Tag: marketing

Attract more customers and investors in just 2 minutes

Attract more customers and investors in just 2 minutes

This post originally appears on https://www.techinasia.com/talk/attract-customers-investors-2-minutes/

Disclaimer: You may take more than 2 minutes to accomplish some of the suggestions we are sharing below to promote your startups to potential customers, partners and investors. However, there is no doubt that you are reading this article right now because you are interested to make a quick impact on your startup. To help you achieve that goal, I have arranged the tips in order of increasing complexity so start with the easiest and be inspired to accomplish the rest.

1. Make it a priority to update your own or company’s Linkedin profile
If you are a startup, it is likely that you are looking for partners and investors almost all the time. According to LinkedIn, it already had 380 million members in the second quarter of 2015, making it a huge network of customers, partners and investors to tap on.

A good Linkedin profile improves credibility and allows you to quickly gain vast networks and recommendations to influential professionals in the same industry or those interested to meet nascent entrepreneurs like yourself.

The content to update include your professional background (this is not a case of more is better, include only relevant ones to your startup) as well as past successes. Be as detailed as you can to emphasize that you are better than your peers, for example, taking a shorter time to achieve a certain successful outcome, leading a group of individuals to accomplish the same goal or even doing something outside of your expertise well to demonstrate the ability to learn and adapt quickly.

Next, do ask for recommendations from people who have worked closely with you. Make sure those recommendations appear as sincere as you can, demonstrating specific examples of how you have shined either in your startup or past work experience to demonstrate the potential that you will succeed again now. Do not underestimate the power of recommendations as it is now the new ‘word of mouth’ online.

One common question asked is what if they don’t get back to you? A good strategy to get the recommendations for yourself more quickly is to write for them first or provide them with a template to drive your branding objectives.

At the same time, do connect with people whom Linkedin recommend to you or whom you would like to meet (prominent investors, partners, employees of relevant departments in corporates) as it is just a click away. The network effect will bring you more relevant recommendations and some people may more likely connect with you because you have connected with people from their Linkedin network.

Last but not least, do include email address on your profile so that it breaks down the barriers to connect with you since interested parties can email you instead of sending you InMail.

2. Make it easy for people to know you better and build trust through online platforms
Go to Angelist and set up a profile of your company. Then, repeat for platforms like Crunchbase, F6s and e27. These platforms have vast networks of investors and individuals interested to work in startups so promoting your company’s profile there will allow others to easily discover your startup as well as potentially boost the SEO ranking of your website. I have personally tried doing this when I’m still working for a business incubator and there was an overall 20% increase in the number of queries on incubation/funding in the months that followed.
Next, do update your website to include:
Twitter website
Google+ page website
Facebook page/group website
your new personal or company’s Linkedin profile

If you have received venture capital investment or government’s grant, have you included your startup website and description on the investor’s portfolio website? Take advantage of the higher SEO ranking of the investor’s or grant website as they are probably highly visited by the rest of the startups out there.The fact that you are listed also increases your startup’s credibility as it implies that you have a validated business model.It is also important to include the same information in your own website. Ethan from Lessonsgowhere.com.sg says, “Customers who have never heard of their company before feel safer buying recreational lessons from them when they’re aware that NUS Enterprise and SPRING ACE grant supports their company.”
Peck Ying Tan, cofounder of PSLove.co, a startup which utilises physical products combined with technology to help make a lady’s life easier during “that time of the month”, shares that “People will always be looking out for signs that says “I can trust you”, whether is it by being an opinion leader in the industry (elaborated in the next point) or by simply scanning your website or profiles. Make sure they find the signs.” She also advocates the following:

Reviews reviews reviews (of your product). It takes just one minute to email or call your current customers to take a minute to review your product. Incentivise them with movie tickets (this is tried and tested to work especially in Singapore) if you will. Nothing beats testimonials by customers themselves.
Media coverage. Small media brings in the larger media. It doesn’t matter where you are being covered at the start, but make sure your company has some coverage and other media will be coming to knock on your doors. Your customers / partners are also more likely to trust you when they know you have been featured on the news. It takes just one minute to ping a journalist on Linkedin and propose a suitable angle to write about you.
Attracting success with success. Have you partnered with any big name or have any as your customer? List their logos down on your website, leverage on their names to gain trust. This is especially useful for B2B startups.
3. Establish yourself as the opinion leader in the industry
Through participation in relevant online Forums and Quora. You don’t have to participate in all the discussions and the key is contributing sustainably. For the first two minutes, create an account on relevant forums and Quora. Then set aside an hour on the same day each week to look for relevant threads and air your views.
Reach out to conferences to speak: Volunteer first to gain recognition. As a conference organiser in the past, one of the biggest headaches we have is getting the right speakers and asking them to speak at our events. Having someone who steps forward willingly is certainly much appreciated. Most conferences feature their speakers on the website and new conferences often reach out to these speakers to speak. For the next two minutes, search for suitable conferences happening in the next two to three months and start pinging the organisers.

