If there’s a will, there’s always a way

The year was 2014 when I was a college senior.

As a computer major, having my own startup was always on my mind. I really had some brilliant ideas.

Finally, in the last year of college, I managed to find some initial funding from my parents and friends to start my own thing.

From the many startup ideas I had, one of them was a digital couponing website.

Since 2015, there had been a few similar websites plus my brother had experience in this field, so I chose to move forward with this idea.

My brother was a coupon specialist and taught me different ways of utilizing coupons in order to save money. I took advantage of his skills and gathered a few other specialists to start my very own startup named SavingBro.

Now when I look back, it seems almost impossible — and it somewhat was.

But the adrenaline I had at the time had fogged every possible reality check.

It did not take long for me to realize that how I had anticipated it to go down was far from reality.

In just two months, I was struggling to keep a balance between work and classes. There was so much to do that I had to hire professional developers. And this meant finding office space.

Finding office space meant spending more rent in addition to my already expensive room.
We were burning through our money, which was not a lot to begin with.

I was running back and forth from different cities looking for more funding. Right when the SavingBro website was ready to launch, two of my best developers quit.

I had zero bank balance to spend any money on promotional activities. Before it could even pick up, I knew there was no way I can salvage it.

As much as I hated the fact that my very first startup idea has failed, I knew there were lessons to be learnt.

Soon after, I graduated from college and used my failed startup experience as a new starting point.

After careful consideration and analysis, I found three things that resulted in my startup failure:

Not every idea is a good idea

There were some serious flaws in my startup idea.

I did not weigh the technical expertise such a complex idea would require. There was no feedback or discussion with friends or people from the tech industry.

Just because an idea seems good to you does not mean it is and it never hurts to ask for a second opinion.

No money, no honey

If you do not have enough money to complete something you want to do, do not bother starting it.

You need to have funding for at least the first six months of operation.

This includes everything you will need to set up the business. Do not expect to get free services from friends or just ask around for money.

No strategy means more risks

When I started designing the app, I had absolutely no strategy.

I was treating it as one of my class projects. My entire focus was on the product.

There was no strategy for the future. There was no vision about what the startup would be like in a year or five years.

This lack of strategy made me overlook the possible risks.

So, how do we bounce back?

If you are reading this, you might have probably faced a failure like I did.

Maybe you are afraid to return to such a position in the future.

However, you need not worry as it is possible to bounce back from your failed startup.

Just because you failed once does not mean you will fail again. In fact, if we have learned anything from the most successful businesses is that those earlier failures do lead to eventual success.

If you are struggling to recover from a failed startup, here is what I recommend from my own experience:

Analyze the problems

The very first step is to analyze.

Also Read: This year, be a good friend and bring your BFF to Echelon Asia Summit 2019!

In fact, investigate what went wrong. Look back at every tiny detail, spreadsheets, programs, customer feedback etc.

Get to the bottom of the matter.

Learn the skills you lack

After your business failure analysis, you need to do a self-analysis.

Your own shortcomings may be a cause as well.

Do you lack leadership skills? Are you not good at managing money? Is there a new technology you need to master?

Work on the skills you lacked during your first startup.

Do not hide your failures

Many people are afraid to write about their failed startups on their resumes, professional profiles, and social media.

Your failure shows that you persevered and that you have learned your lessons.

In the professional world, this would be deemed as a learning experience which it obviously is.

Start thinking like a businessman

Many tech startups fail because there is no one with the business acumen on the team.

Things like marketing on social media, promotions through coupons, participating in conventions, and networking with established businesses are often overlooked.

Also Read: Why the world needs deep generalists, not specialists

They develop great products that no one knows about.

When you restart, you need to act like a businessman. If you lack such expertise then hire people who excel at running businesses.

Inspire yourself

You may be tempted to give up after your failure.

However, you need to keep yourself inspired to keep working towards your goal.

There is plenty of reading material about failures.

Another way is to surround yourself with people who matter most to you and who bring positivity in your life.

Before you know it, you will be ready to start again with your next great idea.

Conclusion

My failed startup was not the end of the road for me and neither is yours.

You must have heard many times that failure leads to success. There is a reason why this saying is so common — it’s true!

For some, it may take just one attempt, for some it may take many.

However, if you keep struggling and treat your mistakes as lessons, you too can succeed in the crazy world of startups.

Pat yourself on the back for making it through the tough times and start prepping for the next venture. Now that you know what can go wrong, it will be easier to dodge the pits.

