According to popular perception, many startups are built up in dormitory rooms and setting the world ablaze by the time their founders are fresh out of college. But for every startup that thrives, there are hundreds that fail along the way.
Bangkok-based financial technology firm 2C2P Co was founded in 2007, and further proves that for all the benefits of youthful energy, a hefty dose of experience can go a long way.
"After almost a decade, we are now no longer a startup, having grown to become one of the leading financial technology (fintech) firms in Southeast Asia, reflecting the capabilities of Thai firms in this area," said Thai-born Piyachart Ratanaprasertporn, who joined the 2C2P team in 2010 with expertise in business development.
His background, in contrast with that of 2C2P founder Aung Kyaw Moe, a Myanmar native who is an experienced IT programmer, has proved crucial to the company's success.
That success, in turn, was borne out by the firm's stellar efforts to attract funding.
After first planting its seed capital, the company's developmental stages were ushered along with the help of Series A, and then B, financing. 2C2P then reached the Series C funding milestone, meaning it had laid the initial foundations necessary to potentially go public one day.
The company raised US$7 million from Series C financing, while its market valuation reached $40 million, said Mr Piyachart.
Financial transactions through its fintech application, 2C2P, totalled $3 billion baht, making it the largest e-payment service provider in Southeast Asia in terms of transaction volume.
"After years of making our presence felt in Southeast Asia, we can now say we're a leading fintech firm in the region," said Mr Piyachart.
"Next year we will go global by expanding our services outside of the region, including South Asia, South America and Africa. We aim to extend our operations throughout the targeted regions by 2020," he said.
Even though its operations are primarily in Bangkok, the company was earlier based out of Singapore to gain tax privileges and incentives from the Singaporean government, which has sought to attract startups in the region.
When Aung Kyaw Moe first dreamed up 2C2P, he was the owner of an IT solution service, SinaptIQ, which he founded in 2003.
The two partners first crossed paths when SinaptIQ was hired to develop the payment gateway for Bank of Asia, which is now a part of United Overseas Bank (Thai). Mr Piyachart was a member of the electronic banking business for Bank of Asia at the time.
Aung Kyaw Moe spent almost four months developing the payment gateway, which employed the verified 3D Secure protocol used by VISA and MasterCard to guarantee security for online transactions.
After Bank of Asia's electronic payment system was implemented, SinaptIQ dominated the online banking segment in Thailand, as almost every commercial bank relied on its system development and installation services.
In 2005, SinaptIQ stepped it up to the next level, launching its own Paysbuy service, a payment gateway for local SME online merchants.
But SinaptIQ had to sell Paysbuy to Total Access Communication Plc (DTAC) for an undisclosed sum in 2006, as it could not meet the Bank of Thailand's regulatory requirements for e-payment licence holders, which must have a minimum of 200 million baht in registered capital.
Rather than be deterred by the setback, Aung Kyaw Moe used his expertise in payment gateway systems to set up 2C2P the following year. From there, the company would go on to develop systems for industries outside of the banking sector, including airlines.
Initially, Aung Kyaw Moe had eyed a credit card payment processor, whereby cardholders could conduct payment transactions through the platform, which would operate as a gateway between banks and airlines.
At that time, however, only 10% of cardholders made transactions via electronic platforms. As a result, he shifted the business to support offline payment systems used for online sales in order to reach those clients who did not want to use their credit cards on the internet.
Under the offline platform, those who do not use credit cards for online transactions could make payments through conventional channels like ATMs or over-the-counter services.
"It was also a key developmental stage where we could work out a processor that could be a gateway for both cash and card [payments]", said Mr Piyachart.
"I am not tech savvy. My experience is in how to market for e-businesses, stemming from the time when I oversaw e-banking business development at Bank of Asia. I also used to work at IBM, as well as TrueMoney for True Corporation, so together we synergised our expertise," he said.
After joining 2C2P, Mr Piyachart has helped revise the business direction from being an IT vendor to becoming an integrated service provider, allowing them to generate long-term revenue from maintenance services, rather than receiving one-time payments from systems installation.
In 2011, the company decided to take another step forward, although this expansion was going to require funding. Its first financing effort pulled in $1 million, and in 2015 two separate funding efforts brought in a total of $7 million.
The company used that money to expand its business throughout Asean, while also setting up joint ventures with local partners.
Currently 2C2P operates in Singapore, Indonesia, Myanmar, Malaysia, the Philippines and Hong Kong through its own local offices. In Vietnam, Laos and Cambodia its operates through partnerships and joint ventures.
But it is not only a perfect combination of two different skill sets that has made the company a success. It has also capitalised on the e-commerce boom which has hit the region over the past several years.
"The region boasts some of the highest growth in e-commerce transactions worldwide, so we can see all of the major online merchants and startups from around the globe coming here. And since we are already established, it would be easy for them to choose the services of experienced professionals," said Mr Piyachart.
Despite the rapidly changing trends in technology, its skilful programmers have helped to regularly upgrade the 2C2P platform in order to stay ahead of the curve.
"Around 30% of our 180-strong staff are adept at computer engineering, who help keep our programs up-to-date. We can't rely on outsourcing for technical expertise, as this is our key area of focus to ensure our leading position in the industry," said Mr Piyachart.
Currently, its primary revenue source comes from transaction fees and professional services to customise payment solutions for enterprise customers.
To strengthen its business in the long term, he said 2C2P has acquired patents for their inventions that will ensure their ability to continually upgrade their programs and seamlessly add new features, as well as safeguard their intellectual property at a time when tech startups are booming.
In 2015, it also became the first online payment provider offering online credit card instalment to serve its customers' needs.
To further expand its footprint, 2C2P is also looking to reach end users by introducing a bill payment service called easyBills.
The company currently has 20 goods and services partners for the scheme.
After nearly a decade of development, he said there are several crucial elements needed to join that elite core of startups which are able to endure and grow sustainably.
"You can't run a business like this by the book. A successful startup needs to have determination, strong teamwork, good ideas and vision, which means you have to know your market -- your target clients. You also need to determine what gives you a competitive edge over others in the industry, which means you have to keep analysing your position, said Mr Piyachart.
Thailand has the potential to be among the leading tech startup hubs in Indochina, with strong support in terms of financing and government incentives, he said.
Tech startups also need co-working space to thrive, added Mr Piyachart.
As for youthful energy, it's good, but there is one catch.
"There is this misunderstanding that tech startups should be run by young graduates, but in the real world, young people need to get real working experience to understand the market before pursuing their dreams," he said.