Funding tips galore for startups at True Digital Park event
True Digital Park recently hosted the “TDPK Take-Off: Let’s Talk to the VCs” event made up of a series of activities at its work space.
The event offered new members an opportunity to experience a new working style and environment while also meeting with leading global investors and venture capitals (VCs).
The activities included one-on-one consultation sessions between VCs and startups , along with networking events that allowed startups and young tech entrepreneurs to learn and share with each other.
One of the networking events was “The After Funded Stories: What To Do Next After You Get Funded”, at which Pahrada Sapprasert, the director at 500 Startups VC that has invested with more than 60 startups, shared her experience as a VC and the criteria for startups to earn financial support from VCs.
Pahrada kicked off the conversation with Thai and international startup members of True Digital Park’s startup ecosystem. She said it doesn’t matter how long startups have been operating – it’s more important that the startups are ready. In other words, the startups that VCs seek have already launched their products and had some traction in the market. Based on Pahrada’s experience, startups that have received funding could have just launched their products three weeks earlier or have entered the market two years ago.
Startups are also required to propose a clear and feasible business plan when pitching to VCs. Unfortunately, many are “thinking too small”, Pahrada said. Some startups have such a small potential market that they will soon reach saturation point, while VCs are looking for startups with the ability to scale once they get funded.
“We want to invest in startups that have the potential to do well in the next five years. They have to convince us that they can capitalise from a sizeable market with the opportunity to do business in the long run,” Pahrada said.
Thai startups who want to be a unicorn or a multi-billion-dollar firm need to equip themselves with English-language skills as much as gaining technical knowledge from their startup friends and expats. They also need to grow their networks and collaborate with other members in the startup ecosystem, she said.