ENTERPRISE SPARKS- Issue 16 (Oct-Dec 2017)

ISSUE

016 Oct - Dec 2017

enterprise@nus.edu.sg enterprise.nus.edu.sg fb.com/NUSEnterprise

A quarterly publication of NUS Enterprise

BLOCK 71 EXPANDS IN SUZHOU

MANAGING MEDICINE FOR THE ELDERLY

SPOTTING MAVERICKS WITH A CAUSE

/06

/11

/17 MCI (P) 097/01/2017

FEATURES SPARKS interest with the latest in the start-up and entrepreneur scene within our community

03 - 04

05

SVC Asia 2017 Winners Set to Make Impact in Education, Healthcare, Agriculture and Environmental Sectors

19

SIA App Challenge: Resounding Success 3rd Year Round

20

Henkel Digital Innovation Challenge Comes to a Successful Close 06-07 08

Exciting Runway for Beauty and Innovation

Tech Gadgets Win Big at Modern Aging 2017

SPARKS action with fireside chats and tips from experienced entrepreneurs

Managing Medicine for the Elderly

12

Delivery Made Easy SPARKS partnerships with industry and market leaders

13 LLP Pushes for More Commercialisable Technologies at a National Level 14 Spinning in the SG-SPIN Consortium

As the Chinese philosopher Lao Tzu once said: “A journey of a thousand miles beings with a single step”. As budding entrepreneurs embark on their journey with hope to make a difference and impact the world, NUS Enterprise aims to assist them every step of the way to help them achieve their vision.

Students from NUS Overseas Colleges share their experiences on how the entrepreneurial work-study internship exposure has given a different perspective and set new aspirations. Young start-ups like Pillpresso and Park N Parcel also share the trials and tribulations of their journey. We also delve into how health innovations are transforming the experience of aging.

Enterprise SPARKS continues to bring you the latest updates on entrepreneurship and innovation in the new year.

Lotus-NUS Fund Recipients are Changing Lives at Home and Beyond

Here’s wishing all a fabulous and wonderful 2018!

SPARKS passion with exciting entrepreneurial internships

ENTERPRISE SPARKS

15

NUS Overseas Colleges Silicon Valley: Worth a Risk?

16

Up Close and Personal with Mr Philip Yeo

17

Spotting Mavericks with a Cause

18

A Food Evangelist Experience in Israel

Editorial Team: Bhawani Balakrishnan (Lead), Ng Su Fen

Innovation–led Investment Opportunities in China

This final instalment of SPARKS captures the many challenges and competitions which we have organised with corporate partners to provide opportunities for enterprising individuals to showcase ideas, generate interest and secure funds to accelerate their innovations.

Another feather in the cap for NUS Enterprise is the expansion of BLOCK71 into Suzhou, opening opportunities for start-ups to explore the China market.

Transforming Aging with Health Innovation

11

SPARKS food-for-thought

2017 has truly been an exciting year for NUS Enterprise. We launched new initiatives, forged new partnerships, and expanded our presence across Asia. We hope these efforts will further spur the entrepreneurial ecosystem in the region, benefiting start-ups, corporates, students and academics alike.

BLOCK71 Expands in Suzhou

SPARKS ideas with different thoughts and perspectives

10

Flashback

Editor’s note

A blast at BLOCK71-GO! 09

SPARKS interest in past events and activities

NUS Enterprise 21 Heng Mui Keng Terrace, Level 5 Singapore 119613 enterprise@nus.edu.sg www.enterprise.nus.edu.sg Company Registration No: 200604346E

Contributors: Cheryl Ng, Florence Lau, Jane Yeo, Jie Ai Lim, Soh Hui Min, Zhou Junlin

SVC ASIA 2017 WINNERS SET TO MAKE IMPACT IN EDUCATIONAL, HEALTHCARE, AGRICULTURAL AND ENVIRONMENTAL SECTORS

Winners of the DBS-NUS Social Venture Challenge Asia 2017

In October, the limelight shone on eight social enterprises, who wowed the judges and public alike, at the finale of the 2017 DBSNUS Social Venture Challenge Asia (SVC Asia). Jointly organised

by NUS Enterprise and DBS Foundation, SVC Asia identifies and supports innovative ideas and social ventures that demonstrate positive scalable and sustainable social impact across Asia.

This year, the organisers brought in several corporate partners, who generously provided their experience, networks, mentorship support and resources. These partners included Dell, The HEAD Foundation, Syngenta and Experian, with the first three corporate partners providing additional cash prizes and the latter providing business intelligence reports and insights.

Fireside chat on “The Social Power of Storytelling- Resonate and Connect” with Leona Tan (Head of DBS Foundation), Isaac Tay (co-founder of honestbee), Rebecca Lim (Head of Our Better World, Singapore International Foundations), and Jayesh Parekh (Managing Partner of Jungle Ventures)

03

There were two main categories for the challenge. The winners of the Enterprise category each took home SGD20,000. They were:

01

ANA by Karma (Hong Kong), which empowers Bhutanese women to achieve financial independence by utilising their talents to create artisanal hand-woven products.

02

Crowde (Indonesia), which is a crowd-investing web platform that connects small-scale farmers with retail investors, helping them raise working capital for their agriculture projects. Crowde also received an additional SGD20,000 for the Syngenta Agriculture Social Enterprise Award.

03

Haqdarshak Empowerment Solutions (India), which helps citizens in India discover and apply for government and nongovernment financial schemes, using a combination of AI technology and community entrepreneurs.

04

HelpUsGreen (India), which collects floral waste and recycles it into organic fertiliser, natural incense and a biodegradable alternative to plastic. HelpUsGreen also received the Judges’ Choice Award for its sustainable and scalable social impact.

05

Imagtor (Vietnam), which helps people with disabilities to have a successful career, by equipping them with employable skill sets and providing work opportunities.

Imagtor also won two additional awards - SGD20,000 for The HEAD Foundation’s Innovative Social Enterprise Award (Education) and SGD5,000 for the Dell Digital Award.

06

TEMU (Indonesia), which aims to break Indonesia’s cycle of poverty through its mobile and web application that collects data from employers and matches it with individuals with the right skill sets. Temu also won an additional SGD5,000 for the Dell Digital Award.

The winners for the Idea category each received SGD5,000. They were:

01 02

Evoware (Indonesia), which is developing edible, biodegradable and eco-friendly bioplastics that are made from sustainably-produced seaweed.

