Exhibiting at and attending conferences gets startups media exposure, investor attention and much more
Startup founders are always searching for opportunities to take their companies to greater heights and one of the most common ways, is to exhibit at or attend a conference.
In this series of articles, I will be explaining the different ways in which startups can equip themselves for a conference by diving the steps into 3 stages:
Before the conference, during the conference and after the conference
Let’s gets ready for the conference season!
Before the Conference:
1. Why are you attending this conference?
With media exposure and investor attentions comes the hefty price of exhibiting or attending a conference, and justifying the cost of that ticket or booth is important.
You have to ask yourself why you want to attend this conference? What do you want to get out of it? Is it coverage in the media? Is it fundraising? Is it exposure? or are the attendees of the conference your primary consumers?
Sit down with your team and your colleagues to find out how advantageous this opportunity is for the company and whether the cost associated with it is justified.
If you feel this:
Grab those tickets or booths now!
2. Attend Satellite Events
Once you have made the decision of joining the conference, it is time to connect to the different attendees prior to the conference. Often conferences are surrounded by satellite events*.
Since these satellite events are locally arranged meetups, they are the perfect way to learn and get involved in the larger conversation and the community. They allow you to access more people through smaller gatherings.
* What are satellite events?
Typically, at any conference, there are planned or impromptu events for discussions about various issues related to the theme of the conference. These are called satellite events. They can be in the form of networking events, discussions, workshops focused on content, themes and ideas from the main meeting. You can usually find them on the conference website or app.
3. Out of office reply
While you’re at the conference, you will not be able to reply to your emails as frequently as you do on a normal day.
You can manage your clients and customers’ expectations through an out of office reply notifying them that you’ll be replying slower than you normally do.
Template for OOO reply:
Hi there,
Thank you for your email. I will be out of the office from [date] to [date] and will have limited access to email/will not have access to email.
If your question can wait, I’ll be responding to the emails I missed when I return on [date]. If this is urgent, please contact [name] at [email], and he/she will take care of you.
Best,
4. Prepare Simple Conversation Starters
Conferences can be overwhelming, especially if you’re an introvert like I am. However, I have found this to be very useful in approaching new faces and companies.
Here are some examples and variations of questions I usually approach people or am approached with at conferences, feel free to use them:
1. What brings you here? (Here, in this case, could be referring to the city or the conference)
2. Is this your first time at [the conference/the city]?
3. Why did you decide to attend [conference name]?
4.After a talk: What did you think of the talk?
5. Satellite Events: Why did you come tonight?
6. Exhibitors: What sets your business apart from the crowd?
7. Exhibitors (Job Fair): What would a day in [the company] look like?
Try and come up with a question that makes you feel comfortable but always remember to keep it simple, short and professional (given the style of the conference).
5. LinkedIn
Update. Update. Update.
After the first few years of your career, LinkedIn becomes your online CV.
Update the different sections in your profile, especially the elements related to the company you are going to the conference for!
6. Company Brochures
Company brochures are extremely important (be environmentally friendly and print fewer copies), not only for marketing your products and services offline but to also guide you in your pitch.
Although brochures are primarily used by booths at conferences, you can make use of them while talking to different exhibitors.
A quick tip: Brochures can also be a good ice breaker at conferences!
7. Craft the Perfect Pitch
Brand Pitch: Your vision, mission and solution.
You should be able to answer these questions with your branded pitch:
Elevator Pitch — (Duration: 60 seconds): After preparing your brand pitch, do not forget to prepare a shorter version of it in order to be able to adapt to different situations!
8. Website
Make sure your company website is up to date with smooth user experience.
For instance, if you are looking for customers at the conference, make sure they are able to sign up for your newsletter or check out your services.
The process should be smooth as it might be their first interaction with the company.
9. Research. Research. Research.
Research attendees, exhibitors, media and speakers that are attending the conference.
How does this help? It allows you to
1. Schedule meetings in advance with people you want to meet
2. Identify the panels, keynotes, workshops or talks that you want to attend.
3. Map out who you want to talk to during the conference, helping to create some structure.
10. Have Schwag ready and lots of it!
People love collecting schwag/freebies at conferences, regardless of what it is. It attracts attendees, acts as a conversation starter and also allows you to connect directly with your target audience!
Also, you might throw a brochure but you won’t throw out a free schwag.
It isn’t extremely expensive to produce branded freebies and every time the consumer uses the product, they will remember the brand!
