S'pore startup gets great crowdfunding kickoff for tracking device: Page 2 of 2
By A. Asohan June 4, 2014
Innova Tech’s birth
DNA also posed some questions to Innova Technology founder and chief executive officer Rick Tan (pic). Excerpts from the email interview:
DNA: Can you tell us more about your background? What was your working experience and what convinced you to step into the startup world?
Tan: I started as a business undergraduate at the Singapore Management University. What sparked this was the same vision I had with my cofounder Jonathan Lim: We wanted to bring ideas into reality.
As I had the finance/ marketing [background], I took charge of accounts and business development. Jonathan [Lim] is the techie and he was in charge of doing the initial research of the technology.
DNA: Why did you choose this particular business (that is, helping consumers protect their belongings) to go into? Was it because or personal experience, or because you saw a market need? If the latter, can you quantify it?
Tan: Bluetooth finders and security devices is a new market, and it taps onto Bluetooth Low Energy (BLE) development. We saw a market need in this, and the future expansion capability of the BLE industry itself made us chose the current product space we are in.
DNA: What was the biggest challenge that either you or your company has faced since its launch? How did you address this challenge?
Tan: Hardware is always a challenge, which is why many smaller firms find it hard to succeed. We mitigated our risk by doing original equipment manufacturing in the initial stage, using larger companies’ expertise, and took that time to do our own internal R&D until we were good enough to produce and develop our own hardware.
DNA: What was the most valuable lesson you’ve learned in your entrepreneurial journey?
Tan: Planning is of key importance and you need to know what your end goals are. This will help shape yearly, quarterly and monthly directions the company should be progressing into.
DNA: Any advice for your fellow entrepreneurs?
Tan: Start early, think big, plan ahead.
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