CocoAsenso (The Philippines), which is establishing a network of efficient, small-scale coconut processing facilities in remote regions in the Philippines, with the first facility in Samar to be set up by end of 2017.

“

SVC Asia has come a long way since its inception in 2014 and we are delighted to see the platform extending its reach further every year. We are committed to developing the ecosystem in Asia for innovative social enterprises by providing mentorship, networking, access to marketplace and impact funding.”

- Karen Ngui, Head of DBS Group Strategic Marketing & Communications, and Board Member of the DBS Foundation.

“

Professor Wong Poh Kam presented Ankit Agarwal of HelpUsGreen with the Judges’ Choice Award

This is the fourth year we have organised SVC Asia, and I am pleased to see the calibre of the teams and their business ideas improving every year. We are also heartened to see more corporations partnering with us this year to further enhance follow-on support and help to the finalist teams.”

- Professor Wong Poh Kam, Senior Director, NUS Entrepreneurship Centre, who also chaired the final judging panel.

Mr Pang Yee Beng of Dell EMC presented the Imagtor team with the Dell Digital Award

04

SIA APP CHALLENGE: RESOUNDING SUCCESS 3RD YEAR ROUND The SIA App Challenge 2017 came to an exciting close on 28 October at THE HANGAR by NUS Enterprise, where some 80 teams from both the student and open categories competed to win the challenge and the attractive prizes, including a tech trip to Silicon Valley as well as return air tickets to any destination of their choice.

This was the third time that Singapore Airlines (SIA) ran the challenge, alongside NUS Enterprise and other partners.

This year, the challenge was expanded to include two overseas rounds held at BLOCK71 Jakarta and BLOCK71 San Francisco. Close to 50 teams took part in these events, with the winners from each leg traveling to Singapore to participate in the finals.

The number of challenge statements were also increased to 10, spanning both the

customer and operations aspects of SIA’s business. Due to the added technical complexity of the operations related challenges, SIA introduced a gamification concept where attempting these challenges would receive more points and a chance to win bonus prizes.

After several intense rounds of pitching by all the teams, the teams which emerged victorious where team Synthesis for the student category and team SEA Minervans for the open category.

Participants of the San Francisco event at BLOCK71 San Francisco on 14 October 2017.

video resume and automatically conducts a personality analysis of each applicant through their facial expressions and voice.

By comparing the submissions to the data set of existing SIA employees, the app is then able to assign a compatibility score for each applicant.

Team Synthesis – comprising students from the Singapore University of Technology & Design and National University of Singapore – had designed an app to improve the issue of cabin crew digital recruitment for SIA. Cabin crew recruitment is a time-consuming and resourceintensive process, and the app streamlines the review process by asking applicants to submit a

Team SEA Minervans – who was the winning team from the San Francisco leg – clinched the open category grand prize

with their app SQXP, which aims to improve SIA’s Singapore Stopover Holiday experience.

Instead of the traditional physical packages, the new app would allow a seamless, personalised and social experience for travellers, which will help to differentiate SIA from other carriers.

Congratulations to all the winners of the SIA App Challenge 2017!

HENKEL DIGITAL INNOVATION CHALLENGE COMES TO A SUCCESSFUL CLOSE In October this year, NUS Enterprise started a collaboration with Henkel to launch their Digital Innovation Challenge in Singapore.

The challenge sought innovative ideas in the areas of digital collaboration, B2C customised solutions and B2B social media, to enable Henkel to deliver greater value to its customers as well as strengthen collaboration with its suppliers.

The challenge culminated in the finale on 28 November, where seven shortlisted teams pitched their solutions to the senior management of Henkel. Winning the challenge was Deeptent, founded by Choo Jek Bao, who is currently also pursuing a Masters in Computer Science in NUS. His proposal was a Targeted Iterative Feedback campaign for Henkel’s Schwarzkopf haircare range.

Through an app, participants would be able to provide feedback about their current perceived hair condition and receive tailored advice on a hair care regime. Users can then track the improvements in their hair quality, while Henkel raises awareness of its products and is able to garner valuable knowledge on what customers seek.

(4th from Left) Choo Jek Bao with representatives from Henkel and NUS Enterprise.

At the closing of the event, President of Henkel Singapore Thomas Holenia thanked all participants for submitting their ideas to the challenge and to NUS Enterprise for their support in promoting the challenge and mentoring the teams. NUS Enterprise Deputy Director Kelvin Tan added how such partnerships can bring together the innovative ideas from start-ups, experience from corporates, as well as ecosystem support from NUS Enterprise to further enable the entrepreneurship landscape to flourish.

05

Government officials from Singapore and China at the event on 23 November 2017

BLOCK71 EXPANDS IN SUZHOU

“

BLOCK71 Suzhou builds upon the strong ties between Singapore’s and Jiangsu’s companies and institutions. I hope BLOCK71 Suzhou will catalyse many breakthroughs and new partnerships that will benefit our people.”

BLOCK71 now has an expanded presence in Suzhou, China!

Managed by NUS Enterprise, BLOCK71 Suzhou will operate in two locations, made possible by partnerships with the NUS (Suzhou) Research Institute (NUSRI) and Ascendas-Singbridge.

- Minister for Finance Mr Heng Swee Keat Professor Tan Eng Chye, NUS President, said, “NUSRI demonstrates a win-win partnership between Singapore and China. Over the last seven years, NUSRI has served as a gateway for NUS to partner institutions in China to boost the research, education and entrepreneurship activities that the university has been actively spearheading. The intellectual property, expertise and experience gained through the work and activities at NUSRI have enabled NUS

Minister for Finance Mr Heng Swee Keat launched BLOCK71 Suzhou on 23 November, together with other Chinese and Singapore officials including Vice Governor of Jiangsu Province Chen Zhenning, Deputy Secretary-General of Jiangsu Province Fang Wei, as well as Senior Minister of State Mr Koh Poh Koon.

06

Minister Heng Swee Keat taking a tour of PatSnap, with a presentation by Guan Dian, Senior Vice President Asia Pacific, PatSnap

to create value and impact for Singapore, for instance, in the form of technology innovation, incubation and commercialisation. At the same time, we help contribute towards China’s innovation and economic growth.”

“Today, we are pleased to expand and deepen NUS’ engagements and activities in Suzhou through the establishment of BLOCK71 Suzhou, which will spur business opportunities between companies in Singapore and China. BLOCK71 Suzhou will help to drive active interactions between research and start-up communities in both Singapore and Suzhou, enabling them to reach international markets and scale more efficiently,” Prof Tan added.

