Last week, Cogs Singapore attended the fantastic Startup Grind event where Peng Tsin Ong, the MD at Monk’s Hill Ventures (investors of tech start-ups) presented.
The Startup Grind event series aims to motivate and educate budding entrepreneurs and welcomes leading speakers in the industry to share their business secrets and winning advice. Peng Tsin Ong, a founder of several global internet business (including Match.com, Interwoven and Encenuate) and a proven expert in catapulting start-ups, was the perfect choice to share his inspiration.
Singapore is the 10th best startup ecosystem in the world and has a high potential for growth but Peng knows to ensure this growth – we need to raise the profile of the South-East Asian startup scene, and to provide entrepreneurs with the support they need to build the next generation of businesses.
Peng Tsin Ong’s key focus points for start-ups:
While some of South East Asia’s markets are the perfect hub for startups, others are tougher to crack. Ensure you have a solid understanding of the market you want to launch in. For example, in Singapore education and healthcare startups tend to struggle to get as much funding as in these industries you’ll be up against government bodies. Tech is undoubtedly one of the most popular in Asia, however Peng advises entrepreneurs to ensure they are being innovative and striving to create real value in their chosen market.
Startups need to understand that their offering, that may seem an obvious point but Peng explained that many people approach him with brilliant investment plans, but have no idea what the purpose of the product is in the long-term. As a startup business you need to have 100% commitment, purpose and make sure your proposition has real value. If you have a clearly defined business model and a strong focus on creating value in society and the economy – you should be on the road to success.
In order to understand what the product does, its true value and purpose you need to TEST. When your business is small you can test it in a relatively inexpensive way – think of it as a practice run. Preparation is the key to any business success and testing your business will expose its strengths and weaknesses and prepares you for any outcome. Testing and trialling will help you answer all the ‘what if’s’ of your startup.