When the tough gets going the going gets tough.
To investors & fellow entrepreneurs in South-East Asia
I’ve been wanting to write about this. Somehow, it’s never came off my chest because it might probably sound like a rant. But based on my observation and interaction after pitching numerous ideas, products and concepts to investors, I have unfortunately come to this sad conclusion.
Coincidentally, it’s summarised in this neat article: http://www.techinasia.com/entrepreneurs-dream-big-investors-balls/
And I do agree, most of investors here have got absolutely no skin in the game.
If you want to get funded easily, do an e-commerce site on the next big thing, show how much money you can make and voila. The other way is to create a directory for huge markets like travel, dating, property or a mix between any of these potent ingredients with a dash of unique twist. In fact, 80–90% of successful companies who are funded in this region are companies who are in the industry/segmentation as mentioned as the above.
But if you’re working on a better solar panel or a better vehicle to move around, or a better way to motivate people to work, or a better system to communicate; hang in there for a tougher ride. ESPECIALLY, when there is no clear monetization model and a wee bit of traction but just a jolly good idea or even a jolly good product that is ready for enterprise deployment. Quite ironic, given most world changing ideas bled for a very long time before becoming not only profitable but dominating.
So what do you do, if you’re a fellow entrepreneur who’s in this tricky spot?
The truth is, neither would you as an entrepreneur want investors who’s only going to throw you money when you are on the rise and almost successful. They are the ones who’s probably going to throw a fit when the shit hits the ceiling. Like it or not, your ‘marriage’ journey begins after funding, not before. And shit will hit the ceiling in levels that you’ve never encountered before.
So to my fellow entrepreneurs in South-East Asia, be resourceful and ingenious. Grit your teeth and let the challenges build stronger sinews of muscle strands that would inevitably prepare you for even bigger challenges and successes. Leverage on our ability, as Asians, to harness incredible, driven and ambitious talents from around our region but cost a minute fraction of what our competitors can afford. Form close partnerships with fellow companies and do whatever you can whether it’s consultancy, side projects or other forms of work to keep your boat afloat. Make friends and seek help from “elder” companies for bridging funds or barter trade.
And one day, you will meet the right investors who’s as tough as you are, who’s gone through even tougher challenges yet see you as themselves back when they started, who’s going to hold out better, push you harder and drive your boundaries beyond what you could have ever imagined. That day, you’ll understand why you had to go through a bit more rejections than everyone else.
Pray that we see that day.
