[Singapore] Customer Development with Ray Wu (JFDI), Dinesh Raju (Referral Candy) and Chua TianHao (NomadAsia)

Lean Startup: Customer Development with speakers Ray Wu (JFDI), Dinesh Raju (Referral Candy) and Chua TianHao (NomadAsia)

For those who are new to what we are doing, Singapore Lean Startup Circle (SLSC) is a monthly meetup at the Hub Singapore where 3 speakers get to speak on a chosen Lean Startup topic for that month. To make things more interesting, members of the group get to share their FLEARNS before the meeting ends.

For the coming SLSC, we will be talking all about Customer Development! Let learn how to test our business models with our prospective customers.

Sharing 1 – “Always be Testing” by Ray Wu, Ambassador from JFDI Asia

Ray is passionate about working with entrepreneurs. Lean Startup and Ruby on Rails are two things he spends a lot of time working on and thinking about. He is an Ambassador to JFDI.asia, a 100-days seed accelerator program. In the past, he facilitated Lean Startup Machine workshops around the world. He is also an avid foodie, and tweets at @raywu.

Sharing 2 -”Customer development at ReferralCandy” by Dinesh Raju, Computer Repairman (& Founder) of Referral Candy

Dinesh Raju is the founder of Anafore, the company behind the ReferralCandy webapp which runs refer-a-friend campaigns for online retailers. ReferralCandy is used by hundreds of retailers across North America, Europe and Asia. Customers include Taser, leading shoe retailer Okabashi and Grammy Award nominee Soulja Boy’s Ocean Gang Clothing Line.

Sharing 3 – “Understanding Customers – Just Go Traveling!” by Chua TianHao, Traveller from NomadAsia

Tianhao is a crazy traveler who looks forward to getting lost in every city. He always enjoys taking the path less traveled but was often frustrated by the extensive research required. Hence, he leveraged on his strategy consulting experiences and traveler’s perspective to establish NomadAsia (http://www.nomadasia.com/), which allow fellow travelers to easily book differentiated and high quality travel activities in Asia.

8:35 pm – FLEARN Time!

FLEARN stands for Fail + Learn. This is the best time to share your learnings from your failings. So if you have a FLEARN to share, please let us know at the registration counter or drop me an email before the event.

8:35 pm onwards : Drinks, mingling and informal sharing

We have decided to remove the RSVP limit. This means that there will be no waiting list. However, do note that we only have seating space for 70 people. Those who are late will have to stand, sit on the floor or steal a seat from someone else.

Event details:

• Start: Wednesday, 6 February, 2013 07:30 p.m.
• End: Wednesday, 6 February, 2013 09:00 p.m.
• Venue : The Hub Singapore
• Organizer : Singapore Lean Startup Circle

Event Schedule:

7:00 pm – Doors open for registration

7:30 pm – Event begins and quick overview on Customer Development by Bryan Long, co-organizer of Singapore LSC

7:35 pm – Sharing by 3 Speakers with Q&A

Stay Lean!

Bryan Long

PS: We just got word that Lean Startup Machine is coming back to Singapore near the end of March 2013. So if you are interested to be notified about the event when it launches and get a chance to win two free tickets, sign up now: http://bit.ly/X6x9Vx

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Photo App PicMix Goes Viral and Passes 8 Million Users

Indonesian-made photo app PicMix impressively passed eight million users last month in just nine months since the app’s inception, with more than 108 million photos posted on the app so far. All this was achieved without using any marketing budget, claimed founder Calvin Kizana. He said that the app, which originally started as a pet project back in March 2012, went viral purely based on word of mouth recommendations.

PicMix was initially just for the old Blackberry OS, but now also supports Blackberry 10 and Android. It’s currently sitting at the fifth spot among the top free apps on the Blackberry Store, beaten only by WhatsApp, Blackberry Messenger, Facebook, and Twitter. The photography app has grown rapidly with around 35,000 new users and more than 450,000 new photos every single day. Calvin shared that 80 percent of its user-base come from the Blackberry platform, with the rest are Android users.

How did PicMix achieve this success? Calvin said that the lack of notable similar apps on the Blackberry platform might play a part in it, and the other reason is execution. The team strives to deliver the best photo filter experience to its users, letting them use Instagram-like filters, and offers further photo customization options like putting text or custom frames on pictures. The app’s latter feature, for example, lets users create their own frame in a simple way. He explained to me that there are hardcore users for that particular feature who make some particularly creative designs.

