Southeast Asia | Class of Spring 2018
iNDTact’s precision sensor systems in the IoT field saw traction in the Singapore market in under 5 months. Despite the longer sales cycle for B2B businesses, iNDTact secured key clients and partners in Singapore in the areas of smart buildings and railways.
Enterprise Singapore, the government agency championing enterprise development, is supporting iNDTact by connecting them to local companies to testbed and implement their solution before scaling to Asia. iNDTact is also working with railway operators in Singapore and the region on predictive maintenance to improve rail reliability.
iNDTact chose German Accelerator Southeast Asia’s program for the connections and networks necessary to grow in Asia. iNDTact’s mentors, whether they are lead, educator or connector mentors, provided objective points of views to challenge the business strategy and approach. “All our mentors were connected to each other and shared information. That way, they had the necessary insight to provide contextualized recommendations, yet give an external, objective view,” said Clemens Launer, CEO and CFO of iNDTact.
The German Accelerator program instilled more discipline and strategy in the way they approached building connections and prospects in Singapore and Asia. The backing of the German Accelerator brand, a physical office space, and building up a team based in Singapore also helped build trust and signaled their commitment to long term business here.
An area of learning shared by Clemens is not to underestimate the speed of which business relationships progress once trust is established. He said, “In Asia, it does take longer to builds relationships and trust. But unlike in Germany, once you have trust, it could only take one sentence to seal the deal. My advice would be, don’t expect it to be fast – pursue those relationships even if they take long. Then, once you get there, be prepared that business will come faster that you expect.”
Startup Guide, the lonely planet for entrepreneurs, leveraged the strength of German Accelerator’s network in Singapore and the Southeast Asia region to meet with potential sponsors, partners, as well as contacts for production and distribution of the guides.Read article