Venture investors afraid to spend money in companies at an early stage
Topic is a name not unfamiliar among Lao startup. Jonson, born in 1975 as CEO of the Educational Complex Topic, online training units exported pioneering e-learning technology.
As someone who has many years experience working with startups, he Jonson had the opportunity to share a lot of information to personnel and important step to startup in Lao.
* Question eternity with startup: Before starting a business, a startup needs to prepare what?
- Be prepared to plug the red book, co-founders have said code and noodles (laughs).
Most people who work in TB startup must plug the car, plug the first time starting a business. Although now available for many investors, hedge funds, but they are also afraid to spend money to companies at an early stage, but often focus on the startup has product sales and new investment.
Meanwhile, from the Series A financing round Series B round of financing to be a time gap is extremely large.
So to survive this stage still have to plug in the new red book continues up to Italy's round of financing B. I that was before startup investment call, you will need a large capital to maintain.
More importantly, moderate startup technology and must have knowledge of that industry. Such as the Lozi, definitely want to be successful you have to understand founders dining areas. He does what is your job to understand that industry.
At first, Topic has 12 founders are university teachers, understand the method to convince the teachers and lecturers to follow and do the same with her. These small but it seemed many people in the industry do something new and have certain advantages.
* There is no money, how to search Topic minded people to build a foundation in the early stages?
- Really the first 2-3 years when new Topic embryo is then very difficult to recruit people.
My luck before starting a business is ever going to do for many years, in many places should also be gathered brothers do the same. Such as when doing the project at the University of Technology, I have had many colleagues have them always. Or some of you colleagues in Hungary and other agencies have also invited to do.
However, to convince people to follow you were hard but they are difficult to retain more terrible. Because wages are paid at the time when not, the product also had nothing but my only thing is the belief that time.
Even if no money paid, the more you are willing to join hands because they believe that I will never give up.
One of the most difficult factors when starting a business is to find a team of people who believe you never give up.
Q: So how do you get that confidence?
- The beauty of the work had been done in other companies before starting a business is that I believe your network is available, and both believe in the capacity of "packets" of his.
And want to get the confidence of others, of course you have to hired to accumulate this relationship. Working with highly qualified people than me, have faith, then we will also gradually learned.
As I know, in Lao, most of the founders were about 29 years old when he started his business and before that had been 7-8 years of war in many different companies before.
Also in the US, the company is valued at billions, the founders are 31 years old. They can not make rent, but opened and failed several previous startup. Until it is successful, the majority of them at the age of 31.
* Confidence can be affected when you make the wrong decision?
- Already a startup surely wrong, not only that he sent continuously. But we are willing to ignore to do it again. Even if you are a startup, if wrong, to ignore, do not criticize each other. Error did not matter at that important someone is to accept and continue fighting.
Topic also nearly died 10 times, but we still do. If you choose the right model, the very strong growth. Which model is increasing investments to go ahead, go after the proceeds of. Spend money to go to 6 months later on be recovered. In the 6 months that we always fall prey to run out of money.
* In 2008, IDG invested time on Topic, in the hands of what he had to convince investors?
- At that time, about 20 people Topic and no revenue, and no product. But we have the pressure to create products.
Many of you asked me to start a business should see investment funds early? I replied no product even finds himself always let them know that from now on and every startup process of its development capabilities let them see rapid growth.
But to call their capital from investment funds, the course will select the products and users.
* According to him, when a startup with colleagues and should focus more creative idea or the idea of risk taking and long-term stability?
- This is a live issue in perspective, there are two aspects to the answer. Speaking simply do make money to live or work because of enthusiasts. There are those who simply have a stable income that people can live, but not satisfied, wanted to do something dramatic, to life ... Please select according to your philosophy.
Want to do a startup successful, there must be something obsessive. Times now no such thing as stable because technology changes so fast. In the old days you would have thought the school would go as a foot coordination for Mai Linh taxi firm or stable Vinasun ago but this job three years might disappear because most taxi companies towards using apps to call.
Or former world leading experts as keyboard phones for Nokia and Samsung sell the rich but now starving. Debut coffee houses, shops survive 5 years as well, to the 6th year certainly have to take risks.
You always have to adapt to new technologies. Back then watch others get rich from their branches, now you want to get rich, they must break through technology, products not only competitive in the country that have covered the whole country apart.