The world of business has evolved enormously in the last few years. The switch to internet-spurred digital economy has created niche markets and newer products. This has also created a new breed of entrepreneurs that has to deal with a new set of challenges that were unheard of before.
From being tech-savvy to having an understanding of emerging technologies, founders today are also expected to face peculiar challenges in the tough and competitive space. This very pace of adoption of new things is what drives serial entrepreneur, Jeremy Foo.
Foo has always had a propensity towards newer facets of technologies and took pride in tinkering with them. But, when he took plunge into the world of crypto, Foo was confronted with a host of issues that he had never even conceptualized.
Pushing The Envelope
Building crypto-backed booking platform, TripCandy, was not easy for Foo. While a lack of experience in the field made things difficult for Foo, he never let it be a hindrance to creating the platform.
Foo came from a trading background and dealt with bonds and shares. Convincing investors to back TripCandy was, according to him, one of the major challenges in getting the startup off ground.
He says that, "Every business involves a constant exercise in trial and error. The goal is not to stop when it feels like you are hitting a dead-end."
Sharing his experiences, Foo further added that he took the opportunity as an avenue to learn something new and push the envelope. He credits his unflinching grit as the driving force behind the successes of his previous ventures and TripCandy.
Weakness into Strength
Foo was born with dyslexia, this caused him to experience difficulty in reading and writing, making it difficult for him to study, learn and maintain concentration during the school days. It was difficult for Foo at the outset, but he says that he persevered and trained himself to focus and visualize studying differently, which enable to grasp concepts better.
He reiterates that founders need to lead the pack and push themselves. This, he said, helps in creating an ecosystem where crossing hurdles is seen as a sign of growth and creating a new precedent in the market.
In a word for advice for entrepreneurs, Foo said that it takes time for potential investors to believe in a particular idea. He further advises founders to keep working in the direction of launching their product and not take harsh criticism to heart.
Choosing The Right Team
One of the key issues that Foo faced while working in the crypto industry was the paucity of good talent. While the industry is still in its nascent stages, the demand for talent pool is extremely high, and, at times, companies fight tooth and nail to acquire and retain employees.
Foo feels it is very important to have a good team. He says, "Even though you are mostly working with small teams in the beginning, each individual on the team can help move the idea forward and work for the greater purpose. That's why it's essential to hire the right people."
For Foo, nationality is not a bar for hiring good talent. Reminiscing about his early days, Foo said that he used Telegram to present his ideas for the first time to a wide array of an audience. He says that connecting with a global community of investors from all over the globe helped him expand his network and seek investments.
Jeremy Foo also told the publication that it is important for company executives to possess in-depth knowledge about the domain they are working in. From screening redundant data to hiring good employees, Foo's previous trysts with the entrepreneurial world came in handy while scaling TripCandy.
A world full of possibilities also ensures that a growing number of people also have access to a wide variety of information. And with no competitive edge, entrepreneurs and competitors are left to look for innovative ways to stand out. Despite a good product, many fail to scale the business. But, Jeremy has again proven his mettle in various endeavors he has undertaken. Despite winning awards and $1 Million raising funding for TripCandy, Jeremy says that he has no time to rest. He adds that he wants to achieve greater recognition among his peers and create a better crypto ecosystem for years to come.