Left to right: Klaus Wehage (10x Innovation Lab), Vincent Fan (Zeek), Jennifer Zhang (Wiz Holdings), Ram N Kumar (Nirog Street), and Hendra Kwik (FAZZ Financial Group)
As two of the leading tech giants in Southeast Asia (SEA), Grab and Gojek took drastically different approaches to growth. While Grab quickly expanded into new SEA markets with its platform, Gojek focused primarily on Indonesia before expanding to neighboring countries. Both companies have seen significant success in the regional startup ecosystem, showing that both approaches have their own strengths.
For startup founders looking to succeed in the region, the choice between these two approaches can be crucial. At a panel discussion during Echelon 2022 on October 27 at Resorts World Sentosa, four founders and CEOs shared their insights.
According to Ram N Kumar, CEO & Founder of Nirog Street, the key is not to focus on right or wrong choices but rather on determining one’s end goal.
“If you seek rapid growth and scalability, emulate Grab. But if market leadership is your aim, follow the Gojek approach,” he emphasized.
Jennifer Zhang, Co-Founder and CEO of Wiz Holdings, highlighted the importance of assessing the market conditions in which a company operates. She explained how international expansion can be a viable strategy for companies in markets like Finland and Singapore where growth opportunities abound.
Zeek, a company from Hong Kong, opted for early expansion into other markets but carefully selected the services to introduce. CEO & Co-Founder Vincent Fan shared how they identified new business opportunities based on local market needs and regulations.
In terms of talent for international expansion, panel moderator Klaus Wehage, Co-Founder & CEO at 10x Innovation Lab, stressed the importance of having the right team with diverse skills. Companies may prefer a smaller team in early stages but a larger team capable of autonomous decision-making in later stages.
Ultimately, finding the right people and building a strong company culture are key components of successful international expansion, as highlighted by Fan.
This article was originally published on November 2, 2022.
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