For every startup founder, fundraising is always a top priority. In Q3 2024, global startup funding reached US$66.5 billion, the second quarter below the US$70 billion mark since the fluctuating venture funding downturn. With the landscape ever-changing, how can startups strive to build strong teams, secure investments, and achieve rapid growth?
I founded the power bank sharing service CHARGESPOT in Hong Kong back in 2017. Today, our service operates in seven markets across APAC, powering possibilities for consumers and businesses alike.
Here are five key lessons I’ve learnt along the way, from forming a team and securing funding to scaling globally.
See the market possibilities and demand
One of the key drivers that lead the way to success is identifying unmet needs in the market. Ask yourself, how relevant is your product or service to people’s daily lives? This question helps you understand the real-world impact and necessity of your offering.
Years ago, I noticed the rise of shared power banks in Mainland China and realised the untapped market potential in Hong Kong and other APAC markets. Even today, many regions worldwide still lack access to such simple yet essential solutions. This gap presented a unique opportunity for CHARGESPOT to step in and provide a much-needed service.
Identifying these gaps can help you carve out new business opportunities that others might overlook. By focusing on these unmet needs, you can develop innovative solutions that not only meet current demands but also anticipate future trends. This proactive approach paves the way to long-term success for your startup, allowing you to stay ahead of competitors and adjust course when necessary.
Convince investors that your business is here for the long run
It’s natural for investors to be cautious, especially when your business model is in a niche or emerging space, like CHARGESPOT in the power bank rental industry. The sharing economy business model also faces skepticism about its long-term sustainability.
So how did we win over our investors? We reframed our value proposition. At first glance, power banks seem like daily used yet easily overlooked items. But our mission wasn’t just about providing charging devices; it was about powering possibilities.
We positioned our service as the most convenient, reliable and extensive network of charging solutions that keep consumers and businesses connected and powered up for life’s most important moments. With a partner network spanning F&B, entertainment venues, and transportation hubs, we offered peace of mind and uninterrupted connectivity wherever customers went.
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We also emphasised how our charging solutions elevate the customer experience for our partners, creating new engagement touchpoints and driving business value. By offering a broader vision, we helped investors see beyond the product and understand the business’ long-term potential.
Don’t just look for capital injections
In the startup world, financial backing alone is never enough. Startups should also look out for investors who provide strategic advice, industry insights, and valuable networks that help propel your business.
It’s crucial to find investors who align with your company’s vision and values—it’s not just about securing funds; it’s about forming partnerships that contribute to the long-term growth and sustainability of your business. From our experience, successful partnerships hinge on two factors: investors who share your long-term vision and welcome open, collaborative communication.
For instance, when we secured our angel investors, they didn’t just write a cheque and walk away. They offered market knowledge and connections, providing introductions to potential partners who accelerated our international expansion. Their understanding of the business landscape and willingness to roll up their sleeves and get involved allowed us to navigate complex market challenges and seize growth opportunities we might have otherwise missed.
Moreover, strategic investors can offer valuable insights into operational improvements, competitive positioning, and long-term growth strategies. They often have experience scaling businesses and can provide mentorship. More than just financiers, they become trusted partners, providing honest feedback, mentorship, and guiding your startup toward sustainable success.
Have a global vision backed by local partnerships
Entrepreneurs should adopt a global mindset from day one. This helps set your business to scale, seize future opportunities, and avoid being boxed into a single market’s constraints. A broader vision opens doors to new markets and positions your company to take advantage of cross-border opportunities.
However, executing global expansion requires local insights. That’s where the right partners come in. We used Hong Kong as a testing ground, fine-tuning our products and strategies before expanding to other APAC markets. Then, local partners brought deep market knowledge, cultural insights, and expertise in navigating the local regulatory environments, enabling us to scale more effectively. Joint ventures could be a good way to start as they help you enter new markets quickly and efficiently.
In each region, we customise our approach. Local partners’ insights help us accelerate market entry, build trust, and gain traction much faster than if we had gone it alone. Localised business strategy planning helps create trust in both the business and consumer sectors locally and abroad. In Japan, for instance, we partnered with the Japan Railways Group (JR), the country’s principal rail network.
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By expanding the scope of use of CHARGESPOT service in a national-level infrastructure, we gained the brand authority and further strengthened the brand’s awareness in the market. We also prioritise giving back to the community: in the event of natural disasters in Japan, we provide free power bank services to aid the public.
Be ready to lead and learn from both ups and downs
Last but not least, you should be prepared to be a leader. From founding CHARGESPOT as a startup to bringing it to the international stage, I’m always happy to share my experience and insights at startup and networking events like the Hong Kong University of Science and Technology Unicorn Day. One of the most common questions is: “Who’s suitable to lead a startup?”
To succeed, passion for challenges and a drive for innovation are equally important. Entrepreneurship requires you to embrace risks, test new ideas, and remain open to continuous learning and experimentation. Don’t be afraid to fail — each setback is an opportunity to pivot and improve. And strong execution skills are just as important as vision. Once you have a solid idea, act on it immediately to build momentum. While planning is important, it is through execution that ideas are translated into tangible real-world success.
The startup landscape in Asia is full of possibilities, but starting and scaling a business calls for more than just a good idea. Aspiring entrepreneurs must identify market gaps, secure investor trust, and build strategic partnerships, and have the right mindset and leadership skills. With this approach, startups stand a strong chance of harnessing the power of Asia’s growth opportunities and turning their business ambitions into reality.
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