{"id":5111,"date":"2024-06-20T00:00:00","date_gmt":"2024-06-19T16:00:00","guid":{"rendered":"https:\/\/dailymarkup.com\/?p=5111"},"modified":"2024-06-19T09:31:36","modified_gmt":"2024-06-19T01:31:36","slug":"daily-markup-1012-carsome-on-the-importance-of-maintaining-the-startup-mindset-to-remain-agile-and-responsive-9-years-on","status":"publish","type":"post","link":"https:\/\/dailymarkup.com\/?p=5111","title":{"rendered":"Daily Markup #1012: Carsome on the importance of maintaining the startup mindset to remain agile and responsive, 9 years on"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXeapZ24d8V_2S5JBRnl7U2Nf31YyjQe1hVwGdomeoFjuxAMo2UamnQVjx-05rUMPMLWpQZbhFnSitSiSQfunEsqaiPFd7dWuCTyRluU-ZIQSIUXLN-OJWwdKEhSuK39Oc0xnin_Evw89pdayzDIuHNv46Ky?key=20Ei7O9hJw2oRduL6jOWrQ\" alt=\"\"\/><figcaption class=\"wp-element-caption\">Photo credit: Carsome<\/figcaption><\/figure>\n\n\n\n<p><strong>The winding path to profitability<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>9 years on and with their first EBITDA-positive quarter under their belt, the Co-founders of 500-backed used car marketplace <a href=\"http:\/\/carsome.my\">Carsome<\/a> believe that it is still important to maintain the startup mindset.<\/li>\n\n\n\n<li>\u201cWe\u2019re still learning and adapting, just like we did in the early days. This approach keeps us agile and responsive to new challenges,\u201d shared co-founder <a href=\"https:\/\/www.linkedin.com\/in\/ericcheng85\/\">Eric Cheng<\/a>, who is also the CEO.<\/li>\n\n\n\n<li>\u201cGrowth at all costs isn\u2019t a good mindset,\u201d he added. \u201cInstead, we focus on getting the product-market fit right. This ensures that our growth is meaningful and sustainable.\u201d<\/li>\n\n\n\n<li>Throughout this journey \u2014 from selling 30 cars in their first month to selling 15,000 monthly now \u2014 Eric acknowledged that while there have been many challenges, they continue to keep their eye on the goal \u2014 solving real problems for their customers.<\/li>\n\n\n\n<li>This approach not only drove their initial growth but also attracted talent passionate about revolutionizing the industry.<\/li>\n\n\n\n<li>Despite the startup mentality, Carsome saw a 48% year-on-year increase in gross profit per unit thanks to their Carsome AI-driven pricing engine which accurately forecast prices through data.<\/li>\n\n\n\n<li>Co-founder <a href=\"https:\/\/www.linkedin.com\/in\/jiuneeteoh\/\">Jiun Ee Teoh<\/a>, also the CEO of Carsome Academy, shared, \u201cWe\u2019re not just about rapid expansion. We\u2019ve been methodical in building our ecosystem\u2014expanding into Indonesia, Thailand, Singapore, and the Philippines. This careful approach ensures we\u2019re providing value at every step, from financing to after-sales services.\u201d<\/li>\n\n\n\n<li>\u201cProfitability is a significant milestone, but it\u2019s just the beginning. We\u2019re focused on sustaining this success and continuing to innovate,\u201d he added.<\/li>\n\n\n\n<li>Read the full story on <a href=\"https:\/\/bit.ly\/3xixNhJ\">Vulcan Post<\/a>.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The winding path to profitability<\/p>\n","protected":false},"author":5,"featured_media":5112,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[322],"tags":[341],"class_list":["post-5111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily","tag-carsome"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Markup #1012: Carsome on the importance of maintaining the startup mindset to remain agile and responsive, 9 years on - Markup<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailymarkup.com\/?p=5111\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Daily Markup #1012: Carsome on the importance of maintaining the startup mindset to remain agile and responsive, 9 years on - Markup\" \/>\n<meta property=\"og:description\" content=\"The winding path to profitability\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dailymarkup.com\/?p=5111\" \/>\n<meta property=\"og:site_name\" content=\"Markup\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/facebook.com\/500southeastasia\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-19T16:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-19T01:31:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2024\/06\/Carsome-co-founders.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ching Yee Ho\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/dailymarkup.com\/#website\",\"url\":\"https:\/\/dailymarkup.com\/\",\"name\":\"Markup\",\"description\":\"Serving bite-sized news on 500 Southeast Asia&#039;s portfolio companies and insights to fuel your momentum in life and business.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/dailymarkup.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/dailymarkup.com\/?p=5111#primaryimage\",\"url\":\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2024\/06\/Carsome-co-founders.jpg\",\"contentUrl\":\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2024\/06\/Carsome-co-founders.jpg\",\"width\":1200,\"height\":628},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/dailymarkup.com\/?p=5111#webpage\",\"url\":\"https:\/\/dailymarkup.com\/?p=5111\",\"name\":\"Daily Markup #1012: Carsome on the importance of maintaining the startup mindset to remain agile and responsive, 9 years on - 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