I dragged myself groggily out of bed on a Saturday morning to go for a Chinese Information and Networking Association (CINA) event: How to Think, Work and Thrive like an Entrepreneur. The speaker was Ms Christine Comaford Lynch. I had read about her on her personal page, and was really eager to meet her in person.

It was a rewarding and refreshing experience indeed. At once dynamic, vibrant, quick-witted, and humorous, Christine was an extremely insightful and enthralling speaker. Throughout the entire time, Christine peppered her speech with entertaining and inspiring personal anecdotes.

At the age of 16, she had run away as she was tired of school. But that did not deter her from achieving many of the successes that she later achieved. To support herself, she became a lingerie model and a geisha trainee. She quipped, “Apparently they thought I was too ugly to be a lingerie model, and so I moved on!” She subsequently became a software engineer, and then later started her own businesses. Today, she is a venture capitalist with Mighty Ventures.

During her talk, she compared entrepreneurs to fire: people who are trail blazers with their spirit of innovation and risk-taking. Her tip for all of us who were present was summarized in the following acronym:

FIRE-UP! This stood for Christine’s personal code of values for entrepreneurs.

Find your unshakeable core: What is your brand? If you had to use 3 adjectives to describe yourself, what would they be?

Get your foot In the door: To get something that you want, you must seek out different avenues and keep seeking opportunities and trying. Perhaps sometimes you have to settle for something lesser than what you initially sought, but you can build upon what you have. Christine retold an account from her early days, when she wanted to get a software engineering job with Microsoft. However, she was refused that position due to the fact that she did not have a college degree. Unfazed by this rejection, Christine accepted being a contract tester first and worked her way up from there.

Risk is required: You just have to get yourself in the battlefield and pick everything up as you go along. Christine told an especially stirring story on how she started out as a contract tester in a company, but one day there arise a situation where somebody was needed to assume a leadership position and manage a team of people. Without hesitating, Christine immediately volunteered herself for the job. She managed to persuade 35 people to work under her. Literally overnight, she had risen from a contract tester to a CEO! Having no prior experience at managing people, the next thing she did was to call her dad for some advice and a crash course.

Expect to Innovate: Think like an owner, act like a customer. Keep attacking your own ideas and trying to find a better way of doing things.

There are Unlimited Ideas. Ideas are free and do not belong to anybody: Scarcity is a lie. If you keep your eyes and ears open, you will find that there will be ideas and opportunities wherever you go. Christine said that while waiting in line and talking to a person at Starbucks, she chanced upon an idea which she subsequently grew in to a multi-million dollar business. I have often heard from others, “Ideas are a dime a dozen.” And I think this is very true. I often find that many people are very keyed-up about finding the “right” idea, the most brlliant, mind-blowing idea. But more often than not, what is more important is how you execute your idea and grow it as you go along.

People: Life is about the people we meet and what we create together. I think this point is significant as it affects what one thinks about leadership. I have seen a lot of different leadership styles, and the leaders I admire most are the ones who view “the people aspect” as the most important of all. They understand what motivates their team members and they facilitate mutual trust, respect and support within the entire team.

Although I have substantially covered what Christine spoke about in her speech, nothing beats meeting and speaking with her in person. I therefore encourage you, dear readers, to find a chance to meet her and listen to her speak in person. It WILL be mind-blowing.

The other day, I happened to bump into a stranger in a cafe. He spotted me with a book entitled “High Tech Start-up” by John Neshiem. With his keen sixth sense, I think he must have “smelt” my passion for entrepreneurship. It was in that situation that he took the initiative to get to know me better. I learnt that he had handled 3 start-ups in the past. And it was then that we started discussing the waterfront of issues typically faced by entrepreneurs. With the load of wisdom he possessed, he dished out advice to me with hardly any restraint. He pointed out these common mistakes which entrepreneurs make, and I would like to share with everyone here:

Mistake #1: Promising more in the business plan than what can be delivered

Some of the business plans are written in such optimistic ways that sometimes they trigger doubt in the readers. If someone promises to do something and know that he/she cannot perform that promise, it is then considered fraud. In fact, entrepreneurs can be sued by their funders for fraud if they do not make an honest appraisal of realistic assumptions of what they can perform. While the intention to squeeze out a little extra valuation will give extra hope to the company, “fudging” the numbers can erode credibility and make investors less trusting which ultimately destroy one’s chances of getting subsequent rounds of funding.

