Thoughts on Turning Thirty

30 is an age that I have dread before turning 30. Yet when I turn 30,  I kinda welcome the next decade. It has been 2 weeks since I turned 30, it does not feel as daunting.While some of my friends threw a big party, I choose to keep it low key and spend it with just close friends and family. The journey through the past decade has its ups and downs, but as I begin the next chapter of my life, I believe it is the experiences and what we do each day that makes it meaningful than the outcome.

There are a few decisions I made in the last 10 years that mold the way I am today. Some of which I wouldn't say were the best decisions, but certainly the process or experience after making the decision provided me with some learnings.

Decision 1: At age of 20 - I went to Silicon Valley for the NUS Overseas College Program (NOC) 

It was certainly one of the best decisions I have made. The one year stint in California, USA was an eye opener. Besides making many new NUS and Stanford friends, learning to live independently, studying hard, working hard, playing hard, driving from California to New York, Sky-diving, coping with stress and acne, etc. While I enjoyed a lot, I have a deep regret: Not taking good care of my skin. I used to have very good skin but acne started to sprout and it has never since stopped. I have a separate post on how my skin condition spiraled downwards on another blog Secondchance delegated to skin-related postings. 

Decision 2: At age of 22 - I went for student exchange to Munich, Germany

It wasn't easy convincing NUS SEP coordinator to allow me to go for another student overseas program as he wanted to give other students a chance. I had to explain and justify my way. Thank goodness that Prof Chin Wee Shong was willing to collaborate with TUM and allow me to take half a year of my thesis in Germany and another half a year with her. I am also grateful that the Vice Dean of the Faculty was very supportive after I spoke to him. Although it was a short 6 months, I had the chance to travel around Europe. The challenge was to take classes in a different language. I recalled using Google Translate a lot when I studied for my Chemistry modules. Thank goodness the lecturers were kind enough to allow me to write my answers in English during the exams. 

Decision 3: At age of 23 – I applied to join Exploit Technologies Pte Ltd

It is hard to say if it was a good decision but it must have some pulling factor that made me stay here for almost 7 years. Some of my NOC friends started their own companies right after school and some of them whom have sold their companies and became multi-millionaire. There are other friends who joined multi-national companies and have gone overseas as expats. Each one of us took different paths and became who we are today. There were many lessons learnt. R&D in Singapore has just started to begun two decades ago. Not just the tech-transfer office, but also the research organization is constantly evolving. Management changes, company reorganizes, strategy direction pivots, takes on new bets, etc. One thing for sure, commercialization of technology is not easy.

Decision 4: At age of - Taking part-time MBA at National University of Singapore

The only reason which I find useful from taking MBA is meeting new friends. Lectures were generally very academic style. If I were to compare with my marketing classes I took in Stanford University during my NOC programme, the style is very much different. I like the way US schools teach. There were never right or wrong answer. The professors in Stanford would provide leading questions for the students to debate on but no one would be able to determine what was the best business decision at the point of time. What I liked about classes in Stanford was also how “real” it is, because representatives of companies will company and talk to us. I recalled when I was doing a case on Harvey Davidson, some representative from the company actually drove the motorcycle into the classroom. And when we were doing a case on Yellow Tail, we were asked to appreciate the wine during class. Debating in class with a wine glass was 1^st ever in my academic experience. If I were to choose again, I will not spend ~$57,000 ($52,000 + GST) on an MBA in Singapore. I will save the money and consider doing it in the USA.

Decision 5: At age of - Taking part-time Specialist Diploma for Cosmetic Science at Singapore Polytechnic

As part of my work in developing commercialisation strategy in Personal Care, I decided to take a short specialist course on Cosmetic Science, which is funded by my company. I met new friends from various companies, such as Unilever, Croda, Givaudan, Takasago, etc. Most of them were around my age. I enjoy the laboratory module where I get to make my own soap, shampoo, lotion and fragrances, and classes which were taught by industry speakers. However, I dislike classes that were taught by some SP lecturers. Some of them do not have sufficient industry knowledge and I could tell they were “smoking” us. Bluntly put, I am not there to learn what I can learn from Wikipedia which they sometimes “cut and paste” in their notes.

