How can startups minimize failure rate, move things quicker and establish the trust with angel investors? Let Gustavo Liu, founder and CEO of EAT Launchpad Singapore tell us the answer, as well as providing us a holistic view of the startup ecosystem in Asia.
Having The Entrepreneurial Mind to Solve Real Problems
Being one of the speakers during BizStart Johor Bahru in July 2019, Gustavo shared about “The Entrepreneurial Mind: Solving Problems for Problem Solvers”. Startups should not exist unless they are solving a real problem in the world. However, startups also have problems themselves. They get stucked a lot, they are trying to learn, they want to get things right, they want to minimize the failure rate. The question is, what helps them to learn and get unstucked? Is it only because they are genetically disposed to solve challenging problem, or is there something else that they can look for? That exceptional quality is what makes entrepreneurs succeed.
Amazing Effort from E3 Hubs to Discover Potential of Johor Bahru City
Gustavo mentioned that it is amazing what E3 Hubs is doing in organizing BizStart JB in this city. Johor Bahru has always been a place that is overshadowed by Singapore and the neighboring cities. However, there are two things that have a lot of potential here. Firstly, there are a lot of investors here who have made their money through palm oil plantations, agriculture, or selling any sort of manufactured product in the past. Today they are looking to invest, and yet, very little startups from South East Asia come to JB. They are mainly looking for Kuala Lumpur, or other bigger cities. Secondly, it is the impressive infrastructure here which can support the local startup ecosystem.
::Startups Create Jobs and Solve The Problems Large Organizations Refuse to Solve
Gustavo is based in Singapore, and he sees SME and startups being the backbone of economy. In his opinion, the real job creator is actually startups, where people are able to join as a receptionist, and climb all the way up to CEO. From that perspective, there are not that many startups in Asia as compared to America and Europe, and that is why there is a lot more potential, culturally and educationally, for things to be done here. He does see a lot of government and institutions coming together to solve this problem. In fact, not only in Malaysia or Singapore but parts like Vietnam, Philippines are setting up ecosystem like startup hubs to be able to spur that. Gustavo predicts there will be more and more initiatives like these, especially because all startups should be solving a real problem, usually the problem that large organizations refuse to solve or think not worthwhile solving. Startups are small but they are willing to solve these critical problems that all those organizations have ignored.
Partnership is Everything
In a nutshell, Gustavo’s advice to the entrepreneurs is:
Partnership is everything. We cannot do this alone. It is only through establishing and building all those relationships and partnerships, that we are able to validate what we are building, and take it beyond to grow our business.
Readers who agree with the issues that Gustavo has mentioned above, read on to understand the solutions brought by EAT Launchpad.
Bridging Startups To Investors
EAT Launchpad is building a digital platform for founders to build, accelerate and document their startup journey, whilst collecting data points, so that angel investors are able to make better decisions when it comes to analyzing and predicting success in early stage startup investments.
Many times, we see the struggles faced by both startups and investors. Startups are constantly stucked, figuring things out, learning, searching for answers but answers are all over the place and they do not know which one to trust. At the same time, investors struggle a lot investing in startups, as they see a very high risk investing in them since they seem to get stucked all the time, leading to high failure rate. Hence, EAT Launchpad intends to solve this pain point through communication between investors, advisors, service providers and startups so they are clear what stage the startup is in now.
Providing Support Through Consulting and Digital Platform
EAT Launchpad has two arms – consulting arm and digital arm. Consulting arm helps incubators and accelerators look after the startups in local ecosystem, which requires a lot of hand-holding to get things right. On the other hand, digital platform is a way to scale up their service so that users are not limited by locations to access to the resources and people as well as companies that can help them accelerate.
Engaging with EAT Launchpad As Users or Investors
The data platform of EAT Launchpad has been built already. At this stage, user testing, validation and feedback are very much welcomed.
According to Gustavo, they will be fundraising very soon, and thus looking for angel investors to help them grow across different parts of the world.
Users who are interested to get the resources that EAT Launchpad offers in their database can sign up at https://www.eatlaunchpad.com/ for free, and the team will assist very soon.
If you would like to hear from Gustavo personally in E3 Hubs events, or understand more about how E3 Hubs can help you as an entrepreneur, kindly sign up to be a member and enquire HERE. We wish you sustainable success in the journey ahead, with the support from our community.