One of the critical issues facing a new start-up and vital for its growth is funding. And it is no easy task getting investors. Four start-ups which provide P2P services took to the stage at the WIT Bootcamp to share their experiences in getting funding.
Karl Loo, CEO & founder Malaysia-based ServisHero, an on-demand services that link small businesses to consumers, said there was an abundance of opportunities to raise funds for him.
Local Measure’s Axelrod and Smove’s Lokenvitz discussing funding.,
“In Malaysia there’s huge appetite for investments by family-owned conglomerates in Asia that’s different from the US. And I have investment from a large Malaysian conglomerate – YTL Corporation.”
For Tom Lokenvitz, founder of Smove, a Singapore-based car sharing company, said it was less about money and more on relationship – “who will invest and when the opportunity comes along.”
Sara Axelrod, COO of Australia’s Local Measures, a targeted location-based social media monitoring and engagement tool, said that prior to its pivot in 2012 it was a B2C that pulled feeds to show consumers what was going on. “We’re a media darling and money and clients were not there.”
Donggun Lee, CEO & co-founder of MyRealTrip, a Korea-based start-up that provides the country’s overseas travellers with personalised guided tours in Korean, said that when the company was founded in 2012 funding was difficult.
“When MyRealTrip started investors told us it was too early, and the market was too small. Now it’s easier to get funding – so market opportunity is important for start-ups.”
But since then all have received funding, and the next important move is to build their brands.
For ServisHero it is to concentrate on tech events, and get visible with early adopters. “We’re adapting. We started as mobile only, but now we cannot ignore [the need to have a] web presence. We’re adopting an agile approach and are moulding and remoulding.”
MyRealTrip vetting tour operators through Skype interviews.
Smove’s Lokenvitz believes in walking the talk. “When things don’t go according to plans, learn how to handle the situation and don’t close channels. Be personal.”
MyRealTrip’s Lee is careful about the quality of the tour guides, and looking at new ways to recruit them such as interviewing applicants via Skype.
With funding, working models all are now looking at growth.
ServisHero is “expanding lots more”, Local Measures is growing into international markets with exciting product development, Smove is increasing fleet size by 100 to 200 cars, and MyRealTrip is preparing to launch instant booking to cater to changing needs.
