On January 27th, one of our resident CEO in Kejora HQ gave a presentation for our Ideabox batch 3 start-ups. Boye Hartman, CEO of Y Digital Asia Group, is no doubt one of our many inspiring resident mentors in our program. He talked to the start-ups about the beauty of branding and the discovery of the identity or “soul” of your company.
Boye questioned the founders of the Ideabox batch 3 start-ups of the “why” factor that made them created their start-up. During the presentation, Boye introduced Simon Sinek’s model of “why”, “how”, and “what” circle. Where he states that “why” exists in the inner circle, “how” exists in the middle circle, where as “what” exists in the outer circle. People usually start from the outer circle and moving inwards. However, influential people have a common pattern, that pattern is that they always start from the inner circle and moving outwards. Because they are able to deliver their “why” or their belief, they are able to get people of the similar belief to follow him or her. Once the audience is on the same page in regards to the “why,” the “how” and the “what” factor will naturally be accepted by the audience. Hence Boye concluded when doing a start-up, the founders must understand the “why” factor for the start-up and gain loyal customers with identical beliefs.
In addition to Simon Sinek’s model, Mr. Hartman also talked about the quality of perception of brand model. This model shows us that with brand effect or “soul value,” customers often perceive the product with brand to have a better quality despite being exactly the same as the other identical products with no brand. He talks about how with brand, not only do customers perceive the good as better quality, they tend to become less price-sensitive with brand rather than no brand. Boye also stressed out the importance of user experience when compared with feature. It is better to create a product with good user experience rather than a product with good features as features can easily be replicated by competitors. Lastly, Boye stated that branding is
all about evoking emotional-value to your company and product.
Boye ended the sessions with a Q&A session with the start-ups and questioned the start-ups whether they know their “why” factor yet. The session with Boye was very eye-opening as the start-ups were reminded to either find their “why” factor or stay loyal to their “why” factor.