Be guest writers on blogs like Techinasia (like me!) or other blogs that are in your industry vertical (or where your customers “hang out”). The two-minute task would be to go through what you have written previously and revise it so that it is something that a particular blog would like to publish.Set up an account and blog on Medium. For a start or to increase the mileage of your blog, Linkedin is also a great platform to share your thoughts too.
So… when are you going to start doing any of this?

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For the latest startup news, Follow me on twitter.com/elisetanyl

Read my posts on Techinasia: www.techinasia.com/author/elise-tan/

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Getting the word out on your business — Effective Facebook marketing (Part2)

Getting the word out on your business — Effective Facebook marketing (Part2)

I came across this interesting insights on increasing your facebook’s organic reach and find it so useful that I gotta share! https://www.techinasia.com/talk/improve-facebooks-organic-reach-infographic/

3 things I find particularly memorable:

1. Post at non-peak times, around 10pm – 2am, so that you compete with less of those who are posting too

2. Post organic, behind the scenes photos. Interested readers want to know all about you

3. Ask questions, but not for the sake of it. Facebook is your channel of communicating directly with your consumers, so use the chance to know their queries, feedback and suggestions.

facebook organic reach infographic
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Getting the word out on your business — Affordable yet Effective ways (Part 1)

Getting the word out on your business — Affordable yet Effective ways (Part 1)

I will be sharing about one of my favorite subjects, Marketing and consumer psychology in this post. The ideas below are also inspired from this wonderful article from entrepreneur.com. I have added the local context to those tips I think work here and also added an estimate to the budget/customer.

Running a startup often mean two things — low budget for marketing but a vital need to be top of mind. Here’s some means to achieve both ends 🙂

Online ideas

  • Participate actively in forums
  • If your business is in the B2C space,  you may find participating in forums that are participated by your target customers very cost effective. The key is to establish credibility for yourself, engage the other forum participants in a ‘non-predatory’ manner and present your startup in a FYI, factual ways. Having people to endorse you or give good reviews and testimonials will go a long way. (Cost: your time)
  • Sell on ebay.com, qoo10.sg, amazon.com, carousel app and other e-commerce sites 
  • Why invent the wheel when there are throngs of people already buying things from these apps and e-commerce marketplaces? If your business centres around selling products to consumers, open a virtual store and start marketing your products and services.  The transaction fees get lower as your sales volume increases and it can be a good way of getting your brand noticed, before you build a loyal following which will follow you from your e-commerce marketplace store to a standalone online store.
  • Self-publish an e- book.
  • There are quite a few channels to help market e-books by amateurs and free lancers. As entrepreneur.com puts it, “Nothing screams “expert” quite so loudly as a book written about a subject.” It is as good as an advertisement for your company that’ll last forever. You won’t make money on the book. You’ll make it because of the book.

Create promo codes

  • and set them up on cuponation, retailmenot, http://www.sgcouponcode.com and vouchercodes.com.sg This is more suitable for e-commerce businesses and it helps in being discovered. ($x depending on the depth of the discount – your usual cost to acquire a customer)

Offline ideas

  • Burn the flyers… try Door-hangers on gates instead.
  • Imagine the home owner reaching out for the gate and then discovering this colorful door hangers with a promotion for your company’s product or service attractively displayed… Good idea isn’t it? However, this is just limited to businesses that are geographical based or involve delivery to home. For example: “Having a headache thinking of what’s for dinner tonight? Order now from foodpanda.com for $10 off and get piping hot dinner delivered free to your home. ($2/customer (excluding your time to hang the advertisements))
  • T-shirts and vests.
  • Not an especially unique idea but it could work if you hand them out strategically. For example, if you have thirty employees and your office is based in a highly populated area, with most being in your target segment, giving them company shirts with crisp, catchy taglines may gain you walking billboards, 5 days a week. Handing printed t-shirts to your target customers also help them to keep your brand top of mind, provided that the shirt has a nice design, the right material for the climate and right size for the wearer 🙂 ($10/customer)

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Fundraising? This blogpost is probably a god-send

