THURSDAY, April 18, 2024
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Three secrets to start-up success 

Three secrets to start-up success 

HAVE YOU ever noticed that a big kiosk is placed in front of restaurants in shopping centres and community malls across Bangkok? The kiosk's screen displays a list of customers queuing for service at the restaurant. The kiosk has a name: QueQ Kiosk. 

QueQ (www.queq.me) is a sole proprietorship start-up named after its Thai founders. 
It is also one of the Asian start-ups to recently win a ticket to Silicon Valley in July under the Google Launchpad project. 
QueQ's journey with AIS The Startup program began in 2013 when its CEO and co-founder, Rungsun Promprasith (Joh), introduced his business idea to AIS. During the presentation, he was given meaningful feedback: "Serve what customers wish to have, not what we wish them to have".
After two years of untiring effort of work based on the feedback, Joh returned to the presentation stage of the AIS The Startup 2015 with a great improvement in business value and customer value. 
The company was officially welcomed into the AIS The Startup family that year and continues its involvement.
QueQ has been an excellent role model for new start-ups since then. "Never sprint after popular business trend but strongly adhere to growth at a sustainable pace" is the core emphasis fuelling his company. Founding a start-up is never easy. There are countless challenges hidden under the tip of the iceberg. 
The real mission of QueQ is far beyond a simple installation of kiosks and mobile applications. Every single step on the start-up path is based on well-considered strategies. 
Joh's business growth will be sustainable and able to add value to the industry if he makes great products to serve the large market with the support of high-potential allies. His work could one day attract quality investors.
Joh tells junior entrepreneurs the three secrets to QueQ's success so far: First, total market size must be huge. Then fix one problem at a time and amplify the solution to a bigger problem. Finally, choose and build partnership to fast-track market dominance. Let's look at the secrets:
1. Total market size must be huge: Start-up founders are often taught to be goal-oriented, think big and act like a unicorn to conquer the global market. 
A "unicorn" in the world of start-ups simply means a company whose valuation has reached US$1 billion (Bt33.5-billion). To reach the unicorn status, in fact, requires market dominance.
QueQ offers insight into how a tiny start-up takes the first step. Evaluate size of the total market at the beginning, but don't initially aim for the entire market. 
Seek a small segment that can make big impact. Try to dominate it. After tasting early success, it's time to introduce the service to different market segments.
Restaurants are not the real marketplace potential for QueQ. Actually, their target is the entire market of queuing systems used by many segments including hospitals and banks. 
QueQ made the first move on chain restaurants located only in Bangkok shopping malls. 
To date, QueQ successfully dominates that chosen segment. More than 550,000 iOS and Android users registered for the application over two years. 
Average frequency of the app usage is up to five times per user per month. 
After winning the biggest piece of cake in the first segment, QueQ offers its service for retail and hospital businesses, which are just a couple of examples of vertical segments targeted by the company.

2. Fix one problem at a time and then amplify the solutions to bigger problems: 
In fact, QueQ is a solution not merely for queuing issues. It does not reduce the number of queues on a waiting list but helps users manage time more wisely. Apart from optimisation of queuing system for organisational customers, QueQ also responds to lifestyle of individual users. 
The company is expanding its operation to the hospital segment. It's key mission is to minimise time customers spend at a hospital so they go home as soon as possible. They expect that the combined duration of hospital service per customer will be shortened.
QueQ can help smooth queuing flow at every service point, starting from patient registration, to doctor consultation, billing payment, and prescription pick-up. 
A shorter period of time spent per customer enables a hospital to serve more customers with the same level of resources. It can even solve a shortage of hospital parking spaces. The faster a customer goes home, the sooner a vacant parking space is available for the next customer. 
This is the kind of problem solving that can lead to start-up growth. Fix one problem at a time and then amplify the solutions to bigger problems.
3. Choose and build partnership to fast-track market dominance: Joh shared his idea with the AIS The Startup. "There is no fixed formula for success in entry into the foreign market," he said. "QueQ has formed business partnership with Advantech. Software-related tasks are allocated to us, as QueQ is a software company. 
Meanwhile Advantech is responsible for hardware stuff and |reaching out to the international market. This helps take QueQ global faster."
Last year at Product Innovation Fair 2016, QueQ and Advantech were given an opportunity to pitch the product to the region's leading operators. 
Both companies are now testing operations in Indonesia and the United States.
Joh regularly shares his experiences with junior fellows of the AIS The Startups, motivating them to build a warm community together. He expects them to draw on his lessons to create their own path. 

If you have an idea and achievement to share, you may be embraced by the AIS The Startup family. Drop your portfolio at the website to win a chance to deliver a monthly pitch. http://www.ais.co.th/thestartup/connect.html

Srihathai Prammanee is head of AIS The StartUp, of Advance Info Services Plc

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