Vidit, you have been mentoring one of the high-potential startups in our Incubation Program Batch I inSingapore. Can you provide examples of how your skills, experience and network support the team?
Having been part of the startup world in various roles, I help new ventures think beyond the idea and face reality. While the idea itself is the trigger, the real work lies in bringing it to market and I can support the teams with structuring their business development. Besides, I believe it is important to build a strong team and culture from the ground up.
What should every tech entrepreneur know? Do you have any personal advice for pre-seed startups?
There are a lot of challenges for early-stage companies. Which is why I believe it is important to be nimble, flexible and to focus. Making sense of the different feedbacks from different stakeholders is crucial to progress.
What do you consider to be the most important characteristics of successful teams?
I see three; First, build a competent team as entrepreneurship is a marathon. Second, follow your vision with market research– you need to focus on data-oriented decision making. Third, find your niche and focus on it as your team is lean and you have no resources to spare for solving multiple problems simultaneously.
In your opinion, what are the biggest stumbling stones for tech entrepreneurs in Asia? How do you recommend overcoming them?
Teams need to look beyond their idea by listening to their customers and do diligent market research. Because what you think is a good idea might not be what the market wants.
Another phantom is the assumption that simple replication of successful ideas from overseas will bring automatic success. While it is valid to adopt successful ideas from other markets, it is important to customise this idea to the local market. Those local nuances make or break a business.
You are a one-on-one mentor for PiChain. Why had you selected this startup and how has working with the team been?
I was convinced by the team because PiChain clearly understands what the Indian KYC market needs, and this shows the true value of their product. The whole team understands what they are building and share a clear vision of their company roadmap. They have shown that their agility and willingness to listen to feedback helps them move fast.
What have been the three main take-aways from your time as a startup mentor for F10?
Being a mentor gives me exposure to the vast FinTech knowledge and network in Singapore, the region and the world. F10 and its startups are committed to long-term goals and as a mentor I feel thus more committed to invest time to work with the startup.