From Incubator to Unicorn Farmer: The Story Behind the Name

“Many expected me to step into retirement in 2017, and yes, that I did. I became a farmer, albeit one that farms ‘unicorn’. Being called a ‘unicorn farmer’ wasn’t just a whimsical nickname—it was a reflection of my journey and achievements in the world of startups and entrepreneurship. The term ‘unicorn’ denotes a privately held startup valued at over $1 billion, while ‘farmer’ suggests someone who nurtures and cultivates growth. Combining these ideas, ‘unicorn farmer’ describes someone like me who not only spots high-potential startups but also helps them evolve into billion-dollar successes.

The first step in my journey as a ‘unicorn farmer’ involves identifying startups with exceptional potential. Although leaving behind the days of CommerceNet more than nine years behind then, 2017 was refreshingly important. For once, I was choosing my own portfolio rather than that of others. This requires a keen eye for emerging trends and an understanding of what makes a startup stand out. “Who controls access to deal flows, who wins.” This is extremely clear to me. With this, I have elected to work with events organisers globally, regardless of their personal agenda(s). By sharing selflessly, yes, the key here, selfless; I can start building relationships with these potential candidates. Still, one must have the power of imagination, assuming everything is possible; and patience to listen out to every ideas presented. Over the years, I’ve honed my ability to recognise promising ventures early on. It’s about spotting those unique ideas and innovative solutions that could one day make a significant impact and achieve remarkable growth.

Once I’ve identified these high-potential startups, my next role is to nurture their growth. It is about ensuring the seeds are well selected and planted. It is about time and patience. This part of the journey is akin to farming—I provide the necessary resources, mentorship, and guidance to help these startups thrive. I work closely with them to refine their business models, enhance their products or services, and build strong teams. My goal is to create an environment where these startups can flourish and tackle the challenges of scaling successfully.

Transforming potential into reality is where the true challenge and excitement lie. Guiding a startup from its early stages to a unicorn status involves navigating numerous obstacles, from market competition to financial hurdles. I take pride in supporting these ventures through their growth phases, leveraging my experience to help them achieve that coveted billion-dollar valuation. This process is incredibly rewarding, as it represents turning innovative ideas into successful, high-impact businesses.

Being labeled a ‘unicorn farmer’ also reflects the track record of success. It means to consistently achieved remarkable outcomes by helping startups reach unicorn status. This reputation is built on a history of successful ventures and the ability to replicate that success. It’s gratifying to know that these achievements contribute to a broader narrative of innovation and growth within the entrepreneurial ecosystem.

My role as a ‘unicorn farmer’ extends beyond individual startups. It influences the broader startup ecosystem, inspiring other entrepreneurs, investors, and industry leaders. It is about M&A, financial engineering, and willingness to deploy your best resources to feed the candidates. By demonstrating how to nurture and scale high-potential ventures, I hope  to set a standard for excellence and innovation. These success stories become models for others to follow, amplifying the impact on the industry and shaping the future of entrepreneurship...”

從孵化器到獨角獸農場主: 名稱背後的故事

“許多人預期我會在2017年退休, 的確, 我也這麼做了。我成為了一名農場主, 雖然我種的是 ’獨角獸’。被稱為 ‘獨角獸農場主’ 不僅僅是一個有趣的暱稱, 它反映了我在創業世界中的旅程和成就。‘獨角獸’指的是估值超過10億美元的私營初創公司, 而‘農場主’則暗示著某人培養和促進成長。將這些概念結合起來, ‘獨角獸農場主’ 形容的就是像我這樣的人, 我不僅能夠發掘高潛力的初創公司, 還能幫助它們發展成為價值十億美元的成功企業。

作為’獨角獸農場主’的第一步是識別具有卓越潛力的初創公司。儘管我當時已經離開了 CommerceNet 超過九年, 但 2017 年對我來說仍然是非常重要的一年。這一次, 我選擇了自己的投資組合, 而不是他人的。這需要敏銳的眼光來識別新興趨勢, 以及了解什麼讓一個初創公司脫穎而出。「誰控制了交易流, 誰就贏。」這點我非常清楚。基於這一點, 我選擇與全球的活動組織者合作, 不論他們的個人議程如何。通過無私的分享, 確實, 這裡的關鍵是 ‘無私’; 我可以開始與這些潛在候選人建立關係。當然, 也需要具備想像力, 假設一切皆有可能; 以及耐心傾聽每一個提出的想法。多年來, 我已經磨練了早期識別有前景的企業的能力。這是關於識別那些獨特的創意和創新解決方案, 這些可能會在未來產生顯著影響並實現顯著增長。

一旦我識別了這些高潛力的初創公司, 我的下一個角色就是培養它們的成長。這涉及確保選擇和種植的種子都是優良的。這是關於時間和耐心。這一過程類似於農業——我提供必要的資源、指導和建議, 幫助這些初創公司繁榮發展。我與他們緊密合作, 完善他們的商業模型, 提升他們的產品或服務, 並建立強大的團隊。我的目標是創造一個讓這些初創公司能夠茁壯成長並成功面對擴展挑戰的環境。

