Empowering Startups Through Community

Growing a startup isn't just about money, it also requires a strong community and partnerships. DBS hosted an event on August 16 to provide insights into the importance of community and collaboration for new businesses which brought together experts and entrepreneurs who have leveraged Singapore’s startup ecosystem to build and grow their own enterprises.

Koh Kar Siong, Group Head of Corporate and SME Banking at DBS, kicked off the event by introducing the new "DBS StartUp Movement." This program aims to give startups the tools, resources and community support they need to succeed. "Your challenges are our challenges," he said, reinforcing DBS’ goal of being a trusted partner for entrepreneurs. He also unveiled the new DBS Business Advance+ Card that offers zero FX rates and better cashflow management for SMEs.

Over 80 attendees gathered at the event where Koh, Anthony Seow, Head of Payments & Platforms at DBS, Ramesh Sankar, Group Head of Product Management Corporate and SME Banking at DBS, together with Saurav Bhattacharyya, Chairman of ACE.SG and Adeline Kim, Country Manager for Singapore & Brunei at Visa, officially launched the DBS StartUp Movement. 

This initiative to build community is important as entrepreneurship requires a collaborative effort where the government, companies, and ecosystem partners work together to help startups expand. Following on this theme, Patrick Lim, CEO of Action Community for Entrepreneurship (ACE), gave an overview of Singapore's startup scene and how community plays a key role in encouraging entrepreneurship. Lim also stressed the need for startups to think global from day one given Singapore’s small local market and urged entrepreneurs to use available resources to expand their businesses.

Use Social Media to Create a Community

The highlight of the event was a panel talk led by Stanley Tan, Chief Operating Officer and Head, Regional Corporate and SME Business Management at DBS, which featured insights from Lim, Kim, Maggie Dumra, founder of resort wear brand BaeBeeBoo, and Julian Foo, General Manager, Financial Services (Regional) at ShopBack. They talked about their journeys and shared tips on starting and growing new businesses.

To build a loyal community, startups need to make their customers feel important and connected to their brand. To achieve this, Dumra uses social media to create a community, and compared running an online business to having a store in a mall. “When you don't post on social media for a day, it's like turning off the lights in your business,” Dumra said.  

Building Partnerships to Scale
For SMEs just starting out on their journeys, partnerships are also key to growing their business. Visa, for instance, teams up with different partners to tackle issues like payments across borders and keeping costs down, Kim said. She pointed out that Visa excels at creating solutions that can not only scale, but also meet the unique needs of local markets. She also encouraged new businesses to think bigger than just Singapore, and to using the country's connections to expand in the region and beyond.

The Importance of Execution
While having a good business model and network is key, it is equally important for startups to execute well. Foo explained how ShopBack shook up affiliate marketing by creating a business model that could grow and give users value. Foo pointed out that ShopBack succeeded because it could expand into different markets while keeping customers loyal. 

He also stressed the importance of monitoring customer satisfaction and adapting quickly to feedback, as even minor issues, such as a few seconds of delay in payment processing, can affect how users feel about the service.

Patrick Lim wrapped up the panel by sharing his thoughts on the real worth of community in the startup world. “The power of community is in who you know and how you can connect the dots,” he said. He urged startups to join networking events and tap into the know-how and tools the community offers. He also highlighted the need to build a "kampong spirit" in the startup scene where trust, teamwork, and helping each other play a big part in everyone's success.

The DBS StartUp Movement event highlighted the critical role of community and collaboration for startups to succeed. From leveraging social media to build a loyal customer base to forming strategic partnerships that address key business challenges, the insights shared by the speakers provided valuable guidance for the startup founders in attendance.

To empower entrepreneurs on their journey, DBS BusinessClass launched an exciting three-part TikTok seminar series under the DBS StartUp Movement. Featuring renowned social influencers like Annette Lee, Maggie Dumra, and RunnerKao, the series delved into essential topics for startups, from "Starting Out in Business 101" to "Entrepreneur Myth Busters." Stay tuned for more engaging and insightful events like this—watch this space!