In Search of New Business Opportunities
Quinn Lai, Founder of EONIQ, underscored the need to “think beyond what customers ask”. “You cannot outsource marketing. Because what customers buy is not just the product, but the brand, the service and the emotional attachment,” he said. EONIQ is more than a mechanical watch, but it is a gift to the person who receives it, an object to improve human interaction. Quinn stressed the courage to fail and learn from failure in the design thinking process. He sets ‘the number of failures’ as one of the KPIs. “If you aren’t wrong, then you haven’t tried,” he said. Download Quinn’s slide
Stan Tang, chairman of the Stan Group, also spotted a market need for silver hair market. He inherited the entrepreneurial DNA from his father and started his first business in 2014, integrating the concept of hotel management with elderly homes. There are now more than 10+ businesses in Stan Group. They use design thinking as a tool to encourage staff to develop the entrepreneurial mindset, generating new business ideas from the bottom. Stan empowers employees to ‘ask the right questions’ – a key component of design thinking – through a coaching culture. Communication and collaboration are also vital. “When everyone works together better, ‘innovation’ occurs,” he said.
Having a mindset to SERVE is key to design thinking. Giving employees a purpose (self actualisation) is central in the design thinking process of the Stan Group. Stan believes that corporates with their knowhow, resources and talents can work together with the government to serve the needs of society and creating shared value together.These 3 young entrepreneurs are not designers in the conventional sense. But applying the design thinking mindset, they create value for their customers and for their businesses.