Building a good startup in Singapore is no walk in the park. There are many challenges to be faced.
For the simple reason that a tech startup is not just another business. A tech startup is all about innovation. But that’s a subject for another time. Right now we have some good news for startup founders. The Singapore Government is willing to support startups and it has prepared funds for them. This means that your startup dream can come true as well. However, to access those funds, you need to make sure you build your startup for success. Below you’ll find five tips for technology startups in Singapore.
1. Decide on a niche
Many are tempted to think that a broad reach will attract many customers and this will mean their startup will be successful. However, this will spread you and your company’s resources very thin. In a short time, this will lead to everyone feeling like Don Quixote.
If you choose a small niche market, your startup is more likely to be successful. A niche means focus. And usually it means less competition too. When you start out small, you can also figure out easier what your product is, who your customers are and what their actual needs are.
A niche can help you implement a scalable approach as well. It will also help you build a good MVP to validate your idea before you throw all your resources into the startup.
2. Make a plan
No matter what anyone says, every good company starts with a good business plan. While your idea might be great and it could change the world, startups are all about numbers. After all, how do you know that your startup is successful? And how can you show potential investors that your technology startup is a good bet? This is where numbers come in.
Your plan should include the problem, solution, business model, how you are going to do it, competitive landscape, and other key things related to your technology startup. Don’t forget to lay out launch costs as well. They should include inventory costs, marketing, employees, and anything else you may need to spend money on in the first six months. Keep in mind though, a good business plan goes well beyond the first six months.
3. Invest time in networking
Business is all about connections. And this is even more true when it comes to technology startups. The first thing you need to do is get in the startup ecosystem. To get there, you need to network. Still, networking is not just about getting in touch with other founders or with mentors. Networking can help you develop a good customer base as well as a good hiring pool for your startup’s future needs.
4. Bring the right people in your startup
Building a successful technology startup is not something you can do on your own. You may be the greatest founder in the world. Your startup’s success still depends on your team. And on your network. It is very important to surround yourself with people who can help you. Mentors can tell you what to avoid and how to become more efficient and effective. Co-founders can help you get a new perspective and bring complementary skills to the table. Employees and partners with a good attitude can be there to support and motivate you when you feel stuck.
Don’t forget about other entrepreneurs too. Singapore has a great variety of startup founders and businesses from which you can learn.
5. Try to get funded
As a founder, you already invest everything you have in your technology startup. Why not help yourself and try to get funded? even if you are doing alright, additional revenue will increase your chances to succeed in the long run. The startup world is dynamic. New startups appear every day, and given the short attention span of consumers, standing out among other businesses requires a lot of effort. If you don’t really have a good network and don’t have easy access to funds through VCs, you could look up accelerators. But don’t forget about the funds offered by the Singapore Government (https://www.startupdecisions.com.sg/singapore/incentives/startup-funding-sources/).
No matter what you do, don’t forget to keep a good balance between work and life. If you are balanced, you will be more efficient and you will be able to take the best decisions for your technology startup.