From the Korean Drama Startup story, there are a number of business tips in building a startup technology. Anything?
Prepare a Business Model
No matter how sophisticated your startup technology-based service is, if you don’t have a business model, it will be difficult to attract investors. Especially if you really start from scratch and have no relationship. Not only that, the business model must have a clear source of income.
Choose a Competent CEO
The CEO plays an important role in startup development , especially when it comes to attracting investment – that’s the lesson in the Startup drama . Because the CEO is the one who will explore the investment agreement with the potential investors.
It doesn’t have to come from the technology or service fields that your startup is making. The important thing is that he has qualified abilities, such as being able to see business opportunities, being adaptive, persuasive, and being able to make decisions by considering all risks.
Enter the Competition
In addition to preparing a business model, early stage startups should participate in various competitions. Not only to get prizes, but also to expand relationships as well as find potential investors.
Join the Incubator / Accelerator Program
Joining an incubator or accelerator program can also help you build a startup . In the program, you will acquire various business knowledge, create service prototypes, and have the opportunity to meet potential investors, while receiving assistance from mentors.
Compile the List of Shareholders Wisely
In the Korean drama Startup , the character Han Jipyeong, who works as an investor, suggests that the Samsan Tech startup should not share the company’s shares equally. In the early stages, it’s good that the percentage for CEOs is greater than for the rest. Because, in the future, if there are new investors, the company will have to sell a number of shares according to the agreement.
Study the Investment Contract Well
When investors interested in investing in your startup get to the negotiation stage, you need to study the contract carefully before agreeing to it. If there are things that you think are detrimental to the company or team, then discuss them in negotiations with potential investors; so that both parties benefit .
Continue to Research and Innovate
Innovation can differentiate your product from competitors. In fact, you can even give birth to new products from research-based innovation.
If the product is mature, take part in the tender
When your products and business model are stable and get recognition in the industry, participating in tenders can be one way to develop a startup business . Moreover, if the tender is on a large scale. However, don’t forget to also consider your startup capabilities , huh.
Scale Up
If you think your startup is ready to scale the business, open funding round to attract new investors. Don’t forget to set a nominal target for your startup funding round.