PicMix’s social networking feature helps as well. It allows users to set up their gallery page that others can follow. Numerous Indonesian celebrities, like actresses Alice Norin and Natasha Wilona, and the pop group CherryBelle, have become PicMix users and have their accounts verified by PicMix.

Snappy monetization

Unlike the confusion that happened recently with Instagram’s new terms of service and alarm over monetizing people’s photos, Calvin has been able to earn money from his photography app. He explained that he monetizes from in-app purchases and photo contests (pictured below, left) which are held in conjunction with a various brands. PicMix offers premium frames (pictured below, right), including branded ones, that can be bought using Mix Credits which can be purchased via credit card, PayPal, and local carrier billing across 73 countries.

Besides those two monetizing avenues, Calvin said that they are exploring other revenue opportunities too, like selling the popular photo spot for brands, but he is treading lightly so that the app still looks user-centric rather than just serving brands.

Shooting forward

There will be three new features rolled out in the near future: groups, chatting, and a marketplace. The last feature is an interesting one as, as it would cross into e-commerce. Calvin observed that many Indonesians are using his social service to sell their products, either by putting the product picture on PicMix, or use PicMix’s features to modify the product pictures first and then put them on other marketplace websites such as Kaskus. Calvin believes that this is a market opportunity that they must dig into.

The team plans to release the app for Java-based feature phones and the iPhone in the next few months. Calvin is optimistic that his app can also succeed on feature phones because of the lack of strong competition there. As we have often pointed out, the feature phone market is a huge one that shouldn’t be ignored – especially in Asia. PicMix will also be ported to Windows Phone and tablets at a later time.

PicMix is invested in by mobile phone distributor and retailer Erajaya. BibbyCam is another promising Indonesian photography app built for Blackberry platform.

You can download PicMix from BlackBerry World and Google Play.

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Venture Capital in India is still in early stages: Vikram Gupta, Founder & Managing Partner of IvyCap Ventures

Vikram Gupta, Founder & Managing Partner, IvyCap Ventures

Early to growth stage venture capital firm IvyCap Ventures recently received government approval to invest $36 million in Indian startups. The fund was floated Vikram Gupta, who was the chief executive officer of India Venture Advisors Private Limited, the Private Equity arm of the diversified conglomerate run by billionaire Ajay Piramal. In an interview with NextBigWhat, Gupta talks about the funds unique investment philosophy and takes a look at the future of Venture Capital in India.

Edited Excerpts

You have been in the industry for many years. How has the VC industry in India changed?

Venture Capital in India is still at its early stages. While there is a large number of Private Equity Funds looking to invest over $10 million per investment, there are only a few Funds who want to invest $1 mn to $6 mn in early stage companies. This is primarily because the early stage companies require lot more work, hand holding and guidance. The risks of investing in such companies are much higher. In addition, smaller size Funds find it difficult to afford good quality resources to add value in such investments due to the constraints of their respective Fund economics arising out of the size of their Funds.

What is a VCs biggest challenge in India?

In addition to the challenge of raising Funds in tough market situations, the biggest challenge for a VC in India is to find the right set of passionate resources for each of their portfolio companies to support their growth at early stages. The reason many companies fail at early stages is not only because they are not able to mobilize Funds at initial stages, but because they are not able to attract the right talent to work with them and to guide them. Those VCs who are able to bring the right resources along with their Funding are the ones that will succeed in the long Term.

How do you see the VC industry shaping up in the future in India?

There are various challenges that the VC Funds are likely to face going forward. On the Fund raising side, the Investors are increasingly asking harder questions on the track records and performance of Funds. Funds that have not shown positive performance are finding it extremely difficult to raise their next Funds. Overall, there are not too many successful examples due to that fact that Venture Capital Funds take 5 to 6 years to exit from each portfolio company and the industry itself is now getting more organized now. As we see more exits in the next four to five years, the confidence levels of Investors will increase further and one will see more infusion of Funds at early stage companies. On the investing side, entrepreneurs are increasingly becoming savvier and would want to share value only if they see real value from the VC funds more than just the money itself. Therefore, the Funds bringing additional value would be able to generate better returns for their investors.

On the regulatory side, SEBI has recently come up with new guidelines for the domestic Venture Capital Funds. These guidelines pose new challenges as well offer opportunities to many existing and new Funds in the market. The real benefits of these guidelines are yet to be seen by the Funds.