Fundraising? This blogpost is probably a god-send

Just came across this webpage, http://alexanderjarvis.com/blog/2015/05/19/pitch-deck-collection-from-vc-funded-startups and it is probably a resource that quite a few startups have been looking for a long time.
The writer, Alexander, has aggregated the pitchdecks of VC funded startups. Freaking awesome! Click through for the following companies’ decks:

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For the latest startup news, Follow me on twitter.com/elisetanyl

Read my posts on Techinasia: www.techinasia.com/author/elise-tan/

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Money, money and more money for your start-up!

aceOne common question asked by start-ups is where to find grants or get invested. In this post, I hope to share as much as I can to help budding entrepreneurs like you out there! One of the advantages of starting-up in a country like Singapore is certainly the relative abundance of business grants disbursed by different government agencies as well as investments to help fund start-ups across various industries.

sgd

  • Cash Grants

    Do note that each grant has its set of qualifying criteria, industries of focus and disbursement method. I will be covering the salient points below. Generally, grants only cover a percentage of the finance needed in the initial stage. The business owner will have to top up the remaining capital. Most grants for start-ups are designed to encourage investment in innovation, research and development, and social causes. Popular grants that are made available to start-ups in Singapore include:

aceace

  • ACE Start-ups Scheme:

ACE Start-ups Scheme is a financial assistance scheme where ACE (Action Community for Entrepreneurship) will match S$7 to every S$3 raised by an entrepreneur for up to S$50,000. In other words, the entrepreneur will need to raise about S$21k if he or she wishes to receive a grant of S$50,000. For selected ventures, ACE will match S$3 to every S$7 raised by the entrepreneur for an additional S$50,000.  For these ventures, the total grant is capped at S$100,000.  (But I have yet come across a successful start-up which have qualified for it.)

This is my favourite. Basically, you just need to show that the business plan is innovative, differentiated and scalable. Further, it is especially advantageous for entrepreneurs who are students or alumni of tertiary institutions in Singapore and are below the age of 26 as there is a greenlane arrangement where they can fast track their application process.

One upside is that ACE does not take equity in exchange for the financial grant and the grant is given in disbursements of 2-3 tranches . The downside, however, is that only first-time entrepreneurs can qualify and meet business milestones like acquire x number of customers or users in the early stage of your business. For more details, please click here.

ijam

  • i.Jam Micro Funding Scheme: The IDM (Interactive Digital Media) Jump-start And Mentor (i.JAM) scheme that is administered by the Media Development Authority’s inter-agency, Interactive Digital Media Programme Office appoints incubators such as NUS Enterprise to identify, nurture, and administer funding to technically competent start-ups. More specifically, the incubators will advise start-ups on the uniqueness of their ideas, aggregate start-ups with similar ideas, offer networks, and provide guidance on securing additional funding. Successful start-ups will receive a grant up-to a maximum of S$50,000 of the project’s qualifying costs. Most of the time, Incubators (except SiTF) will take equity stakes (~5%) in the company in proportion to their investment. The grant will be disbursed to the start-up on a reimbursement basis. Do note that the fund will end mid 2016. (So hurry apply now!) To find out more, please click here.

tecs

Technology Enterprise Commercialization Scheme (TECS):

  • For startups in the interactive digital media (IDM) or Infocomm Tech (ICT) space, they can apply for the TECS grants, that are jointly administered by the Infocomm Development Authority (IDA) and SPRING Singapore to spur the formation of new technology start-ups in Singapore by addressing their early-stage funding needs towards the commercialization of proprietary technology ideas. The following grants are offered under the TECS:
  • POC: For applicants who wish to develop proprietary ideas at conceptualization stage: Up-to 100% of qualifying costs for each project up to maximum of S$250,000.
  • POV: For applicants who wish to carry out further research and development on a technology project, including the development of a working prototype: Up to 85% of qualifying costs for each project up to maximum of S$500,000. The applicant must demonstrate proof of interest from a potential customer or third-party investor.
  • Do note that you can apply for POC throughout the whole year but the window for POV applications only opens twice a year. Do expect the application – till – grant disbursement period to last at least 3 – 6 months so that advice is to apply early.
  • Click here to find out more.
  • iSPRINT: Another project by the IDA, iSPRINT (Increase SME Productivity with Infocomm Adoption & Transformation) covers improvements through packaged solutions, such as for accounting and payroll, to more complex customized solutions for areas such as customer relationship management and supply chain management. Any customized solutions require that the development must be for the first-time automation of business functions. In addition, it should be carried out in Singapore, and must not have started before the grant is approved. iSPRINT is open to all locally registered or incorporated SMEs. For more information, see iSprint Scheme Details.

