A hub of successful startups, the Taiwanese industry is booming due to an influx of successful flourishing businesses.
The home to technology and electronic goods, Taiwan is pushing its way to the forefront of the digital age, with a large number of app companies marking themselves as major players in this thriving scene.
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One glistening and very recent example is Fandora, a creative startup that has gone on to hire over 2000 employees in the online marketplace. It’s just one of many tales of fortune coming from Asian businesses, yet it’s still easy to fail in such a competitive environment.
Here are a few tips to help you establish yourself as a successful startup company.
FINDING THE RIGHT EMPLOYEES
In the Taiwan job search, the need to find quality employees is an imperative. It’s a region in which the job market is a competitive one, with a highly skilled graduate workforce to choose from. But like the aforementioned Fandora, sourcing employees from the internet can work just as well and open up a global well of talent.
FINDING A NICHE MARKET
No matter where you are in the world, product is what matters most in a business – and without a product or service that fills a niche, there simply isn’t too much of a reason for your business to exist.
It’s a question of need; what do clients need from you? How can you fulfil that need in a unique, interesting and convenient fashion? This should always be the base that any startup worth its salt should jump from.
Just one example of this is iKala, a fledgling company that has hit it big by tapping into the well-known Asian karaoke culture. But instead of being yet another chain of karaoke bars or machines, iKala acts as a sort of Spotify for people who want to know all the words to the song they’re singing along to.
With fully-licensed music, the iKala karaoke app has become a success by finding exactly the product that its niche market was searching for.
SELLING YOUR PRODUCT
After an effective and useful product has been established, the next step is in establishing how to sell it. Because of Taiwan’s blooming startup scene, there are myriad ways to push your product.
IDEAS Show is just one such way. A series of speeches and pitches from starting companies, and with more than 60 businesses on the floor of the expo, IDEAS Show focuses on giving the company with something to prove a chance. But really, the more unique idea a company has to market their product, the better.
In a world in which a thousand and one companies are jostling for your attention, forging your corner in the marketplace can be the difference between a failed startup and a successful one.
Image Credit: Business Sketch on Wall via ShutterStock