Your investment thesis is particularly interesting. You seem to back founders from top Tier colleges. I’m aware that the thought comes from a study you conducted. However, don’t you think that some of the greatest companies were founded by college dropouts? Some of the biggest companies today weren’t created by founders from top tier colleges. Don’t you think that this thesis will prevent you from looking at some really good companies out there?

There is no debate on who makes better entrepreneurs. Our philosophy is to approach investments through an ecosystem. The ecosystem that we are continuing to build is formed of people coming from premier institutes of India and abroad. The idea of this ecosystem is to build a strong support system for entrepreneurs who find it easier to connect with alumni from similar educational institutions. However, this does not mean that we will reject an entrepreneur just because he/ she doesn’t come from the background of a premier institution. Any investment opportunity is evaluated based on its own merits – one of the important criteria being the background of the management team. Since IIT Alumni has been our strongest supporters, we have committed to them that any IITian entrepreneur approaching the Fund will get some support from our network even if the fund is not in a position to invest in them due to various reasons. We are already seeing the value of this approach on the ground through the quality of investment opportunities coming to the Fund as well the passion within the network associated with the Fund.

How do you identify and meet potential companies?

IvyCap Ventures has been established with an eco-system approach. This is the only Venture Capital Fund that strongly connects with many of the Ivy League type institutions in India and abroad. For the first time in the history of Venture Capital in India, a part of the profits of the Fund Manager has been committed to be given back to the Educational institutions of the choice of the investors. This approach has led IvyCap Ventures mobilize a large network of people from IITs, IIMs and other leading institutions of the world to not only invest in the Fund but also contribute their time to the Fund. Most of our deal sourcing happens through this network. We have structured our ecosystem into a network of advisors, mentors and expert groups depending on their experience, skills and willingness to contribute their time to the Fund. Most of our deals come through this network. In addition, we are also approached by entrepreneurs directly as well as through Investment Bankers.

On an average, how much equity do you take for your investments.  

Typically we invest in the range of Rs 2 crores to up to Rs 30 crores in each deal. We prefer to take significant minority stakes in these companies in order to keep the promoters motivated about their businesses. However, in certain cases if we end up in majority we incentivize the promoters to earn out stake based on achievement of business goals.

In your view, what are the sectors likely to create most opportunities and returns in India?  

We are excited about opportunities in Healthcare and Life Sciences, Education, Rural/ Agriculture, Energy/ Cleantech as well as Cyber security and Forensics. The innovative applications of emerging technologies in these sectors is particularly exciting us.

Related posts:

1. IvyCap Ventures receives government nod to invest $36 million in Indian startups
2. Nexus Venture Partners closes Round III with committed capital of $270mn
3. Inventus Capital plans US$125 million venture fund targeting early-growth India companies

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Valentine’s Day gift ideas for your geeky partner

Champagne, chocolates, flowers, cards and big romantic gestures. Yes, Valentine’s Day is coming. But you don’t have to be all cliché and buy something that everyone else is buying for each other. Or worse, burn a bigger hole in your wallet with the hike in the prices of these gifts.

We have chosen some gift ideas for your geeky partner so you can be original, yet thoughtful and romantic at the same time.

1. The Only Voice Authenticated USB Drive

Something that could possibly be out of a Bond movie, this USB Drive secures its contents with a password spoken by its owner. With an 8 GB capacity for storing sensitive files, the drive’s sophisticated patent pending voice recognition software detects the specific frequencies and nuances of its owner’s voice. Requiring no software installation, operation is as simple as plugging it into a USB port and speaking a password – once authenticated; you can access stored files from your computer. Alternate secure entry is provided in the event of a cold, laryngitis, or a forgotten voice password.

2. Pop Phone Handset

A handset that can be plugged into any device with an aux input, this is not only a statement piece but ensures that your next phone call would not involve you having to press your face against your phone just to hear more clearly. If you are a believer of the brain damage that phone radiation can cause, this handset can solve that instantly too. A fashion piece and a life saver, this gift can kill two birds with a stone!

3. USB Beverage Cooler

A mini cooler that can hold one can of beverage, and keep it chilled at 10 degrees centigrade by plugging it to the computer, this device will definitely be a good “destresser” for your partner while he or she is hard at work. The retro-styled red and white colour of this cooler can also double up as a decoration piece on the work desk.