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In addition to gojek, we also have updates from PropertyGuru, Indigram Labs Foundation, and Grab
gojek launches GoCar Instant for airport transportation service – Press Release
Indonesian ride-hailing unicorn gojek today announced the launch of GoCar Instant, car-based transportation service from Soekarno-Hatta International Airport.
GoCar users at Soekarno-Hatta International Airport can now select to be immediately picked up at designated GoCar Instant Pick-up Points at Arrival Terminals 2D and 2F.
The company explained that upon completion of a GoCar Instant booking, airport officers stationed at pick-up points will direct users to their car. It also plans to expand the services to Arrival Terminal 1A and Domestic and International Terminal 3.
gojek has also launched GoRide Instant at Depok Baru Station and Blora Market, which are adjacent to Sudirman Station and Dukuh Atas MRT Station in Jakarta.
PropertyGuru names new Chairman, Independent Director – e27
Southeast Asian property tech giant PropertyGuru today announced the appointment of Olivier Lim as Independent Chairman to the Board as well as the appointment of Jenny Macdonald and Melanie Wilson as Non-Executive Directors.
Lim is an experienced Chairman and non-executive Director who is currently Chairman of Certis CISCO and Frasers Property Australia. He was a former Chairman of ASX-listed Australand, and currently serves on the Board of Directors of DBS Bank and the Board of Trustees of Singapore Management University (SMU), amongst others.
Macdonald is a former CFO with “considerable” experience in marketplace businesses and is currently a Board Director at Bapcor and Redbubble, amongst other companies
Wilson has “many years” of experience as a Director for consumer-oriented businesses and currently sits on the Boards of Baby Bunting, iSelect, and EML Payments, amongst other companies.
Indian incubator Indigram Labs Foundation launches rural agribusiness initiative – Press Release
New Delhi-based tech incubator for agribusinesses Indigram Labs Foundation (ILF) today announced the launch of the Smart Village Program to facilitate agribusiness development in the rural areas.
Through the “Adhunik Gram” initiative, the incubator aims to nurture and promote agri-preneurship and village economy development.
It has been supporting startups in the agriculture, food, renewable energy, and healthcare sector.
Applications for the programme are now open until the end of October.
Grab teams up with Sejasa to launch Clean & Fix – DailySocial
Southeast Asian ride-hailing giant Grab and Indonesian on-demand services platform Sejasa teamed up to launch home and appliances repairment services Clean & Fix on the Grab platform, DailySocialreported.
The collaboration followed the announcement of Sejasa as one of the best graduates of Grab Velocity Ventures.
Grab Indonesia Executive Director Ongki Kurniawan said that the new service is the result of a hypothesis produced by the two companies’ pilot project in December 2018. Previously, Grab has included Sejasa’s service as a widget on its platform.
More than cutting-edge technologies and innovative ideas — tell us: what makes your story special?
Whether we’re dealing with creative pursuits like filmmaking or building companies from scratch, the one thread that weaves important products together is a good story. If you really think about it, the most successful companies have thoughtful narratives behind them. They are often more than just giant institutions trying to sell things; instead, they are ideas beautifully conjured by actual human lives with actual human experiences.
After years of being in the industry, this is what we learned: if you are a business that has a vision, one that resonates with audiences, you are more likely to engage people. We have come to realize that the best way to do that is through storytelling. Stories throb at the core of human experiences, helping create something organic and real out of all the glossy technological advances, and ultimately humanising your brand.
In today’s modern world, people don’t just want machine efficiency alone but human engagement as well. Mixing these two ingredients make for a formidable brand that doesn’t just dazzle, but also rattles at the soul.
Our brains are wired to appreciate stories
It’s Science — the part of our brain where our thoughts and actions originate is weak in statistical reasoning. We can bombard our brains with all the data that we can get our hands on but if that data is not shaped in a cause-and-effect format, the brain will ultimately find it difficult to process, or find it “uninteresting” to say the least.
Packaging your data into stories help shape information into a format that the brain can easily identify and process. Only when this is achieved can real, meaningful insight be drawn from piles upon piles of hard information that otherwise provide no real purpose other than to simply fill spaces in a spreadsheet for the occasional clerical checking.
It is for this reason that that e27 commits itself to tell stories: we aim not just to bridge the gap between information that simply exists and a world that revolves obliviously around it. More than that, we aim to weave that information into human experiences that have a real impact on the lives of those who come into contact with it.
