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There is no better time to sow the seeds of trust than when a startup is beginning to get its business off the ground.
In 2015, we set out on a journey to encourage the dialogue on building trust in business. Through PwC Malaysia’s Building Trust programme, we’ve reached out to various stakeholders including the public, students and young corporates.
In 2019, we broadened the trust conversation to the startup community - a fast growing segment in the local business landscape. Startups face various issues including increasingly discerning consumers and fierce competition. To succeed, they need a clear purpose, and for people to understand what they do. And there is no better time to sow the seeds of trust than when a startup is beginning to get its business off the ground.
As with most businesses and organisations of various sizes, trust is clearly important for startups. But is it a priority? Given the nature of startups as early-stage businesses, this may not be something they can ‘afford’ to focus on. Other concerns may take precedence. Customer relationships, for example, weigh heavily on their minds. Getting their operations and internal processes right are also key concerns as they scale up their business.
Trust is fundamental in building a business - no matter the size or stage. Establishing this early means that trust has a role to play from the start. And that’s why we’re doing our part to make sure that starting up begins with trust.
Three startups celebrated the end of their six-month mentoring journey with three partners from PwC Malaysia’s Assurance, Deals and Tax practice in a graduation ceremony on 27 November.