Minister Heng Swee Keat interacting with start-ups such as Kosmode from BLOCK71 Suzhou

Located within the Suzhou Industrial Park, BLOCK71 Suzhou consists of two facilities situated within a 10-minute drive from each other.

The first location, BLOCK71 Suzhou壹, in partnership with NUSRI, supports deep tech start-ups as well as encourages innovation and commercialisation efforts in technology fields such as artificial intelligence, biomedical sciences, cloud computing, robotics and smart devices. The second location, BLOCK71 Suzhou贰, in partnership with NUSRI and Ascendas-Singbridge, extends and expands the community with new space to continue the vibrancy of the ecosystem. Located at Ascendas iHub Suzhou, BLOCK71 Suzhou 贰 is expected to be ready in the second quarter of 2018.

“We are very excited to bring the BLOCK71 concept to China.

NUS has built up a strong relationship with Suzhou Industrial Park Adminstrative Centre (SIPAC) and the local tech community.

Leveraging the success we have achieved at NUSRI, we are happy to extend the BLOCK71 concept to the incubation space within NUSRI. Over the last four years, some 50 companies have been incubated in this space, and there are already several NUS technology spin-off companies commercialising NUS innovations,” said Dr Lily Chan, CEO of NUS Enterprise.

For more information on BLOCK71 Suzhou, visit: http://block71.cn/

07

EXCITING RUNWAY FOR BEAUTY AND INNOVATION Traditional tattoos, while allowing one to express individuality and personality, is not without its drawbacks, being permanence and the risk of skin allergy or infection. Wouldn’t it be ideal if there was a portable device that could print temporary designs onto the skin, using cosmetic ingredients?

This was the product of SketchOn, the winning team at the L’Oréal Innovation Runway Start-up Challenge, which came to an exciting close at SLINGSHOT@ SWITCH on 19 September. At the event, five promising companies from across Asia pitched their most innovative ideas to a

panel of judges comprising senior executives from L’Oréal, NUS Enterprise and SPRING Singapore.

SketchOn from Korea received a cash prize of SGD5,000, as well as a Startup SG grant of SGD25,000, for its Prinker device, which already has a B2B version of the product and is developing the B2C version. Singapore-based start-up Austrianova was the second winner of the challenge, receiving a SGD5,000 cash prize.

L’oreal Innovation Finalists: SketchOn from Korea and Austrianova from Singapore at SLINGSHOT@SWITCH on 19 September 2017

Innovation Runway Challenge in June 2017, in partnership with Startup SG, NUS Enterprise and SPRING Singapore. The challenge sought to partner

L’Oréal Research & Innovation launched the inaugural L’Oréal

with early-stage start-ups and small enterprises in the Asia-Pacific (APAC) region, for unique solutions in the areas of Personalised Beauty, Smart Materials, Natural Materials, Delivery Technologies, and Digital Technologies.

A BLAST AT BLOCK71-GO! On 22 September, BLOCK71 Singapore opened its doors to the public and more than 200 visitors seized the chance to experience for themselves the place where start-ups live, work and play. Titled BLOCK71GO!, the event was held in conjunction with Walkabout SG, a city-wide open house for technology companies.

For the uninitiated, BLOCK71 Singapore, a partnership by NUS Enterprise and Singtel Innov8, is an ecosystem builder and a global connector. It catalyses and aggregates start-up communities, providing opportunities for growth and access to new markets.

BLOCK71-GO! kicked off with breakfast, and visitors mingled

the opportunity arose. Founders from Savioke, WateROAM, XYConnect and other start-ups imparted stories about their businesses and products to a curious audience. The passion as they spoke of their ideas, their challenges in running their companies and how they overcame them was palpable indeed.

Game of Drones attracted attention at BLOCK71

newbies took the drones on their fledgling flights.

and chatted over cakes and coffee. There was a drone flying workshop in which drone pilot wannabes could try their hand at maneuvering a drone. Tutored by drone enthusiasts from NUS, there were exclamations of wonder and frustration as the

Brimming with enthusiasm, several BLOCK71 Singapore start-ups were stationed around the space, all ready to share their insights with listeners when

08

To top it off, the ‘Game of Drones’ (for drone masters only) was held at the nearby street soccer court and spectators were mesmerised by the daring aerial acrobatics as the drones whizzed through an obstacle course. The winner walked off with an awesome prize and an even more awesome few seconds of fame!

“

TECH GADGETS WIN BIG AT MODERN AGING 2017

By 2030, one in four Singaporeans will be aged 65 and above. However, ageing in today’s society, or what might be called ‘Modern Ageing’, differs significantly from the past.

Singaporeans are not just living longer, they are leading healthier lives. Successive generations of seniors will also be better educated. ‘Modern Ageing’ is thus not a challenge for us, but an opportunity,”

All three teams will be supported by NUS Enterprise’s incubation programme, where they gain access to experienced mentors, relevant events and global networks.

- Dr Amy Khor, Senior Minister of State for Health.

Dr Khor was speaking at the awards ceremony of Modern Aging Singapore Finale 2017, where finalist teams showcased their ideas and products to an audience of more than 150. Organised by NUS Enterprise and ACCESS Health International, Modern Aging Singapore is an accelerator programme and education platform that aims to create new businesses that serve the needs of ageing populations and their caregivers.

Finalists at the Modern Aging Finale on 24 November 2017

This year, three teams were selected for seed funding, with these teams having already formed start-up companies to bring their business ideas forward. Mobearlize was the top team, receiving SGD50,000 from Modern Aging Singapore. The company has developed an add-on device that transforms normal wheelchairs into motorised wheelchairs. Their device, named EMMA, is portal, compact, light and simple to use.

“EMMA started out as a school project, after one of my team mates volunteered at the Handicap Wheelchair Association and saw the problems wheelchair users were facing. We spent some two years in product development and three of the team now work full time in Mobearlize. The seed funding from Modern Aging Singapore comes at an opportune time. The funds will go towards manufacturing our first batch of 300 EMMA devices, which should be ready for sale by mid-2018,” said Kimberlyn Tjipto, co-founder of Mobearlize.

Teams FingerReader and ALO each received SGD25,000 to help bring their products to market. The former is developing a wearable device that allows individuals with visual impairments to “read” visual information, while the latter is producing immersive virtual reality content, targeted at enhancing the well-being of seniors in Asia.

