In 2021, we were honored to be invited to the 5th Taipei Prominent Enterprise competition and won the “Cultivation Contribution Award” among hundreds of enterprises !
The Taipei City Government is committed to building innovative start-up environments for a long time, and Taipei City is currently the Taiwan’s largest accelerator with startups.
Taipei Mayor Ko and Uniform Lin
We, STARTBOARD, have been supporting all foreign talents who plan to start a business in Taipei at first. Until now, we have accelerated more than 40 enterprises from zero to one, including a wide range of industries such as Sportstech, Edutech, influencer marketing, ecommerce, blockchain, and so on. Furthermore, nowadays, we initialized NETA programme to assist Taiwanese enterprises to expand their business into the Southeast Asian market.
Note: NETA is the abbreviation of New southbound Entrepreneur Training Alliance and also the meaning of master or leader(नेता) in Hindi.
You never know which decision you made is correct or not. However, we feel blessed to go with our colleagues from Day 1 until today with our initial mission. We believe that our core value is beneficial to society and the whole startup ecosystem. It is unavoidable to be confronted with ups and downs in the process, but these difficulties indeed form our enterprise, STARTBOARD. said Uniform Lin, CEO of STARTBOARD.
STARTBOARD teammates
In 2021, a total of 16 companies were given awards by the Taipei City Government. We, STARTBOARD, are also honored to be given the Cultivation Contribution Award.
We will continue to support every talent who wants to start their business in Taipei and other cities of Taiwan. Thank you all, we’ll keep dedicating ourselves to the right thing.
5th Taipei Prominent Enterprise competition
Group photo of 16 companies in Taipei Prominent Enterprise competition
The Republic Day of India, the date on which the Constitution of India came into effect on 26, January 1950, replaced the Government of India Act (1935) as the governing document of India and thus, turning the nation into a newly formed republic. We gathered together to celebrate the Republic Day of India and invited Indian experts from different backgrounds to share information about the market & investment in India at the celebration tea party. After the peak of the epidemic in 2021, the vaccination penetration rate in India has increased, and the government has also sprung into action to promote monetary and fiscal policies to strengthen the economy. With China cracking down on the technology industry, international investors are looking to India as an emerging market for investment, which leads to an IPO boom of technology startups in India in 2021. Moreover, the growth of tech startups and the electric vehicle industry is expected to continue growing substantially in 2022.
Prior to the main sharing session from the speakers, we belted out the national anthem of India to celebrate this special day. Throughout these years, we’ve nurtured more than 40 startup teams to pursue their dreams and have seen booming Indian startup power in Taiwan. In addition to introducing STARTBOARD’s Indian teams, Dr. Dinesh Kumar launched his new product – DAILYGUDS, a trade automation platform that aims to automate the goods redistribution process of a country starting in Taiwan.
DAILYGUDS – product launch
India & Taiwan: A Synergic Collaboration for a Better Tomorrow
Ms. Arpita Dutta as the Senior Legal Consultant of Louis International Patent Office gave a detailed overview of India & Taiwan’s synergic collaboration. Based on both countries’ policies, talent resources, import & export categories, Taiwan is now facing a talents shortage and India’s young & high-tech talent pool is an important resource. Also, the trading categories of both countries seem to have complementary advantages. She also analyzed the startup environment and emphasized the importance of IP support, legal & pre-investment consultation, and company registration when developing the business into a new market.
Senior Legal Consultant of Louis International Patent Office – Ms. Arpita Dutta
The Investment Environment and Preferential Policies of Indian Market
Dr. Dinesh Kumar as the Regional Chairman-Asia of Indo-Foreign Business Council(IFBC) shared the information of India’s market and investment opportunities. In FY 2020-21, FDI inflows (including equity, re-invested earnings, and capital) reached the amount of US$81.72 billion, 10 percent higher than the previous year. Utilities, financial services, and healthcare ranked highest amongst industries likely to make new investments in India. There are also more and more international investors looking to invest in India, like Japan, the UK, Singapore, and the USA.
Regional Chairman-Asia, Indo-Foreign Business Council(IFBC), India. – Dr. Dinesh Kumar
How I Became a Serial Entrepreneur in Taiwan
Dr. Nikhil Pathak as the Founder of Sohum Foods shared his stories and experiences of being a serial entrepreneur in Taiwan. In 2018 he founded GoEco, producing bio-based, disposable eat-ware products. After several unsuccessful experiences, he combined those and founded Sohum Foods – an Indian vegan restaurant & cloud kitchen. He not only shared his failure but mentioned the important mindset of being an entrepreneur. Besides, he gave a brief introduction of Taiwan’s startup environment and its main strengths – convenience, speed & reliability, events & interactions.