4. A Crayon Stylus

A funky creatively disguised stylus that looks like a crayon, this device is not only useful and functional, it helps you keep your screen free of greasy fingerprints. Plus, using these conversation-starters might even help liven up stuffy classrooms or office meetings.

5. At-At Love T-shirt

Available in Women and Men sizes in both V and crew neck cuttings, these All Terrain Armored Transports were supposed to be on a mission to bring down the Rebel’s shield generator but went on their own mission instead – the mission of love!

Based on a reality show by the Robot Fighting League that features eight-foot-tall state-of-the-art humanoid robots fighting each other in a boxing ring, the T-shirt design is a whimsical twist on some geeky wrestling action that makes it perfect for a Valentine’s Day gift too.

 

6. A Secret Decoder Ring

A ring that lets you code secret messages in it, this makes it a fun gift as your partner decodes the message while twisting the interlocking bands to reveal the code. While it isn’t the best looking accessory, it is possibly the most fun one that will bring you both some good laughters.

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Huawei Teams With Microsoft to Launch WP8 ’4Afrika’ Phone in (Yes, You’ve Guessed It) Africa

Microsoft (NASDAQ:MSFT) launched its new 4Afrika Initiative today, and Chinese phone-maker Huawei is the first to join in and make a low/mid-spec Windows Phone 8 (WP8) device for the African continent. The phone, dubbed the Huawei 4Afrika, will initially be available in Angola, Egypt, Ivory Coast, Kenya, Morocco, Nigeria, and South Africa later this month.

It marks another interesting move by a major Chinese company in Africa, which covers everything from controversially shoddy feature phones to massive infrastructure projects and sourcing natural resources.

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Airtel launches “Apna Chaupal” – Voice based one stop solution portal for VAS

Bharti Airtel has announced the launch of voice based one stop solution portal for value added services – Apna Chaupal. Designed for the rural and semi-urban market, the service will now empower mobile customers across the country to easily browse and subscribe from a bouquet of value added services while on the move by just dialling 58080 toll free.

The voice based service will provide information in the regional language of the customers on key day-to-day activities including agriculture, devotion, job updates, entertainment, education and health. The service will enable customers to easily access a host of informative services like learning agricultural techniques, receive instant updates on Mandi rates and Government jobs, listen to Live Aarti’s from popular religious shrines, access entertainment services like Hello Tunes, Comedy FM and radio, receive ball-by-ball updates on cricket matches, learn English, seek career counselling and much more on their mobile phones with just a simple voice call.

While call to the IVR number 58080 is toll free, customers would be charged applicable subscription rates for the service packs subscribed.

Related posts:

1. Voice Blogging Service by Airtel – 2 million users in 3 months [Voice is a Commodity]
2. Airtel launches ‘Behtar Zindagi’, IVR based service for rural Rajasthan
3. BSNL launches voice based ‘Mandi on Mobile’ for live commodity feed

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China’s Top Online Travel Site to Set Up Investment Subsidiary

China’s largest online travel agency, Ctrip (NASDAQ:CTRP), has outlined plans to set up an investment subsidiary later this year. It’s part of a plan for Ctrip to be, according to CEO Fan Min, “higher-profile in its investments.”

Last year we saw Ctrip invest in Chinese vacation home rental startup Tujia, as well as acquiring a very specialist luxury travel e-tailer.

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Get a Taste of Burpple’s Brand-New Android App

It has been nine months since I first wrote about the foodie app Burpple, and in that time the Singapore-based startup has had a rapid and calorie-filled journey. Now it has hit a new milestone with the launch of Burpple for Android, today landing on Google Play to accompany its iOS iteration.

The Android version comes with all the things you need to find great places to eat and share your meals, such as the more recently-added ‘explore’ feature.

Burpple’s Android app looks similar to the iPhone version, but after playing with it for a few minutes it’s already clear that this is no quick port of the old app. The Android version has followed all of Google’s guidelines to make the app feel totally right in Android 4.0 (though it supports 2.2 and above), such as using tabs near the top of the screen (pictured below) rather than iOS’s bar at the bottom of the screen. As an added bonus, the Burpple Android app is stripped of all skeumorphic flourishes.

Since the iPhone version launched in May 2012, Burpple has seen 300,000 food moments shared by folks in over 4,000 cities in 140 countries.

Last December, the startup team also got a taste of $500,000 in seed funding.

The new Burpple for Android is now in Google Play. Here are a few more screenshots:

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