Mistake #2: Failure to incorporate early enough

One common problem which arises usually involves a founding partner who subsequently drops out of the venture and returns to demand equity when the venture gets financing or IPO. This problem can be avoided by incorporating early and issuing shares to the founders, subject to vesting. Incorporating early before any significant value has been created for the shares also prevents potential tax problems for “cheap stock”. Incorporating too late, and issuing inexpensive stock to the founders while issuing more expensive stock to the investors can create tax problems as the difference in stock price can be argued by the IRS as income to the entrepreneurs.
Mistake #3: Choosing venture capital financing solely based on valuation

Valuation should not be the only thing that entrepreneurs consider when selecting a VC. It is equally important to consider the reputation of the firm, their contacts in the industry (whether they know the big players), and whether they have a history of standing by the entrepreneur if the he stumbles. A nameless firm which offers the highest valuation is often not the best source of equity.

Mistake #4: Ignorance of international intellectual property protection

As we know, patents are granted on a country-to-country basis. It is important to take note of the patent laws in different countries. In almost every country except the U.S., if the invention is sold or publicized prior to filing the patent application, the invention cannot be patented in that country even if no patent application has been filed as that disclosure itself makes the invention un-patentable. It is equally essential to take note of trademarks as one would probably not want to end up spending large amounts of money in developing a brand in your country and end up violating the trademarks of the companies which are dealing with similar products outside your country. Hence, it is advisable to identify and research your target markets early.

Mistake #5: Disclosure of inventions without non-disclosure agreement and before filing patent application

Entrepreneurs should take reasonable steps to keep inventions a trade secret from competitors when they have yet to obtain the patent protection. It is always wise to get people to sign the NDA. The thing about an NDA is that it doesn’t need to be elaborate, but it is essential to state that the other party acknowledges they may be exposed to trade secrets, and that they agree not to use or disclose said secrets without permission. While we tend to neglect protecting the business plans, it is also important to express clearly on the cover pages of the business plans that they are confidential and proprietary. Although this is not as strong as a NDA, laws in some states sometimes identify this as a minor measure to protect one’s trade secrets.

My Thoughts

After a casual session with this stranger, I came to realize that about 4 out of 5 of these common mistakes mainly involve the legal aspects that are closely linked to entrepreneurship. Personally, I feel that there is a general tendency for entrepreneurs to devote all their time, effort and money in getting their businesses up and running, and ignore the importance of working around certain legal concepts. Grasping the basic concepts of law before setting up businesses is probably a good idea for all aspiring entrepreneurs as it will give you an extra boost of confidence while you are driving the process. With such knowledge, you will also understand the ways in which law is a constraint, and perhaps, utilize it as a tool to help you to create and capture value.

Why Wildflower Triathlon? Triathlons are a sport I love in life. I started trying this sport with the thought of keeping myself healthy. Having loved swimming and running since my junior college days, I thought, “Why not give triathlons a try?” Upon arriving in Silicon Valley, I signed up for a Half-Ironman distance triathlon called the Jamba Juice-Wildflower Annual Triathlon in California. A Half-Ironman race requires the athlete to complete a gruelling 2 miles of swimming, 90 miles of cycling and a 21 mile run.

Race Site… It was a 3-hour drive down to the race site at Lake San Antonio, and it was a trip I made with a few friends of mine. Upon arriving, we were immediately greeted by beautiful pastures, rolling hills, blue lakes and, unfortunately, treacherous slopes. The start point and transition area offered a great view and gave me a good idea of what to expect in the entire cycling leg of the race.

Race Start!!! I headed down to the race site at an early 7am the following morning, but soon realized that I was late for the start. Cursing, I leaped in and began the swim segment of the race. Apart from the numbingly cold water, it was otherwise an enjoyable swim. The swim leg of the race was short and smooth, and quickly transited to the biking leg.

