We talked about public resources and how you can best use them. With the Q&A we've got from founders and founding teams, you'll get a better understand of public sector organizations.
Webcast Ep14 - Accessing Public Resources for Innovation and Sustainability
In this episode of Lighting Up Ventures webcast, we talked about public resources with Zahin Hussain. She has worked across markets, sectors, and industries in a various countries in Asia and Canada.
We asked the startups what are the impressions they have about working with the government or organization. We’ve got some actual experience and assumptions. Here is some of the questions we've got.
- What kind of public resources are ready to help industries?
- What’s the difference in resources among global organizations, educational institutions and private enterprises?
- How do they help entrepreneurs?
- Is it better to use local resources?
- What do you think about the future direction of resources that the organizations provide?
00:19:23 - Working with government: Is it business development, funding, or procurement?
00:21:17 - The key is relationships. Short term gains and long-term payoffs need to be balanced.
00:22:12 - Large companies can have dedicated liaisons, and it is challenging for startups to dedicate the resources.
00:23:29 - There are startups that build and sell, but in the public space it can take more time to develop relationships through competitions, grants, then there is a lot of paperwork. Nevertheless, this can open up opportunities into the future
00:26:29 - The road from funding to procurement can take a long time to build up the credibility, stability, and maturity.
00:29:11 - Large scale procurement requires a strong track record, but there are many other opportunities at smaller scales, and this depends on relationships that you have as an entrepreneur with specific individuals running projects or programs with specific needs.
00:31:22 - There are many opportunities that exist in addition to funding. These large organizations are not monolithic. There can be opportunities at the National level, city level, international level. There are also philanthropic organizations that are huge reserves of capital.
00:42:18 - It is important to understand the fiscal year and the importance of a public organization to have a “good” disbursement rate. As the year is coming to a close, they *must* spend the money that they have.
00:53:58 - Procurement for the military is a very difficult process. There are many issues that are difficult to navigate, especially around security and compliance with procedures.
00:58:33 - Funding from government is equity-free capital that can be advantageous to access. There is heavy funding for AI, blockchain, and clean tech. There are a lot of programs in Korea. Government can be really effective in helping to open doors as well.
00:59:16 The government can play a good role to broker meetings between early-stage entrepreneurs and executives from large organizations.