Founder of Sohum Foods – Dr. Nikhil Pathak
We were happy to see the audience asking questions and networking with all the speakers after the speeches, building connections with the Indian community in Taiwan. And that’s STARTBOARD’s mission from day 1, providing enterprises interested in the ASEAN market with firsthand information, and encouraging more ASEAN talents to build their business in Taiwan. We celebrated Republic Day and hope for the continued prosperity of India.
Launched by the Thai government in 2016, the new economic transformation strategy – ‘Thailand 4.0’ aims to accelerate industrial transformation and to promote innovation, creativity, and advanced technology. Thailand has made remarkable economic development to further its strategy as Asia’s business center for multinational companies looking to penetrate into the Asian consumer market. Even though there are some challenges remaining due to political factors and the COVID-19 pandemic, many innovative business models have been created to accelerate the digitalization of the companies’ services and recent startups specializing in fintech, e-commerce, online trading, and SaaS have become more trending. Major steps have been taken to create ecosystems for startup incubation as it follows the ‘Thailand 4.0’ policies to support startup development at all stages. The steps include financial support and risk management, capacity-building for Thai and international startups, and increased connectivity with the regional and global communities. And so, STARTBOARD held the Thailand Theme Night on November 19th, 2021 in hope to encourage more entrepreneurs nor investors who are interested in the Thailand market to have a better understanding of the startup environment.
Prior to the main sharing session from the speakers, we received a few welcoming speeches from our special guests at the event. Firstly, Acting Executive Director of Thailand Trade and Economic Office (TTEO) Mr. Sunh Arunrugstichai briefly explained Thailand’s development as a country. Despite the COVID situation, the bilateral trade and investment between Taiwan and Thailand are still sailing smoothly. In terms of ease of doing business in Thailand, it recently has shown more opportunities, especially to young entrepreneurs, due to increased internet access and access to mobile banking. Moreover, he also mentioned how the Thai government has been initiating an Eastern Economic Corridor project (EEC) to prepare the zone for the digital era by emphasizing in the 12 industries that are considered as important drivers for the country’s sustainable development.
Mr. Sunh Arunrugstichai – Acting Executive Director of Thailand Trade and Economic Office (TTEO)
Assistance Investment Promotion Officer of Thailand Board of Investment (BOI) in Taipei Office Mr. Kittipong Thapanapaha talked about ‘Thailand Investment Opportunity for Digital Industry’ and briefly explained why chose Thailand as a place to invest. Thailand is considered as the Crossroads of ASEAN due to the country being surrounded by the world’s economic powerhouses which can provide more opportunities for startups and investors to not just focus on Thailand, but also on the surrounding neighboring countries. The country has also been recognized to be a manufacturing-based industry for decades but it’s time to move forward with the Thai government strategy called ‘Thailand 4.0’ so as to enhance efficiency in the production process and increase competitiveness. He also briefly introduced the BOI promotion incentive package and the digital promotable activities.
Mr. Kittipong Thapanapaha – Assistance Investment Promotion Officer of Thailand Board of Investment (BOI) in Taipei Office
Director of Thai Trade Office in Taipei Ms. Kallaya Leewongcharoen briefly introduced the Department of International Trade Promotion (DITP) with its mission to help Thai entrepreneurs to be competitive on the global stage by providing consultation and facilitating them through various service channels. It is also DITP’s mission to increase business opportunities for Thai products and services through international trade shows while also continually increasing the quality of their services.
Ms. Kallaya Leewongcharoen – Director of Thai Trade Office in Taipei
Representative of Thai Student Association in Taiwan (TSAT) Ms. Natwara Lohapraditakon briefly introduced TSAT which is an online community where Thai students gather together to share information about life and education in Taiwan. TSAT has done collaboration and receives funding from the TTEO for the events and gatherings they hold each year.
Vice President of NTUST Thai Student Association Mr. Chairat Mooksri briefly introduced the NTUST Thai Student Association in hopes that through this event the Thai students from NTUST can get more opportunities in the future such as special seminars, workshops, collaboration from organizations, or sponsorships.
In the video, President of Taiwanese Student Association in Thailand Mr. Nicolas briefly introduced the Taiwanese Student Association in Thailand which is officially the first Taiwanese student organization in Southeast Asia. Their organization’s main emphasis is to strengthen the relationship between full-time and exchange students that are living in Thailand. They also want to advocate the interchange of culture and education between Taiwanese and Thai people, especially the students.
By moving on to the main topics of the event, STARTBOARD has also invited wonderful speakers from different companies to share their experiences in building or expanding their business into Taiwan or Thailand.