Decision 6: At age of – Saying “I Do” to Mr Sungsoo Ro

The most spontaneous decision I have made was to say “I Do” to Mr Sungsoo Ro on my 29^th birthday in 2013. Then, I was in Korea. Initially, we were still planning for our wedding to be on 17^th Jan 2015 (the earliest preferred and available date Fullerton Hotel could accommodate us). But somehow things between us started to move really fast and we had our ROM on 9^th Mar 2014. Then our Korean wedding happened shortly after on 22^nd Jun 2014. The date of our Korean wedding was firmed up very last minute as my father-in-law trying to get a slot at the beautiful Wedding Hall in Hotel ICC, Daejeon. 

It is a very popular place and usually couples have to book a few months before. But my father-in-law pulled strings and we got a slot on a very good date (22^nd Jun). Well, my family was very flexible and cooperative. We took leave and bought our tickets to Korea just a few weeks before flying off. I didn’t even have time to lose weight for the wedding. J I will allocate a separate blog post to talk about my Korea Wedding. Condensing the events that happened then into this blog post doesn't serve justice to the whole experience. J

Besides sharing the 6 big decisions I made, below are 6 mistakes I made which I will highly recommend others not to make in their 20s:

1. Not taking good care of the skin and body
2. Studying in school non-stop when you don’t have a clue what you are doing
3. Failing to try and build dreams.
4. Sticking with jobs that doesn’t teach you anything
5. Not mixing frequently with friends that build dreams.
6. Not using free time to test out various side hustles, hobbies, passions, etc

My LINE account hacked

I am one of the victims whose LINE account was hijacked. The "hacker" randomly messages my friends to buy itunes gift cards. What surprises me was that the "hacker" is not a computerized system but an active person talking and pretending to be me, leading my friends to believe that it is me who is in need of some stupid itunes credits which I don't use. My phone is an android. Some close friends text me via other means to find out if it is actually me and thank goodness for doing that.

I tried to report and delete my account, but an error message will always popped out. The "hacker" apparently hijacked my user ID and I have no longer access to it. I tried to disable the app and install again and recreate an ID with the same email and handphone. I could create an account and subsequently delete the account. However, I believe it is a different ID, as my husband and some friends were still receiving messages. My husband tried to play along and replied "why shd I buy", "for what"... etc, yet the hacker who was responding was quite persistent and even used cute pouty emoticons to try to convince him to get. Isn't it crazy?

I had no choice but to use my facebook to reach out to as many of my contacts that my account was hacked. However, still I didn't managed to inform all. I have an office intern who was still cheated a total of $3000 (first a $1000, then $2000), thinking it was me. I'm so mad that these evil hackers are preying on innocent kind people. I hope they have their retribution for being so evil.

For those who have no idea still I am taking about, please refer to the news published a few months back:

Several LINE accounts compromised, contacts tricked into buying gift cards, by Channels Newsasia

33 Cases of scams involving iTunes gift cards through mobile messaging platform LINE have been reported to police since Sep 2014. by News Asiaone

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Follow-up on the above posting (dated 17 Oct):

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I lodged a complaint to LINE. To my astonishment, instead of admitting wrong, LINE still claimed that their system is full proof. Here's their exact words..."There is no way that any LINE account information(phone number, account name, LINE ID, registration email address, password, etc.) was leaked." They claimed that it is lost due to other websites... geeesh...

This is the end of LINE if they continue with this way of handling customer service.. This is a typically example of "not knowing what one doesn't know"... still has the cheek to push blame...

Next Big Wave: Digital Health

Recently, I read up on the growing Digital Health space. Rock Health has shown that venture investment in digital health space has outpaced most sectors such as software, biotech and medtech. Start-ups that help the medical community better manage payments from patients and insurance companies and companies that develop programs to help people purchase health care insurance or find medical professionals and services received hundreds of millions of investments last year.

