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Jeffrey Tiong, the founder and CEO of Patsnap, embodies the journey of a dedicated entrepreneur. Leading an intellectual property and research development startup based in Singapore, Tiong has transformed Patsnap into a thriving unicorn, achieving an annual recurring revenue exceeding $100 million as announced in June.
With over 17 years of relentless dedication to Patsnap, Tiong reflects on the challenges faced along the way. He started the company at the age of 24, right after graduating from university. “For the last 17 years, building the business, there have been many dark times and low times. I would not want to go through it again, but I’m grateful for the experience,” Tiong shared in a conversation with CNBC Make It, emphasizing the inherent struggles of entrepreneurship.
His resilience shines through his belief: “What cannot kill you will make you stronger.” This attitude has been essential in navigating the tumultuous early years of his business.
Early Influences
Born and raised in Kota Kinabalu, a laid-back coastal city in East Malaysia, Tiong initially aspired to join the ranks of doctors, engineers, or lawyers. However, his trajectory changed when he moved to Singapore at 18 to study bioengineering at the National University of Singapore. An overseas program enabled him to study business at The Wharton School while working at a medical device startup in Philadelphia.
During this formative year, Tiong became intimately familiar with research and development processes, particularly navigating patent databases to unearth valuable information on inventions. This experience led him to identify a significant gap in the market – the patent research process was cumbersome and inefficient, prompting him to consider creating an improved tool.
Founding Patsnap
Returning to Singapore in 2007, Tiong launched Patsnap with funding support from a government grant and incubation assistance from the National University of Singapore. However, he encountered immediate hurdles. With no track record as a fresh graduate, fundraising proved to be a daunting task, particularly amid the 2008 financial crisis.
After two years filled with hard lessons, Tiong successfully secured his first $1 million investment in 2010. However, rapid team expansion from 15 to 50 employees led to complications due to his lack of experience in hiring. The company faced major setbacks, and within six months, he had to downsize significantly. This tumultuous period spurred feelings of self-doubt, questioning whether he should abandon the venture altogether.
Yet, Tiong’s commitment prevailed. Despite facing criticism from his investors, he pushed forward, traveling tirelessly to pitch his vision, demonstrating that perseverance can sometimes be as vital as confidence in the entrepreneurial journey.
Growth and Lessons
Through years of facing adversity and learning from failures, Tiong developed his own leadership approach. He recognized that introversion should not hinder his ability to lead effectively. “You can still lead a team even if you are an introvert,” he concluded, stating that the challenges made him more resilient and determined to create a legacy through his work.
Today, Patsnap employs over 1,000 individuals and collaborates with prestigious clients including Disney, NASA, and Tesla, with financial backing from major investors such as Tencent and SoftBank Vision Fund 2. Tiong’s ambition for Patsnap is clear: to simplify the innovation process for individuals and organizations across the globe.
He aspires to democratize access to patent information, thereby accelerating global innovation. “For any aspiring entrepreneurs out there, if you strongly believe in something, then just give it a try. Just go for it, because we only live life once,” Tiong advises, encapsulating the spirit of perseverance that has guided him throughout his entrepreneurial journey.
Source
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