Through e27’s plethora of services, these stories are not only told, but rendered into physical, palatable content that invites engagement from the very community it seeks to transform and empower.
Whether we’re opening the world’s eyes to the stories of small to medium-size manufacturers banding together to revolutionise the manufacturing capabilities of Japan, or how a team in Singapore is bringing on-demand household services to the rest of the region one doorstep at a time, we make sure that these realities resonate to an audience that is eager to listen.
We believe that the tech startup ecosystem we have indefinitely involved ourselves in is one that is hungry for meaningful connections—and what better way to build those connections than find common human insights in the different stories we all have?
Why stories matter
When introducing something — an idea, a product, an innovation, or an amalgamation of the three — we tend to get straight to the technical aspect of things and generally assume that our audiences can make pragmatic decisions out of them. In reality, emotions also play a huge role in decision-making, and probably in ways bigger than we think.
This is because ultimately, stories help stimulate emotional responses. When you engage your audience in a story, you stir an emotional response from them which helps direct if and how they engage with your brand.
Building a brand is all about being able to engage the right audience and make sure that they are interested enough to explore possibilities with your brand. With e27’s content services, we seek to unpack and critically exhaust these narratives until we come up with a material that can find its place in the hands of the right people.
We are more than just a community of tech nerds and business-savvy people. We are a community of hungry, driven people who are out to leave an important mark in this world one way or another. Every day, we have members of the community revolutionise some fundamental part of human life like trading, or mobility, or transport—the list goes on!
We believe that in each one of these pursuits lies a narrative that deserves a platform. By shedding light on these stories, we don’t only invite people to engage your brand, but we also empower and embolden young members of the community to see that to have a vision as mountainous as yours isn’t impossible to achieve.
A story told well drives action
At the end of the day, it’s not just a matter of telling stories but a matter of telling those stories well. Stories trigger actions by giving the audience a purpose. When you encounter content that deals with a new innovation, you are inclined to experience that innovation yourself. At its core, we think this is the best way for brands to engage their audiences.
As such, stories need to be told judiciously and generously. You cannot simply announce an innovation and expect that world to come knocking at your doorstep. You need to explain that innovation in ways that make it both relatable and necessary. Good storytelling is the secret to achieving that: when you are able to spur human interest by providing what is most human, and therefore, what is most real.
This belief is what has long galvanized the e27 brand. By telling other people’s stories, we get to tell our own. Only in being the bridge that binds our community together do we ultimately get to define ourselves and our role in a larger, broader world. We need your help to achieve that.
For more information, check out our content services here.
In your many years of work experience, you will have figured out your strengths, and be able to use it to your advantage
I have heard many people say, “I’m too old to start a business” and that the world belongs to those who are young.
I started my marketing agency with my brother when we were in our 40s.
When we told our family and friends about our decision, we were mocked. The opportunity cost of starting a business is much higher when you are more advanced in your career.
To quit your job and start a business is akin to dumping the career that you took many years to build.
While we often associate startups with young people who are extremely passionate, research suggests that older entrepreneurs are more likely to succeed.
It certainly didn’t feel like that when I and my brother started out five years ago.
Despite this, we both know that the learning curve would be much steeper if we started our business fresh out of school.
Here’s why we encourage experienced individuals to start a business:
You would have mastered your craft
After many years in the corporate world grinding it out, you will have honed your craft. You have many years of experience to draw from.
If you’re providing a service, you would be able to directly apply your area of expertise to your clients.
If you’re offering a product, your area of expertise would be put to good use in managing a specific aspect of the business whether it’s working on the business financials, marketing or developing the product.
You will know how to set goals and map out what it takes to meet those goals.
One of the most challenging things about running your own business is having a good team by your side.
Your team needs to run alongside you in projects when the going gets tough. They need to be constantly motivated.
We have had many issues that arose from managing our teams.
But, as we have managed teams in our corporate jobs before, it was not something totally new to us.
Your experience managing junior colleagues in a corporate environment equips you with the necessary skill sets to set directions for your team, delegate work and mentor younger staff when you start a business.
If you’re faced with unexpected situations such as managing staff who don’t deliver, you would be less perplexed, as many of these situations have occurred in your team at your corporate jobs before.
Yes, you would definitely face greater pressure as a boss because you are responsible for bottom lines and for your staff’s salaries.
But, the soft skills that you gained managing teams in your corporate jobs help guide you as you make the leap from a salaried worker to an entrepreneur.
