Saturday, 22 September 2012

IDEAS INC. The Startup's Sidekick

Thank you NTU for the invitation to ideas inc start ups. the determination of the founders and the thinking process of the start ups always amazes me and refreshes my excitement in life.

It started out early in the morning - Registration starting at 9am.

My main take way from this seminar is the purpose of being an entrepreneur. It cannot be just about the money. Its about Making a meaningful impact to humanity and even if the competitors try to undercut. Stay true to your purpose. The Need to be Rich in integrity and respect is more important than anything.
And there is never a stop for entrepreneurs. You need to constantly ask What's next ? 
Then reinvent and adapt.
Entrepreneurship is about picking up from failures and learning more from it.

MP Mr Teo Ser Luck started out the seminar. He emphasized the importance of start ups by bringing out the statistics as to how much each start up contributes to the society. SMEs employs 70% of workforce and contributes more than 50% of Singapore's GDP. He then encouraged people to continue creating new ideas and start up. Economy can then be boost locally when Start-ups 1. employ people. 2. Solve problems of the society. Most importantly, you don't need to be in the field to contribute. An example he gave was the NTU engineer who realize that its difficult for doctors to look thoroughly into the body issues. Hence he designed a scope that allows doctor to look further into the body and hence makes operations for surgery safer - This can help doctors save life . His final reminder: always make sure your product can make a difference in community. That's your biggest profit. AGREE!

Even for those who are working and planning to start up in future. Be an intrepreneur. Meaning Make value for current company work like its your company and make a difference.

The most inspiring (at least to me) was Prof Freddy Boey, he reminded us that The longer you hold onto your idea the lesser is its worth. There is a Shelf life. And most importantly you could have a Great idea. But Is there a market for it? Investment?
How big is the problem?
And he said something that I believe is close to many entrepreneurs' heart - which is entrepreneurs try to hold onto as much as they can ; because they believe they have the ability to do so. But he reminded you can't hold or take everything. Its better to gain 2% of 1 million then 10% of nothing. Use the strengths of others and share the benefits. One is not a superman. As straightforward as he says: I'm an inventor ; And I love being an inventor. So I give the position of an investor to others. 
One of his prized inventions is a piezoelectric heart pump developed with NTU colleagues that was the world’s smallest when it was unveiled in 2003. At 50 grams, the pump is four times lighter and uses less power than conventional heart pumps. A more recent innovation is a fully biodegradable device that helps to plug heart defects like a hole in the heart. To date, his hole-in-the-heart plug is the only fully biodegradable device that has been shown to work in animals, and it could be used in human trials as early as next year.
Prof Boey’s other inventions include a coronary Cobalt Chromium stent that can release two drugs, licensed to a Californian Medical Group; micropumps for thermal management in consumer electronic gadgets, which have been licensed to a Hawaiian company; microfluidic and biomedical devices; and a highly functionalised mesh that improves the outcome of hernia operations. He has also teamed up with the renowned Mayo Clinic to develop implants for the controlled release of cardiac peptides specially designed to treat heart diseases, through a joint start-up, CardioRev Pte Ltd.
Such worthy projects!

To make this event more participative, Game maki a start up also put their best foot forward by coming up with a redemption click through participating channel on their app. Where we could scan QR Codes or complete challenges to win points and win freebies. Its a friendly app I would say ( only pity is that it only works on IOS 5) Here's the founder sharing how it all come about and how he started.

Then next, there was a start up forum by the above panelist.
My main take way was
Are you not an entrepreneur because you are not receptive to failures ? 
You need to be embracing fear to be entrepreneur.


Followed by a great talk by Dr Yves Pigneur. Such an enlightening speaker where he can make such confusing things into such simple diagram explanation.

What I love most about the seminar is not just about the speakers but primarily being able to meet up with potential start ups and start ups that have already branch out.

Such courage! Making an idea come true.

In between there were the pit challenge where the start ups could pit their ideas.

Then during breaktime, I'm honored to have met up with founder Verleen Goh. Her product is Soyato - she  was the 1st runner up on Ideas Inc. Business Challenge 2010. she shared with me on her journey and the plan for the future.And also operational issues thats in the pipeline to be improved on and also how she took her first step. Till this date, the product has been manufactured and distributed in schools. And probably on its way to the bigger market.
All the best!

Great job with the seminar! Will be there again next year if there is an opportunity :)
Kudos to all start ups. 
May you continue to make your dreams come true!
You'd never know unless you try
Carpe Diem! Live life without regrets!

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