For social enterprises

  • ComCare Enterprise Fund (CEF): The ComCare Enterprise Fund that is administered by the Ministry of Social and Family Development (MSF; formerly Ministry of Community Development, Youth & Sports) provides seed funding for social enterprise start-ups (strictly from the social services sector) that train and employ disadvantaged Singaporeans of up-to 80% of the capital expenditure and first two years’ operating costs, subject to a maximum of S$300,000. More details can be found here.
  • New Initiative Grant (NIG): The New Initiative Grant that is administered by the National Volunteer and Philanthropy Centre (NVPC) provides seed money for Singapore-based start-ups with new initiatives that meet community needs in Singapore and are strong in volunteerism and/or philanthropy. Qualifying start-ups will receive funding that covers up to 80% of costs (e.g. manpower, rent, equipment, volunteerism and philanthropy-related costs) in furtherance of the initiative for one-year subject to a maximum of S$200,000. Click here for more details.

Equity based Financing Schemes

If your business is able to survive on grants in the initial phase of your business, that will be best. Equity financing is capital that is lent by investors to a business in exchange for a share of ownership in the company.  Hence, giving away equity too early in the business may cripple your start-up’s ability to raise more funding to accelerate further growth as it reduces your start-up’s attractiveness to future investors.

Having said that, this form of financing is helpful for start-ups that need larger amount of capital and those who value the knowledge capital and networks that the investor(s) bring to the business. In addition to private sources of equity capital, there are certain co-investment equity financing schemes that have been launched by the Singapore government  in order to catalyze the supply of private capital. In other words, the government co-invests in start-ups along with a third-party investor. The popular government-backed equity financing schemes include the following:

  • NRF Technology Incubation Scheme(TIS Scheme)

A popular program, especially in 2013-2014, the Technology Incubation Scheme (TIS) is an initiative under the National Framework for Innovation and Enterprise (NFIE) programme, which was set up in March 2008. 

Under the TIS scheme, the National Research Foundation (NRF) Singapore could co-invest up to 85% of investment (up to S$500,000 per company) into a Singapore-based start-up, on recommendation from the Technology Incubator.

The Technology Incubator will be required to co-invest the remaining 15% of investment into the start-up. In addition to funding, the Technology Incubator will be required to provide active mentorship and guidance to the start-up.

As an incentive, the Technology Incubator will be given an option to buy over NRF’s stake in the start-up within three years by repaying the capital plus interest. This will align the interests of all parties towards the success of the start-up companies, and help to develop the entrepreneurial ecosystem in Singapore.

Do note that the TIS incubator usually provides the investment in the form of convertible note, a debt instrument that provides the incubator priority access to the assets and money after the company liquidates. Hence, start-ups with convertible note may not be as attractive to future investors.

– Click here for more details.

  • SPRING Startup Enterprise Development Scheme (SPRING SEEDS): SPRING SEEDS is an equity investment scheme where SPRING SEEDS Capital, a subsidiary of government agency SPRING Singapore, co-invests in commercially viable Singapore-based start-ups along with  independent third-party investor(s), matching dollar-for-dollar up to a maximum of S$1 million; the first round of investment is usually limited to S$300,000. SPRING SEEDS Capital and the third-party investor(s) will take equity stakes in the company in proportion to their investments. For more details, please visit here.
  • Business Angels Fund (BAF) Scheme: Related to the SEEDS funding, the Business Angels Fund (BAF) Scheme is an equity investment scheme  where SPRING SEEDS Capital, a subsidiary of government agency SPRING Singapore, co-invests in growth-oriented, innovative Singapore-based start-ups along with pre-approved business angels matching dollar-for-dollar up to a maximum of S$1.5 million. SPRING SEEDS Capital and the business angel group will take equity stakes in the company in proportion to their investments. For further information, please click here.
  • Early-Stage Venture Funding Scheme (EVFS): The Early-Stage Venture Funding Scheme (EVFS), that is administered by the National Research Foundation (NRF), is a co-funding scheme where selected venture capital firms who raise at least S$10 million from third-party investors will receive dollar-for-dollar matching from the NRF up-to a maximum of S$10 million in order to invest in early-stage technology start-ups. Certain qualifying technology start-ups can approach the venture capital firms directly in order to seek funding of up-to S$3 million. Click here to find out more.

