But should you run to a VC as soon as you have a startup idea? Self-funding in the first stage is the best way to start a venture, said Wong Hoong An, founder of HungryGoWhere.com. Some people get so caught up with raising funds that they lose focus of the ideas implementation, he said. Also, the best time to approach a VC or apply for government grant is when your startup is already up and running and you need funds to take it to the next stage. In such a situation, an entrepreneur is in a better bargaining position.
The good news for Singapore startups is that the government is doing its best to help them start out with a S$500 million (US$339 million) war chest. An MDA representative said 40 per cent of the startups funded by the government were already profitable and yielding good returns.
So, if you are thinking of a startup, now is the time to get going about it.
Zafar Anjum is the online editor of MIS Asia portal.
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