Get ready to unravel the secrets of a successful start-up from our conversation with our esteemed mentor from Labena Ventures, Voon Yee Ho. With a wealth of experience as the CEO of Techbridge Ventures Pte Ltd in Singapore and as the CEO of Innopartner Pte Ltd, Ho brings a unique approach to overcoming the biggest challenges that startups may encounter during their accelerator journey. Learn how his valuable insights and a strong network of international clients can potentially help your startup overcome those challenges. @Labena Ventures we are honoured to have a mentor who shares our vision of providing startups with new partnerships and secure investments. Brace yourself, as this exclusive interview promises to empower you and propel your startup journey!
1. What kind of advice do you have for the entrepreneurs considering applying to Labena Ventures, and what qualities do you look for in a strong startup candidate as a mentor?
Clearly identify the pain point they are addressing in the market and their unique value proposition. This understanding will guide them in developing their startup and managing the various challenges and opportunities in the market.
One of the most important qualities is for the start-up to have a team with diverse and complementary expertise. The team should have the skills and experience to address all aspects of the business, from product development to marketing and sales spanning across multiple areas including technology and business development.
2. What are some of the biggest challenges you see startups face during the accelerator programme, and how do you help them overcome these obstacles?
Startups often encounter significant hurdles when it comes to commercializing and scaling their products. I have gained valuable insights and a strong network of international clients that can help startups overcome these challenges. My aim is to leverage my experience and connections to support startups in their efforts to bring their products to market and achieve sustainable growth.
3. Why do you think startup accelerators like Labena Ventures are crucial for the startup ecosystem, and how do they benefit the broader business community?
Accelerators provide start-ups with network and support which is invaluable to help them establish new partnerships and secure investments.
In addition, accelerators can serve as a hub for innovation and a valuable resource for the broader business community to access new technologies and products.
4. What’s 1 thing you would advise every startup to do or consider AND what is 1 thing you would advise them to not do or avoid doing?
I would advise every start-up to understand and appreciate that the most important thing for an early stage start-up is the development of a minimum viable product (MVP) and incorporating customer feedback to continuously refine and differentiate their product. Learn to prioritize tasks and stay 100% focused on building the product within the time constraints of the startup’s limited runway
One thing a start-up should avoid is to be too attached to the original plan and failing to pivot quickly enough. Founders can become too attached to the original product vision or roadmap, which can prevent them from responding effectively to changes in the external environment. Recognize that markets and business landscapes are constantly evolving, and business model should adapt as well.