Guest of Honour Dr Amy Khor, Senior Minister of State for Health, trying Mobearlize’s innovation, an add-on device that transforms normal wheelchairs into motorised wheelchairs

09

TRANSFORMING AGEING WITH HEALTH INNOVATION The United Nations World Population Prospects report states that over 900 million people worldwide were aged above 60 in 2015, and this figure is expected to double by 20501. This issue is particularly prominent in East Asia and the Pacific, which is ageing faster than any other region. The elder population in East Asia is estimated to grow by about 22% every five years between 2015 and 20342. The percentage of people aged 60 and above in the Asia-Pacific region is set to double from 12% of the population to 24% in 20503.

According to the World Health Organization, over 87% of the burden of disease for older adults is due to chronic diseases – conditions such as diabetes, heart disease, chronic respiratory disease and cancer, among others that typically manifest later in life4.

Speaking at the Modern Aging Finale, Mr Claus Zieler, Senior Vice President & Head of Commercial Operations, Bayer Pharmaceuticals Division Asia Pacific, said, “The ageing trends will continue to drive an increase in difficult-to-treat medical conditions such as cancer, and chronic diseases like heart diseases, posing a high unmet need for new and better medicines. Hence, driving and sustaining scientific innovation are becoming more important than ever – to reduce hospitalisation, improve health and well-being and increase independence of seniors.”

Health innovations such as new medicines and healthcare technologies can help people live longer, healthier and more productive lives. By 2020, nearly a thousand new medicines will have been introduced globally over the preceding 25 years5 according to the QuintilesIMS Institute. Innovations have transformed the prospects of people diagnosed with chronic diseases. In heart diseases, for example, combination drug therapy prevents serious complications, and has led to a 75% reduction in myocardial infarction among high risk individuals, and in diabetes, effective treatment can reduce complications by as much as 50%6,7,8.

“All these trends will continue to call for a stronger collaboration among industry, governments, academia as well as the wider public. At Bayer, we have established Innovation Centers around the world i.e. Singapore, San Francisco, Berlin, Beijing, Osaka and Boston in addition to our own research sites in order to leverage the innovation potential of the scientific hotspots globally. While we just marked our 10 years of partnership with Singapore institutions in clinical and translation research in cancer and heart diseases in November, we also successfully concluded our Grants4Apps® Singapore open innovation programme with NUS Enterprise,” said Mr Zieler.

A multi-stakeholder approach is important for driving and sustaining innovation. The innovators, healthcare providers, academia, governments and other partners in the healthcare community all have an important role to play in jointly addressing this public health challenge. Bayer, as a global life-science company, embraces collaboration as a core part of its innovation strategy to bring innovative medicines to address the unmet medical needs of the ageing population. The types of collaboration range from traditional licensing partnerships and strategic research alliances with companies and academia to new models of open innovation involving entrepreneurs, startups, and young researchers.

The first challenge of Grants4Apps®Singapore aims to improve health outcomes in elderly patients with chronic diseases by partnering innovators to discover and design innovative health-tech solutions to help them overcome the barriers of medication adherence. The winners of the inaugural Grants4Apps Singapore were announced in May 2017. Chosen from eighty teams from across the Asia-Pacific region, two teams from Singapore and one from Thailand each received a grant of SGD10,000 and access to mentorships, incubator space, and global and regional networks to help them develop their concept ideas into working prototypes. In November, the winners demonstrated

their prototypes’ viability and showcased how their concepts have the potential to help patients, doctors and caregivers overcome medication adherence barriers at the Modern Aging Finale in Singapore.

The World Health Organization (WHO) reported that only 50% of patients adhere to long-term therapies. In the ageing population, cognitive decline and polypharmacy (having to take four or more medications) usually lead to poor medication adherence.

These result in decreased therapeutic benefits for the patient, frequent physician visits due to the deterioration of their medical condition, increased healthcare expenditure or even over-treatment of a medical condition9.

“While innovative medicines can transform the outcomes for these patients, medications are only effective for people who take them. Barriers to medical adherence are complex and varied, influenced by the patient, healthcare provider and healthcare system. We are delighted to have the opportunity to support our Grants4Apps winners in advancing their innovative ideas,” said Mr Zieler.

This article is a contribution by Bayer Pharmaceuticals 1

United Nations, Department of Economic and Social Affairs, Population Division (2015). World Population Prospects: The 2015 Revision, Key Findings and Advance Tables. Working Paper No. ESA/P/WP.241.https://esa.un.org/unpd/wpp/ publications/files/key_findings_wpp_2015.pdf (last accessed: November 29, 2016) 2 http://www.worldbank.org/en/region/eap/brief/rapid-ageing-in-east-asia-and-pacific-will-shrink-workforce-increasepublic-spending (last accessed: November 29, 2016) 3 World Bank, Database: Population, 2050 (increase from 2016 to 2050; refers to region Asia / Pacific including China and Japan) 4 WHO (2013) Report of the first WHO Global Forum on Innovations for Ageing Populations 5 QuintilesIMS Institute, October 2015 6 PhRMA (2016) Biopharmaceuticals in perspective (chart pack). http://phrma.org/sites/default/files/pdf/chart-pack-

biopharmaceuticals-in-perspective.pdf (last accessed: November 29, 2016) 7 Baker IDI Heart & Diabetes Institute (2012) Diabetes: the silent pandemic and its impact on Australia; Powrie-Smith A (2016) https://static.diabetesaustralia.com.au/s/fileassets/diabetes-australia/e7282521-472b-4313-b18e-be84c3d5d907. pdf (last accessed: November 29, 2016) 8 From innovation to outcomes; medicines costs in in context (Presentation for EFPIA) http://aipm.hu/data/upload/files/ rendezvenyek/From%20innovation%20to%20outcomes,%20medicines%20cost%20in%20context.pdf (last accessed: November 29, 2016) 9 AF Yap, T. Thirumoorthy, and YH Kwan. Medication Adherence in the Elderly. Journal of Clinical Gerontology and Geriatrics, Volume 7, Issue 2, June 2016, Pages 64–67 http://dx.doi.org/10.1016/j.jcgg.2015.05.001 (last accessed: November 29, 2016)

10

MANAGING MEDICINE FOR THE ELDERLY Many seniors suffering from numerous chronic diseases need to take several medications every day. However, poor medication compliance is a common occurrence due to reasons such as cognitive decline and confusing regimes. Pillpresso is one of the pioneering start-ups set up in 2015 to address this problem. They have developed an assistive device that reminds the elderly to take their medications at the right time. We spoke to Emily Low, cofounder of Pillpresso, to find out more about her entrepreneurship journey.