The Business Opportunities between Thailand and Taiwan in a Post-pandemic Future
Ms. Woranath Khemasiri as the PwC Thai Accountant (Thai Expert of NETA) shared about the PwC launched the yearly Taiwan CEO Survey by interviewing CEOs of Taiwanese businesses who are listed in the Taiwan stock market and also the private sector. Based on this year’s Taiwan CEO survey, the CEOs’ view towards the post-pandemic future is positive as they expect the business to continuously expand and grow abroad. They also see the potential of Thailand, Korea, and Malaysia to be the biggest markets in the next few years. Due to the pandemic and the rise of conflict between the U.S. and China, it pushed the Taiwanese CEOs to consider risk management of their business and determine the possibility of which country to expand into. Then, she moves on to explain a few things to know about Thailand’s recent economic challenges and prospects for recovery. The tourism sector around the world undoubtedly got affected the most during the pandemic which led people to find places that are safe to travel to. For the country to change into a post-pandemic future, they need to upgrade the automatic sector as they are still traditionally doing business. And as for foreign investment in Thailand, business owners would still encounter some restrictions so they need to make sure that their business complies with the law while also managing to get tax incentives from the government.
Ms. Woranath Khemasiri – PwC Thai Accountant
Connect the Future by mmWave Technologies
Mr. Su-Wei Chang as the Founder and CEO of TMYTEK mentioned that two important things to remember when moving towards digitalization are energy as in power to the future and communication. The company’s mission is to improve life quality with mmWave bandwidth as the 5G spectrum will keep growing bigger into the future. Then he moved on to talk a little bit about Metaverse which is about connecting the virtual world with reality. With a lot of bandwidth like mmWave, it can support the foundation of Metaverse and also achieve a future where all smart cities are connected. As a startup, he wants the company to be able to solve any problems related to mmWave. And so, the first product they made is BBox which currently has delivered 100 sets of it to companies including KDDI, SoftBank, Fujitsu, several Fortune 500 companies, and research institutions. Furthermore, the company recently announced the world’s 1st 5G mmWave Developer Kit for Academics and Research while also wanting to support mmWave talent incubation. Lastly, the reason Mr. Su-Wei Chang chose to enter the Thailand market other than having good connections with many Thai friends, it’s currently not easy for the business to go back to Europe and the U.S., especially with the recent global economic situation. He concluded that Thailand is considered to be a good place to build businesses for many reasons such as the population being very open to it.
Mr. Su-Wei Chang – Founder and CEO of TMYTEK
KOL Marketing in Thailand
Ms. Thelma Lin as the Director of Taiwan to South Association talked about how some of the social media are utilized in Thailand. During the pandemic, few of the internet eConomy sectors were on the rise, especially the online media sector. Firstly, Facebook is still widely used by Thai people even with its complex algorithm to reach the target audience. She emphasizes the importance of knowing how the algorithm works and to try an advertisement mix to analyze what kind of content will attract the right audience. Then for marketing through Instagram, picture quality matters because it can attract more followers if the quality of content is good. Last but not least, Youtube is all about putting more emphasis on long-tail SEO, especially in how frequently you update with quality content. In addition to those social media platforms, LINE is also considered to be very popular in Thailand. According to Ms. Thelma Lin, Thailand has the second most LINE users, coming behind Japan as the number one LINE users in the world.
Ms. Thelma Lin – Director of Taiwan to South Association
The e-commerce market and industry in thailand
Ms. Bow as the Thailand Marketing Specialist of GDT briefly mentioned the company’s services such as e-commerce, influencer, and payment & fulfillment. In terms of e-commerce solutions, GDT would always recommend building an official website as it’s the best way to build first impressions and gather brand-based memberships. Moreover, nearly 98% of users browse websites via portable devices so owning an application is also useful to save marketing budget and enhance the relationship between customers and brands.
GDT can also provide OMO (Online Merge Offline) solutions and fulfillment solutions; which is about building the company’s very own warehouse. With their solutions, the GDT team is capable of providing the most thoughtful service with effectiveness in cost and time, plus OMO opportunities. Lastly, when Ms. Bow was being asked about the differences in marketing strategies in ASEAN countries, she mentioned some countries such as Vietnam and Indonesia would have their own social media platforms so it may be harder for business owners to penetrate into those markets. However, in the case of Thailand, it has more international platforms such as Facebook, Instagram, LINE, etc. The other problem that should be taken into consideration when applying the marketing strategy in other countries such as ASEAN would be the language barrier.
Ms. Bow – Thailand Marketing Specialist of GDT
Smart Fitness Solution and Business Model
Ms. Frances Huang as the Business Development Manager of Uniigym introduced the company as a platform that consists of people who love sports and builds solutions for people who love exercise without worrying about time and space. Furthermore, they help to enhance the fitness experience by the use of AR trainers (AI interactive fitness service). The service not only benefits the families but also the trainers who want to build their personal brand. The technology will track the movement for its accuracy and also record exercise history and health data tracking. Lastly, the reason why she chose Thailand for expanding Uniigym services is that the people in Thailand are very open-minded to new things and are looking for convenient ways to connect with each other. So due to already having connections in Thailand, she easily managed to hire trainers, employees and influencers.