Credits to RockHealth

As what Wikipedia has described, “Digital health is the convergence of the digital and genetics revolutions with health and healthcare with the goal of reducing inefficiencies in healthcare delivery, improving access, reducing costs, increasing quality, and making medicine more personalized and precise.”  However, the lexicon of Digital Health covers a wide area, not limited to Mobile Health, Wireless Health, Health 2.0, eHealth, Health IT, Big Data, Health Data, Cloud Computing, e-Patients, Quantified Self and Self-tracking, Wearable Computing, Gamification, Telehealth & Telemedicine, Precision and Personalized Medicine, and Connected Health. Interestingly, it is also includes Digital Health Insurance.

Credits to Nuviun

Incumbents in the health insurance market are facing increased competition from new entrants using digital innovations. There are a few start-up companies which are worthy of mentioning:

1)  Oscar Insurance (www.hioscar.com)

Based in NY, the company is focusing on a more “humanized healthcare” B2C system by utilizing technology, design and data. Founded by three HBS alums, they have already raised approximately $70 million from venture capitalists (including Thrive Capital, Founders Fund, General Catalyst, Khosla Ventures, Red Swan and several HBS Professors. Oscar Insurance has very strong negotiation team for investment: Billionaires Jim Breyer (Breyer Capital) and Stanley Druckenmiller, Founders Fund, General Catalyst Partners, Khosla Ventures and Kushner’s own Thrive Capital. Oscar, just a year old, has already more than 16,000 customers who pay an average of $4,500 in annual fees (Revenue at around $72 million) and amassed relationships with more than 83 hospitals. With a valuation of $800 million, investors are putting a frothy 11x sales multiple on the company. Quoted from Scholsser (one of the founders), “Like Google, you can come use Oscar. You can type in your issue and we will help you find the best solution.

2)  Zenefits (www.zenefits.com)

Based in California, the company is brokering health insurance deals for its customers. It has since raised $83.6 million with the most recent Series B round of $66.5 million led by Andreessen Horowitz (June 2014) at a valuation of $500 million. and has grown from 15 employees to 220 since late last year. The company has signed up 2,000 small businesses that employ a combined 50,000 workers in just its first year of operation. Compared with Oscar Insurance, Zenefit is seemingly less aggressive B2B2C business model.

3)  ConnexionsAsia (CXA) (www.cxagroup.com)

Based in Singapore, the company builds a platform and network to transform employer’s healthcare expenditure into a benefits and wellness program for its employees. It is growing aggressively in growing its customer base through acquisition of Pan Group. At a pre-Seed stage, it has already more than 800 clients and generating more than $6 million revenue. Unlike Oscar and Zenefits, CXA is building its presence across Asia with plans to expand to 11 countries in Asia.

CMFAS Module 5, 9, HI

Having taken many exams (Bachelor of Chemistry, MBA, Cosmetic Science), I decide to take on another challenge that I have no relevant experience in: CMFAS. CMFAS stands for Capital Markets and Financial Advisory Services, of which the exam requirements apply to individuals who wish to provide any of the following types of financial advisory service, which is regulated by Monetary of Singapore (MAS). Module 5, 9, HI are recommended for starters.

I tried to find out if it is better to take up courses. But I decided to just sign up for the exam and self-study the textbook (Ver 4, Printed 2011, 367 pages) which is provided by the Singapore College of Insurance.

When I went down to Suntec to collect the textbook, I was a little shocked by the thickness and amount of readings I need to make within 2 weeks before the exam. I felt a little better when I read from another blog that the exam is much easier, but I shouldn't be complacent. Each modular exam costs about $130 and I should aim to pass it 1st try.

I shall update later when I completed my exam.