You will know the industry inside out
If you’re starting a business in an industry that you have been working in for many years, you would know the industry inside out.
You will have a more extensive network of suppliers and partners who will be able to support your business.
You may even get clients or colleagues from your previous corporate jobs who support your new venture.
When we first started, our previous clients who knew about our agency were one of the first few to support us.
They helped us sustain our business and contributed to our first few shining testimonials.
Making the transition from a salaried employee to an entrepreneur is definitely no easy feat. It takes immense courage and poses a huge learning curve.
But, you should use your corporate experience to your advantage and don’t ever think that those years were spent in vain.
Having decades of corporate experience means that you’ve been in all kinds of situations and have probably been burnt by betrayals in the workplace or failed projects before.
You would have developed thicker skin after weathering various setbacks in your career paths.
You are not so worried about what others think, because you know the vision that you have set for your business and what it would take to get there.
If you’re in your 40s and think that you’re too old to start a business, I hope this helps you to make the leap into entrepreneurship.
Your age is your advantage.
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Join our e27 Telegram group here, or our e27 contributor Facebook page here.
Token developers are finding creative ways to use messaging apps to make cryptocurrencies and its underlying blockchain a way of life
Coinciding with the rise of smartphones and the growth of social media platforms in the early part of the decade was the emergence of messaging apps.
They’re seen as the successors of those web-based instant messaging platforms that were popular in the 2000s. Essentially the same concept, except the net messengers of today are ensconced in millions upon millions of smartphones in the pockets of over 3 billion people.
As messaging apps were becoming the norm for communicating online, the developers behind them began adding new features to take advantage of the large audience.
While some of these features were still rooted in its core service of communication, such as video calls and chatbot integration, others expanded the capability of their messaging apps and enabled users to do more than simply chat with their friends.
Perhaps the most famous example of this expansion is WeChat, a Chinese messaging app that now has a myriad of other features within the app. This includes a mobile wallet, an e-commerce function, a suite of mobile-based games, and even a dating platform. WeChat has over a billion active users each month, and it is now commonly known as a “super app” for its multiple features beyond messaging.
Messaging apps and crypto
One of the more unexpected examples of messaging apps containing non-messaging features is their integration with cryptocurrency. They have provided highly compelling use cases for one another.
Beginning with discussion groups devoted to a token to actual peer-to-peer transactions over a messaging app, it has become apparent there is and will be a more and more intimate association between the two platforms. These integration efforts have made messaging apps play a critical role in the development of various cryptocurrencies, and crypto token developers have used messaging platforms to grow their businesses.
Here are a few ways messaging apps have made cryptocurrency a core part of their services:
Dedicated discussion groups
Of course, messaging apps became a prime enabler of conversations about crypto.
When cryptocurrency became a popular topic, many enthusiasts and first-time buyers flocked to messaging apps to look for other individuals that shared their interest. As most messaging apps allowed users to create groups or channels dedicated to certain topics, several were made that facilitated cryptocurrency discussions and even some that were focused on a specific token.
Privacy and security is the main driver. In fact, one of the most popular messaging apps, where crypto-focused discussions are prevalent is Telegram.
As the platform boasts of being more secure than other messaging apps, it has resonated with the cryptocurrency community, which puts a premium on the security provided by blockchain technology in their transactions.
It also enables a deeper level of privacy between potentially sensitive conversations, allowing discussions without the threat of external or even government interference.
Nowadays, it’s almost a standard for a new token developer to include a link to their dedicated Telegram channel on their website. The audience Telegram brings made it integral to launching a successful token sale.
Creating their own tokens
Telegram’s popularity among crypto communities also stems from the platform’s developers being involved in the technology themselves.
It reportedly raised US$1.7 billion from a private sale of its Gram token, one of the largest coin offerings ever in terms of value. These funds are being used to create the Telegram Open Network, Telegram’s own blockchain where developers can build decentralised apps.
But Telegram isn’t the only messaging app getting into crypto. Canada-based Kik Messenger launched its Kin token in 2017, which can be used for transactions within the app.
The developers also use Kin as an incentive for Kik users for contributions made to the community as well as for watching in-app advertisements.
Other messaging apps are taking it a step further. Apart from creating the LINK token, the Japanese messaging platform LINE also has its own cryptocurrency exchange called BitBox, which it launched last 2018. It is also reported to launch another cryptocurrency exchange based in its home country called BitMax.