The cycling leg presented a beautiful sight as we went along the lake. The 1st 30 km were filled with massive up and downhills, made worse by gradients so steep that after the 30 km mark, I found myself wondering if I could even finish this brutal course! I had done a Half-Ironman race previously, but this one was definitely much tougher! Fortunately enough, the slopes on the remainder of the bike course were less punishing. At mile 40, I faced the hardest part of the whole race course, a 1000ft vertical climb. By then, I had been racing for 2.5 hours and was plain exhausted. Inadequate training was taking its toll. Not wanting to drop out of the race due to muscle cramps, I walked my bike up to the peak. At the top, I saw the beautiful Nacimento Lake and hills to my left and the massive Lake San Antonio on my right. This was the toughest and the most painful part of the whole course. But I was determined to finish this course because it is not in me to give up.

Fortunately, I had more opportunities to run during my stay in Silicon Valley and it paid off during the run leg, as I felt more comfortable with that segment of the race. Adopting a more cautious approach, I walked up the long slopes to avoid cramps. By the halfway mark, I was still feeling relatively good and knew I would be able to finish well below the cut-off timing. As I approached the finishing line, the support and encouragement from spectators and friends was awesome. Without those people cheering me on, this race would probably have been a lot harder to finish.

Race thoughts…. As I began my life as a triathlete, I saw how closely parts of life mirrored long triathlon races. Triathlons require long hours of training and preparation. They call for pacing and endurance. You can’t sprint all the way in a triathlon, and neither can you do that throughout your life. You need to find a suitable pace for yourself so that you wouldn’t tire out too quickly. Determination is a must to get to the finishing line. Your timing might not be as critical because it is not a matter of how fast you do it, but a matter of whether you can finish it in the first place. Life, like a race, needs lots of dedication, passion and perseverance to make it through. I started on this sport not to prove anything to anyone, but to find out what a physically weak person with a strong desire can or cannot do.

It doesn’t matter what bike you ride or what triathlon gear you buy. It is the legs that will carry you through. And legs are not just powered by nutrition gels and bars. They are driven by your passion and determination to finish. The Jamba Juice-Wildflower Triathlon is probably one of the toughest and the most physically painful races I have ever attempted and definitely a race to remember. Some say triathlons are a sport for a different breed, driven by a masochistic need for more pain. I say triathlons drive me to continuously challenge my mind and soul to my physical and mental limits. Through the years that I have done triathlons, the mentality of pushing through each race has cultivated in me a “never-say-die attitude”. This mentality has gotten me through many other trying situations and problems in my life. To the many like-minded people among us, I urge you to continue challenging yourself in whatever you do and not to ever give up in life. The Wildflower triathlon has taught me this brutal but valuable lesson in what I can or can’t do:
If you believe, you can do it.
Anything is possible.
Alan

The Chinese Information and Networking Association (CINA) held its annual flagship event, CINACon 2006, on the 9th of September, at the Marriott Santa Clara. It was a whole day affair, chock-full of seminars, talks and conferences regarding global business developments, technology trends and of course, the staple of a Silicon Valley event, entrepreneurship-related forums. This year’s theme? Business Models 2010: A New Role for Technology.

I was fortunate enough to be a volunteer at the event, and so got to witness the behind-the-scenes operation and planning of the event firsthand. It was an eye-opening experience, to be sure.

The conference kicked off at the comfortably later time of about 1 pm in the afternoon, and guests were treated to a keynote speech from the Chief Architect of Yahoo! Media Group, Dr. Satish Menon, who delivered an intriguing address titled “2007 – The Year of the Video?”

This was immediately followed by a visionary session on the future and possibilities of 4G technology, the members of which included CEOs and Vice-Presidents from various communications and related technology firms in the Bay Area. Each delivered an address on various aspects regarding the future of communications technology. The most engaging portion of the session by far, was the Question & Answer section. Interesting questions such as “Why has wireless network interaction been only limited to one-way protocols such as WAP and SMS?” were posed to the speakers at the event.

