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On 2020

It was a tough year in 2019.  Lots of pains and quite a number of gains. I did see some good signs of improvements in Jan 2020, and I am expecting a much better year for 2020.

Step 1: List down the best things of the past year.

1. Fooyo won several awards for our tourism digitalization products, especially the products targetting Chinese outbound tourists in-destination experience enhancements on the WeChat platform. We are on the right path to dig out the business models of making it a scalable B2B2C business/product.

WeChat Developer Challenge August 2019 @ Singapore 


December 2019 @ Berlin, Germany

We have successfully created several tourism digitalization solutions such as Mini Destination/Attraction, Mini Mall, and Mini Hotel, and we are now one of the first batch WeChat Certified Service Providers(5 global teams only outside China). 

There are also other awards that help Fooyo expose our businesses in the global market.

Hack Osaka (Bronze Prize),  
March 2019 @Osaka, Japan.

 
              ASEAN-KOREA Week (Top 40 ASEAN Startups),
Nov 2019 @Seoul, Korea.

There is good media coverage in a few credible media channels in Singapore, China, Japan, and Korea. Though they did not really give leads in terms of business or investments yet, these PR reports will become useful references in the near future.


2. Completed the setup for the new home. My wife and I moved into the new apartment at the beginning of the year with the help of our mums. It finally looks like a real home with the necessary appliances all in place. We began to cook(mostly done by my wife), plant greeneries and take care of fish pets, simply spending time together. There are many happy moments, such as eating watermelons together over the weekends, going grocery shopping and taking a casual walk after dinner.

3. My cofounders and I in Fooyo get more exposure and industry experiences in the tourism sector. We have a clearer understanding of our role in digitalization for the industry. Thanks to our partners and clients(digital economy government organizations, tourism organizations, merchants, F&B, hotels, etc), we have a much comprehensive macro view of the industry in both local and global perspectives and also have an in-depth knowledge of each vertical.

Step 2: Gracious about things that happened.

1. Thanks to our co-founders who showed great persistence in difficult situations. In the first half of the year, we split some of our time between the cofounders to take care of the China market and the SG market. We took turns to visit China and build the products which fit the market. Together with the local partner, we build an operational team that can support the product operation. Thanks to Rick, who spent a tremendous amount of time in Chongqing to build relationships with the local partners, and thanks to the partner in Chongqing(especially Ms. Wang Ying), Fooyo managed to establish the JV with the Chongqing SOC(state-owned company) - Chongqing Tourism Investment Group. And the JV successfully made the product, Chongqing Pass(惠游重庆), an official destination operation mini-app for Chongqing Tourism and Culture Bureau in August 2019. It now covers 118 attractions and 42 hotels, 8 routes, 32 shows, 5 transportations, 3 city passes, 24 souvenirs in Chongqing. A great appreciation to the team who work so hard to make it happen.

2. Thanks to my wife who help open up more perspectives in life. I began to appreciate things I have little knowledge in the past. I start to build more knowledge of life skills, which I really lack in my past bachelor's life.

3. Thanks to the SG government who works really hard to bring SG companies to the global market and focus on helping build the capabilities of the local manpower and leaderships. I consider them more like friends who are really helpful and expect little returns. I hope I won't make them disappointed, and best I can make them proud someday.

Step 3: 5 things I'd like to make it happen next year.

1. Find the growth formula for Fooyo and validate our product-market-fit and business model in Singapore, and one more popular destination to prove its scalability. It is urgent, so I expect it to be done within the first two quarters of the year.

2. Raise Pre-A funds from a resourceful lead investor. One of the lessons I have learned over the years is that we shall rely on capital and partners to build our strength. In the past year, I have been building skills to do fundraising, and this year I shall get it consolidated.

3. Grow the revenue for Fooyo. In 2020, we shall expect a better year-end bonus for our cofounders and a healthier cashflow. 

4. I shall be able to form more partnerships and close more deals for the company, not only in Singapore but also in ASEAN and possibly Europe and East Asia.


Step 4: Envision me in the new year.

1. I wish to be more creative by creating digital content in the new year. I lost lots of creativity since secondary school, but I do love to explore creative content and value other people's creativity.

Over the year, I discover that video contents in different media channels have become extremely important to fulfill people's entertainment and educational demands.

Take food review contents, for instance. The BuzzFeed, "Worth It" series has a simple idea of "visiting three different restaurants to try similar foods at three drastically different price points". It executed well and become popular and valuable.

2. Become a better presenter. While I visit Korea this November, I realize that the public presentation skill is super important especially while investment pitching and startup competitions.

3. Become a more proactive business developer. I was a very reactive person in terms of establishing connections with people. And honestly, in the past year, I spent even less time in business development when I spent more time with the family. I need to find my own pace in doing business development and I see some good progress. I find breakfast and lunch are good ways to catch up and it is more personal and genie. I will explore more and find ways that fit my own style.

4. Improve consistency. One of the most important lessons I have learned from my wife is that consistency is important. She is a lady with good self-discipline. She eats healthy food, sleeps early, works efficiently, keeps home clean.  I, however, in many cases, fail to work out things consistently. For instance, dieting and exercising. It seems that I am unable to stick to a regular exercising plan for longer than 3 weeks. I realize that I am indeed pretty dumb in remembering regular tasks if they are not daily tasks. For instance, I always forget to change water for fish tanks(twice a week), water the plants(2-3 times a week), clean rooms(1-2 times a week), etc.

5. Learn to do some basic financial planning. I will be taking some time studying the financial products in the market and do proper investments for the family.

Step 5:

Social/higher goals than your personal goals.

Become a more independent thinker and a stronger leader.
Making quality friends and maintain good relationships with my friends.



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