From Humble Beginnings to Unicorn Status: The Story of Patsnap’s Founder
Jeffrey Tiong, the 40-year-old founder and CEO of Patsnap, knows firsthand the challenges of building a successful startup. His Singapore-based company, which has reached an annual recurring revenue of $100 million, was not an overnight success. Tiong’s journey spans 17 years, marked by dark times, low points, and countless setbacks.
A Reluctant Entrepreneur
Growing up in Kota Kinabalu, East Malaysia, Tiong never imagined he’d become an entrepreneur. He studied bioengineering at the National University of Singapore and later moved to Philadelphia to study business at The Wharton School. It was during this time that he worked at a local medical devices startup, handling research and development, as well as intellectual property due diligence. This experience sparked an idea – to create a more efficient and user-friendly patent database.
The Birth of Patsnap
Tiong returned to Singapore in 2007 and founded Patsnap with the help of a government grant and incubation support from the National University of Singapore. However, the early days were tough. He faced rejection, struggled to raise funds, and made rookie mistakes in hiring and leading a team. Despite these challenges, Tiong persevered, driven by his passion to make innovation easier for the world.
Lessons Learned
Through his experiences, Tiong discovered that being an introvert didn’t mean he couldn’t be a successful leader. He developed his own leadership style, learned to overcome self-doubt, and found confidence in his abilities. Today, Patsnap employs over 1,000 people globally and is backed by prominent investors like Tencent, Sequoia China, and SoftBank Vision Fund 2.
A Vision for Innovation
Tiong’s ultimate goal is to democratize patent information, making innovation more accessible and easier for everyone. With clients like Disney, NASA, Tesla, and Adobe, Patsnap is well on its way to achieving this vision. Tiong’s story serves as a testament to the power of perseverance and believing in oneself. As he advises aspiring entrepreneurs, “If you strongly believe in something, then just give it a try. Just go for it, because we only live life once.”
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