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Key for institutions to engage startups early

Christie Chu, Head, Emerging Business and Commercial Banking Cash, Global Commercial Banking, OCBC Bank

MANY institutions now have dedicated units that address the needs of startups. Institutions recognise that the startup market is huge, with over 60,000 new businesses incorporated each year.

Institutions want to engage startups early and integrate into their business operations and growth.

With access to equity and venture capital funding, support from the government and digital capabilities, the growth of startups may be accelerated as they capture the regional market.

Institutions help drive home the message that running a business is more than just bringing in sales. It is also about keeping an eye on cash flow, managing staff, complying with regulatory requirements and a whole lot more.

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This can be a confusing and frustrating process for any new business owner, and this is where institutions can add value.

One particular area in which help is needed is in the digital space. Startups do look for digital solutions to help them buy, sell and operate better, but the number of choices available can be overwhelming for new business owners.

There is no one-size-fits-all answer for startups, as each is unique. But institutions know that starting smart with the right solutions can make the difference between a thriving and failing business.