Insights on How Companies Can Deliver Radically Greater Value in Fast Changing Market (from Tencent, Sea Group & ZWC)
Tencent, Sea & ZWC's take on how to deliver greater value in fast changing market!
After listening to the fireside chat two weeks ago by Professor Arthur Yeung, Forrest Li and Patrick Cheung, moderated by Joji Philip, my main takeaway is that the key to deliver radically greater value in fast changing market is through young talents. Taking the opportunity to share some key insights from their discussion below!
Fireside Chat: How Companies Can Deliver Radically Greater Value in Fast Changing Market
Moderator: Joji Thomas Philips, Founder & Editor-in-Chief, DealStreetAsia
Speakers:
- Professor Arthur Yeung, Senior Management Advisor, Tencent Holdings Limited
- Forrest Li, Founder, Chairman & CEO, Sea Group
- Patrick Cheung, Founding & Managing Partner, ZWC Partners
Key insights:
- Foster a culture and aspiration to win. (Prof Arthur) 无功就是又过 If you are not making any contributions, you are not doing your job. The contributions of the individual is highly prized, and individuals are rewarded based on their works/ contributions and not based on their seniority.
- Short Term (ST) vs Long Term (LT) Wins to deliver value? Focus on LT play; (Forrest) Never manage your shareholders, but focus on managing the business. There is a need to manage the communication with shareholders so that both parties will be on the same page. But by focusing on managing the business and developing long-term plans for the company, you will attract LT investors committed to value creation and LT wins for the company. So it is really a self selection process, when it comes to attracting the types of investors. (Prof Arthur) ST strategies won't be sustainable when it comes to long term success. Need to communicate and deliver consistently to your stakeholders.
- How to continue to make your employees be engaged and stay nimble as a group, so as to maximise their value creation? Groom and incentivise your young talent; (Forrest) Provide opportunities for the young talents as the company grow rapidly. For example, Sea empowers employees (5-6 years out of University) to manage a team and $100 million budget. There are great opportunities for growth when they (young talents) make some mistakes in the company under the leadership of the management, and when they look back at their career with the company, they will feel very accomplished and they have a strong sense of belonging and ownership. Because they are doing so well and it is financially rewarding, their energy, intelligence and ambitions will help the company capture more value and market share.
- How to maintain high level of innovation so that companies can deliver great value? Allow for an environment conducive for young talents to innovate and test their ideas; (Prof Arthur) Need to trust the young people and allow them to form small team ecosystems to innovate.