Recently, we have received a large number of funding requests from MDA. Have a good idea. Of course, some of them will get "No, sorry to inform you ..." from us. If we don't fund you, it doesn't mean you've come to an end. If you believe in what you think, you should continue to look for funding. Even better, try to start a startup without funding, just like some of our resident contributors, Cobalt Paladin, Design Sojourn, Weichang, Der Shing, and myself do. I went through some letters and came across some self-proclaimed "entrepreneurs of the feet." I listed the reasons why they did n’t score. I also put some notes in this article to tell people what Entries will end up in our trash cans. These are three reasons we are prepared to reject them.

Although we tell everyone that a team is important, there are still some Singaporeans doing it. Generally, when an entrepreneur tells me he runs a show, I think of three possibilities: (i) he cannot motivate people to work with him, and (ii) he cannot expand the business, so his profit margin will be very low . Or (iii) he does not know how to grow his business. Good companies require small teams that are closely connected, while good companies require a large number of good and strong teams. I am a problem seen by a single inventor. If I keep trying to help them and gather people around them, and they are still powerless, it means they just can't deal with people. If you still don't believe my reasoning, here is a story I can share with you.

A few years ago, when I was in Cambridge, I knew a distinguished German inventor who contacted one of my American friends for business development. They formed a startup and I think this technology is a great choice for building the next Google. Exactly. One day, the inventor came to me and asked me about the business model in my area of ​​expertise. I was confused and told him I was not his industry expert. Then he continued to ask me what books to read. I told him to find some references. In the end, I realized that he didn't trust my friends about the business model at all. He has read every book on everything from finance to writing business plans. But in the end, the business failed. Fortunately, my American friends have not been hit hard by this experience. A few seconds later he exited the joint venture, a respected serial entrepreneur (and a business angel who had done many technology startups and sold them to high-priced bidders) called him, and He was offered the position of CEO of the new startup. The moral of this story is trust, which is the foundation of some of our Asian cultures. Remember, you can't be a CEO, accountant, business development director, public relations, and inventor at once. It is impossible to work that way.

So if you want to persuade us, please tell us a team of at least two people and another person has complementary skills that you don't have.

Some companies succeed by imitating what a successful big company does. For example, Chinese search engine Baidu wholesales from Google. But if you can take advantage of a large domestic market like China, India or Brazil, that will work. Some founders tried to do this in Singapore and found that their market was so limited that it was of no value at all. In fact, Baidu is not a true imitator, but a derivative product operated by Google in the niche market, that is, customers are writing and reading Chinese.

Of course, you will run into problems if you derive from existing products. The problem is not just that your technology is challenged in terms of intellectual property. The real problem is actually the market share you gain. Recently, Justin mentioned that if Chad Young does YouTube in Singapore, the country will not thrive because of all the laws and regulations in the country. In fact, he is about half. The real reason Chad Hurley was able to gain supporters was because he had market leverage. Even if all companies sue him, investors in Silicon Valley or the Web 2.0 market will not ignore the number of customers his website generates. If you want to engage in the Internet business, then you either have first-class technology or you have the most customers. You can attack niche markets, but please be prepared and I will ask: "Do people who buy your products make up the top 20% of the Singapore income group?"

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