Ms. Frances Huang – Business Development Manager of Uniigym
After the speeches, we also arranged time for the audience to ask questions and to network with all the speakers. Many Thai students and talents in Taiwan came to build connections with Taiwanese companies and startups. And connecting the entrepreneurial ecosystems of Taiwan and ASEAN countries is always our mission. STARTBOARD will consistently fulfill our vision and we toasted for the continued prosperity of Thailand and the everlasting friendship between our countries.
The Delta variant made a huge economic impact on the whole world once again, but Taiwan enterprises have never stopped developing their business into the ASEAN market. In this era of harshness, there are still tons of opportunities. To step into this market, STARTBOARD held the INTO ASEAN MARKET webinar on 20th August 2021. In this webinar, we focus on two countries of ASEAN. One is Indonesia, which is the biggest economy of ASEAN, and the other one is Vietnam, which successfully controlled the poverty population from 70% to merely 6% within 20 years.
With many distinguished guests attending the event, including TAIRTA, IAPS, TTA, Louis Group, Cross bond, and NETA, this webinar became a huge success. STARTBOARD also invited experts from ASEAN markets and CEOs from Taiwanese startups to this webinar as speakers. The first one is Edison Hsueh, business deputy director of STARTBOARD, who strives to continue helping both foreign and Taiwanese startups with their business and resources such as government resources and Southeast Asian market trends. The following two speakers are representatives of Taiwanese startup companies. The first one is Ivan Tsou, the CEO of Formosation. Their first product has raised more than NT$ 1 million within just one month on the crowdfunding platform. They are currently expanding markets in Japan and Vietnam. Another one is James Chao, the founder and CEO of Destino Skincare. He adheres to the concept of “Excellent skincare products in line with international standards”, and continues to promote high-quality products and Taiwanese beauty brands to the international market.
Moreover, there are two experts from ASEAN countries. One is Evy Chang, the investor relations director of Wiziin. She led and implemented large strategic National Image projects combined with detailed market-trend and opportunity assessments with customer insights. And the other one is Antonius Agoeng, the founder of ISheEra, who has successfully assisted many Taiwanese brands in entering the Indonesian markets through his e-commerce platform and agency.
The overview of ASEAN Market and Opportunities
This webinar started with a speech, given by Edison, the Business Deputy Director from STARTBOARD. As an incubator, STARTBOARD focuses on assisting entrepreneurs from ASEAN and Indian countries to start their own businesses in Taiwan. For the past three years, they have been coaching students from both ASEAN and Taiwan to start their own businesses. Also, they have assisted Taiwanese entrepreneurs to expand their brands into ASEAN and Indian markets through marketing research and international connections.
Edison started his speech by introducing the strengths of all the countries in ASEAN markets. First, he pointed out the advantage of the large population. There are 650 million people in ASEAN markets. Because the birth rate in ASEAN is higher than in Taiwan, there is no need to worry about population aging. Moreover, the ethnological cultures in the Philippines, Vietnam, Malaysia, Thailand, and Indonesia are all Hedonism when it comes to purchasing. It will keep activating the economy, especially in domestic services and daily necessities. Edison also focused on the startup ecosystem, mentioning the countries in ASEAN have been generous in giving resources. The atmosphere was delightful, which successfully boosted 12 unicorns in ASEAN markets. The credits all go to the operation of the ASEAN markets and the resources they contain. Also, this is the reason why Taiwanese enterprises should seize this opportunity.
Formosation, the advocator of oral health
Ivan Tsou, the CEO of Formosation, dedicates himself to improving and strengthening people’s concept of periodontal cleaning. To lower the rate of Taiwanese suffering from periodontal disease, he has developed a safe and convenient dental floss called “Morph” with partners from different specializations. This product has raised over 100 million dollars within only one month after being launched on the crowdfunding platform. The company is arranging the paths to Japan and Vietnam now.
Aside from Morph, Formosation has been promoting AntiQ Smart Toothbrush. By using an interactive APP, brushing teeth can be a game, helping people form a habit to brush their teeth. Also, by implementing subscription mode, consumers will maintain their habits in order to reach complete and authentic oral care. This product has been awarded the Top 50 international track announcement, standing out from approximately 2,000 groups in Startup Wheel 2021. For the future plan, because factories all over the world are moving south currently, Ivan has been considering establishing a branch in Vietnam, not only to do marketing research but also to find out more international talents to develop ASEAN markets.
DESTINO, the expert of skincare
James Chao founded DESTINO in 2011, which is exclusively for Taiwanese females. Their products aim to improve Atopic Dermatitis and other allergies Taiwanese have suffered. In addition, they contain hypoallergenic formulas the company emphasizes a lot to avoid overstimulation. James upholds the concept of becoming a top skincare brand and continues to promote Taiwanese cosmetics with excellent qualities to the world, aiming to integrate with international markets soon. The company has already sold its products to Japanese and Southeast Asia markets with success.