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The startup is specifically aimed at people who are at high-risk of having a stroke

See-Mode, a medtech startup based in Singapore, has raised a total of US$1 million led by Cocoon Capital, also from Singapore. SGInnovate and Australia-based Blackbird Ventures join the round.

“We in particular invested in the multidisciplinary background of the See-Mode team and how they came up with a solution that is already creating strong interest in all corners of the world,” said Will Klippgen, Managing Partner at Cocoon Capital, who recently joined See-Mode’s board of directors.

Also Read: Hustle Fund has invested in Singapore-based moving logistics startup Moovaz

Inspired by the fact that stroke has been the second leading cause of death and the main leading cause in preventable disability, Dr. Milad Mohammadzadeh and Dr. Sadaf Monajemi co-founded See-Mode in 2017. Both founders have PhDs in biomedical engineering.

See-Mode uses AI, computer vision, and computational modeling that’s turned into a medical software to equip clinicians in predicting and preemptively treat stroke in patients.

See-Mode believes its method can help clinicians to save time, objectively interpret ultrasound images, and assess blood flow patterns in patients based on a routine CT scan or MRI and doctors to detect vulnerable plaques, setting the precedence for creating better stroke screening and treatment planning, something that’s currently inaccessible in clinical practice.

Its treatment planning mostly relies on tracking conventional risk factors of stroke that has a whopping number of 15 million sufferers in the world with one-third of that statistics ended up dead or permanently disabled.

In Singapore, See-Mode collaborates with the likes of National University Hospital, Changi General Hospital, and the National Neuroscience Institute of Singapore. The company is also starting a multi-centre clinical study with leading hospitals in Australia and USA.

Also Read: Co-founder Affi Assegaf leaves Female Daily Network management team

See-Mode was an alumnus of Singapore-based talent investor Entrepreneur First.

Regarding the innovation the company brings, Niki Scevak, Partner at Blackbird Ventures said that See-Mode’s technology essentially presents a new world where the collective intelligence of the medical community can be employed systematically via computers on every patient whose life has been affected by a stroke.
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Image Credit: Entrepreneurs First

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Having been non-active in the past one year, Assegaf left Female Daily Network due to personal reason

Following collaboration with Co-Founder and CEO Hanifa Ambadar, Female Daily Network Co-Founder and Business Director Affi Assegaf announced her resignation from the company’s management team.

Ambadar told DailySocial that Assegaf’s decision to leave the company had been made two years ago. In the past one year, Assegaf no longer actively working at the Female Daily Network office.

“The point is that Assegaf’s decision to leave the company is due to personal reasons. Assegaf, who was in charge of content on the Female Daily Network platform, could no longer contribute fulltime to the platform,” Ambadar said.

When asked about whether Assegaf’s resignation will affect operations at the company, Ambadar stressed that her resignation will not disrupt business and managerial activities. The CEO also stated that the company currently has no plan to recruit a new executive to replace Assegaf’s position as Business Director.

“We will remain focussed on recruiting young talents to host the Female Daily segment on YouTube and our own site,” she added.

Also Read: Indonesia’s women lifestyle portal Female Daily Network acquires mobile developer JTECH

Gaining popularity among Gen-Z

While the platform maintains its focus on beauty information, Female Daily Network claimed that it has begun to be visited by users of Gen-Z.

Millennials are no longer the target of startups and major brands; secondary school students have started reading and enjoying the content on Female Daily.

The Female Daily app itself is currently available on both Android and iOS apps.

“At the moment we have two million users, in line with our commitment to focus on 99 per cent beauty content since 2014. It is expected that the number of our users will continue to increase,” Ambadar said.

Female Daily also plans to announce its most recent business plans and updates in the year 2019.

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The article Affi Assegaf Keluar dari Jajaran Manajemen Female Daily Network was written in Bahasa Indonesia by Yenny Yusra for DailySocial. English translation and editing by e27.

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The Singapore-based company got backed by the global marketing company FreakOut Holdings

SilverPush, the marketing tech based in Singapore has announced the injection of US$ 5 million Series B funding into its company led by Japan-headquartered FreakOut Holdings, Inc., a global marketing technology company.

Also Read: Medtech startup See-Mode secures US$1M funding from Cocoon Capital

SilverPush shared that it will use the funding to expand business globally and enter new markets in the APAC region such as Hong Kong, Australia, and South Korea. It seeks also to increase it’s AI capabilities by applying the technology in industries outside of advertising.

The company plans to explore the possibility of tapping into the OTT space with its new product called Mirrors, followed by the relaunch of another product called Prism, as a brand reputation monitoring platform.

