JFDI mentor Benjamin Joffe shared his experiences working with startups in Asia to 50 JFDI founders tonight at the JFDI–Innov8 2012 Bootcamp.
Ben taught through experience, presenting case studies of 2 startups he had been involved with since he moved to Asia 12 years ago. He also shared a bit about a 3rd startup, which he is currently building.
What lessons did Ben share with the crowd?
1. There is no Asia.
“There is nothing except geography that connects these cultures. To say you are doing a startup in Asia means absolutely nothing.”
2. t’s not about geography, it’s about ecosystems.
Ben suggested that there were a few things that made up a successful ecosystem for startups: a healthy GDP/capita, population, infrastructure, access to talent, money and advice. He added, “that is why you are here at JFDI, right?”
3. Share your ideas – leave the stealth to ninjas
Don’t be afraid of sharing your ideas – feedback is important, especially when it is critical. People rarely quit their job to execute someone else’s startup idea.
4. Don’t be “too innovative”
Ben’s first startups had bad timing – the first was 8 years too early, the second 4 years too soon. You have to time your enterprise well, otherwise it’s not business, it is art.
5. Hire well.
“If you hire a junior, you get what you pay for.” Ben believes it ends up costing you more – more time, more management, more money overall when you consider costs besides salary like running costs. He also warned startups not to hire in a rush – it almost always backfires.
You can catch Ben tomorrow at Hackerspace.sg when he asks the question: Could the next Steve Jobs be Asian?
