Disclaimer: The opinions expressed under are solely these of the creator.

When Covid-19 grew to become a pandemic two years in the past, it wasn’t the one illness to hit our shores. With practically 100,000 new companies registered within the final 18 months, the entrepreneurship craze is actually alive in Singapore.

A fast scroll by way of LinkedIn or every other social media supply is all it takes to substantiate that quantity. Virtually everyone seems to be beginning a startup or working for one.

Maybe Island Fever is the proper incubator for enterprise concepts to emerge like an countless sport of Whac-A-Mole. Think about this, in 2021 alone, startups have raised an unimaginable S$11.2 billion, double the quantity raised in 2020.

This startup bonanza has led to the creation of 15 unicorns in Singapore, proving that fairy tales do exist within the grownup world.

Legendary creatures apart, for each unicorn, there are numerous companies combating to be seen or heard. Many will fail, and extra will vanish right into a black gap of darkness because of a mixture of things, however none extra so than senseless startup.

What’s a meaningless startup?

singapore startup incubator
Singapore is house to many incubators and accelerators to help startups / Picture Credit score: NUS Enterprise

In essence, a meaningless startup is a product that’s promoted to resolve issues that do not want fixing or, worse but, do not even exist. These are firms so determined to disrupt and innovate that they’re satisfied that each minor irritation or inconvenience in life would require the assistance of a third-party app or service.

Usually these startups are buried beneath so many layers of business jargon that it is practically not possible to know what they’re making an attempt to perform. For instance, what’s a “full stack B2B2C photograph sharing platform”? Your visitor is pretty much as good as mine.

The lengthy checklist of ineffective startups all over the world is countless. Even in Singapore, a rustic the place individuals are recognized extra for his or her practicality than their creativity, our house scene is just not proof against uselessness.

For instance, why do teenagers want a devoted cellular cost platform to energy their spending when a debit card would possibly suffice?

Elsewhere within the depths of our startup ecosystem, there are additionally proposals to develop merchandising machines with gamified components. This begs the query, are we as a nation affected by such extreme consideration deficit that we want video games to have interaction us when shopping for a drink?

Except for the superfluous, there are additionally startups whose product execution is so poor that they could as effectively fall into the ineffective class. The truth that there are actually firms providing an academic product that’s nothing greater than PowerPoint slides disguised as a cellular app is ridiculous. What can be the worth of that?

Behind the rise of meaningless startups

launch pad @ one north
LaunchPad @ one-north is a part of Singapore’s rising startup ecosystem, housing startups, incubators and enterprise capital corporations beneath one roof / Picture Credit score: JTC

Because of aggressive promotion by the federal government, the Singapore startup scene is prospering. The truth is, the abundance of enterprise has made any try and sustain with the startup scene extra demanding than maintaining with the Kardashians.

Nonetheless, there are different causes that result in our rush of startups.

First, entrepreneurship as a journey has been romanticized, perpetuated by the life tales of Invoice Gates, Steve Jobs, and Mark Zuckerberg.

The blood, sweat and tears it takes to construct a profitable enterprise have now grow to be a revered ceremony of passage. Overlook what occurs between pre-seed funding and preliminary public providing. The reward of success is immense, however hardly anybody talks about setbacks and failures.

Nonetheless, that does not clarify the shortage of originality, market analysis, {and professional} experience that plagues many startups.

Even with essentially the most beneficiant funding, a motivated staff, and the precise market situations, a startup’s success is rarely assured. So why achieve this many individuals persist in beginning a enterprise primarily based on a imprecise concept? Have they thought of failure, or are they so pushed by their very own delusions of grandeur that they imagine they’re indefatigable?

In our trendy society, the place instantaneous gratification triumphs and shallowness is gained from job titles, the enchantment of startups is apparent. Why wait 20 years to be promoted to CEO while you might be promoted as we speak, by way of your personal firm?

The power to offer your self an honorary diploma is interesting. As a substitute of being outlined by a hierarchical job title, one may very well be a founder/co-founder of an organization.

All it takes is a leap of religion and you can be on the high of the apex the place, as a substitute of being an operations supervisor, you at the moment are the director of operations. As a substitute of being a no-name advert exec, he is now the artistic director.

Finally, there aren’t any guidelines towards frivolous or foolish merchandise pushed by conceitedness relatively than sense. Merely put, anybody can register an organization in Singapore and name it a startup.

I additionally bear in mind an episode from Silicon Valley, the place the Pied Piper staff got here up with a mathematical mannequin for example optimum end-to-end effectivity. It is a hoot and possibly the closest factor to the reality behind how pointless startups got here to be.

The expansion of startups is a development that reveals no indicators of abating. Whereas really revolutionary concepts will emerge, it’s also inevitable that completely pointless merchandise will flood the market.
However fortunately for all of us, the startup market favors survival of the fittest. As for pointless startups, chance dictates that the majority are doomed to fail as soon as their founders are carried out enjoying.

Featured Picture Credit score: The Key phrase

Why do some startups offer solutions to non-existent problems?

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