Since March 2018 are tiramizoo and Werthstein Now in Singapore as part of the German Accelerator Southeast Asia Program, they are exploring and, ideally, conquering the Asian market. So it's high time to find out how things are going at Munich startups.
The tiramizoo team, which had previously gained experience in Manila, is very pleased with the decision to locate in Singapore. Julian Kellermann, Head of International Business, calls it an "ideal location," citing the excellent local infrastructure and the site's favorable location. The support of the German Accelerator Southeast Asia is very helpful.
Asia means double burden for the founders
Werthstein-Co-founder and CEO Bastian Lossen goes into detail:
"The collaboration between us and the accelerator has gotten off to a great start. The support goes much further than just supporting our local business. The local team also helps with personal challenges like finding accommodation, etc. The tools provided by the highly experienced team help with strategy planning, and our lead mentor is not only a great guy but also has great contacts who are helping us build our company."
This help can't hurt, as founders in Asia are exposed to a certain double burden: During the day, the entrepreneurs take care of the Asian business, and from late afternoon onwards, it's time to get back to the real "day-to-day" and manage the European affairs.
Nothing works without preparation
To do justice to all of this, says Julian from tiramizoo, thorough desk research beforehand is essential. He believes competitive and market analyses are part of careful preparation. Because, he says, one shouldn't fall into the misconception that one's business model can be transferred one-to-one to the Asian market. Certain adaptations to local needs must be planned for.
Bastian adds that as an entrepreneur in Asia you have to have a lot of patience:
"Asia is fast, Asia is dynamic. Asia builds on relationships. Building relationships takes time."
tiramizoo and Werthstein draw a positive conclusion
Considering his relatively short stay in Singapore so far, the Werthstein Managing Director is very satisfied with the progress his company has made there:
"We're now operationalizing our launch plan. I've found a great local team to help me build it. If we can find a few more investors to help with the setup, we'll be live with Wealthstone before the end of the year (Editor's note: in Asia, 'Werthstein' becomes 'Wealthstone')."
Julian is also satisfied with how things are going so far in Asia, but emphasizes that it takes a lot of work and exposure to gain recognition in the market. This also includes a certain amount of adaptation to local conditions. The dress code in Singapore, for example, is a bit more formal than in Germany. While a suit and tie aren't mandatory, jeans and a shirt are definitely considered underdressed.
Tiramizoo is still waiting, which has already Shell on board as investor has, is waiting for the first reference on site to get the ball rolling. However, the Munich-based company is optimistic and assumes that
“In addition to [the] already ongoing business in Manila/Philippines, it will most likely become active in other countries in Southeast Asia.”