DESTINO has entered the online e-commerce markets in Vietnam, Indonesia, and Thailand. Local consumers value the whitening effect a lot, as well as the anti-wrinkle and blemish. Their new product, RUBY, contains cistus abstraction, which can smooth wrinkles effectively and meet the requirement of consumers from Southeast Asia. “ In a market full of the same products from different brands, it is Word of Mouth strategy that matters,” said James. He also pointed out that a product may not appeal to Taiwanese consumers due to the high price. However, in Southeast Asia, the same product may be a hit due to conspicuous consumption, which is the marketing strategy in DESTINO. James is looking forward to finding powerful connections with local enterprises in ASEAN markets.
How to grasp your Vietnamese startup marketing opportunities?
Evy Chang, the investor relations director of Wiziin, is a Chinese Indonesian. Because of this unique identity, she is utterly familiar with the Indonesian markets. Furthermore, she understands the traits of Vietnamese markets as well due to her two-year working experience there. At that time, Evy went to two startup companies and was the general manager and the investor relations director separately. She sources and verifies opportunities through reliable networks across Greater China and ASEAN countries in both the public and various ecosystems.
For the Vietnamese market, Evy firstly dives into the circumstance of lacking a fundraising platform in Vietnam. “If you think that it is so hard to find the investors, the investor may have the same problem with where he or she can invest!” said Evy. She also mentioned that the investor matching platform like Wiziin is like a CC cream of a company. Before a startup team entered a crowdfunding platform, they may have been competitive but lacked some package and marketing skills. Thus, this kind of investor matching platform can help them build up these skills and make them catch the eye of the investors in the Vietnamese market. Lastly, Evy discussed the significance of knowing their target customers. In addition, she brought out the importance of one group of customers, Generation Z. Generation Z, who are addicted to the internet and spend money like water, plays a crucial role in this generation of e-commerce. Evy said that we should take advantage of their characteristics, letting them be happy to buy your products. Making some positive and eye-catching marketing content could be your first step to try.
The vital materials Taiwanese business should get before entering Indonesia market
The expert of the Indonesian market in this webinar, Antonius Agoeng, is also a Chinese Indonesian. Since the twenty-year living experience of Taiwan, he knows the living ways and cultural differences between Taiwan and Indonesia so well. The promotion of the new southbound policy and caring for the women issue makes him want to found ISheEra, the company that helps Taiwanese brands entrance the Indonesian market by selling feminine products through an e-commerce platform and purchasing agents.
Mr. Agoeng firstly emphasized the importance of the e-commerce platform and purchasing agents by mentioning Generation Z. Further, he talked about the advantages of the Indonesian market, like the political stability, the growing numbers of Infrastructure construction, etc. “If you would like to enter the Indonesian market, please be friends with them sincerely,” said Mr. Agoeng, he reminded Taiwanese businesses to keep Hala and brand localization in mind.
The networking section
After finishing the topic lecture, the webinar went to another section, the networking section. In this part, they focused on the three topics “The steps of entering the ASEAN market”, “The strategies about dealing with covid-19 pandemic”, “The precautions of entering into ASEAN market”
In the aspect of entering the ASEAN market, they visited the pain-point of the market first. Agoeng and Evy mentioned that the crucial part of being well developed is earning the trust of the locals. Moreover, you have to be patient and have a long-term management attitude, which means that you shouldn’t think your products will be sold out easily and do not notice the thought from the customer’s mind. On the other hand, you have to get to know more about your customers like when will they buy your products? Ivan and James also share their viewpoint with the audiences afterward. They pop out the necessity of cooperating with professional teams and experts.
After the discussion about the pain-point of the market, the four speakers started further to the topics of the potential industry. Evy brought out Generation Z which she mentioned before and emphasized that the products that have a sense of freshness are the potential industry. Additionally, Agoeng said the health tech industry is also viewed as an important industry gradually. Especially for the consciousness of health getting higher than before, Agoeng recommended Taiwansese health tech-related industries to give a try on expanding their business to ASEAN.
Although covid-19 may raise people’s consciousness toward health and bring out business opportunities, it still affected many companies. In this webinar, both Ivan and James mentioned current situations, such as supply chain disruption and cash flow. Also, consumption patterns have changed a lot, which increases the importance of online shopping. Ivan pointed out the significance of the awareness of e-commerce. Changing business strategies as time goes on is crucial. Evy supported Ivan by analyzing the pandemic period. She does not consider avoidance a long-term plan. Companies need to have plans to adopt and prevent covid-19 from going on in the next few months or years.
As startups promote their brands and products into ASEAN markets, sometimes their marketing mindset and strategy remain the same as they used in Taiwan. Antonius pointed out that companies need to think twice about customer’s buying habits when entering local markets. Adjusting products’ information on each package while complying with the regulations will be one solution to make consumers understand Taiwanese brands better. Evy added that sometimes the business strategy needs to be flexible. For example, when composing advertising or marketing copy, putting local employees or interns in control may get better results than being coached by supervisors. Having faith in local employees and believing in their perspectives could lead to spectacular outcomes.
