In this infographic, we solve the burning question of where to begin and what to focus on when you want to embark on your startup journey. However, it is not just any startup journey, but a tech one.
DEVELOP A NEEDED TECHNOLOGY
Firstly, you should develop a needed technology. Though this does sound pretty obvious, it is very crucial, and something that many tend to forget along the way. “A successful startup identifies an unfulfilled need and develops the technology to satisfy it.” It is not a case of the prettiest technology, not “nice-have”, but entirely on the “must-have” factor.
Soklei Taing, Co-Founder, SnapyShop, advises, “Try to fix any existing problems in the society, to find a good solution. You have to do intense market research to understand whether this is a good industry to conduct a startup. If you pick the wrong industry, it might take a lot of time due to the shortage in demand.”
Do not be caught up in the pursuit of investments and as a result push your product or service out when it is not ready. Make sure the timing is right! If you are working your hardest on something you love and a solution that is viable, the money is sure to follow. Have patience and wait for the best moment in order to receive the best fruits of your labour. Remember: Overnight success are not real!
Dr. Hul Seng Heng answers the question of where and how to get funding. He names the government, private sector, foundations and collaboration parties as a few options. Next, how to go about doing it. Write a solid proposal highlighting the strong points of your startup. Make sure you clearly understand the objectives of whatever grant you are trying to apply for, and tackle these objectives in your proposal. After that, review your proposal with any experts to make sure it is sufficient.
Check out the infographic below, and keep in mind that it is okay to fail! “If you fail, at least fail spectacularly!”