“We’ve expanded into Southeast Asia in 2018, and we’ve seen rising customer appetite for on-demand and multi-screen viewing across the APAC region. At the same time, advertisers and brands have become more open to integrating new technologies in their audience outreach strategies,” said Hitesh Chawla, CEO of SilverPush.

Although categorically being in the marketing sector, the company differentiates itself with the use of AI to improve the engagement between brands and consumers.

Its product, Mirrors, was launched in late 2018 to help contextualise ads when people are viewing video content on their devices with the intention of tackling the misplaced online advertising problem. To do so, Mirrors detects context in video content that aligns with an advertiser’s core communications objectives, allowing more effectively targeted ads using AI with computer vision.

With its products, SilverPush has supported the campaigns of APAC-based brands such as Indofood, Unilab, and Tiger Beer. Its international brands’ repertoires include Unilever, KFC, Coca-Cola, Samsung, Johnson & Johnson, and others.

Also Read: Hustle Fund has invested in Singapore-based moving logistics startup Moovaz

Outside of India and Southeast Asia, SilverPush is available in South Africa, Tanzania, Egypt, and the United Arab Emirates.
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Image Credit: YouTube SilverPush

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You need to score at least two out of three to qualify for a good case

What are the justifications for doing this?

When is the timing right?

What is the best way to do this?

These are three of the most important questions to ask when it comes to overseas business expansion.

This post aims to answer these questions and offer insights on how to make the most out of the globalized business landscape.

Why should you consider expanding?

There are three possibilities:

1. You want to generate more revenue.
2. There’s demand in a new market that matches the products or services you are offering.
3. The local market is getting too crowded and local customers no longer favour your brand.
   Businesses naturally expand to make more money.

It’s inherent among businessmen to seek more. It’s not necessarily being greedy.

It’s just illogical to forego opportunities for growth, especially when the facts on the ground are favourable.

It is also instinctive for determined and astute businessmen to branch out to a new market with a high demand for products similar to what they are selling. Businesses typically spend time and resources to discover new markets.

It does not make sense not expanding when a new viable market has been found.

Moreover, it’s only commonsensical to expand when a surfeit of competitors have entered the present market for your business.

When your products are no longer preferred by the customers you used to call frequenters or patrons, it’s high time to consider expanding overseas.

These three reasons for expanding are generally interrelated. You need at least two of them for you to put up a good case for expansion.

It’s not enough that you just want to generate more revenues. There should also be demand in the new market you want to expand into, or you are forced to find other greener pastures as stronger competitors slowly eat away your customer base.

When is the right time to expand?

You may have encountered eager pundits who would say that the right time for business expansion is “now” or “as soon as possible.”

Know that haste almost never gets you to the best outcomes.

Expanding your enterprise overseas needs to be meticulously planned and should only be done once you are ready.

How do you know when you are ready for expansion? The following circumstances should be good indicators.

• Your customers are asking more from you and you have a growing customer base abroad.

They could be looking for a product that is related to your present line of products, and something you are capable of offering. Not responding to the clamour or demand can make your customers go to your competitors.

• You have regular customers and steady profits.

It’s not a sound business decision to be satisfied with a constant stream of revenues and profits. If you are already on a comfortable point in your business venture, it’s the best time to explore other opportunities and reach out to new markets.

Also Read: e27’s Daily Digest is that sprinkle of humanity in your email inbox

• The sector or field your business is in is expanding or evolving.

You can’t be stagnant when the industry your business is operating in is advancing. Refusing to level up will not only mean sustained stagnation but will most likely result in falling revenues and profits. Your business may even head to devolution or irrelevance.

• You have a lot of unused cash.

If your business is too liquidy, it’s only logical to find ways to put the free cash to good use. Expanding internationally is an ambitious endeavour but definitely worth considering.

• A new market, especially overseas, presents a tempting scenario of high demand and profitability.

This does not mean that you have to instantly grab an opportunity you deem feasible. Make sure you study the new market carefully. Be cautious but have some optimism to try uncharted grounds after seeing high potential demand, good purchasing power among prospective customers, and overall market receptiveness to what you are offering.

How should you expand your business?

Is there a formula for expanding your brand overseas? Nope.

The how’s of business expansion are dependent on the kind of business you have and the market you are trying to exploit. However, the following guidelines should be helpful.

• Meticulously and scientifically study the new market and carefully plan your strategy.

This sounds cliché, but it’s still worth repeating. You can’t just go to war without the knowledge of the terrain, opponents, preparations, and the right weapons.

