"A good advisor is worth an endless amount of capital"
SingIt CEO Michael Peled details the lessons of global product expansion the young founder has learned over the past five years.
Michael Peled, Co-Founder & CEO
(Video: Streame )
"Sometimes, even the product needs to look completely different, and that's the power of a local partner," shared Michael Peled, Co-Founder and CEO of SingIt. Peled spoke to CTech’s Amy Shapiro at Sullivan's Annual Client event in Tel Aviv – a sponsor of the recent ScaleUp House initiative by Calcalist and Showcase IL. Sharing his own learning curves from taking a consumer product global, Peled reflected on his experience of entering new regions without on-the-ground support.
While the startup has garnered great success in the US and recently opened the European market, Peled recalled initially trying to tap the Japanese and Korean markets independently. "We saw horrible results," he admitted, adding that it took the startup a year "just to find product market fit in the Asian market." To properly attune a startup to foreign dynamics, Peled stressed the necessity of tapping into experienced mentors and local partners. Paraphrasing content creator Mr. Beast, Peled reiterated: "A good advisor is worth an endless amount of capital."
You can watch the full conversation in the video above.
