“The key is to understand customers and serve them well, the rest will come later.”
As an active contributor in the Asian start-up, technology and business investment scene, Kwai’s ‘food for thought’ serves to be great considerations.
From his early days, Kwai Seng Lee was involved in starting up different companies. He attributes his interest in the scene to the appeal of creating and finding something to meet a market need. Kwai likens the experience as a keyholder in 3 companies to a position where one simultaneously manages multiple projects in a company. His constant connection with key customers and team members has helped him to ensure the smooth operation of the various companies.
As Kwai, the MD of AIRmaker recounts his experiences in the entrepreneurship community, we pick up 4 key orientations start-ups should take in today’s environment. AIRmaker is an open innovation platform focusing on smart nation and digital health innovations.
"Try again later."
Despite the fact that profitability is a key element of a viable business, it is imperative that companies first understand customers and serve them well. Profitability and revenue growth will come later.
The Singapore ecosystem has grown a lot through the years. We have come a long way to the increased acceptance of ‘entrepreneurship’ as a viable career choice for young and even mid-career individuals. There has been an intensification of activities in funding and progress has been reasonably well. The country’s small market serves as a “good test bed” for businesses, with higher inclinations towards high-end, medical technology solutions.
Albeit so, there are several limitations that entrepreneurs may face in Singapore today. There is a need for companies to break beyond the limited Singaporean market to a “bigger playing field“ to gain funding in later stages. The challenge in this lies in the heterogenous nature of regional markets around Singapore.
As a supporter of the DBIC program, we were curious of what Kwai envisioned for the team. He explains that ‘open innovation’ was a topic that many want to speak of but was not one that could be managed easily. More than results, the process of engaging start-ups for collaboration and finding the right solutions provide a learning experience that would help pivot Japanese companies towards change.
This post was written by Narcissa Koh, Content Strategist of DBIC.