Lessons tech startups can learn from Uber to achieve legitimacy
Startups should recognise that the quest for legitimacy intensifies through various stages of their development trajectories.
THE number of tech startups in Asia is growing at an exponential rate. According to a 2015 report by Compass, Singapore is ranked 10th in its global startup ecosystem and is home to 2,400 to 3,600 active tech startups.
We see the rise of fintech (financial technology) startups such as online crowdfunding platform Crowdo, mobile stockmarket simulation app TradeHero and social/mobile payment platform fastacash.
For these startups to break into the financial industry, they have to deal with strenuous regulatory requirements, established industry norms and entrenched cultural habits. While continuous digital innovation is essential, aspiring tech startups must realise that it is equally critical to devise strategies to gain legitimacy in the eyes of customers, industry bodies, regulators and others. But how does a young tech startup begin to challenge the traditional establishment?
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