Other tips/ resources:

Business Incubation

If you are an undergraduate or alumni of a tertiary institution in Singapore, it is often worth checking out your school’s business incubator. Incubators like NUS Enterprise are an invaluable resource for start-up entrepreneurs who are not only looking for funding but are also keen on getting resources, guidance and know-how for their venture. Typically, business incubators offer a physical space for the new start-up (usually free for first 12 months) to operate along with access to cost-effective or even free shared services, business guidance, and financial assistance during their early-stage of development. It is ideal for start-ups that are looking for regular support, mentoring, funding and networking along with low-start up costs.

Tax Incentives

One of the very prudent and noteworthy initiatives of the government has been the introduction of several tax benefits for start-ups. Tax breaks act an incentive for entrepreneurs to build more companies and generate more jobs for the economy. Listed below are the various tax incentives that are made available to start-ups and SMEs in Singapore.

  • Tax Exemption for Start-ups: Singapore startups that meet certain qualifying criteria can avail of a full tax exemption on a certain amount of their taxable income for the each of their first three consecutive years. A newly incorporated Singapore company that satisfies the qualifying conditions (viz. be incorporated in Singapore, be a tax resident of Singapore and has no more than 20 shareholders of which at least one is an individual shareholder holding at least 10% of shares) will be taxed as follows:
    • For each of its first three consecutive tax years – corporate tax rate of 0% on the first S$100,000 of taxable income and 8.5% (partial exemption) tax rate on the next S$200,000 of taxable income. The taxable income above S$300,000 will be charged at the normal headline corporate tax rate of 17%.
    • From the fourth tax year onwards – 8.5% tax rate on taxable income of up to S$300,000 per annum. The taxable income above S$300,000 will be charged at the normal headline corporate tax rate of 17%. For more information, please click here.
    • Productivity and Innovation Credit (PIC) Scheme: The PIC scheme is a tax benefit scheme that was first introduced in 2010 to encourage companies to engage in innovative and productive activities. Under the scheme, businesses can enjoy up-to 400% deduction or allowances on up to $400,000 of expenditure incurred in each of the following qualifying innovative activities. The qualifying activities include Research & Development; Intellectual Property registration; Intellectual Property acquisition; Design activities, Automation through technology or software; and training of employees. Note businesses will be allowed to combine the $400,000 expenditure cap per year for YA 2015 into a new ceiling of $1,200,000 over the three years. Businesses with a low taxable income, can choose to convert up to S$300,000 of the tax deductions and allowances credited to them into a cash grant, up to a maximum of S$21,000 each year. Businesses can also exercise an option to convert upto S$100,000 of their expenditure into a non-taxable cash payout at a conversion rate of 30%. The cash payout rate will be increased from 30% to 60% for up to S$100,000 of qualifying expenditure in YA 2015. Earlier the PIC benefits were applicable only to R&D activities performed in Singapore.
  • Development and Expansion Incentive (DEI): The DEI encourages Singapore-based companies to move into high value-addition business activities, expand their operations in the country, and procure advanced machinery and equipment by offering a reduced tax in the range of 5%-10% on incremental income derived from qualifying activities.
  • Investment Allowance: Companies may claim capital allowance on plant and equipment used in connection with their trade or business, subject to meeting certain conditions. Budget 2012 saw the introduction of a new Integrated Investment Allowance Scheme that will provide an additional allowance on fixed capital expenditure incurred for productive equipment placed overseas on approved projects with effect from YA 2013.
  • Pioneer Incentive Scheme: Companies from the manufacturing or services sector that engage in activities that raise overall industry standards may be eligible for full corporate tax exemption on qualifying profits for up to 15 years.

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For the latest startup news, Follow me on twitter.com/elisetanyl

Read my posts on Techinasia: www.techinasia.com/author/elise-tan/

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Starting my new year resolutions… All over again

Starting my new year resolutions… All over again

In the blink of an eye, nearly half of 2015 has flown past.

It felt that we just celebrated Chinese New year but my much anticipated Melbourne trip cum birthday celebration had come and gone.
Our dear nation’s father, Mr. Lee Kuan Yew, had passed away more than one month ago…

Sounding rather melancholic but I’m actually very excited about the future!

Come wed I have been invited to Oxford to mingle and dine with the current students, faculty and alumni 🙂 Oxford has been kind enough to invite my partner along too, so that’s double the happiness. Looking forward to meeting like-minded individuals and sharing entrepreneurial ideas! It is my personal interest to understand the bustling startup scene in London, having heard so much about the events such as Digital unBound over there. Acrewhite, the partner for our local InnovFest unBound event is the main organiser of Digital unBound events in London, Tel Aviv and other entrepreneurial cities in the region. Will update more about my trip next time 🙂