Mr Jeffrey Tiong
Entrepreneur of the Year, 2019
Jeffrey Tiong founded PatSnap in 2007, fresh out of university, with just S$55,000 in funding from a student start-up grant. Back then, Singapore's start-up ecosystem was not as robust as it is today, and despite pitching to 20 different government agencies, investors, and private companies for investment, he failed to secure funding.
Determined to make PatSnap work, Jeffrey took a leap of faith and moved the fledgling PatSnap business to China, where he began establishing his R&D analytics start-up in Suzhou to maximise runway from his limited capital.
A breakthrough came in 2010, when venture capital firm Accel-X and NUS Enterprise decided to invest in PatSnap's Series A round. Since then, the company has raised consecutive Series B, Series C, Series D, and D rounds, from leading investors including Sequoia Capital China, Summit Partners, Vertex Ventures and Shunwei Capital, taking its overall capital raised to date to more than $100 million USD.
Jeffrey has grown PatSnap to a headcount of over 800 employees serving a client base of 8,000-plus businesses, universities, start-ups, research organisations and law firms spanning more than 40 countries. He attributes much of his success to his commitment to staying curious, and encouraging frank, honest feedback from his team - a value that he describes as "radical candor."
A natural introvert, leading people remains the biggest challenge for Jeffrey today. Over the years, he has honed his management skills by regarding each challenge as a valuable opportunity to build upon his experience in leading others.
Earlier this year, Jeffrey won the EY Entrepreneur of the Year 2018 in Singapore. He was named the leading smart technology entrepreneur in the Yicai Brilliant 20 in 2017, and was also honoured by The Peak Magazine in its Peak Power List 2017.