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Expert tips before launching startup company

Liza Yosephine
Liza Yosephine

The Jakarta Post

Jakarta  /  Sun, May 13, 2018  /  01:07 pm
Expert tips before launching startup company

Andy Zain, the managing director at venture capitalist Kejora Ventures, says aspiring entrepreneurs must gain experience in the field. (Shutterstock/File)

Launching a startup company begins with a drive to solve an existing problem, a group of experts said.

During a recent discussion at the launch of the Management Master program in New Ventures Innovation (NVI) at Prasetiya Mulia University in Cilandak, South Jakarta, experts discussed what it took to build a startup. 

Andy Zain, the managing director of venture capitalist Kejora Ventures, said aspiring entrepreneurs should first gain experience in the field. This, he explained, would build knowledge and expertise in a respective field, which would create solutions to problems in a more comprehensive way

"Someone with five or 10 years experience in a bank, for example, could discover the gaps in the process of loan obtainment for farmers in regional areas," Zain said, adding that the knowledge would better inform innovative solutions.  

He further warned aspiring entrepreneurs not to get stuck in romanticizing a passion in pursuing business. The most important thing was to understand the core issue of a problem, Zain added.

"Indonesia is a huge country. Don't just solve little problems."

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Thinking too small can also undermine the quality of the resulting product, which in turn will prevent investors from providing funds, because startups often need external financial support to grow.

"You have to see what the market is," Zain said.  

Meanwhile, Elga Yulwardian, the co-founder of platform customer engagement provider Ivosights, emphasized the need for building the right team, where the skill set of every member complimented to each other. 

"Perhaps it's also important to search for a co-founder that can complete the company," Elga said. 

Lisa Ayu, the co-founder of agricultural startup Lima Kilo, concluded the discussion by stressing the importance of maintaining a certain level of curiosity in solving problems. 

"Once we have no more curiosity to solve something, then we're stuck. So it's important to always stay curious," Lisa said. (wng)

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