Skip to main content

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.



Comments

Popular posts from this blog

InnovFest 2015

I attended the innovFest 2015 event. It was quite eye opening. Besides the booth, some topics in the forums also interested me. The first topic I joined was the Kopi Chat with Yossi Vardi, a famous Israeli entrepreneur and investor. He is straightforward and humorous. When talking about the most important reason why people wake up with a great idea but ended up sleeping without executing anything, he collected answers from the audiences. One answer pretty much fitted his appetite-- "People fear about losing faces". He shared his opinion with the quotes from Theodore Roosevelt, “It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually st

Thoughts

I've been working as a project manager on an interesting project named " Dadafish " for quite some time. The intention is to create a sharing economy platform for lifestyle teaching/learning. Put in a more straightforward way, an Airbnb for classes. There is one assumption:  People are willing to pay to learn skills from amateur or semi-pros at a lower price. Quite some ongoing arts classes in meetups are taught in cafe shops at 15-50SGD/session. It's an indirect validation of our assumption. There are also many free language classes in meetups and facebook groups. We did an experiment to validate the assumption by introducing a Japanese friend who's organizing a free meetup to teach Japanese. She doesn't have a certificate and she's currently teaching Japanese in meetups for free. The experiment class was charged at 15 SGD/h per person for a 3-4 pax group class. We posted the class and teacher info in a NUS student/alumni SNS group and three peopl

Consistency Matters

I didn't post anything last week, which means consistency has been broken. There's a need to reflect the task management skills, otherwise I'm very likely to driving the wrong road Priority changes. A good exercise would be to list the priorities down everyday and assign reasonable time to the tasks. Then never second-doubt. 100% focusing on the task when doing it. Priority changes from time to time.  Human minds are single-threaded, thus, we'll need to keep focused when doing one particular task. Be Grateful. I received the confirmation from NOC Israel that I got admitted by the programme and I'm heading to Israel next Jan:-) Thanks a lot for Prof.Ben and Karl's help. Ultimately, it might be a plan from God. Thanks every one. The additional interview from Google went well, however, I didn't get the winter intern opportunity this time. Though it's a bit too greedy to ask for too much, I still feel a bit sad after informed that I didn't get th