I have been pondering this issue for some time now, and I thought I’d like to put this in writing as well.
You may agree or disagree but these are my thoughts. You have yours and I would certainly like to hear differing opinions. But first, here’s mine:
1. Too comfortable, too arrogant
So folks who run startups are usually in their 20s. It’s an age where most of us are still learning. Or perhaps, an age where we are usually very energetic and confident. That could potentially lead to arrogance, thinking that you’re the best in the world. Sure being confident is good but being arrogant is never good. I have made this mistake before so I know it first-hand. It takes some time to change that especially after encountering some bumps.
Young Singaporeans are also too comfortable. My group of friends who come from poorer family backgrounds are ‘hungrier’ than those who live in condos and private estates. Some wealthy folks might disagree. But this is how I see it. So if you come from a wealthy background, chances are, you’re not gonna be as hungry as someone who has just $10 in the bank. How to be hungry? Simple. Stop taking your parents’ money and go do the real shit. Live bootstrapped and only spend what you earn with your own hands.
Entrepreneurs who have a “safety net” provided by their parents are unlikely to be hungry. We need that pressure to excel; we need that pressure to go get shit done. If we don’t have it, chances are it’s game over.
2. Ignorant about other markets
Singapore is the best in this, Singapore is the best in that. We hear that a lot. But Singapore is probably not the best market for internet startups to expand and grab users, depending on your industry. To incorporate a company here is great, of course. But the big money is usually elsewhere. Many people get sucked into the Silicon Valley magic which is fine as long as they know what they are doing. The U.S. is well publicized enough for folks to understand business there I think.
Unfortunately, a lot of folks don’t see the opportunities outside our cozy island. I mean just outside actually — Vietnam, Thailand, Indonesia, etc. These are the booming markets where few startups have the balls to venture in. And for those who have balls, I cheer for them. It takes some time to change the “Singaporean mindset” and the best way to do it is to dive straight into a foreign market and get things rolling. You will face a lot of resistance but if you’re looking for an adventure, then yes, do it and enjoy it. Don’t be ignorant about our neighboring markets. There are many opportunities to explore there.
3. Limited product offering
This point is linked to the second point. Singapore is a developed market so products developed by startups are naturally for the developed markets too. That said, we naturally miss out the opportunities in emerging markets surrounding our island. Thinking back to what I wrote in a previous article:
Say you build an e-commerce startup in Singapore. You would assume that logistics are good because of Singapore’s smooth roads and vast transport system. Online payment isn’t a problem because most folks use credit cards or Paypal. And perhaps in Singapore you would also cater more for the smartphones because iPhones are insanely popular here. These attributes are pretty much similar to the U.S. But elsewhere, say in Indonesia, everything changes.
So most made-in-Singapore internet products aren’t gonna be suitable for emerging countries. But they could be fine with some localization. Another approach is to understand and build your products specific for the market. Kudos to TMG for having its games built specifically for Indonesia, and apparently its statistics look great. I’m ending off with a comment made previously by Alvin Yap, the co-founder of TMG:
Being a Singapore startup forces us to think global from day one. It isn’t easy but definitely not impossible as well. Key points are to be humble, to recognize that nobody gives a shit about you, and work with good local partners to make it happen.
So above are my thoughts. Agree, disagree, or get angry — Let me know what you think.
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