Singapore startups need to think bold to succeed

Two young women working. Photo credit: Pixabay

I will be stepping down as chairperson of Singapore infocomm Technology Federation (SiTF) this month. The past few years have been a rewarding experience for me. I worked closely with the government and tech sectors and saw the continuing evolution of Singapore’s information and communications technology (ICT) landscape.

Within the ICT sector, manpower has always been a key concern and I’m glad that some of our feedback was taken into account by the government during this year’s budget, with the announcement of more funding and support for ICT manpower development.

The creation of the TechSkills Accelerator (TeSA) program is a positive step that will help empower and improve employment of the tech workforce.

I believe the ICT industry today is much more visible in Singapore than before. We have built one of the most vibrant tech startup ecosystems in the world. Singapore is now seen as a haven for startups, attracting both local and foreigners to start their own businesses.

However, while many startups have jumped on the ICT bandwagon, not all have been entirely successful.

The biggest obstacle for startups

In my role at SiTF and as a venture capitalist, I get to connect with many young companies. I have noticed that, although many have a lot of passion for what they are doing, the biggest obstacle they face remains their mindset.

I have noticed that, although many have a lot of passion for what they are doing, the biggest obstacle they face remains their mindset.

Are they ready to be a startup? What is their end goal and how are they going to get there?

Many are not fully aware that a startup is always a risk. They may have a vision, but might not have thought about the resources they may require, the network they could tap, or partners that could help them.

Many also have not considered the problems they may face, planned for possible adversity, or the tough decisions that may be necessary for their business.

There are a number of young entreprenuers with a skewed perception that an innovative idea will market itself. Unfortunately, this is seldom the case. More important than having an idea is knowing how to execute, turning that idea into a reality.

Many startups are also unprepared for the rigors of launching and sustaining their business. The hardest aspect lies in the realization that 12 months or 18 months later, they find themselves stuck in rut, not having done enough strategic planning and unable to progress further.

Dispelling the myths

So how can startups in Singapore be more successful? Entrepreneurs, firstly, need to be realistic about their expectations. One notion that startups need to dispel is that they are going to make a lot of money in a very short time.

Be courageous and think big