Wielding crypto within messaging apps
On the other end, some cryptocurrency developers have integrated with messaging apps to expand the scope of their tokens. With crypto enthusiasts already familiar with messaging platforms, developers have found ways to use this to allow both messaging app and crypto users to derive a higher utility in using the services.
One of these developers is Singapore-based blockchain hardware developer Pundi X. In its mobile crypto wallet XWallet, it recently added functionality where users can send Crypto Gifts to their friends on Telegram.
Similar to WeChat’s digital hongbaos or red packets, XWallet users can give cryptocurrencies for their friends to use, with the link being sent via Telegram. The XWallet also enables Crypto Gifts to be sent over group chats, allowing the user to set how many times their Crypto Gift can be opened.
With these types of partnerships and integrations popping up, it is clear that the growth of the cryptocurrency space will continue to be heavily influenced by messaging apps.
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Join our e27 Telegram group here, or our e27 contributor Facebook page here.
More than 80 startups have graduated from the Topica Founder Institute. Some have gone to raise a combined of more than US$40 million
The seventh batch of the Topica Founder Institute (TFI) graduated and all of the six graduating startup companies received funding of US$50,000 from Insignia Ventures Partners. Three of them are in advanced stages of negotiation for further funding.
Started in 2011, more than 80 startups have graduated from TFI and some have gone on to raise a combined of more than US$40 million and together valued at US$300 million. The programme has been contributing to the growth of Vietnam startup ecosystem, with alumni that include Appota, Beeketing, Monkey Junior, Logivan, Kyna, Atadi, Hoayeuthuong, and Giaytot.
Yinglan Tan, founding Managing Partner of Insignia, said, “The eye-opener was our investment in Logivan, giving us a front-row seat to the TFI programme. It is a really efficient programme to weed out only the strongest founders, and with the comprehensive mentoring sessions to fine-tune the business model and idea of the founders, it ensures the right fundamentals are taken care of. Taking a risk in these young budding founders is what we do and we can’t be happier to have the opportunity to invest in them.”
This year’s graduating founders and their startups include:
Telepro
The startup wants to help companies create an on-demand culture for telemarketing. Telepro won the Echelon TOP100 Qualifiers Vietnam 2019, a top-10 Sao Khue Viet Nam 2019, and has raised US$500,000 as winner of Startup Funding Camp 2018.
Recruitery
Aiming to improve efficiency in talent acquisition utilising the trend of talent referral, Recruitery offers companies in Southeast Asia access to a network of top recruiters that have direct relationships with the talents they are looking for.
CheepCheep
Founded by travel blogger and former An Ninh Hai Phong editor Anh Pham, CheepCheep aims to help independent travellers book attractions tickets and local activities at thousands of places of interests throughout Vietnam and Southeast Asia.
Drone Pro
The startup’s goal is to create new transportation solutions in a high-density urban environment. Its first product is a special delivery drone system that is able to deliver to high-rise apartment buildings. Such delivery is enabled through the platform’s ability to create a vertical mapping with its software.
Gigantec Media
Gigantec Media is a digital marketplace that aims to cater to the age-old industry of billboard advertising. The digital platform eliminates the manual, no-tech process that has traditionally defined the OOH advertising buying and selling experience. amongst which, reducing time from months to days. The marketplace matches advertisers’ requirements to optimal locations and inventories, with the right audience based on detailed demographics. It brings price transparency, ensure smooth running of campaigns, and provide analytics to evaluate the effectiveness of the campaigns.
Clavis Aurea
Clavis Aurea provides solutions for enterprises to increase productivity, reduce maintenance cost, and life cycle for asset and facility. The platform also helps enterprises increase the procurement process by connecting them more easily with suppliers. Solutions that help bring increased efficiency for enterprises are valued to be US$7 billion in Vietnam and more than US$25 billion in Southeast Asia.
Bobby Liu, Co-director of TFI, said: “The TFI 07 batch is special as it was the first-ever partnership with an institutional fund to support the graduating companies. Insignia Ventures Partners has been great, as they’ve helped in giving much insight to incubating good founders and startups. It will be interesting to see how quickly these companies will grow given the needed funding. I am very hopeful and positive that great things will come out of this collaboration.”
