My 2022: A Year of Two Halves

7 cities, 9 trips, 37000 miles travelled across key Asian cities. Starting with Kuala Lumpur in March 2022 to Tokyo followed by Seoul, and onto Jakarta, Bali and also Mumbai and ending the year with Taipei. I even managed to squeeze in a family vacation in late November to Taipei.

Earlier in the year, many of us were travelling with tight restrictions that included pre-departure and on-arrival testing, country-specific mobile health apps with declaration pre-approved and a bunch of vaccination certificates, travel insurance and a wandering mind on how the trip will turn out, work-wise and health-wise too. And not to mention the sky-high air ticket prices, with a trip to Kuala Lumpur costing more than a flight to Tokyo or Seoul, pre-pandemic, of course.

And once you have cleared the hurdles of requirements, get on the plane and arrive at your destination, some meetings may get cancelled last minute due to health concerns. I was very glad to finish a week of meetings “unscathed”, with fist bumps and bowing becoming a regular method of saying hi and thank you.?

By November 2022, travel has become a breeze and it almost feels like travel has resumed to almost 100% normality. Meeting business partners, discussing work and shaking hands don’t feel alien anymore. For this, I am grateful and relieved after two years of online Zooming.

Amongst this busy travel schedule, I managed to catch up on a 2020 TVN Korean drama - Start-Up. How apt, especially when I was travelling to meet with start-up founders across Asia! The 2020 drama revolves around a bright and ambitious young woman who dreams of becoming Korea's Steve Jobs. Set in South Korea's fictional Silicon Valley called Sandbox, Start-Up tells the story of founders and venture capitalists in the world of startup companies. In each episode, the story begins with great explanations on key concepts like what is a demo day, fundraising rounds, valuations that would help someone new to the start-up world to watch and learn.

I particularly like the Sandbox concept, which seemingly originated from a struggling entrepreneur who wanted to protect his child with a safe environment to have fun. With soft sand as cushion, one can swing as high and challenge the boundaries. And for every aspiring individual who is hesitant to take the entrepreneur step-up, the Sandbox is designed to be a conducive environment for one to be able to be creative, take risk and work towards the next unicorn.

The drama highlighted the challenges that a start-up with great technology and no clear business model would go through. I enlisted the assistance of the #openai #chatgpt bot to test out its abilities. This is its response: a #startup with great technology but no clear business model may struggle to achieve sustainability and long-term success. Without a clear business model, it may be difficult for the startup to generate revenue and generate a profit. This can lead to financial challenges and make it difficult for the startup to attract investment or secure funding to support its growth. To be successful, a startup needs to have a clear plan for how it will generate revenue and create value for its customers. This might involve developing a product or service that meets a specific need or solving a particular problem, and then figuring out how to sell and market that product or service effectively. Without a solid business model, a startup may struggle to attract and retain customers, which can make it difficult to achieve long-term viability. It's important for a startup to have a well-defined business model from the beginning, as this will help the company understand how to best allocate its resources and focus its efforts. If a startup doesn't have a clear business model, it may be worth considering seeking the guidance of a business mentor or advisor to help develop one. Not a bad answer at all, ChatGPT!

2022 has been a tale of two halves for everyone in the startup industry - a rollercoaster ride for the world of start-ups and founders alike. Having witnessed multiple downturns in the tech industry, I am optimistic that the recovery will come, and silently hopeful that the winter frost will be gone, fingers crossed, sooner than later. If the global pandemic has taught us something, it is that we are resilient and innovative. And to everyone who intends to step into the entrepreneur world, here’s a few keywords you will need to have in your pocket:

• Aspiration
• Perseverance
• Follow your dreams

And as we close out 2022, I thank everyone who shared their time, ideas, and companionship so generously and wish you “Happy Holidays”. I look forward to next year's travel and adventure meeting more investors and founders. Have a prosperous and healthy 2023.