Moments of doubt: The inspiring journey of an entrepreneur who built a $100 million-a-year business

Build a successful start-up can be taxing, both financially and emotionally. Through the story of Jeffrey Tiong, founder of Patsnap, we discover a journey strewn with pitfalls which ultimately leads to success. From his innovative idea to simplify access to patent databases to the creation of a company exceeding $100 million in annual revenue, the path has not been without doubts and challenges. This article explores the significant obstacles in his journey, his moments of doubt, and the great lessons he learned in his quest to revolutionize the world of innovation.

The genesis of the project

It is at Kota Kinabalu, in coastal Malaysia, that the story of Jeffrey Tiong begins. As a young man, he imagined himself in the more traditional roles of doctor or engineer. However, at the age of 18, he left for Singapore to embrace something else: bioengineering at the National University of Singapore. A program offers him the chance to go to the United States where he joins a medical device start-up in Philadelphia. This experience revealed to him the problem of time and complexity necessary to access patent databases.

A flash of genius

While in Philadelphia, Tiong began to conceive an idea that could revolutionize access to patent information. Enrolled in a business planning course at the Wharton School, he discovered that there was a real market for a more efficient and user-friendly tool. Driven by the belief that making patent information accessible could stimulateglobal innovation, he decides to bring his idea to life.

The first steps towards Patsnap

Returning to Singapore in 2007, with funding of 55,000 Singapore dollars and the support of his university’s incubator, he founded Patsnap. His first major challenge? Lack of credibility and experience. During the 2008 financial crisis, convincing investors seemed to be a very difficult exercise. Despite this, Tiong persists with determination. In 2010, he finally managed to raise his first million dollars, a major turning point despite the fact that he had to quickly streamline his teams due to his inexperience in human resources.

Doubts and questions

Periods of doubt and personal reflections punctuate his journey. Faced with uncertainty and a reduced team, Tiong is even considering repaying his investors. The lack of self-confidence is reinforced by criticism from his long-time investor, questioning his ability to run the company. However, in the face of trials, his determination solidifies. The trip between European, Asian and American cities in a desperate attempt to raise funds hardened him and forged his conviction.

The big lessons of a tough journey

Jeffrey Tiong ends up adopting a leadership style where introversion is no longer a barrier. He realizes that entrepreneurial success does not depend on charisma but on persistence and resilience. Today, Patsnap is a company employing more than 1,000 people around the world, supported by giants such as Tencent and SoftBank Vision Fund 2. Tiong now dreams of facilitating innovation through democratization of access to patent information. His advice? Believe firmly in your ideas and take the plunge, because one life is not enough to exploit all potential.