In addition to Razer CEO, we also have updates from Facebook Indonesia, Volocopter, and Flipkart co-founder
Razer founder and CEO Min-Liang Tan (Credit: Razer)
Razer CEO to invest US$7.2M in Singapore gaming ecosystem – Tech In Asia
Razer CEO and Co-Founder Min-Liang Tan announced in a Facebook post that he will invest S$10 million (US$7.2 million) into Singapore’s gaming ecosystem over the next 12 months, Tech In Asiareported.
The investment is aimed to support e-sports teams and gaming companies that are either based in the country or founded by Singaporeans.
Part of the investment will also go to Team Singapore, which Razer is also supporting for the next SEA Games.
The company itself has recently held the Razer SEA Games Esports Bootcamp which saw the participation of teams from Singapore, the Philippines, Malaysia, Thailand, and Indonesia.
Facebook Indonesia names new Country Director – DailySocial
Facebook Indonesia today announced the appointment of Peter Lydian Sutiono as its new Country Director, DailySocialwrote.
His appointment was to replace the position of former Country Director Sri Widowati, who went on to become Chief Digital Transformation for Unilever Indonesia.
Prior to joining Facebook, Sutiono was the Managing Director of Dell Indonesia and Public Sector Director of Microsoft Indonesia. He was also the Managing Director of fintech startup Finmas.
Flipkart co-founder to launch US$400M VC fund – The Times of India
Flipkart co-founder Binny Bansal is set to launch a venture capital fund with a target corpus of US$300-400 million, according to a report by The Times of India.
Citing two sources familiar with the development, the fund will target growth stage startups and is likely to be rolled out by the end of the year. It will be based in Singapore.
Having left Flipkart in November last year, Bansal will play the role of general partner and anchor investor in the fund.
In addition to targetting startups in India, the fund is also looking to investing in Southeast Asia.
Chinese automaker Geely to invest in flying-car developer Volocopter – Bloomberg
Zhejiang Geely Holding Group has agreed to invest in Germany-based flying-car developer Volocopter’s EUR50 million (US$55 million) funding round, Bloombergreported.
Leading the funding round, Geely aims to help Volocopter’s air taxi launch commercially within the next three years. The companies had also agreed to set up a joint venture to bring the airborne cars to China.
Volocopter is also in talks to raise more funds by the end of the year.
Specialising in reformulation technology, Hoow Foods also receives funding from Innovate360, TRIVE Ventures, and other angel investors
Hoow Foods Pte Ltd, a food technology startup that specialises in reformulation technology, announces that it has closed a US$1.2 million (S$1.7 million) seed round led by local food and beverage heritage brand Killiney Group.
Joining the funding round are Singapore’s first government-backed food incubator Innovate360, TRIVE Ventures, and other angel investors.
With the injection of the seed funding investment, Hoow Foods said that it plans to develop and focus on its Research and Development and human resources.
It has said that the organisation’s key milestones would involve the development of a “more extensive range of innovative food products as well as staff strength expansion to strengthen its synergistic approach in the pharmaceutical and food sciences”.
Hoow Foods focusses on transforming indulgent foods into healthier versions while still retaining taste and texture.
It was founded by four alumni of the National University of Singapore.
Its products include Callery’s Ice Cream, low-calorie ice cream in a pint that contains more than 70 per cent lower calories, fat, and sugar.
Operating since 2018, Hoow Foods said that it will soon launch a healthier option of ice cream, coffee, snacks, and staple foods.
“A healthier lifestyle hits at the source of the problem, and a large part of it is diet. But food is emotional, and most would rather sacrifice health than their favourite food. We are confident to produce game-changing food products that do not sacrifice on taste and texture but also making it healthier at the same time.” said CEO and Co-Founder Ow Yau Png.
Png further explained that Hoow Foods have both pharmaceutics and engineering backgrounds in its team, and it hopes to change the way people consume food, and the food they consume.
Killiney Group is known for its start in a Hainanese coffee shop located on Killiney Road in Singapore. It now boasts over 100 outlets and establishments in the region.
Director of the Killiney Group, Woon Tien Yuan, said, “2019 marks Killiney’s 100th anniversary. We are constantly challenging ourselves to innovate and to enter new markets while staying relevant in the ever-changing F&B scene. Our investment in Hoow Foods is a big step forward for the Killiney brand. This strategic partnership allows Killiney to tap on Hoow Foods’ expertise in food technology and food formulation, which signifies Killiney’s strong belief in research and development.”
