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Darren Chan, Founder of TheSugarBook

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So what’s the real story behind Darren Chan, the founder of Asia’s first sugar daddy dating site? Definitely much more than meets the eyes, Darren graduated with a Masters of Business Administration (MBA) from RMIT University, Melbourne, Australia. During his time there, he collaborated with fellow peers and was exposed to the F&B, music and entertainment industries.

Upon his return to Malaysia, Darren was keen on exploring different business opportunities. In 2014, he partnered with an associate to form Endeavor Capitals, which most notably funded Malaysia’s Live Entertainment Booking Platform, Gigfairy. Gigfairy is the community marketplace for users to book live entertainment and musical acts.

Within 8 months, Gigfairy was acquired by Tune Studios of Tune Group Sdn Bhd for an undisclosed amount together with Brickfields Asia College (BAC) Founder and Managing Director Mr. Raja Singham, joining in the later stages as investor.

Shortly afterwards, Darren embarked on Endeavor Standard which developed TheSugarBook. Seeking to provide the freedom and security for like-minded people to meet and form mutually beneficial relationships, Darren’s goal is to connect people by giving them the power to be honest and transparent based on their unique wants and needs.

In your own words what is TheSugarBook?

TheSugarBook is a niche social networking platform for people to connect, meet and build mutually beneficial relationships.

How did you come up with the idea of TheSugarBook?

A couple of years ago, I read a study stating that 40% of individuals chose ‘financials’ as one of the top criteria when selecting for a partner.

I then did some research and found a study by a team of health, social and behavioural scientists from UCLA, Chapman University, Rutgers University and Indiana University of over 27,600 heterosexuals which had a summarised conclusion that men favor beauty while women prioritize finances when it comes to the importance of differences in long-term partners.

That got me thinking and with the rise of online dating, I decided to build a platform for like-minded consenting adults to connect, meet and build mutually beneficial relationships that are upfront, honest and transparent. That was how TheSugarBook came to be.

Could you walk us through the process of starting up TheSugarBook?

Our very first hire was a brilliant web developer who had faith in the platform from day 1. Then came a UI/UX developer followed by another developer.

We began with building and fine tuning the website at www.thesugarbook.com before we moved on to developing the app.

In the meantime, we started curating the marketing and communications team.

Did you encounter any particular difficulties during startup?

The only difficulty I recall was hiring. For starters, people thought we were crazy. Some thought we were too ambitious and wanted a regular job that is more stable instead.

Hiring was near impossible with the small amount of budget we had. It was with sheer determination and dedication that we overcame it.

How have you been developing TheSugarBook since startup?

For these first 2 years, our focus will always be on product development and growth.

What kind of feedback did you get for TheSugarBook so far?

We’ve got a mixed bag of feedback so far and we do appreciate every single one of them.

With every business, there will always be naysayers on a side and cheerleaders on the other but we’ve been thankful that we do receive a lot of support from peers in the industry and also, our loved ones.

Do you face a lot of competition in this industry? 

TheSugarBook is a global company but our focus is more on Asia. That said, we have not encountered any competitors with the same concept as us in South East Asia so far. We are the 1st Sugar Daddy Dating platform in Asia.

However, we do look towards our western competitors as a mean to push us

to improve even more. The strategy is to always be improving and be proactive and able to adapt.

If we focus too much on our competitors, that will in return hinder us. We’d rather analyze certain case studies and learn from them.

What can you tell us about the industry?

The dating industry is a lucrative business. As of year 2017, the global market size in Asia alone was over USD$1.5billion with a potential growth of over 36% in the next 4 years.

Our plan is to expand to Thailand, Indonesia and the global economic superpower that is China.

How do you plan to stay relevant in this industry?

The future of online dating will probably lead to a more niche market, exploring in different sub-cultures rather than a general dating platform. Also, that we will be integrating digital and onground with events and parties in 2018.

Were there anything that disappointed you initially?

I’ve always been a positive person and can honestly say that there hasn’t been any significant incident that would affect me negatively. In every situation, one must be able to see the solution or an opportunity rather than be beaten down.

What do you think about being an entrepreneur in Asia?

I studied in Melbourne, Australia and lived there for many years. When I was there, I had the opportunity to be exposed to different industries; such as hospitality and entertainment and I do not find there to be any momentous difference between being harder or easier. There are cultural and bureaucracy difference but nothing that cannot be handled with the right team on your side.