Tell us about your team and how you came together Pillpresso was co-founded by three of us: Jason Feng who is a mechanical engineer, Chong Jia Loon, a medical and PhD student at Duke-NUS, and myself with a business development background.

During Jia Loon’s clinical attachments, he often met met elderly patients facing health emergencies due to poor medication adherence. We realised that developing a solution could create a big impact, so we came together to submit an idea to the Modern Aging accelerator programme. With the SGD50,000 in seed funding won from Modern Aging, we were able to turn Pillpresso from an idea to a reality.

Co-founder of Pillpresso: (LtoR) Chong Jia Loon, Emily Low and Jason Feng

drawer on the device will light up and the display will indicate the number of pills to be taken. Family members or healthcare staff will be notified if the user forgets to take the medicine, so that they can intervene early and prevent the senior’s health condition from worsening.

What has the development of Pillpresso been like?

Our development journey involved a few pivots along the way.

Initially, we developed a prototype for an electronic dispenser that could extricate and dispense the right combination of pills from the packaging like an espresso machine (hence the name Pillpresso).

However, we realised that developing such complex technology would result in a prohibitively high cost for the product. Since medication adherence is a behavioural issue, we decided to create a simpler, user-friendly product that could remind seniors to take their medicine on time, while also fitting into their usual routine.

What are your next steps in bringing this to market?

We recently concluded a GIVE.Asia fundraising campaign, where we aim to raise SGD10,000. This money will be used to provide Pillpresso devices for the low-income elderly who require help in managing their medication. Singtel is also working with us with a matching scheme, so that a donor’s contribution now doubles with every dollar given. The pilot batch of manufactured Pillpresso devices should be completed and delivered by around mid-2018.

We target for Pillpresso to be available for sale to the general public earliest by end 2018.

Our latest Pillpresso prototype stores up to 10 different medicine types, and is akin to a personalised medicine cabinet. To set up, the user or the caregiver only has to enter the medication schedule into our mobile app. When it is time to take the medicine, the appropriate

Learn more about Pillpresso at www.pillpresso.com

11

Park N Parcel co-founders Tan Gan Hong, Bryan See Toh and Erik Chong

DELIVERY MADE EASY Since establishing Park N Parcel in April 2016, they have quit their day jobs to focus on their start-up full time.

Park N Parcel is not your ordinary logistics or delivery company. In fact, they are probably one of the first companies in Southeast Asia to offer an alternative way of delivering or collecting your parcels.

In a span of six months, Park N Parcel’s network has grown tremendously from 100 to more than 1000 parkers, meaning that the majority of users are now within 1km of a collection point. For future expansion plans, the founders are now looking at using big data and real-time analytics to reroute parcels from couriers to nearby Park N Parcel collection points. The company is also looking to expand its reach by incorporating parcel locker networks and forming partnerships with regional delivery providers.

How it works: Park N Parcel leverages the idea of enlisting the help of your neighbours and local shops as parcel collection points called ‘parkers’. Retailers can sign up as parkers too, benefitting from additional footfall and higher sales, whereas neighbours, many of whom include retirees and housewives, can earn a small income from the comfort of their homes.

Of course you may ask skeptically, isn’t it too risky to receive unknown parcels on their premises? Sure, the service was met with lots of skepticism but the success of sharing economy services such as Uber and Airbnb proved that Park N Parcel could transform the entire delivery experience.

Park N Parcel is also the winner of this year’s Start Jerusalem, a startup competition organised by Israeli embassies around the world.

It also won the Bronze Award for the Best Innovative Infocomm Product (Digital Services) at the SiTF Awards 2017! The start-up is now incubating with NUS Enterprise at BLOCK71 Singapore.

Park N Parcel was started-up by three former bankers, Bryan See Toh, Erik Cheong and Tan Gan Hong, who had had enough of their missed deliveries. Given online shopping’s upward trend, they saw potential in disrupting the logistics industry through the provision of collection alternatives, also helping to save time for working adults.

Interested to be a parker or never miss your delivery again?

Check out more details with Park N Parcel www.parknparcel.com.sg/

12

LLP PUSHES FOR MORE COMMERCIALISABLE TECHNOLOGIES AT A NATIONAL LEVEL The first national cohort of Lean LaunchPad (LLP) Singapore, comprising 24 teams of researchers and start-ups from the National University of Singapore, Nanyang Technological University (NTU), Singapore University of Technology and Design (SUTD) and Nanyang Polytechnic, completed 10 intensive weeks of customer discovery and market validation as their first steps towards commercialising their technologies. At the final presentation day on 23 October, the teams presented their technological innovations covering medical technology, food sciences, material engineering and modern ageing to over 150 participants and guests including other Institutes of Higher Learning, investors, accelerators, corporates and agencies. They were well received and generated many leads for the participating teams.

Professor Jerome Engel, LLP Singapore Advisor and Faculty Director, US National Science Foundation’s I-Corps programme, was impressed with the technologies and high standard of presentations.

“

It was a tough but fruitful journey. Our understanding of our potential customers improved substantially.

The desired product also became clearer in our mind. ”

The first national cohort of Lean LaunchPad Singapore at the Final Presentation Day on 23 October 2017

can bring to the market place.

With the right product-market fit, they will have a better chance of commercialising their technological inventions,” said Professor Wong Poh Kam, Senior Director of NUS Entrepreneurship Centre, who leads the LLP Singapore programme.

The national programme will be spearheaded by NUS Enterprise as the central node to train new satellite nodes in partner universities, namely NTU, SUTD and the Singapore Management University (SMU), to conduct LLP runs within their respective campuses. Over the next five

said Dr Wu Yang, Research Fellow, NUS Faculty of Electrical & Computer Engineering, who is developing a THz spectrometer.

The objective of the programme is to cultivate an entrepreneurial mindset among researchers and to equip them with knowledge of the “front-end” of the technology commercialisation process. By pushing researchers to get out of the lab and talk to potential users and customers, they will better understand users’ needs and think from the customer’s perspective, so that they can discover the unique value proposition that their technology

13

years, the national programme aims to increase the pipeline of commercialisable technologies by more than 300, while training over 1,000 participants, and in the process building up a shared resource pool of instructors and industry mentors who can go on to guide other aspiring tech entrepreneurs.