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Follow-up on the above posting (dated 14 Oct):

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I passed my Module 5 exam in the first sitting on 10 Oct. Many questions are quite logical which doesn't require to read the textbook. However there were a significant number of questions which required some level of memorizing from the textbook, e.g. Which of the following is a strategy of Outcome One of Fair Dealing ? This type of questions would be hard to just plainly use logic. There were one or two questions which require you to calculate the performance fees (such as calculating based on fulcrum fee or high water mark arrangement).  There is no need for a calculator as one can use estimation to eliminate or determine the right answer. Important is to understand the principles behind these methods. 

I am glad I have finished it and managed to get partial subsidy from Union Training Assistance Programme (UTAP) as I am a NTUC Union member. Next up, I will be taking the Health Insurance (HI) module. which I will be taking on 24 Oct. 

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Follow-up on the above posting (dated 24 Oct):

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I passed my Health Insurance exam. Pretty much easier with only 50 questions (half that of Module 5). At least at the end of the exam, I do not feel that my brain is drained. There are about 5 questions that require calculation. If you understand some of the examples given in the textbook, these should not be a problem. 

Next up, i will be taking my Module 9 paper on 7 Nov.

How to get started?

Many people have entrepreneurial dreams. But starting a business just seems to be a rather mysterious process, especially for those who have yet started. There are roadblocks, inertia, fear of the unknown and failure. Maybe out of a million people with ideas, only half a million actually start a business, and probably only 10% of these group actually survive the first year. Then again, I have witnessed how some of my friends have succeeded and become multi-millionaire at age less than 30.

I spoke to my mentor Mr Yeo Keng Joon lately. He is an active NUS MBA Alumni and has his own business. According to him, starting out on his own was not a difficult decision. He was versed in the industry due to his previous job. He knew what the market needed and he just aimed to do it better. His advice to me was not to jump into starting a business, but keep my eyes open to opportunities.

Sometimes I wonder what it takes to even take the first step. I have heard a funny analogy.. "Instead of jumping into a swimming pool full of water, what don't we just go into an empty swimming pool and fill the swimming pool with water over time?" It is the same debate on whether one should build experience first or just start a business straight after school. Entrepreneurs would need the right attitude to be prepared to fail and persevere through the hard times. It is the process and experience that matters. It helps that the business is build around what you know so that less resources is needed to acquire the knowledge, eliminating consultants and outside assistance.

In both a casual conversation with Mr Lim Ker Han, director of a chain of beauty salons in Singapore, and a talk by Mr Allan Lim from Nestle,  I understood the importance of the ability to make pitches. The ability to effectively communicate ideas to relevant stakeholders (management, customers, suppliers, investors) is an important skill to have. Every startup team would need someone who can pitch amazingly well.

There is this thing called the Sweat Equity, which is an accumulative value of the business that was build upon from days of hard work. Far more important than money is the investment of time to make sometime meaningful. An example was how Brett Kelly wrote a guide for Evernote software with the aim to take $10,000 over a year. But ended up making more than $100,000.

Recently, I went through a simple process of "Ideation to Validation" with 2 of my MBA friends. We came up with the idea called Journey Pal to target daily commuters who will be delighted to have an auto-notification for bus/train arrival times. We turned a general idea into a specific idea by narrowing the scope of who is likely going to use the app and how revenue could be made. We fan out some surveys and receive more than n>30 responses, which further validated there is a need for it. Excited as we were, we pitched to SMRT personnel during a Hackathon event. However, the idea was so good that SMRT is currently doing it in-house and is undergoing a beta-testing phase. Well, it was an interesting journey I had and I believe such process will be iterated many times in our quest to start a business.

There is this video which I would like to share and remind myself not to get fixated about getting the best idea and keeping it secretive. Some key pointers:
1) Ideas don't matter. Execution does.
2) Share you ideas to gain valuable feedback and create a social contract that holds you accountable.
3) Put yourself in a position where you feel as much pressure as possible by telling as many people as you can about your ideas.
4) Can I do something meaningfully different or better than others?

