In this video we have with us Dr. Narisa Chauvidul-Aw, who founded the FinTech start-up KogoPAY Group (London, UK).
Topics of dialogue:
- How was KogoPAY created?
- How to immerse yourself in a new industry?
- Distinctive sides from competitors
- How does KogoPAY work?
- About the values and principles of Narisa
- Competition with classic banks
- How to find time to do a lot of work?
- How not to make the wrong choice of an investor in the project?
- How can a community help to start a project?
- How to successfully run a crowdfunding campaign?
- How to overcome difficult times?
- Trends for investment
- How to find startup ideas?
- Traditional guest tips
- If the industry you are interested in at the moment is not familiar to you, you can immerse yourself in it by studying information in different groups, attending meetings, conferences, online events, talking with various experts.
- To compete with traditional banks, KogoPAY has added the option of paying and withdrawing cash from partner companies (with a small fee) using QR codes. It is also possible to send a request for funds inside the application, for example, to family and get cash later using only the code.
- It’s not just money that should motivate entrepreneurs. For example, Narisa has plans to add functionality to the application so that people can pay in cafes or shops for someone who needs it. Something like “pending coffee” (https://en.wikipedia.org/wiki/Caffè_sospeso)
- According to Narisa, the investor’s views should match the beliefs of the founder.
- Narisa runs an online magazine for people from Thailand living in the UK. It became logical to try the new project on that community and get the first traction.
- Finding an investor, especially in times of pandemic, is not an easy task. Make sure you start doing this way in advance, when you have time not only for the finding process itself, but also for building relationships, as the right partner can help a startup very much at the beginning of the journey.
- If unforeseen circumstances such as a pandemic occur, you should look for opportunities to reduce your costs, to talk about cutting your rent, or to think about cutting down work time or salaries. It is important to look at current changes to find out what your startup could offer due to that. In any situation, try to remain optimistic and think about how you can help people with your project.
- Traditional guest tips:
- The choice of wrong partners can lead to a painful and demotivating separation process. Be careful;
- If you open the startup at the wrong time (e.g. too early when the market is not ready), there is a risk of losing all your investments before the growth starts;
- If you are truly interested in something, it will be much easier to find the startup idea. Learn information wherever you can and constantly try to useyour experience to create something new in your area of interest;
- If you have found the idea of a project, focus on one direction only, especially at the beginning.