Armed with 25 years of rich experience, Shirley is a business leader and entrepreneur who has helped drive operational growths, leading start-up and turnaround efforts, maximizing business opportunities, drive change that builds organizational effectiveness. She founded an IT services company, taking exit 15 years later by selling the firm to British Telecoms. Having experience in VC funds, Shirley supports early-stage startups.

In a recent conversation with The Global Woman Leader Magazine, Shirley shares her thoughts on the tech startup landscape’s evolution. Drawing from her experience of running, scaling and mentoring startups, she sheds light on the key challenges faced by founders, avenues for achieving funding among others. Read the article below to know more…

Given the rapid evolution in the tech startup landscape, how do you perceive the current market scenario for technology-based startups? What trends or shifts are you noticing in the said landscape?

The startup landscape is rapidly evolving, driven by generative AI, sustainability, and eco-friendly technologies such as clean energy, health tech, and agri-food tech. These sectors offer scalable solutions to global challenges, with societal trends shaping the opportunities and challenges for tech startups. Entrepreneurs must align their business strategies with evolving consumer expectations.

To adapt to these changes, aspiring entrepreneurs should harness the power of AI for efficiency and innovation and stay agile, ready to pivot as needed. A customer-centric approach is crucial for developing solutions that meet actual market needs, providing valuable market insights that enhance decision-making and competitive advantage. Lastly, fostering a culture of continuous improvement within the team is essential for startup success.

As a mentor to numerous startups, what are the most common challenges you see tech entrepreneurs face nowadays? How do you advise them to overcome these obstacles?

There are a few common challenges for early-stage startups. One is difficulty in identifying and achieving product-market fit. They need to conduct thorough market research, engage with early adopters, iterate based on feedback, and stay updated on industry trends.

Funding is always a significant challenge faced at every stage, from seed to series A, B, and beyond. Funding is the lifeblood of startups. To ensure financial stability, build a robust network of investors and explore diverse funding options. For early stages, look for grants, including government and corporate grants, and consider crowdfunding. For more mature startups with revenue, consider debt financing and invoice factoring.

The third major challenge is talent acquisition. Attracting and retaining skilled talent, especially tech talent, is a significant challenge because everyone is looking for the best team. It is crucial to foster a positive work culture where employees feel valued and engaged. Provide opportunities for growth and learning, even as a startup. While startups may not compete on remuneration with established organizations, it is important to communicate a clear vision by sharing the startup's mission and values to inspire and align the team. Employees who resonate with the mission may be willing to trade higher pay for the shared ideals and growth opportunities.

With continuous innovation being a key driver in the tech industry, how do you identify and nurture disruptive ideas within startups? Can you share an example of a startup you mentored that successfully disrupted its market category?

Identifying and nurturing disruptive ideas in startups requires due diligence, strategic guidance, and a supportive ecosystem. I engage experts to evaluate the novelty and scalability of the technology, especially for deep tech startups. I emphasize the founding team's pedigree and unique advantages because ideas can change, but the tenacity, resilience, and unfair advantages of the founders can make a lasting impact.

Mentorship is crucial for a startup's growth, providing strategic advice and operational support. Extending our network helps them progress and grow. For example, I mentor Facticity.AI, a startup that disrupts the market by addressing the limitations of the attention economy driven by Web2 algorithms. These algorithms often prioritize hype over factuality, accountability, and transparency.

Facticity.AI offers a factual, transparent, and real-time approach to information, reducing ideological bias and enhancing reliability. By leveraging advanced AI, Facticity.AI provides users with accurate and unbiased information, making it a valuable tool for those seeking to escape echo chambers and gain a clearer understanding of the world.

What role do you believe the broader tech ecosystem (including investors, mentors, accelerators, etc.) should play in fostering the growth of technology-based startups? How has this support evolved in recent years?

The tech ecosystem is crucial for startup growth. Investors provide funding and guidance, mentors offer experience and connections, accelerators deliver structured programs and resources, and a supportive peer community fosters collaboration. Favourable government policies, regulatory frameworks, and partnerships with established companies enhance market access and credibility for startups. These elements collectively create a robust support system, driving startup success and technological advancement.

Support for tech startups has evolved, with increased funding from diverse sources. In the past, funding mainly came from VCs or corporations. Now, even family offices are interested in funding innovative startups with growth potential. More specialized accelerator programs are emerging, and corporate partnerships are increasing. Many large companies now have corporate venture funding within their organizations. Digital platforms enhance mentorship accessibility, connecting startups with mentors. Government initiatives, such as open innovation and regulatory sandboxes, also play a crucial role. For example, Singapore's Monetary Authority has a sandbox to try out new ideas within a controlled environment. Startup competitions like the Lee Kuan Yew Global Business Plan Competition further facilitate growth and collaboration for startups.

How do you balance the need for rapid growth with the importance of building sustainable business models in the startups you invest in? What strategies do you recommend for achieving long-term scalability?

I encourage startups to focus on creating value-driven products and services, ensuring strong market feedback and customer satisfaction. A customer-centric approach is crucial. Financial discipline is also vital, as funding is becoming increasingly difficult due to many competing solutions tapping into the same pool of funds. Careful management of cash flow and reinvestment into operations that support steady growth are essential.

Emphasize scalable infrastructure, such as using robust technology and efficient processes, to help the startup expand. Foster a culture of continuous learning and adaptability to pivot and evolve with market demands. Building strong teams is necessary for long-term scalability. At every stage of the startup, form strategic partnerships and maintain a clear vision and mission to guide sustainable practices.

Reflecting on your extensive career and contributions to the tech sector, what legacy do you hope to leave for future generations of tech entrepreneurs? How can current industry leaders ensure their impact is meaningful and lasting?

I aspire to leave a legacy of innovation, mentorship, and ethical leadership. Supporting startups through my extensive network has been deeply fulfilling. These connections are crucial for startups to access necessary resources and support. My role as an entrepreneur in residence at Singapore Management University Institute of Innovation & Entrepreneurship aligns with my goal of empowering individuals and businesses. I mentored a staff member who aspired to be an entrepreneur, supported her growth, and she managed to grow the business exponentially. Within a few years, she successfully exited and sold her business. This not only enriched her life but also the lives of many employees to whom she offered stock options.

I hope my mentorship will continue to contribute to the success of those I've guided and positively impacted various communities. To me, this is contributing to a legacy of innovation, where each successful entrepreneur becomes a mentor to the next generation, perpetuating a cycle of growth and development. Industry leaders can ensure meaningful and lasting impact by fostering innovation, prioritizing sustainability, investing in talent development, leading with integrity, and actively engaging with communities. These actions build trust, drive growth, and create a positive enduring legacy.