Speaking of the potential countries to expand businesses in the future, Ivan said his mid-term goal would be entering Vietnam, Thailand, and Malaysia. Among Southeast Asia markets, consumers in these three countries value teeth whitening the most. They are willing to spend a large amount of money on this benefit. Targeting this kind of consumer psychology will lead to a promising future for Formosation.
At the end of the webinar, we have arranged a Q&A section for the audience online. All the startup talents can leave their questions and doubts about starting a business or ASEAN markets in the live stream chat room. These questions from discussing the industry categories to talent management were all answered by four speakers, such as the feasibility of the online fitness industry and the difference among local customs, cultures, and use of languages when managing talents from different countries. The speakers have shared their personal experiences and problem-solving techniques with the audience without reservation. This Q&A section not only made online talents, who are interested in Southeast Asia markets, get loads out of it but also brought a successful conclusion to this webinar. STARTBOARD understands that ASEAN markets may be promising but unfamiliar areas for Taiwanese enterprises. Therefore, we are looking forward to helping startup teams, and small and medium enterprises enter the Southeast Asia markets. We are also willing to help them find talent to support their journey in expanding their businesses.
India Theme Night held by STARTBOARD has caught the fancy of the audience on September 11, 2018. Located at Social Innovation Lab, the event was filled with excitement and curiosity from the audience. Not only to have a deeper understanding of India startup market and entrepreneur, but also to build a connection with fellow audiences and get some real-life experience from the professional guest speakers.
From student to startup, from India to Taiwan
Our first guest speaker is Nikhil Pathak, the founder of GO-ECO. As someone who took Ph.D. and has experienced university life in Taiwan, Nikhil brings out the real-life stories and his experience from being a student and his journey until he managed to build his own company. His company, GO-ECO, is a startup concerned about the worsening plastic pollution from all over the world. Nikhil built GO-ECO with the hope of their customers to be eco-friendly, just like the company name.
By Joining a competition called The Hult Prize, Nick was able to learn on how to turn an idea into solutions and make solutions into business model, and he thinks business model can make an impact on society.
Some inspiring words and tips from Nick that he got from his life experiences:
Dream big
Have a bigger vision and mission
Turn an idea to a vision
If you believe you can change the world, one day you will.
A good idea is an idea that solves a problem
The leap of faith
Nick pointed out living out the comfort zone and go to do something you are not quite aware of is called the leap of faith.
Even if we succeed or fail, the leap is worth to take, so please take the leap.
Nick also encouraged students in Taiwan to take the first step to start a startup, since Taiwan has nice ecosystems, incubators, and co-working spaces. Startups are very diverse and powerful in Taiwan, so Nick encourages every student to go for the idea they have.
“If you really want to have a startup, you should have a habit to work hard and get out of your comfort zone.”
Why to start a startup in India?
Our second keynote speaker is Ananta Kar, having had a lot of experiences and a great education background, also experienced living and studying in various countries, including MBA at National Taiwan University, he is a founder of startup company Consult Dr, a platform that helps patients to make online appointments and to connect doctors online. He shared the experience of Indian entrepreneurs and how is the startup ecosystem in India.
India is expected to grow more than 7% in the near future, which means that there is a great possibility to start a business or startups in India. They have 3-4 startups growing every day, and 55% of millennials preferred to start their own startup. Also, the number of incubators in India has increased by 40%.
Ananta emphasized that India has an unparalleled opportunity for startups. India is the 6th largest manufacturing country in the world, and highest FDI inflows in last for about 2 until 5 years, plus there is an ease of doing business in the country, and you can do any business on the internet, mobile platform, and cashless economy.
On August, 21th 2018, STARTBOARD participated in Mox Demo Day, where 6 startup teams full of brilliant ideas pitch their products to senior investors.
Founded by SOS Venture and Gmobi, Mox made its debut in December, 2015. As its name discloses, Mox is also known as Mobile Only Accelerator, making 24/7 dedication to nurture global startup teams in such fields as application, mobile services and online platform. Mox provide startups with top-notch mentors and resources with an eye to refining startup teams’ business models and eventually nailing it at emerging markets.’
Starting up is about creating a whole new business model that is innovative enough to disrupt the ecosystem; not about maximizing your income by adhering to old patterns.
Mox provides startup teams with opportunities to pitch themselves in front of the general public, government agencies and investors with laser-like perception.At Mox Demo Day, STARTBOARD also met up with six startups with promising future, seeking further possibilities of cooperation with big corporation and investors. The first startup team we desire to highlight is ClearDekho from India.
ClearDhkho is the first of such online prescription glasses business in India!Harnessing their keen observation well, ClearDhkho realizes that in India, more than 250 million people dwelling in remote areas and little towns get daily struggles to “see clearly.” On top of hectic traffic and the long distance they need to travel through, some prices of eyewear products exceed the reasonable price they set.