A quick break followed the panel, an opportunity to engage in perhaps the most valuable activity of the event: networking. The attendees mingled, introductions were exchanged, and contacts were shared. I personally met up with several interesting characters and whether they owned companies, advised companies or worked in companies, all taught me something new.

One such person was Pan Zheng, a Chinese working at Flextronics. Pan has been living here for several years since graduating from college, and shared his contacts, advice and even extended a personal hand out in friendship, inviting several of us volunteers to join him on a weekend cycling trip. Such was the warmth and friendliness of CINA members, which underscored the whole of CINACon. I honestly felt right at home with them.
Several sessions followed the break, dealing issues ranging from Business and Technology to Intellectual Property in China. The speaker line-up was as exciting as the topics discussed, and included Andreas Stavropoulos, Managing Director of one of the largest Venture Capital firms in the Valley, Draper Fisher Jurvetson, as well as Heidi Keefe, an IP partner at law firm White and Case and who is recognized as one of the Bay Area’s best lawyers. With such a qualified and distinguished panel of speakers, it was difficult to sit through a session and not learn new, surprising facts at every turn.

The day of networking and learning was suitably wrapped up with a dinner reception. A relaxed and less formal evening of social interaction, accompanied by glorious food and live music served to unwind all, from volunteers and CINA members to invited guests and speakers. It was, in more ways than one, a satisfying end to a long day.

But what of the take-home from the event? What did I gain from CINACon? More contacts? Certainly. Knowledge and views about business and technology? Of course. But most importantly, I took home some new friendships (along with a new biking partner). It was one of the more surprising results of the event. To be honest, I expected another run-of-the-mill entrepreneurial conference. Yet I came away feeling like I was a real part of the CINA family.

Any Bay Area conference can, and more often than not, will deliver insights and information that will surprise and enrich you. Yet I think not many can engage and welcome you on a personal level, which was what CINACon did for me. That, beyond all things at the event, was its true value. It’s what makes this place so unique.

On 16th of November, 2006, NUSEA will bring to you a truly world class mixer - RainMakers Live: The New Argonauts.

Based on the book “The New Argonauts: Regional Advantage in a Global Economy” by Prof. AnnaLee Saxenian, this event aims to highlight the journeys of argonauts who came to Silicon Valley from countries like China, India, Israel and Singapore.

‘So, what are argonauts?’, you might ask. Well, argonauts are succesful immigrant entrepreneurs in Silicon Valley who returned to their home countries to fuel the growth of entrepreneurship there. These people are often seen setting up companies, mentoring and even affecting government policies in their home countries, in the process creating new hubs of entrepreneurship.

Prof. AnnaLee Saxenian will moderate a panel of eminent argonauts to find out more about this growing phenomena and how it is changing the entrepreneurial landscape. Prof. AnnaLee Saxenian is widely known for her work on technology clusters, and the effect of migration and social networks in Silicon Valley. She is currently the dean of the School of Information at UC Berkeley.

Coming up on the 16th of November, 2006. Mark your calendars and stay tuned to mixer.nusea.org for further details!

Contact: Prashant (650.483.8458)

NUSEA Mentorship is proud to present…

INNOVATE INCISIVELY
Gain Impact… Save Time… for your customers, company, and colleagues.
A talk by Tom Buckholtz, PhD., Business Advisor and Executive Coach.

Location: 465 Fairchild Dr Suite 207, Mountain View, CA (map)
When: Wednesday, September 13, 6:30pm

About the Speaker:
Dr. Thomas J. Buckholtz helps enterprises and individuals define and achieve business strategies, develop and market products and services, augment corporate culture, and work effectively. He anticipates that his GIST thinking tools will catalyze a global enhancement in business and personal effectiveness.

Tom has led a $1 billion business unit, corporate operations for startups, and automation endeavors. He helped pioneer several technologies. As a Commissioner in the United States General Services Administration, he served as co-chief information officer for the federal government’s 4,000,000-person Executive Branch and also as GSA’s CIO; his team catalyzed the early 1990s nationwide grassroots movement that spotlighted improving governmental service for the United States national agenda. He catalyzed innovation and $100 million in recurring annual benefits throughout Pacific Gas and Electric Company and established a new business practice in the world software marketplace. Tom authored Information Proficiency: Your Key to the Information Age. His concepts led to the creation of the Palos Verdes Estates (California, U.S.A.) Shoreline Preserve, a Rotary International service program, and two business practices that streamlined the U.S. federal government’s acquiring billions of dollars per year of information-technology products and services. Tom earned a Ph.D. in physics from the University of California, Berkeley, after receiving a B.S. in mathematics from the California Institute of Technology. He completed business administration programs at Stanford University and the University of Michigan.

