Our news feed has been buzzing daily with all these tech inventions that have been using Kickstarter as a stepping-stone to launch their projects. The SCiO molecular sensor, Prototypo font creator, and the Modulo battery packs are just some to name a few.
But apparently, Kickstarter isn’t as great a launch platform as we think it to be, according to a panel of industry startup leaders. They were speaking at Startup Asia 2014, held in Singapore.
Heart to heart talk
Pirate3D co-founder, Roger Chang, said Kickstarter works relatively well for startups creating solutions for Business-to-consumers (B2C) but it’s not so great for those targeting business-to-business (B2B).
Garuda Robotics founder, Pulkit Jasiwal, agreed with Chang. He cited his own company as an example, as Garuda Robotics creates drones for businesses, so Kickstarter doesn’t apply to it.
“Even with startups dealing with B2C, it doesn’t mean their business will succeed just because they exceed expectations on the initial investment; they have to make sure the roadmap is planned out for the next rounds,” Chang said.
More after the break...
Little red dot with potential
But the speakers highlighted that Singapore could be a gold mine for tech startups. As compared to other countries like the USA, Singapore doesn’t have a never-ending list of restrictions.
“It doesn’t quite work like how it does in Tony Stark’s lab, so commercialising in the US was ruled out. But in Singapore, it’s easier to get into conversations with the government, especially IDA,” Bio3D Technologies co-founder, Fan Mingwei, said.
Vibease co-founder, Dema Tio, claimed Singapore is good for a startup’s foundation as it has plenty of free trade arrangements.
“Not only that, Singapore has a large manufacturing base so building a start-up here does have its advantages,” he added.
In short, our tiny little red dot of a country has so much potential to boost the latest, state-of-the-art technology. All you need is a feasible plan, a good pitch on crowd-funding platforms and you're set.