The Next New Thing: Trends and Disruptions in the World of Venture Capital and Startups
Local start-ups must learn to take risks, be more open and be mentors to each other in order to make it in today’s entrepreneurial ecosystem.
In giving the advice yesterday, IBM Venture Capital Group software strategy director Deborah Magid said that startups today are capable of ‘disrupting’ traditional businesses through innovations as what they do through technology tend to be cheaper, more engaging and efficient to customers.
“Start-ups need to understand their customers and markets very well and have a very good business plan. They also need to learn to grow a healthy business, network and meet people,” she said, adding that even a big company like IBM does not operate alone.
Magid was speaking to over 50 participants of a workshop for local youth entrepreneurs and students here yesterday. The half-day workshop themed at ‘The Next New Thing: Trends and Disruptions in the World of Venture Capital and Startups’ was organised by Angkatan Zaman Mansang (Azam) Sarawak in collaboration with the US Embassy Kuala Lumpur.
She shared insights about emerging markets, technologies and business models with venture firms and entrepreneurs around the world.
“The young and aspiring entrepreneurs need to also master the art of pitching their business plans to be successful in getting investors or funders, pointing out that startups are creating new kinds of business all over the world, and that business is driving change in the world,” she added.
The workshop aimed at providing a platform for local youths to learn the latest information and knowledge in entrepreneurship from an international expert as well as to facilitate networking among local enterprising youths.
Prior to the workshop, Magid was also the speaker for a talk titled ‘Lessons from Silicon Valley: How to take the best of Silicon Valley and make it your own’ on Saturday as part of the AZAM-US Embassy KL programme over the weekend.