Jeffrey Tiong, founder and CEO of the Singapore-based startup PatSnap, reflects on his challenging yet rewarding entrepreneurial journey. Tiong, 40, established PatSnap — an intellectual property and R&D firm — immediately after college and grew it into a unicorn with over $100 million in annual recurring revenue. He recounts the emotional and financial difficulties of entrepreneurship, likening his experience to a series of “dark times” that ultimately strengthened him.
Originally from Kota Kinabalu, Malaysia, Tiong moved to Singapore for university studies in bioengineering. A significant turning point came during a year-long U.S. exchange program, where he worked at a medical devices startup and recognized the inefficiencies in patent research. Motivated to innovate, he developed a streamlined patent database, launching PatSnap in 2007 with a government grant.
The early days were fraught with challenges, including raising capital as an introverted new graduate during a financial crisis. Despite setbacks and self-doubt, such as a major layoff due to hiring issues, Tiong persevered. His efforts culminated in securing $1 million in funding by 2010, propelling the company’s growth.
Over time, Tiong developed his leadership skills, embracing his introverted nature and maintaining a relentless drive to succeed. Today, PatSnap employs over 1,000 people globally, with clients like Disney, NASA, and Tesla. Backed by major investors such as Tencent and Sequoia China, Tiong aspires to simplify innovation worldwide.
Encouraging budding entrepreneurs, Tiong underscores the importance of perseverance in pursuing one’s vision. “If you strongly believe in something, then just give it a try,” he advises. “We only live life once.”
Original Story https://www.cnbc.com/2024/11/13/this-entrepreneur-started-a-100-million-business-called-patsnap.html
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