ClearDhkho also regards itself as Warby Parker for the India mass market, allowing target audience to purchase glasses with simply a few clicks at 7 US dollars. Aside from perks of saving your time and money, the good news is that ships and returns are all for free! Setting their sights on achieving 75% of the Indian population, ClearDhkho continues to expand the business, opening six to seven stores in India on a monthly basis!
STARTBOARD with Singh Shivi, the co-founder from ClearDekho
Here comes the first Viet night in 2017!!!
This theme night had diverse discussing topics related to startup field such as the passion, the challenges and how Taiwan is a great destination for startups over the world generally and ASEAN-INDIA specifically. Specifically, in the Vietnamese night, not only having Vietnamese Experts Association in Taiwan (VNEAT), but also we invited the founder of Vnimation, a very experienced company in Vietnam about VR Techonology in building and construction, to shared their story while attending the IDEA’s Show @APEC and their plan to expand market to Taiwan!
Recently, STARTBOARD attended different events and meetings with Government representatives, also Taiwanese start ups. Here is some of the photos summarizing our last week.
Meeting with Taiwanese start up Follia
Meeting with Taiwanese start up Follia
Attending with Aimazing on Microsoft BizSpark Event
visit to Department of Industrial Development, National Development Council.
“When we least expect it, life sets us a challenge to test our courage and willingness to change; at such a moment, there is no point in pretending that nothing has happened or in saying that we are not yet ready. The challenge will not wait. Life does not look back. A week is more than enough time for us to decide whether or not to accept our destiny.”
Acquisition: When one company buys controlling stake in another company. Can be friendly (agreed upon) or hostile (no agreement).
Agile: A philosophy of software development that promotes incremental development and emphasizes adaptability and collaboration.
Angel investor: Individual who provides a small amount of capital to a startup for a stake in the company. Typically precedes a Seed Round and usually happens when the startup is in its infancy.
B2B: Business to business. This describes a business that is targeting another business with its product or services. B2B technology is also sometimes referred to as enterprise technology. This is different from B2C which stands for business to consumer, and involves selling products or services directly to individual customers.
Benchmark: The process by which a startup company measures their current success. An investor measures a company’s growth by determining whether or not they have met certain benchmarks. For example, company A has met the benchmark of having X amount of recurring revenue after 2 years in the market.
Board of directors: A group of influential individuals, elected by stockholders, chosen to oversee the affairs of a company. A board typically includes investors and mentors. Not all startups have a board, but investors typically require a board seat in exchange for an investment in a company.
Bootstrapped: A company is bootstrapped when it is funded by an entrepreneur’s personal resources or the company’s own revenue. Evolved from the phrase “pulling oneself up by one’s bootstraps.”
Bridge loan: Also known as a swing loan. Short-term loan to bridge the gap between major financing.
Buyout: A common exit strategy. The purchase of a company’s shares that gives the purchaser controlling interest in the company.
Capital: Monetary assets currently available for use. Entrepreneurs raise capital to start a company and continue raising capital to grow the company.
Capital under management: The amount of capital, or financial assets, that a venture capital firm is currently managing and investing.
Capped notes: Refers to a “cap” placed on investor notes in a round of financing. Entrepreneurs and investors agree to place a cap on the valuation of the company where notes turn to equity. This means investors will own a certain percentage of a company relative to that cap when the company raises another round of funding. Uncapped rounds are generally more favorable to an entrepreneur/startup.
Convertible debt: This is when a company borrows money with the intent that the debt accrued will later be converted to equity in the company at a later valuation. This allows companies to delay valuation while raising funding in it’s early stages. This is typically done in the early stages of a company’s life, when a valuation is more difficult to complete and investing carries higher risk.
Debt financing: This is when a company raises money by selling bond, bills, or notes to an investor with the promise that the debt will be repaid with interest. It is typically performed by late-stage companies.
Disruption: Also known as disruptive innovation. An innovation or technology is disruptive when it “disrupts” an existing market by doing things such as: challenging the prices in the market, displacing an old technology, or changing the market audience.
Due diligence: An analysis an investor makes of all the facts and figures of a potential investment. Can include an investigation of financial records and a measure of potential ROI.
Enterprise: The term enterprise typically refers to a company or business (i.e. an enterprise tech startup is a company that is building technology for businesses).
Entrepreneur: An individual who starts a business venture, assuming all potential risk and reward for his or herself.
Entrepreneur in residence (EIR): A seasoned entrepreneur who is employed by a Venture Capital Firm to help the firm vet potential investments and mentor the firm’s portfolio companies.
Equity financing: The act of raising capital by selling off shares of a company. An IPO is technically a form of equity financing.