There is a huge opportunity to grow in Asia as the tech industry here still has a wide margin for development.

What is your opinion on Asian entrepreneurship vs Western entrepreneurship?

I wouldn’t be able to comparatively separate the 2; I think that entrepreneurship in itself takes a lot of guts; the ability to recognize an

opportunity and the courage to seize the moment. Also, being able to improvise, adapt and overcome.

What is your definition of success?

To be able to create value and grow TheSugarBook to a wider market.

Why did you decide to become an entrepreneur?

I saw an opportunity and I took it.

In your opinion, what are the keys to entrepreneurial success?

To never stop learning and having the patience to grow a business from its seed to fruition.

Any parting words of wisdom for entrepreneurs out there from your personal experience?

Whatever you do, do with your all, be dedicated. Wherever you go, go as a leader. Have the courage to lead. If you serve, serve with passion.

“Two roads diverged in a wood, and I – I took the one less traveled by, And that has made all the difference,” – Robert Frost.

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Entrepreneurship

Women on Top in Tech – Daphne Ng, CEO of JEDTrade

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(Women on Top in Tech is a series about Women Founders, CEOs, and Leaders in technology. It aims to amplify and bring to the fore diversity in leadership in technology.)

Daphne Ng is the CEO of JEDTrade, a blockchain technology company focused on trade, supply chain, and financial inclusion projects in ASEAN. She is also the Scretary-General at ACCESS and Exco. of Singapore Fintech Association

What makes you do what you do?
I was introduced to blockchain technology in 2016 after I left my corporate banking career after 10 years. It was my mentor who first got me interested in this technology, which I then went on to delve further into, on its potential applications in the lending and trade finance space – domains where I came from.

How did you rise in the industry you are in?
Being in the space for 2 years and actively involved in the ecosystem, I was able to bring on the projects, network and a good degree of thought leadership in this vertical. Early on in the startup journey, our team faced many challenges. And to me, the key to rising above failures are two essential factors – resilience and support. While resilience is innate, I received a lot of help be it in terms of connections or advice. ‘Nobody succeeds without help’ rings very true for me.

Why did you take on this role/start this startup especially since this is perhaps a stretch or challenge for you (or viewed as one since you are not the usual leadership demographics)?
From the start, I focused on my domain expertise in trade finance and the application construct of how blockchain and DLT can be applied to these use cases. Also, my strategy from the start was to build a technology company made up of 80% tech and engineers, which is also our key competitive advantage today. At the end of the day, deliverables are about strategy and execution, which includes building and leading an ‘A’ team.

Do you have a mentor that you look up to in your industries or did you look for one or how did that work?
I have many mentors, which includes our company advisors (all of whom are well-known in this industry) and mostly informal mentors I meet via my connections, and on various occasions and circumstances. Creating opportunities also means putting myself in the right place, at the right time. And in my case, these were mostly organic and genuine friendships formed from the initial connection.

How did you make a match if you and how did you end up being mentored by him?
To me, a match in values is very important. It also takes humility to ask for help and be willing to listen to advice, which is important in order for mentorships to be successful – be it formal or informal.

Now as a leader how do you spot, develop, keep, grow and support your talent?
I love this question! I am passionate about building strong teams and helping my people grow. I abide by the 3Rs when identifying talents: resourcefulness, resilience and right values. And then I invest in the ‘potential’ and this means giving them room to lead, make decisions and take risks.

Do you consciously or unconsciously support diversity and why?
My support of diverse talents, skillsets and characters can be seen in the make-up of our core team – all helming specific roles and each bringing their own value to the table. We need the sum of all parts to build a great company.

What is your take on what it takes to be a great leader in your industry and as a general rule of thumb?
Great leaders emerge in times of failures and challenges, never abandoning the team, and always putting the team’s interests before her own. And I consciously live by these mottos every day.

Advice for others?
My advice to other entrepreneurs: be resolute and dare to be different. If you are going to follow others, then you will end up on the same path as them. No right or wrong; but I would rather chart my own path. This June, we are officially launching our blockchain project, Jupiter Chain (www.jupiterchain.tech), which have garnered much interest in the industry, even before we made it public. We believe this project is the epitome of marrying innovation with practical implementation, and we want to be the first to truly operationalize blockchain for our ecosystem projects in this region.