UX design is reversing that trend and putting the needs of the user first
When designing a digital presence, whether it is a website or a mobile app, attractive graphics and engaging content are not the only things that matter. One aspect of web and app design that many designers still overlook is the need for good user experience design. But, what exactly is user experience design (UX Design), and why does it matter so much? Here’s why every business must think about the user experience when they design websites and apps.
User experience design is often used to describe the usability of an application or the user interface. The true meaning of UX design, though, goes far beyond that. It encompasses the entire process of software design and development. It includes branding, functionality, design, integration, and usability.
The designers must look beyond merely creating usable products. They also consider the user’s pleasure and enjoyment in acquiring and using the product. UX design is the process of building applications that are relevant and meaningful. Apps that users want to use.
So, how can UX design benefit a business?
Encourages the use of interaction
Creating content is not enough. You need to create content that people will want to interact with. That includes written content, images, advertisements and calls to action. It includes techniques that encourage user interaction.
These techniques include producing content that will appeal to the target audience.
It also includes personalisation features, such as “You may also like” types of functions. The designers will also be looking at consistency throughout an app or site. Software that is predictable and comfortable to use is software that people will want to use.
Generates loyalty
It creates customer loyalty through great experiences. An easy to use app or website backed by great service will encourage a user to use the then again. To do this, the designer will create a customer journey map (CJM). This maps a user’s entire journey through the site or app.
This journey will be thoroughly tested to ensure that a user’s interaction with the product is as smooth and trouble-free as possible. It’s putting the design team in the shoes of the user.
Generates recommendations
A good UX design encourages word of mouth recommendations. The ease of use of a well-designed site or application and the usefulness of it will encourage people to tell others about the product.
A part of UX is to make sharing easy. A free recommendation from a user is far more potent than a paid-for advertisement.
Reduces development costs
It keeps a project within budget and lowers development costs, including extensive user research, prototyping, and usability testing.
This ensures that development time is targeted on the areas of functionality that matter. This focused approach means better initial design specs, less risk of feature creep, and more relevant content. It greatly recuses the need for last-minute redesigns and enhancements.
Reduces internal costs
UX design is end-user focussed from the outset. That concentrates design and development effort on what users want, not on what developers think they want. As well as saving money on development costs, it stops businesses from wasting internal resources.
For example, the design will help identify the products that people want. This would allow sales and marketing efforts to be focussed on profitable products, rather than the less profitable ones. It also reduces support costs by reducing the need for manual intervention.
Increases profits
It can have a direct impact on the bottom line. It has been proven that 75 per cent of people judges an app or website on its aesthetic design.People are more likely to buy from a well-designed website or app than they are from an unappealing one.
The easier a site or app is to use; the more people will use it. That is true for the entire journey that a user takes through the app or website. From how fast the pages load, to how easy it is to sign up and place an order. If all the steps are easy, a user is more likely to progress to the final stage of making a purchase or completing a desired action.
It seeks to reduce the number of user interactions to a minimum. It also guides the user through processes with clear calls to action. The overall effect is increased revenues, reduced costs, and improved customer satisfaction.
Historically, websites and mobile apps have been developed with the needs of the business in mind.
Consumers are becoming more and more experience-driven. Global online spending is increasing at a phenomenal rate.
Businesses that don’t adopt these principals may soon find themselves trailing far behind the competition that do.
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Being a tech whiz or a creative genius isn’t enough
Anyone who’s ever binge-watched an entrepreneurial-themed reality TV show like Shark Tank or Dragon’s Den will quickly spot a pattern during the Q&A session.
The potential investors almost always begin with questions about finances, such as “What is your revenue?”, “What are your margins?”, “How much have you personally invested in the company?” and “When and how do you expect to break even?”
The entrepreneurs who do not know their numbers inside out find it hard to convince the panel and rarely walk away with a deal.
For an entrepreneur with a great product or service, the thought that a brilliant concept by itself is not enough may come as a shock. Doesn’t it matter that your product solves a real problem? Don’t the investors see they could be part of The Next Big Thing!?
The hard truth is that when it comes to fundraising for startups, being a tech whiz or a creative genius is not enough. Investors want to see that the person receiving their money will utilise it well, make sound financial decisions, and give them a high return on their investment.
That means, as a founder, you can’t leave the number-crunching to the accountant or the business development lead. You’ve got to own your financial data and have it at your fingertips if you want a shot at securing funds from venture capital (VC) and private equity (PE) firms.
Not surprisingly, you can be guaranteed to be up against some tough competition.