將潛力轉化為現實是挑戰和興奮所在。指導一個初創公司從早期階段到成為獨角獸狀態涉及克服眾多障礙, 從市場競爭到財務挑戰。我為支持這些企業在成長階段感到驕傲, 利用我的經驗幫助它們實現那夢寐以求的十億美元估值。這一過程極具回報, 因為它代表了將創新想法轉化為成功且具高影響力的業務。

被稱為 ‘獨角獸農場主’ 也反映了一定的成功履歷。這意味著可持續實現了卓越的成果, 幫助初創公司達到獨角獸地位。這個聲譽建立在成功的企業歷史和可重複這些成功的能力上。知道這些的成就為創業生態系統中的創新和增長貢獻了更廣泛的敘事, 讓我感到欣慰。

我作為 ‘獨角獸農場主’ 的角色超越了單個初創公司。它影響了更廣泛的初創生態系統, 激勵了其他創業者、投資者和行業領袖。這涉及到併購、財務工程以及願意投入最佳資源以滋養候選人。通過展示如何培養和擴展高潛力的企業, 我希望可樹立了一個卓越和創新的標準。這些成功故事成為了他人效法的榜樣, 擴大了我對行業的影響力, 並塑造了創業的未來...”

The Evolution of Incubation: Bridging Tradition and Innovation

In the rapidly evolving landscape of entrepreneurship and technology, incubation has emerged as a crucial process for nurturing new ideas and fostering growth. Incubation was something every aspiring mentor deemed himself worthy. CommerceNet no differs. Infact, today's CommerceNet deals with more than just plain technology companies but technology application into some of the most traditional and diehard conservative businesses.

While incubation initially focused primarily on technology startups, today’s incubation programs have expanded their scope significantly. CommerceNet, once a platform dedicated to technology companies, now embodies a broader mission. Modern incubation programs are making a tangible impact on traditional sectors by integrating advanced technology into established practices. It integrates cutting-edge technology into some of the most traditional and conservative industries, demonstrating a profound shift in how incubation is approached.

Traditionally, incubation programs were designed to support technology startups, offering resources like funding, mentorship, and office space to help fledgling companies navigate the early stages of development. These programs focused on fostering innovation within the tech sector, nurturing ideas from conception to market launch.

However, the landscape has changed dramatically. Today’s incubation efforts are no longer confined to technology alone. They now encompass a wide array of industries, including those that have historically been resistant to change. This shift is driven by the recognition that technology can provide transformative solutions to longstanding challenges within traditional sectors.

CommerceNet is a prime example of this evolution. Originally a platform dedicated to advancing technology companies, CommerceNet has expanded its focus to include technology applications in traditionally conservative industries. This shift reflects a deeper understanding of how technology can revolutionise even the most established sectors.

By integrating advanced technological solutions into traditional businesses, CommerceNet helps these industries modernise and stay competitive. This includes sectors such as manufacturing, agriculture, and retail, which have often been slow to adopt new technologies. Through CommerceNet’s programs, these industries can leverage technology to improve efficiency, enhance customer experiences, and drive innovation.

The application of technology in traditional industries can have a profound impact. For example, in manufacturing, advanced technologies such as automation and data analytics can optimise production processes, reduce costs, and improve quality control. In agriculture, technologies like precision farming and smart irrigation systems can increase crop yields and sustainability. Retail businesses can use technology for better inventory management, personalised customer experiences, and streamlined operations.

CommerceNet’s approach acknowledges that innovation is not limited to tech-centric startups but can also invigorate sectors resistant to change. By providing traditional businesses with access to technological advancements, CommerceNet helps bridge the gap between established practices and modern solutions.

Mentorship remains a cornerstone of successful incubation, and its role has evolved alongside the industry’s shift. Today’s mentors in programs like CommerceNet not only offer guidance on startup fundamentals but also provide insights into the integration of technology within traditional business frameworks. This includes advising on digital transformation strategies, helping businesses navigate technological adoption, and fostering a culture of innovation within established organisations.

ITCN Asia: The Catalyst of Pakistan BPO

Today is the eve of 7th ITCN Asia in Karachi. Looking back to ITCN Asia's birth, I wonder how many souls out there realised its importance and catalyst for Karachi's economy, especially at that time when the city badly needed the economic boost.

It was not too long ago at the 3rd quarter of Year 2000 when CommerceNet Singapore planned to organise a CommerceNet Asia meeting and conference in Karachi. Yes, Karachi - to be held in end March 2001. The general view then for CommerceNet was this: if India is doing so well in software export and BPO, there are no reason why Pakistan cannot replicate it. Many tech companies in Pakistan then was at its infancy. Then, there is also the question of Karachi vs Lahore. We settled for Karachi for its superior air connectivity, hotels and exposition halls.

