A case study on BigBang Angels's (BBA) latest outbound market intelligence program for South Korean startups planning to expand to Southeast Asia. Greenhouse helped BBA's portfolio to test a variety of markets while connecting them with potential clients.
Earlier this month, we sat down with Leisha You, Investment Relationship Manager at BigBang Angels (BBA) to discuss how Greenhouse has been supporting BBA's market intelligence and research efforts for its portfolio of startups.
Q. How long have you been in business?
Bigbang Angels is a major accelerator that was founded in 2012 in Korea. I am in charge of their outbound and market intelligence program, and I have been working here for almost one and a half years.
Q. How many employees do you have?
BBA has ten employees.
Q. What challenges and objectives led you to look for a solution like Greenhouse for your market intelligence needs?
Our main program is an outbound program for Korean startups who want to expand their businesses into Southeast Asian (SEA) countries. Considering the variety of our portfolio of startups covering business models across Biotech, hospitality, up-cycling, AgriTech, e-commerce, logistics, and many more, it’s quite difficult to find the most suitable service providers in +10 markets in SEA. To add another layer of complexity, each startup is at a different phase of its growth, a few are at a pre-seed level, others larger with bigger teams and international presence. Hence, we needed help in securing strategic partners for each step of our portfolio growth, across multiple geographies.
Q. Did you explore other solutions prior to this that did not work out? If so, what happened?
We have a couple of international partners helping us with market intelligence and research in SEA and Canada for our launchpad program. Unfortunately, those partners were having difficulties meeting our deadlines for programs. The feedback that I needed to update program details was a bit slow. And, last but not least, the system for reporting and getting confirmations from their superiors slowed down the entire process.
Q. How is Greenhouse helping you and your portfolio of startups with the Unicorn Finder Global Program?
Greenhouse has a massive network of service providers who can help us at any stage of our portfolio company's go-to-market plan. From research to business matching, and the actual incorporation process. Thanks to their dedicated team and network, our startups can meet multiple horizontal mentors, local partners, potential investors, and prospective clients in different countries. To name a few, (covered during the last program) Indonesia, Singapore, Vietnam, the Philippines, Japan, Switzerland, and the USA. Such meetings help our portfolio to understand better industry/market trends and even competitors.
Q. What were the results that came from using Greenhouse? How did we help you solve your market intelligence challenges?
Greenhouse has consistently helped us meet aggressive deadlines and targets with our startups. To offer a bit more context, they help us with the following:
-Find ideal mentors and local partners based on our startups' preferences.
-Met our internal deadlines
-Quickly communicated any challenges when arranging meetings across all startups and geographies, while proactively finding alternative solutions that benefit our portfolio. The quick execution and coordination of Greenhouse was highly appreciated as Koreans love to work and get results fast. In that sense, it feels like Greenhouse’s dedicated team is like an extension of our own Korean team.
-Their dedicated team are experienced moderators. Each of them ensuring every business meeting runs efficiently despite the cultural differences or the size of some of the companies they helped us meet. After all, at times Greenhouse helped us arrange sessions with global corporates, and some of our portfolio startups met such companies for the first time. Yet, Greenhouse’s team was always there to break the ice, facilitate the conversation, and ensure both parties will continue working in the future.
-The program we are running requires the preparation of well-organized reports. The reports are covering each session and a database of prospective strategic partners. Greenhouse’s team never disappointed in delivering such reports.
Q. What are you excited about moving forward?
I am excited about working deeply and closely with Viktor, the COO, and the remaining team at Greenhouse. In fact, we're hoping to streamline all of our startups cross border go-to-market projects through Greenhouse moving forward.
Our team is looking forward to continuously supporting BigBang Angels and their portfolio of startups with market intelligence, competitor analysis, industry trends and expansion services across the Asia Pacific region.