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An Interview with Professor Tan Sze Wee
12
Transcript
An Interview with Dr. Tan Sze Wee
The Entrepreneur's Motivations
Reasons for becoming a bioentrepreneur
2000 - 2001
- Introduced to an effective biomarker to detect candidiasis
- Technology discovered by microbiology professor (Australia)
- Potential to revolutionize diagnosis of fungal infections
- Believed in an untapped market for developing self-diagnostic kits
- Pioneer product of Rockeby Biomed Ltd (CanDia5®)
- Stocks/Shares
- Tenacity
- Passion
"I jumped into this because of the market potential for something unique."
Advice to Budding Entrepreneurs
- What can you contribute as a bioentrepreneur?
- Why choose bioentrepreneurship?
- Accumulate work experience
- Get a mentor
- Understand how a business works
"There were a lot of learning curves... (but) it was an interesting experience for me."
Business Strategies & Approaches
- Funding raised from family & friends
- Initial filing to make company public in Singapore - REJECTED (2002)
- Listed in Australia eventually
Why??
- Cash flow positive 12-months before enlisting
District 13
Business Strategies & Approaches
Major Setbacks in Fund Raising:
- 1st fund raising exercise on the day of 9/11
- 4 mil term sheet (Venture Capitalist) - GONE
- SARS (2002 - 2004), Iraq War (2003), Avian Flu (2006-2007)
However,
- Raised 25 mil in 9 years
- Universities, R&D grants from SPRING Singapore & EDB
"The term sheet basically went up in smoke as the plane went into the tower"
Intellectual Property Management
Diagnostic Kits:
- Quicker to develop and are approved more quickly
- Increase range of diagnostic kits
- Protect unique technologies with patents/trademarks
- Research and develop kits that are better than those of competitors
Nutraceuticals:
- Acquisition of Pepp® from another company
- Protection via trademark in identified target markets
Business Strategies & Approaches
Bai Huixin
Elizabeth Ng
Jenna Liu
Ng Qianning
Sandhya Devi
Wong Lu Er
"It is very hard to be a private company for one single product."
Introduction
- Bank loans not feasible
- Collaterals required (company/ personal guarantee)
- Wife uncomfortable with risk
- Diversification of portfolio (diagnostic kits & nutraceuticals)
- Company never become profitable
Burn rate > Generated revenue
Dr. Tan Sze Wee (MBBS, MBA)
PAST:
- Civil servant @ Ministry of Health (till 1997)
- Mead Johnson & Company (till 2001)
- Set up Rockeby Biomed Ltd, left in 2009
- Former Nominated Member of Parliament (2005-2006)
PRESENT:
- Deputy Executive Director, A*STAR Biomed Research Council
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