it’s crowded with the stuff ‛you’ll need one day’, a very reasonable monthly storage costs will persuade you that you can always free a small amount of space that this kind of studio requires.

As far as the editing is concerned there are a lot of free editing software out there, such as GarageBand for Mac or Audacity for PC. Now that you’ve checked your wallet let’s get to the benefits part.

Anyone, Anytime, Anywhere

First of all, you need to know precisely what you want to talk about. You’ve probably noticed that there isn’t ‛Anything’ in the title above, and there’s a pretty good reason for it. Your brand is not about anything and it has a target audience, so your podcast needs to be a niche just like your blog.

Actually, your blog can be really helpful in finding your podcast niche – just take a look which posts on it resonate the most with the audience. What questions do they pose? Social media is also a very good source.

The point is that you need to know your audience and to be aware of the things they want to know the most. That will help you set the goal in your mind and help you determine what exactly are you trying to accomplish with the podcast, enabling you to become more specific with every step you take.

Ok, now let’s take a look at that ‛Anyone’ moment. The whole point is to position yourself as an expert. That’s not that hard as it sounds – your authority will rise just with the consistent hosting of the podcast, but you’re going to need to build some of it in the beginning.

Also Read: [Podcast] The Jay Kim Show with Commutifi CEO Rich Schmeizer

That is also easy enough – all you have to do is to learn as much as you can about a specific topic. It’s all about who has the most of the information – if you’re able to fill up a series of a 15-minute podcast you will already be considered an expert. The fact that you’re providing the audience with your valuable insight for free will make them see you as an authority, that’s guaranteed. It’s not about spending half of your life doing something, the point is just to know a little more about the subject than the average listener.

Nonetheless, including real experts in your podcast is always a plus. If an interview is a part of your podcast format a guest expert will always make things more interesting because people love two (or even more) voices in the conversation. On top of that, the experts you invite will share your podcast with their audiences, too.

Don’t be reluctant to invite a really big name expert – the worst that can happen is them saying ‛no’, but often the answer is positive. Once you get it just remember to represent it accordingly to its name in order to attract the audience.

And, finally, that last ‛Anywhere’ is not connected just to the multitasking we mentioned before. At least not directly. The point is that people don’t have an infinite amount of time for a podcast, either. That’s why you can’t make it go on for hours. You need to keep it short, meaning up to 30 minutes. On the other hand, there are people who just can’t handle the multitasking. They would rather free some time to sit in front of the computer and read.

That’s why it’s very important to provide people with written notes from every episode, or just simply turn your podcasts into blog posts. This repurpose will reach people that prefer the written word and make sure you won’t lose your blog audience. It is an easy process and with numerous transcription options, you won’t even have to invest time to type.

As you can see, for on a relatively modest budget, you’ll be able to reach a relevantly wider range of audience. To attract them and keep them engaged all you need to do is to inform yourself and follow the latest news and trends. Don’t be afraid to invite some real experts from time to time and keep in mind to provide transcription if possible.

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Image Credit: dolgachov / 123RF Stock Photo

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

This article was first published on March 19, 2018

The post How to use podcasts to enhance your brand visibility and reach appeared first on e27.

Aviation company PT Regio Aviasi Industri has recently broke a record for its project on Indonesian crowdfunding platform Kitabisa. The campaign aims to raise funding to help build the R80 airplane, designed by leading Indonesian engineer and former president B. J. Habibie.

By Tuesday, the project has successfully secured IDR2.6 billion (US$192,000) from 7,115 donors, out of the IDR200 billion (US$14 million) needed to build the prototype of the airplane.

By far this is the highest number ever recorded for a non-charity-related campaign, which is widely popular in the Indonesian crowdfunding scene. With 44 days to go, there is a strong possibility that this number will continue to grow.

So how does one run a successful crowdfunding campaign? One that is able to attract investors’ attention, so that it can fulfill its fundraising goal in time?

There are many ways to answer that question, but today we will go for the one backed by research.

In early October, a group of researchers from the Singapore Management University, HEC Paris, the University of Technology Sydney, and INSEAD published a paper titled Does the Crowd Support Innovation? Innovation Claims and Success on Kickstarter. It revealed the factors that affect the success –and failure– of a crowdfunding project.

Also Read: ALPHA Camp, a tech and startup school in Asia, raises US$735K in crowdfunding

The researchers analysed 50,310 projects on leading crowdfunding platform Kickstarter and uncovered the role of novelty and usefulness claims on the platform.

They eliminated arts-based projects from the list as it tends to be evaluated based on artistic value, and focus on US-based projects that fell in the nine largest remaining product categories in Kickstarter.

The researchers then used machine learning tools to extract a list of descriptors from the text, lead image and video of each project. They refer to the number of occurrences of the word “novel” and its synonyms as a proxy for novelty claims; the same also goes to the occurrences of “useful” and its synonyms. Finally, they compared the numbers with individual projects’ funding results.

It is concluded that, when used separately, claiming your project to be “novel” and “useful” do increase the total pledge amount. A single claim of novelty increases project funding by about 200 per cent, while a single claim of usefulness leads to an increase of about 1,200 per cent, as compared to projects devoid of any such claim.

However, when a product claimed to be both novel and useful, the total amount pledged was reduced by 26 per cent.

“Prior research has shown that products that are novel and useful typically succeed in the marketplace,” study co-author Amitava Chattopadhyay, Professor of Marketing and the GlaxoSmithKline Chaired Professor of Corporate Innovation at INSEAD, explained the results.

“But when projects make both claims, backers either assume a product’s benefits are inflated, that it carries a high risk of failure or that it divides the crowd between believers and sceptics, making it hard for backers to pick a side,” he continued.

He also noted that as compared to regular marketplace, in crowdfunding platforms buyers face a “very high level” of uncertainty, with possibilities of developers changing specifications along the way or even failing to come up with the final product.

Cathy Yang, Assistant Professor of Marketing at HEC Paris and fellow co-author of the study, confirmed that the higher level of uncertainty can drive backers to choose more “modest” form of innovation.

Also Read: Women-led crowdfunding campaigns performed better in securing funding goals: Report

Steps to take for your crowdfunding

 

Based on the results of the study, e27 would like to recommend the following steps that you can try in running your crowdfunding project.

1. Know your product
The first thing that you need to do is to really understand your product because, surprise, sometimes there are cases when businesses failed to recognise the full potential of its own products. Make a list of all the things that your product is capable of doing, its unique selling points (USPs), and both of its strength and weakness. You might be surprised by what you can find in your list, and the image it eventually unveiled.

2. Know your potential buyers
Once you have discovered the “true colour” of your product, find out who are the people who might be interested in such product. Would a middle-aged man be interested in a floating, zen-like stone? People who are living in urban settings – what are the chances for them to have a pet? If our grandfather is buying something in Kickstarter, would he be interested in something that is useful or novel? Every product has its own target audience, so avoid saying “we are targetting the general public.” Dissect the so-called general public by age, social strata, and lifestyle. Do not be generic; be specific.

3. Focus
And finally, focus. Once you have determined what your product is, and who is going to buy them, you can finally decide how to approach the campaign. As the report suggested, even minor details such as your choice of words can affect your chance of securing funding greatly. Invest in good copywriting and content creation to execute the strategy that you have decided.

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Image Credit: yarruta / 123RF Stock Photo

This article was first published on October 18, 2017

The post What you should –and should not– say when fundraising for a crowdfunding project appeared first on e27.