What’s more, in its analysis of 35,568 startups founded between 1990 and 2010, Radicle Labs found that it gets increasingly difficult to raise more funds beyond a Series B round, often deemed as the ‘valley of death’.
That makes sense—after a company raises its third (typically Series B) round, it’s expected either to be self-sustaining while remaining private or to exit through an IPO or a merger and acquisition.
Additional funding rounds tend to be justified only with growth and expansion plans or as preparation for going public.
But note how it’s also pretty difficult to get from seed to Series A, with 79.4 per cent of startups failing to do so, according to Radicle Labs. That means startups need to work doubly hard to come up with a strong fundraising pitch backed by numbers.
The role of accounting and finance in pitch rejections
Studies of investment decisions have identified four main criteria that VCs consider: product/service, market, entrepreneur/management team, and financials. Failure in each of these areas (or, typically, in a combination of at least two criteria) can lead to a rejected pitch.
From around the web, here are some finance and accounting-related reasons for pitch rejection, given by investors and founders alike:
Not thoroughly understanding and communicating the financial dynamics (from Barry Kumarappan, a real estate fund founder).
Unclear and inaccurate financial assumptions (from Ron Flavin, a funding consultant).
Not thinking about why they need the money (from Fanuel Dewever, founder of a crowdfunding platform).
Not talking about the financial plan (from Brian Cohen, an angel investor).
Problematic capitalisation table; weak unit economics (from Sarah A. Downey, a VC principal).
Unrealistic sales projections, gross margin assumptions, and annual revenue projections (from Martin Zilling, a founder).
Financial statements and data for a fundraising pitch
VCs and PEs pour significant amounts of money into startups, so it makes sense for them to conduct due diligence before making an investment.
When it comes to financials, they typically ask the company to provide bank statements, financial statements, and key assumptions (the last one applies especially if the company is fundraising for a Series B or later round).
Financial statements include balance sheets, income statements, and earnings and cash flow statements. They also present data on operating expenses, cost of goods sold, and gross margins.
Key assumptions include five-year projections of monthly and annual revenue, gross profit, order size, and the number of orders. Startups will also need to project customer acquisition cost, or how much you need to spend to get someone to buy your product or pay for your service.
This metric is typically compared to the churn rate—how fast you lose clients—and each customer’s lifetime value (LTV). (A high acquisition cost might be offset by a low churn rate coupled with high LTV.)
There’s really no hard-and-fast rule as to what financial data to include when pitching to investors, and the information you present often depends on how many years your company has been operating.
Some companies with long R&D phases, such as biotech firms, may need money to continue their tests and research. Others, like Singaporean snack startup box green, are able to begin raising revenue even before receiving seed funding.
One of the best ways to know what financial statements to include in your pitch deck is to identify the data you have and the projections investors need to see. For example, Square, an online payments company, shared growth and margin projections up to the year 2015 in a pitch deck that is used in 2011 or 2012.
In raising a US$10 million Series B round in 2004, LinkedIn shared five-year financials, including revenues, expenses, cash flow, net cash position, and operating margins.
Moz, which offers search engine optimization tools, likewise included margins and profits, as well as current and estimated revenue, customer LTV, and cost of acquisition, among other key financials.
Best of all, Sequoia Capital, a 46-year-old venture capital firm, shared a template that explains what a pitch deck should ideally contain. The slide on financials, for example, should include profit and loss, balance sheet, cash flow, capitalisation table, and the deal that the startup is asking for.
Founders: brush up on your accounting skills
If you’re not sure just how big a deal financial information is in a pitch deck, consider research by DocSend, which shows that potential investors spend the most time viewing this data compared to other parts of the deck.
On average, viewers spend 23.2 seconds looking at the financials slide, compared to 22.8 seconds for a team, 13.9 seconds for a product, and 11.3 seconds for the problem, among other pages.
Startup founders who aren’t exactly accounting-savvy need to brush up on their skills and practice creating different kinds of financial statements that meet accounting standards. They also need to learn to build realistic and feasible financial models.
As venture investor Dave Parker writes, “At some point, some investor is going to ask a question that will drive you to the spreadsheet.” When that time comes, be ready to find that data and explain how you crunched the numbers.
Keep in mind that even if your projections end up being wrong, it’s worth showing potential investors that you’ve done your homework and have poured much thought into how you will maximize the funds they’ll give you.
There is no shortcut or secret to surviving the ‘valley of death’. Beyond the innovative product and stellar founding team, it all boils down to the bare numbers.
