Why many Singapore entrepreneurs fail to think big

Why many Singapore entrepreneurs fail to think big

By Christopher Quek “What is the total addressable market (TAM) of your product?” I asked. Joe (not his real name) was pitching to fund his new idea under our Tri5 Angels fund. He wanted to create a marketplace for home bakers to market and fulfill their orders via a mobile app. “There are potentially 6,000 home bakers in Singapore,” he replied. I found out from HCook, a similar competitor, that a home baker takes home around US$354 a month. That translates to about a US$25 million GMV per year. If the…

Your startup is not a democracy, so stop running it like one

Your startup is not a democracy, so stop running it like one

By Christopher Quek I’ve advised over 700 early-stage startups in one-to-one free advisory sessions in the last six years, and one issue that always crops up is founder shares. Many times, all founders have equal shares in the company and are all part of the board, regardless of their role. This really irks me. Our firm, TRi5 Ventures, often deals with early-stage startups and regularly encounters first-time entrepreneurs who are uncomfortable talking about shareholdings amongst their co-founders. This often results in an equal split between all founders on the directorship. In these…

6 Tools That You Need to Make Your Employees Succeed

6 Tools That You Need to Make Your Employees Succeed

In business, your tools matter.   The methodology and hardware with which you promote and build your business is what really sets you apart from your competitors. It’s not that mentality does not matter, but that your mentality is best described in the ensemble of tools and methods with which you define your company, and carve out a piece of your own within your industry. If you feel that you’re not doing enough to help your employees push themselves to the very limits of productivity and achieve true efficiency, then…

Why Startups Fail

Why Startups Fail

Startups are the latest trend in today’s business world. Attracted by the prospect that they can run a business their own way (in other words, being their own boss), many entrepreneurs and young adults have taken that brave step forward in venturing to begin their own startup. But for every successful startup that made it big, countless others fail miserably, disappearing mysteriously without notice. Many individuals see the glitz and glamour of the startup life but they do not fully comprehend the amount of effort and sacrifices made by the…

Local SMEs and Cross-Industry Collaborations: The Benefits

Local SMEs and Cross-Industry Collaborations: The Benefits

Cross-industry collaborations have never been more vital than today. In Singapore, our SMEs account for a notable 50% or so of our GDP, playing an integral role in driving our economy and providing opportunities for our people. In the globalised world of today, competition is undoubtedly fierce, evolving, and ever-present – and the harsh truth is that you’re either keeping up with them, or falling behind. SMEs might face limited resources or budgets, making it all the more essential to focus energy and resources on the areas that matter most….

Starting a business? Choose your investors carefully

Starting a business? Choose your investors carefully

Funding for start-up companies is essential and not always easy to source.   Unless you already have a substantial nest egg or are independently wealthy, it’s almost impossible to start a new business venture without bringing in outside investors. This can be an extremely difficult process, involving some enquiry and investigation about those you think might be interested in investing in your enterprise.   The right choice When you’re starting out with no seed money, it’s tempting to accept the first investment offer that comes your way. Entrepreneurs enthusiasm often…