For more information about Tom, please visit www.human-landscaping.com/buckholtz

The event is absolutely FREE of cost. Refreshments will be provided.

For further queries, contact Prashant at 650.483.8458

I have been looking forward to the visit from Singapore Polytechnic. There were 41 of them, business students. I knew the main purpose of the trip was mainly for fun. And we were given the opportunity to share our experiences in Silicon Valley with these young, funky and extremely cheeky students.

“Why are you here today?” They were asked as they gave a round of introduction.

“I came here for Disneyland and Universal Studios”
“I came here to shop”
“I came here to experience the US culture.”

Honesty. The value that I respect most.

Shiyun, Brian and Mohan shared with them their internship experience, why they chose NOC, and how they perceived Silicon Valley. The presentations were peppered with words of advice as the students listened intently.

“In Silicon Valley you have a tremendous amount of freedom. With that freedom came responsibility. Step out of your comfort zone, you’d learn so much more.” – Shiyun

“The unique differentiator of my company, New Deal Design, is teamwork. We all share information openly and we value team spirit a lot. Let us all find ways to collaborate between different organizations and build something great in Singapore!” – Brian

Mohan shared his rationale behind coming to Silicon Valley and had a wonderful connection with the students by sharing stories of his young and recalcitrant days, and how the same spirit of being different helped shape him into who he is today, and brought him here to Silicon Valley.

These students, having no prior knowledge whatsoever of what Silicon Valley was, were truly confounded by the existence of such a program. As we broke off into groups, they showed deep interest in the program and asked very discerning comments like “Silicon Valley seems to be all good. But there must be some flaws in the system, right?”

It was a question I was unable to answer. (Anyone like to share what they think about this question?)
Before we broke off into groups, I shared with these young\nminds what I thought about students from Polytechnics.

I’ve always respected students from Polytechnics. These people are put into an environment where they are trained to think out of the box, solve difficult problems and have a good understanding of the changing\nworld. Whenever I meet a person from Polytechnic, I see creativity and passion. These people need opportunities and support, and I have great faith that the institutions are doing a great job in providing them. In fact, Singapore Polytechnic is introducing an entrepreneurship program to promote entrepreneurship within the institution.

And what I truly truly wanted to share was this.

My friends, if you are reading this now, I wanted to tell you that

1) Know your strengths, and seek ways to collaborate with people who are different from you.

2) Do not be a prisoner to the expectations of society and do something you dislike. Know where you passion lies, and pursue that passion with all your heart.

3) If you have the slightest flame in you to create something, or to start company, try to find your way to Silicon Valley. Because this place will unleash your potential, build your character, and you will find people who will help you along the way.

On the 24th of August, a group of us from NUSEA and distinguished members from the National University of Singapore (NUS) Board of Trustees (BOT) met in Berkeley, California. Amongst those who were present from the BOT was Mr Wong Ngit Liong, Chairman of the Board and CEO of Venture Corporation Limited, and Professor Shih Choon Fong, the President of NUS.

The Board was on a visit to different universities all around the globe to consolidate the best educational practices and bring their lessons back to Singapore. They were stopping by Silicon Valley to find out more about the NUS Overseas Colleges (NOC) program and meet us.

The evening kicked off with Yuling Chua, the program director of the NOC (Silicon Valley) program giving an overview of the NOC program. This was then followed by personal accounts by current NOC students, Gary and Yang Bin, on their Silicon Valley experience.

Chin San, the current president of NUSEA, gave an overview of the objectives of NUSEA, and reaffirmed to the BOT members that our vision was to bring back our lessons and build up an entrepreneurial hub in Singapore, step by step.