Conduct thorough foreign market research and feasibility study to find out if it’s really worth expanding to the market you are considering, or if you should try other new markets. Arm your venture with accurate and relevant information about the competition, potential customers, and the most suitable business tactics and marketing campaigns.

• Localize or make your branding and promotions compatible with the new market.

Yes, the process of adapting your strategy for a foreign market you want to capture is also called localization. You have greater chances of success in your attempt to go global by thinking local (at the standpoint of the new market you want for your business).

Also Read: Can fintech resolve the healthcare crisis?

Localization, however, is not just about translating your product labels, slogan, advertisements, or brand jingle into the language of the prospective customers in the new market. It’s a more sophisticated form of language-to-language as the resulting translations have to be culturally sensitive, appropriate, not offensive, and relatable to the target customers.

To achieve the best results for your marketing campaigns and to make it easier for potential customers to get accustomed to your products, it’s important that everything is localized.

• Form a committed and proficient team.

For any business activity, human resources are a vital component. If you want success, you have to make sure that the people you work with are competent and convinced in the goals you seek to achieve for your business.

• Develop solid plans and contingencies.

You should have all the standard business plans and more, from the financial to the strategy, operations, and even the growth plans. It’s important to have details and projections to work with, so you can formulate courses of actions in case events don’t turn out as expected.

Study how you should deal with the government or regulations in the new market. Learn the best tactics for setting prices. Don’t forget to carefully organize your logistics. Find the best ways to lower operating costs while maximizing profits.

• Consider all the leverage you can use.

Moreover, it is advisable to use everything you can to facilitate success. You can forge tie-ups or collaborations with local players (in the foreign market). See how far your business network or connections can take you to cushion the difficulties you may encounter.

Once you have solid answers to the why, when, and how questions for your overseas expansion, it’s safe to say that you are on the right track.

Expanding overseas entails major capital outlays and challenges that can test the limits of your business acumen and management skills. You need to plan and be prepared for the many hurdles that may come your way.

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Image Credits: imtmphoto

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‘Health is wealth’ but who has health without their wealth?

Technological innovations in the financial sector have brought about a global bloom in the industry.

In the past three years, the industry has managed to amass US$31 billion and remains promising.

Similarly, the healthcare industry is also looking to advance in technology to bring about innovations in its service.

In our current climate, it is obvious that the rich are getting richer and the poor are living paycheck to paycheck — finding it increasingly harder to pay off loans.

That is why fintech should aim to solve the unaffordable healthcare crisis.

The parallels between fintech and healthcare

The financial environment has changed significantly.

This is due to the increasing popularity of decentralized currencies, tech payment options, digital wallets offered by companies like Apple, Samsung, Google, and online reviews.

The traditional financial institutions like banks are now struggling to prove their ongoing value to the consumers and strive to provide high-quality services at a low price.

On the other hand, the healthcare industry has been reluctant to embrace such technology at a similar magnitude.

However, fintech has the ability to bring significant change in this sector and make healthcare more accessible and affordable for the masses.

Also Read: Cambodia catches up with launching of startup professional service alliance

It can help the patients as well as the medical staff in the following ways:

Data and performance tracking

The worldwide wearables market is increasing by 16.9 per cent every year. Around 310.4 million wearable devices are sold in a year, generating a revenue of US$30.5 billion.

This success is owed to the monitoring of personal health and wellness.

The relationship between tracking fitness and the larger health issues is undeniable and the success of such products has direct implications on the healthcare sector.

Access to information

Providing 24 hours of access to important information has been exclusive for financial institutions — until now.

But its importance cannot be denied in other sectors too, thus, fintech should be utilized to introduce this in healthcare as well.

Through blockchain applications, one can store data, improve functioning with the help of AI, and help individuals in accessing the data.

Removing confusions from billing systems

The payments and billing systems in the healthcare industry are full of trouble, so a change is not just desirable but necessary here.

Fintech startups should help in finding ways to facilitate payments by offering online billing and bill payments.

The interest of the masses is to create a retail kind of experience in healthcare and introduce blockchain for easier and facilitated transactions.

Personalized programs

As individuals have become more open about sharing their personal details and lifestyle choices, it’s possible to formulate personalized programs.

Also Read: How to give your small business a boost with budget advertising

Depending on your age and health condition, these programs can actually lead you to a healthier lifestyle and help in keeping the problem areas under control.

Conclusion

Healthcare should be innovating itself with time and must be working for the betterment of the individuals.

Serving the health-related needs of individuals should be prioritized by different industries and they must work together to ease up the healthcare processes.

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Image Credits: jjvallee

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