Exit: This is how startup founders get rich. It’s the method by which an investor and/or entrepreneur intends to “exit” their investment in a company. Commons options are an IPO or buyout from another company. Entrepreneurs and VCs often develop an “exit strategy” while the company is still growing.
Fund of funds: A mutual fund that invests in other mutual funds.
Ground floor: A reference to the beginning of a venture, or the earliest point of a startup. Generally considered an advantage to invest at this level.
Incubator: An organization that helps develop early stage companies, usually in exchange for equity in the company. Companies in incubators get help for things like building their management teams, strategizing their growth, etc.
IPO: Initial public offering. The first time shares of stock in a company are offered on a securities exchange or to the general public. At this point, a private company turns into a public company (and is no longer a startup).
Lead investor: A venture capital firm or individual investor that organizes a specific round of funding for a company. The lead investor usually invests the most capital in that round. Also known as “leading the round.”
Leveraged buyout: When a company is purchased with a strategic combination of equity and borrowed money. The target company’s assets or revenue is used as “leverage” to pay back the borrowed capital.
Liquidation: The process of dissolving a company by selling off all of its assets (making them liquid).
Mezzanine financing: A form of hybrid capital typically used to fund adolescent and mature cash flow positive companies. It is a form of debt financing, but it also includes embedded equity instruments or options. Companies at this level, which are no longer considered startups but have yet to go public, are typically referred to as “mezzanine level” companies.
NDA: Non-disclosure agreement. An agreement between two parties to protect sensitive or confidential information, such as trade secrets, from being shared with outside parties.
Pivot: The act of a startup quickly changing direction with its business strategy. For example, an enterprise server startup pivoting to become an enterprise cloud company.
Portfolio company: A company that a specific Venture Capital firm has invested in is considered a “portfolio company” of that firm.
Preferred stock: A stock that carries a fixed dividend that is to be paid out before dividends carried by common stock.
Proof of concept
A demonstration of the feasibility of a concept or idea that a startup is based on. Many VCs require proof of concept if you wish to pitch to them.
Pro rata rights: Also known as supra pro rata rights. Pro rata is from the Latin ‘in proportion.’ A VC with supra pro rata rights gives him or her the option of increasing his or her ownership of a company in subsequent rounds of funding.
Recapitalization: A corporate reorganization of a company’s capital structure, changing the mix of equity and debt. A company will usually recapitalize to prepare for an exit, lower taxes, or defend against a takeover.
ROI: This is the much-talked-about “return on investment.” It’s the money an investor gets back as a percentage of the money he or she has invested in a venture. For example, if a VC invests $2 million for a 20 percent share in a company and that company is bought out for $40 million, the VC’s return is $8 million.
Round: Startups raise capital from VC firms in individual rounds, depending on the stage of the company. The first round is usually a Seed round followed by Series A, B, and C rounds if necessary. In rare cases rounds can go as far as Series F, as was the case with Box.net.
SaaS: Software as a service. A software product that is hosted remotely, usually over the internet (a.k.a. “in the cloud”).
Seed: The seed round is the first official round of financing for a startup. At this point a company is usually raising funds for proof of concept and/or to build out a prototype and is referred to as a “seed stage” company.
Secondary public offering: When a company offers up new stock for sale to the public after an IPO. Often occurs when founders step down or desire to move into a lesser role within the company.
Sector: The market that a startup companies product or service fits into. Examples include: consumer technology, cleantech, biotech, and enterprise technology. Venture Capitalists tend to have experience investing in specific related sectors and thus tend not to invest outside of their area of expertise.
Series: Refers to the specific round of financing a company is raising. For example, company X is raising their Series A round.
Stage: The stage of development a startup company is in. There is no explicit rule for what defines each stage of a company, but startups tend to be categorized as seed stage, early stage, mid-stage, and late stage. Most VCs firms only invest in companies in one or two stages. Some firms, however, manage multiple funds geared toward different stage companies.
Startup: A startup company is a company in the early stages of operations. Startups are usually seeking to solve a problem of fill a need, but there is no hard-and-fast rule for what makes a startup. A company is considered a startup until they stop referring to themselves as a startup.
Term sheet: A non-binding agreement that outlines the major aspects of an investment to be made in a company. A term sheet sets the groundwork for building out detailed legal documents.
Valuation: The process by which a company’s worth or value is determined. An analyst will look at capital structure, management team, and revenue or potential revenue, among other things.
Venture capital: Money provided by venture capital firms to small, high-risk, startup companies with major growth potential. Venture capitalist: An individual investor, working for a venture capital firm, that chooses to invest in specific companies. Venture capitalists typically have a focused market or sector that they know well and invest in.
Vesting: When an employee of a company gains rights to stock options and contributions provided by the employer. The rights typically gain value (vest) over time until they reach their full value after a pre-determined amount of time. For example, if an employee was offered 200 stock unites over 10 years, 20 units would vest each year. This gives employees an incentive to perform well and stay with the company for a longer period of time.