The passion and enthusiasm with which the students delivered the presentations impressed the BOT members and sparked off a lively debate and discussion on how to foster entrepreneurship in Singapore. The members and the students broke up into small discussion and brainstorming groups where we discussed about topics that were close to all our hearts: entrepreneurship, education, and about how to build an entrepreneurial and innovative culture in Singapore.

In response to a comment that the culture in Silicon Valley was exaggerated and was very possible to be replicated in Singapore, Prof Shih said, “It is not possible to learn the culture of Silicon Valley by reading books or listening to people’s experiences; it is only by immersing yourself in it that you come to understand the culture deeply.” Hence he expressed strong support for the NOC program and his wish that the NOC students would bring back their wealth of experiences and be the future rainmakers of Singapore.

Ms Elim Chew, President of the 77th Street chain of fashion stores, and chairwoman of several youth and community groups also expressed that she felt the NOC students would be in good stead to help out with MCYS (Ministry of Community Development, Youth and Sports) programs to inculcate entrepreneurial qualities in Singaporean youth.

Many of us also had inspiring heart-to-heart talks with the various distinguished members. Mr Wong recounted his own beginnings in his entrepreneurial career: Back when he left HP just before he was to assume the role of Managing Director to start Venture Corp in 1984, he stood before his team of founders and said that he would make 1 billion in 10 years’ time, many thought it was said in jest. But he stuck to his guns. In 14 years, his business generated 1 billion in revenue.

In 2005, Venture had a whopping sales figure of $3.2 billion. His stories, just like many others, inspired us to pursue our dreams further.

The initially jet-lagged Board members, and indeed, all of us, left the meeting feeling recharged from an exciting and enriching evening of discussion and open sharing of ideas.

My meeting with Henry Wong, Founder and Principal of Diamond Ventures, today had an unexpected outcome, but it was extremely insightful as well. Just a quick background, Henry Wong has resided in China & Silicon Valley for the last 25 years. He started as an entrepreneur and became a Venture Capitalist is currently an Advisor to 6 non-profit organizations and is active with community events.

I had an email exchange with him, and strongly believed that he could be one of the speakers to represent an Argonaut from China.

His enthusiasm was wildly infectious.

Today, he came clean and rejected the offer to represent China.

“I cannot do it. I came from Hong Kong.”

I did not know that. But we moved on.

In the later parts of the conversation he made this comment which struck me.

“California is not USA. Silicon Valley is not USA.”

He looked into my eyes, and said it slowly, and clearly, and with much conviction.

I paused, and I asked him in return. What makes Silicon Valley so unique?

“There’re a few important characteristics about the people here. The people here look forward. They are interested in moving forward and making progress. We are extremely forgiving as well, this is linked to the casual interactions between people. We probably will not mind ill manners. People here are very integrated. There is no racism. We see children from different races and nationalities mixing with one another. The various consulting professions like lawyers and accountants, they do not charge you by the hour, they are more than willing to listen to your idea and help you out. We do not spend time looking to our left and right to compare who is richer, we just want to move forward.”

“You talk about a cultural obstacle in Singapore. Look to South Korea to see how the culture evolved over time. At first, they were just like any country. The wireless industry came, and ten thousands of private enterprises are formed. Opportunities have the power to change the status quo.”

And this, is extremely parallel to one of the statements Bernard Leong, a blogger from sgentrepreneurs, made in a post back in March.

“Singapore was like the US in its early days as a British colony. Our forefathers came to the shores of the country and search for a better place to live. The multi-cultural background contributed to its success as a trading port. The fire in the belly was in the blood of our forefathers and not in the younger generation.”

Singapore used to be a land of opportunities, and our forefathers had the passion to create businesses. They were all entrepreneurs. They were all helping one another. This leads me to think, and believe, that the Silicon Valley culture that Henry and other observers of Silicon Valley mentioned, was present in Singapore in the early days as well. I’m not talking about being sophisticated about unfair advantages or knowledgeable about technology and finances. I’m talking about the spirit of cooperation, and the fire in the belly to address the pain points of consumers and businesses.

Where did it go? And what can we do to revive it?