Applications for the next LLP Singapore Programme are now open. The programme will commence on 26 January and end on 4 April 2018. For more information, visit: http:// leanlaunchpad.nus.edu.sg

SPINNING IN THE SG-SPIN CONSORTIUM As part of its outreach for the Singapore Spintronics Consortium (SGSPIN), NUS Enterprise and GLOBALFOUNDRIES jointly organised a symposium themed “Emerging Technologies & Applications in Spintronics” on 20 October.

The industry-led event was hosted by GLOBALFOUNDRIES, one of the founding members of SG-SPIN. The symposium focused on developing applications for spintronics, with the objective to encourage networking and generate collaboration between the various industry partners and universities.

The team behind the “Emerging Technologies & Applications in Spintronics” symposium on 20 October 2017

More than 170 participants from industry, research institutes and universities attended the event, including approximately 100 engineers from GLOBALFOUNDRIES’ technology development groups. A line-up of 12 presentations offered a wide coverage of topics with a focus on emerging trends, key problems and drivers in this space. This platform facilitated an in-depth discussion and exchange of ideas, highlighting how various industries and companies are adopting and integrating spintronics into their innovations.

GLOBALFOUNDRIES has played an active role in pushing the frontiers of spintronics application in Singapore and is currently involved in three industry collaboration projects with NUS through the consortium, valued at about SGD3 million.

Since the inception of SG-SPIN in 2014, the industry-centered consortium has grown to its present standing of eight companies.

LOTUS-NUS FUND RECIPIENTS ARE CHANGING LIVES AT HOME AND BEYOND BagoSphere, BloomBack, SkolaFund, WateROAM, and Wonderlabs Foundation – These are the five inaugural recipients of the LotusNUS Fund. All started by NUS alumni, these social enterprises are working with communities in Singapore and abroad, empowering them through innovative market-based solutions. They show how businesses can do good and do well at the same time.

Established in April 2017 by the Lotus Life Foundation Limited, the Lotus-NUS Fund will provide seed funding for start-ups that are founded by Singaporean entrepreneurs and are involved in social enterprise projects. From 2017 to 2021, up to five entrepreneurs or companies per year will be awarded SGD25,000 each in funding to help them grow beyond ideation and to a stage where they can attract traditional venture capital funding.

The next round of applications for the Lotus-NUS Fund will open in January 2018. Visit enterprise.nus.edu.sg/funding for more information.

We hope the recipients of seed funding will be able to convert their ideas to workable social enterprises that will have explicit social and environmental impact.”

Inaugural recipients of the Lotus-NUS Fund with Mr Nirmal Singh, Chairman of the Lotus Life Foundation (front row, 4th from left) and Professor Wong Poh Kam, Senior Director of the NUS Entrepreneurship Centre (front row, 5th from left)

– Mr Nirmal Singh, Chairman of the Lotus Life Foundation

14

NUS OVERSEAS COLLEGES SILICON VALLEY: WORTH A RISK? Cheryl Ng of NOC Silicon Valley shares her journey and experiences of navigating the unchartered path me like an actual marketing professional rather than an intern. And that has been beyond amazing. I’m granted a lot of opportunities to take charge of self-initiated projects such as organising events, coordinating LinkedIn ads, search engine optimisation, blog and email campaigns, and so much more! In fact, I’ve got weekly meetings with the sales, marketing and tech team. This means that I really get to understand how things work, and propose the inception of marketing campaigns that really do work. And even if it doesn’t work, I learn from it and craft my campaigns for the coming week.

The blurred lines between work and life Here’s listing the interesting bits and pieces of my internship life in GoodTime.io.

01 First Task: setting up individual coffee meetings with everyone 02 Lounging area with a ping pong, pool table, complete with a beer tap 03 Treats every other day like chocolates, cookies, strawberries, boba tea, Ben & Jerry’s ice cream...

(2nd row, extreme left) Cheryl Ng of NOC Silicon Valley with her team that she has fun with at work

When you bring up someone who has worked in multiple tech startups with a huge passion in technology, it’s easy to profile that person to be part of the NUS Overseas Colleges (NOC) squad. That was exactly how it was for me. Before entering university, I spent a year in ShopBack that I madly enjoyed, and the founders who were previous batches of students on NOC inspired the decision to choose NUS just to immerse myself in the NOC experience. And so I did.

04 Weekly Happy Hour with food and drinks 05 A neat glass of whisky every Friday night 06 Bi-weekly check in meetings about happiness at work with the CEO 07 Quarterly company outings

So what happens after? Rounds of interviews in the span of a year!

A tip to perform well at the interviews is to be genuine, convey your deepest passions in entrepreneurship and how you can contribute to the company that you’d be interning for. Show that you really do have a plan, that you know what you want and everything will work favourably. However, I can’t deny the fact that I’ve had uncertainties building up in the month leading up before I flew over to San Francisco. Being on the other end of the globe and living in different time zones from friends and family, studying at Stanford with a minimum grade requirement whilst interning full time.

08 Visit and have meals at Airbnb and Dropbox HQ! 09 Access to the Alchemist Vault which grants access to mentors (I’ve successfully gotten 2 amazing mentors who have helped me improve in my work) Have a lot of energy, and make the most out of it!

I’d like to emphasise that the experience is really what you make out of it. The culture here is generally positive and empowering, but you’ve got to know what you want to achieve, be proactive and latch onto opportunities that come to you. I wouldn’t be able to get my mentors if I haven’t actively reached out! It might take awhile to get used to things, but you’d figure everything out in just a few weeks!

But now, I can confidently affirm that the experience is so amazing that the risks are easily overshadowed.

Intern, as if you’re a working professional I am currently a marketing intern at GoodTime.io, and I’m learning so much! Jasper, the CPO (chief product officer) told everyone to treat

15

UP CLOSE AND PERSONAL WITH MR PHILIP YEO On 20 October, Mr Philip Yeo, Chairman of SPRING Singapore, delivered a talk under the “In Search of Purpose” Talk Series by Central Singapore CDC. Close to 1,000 guests including NUS students and representatives had the opportunity to hear his sharing from his book – Neither Civil Nor Servant. Mr Yeo is the man behind some of Singapore’s most important economic developments, as well as the namesake for the Philip Yeo Initiative (PYI), a cause to invest in passionate and committed next generation leaders, to Make A Difference and Change Our World.

