What Makes a Successful Startup
The Singha Venture Fund recently held a forum inviting two of the most successful startups in Thailand: SEA Thailand and Ookbee to share their success stories on how to make a successful startup.
Ms Maneerat Anulomsombut, a chief executive officer of SEA (Thailand), said SEA’s success came from a genuine understanding of the “digital era” that must base on a “mobile first” approach to help solve customers’ pain points and to make their lives easier.
“Startups have to understand that there are always new challenges coming up along the way. Therefore, anyone who wants to do a startup business must have the passion for doing the work, as well as having partners who provide support. So when there are any problems or obstacles, they will not easily give up.”
Besides, the startup must “move fast, fail fast and get up fast”, Ms Maneerat said. They have to decide to change or take action quickly if what they are doing is not bringing them toward achievement, she added.
Meanwhile, Mr Natavudh Pungcharoenpong, founder and chief executive officer of Ookbee and manager of the 500 TukTuks Fund, said “small” is the strong point of startups as they can experiment and immediately implement new ideas. Moreover, if they have good partners offering support, the business can proliferate.
He noted that the continuing trend for startups is the sharing economy model that utilises artificial intelligence and robotics. However, startups should be able to add value to existing business ideas and initiate technology that can serve the needs of Thai society.
Ms Maneerat said that as Thailand transitions to an ageing society, this had created opportunities for businesses that serve the needs of the elderly. Entrepreneurs with strong ideas should seek to capitalise on those opportunities, she said.
The Singha Ventures Fund focuses its investments on startups that work in consumer products, supply chain technology management and organisational systems that can enhance the efficiency of the parent Boon Rawd Brewery Group.