Entrepreneurship is often seen as a risky venture, with many startups failing within the first few years of operation. However, there are those rare individuals who not only succeed but also manage to build multi-million dollar businesses from scratch. One such example is the founder of PatSnap, Jeffrey Tiong.
In 2007, Tiong founded PatSnap, a company that offers a cloud-based platform for intellectual property (IP) management. The idea for the business came to him while he was working as a software engineer at IBM in Singapore. Tiong realized that there was a gap in the market for a comprehensive and user-friendly platform that could help companies manage their IP assets more effectively.
With this vision in mind, Tiong set out to build PatSnap from the ground up. He started by developing the software himself, working tirelessly to perfect the platform and make it as user-friendly as possible. Tiong also invested a significant amount of his own capital into the business, taking on personal debt in order to fund the development of the product.
Despite the challenges and risks involved in starting a new business, Tiong’s hard work and dedication paid off. Today, PatSnap is a thriving company with over 700 employees and offices in Singapore, London, and the United States. The company’s platform is used by over 10,000 customers worldwide, including some of the biggest names in technology and innovation.
In 2019, PatSnap raised $38 million in a Series D funding round, bringing the total amount raised by the company to over $100 million. This massive investment is a testament to the success and potential of Tiong’s business, as well as the growing demand for IP management solutions in the global market.
Tiong’s journey from a software engineer with a vision to the founder of a $100 million business is truly inspiring. His story serves as a reminder that with hard work, determination, and a clear vision, anything is possible in the world of entrepreneurship. PatSnap is a shining example of how one individual’s passion and perseverance can lead to the creation of a successful and impactful business.