Philip Yeo Initiative Award recipients shared three key takeaways:

01

(Front; 3rd from left) Mr Philip Yeo, Chairman of SPRING Singapore, with NUS representatives and Philip Yeo Grant recipients at the “In Search of Purpose” Talk Series organised by Central Singapore CDC on 20 October 2017

Young people today need to have technical skills, give them the chance and space to pursue their passion if you want them to be innovative”

Having a good boss/mentor when you are young is important “Mr Philip Yeo said: ‘You can’t choose your parent but you can choose your boss.’ While the less educated or under-privileged might not be able to say the same thing with such ease, I do believe that life is too short to waste on a bad micro-managing boss.”

- Mr Philip Yeo

Eng Qing Hua, (NOC Stockholm) Philip Yeo Grant Recipient 2016

02

There is always a way, even if it means bending some rules “There are so many times I felt stuck as an entrepreneur, with no direction or alternative pathways in mind to move forward. But Mr Yeo has demonstrated time and again that no matter what capacity and role you play in an organisation, there is always something you can do. He said: I am here to get the job done.

I will bulldoze my way through and if you are in the way you become collateral damage.”

Debra Lam PYI Associate 2015, Philip Yeo Innovation Fellows Programme

03

You need talents to get a job done “Mr Philip Yeo feels that it is important to appreciate people at all levels, as success depends on the collective effort of everyone in the organisation. He also believes that it is important to take care of people at the “bottom”, uplift them, and give everyone the freedom to complete tasks in anyway they want. He said: “Treat them like kites. When they are up, let them fly. If they come down, your role is to pull the string to get them back up again.”

Sharifah Umairah (NOC New York) Philip Yeo Grant Recipient 2016

Philip Yeo Grant enables passionate and entrepreneurial students to participate for up to one year in the unique NUS Overseas Colleges (NOC) programme to gain invaluable skills outside the classroom through start-up internships, international immersion and entrepreneurship experience.

16

SPOTTING MAVERICKS WITH A CAUSE In over 40 years of public service, Philip Yeo has contributed to Singapore’s economic transformation in diverse ways that few others can match. He successfully built up the defence industries.

During chairmanships at SPRING Singapore, A*STAR, the Economic Development Board and National Computer Board, Philip Yeo helped to write the economic history of the country, guiding Singapore through its transition into a knowledgebased economy.

More than that, Philip Yeo has tirelessly championed the cause of people development. He set up scholarship programmes in every organisation that he had led. Beyond scholarships, Philip Yeo has nurtured and developed an entire generation of leaders, who have personally experienced his unique brand of leadership development and mentoring.

Philip Yeo’s style of leadership has since become associated with making a difference, and his brand of leadership has been codenamed by his proteges as MAD (Make A Difference). His proteges now associate with MAD COWs, which stands for “Make A Difference, Change Our World”.

In 2013, MAD COWs came together to initiate the Philip Yeo Initiative (PYI), a groundup project to honour his contributions and to create an organised platform for Philip Yeo to continue to do what he does best – develop people and talent. PYI is a cause, a rallying cry, for those who believe in passion and purpose to invest in the next generation of leaders to contribute to making a difference to their world. The PYI will grow the MAD spirit in the next generation of Singapore leaders – a necessity in the next stage of development as Singapore enters into maturity in the economic, social and political dimensions.

The PYI is administered by the National University of Singapore (NUS), where Philip Yeo obtained his Master of Science (Systems Engineering) in 1974.

He was conferred the Honorary Doctor of Letters by NUS in 2011.

The PYI will present recipients with a unique and transformative educational opportunity for personal and professional enrichment. The design of the PYI will be stewarded by both Philip Yeo-mentored alumni and NUS, with inputs from Philip Yeo himself.

As part of PYI, the Philip Yeo Innovation Fellows Programme aims to develop a network

17

of budding entrepreneurs in diverse sectors. The Programme supports individuals who have their own MAD project/idea that would make a positive contribution to our society in any sector, whether social, education, arts, science, technology or business. To date, 13 individuals have benefitted from the Philip Yeo Innovation Fellows Programme.

More information about the Philip Yeo Initiative and related programmes visit: bit.ly/ philipyeoinitiative For regular updates, follow: facebook.com/philipyeoinitiative

A FOOD EVANGELIST EXPERIENCE IN ISRAEL Life’s experiences are like seeds that can grow into something amazing. The NUS Overseas Colleges (NOC) experience has planted Jie Ai Lim with many positive seeds in her life that she hopes will manifest as beautiful plants. She shared her journey with Enterprise SPARKS.

Seeds @ Work I had the best internship experience out of all my peers, in my opinion. Working with two companies simultaneously, I got the chance to understand how the foodtech ecosystem works on both the incubator / investor level and the start-up level.

One of the companies was The Kitchen FoodTech Hub, Israel’s only foodtech incubator. From The Kitchen, I learnt the ropes of building a foodtech ecosystem from scratch into a vibrant community.

My main role at The Kitchen was to conduct due diligence on high-potential early-stage ideas as part of the multi-gate screening process before selection for the two-year incubator programme. I enjoyed the role as I obtained insight into extremely innovative and cutting-edge research in the food tech sector.

Jie Ai Lim, NOC (Israel) student

magazine issue!). My batchmates and I also went for a stunning and treacherous two-day-one-night hike in the Judean desert, guided by Arab Bedouins, sleeping in their tents, and eating their food. It was an amazing experience.

One of the highlights was working as project manager for ShukTech FoodTech, a food tech carnival led by The Kitchen, We transformed the Mahane Yehuda Market in Jerusalem into a colourful place to host foodtech lectures, coffee with investors, startup pitches and demos, and industry booths.

Understanding the rich Israeli culture was also of importance to me. I visited Yad Vashem, sat in one Parliamentary session at the Knesset, visited synagogues, and went on tours to understand the political and historical significance behind places of interest.

The second company I worked with was Flying SpArk, a start-up seeking to disrupt the food ingredients market by offering high quality protein powders from the fruit fly larvae as a healthier and sustainable alternative to animal protein. It aims to solve the challenge of feeding nine billion people by 2040 in a sustainable manner.

Seeds @ People The best part about Israel was the people I met. The Israelis are brilliant, enterprising, open-minded, with a can-do, chutzpah attitude.

They are also open, warmhearted, and community-minded people.

