2009 Year of the Ox - It’s going to be an exciting year ahead for startups in the tech scene. Historically speaking, economic uncertainty has been regarded as fertile soil for game changing startups. Most of the internet powerhouses (Google, Facebook, Digg) that emerged in this decade were conceived and developed during the last economic downturn. During this period, opportunity and resources will be available on the cheap, as is human talent, recipe for success.
However, this does not translate to a free ride. Sales will be difficult (businesses are cutting expenses) and startups will have to struggle – more so than as usual. This struggle also acts as a sort of filter where only the fit will survive. Startups will need to seriously think about executable short to medium to long term revenue strategies. Get the product out, adapt, and start earning money as soon as possible! Venture capital will be harder to come by and the VCs might start to reposition themselves towards more conservative portfolios.
Considering the times, programs such as the MDEC Pre-seed program or Cradle should be even more appealing than usual, providing opportunities for funding. Socialwalk is lucky to have been approved for funding in Aug of this year. More than just money, these programs have also become a focal point for talented and aspiring individuals. The collective ability and energy of this group of young entrepreneurs when they start to leverage on each other and grow is a force to be reckoned with.
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Hi Keng Yew,
Can’t agree with you much on the point that economic downturn has created many opportunities for those who able to see and grab the challenges and chances during the bad timing. Microsoft also started their business during bad economic crisis back in late 70s too..
Think back, during slow economy, wages will be cheaper, and it is good to close door and do the R&D at the backyard, and get the cutting edge product to be ready for market when economy recover.
Of course, some smart guys like Air Asia will use this opportunity to advertise more (cause cheaper to advertise and gain branding exposure during bad crisis timing ..) and gain better marketing exposure in lower cost. Go-to-market during crisis may be challenging (due to people may think twice when they spend during recession of depression) and the marketing arm will need double effort to sell, which may lead to price cut etc… which is pretty demotivate for startups fellow like us. So.. go out and get a big and survival contract, be focus to one or two ‘GOOD DEAL’ may be better idea but I couldn’t agree with you more, sell sell sell… but don’t undersell your value.
On top of everything, good luck to you and for all the other startups that jumped in to this roller coaster.. live is fun, so enjoy the ride.. result not really matter, experience does, attitude is the most important for the startup guys.
Cheers!