The Fallacy of the "Good Idea": Ideation - How to Start A Business

The Next Decade by George Friedman

It has been a while..., busy working and part time studying. It was a pursuit of paper qualifications to pass time and meet new friends. Still, there is a sense of accomplishment for sticking through and completing my MBA and Specialist Diploma in cosmetic Science. What will be next? I have no thoughts about it. For now, i am just relaxing in one corner of my room and reading a great and thought-provoking book by George Friedman.

Dr Stephen Turner

Dr Stephen Turner spoke on 24 July on a Distinguished Technopreneur Speaker (DTS) Forum. He qualifies as a speaker as he is a physicist turned entrepreneur, who founded Pacific Biosciences in his pursuit to develop technology capable of performing gene tests and DNA sequencing at the cost of $1,000 or less. Despite difficulties in surviving on small grants, his determination and perseverance has put him in the lead to develop the disruptive single molecule real-time (SMRT^TM) technology platform that is unique in the field of DNA sequencing and offers the ultimate combination of speed, long reads and low costs. 

During his speech, he gave a succinct analysis of the entrepreneurial landscape in Singapore, which he found is rather entrepreneurial. Dr. Turner performed a quick word search on LinkedIn with keywords such as "entrepreneur", "CEO", "start-up", and analyse the prevalence of entrepreneurship in various cities. It was surprising that Singapore ranked closely behind San Diego which is widely regarded as having a thriving entrepreneurial ecosystem. What he felt was lacking in Singapore, yet a crucial determinant of success, is not the lack of entrepreneurs, but the lack of access to local VC community that has courage and conviction all ready to mentor and fund fledging start-ups. He also highlighted the importance of access to a chain of funding (from pre-seed, seed, series funding, bridge financing to an eventual IPO). Availability of a chain of financing will ensure start-ups continue to put efforts in growing, instead of worrying over cashflows. The reason he chose to establish office in Silicon Valley was primarily due to access to VCs and to allow VC to gain access to him. 

There are many ideas but execution is the key. What is the cost to test the hypothesis? How high is the risk that the hypothesis fail? The strategy is to challenge the hypothesis and prove it is wrong at the lowest possible cost, as such:

V = N(PsVp – Ce), V is net value, Ps is probability of success, Vp is value, Ce is cost of enterprise.

One way to start is to form a hypothesis which is going to be important in the future, e.g. for effective R&D efforts to transfer to enterprises, countries need to groom “soft companies”.

The other importance of a start-up is the team. Dr Turner gave an analogy of the game "Angry bird". Different people with different skills required to win the game. 

"What was the toughest decision you have made during your journey as a technopreneur?" "Many… To start a company and to keep going."

Solemnization ~ ROM ~ the day I became Mrs Ro

That's me, before my hairstyling.

I wonder what triggered our reaction to be so dramatic. 

I find this picture comical as my hunny looked busy while I posed for pictures.

 

My close friends and I. Jasmine and Qiyue have been my friends since 1997.

My mother-in-law looks so young.

Solemnizer Dr Baey Lian Peck

RoNeo 1st family time together

Sungsoo's parents arrived late at night on 6th Mar. Initially, I thought of the taxi ride would be on AYE, which would showcase the fantastic nightview of Marina Bay area. But the hotel was near Novena, hence the taxi took the PIE route from Changi. The journey was kind of dark with nothing much to see and it failed to make any wonderful first impression.

The next day, we brought Sungsoo's parents to Orchard Road and Gardens By the Bay. When we were at ION, my cute 어머님 skipped around and commented "The city is where I belong." We also brought them to have Ding Tai Fung. They liked the Xiao Long Bao, Dou Miao and Dumpling soup most.

Finally after walking for the whole day, Sungsoo's parents met up with my family. Unfortunately, we didn't have a full RoNeo family photo. I must say that Sungsoo's Dad made my dad really very happy. There were like long lost brothers. Language was no barrier for them. :)

First couple photoshoot @ La Mariee Wedding Studio in Korea (Part 2)

For the link to the La Mariee Studio, please take a look at my earlier post.