Our batch got lucky to be able to experience many important Israeli holidays during our stint there. These ranged from Purim, involving mass dress-up parties; Israeli Independence Day barbecue parties; Tu BiShvat, or new year of the trees, and the Pesach or Passover feast of Biblical significance.

My work at Flying SpArk ranged from business development to new product development to entomology R&D, aka farming the fruit fly larvae. I got to understand important aspects of how a start-up functions from working closely with the CEO and CTO on a daily basis. My job scope included doing market research for the investor’s deck, applying to IKEA’s startup bootcamp, making fly larvae brownies to showcase at TV interviews and startup competitions, and conducting experiments to optimise feed and yield of the larvae.

Takeaways Immersing in the Israeli culture, I witnessed the spirit of innovation and community around me unfettered, spontaneous, resilient, nonjudgmental something I hope to see in Singapore. Being a food scientist and experiencing the Israeli foodtech scene, my dream and vision is to witness Singapore transformed into a foodtech innovation hub of the world. I believe this is achievable, as many players come together to work on this vision.

Seeds @ Play One of the beauties of Israel lies its natural beauty, geographic diversity, and rich cultural heritage. There is something special about the relaxing beauty of the Tel Aviv beach. At sunset, one witnesses the horizon turn flaming red with streaks of purple, as the sound of the waves roar gently in the background.

I would like to thank NUS Enterprise and the NUS Overseas Colleges programme for the opportunity to be part of the Israeli innovation ecosystem. In conclusion, I would like to end with this quote: “The mind, once stretched by a new idea, never regains its original dimensions.” And that has been my NOC experience. Good seeds planted for beautiful plants to appear.

A two-hours drive south of Tel Aviv will bring you to the beautiful Masada fortress overlooking the tranquil Dead Sea. My roommates and I enjoyed a camping trip at Masada (check out the previous

18

NUS Enterprise Events & Activities

OCT - DEC 2017 Stay updated on our upcoming events at: enterprise.nus.edu.sg/events

OCT

NOV

05

Industry Rountable Series: Environmental Solutions

06

TEN4TEN Challenge

01

Kopi Chat: UnicornAre they for real?

08

Kopi Chat Deep Dive: Generation Cyber

11-13

06 07

NOC Connection

10

Startup Autobahn Hack.Singapore

20

SG-SPIN: Emerging Technologies and Applications in Spintronics

11

Modern Aging Seminar Series: Tourism and Senior Travelers

23

National Lean LaunchPad Singapore Final Presentation day

15

Accessing The Indian Medtech Markets: Navigating Challenges & Leveraging Opportunities

Kopi Chat - The Power of Cyptocurrency

24

Singapore Valley Awards Info Session and Networking Event

25

Wicked Wednesdays at N-House! Speakers Series: How to build World Changing Products

Kopi Chat Deep Dive: Disrupting FoodCan Start-ups Lead the Way?

16

Industry Roundtable Series: Connected Devices

17

Wicked Wednesdays at N-House! Pitch Night

NOC Workshop on Google Advertising

22

Industry Roundtable Series: Future Health

Industry Roundtable Series: Connected Devices

23

Industry Roundtable Series: Sustainability in Food

27

Kopi Chat: InnovationDriven Investment Opportunities in China

24

Modern Aging Singapore Finale

28

SIA App Challenge Finale

27

Kopi Chat Deep Dive: Ocean of opportunities in a trillion dollar market

28

Henkel Digital Innovation Challenge Finale

26

19

DEC The Elevator NUS Entrepreneurship Launchpad

15

Social Xperience

20

Year-End Party for NUS Enterprise start-up community

INNOVATION–LED INVESTMENT OPPORTUNITIES IN CHINA

Kopi Chat with Bill Li, Managing Director of Walden International

On 27 October, BLOCK71 Singapore played host to Mr Bill Li, the Managing Director of Walden International, for a Kopi Chat. Bill shared his views and insights on the innovation-led investment opportunities in China to an eager audience. Having served as a Managing Director of Walden International since 2008 and a Managing Partner of Kaiwu Walden Capital since 2013, Bill is intimately acquainted with the China venture capital landscape.

On investing in logistics

On ICO

When Walden first invested in Best Logistics (a cutting-edge chinese logistics company now backed by Alibaba and Foxconn), the logistics sector in China was not up to date and not many investors wanted to invest in the sector as it was seen as a labour-intensive, traditional business with no upside. But from the e-commerce angle, there is a lot of potential to make logistics more efficient.

Currency is a major policy tool of any government. I think it will be difficult for Initial Coin Offering (ICO) to flourish in a country such as china where the government exerts a lot of control. If the country depends on international trade, it might be easier for ICO to proliferate. Walden keeps an eye on ICO as it does believe there is a future. It also recognises the challenges and problems. The question is which application of ICO can be adopted in the mass market.

On strategic investors On China vs the US

Strategic investors can help start-ups to scale quickly. However, corporate investors also have their own corporate agenda. Issues surface when the business focus of a start-up differs from its corporate investors. You can have two corporate investors to bring balance, if possible. Start-ups need to consider carefully the tradeoffs, if and when to bring corporate investors on board. It is generally advisable to have corporate investors at a later stage.

I have some friends and ex-colleagues in the US who left large companies to start their own companies. These start-ups I know about in the US are later sold or acquired at valuations in the range of USD100 million.

In the case of Best Logistics, it only took seven years to reach a valuation of ~USD4 billion. China has a massive consumer market.

In addition, the manufacturing and supply chains are already well established in China so it is very easy and cost-effective to make a new product there. It is almost impossible to achieve the same economies of scale anywhere else.

On opportunities The second wave of mobile internet is different from the first wave of mobile internet. It is more about improving the efficiencies of B2B interactions than garnering more user traffic.

Advice for entrepreneurs

Companies in China have adopted technologies/business innovations from the US and have successfully adapted and localised it for the Chinese market. There are a lot of untapped markets in Southeast Asia and many Chinese companies are expanding to the region. There are language barriers, political issues etc. to contend with, but the potential for expansion is definitely a draw.

Focus on people, bringing on good people and building the team and the culture. As companies grow, some early employees may not be able to scale . You have to be prepared to make the difficult decision of letting some early employees move on or helping them to take on new responsibilities that are suitable.

Also, be prepared to adapt — for successful companies backed by Walden, the business model that worked was invariably different from the initial business plan at the time of funding.

20