Getting Ready for Startups. Some Suggestions for Developing Countries

 
I have heard the word, "Startup", for  years. Of course, it is not a new concept in the US. However, I'm  hearing this word more often nowadays, especially, in some Asian countries. I am not wondering why. There are a number of successful Startups in the US. Startup businesses have become a significant driver for US economy.  People around the world know Uber, AirBnb, Instagram, etc. The businesses are changing market environment and people lifestyle. There is no doubt that Startup can help countries boost their economy. The question is... Is everybody ready for Startup? 

There are several factors that make Startups in the US so successful. People in the US have accesses to education, talents, funds, technical supports, etc. These critical infrastructures were not built in a day; the US has been building and developing these infrastructures for decades. I am looking at Thailand, a developing country in Asia. Startups have gained the attention of people from diverse sectors. Both government and private sectors are talking about Startups. They are trying to make Thailand a Startup hub in Southeast Asia. In my opinion, there are many things they need to prepare in order to be ready to achieve the goal.

• First of all, they need to understand the nature of Startup. Startups are not million-dollar businesses, not newborn businesses, and not the businesses founded by young people. The most important characteristic of Startup is the potential to create changes. Startups are the businesses that are changing how people think, trade, eat, have fun, and so on. Therefore, Startups' products or services based on innovation in one way or another. Startups' is offering solutions for unsolved problems. Startup is discovering consumers' new behaviors. The key components to create a Startup are creativity, differentiation, and trial and error. 
• Second, they need to prepare the infrastructure needed to start and foster Startups. The infrastructures are: 
• The right education system: The right education system should encourage students to be creative, to be different, to be dare to be wrong. The mentality will open the door for innovation. 
• Access to funding: Funding should also focuses on the potential of the ideas of the products or services. Besides traditional qualifications, funding agencies should be able to distinguish the business ideas that can be developed to Startup and give them opportunities. There should be more diverse funding sources such as crowdfunding like Kickstarter.com. 

• Copyright and patent systems: People in the country should have the right understanding of and respect copyright and patent systems. Government should be in charge of finding more effective ways to protect intellectual property. 
• Appropriate law and policy making: Many technologies cannot be commercialized because they are not supported by current laws and policies. Updating laws and policy is taking too long and cannot catch up with the speed of technological development. 
• Technological Infrastructures: They need to have high-speed internet that can handle consumer needs, internet security that can protect online activities, accountable Cloud, reliable transportation systems, and so on. 

These are just a few, but critical if they want to promote Startup.