Five promising start-up characteristics to get funding according to UNAIR expert

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UNAIR NEWS – Start-up is trending again. Apart from the broadcast of a Korean drama with a similar title, reported by Kontan.co.id, Aldi Adrian Hartanto, VP of Investment, MDI Ventures also reported that his company will be more aggressive in funding start-ups in 2021.

Dr. Achsania Hendratmi, SE., M.Si, as the Coordinator or Head of Business and Technology Incubator, Universitas Airlangga’s Start-up and Innovation Business Development Board (BPBRIN) explained that the start-up is an organization dedicated to creating something new, under the conditions with extreme uncertainty. This uncertainty can be from an out of the box idea, difficult initial funding, or a product you never thought of before. Start-ups can also be referred to as start-up business or startup companies.

Start-ups are not only based on technology, but can also be based on Micro, Small and Medium Enterprises (UMKM) such as culinary products, salon services, or barbershop. But in general, it is identical with innovation and technology or called as technology-based start-ups. The technology referred to is not only in the form of information technology (IT), but can also be in the form of machine learning, artificial intelligence, or appropriate technology.

“So, it is necessary to distinguish start-ups which are based on technology innovation from a start-up focuses on UMKM,” said the lecturer of the Faculty of Economics and Business (FEB) UNAIR.

Start-ups need to get investment for company development and to convince investors to put money in is certainly not easy. Therefore, Achsania explained that there are six characteristics of a good and promising start-up to attract investments.

Services or products

The first thing to consider is related to the services or products offered by the start-upsHow these services or products can compete in local and regional markets.

“In other words, start-up products have been able to penetrate the market well, are able to deliver value according to their target customers,” she continued.

Potential for business development

Then, related to the potential for business to develop and dominate a larger market. In addition to seeing business potential, it is also necessary to look at the market response to the products or services. According to her, if the product idea is very good but does not get market response or does not get the market’s interest, it will be difficult to develop.

Business originality

According to Achsania, business originality is related to providing something new to solve problems. Something new doesn’t have to be completely new then. It can also be something that already exists, but can provide better value than the previous ones.

Start Up CEO 

The Chief Executive Officer (CEO) of a start-up company has an important role in making the start-up good and promising. The start-up CEO must be someone visionary and excellent planner at the same time. The CEO has to have many contingency scenarios to deal with something that can change any time.

“Moreover, the structure of business management and strategy in the start-up should be considered,” she continued.

Start Up founders and members

Start-up founders and members often become most important points for investors or venture capitalists to assess a potential start-up. The most important things are competence, experience, and how the team works.

“The team’s ability to be agile and keep learning is important,” she concluded. (*)

“The team’s ability to be agile and keep learning is important,” she concluded. (*)

Author: Galuh Mega Kurnia

Editor : Binti Q. Masruroh

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