In a cracking session hosted by Turochas “T” Faud, CEO, Homeaway startup founders from across the region shared their thoughts & experience of fund raising, branding and other aspects of a successful startup.
On Fund Raising Process
Karl Loo whose Malaysian startup, ServisHero launched in June early this year is backed by YTL said that there is an abundance of fund raising opportunities in this region. In particular, there is a strong appetite from non-institutional investors such as conglomerate family owned businesses who are keen to invest in a high-tech innovative startups.
According to Tom Lokenvitz, “It is less about the money but more about the relationship you build with the investors. While everyone wants to raise money quickly and build business, it is really important to know who is going to invest in your business and when the challenges arise, whether an investor stands by you”.
Donggun Lee, founder of Seoul startup, MyRealTrip said, “The most difficult funding is that first round of funding when your startup is niche and perhaps the market is not ready for you. Our first investor invested in us not for the market but for the team. What I learnt from funding is that market is very important for your business”.
From L to R – Sara Axelrod, (COO, Local Measure), Tom Lokenvitz ( Founder, Smove), Donggun Lee, CEO & Co-founder, (MyRealTrip, South Korea)
Importance of Branding for your startup
- Focus on branding, creative and visual elements of your company to establish brand presence. While establishing a new company, get involved with as many relevant-events where you meet early advocates of your product as that gives you an early exposure & feedback.
- Think about how as a startup you can differentiate yourself and build reputation at an early stage.
- To build brand awareness, focus on improving the quality of different elements in your business. Example, if you are a company providing travel experiences – Try to improve the quality of tour guides on the reputation, security front etc.
Karl Loo, CEO & Founder, ServisHero, Malaysia
The above story is a part of our coverage from TravelRave2015, being organised in YourSingapore from October 19 2015 to October 23 2015. You can find more stories from TravelRave here.