If you’d like to get in touch with Daphne Ng, please feel free to reach out to her on LinkedIn: https://www.linkedin.com/in/daphne-ng-%E9%BB%84%E7%91%9E%E7%8E%B2/

To learn more about JEDTrade, please click here.

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Callum Connects

Jace Koh, Founder of U Ventures

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Jace Koh believes cash flow is the lifeblood of your business. Understanding it will enhance your ability to run and manage your business.

What’s your story?
My name is Jace Koh and I am the Founder of U Ventures. I’ve always been inclined towards investment and entrepreneurship. I’ve played a hand in starting businesses across these industries – professional services, cloud integration, software and music. I believe that succeeding in business is tough, but that’s what makes the rewards even sweeter.

What excites you most about your industry?
Everything excites me. These are my beliefs:

  • Why is accounting important?
    The accounting department is the heart. Cash flow is like blood stream, it pumps blood to various parts of the body like cash flow is pumped to various departments and/or functions in a business. It is vital to the life and death of the business.
  • Is accounting boring?
    Accountants are artists too. They paint the numbers the way they want them to be.
  • What makes a good accountant?
    A good accountant can tell you a story about the business by looking at the numbers.
  • Why is budgeting and projection important?
    Accountants are like fortune tellers, they can predict the numbers and if you wish to understand your business and make informed decisions, feel free to speak to our friendly consultants to secure a meeting.

What’s your connection to Asia?
I was born and raised in Singapore, and here’s where I want to be.

Favourite city in Asia for business and why?
Singapore is my favourite city. We have great legal systems in place, good security and people with integrity. Most importantly, we have a government that fosters a good environment for doing business. I recently went for a cultural exchange programme in Hong Kong to learn more about their startups. I found out that the Hong Kong government generally only supports local business owners in terms of grants. They’ve recently been more lenient and changed the eligibility to include all businesses that have at least 50% local shareholding. But comparing that to Singapore, the government only requires a 30% local shareholding to obtain government support. In the early days of starting a business, all the support you can get is precious. It’s great that we have a government that understands that.

What’s the best piece of advice you ever received?
The best time ever to plant a tree was 10 years ago as the tree would have grown so big to provide you with shelter and all. When is the next best time to plant a tree? It is today. Because in 10 years time, the tree would have grown big enough to provide you shelter and all.

Who inspires you?
Jack Ma. His journey to success is one of the most inspiring as it proves that with determination and great foresight, even the poorest can turn their lives around. I personally relate to his story a lot, and this is my favourite quote from him, “If you don’t give up, you still have a chance. Giving up is the greatest failure.”

What have you just learnt recently that blew you away?
I’ve faced multiple rejections throughout my business journey, and recently came across a fact on Jack Ma about how he was once rejected for 32 different jobs. It resonated very deeply and taught me the importance of tenacity, especially during tough times.

If you had your time again, what would you do differently?
Nothing. I live a life with no regrets. Everything I do, regardless of whether it is right or wrong, happy or sad, and regardless of outcome, it’s a lesson with something to take away.

How do you unwind?
I love to pamper myself through retail therapy and going for spas. I also make a conscious effort to take time off work to have a break outside to unwind as well as to uncloud my mind. This moment of reflection from time to time helps me see more clearly on how I can improve myself.

Favourite Asian destination for relaxation? Why?
Taiwan! Good food with no language barriers and the people are great!

Everyone in business should read this book:
I don’t really read books. Mostly, I learn from my daily life and interactions with hundreds of other business owners. To me, people tell the most interesting stories.

Shameless plug for your business:
We’re not just corporate secretaries, we’re “business doctors.”
U Ventures is a Xero certified advisory firm that goes beyond traditional accounting services to provide solutions for your business. You can reach us on our website: http://uventures.com.sg/

How can people connect with you?
Converse to connect. You can reach me via email at [email protected] or alternatively, on LinkedIn here: https://www.linkedin.com/in/jacekoh/

This interview is part of the ‘Callum Connect’ series of more than 500 interviews

Callum Laing is an entrepreneur and investor based in Singapore. He has previously started,
built and sold half a dozen businesses and is now a Partner at Unity-Group Private Equity and Co-Founder of The Marketing Group PLC. He is the author two best selling books ‘Progressive Partnerships’ and ‘Agglomerate’.

Connect with Callum here:
twitter.com/laingcallum
linkedin.com/in/callumlaing
Download free copies of his books here: www.callumlaing.com

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