By Xavier Kong
AT the first-ever virtual Cyberview Tech Talk, panellists shared that new opportunities are available during the Movement Control Order (MCO) period, and that it should not be a deterrent to those who want to start their own online business.
The forum, held on April 22, featured Aizat Rahim, business director at Finnext Capital, Nadhir Ashafiq, co-founder and managing director of TheLorry, and Siti Shafinaz Mohd Salim from Cyberview Sdn Bhd as panellists, with Cyberview’s Nadia Azmi as a moderator.
According to the panellists, when it comes to starting an enterprise during the MCO, online set-ups should be able to find a niche for themselves.
“A lot of people find it safer to transact online, so this is the time to look at digitisation and ecommerce as opportunities for a prospective startup,” said Aizat, adding that startups that can maintain a cash strong position will be able to have their pick of the talent that will be looking for jobs after the Covid-19 crisis.
He adds that starting an enterprise now can have lower starting costs, as many entrepreneurs are already considering if they actually need a working space.
“A possible opening for entrepreneurs is looking at further efficiencies that can aid businesses in functioning without a fixed working space,” he said.
Shafinaz concurred, agreeing that it comes down to the perspective of the startup in looking for an opportunity, as well as looking at what form of venture or business they would like to get into.
“Virtualisation is something to get used to, but should be made use of to continue working through the MCO. It is an opportunity, a market opening for new startups to present their virtualisation ideas as market solutions,” she said, advising startups to stay agile and to seek opportunities.
According to Nadhir, entrepreneurs are “a special breed.”
“We don’t give up, we seek opportunities,” he said, pointing to the large number of startups and businesses that have turned to grocery delivery, including TheLorry.
“As a startup, resources are limited by default. So, at any time, we have to look at how those resources can provide the best return on investment,” he said, sharing his theory that, even after the MCO is lifted, there will continue to be a demand for such grocery services until a vaccine is developed.
“There will be an uptick about normal life following the MCO lift, but there will still be guidance from the government, as well as concern from the people, regarding Covid-19. And yes, the market can be a bit crowded, but if there is value add, experience, or a user database, revenue can be made, and this can continue to be leveraged even after the MCO is lifted,” shared Nadhir.
Entrepreneurs worried about funding or investors should also take heart as, according to Aizat, investors and venture capitalists are still looking, but are more picky.
“Growth used to be the primary factor for investors, but now the shift is to the bottomline, with revenue and profitability the focus,” he said, adding that it may be a good time to talk to angel investors.– April 27, 2020