Seeding an international conference then was not an easy task at all. Not in a country like Pakistan, especially in Year 2001. Hurdles and mindset had to be changed. Firstly the name itself: Information Technology, Commerce Network Asia, hence ITCN Asia was coined to reflect CommerceNet Asia meeting and conference to be held in Karachi Sheraton Hotel and Towers. Then there is also the need for an international exhibition. We managed to get PICO Art as the contractor with ECG of Singapore investing the princely sum required to start Pakistan operations. Allies need to be won, mindset needs to be changed, sceptic needs to be overcome, and red tapes needs to be cut. With the strength of volunteers students, civil servants, and dedicated workers, ITCN Asia 2001 was a reality.

It wasn't the event that matters, but the ability to serve as a rally call to move the entire IT sector forward. The dotcom bubble bust did not help the situation at all, but the spirit of ITCN Asia had magnified and somehow was successfully maintained for the 7th year in a row. That, in Pakistan is an achievement by itself! Things are getting better in Karachi by the day. Very soon ITCN Asia may just fade into just another trade show and just another conference. But it sure had earned the desired returns from the initial investment, at least a meaningful returns for the investing party.

NGIP - NexGen Industry Park

When SMEs are struggling to make ends meet, I think something is wrong somewhere. Either these guys have got it all wrong, producing something that no one needs, or they are hosted in a wrong place...

With the numerous feedback received by CommerceNet, sometimes it is not difficult at all to put some basic plan into action. A taskforce comprising of CommerceNet Consulting Partners (CPs) started working on a solution. We codenamed it the NexGen solutions. We are designing some kind of a support network - a kind of 'management software' embedded into an industry park 'hardware'. Here, the focus is on entrepreneur and task centric environment - immersed in a controlled holistic live, work and play environment: technologies, feedback mechanism, business support solutions, data repositories, rapid prototyping and mentoring networks are fused into a seamless package. 

Something as simple as NexGen was often overlooked: our tendency to overcomplicate things did not help. When I fist saw the solutions proposed, i was dumbfounded: there is no rocket science in the whole thing, all existing technologies. Simple things like the tenancy mix is that of a logical business ecosystem. The focus is to overcome the failure often imbued into existing industry park configuration. They had all planned to fail. Some failed to plan. Here, the needs of businesses drive the planning, the needs of coexistence and survivalism determines the deployment of resources. Often this approach outclassed the often abused dictum of competition (and that supposedly resulting efficiency). A whole new way of working and pricing resources result. One that is sustainable, not only for the businesses, but that for the next generation as well. NexGen will someday grow into a powerful franchise. CommerceNet is proud to be associated with it. I am proud to be involved. It is one vision that is more gentle to humanity and also to the mother earth.

Happy Earth Day.

Water For Life

It had not escaped my attention that there is a severe shortage of potable water everywhere I traveled. Even within Singapore, water supply is an issue.

On the other hand, water as a resource - suffers from the lack of affordable, simple, proven technology that allows it to be transformed from raw water to potable water in an instant. Here I was lucky enough to visit TK Cosmic Holdings Sdn Bhd in Ipoh, Malaysia whereby they concentrated their Research and Development in developing affordable and reliable 'safe water' and 'quality water' solutions for emerging countries. These solutions are also suitable for rural areas of developed countries where applicable.

The company had grown from being an OEM suppliers to others, into a full fledge entity with their own R&D and products development. The company is starting their own brand with market penetration into countries like Iran, Pakistan and even Singapore! Critical to their successful thinking is that they are focusing on the last mile. Yes, municipal water can be treated, but if the delivery channel is contaminated, it very often goes back to zero. Also, they pumped contaminated river water as well as contaminated ground water as their input source: all raw water transformed into WHO compliance potable water.

The market for the company can generally be segregated into 'Safe' water and 'Quality' water. In most country, 'Safe' water is all that matters. In this case, 'Safe' is defined as compliance with WHO standards. 'Quality' water is water that had been polished to the right ORP and pH level. The level of population growth in many developing countries are alarming. The need for potable clean water is growing at an unprecedented rate. Unless there is a change to human being's behaviour pattern and physiological structure: our demand for clean water is always there: this market is constantly relevant. It is a critical resources that is getting more and more scarce.

The whole world is indeed in a water crisis - and here, we have a bright company valued currently at only USD 2.3 million. This is a gem of investment, going for a song!

Resources Recovery and Recycling

Kinta Recovery and Recyling (KRR) may be a small set-up by international standard. What amazes me is the way the business model of the company: one that focuses and 'wrapped' around services to humanity and environment.

I remembered reading an inspiration book that foretold: humanity should invest in investments and businesses that will cure the earth - the likes of top soil repair, waste disposal management and recycling, clean water resources etc. I often imagined that it may involved going to hard to find places, looking out for exotic businesses like these. Little did I realised that in Malaysia, a small company like KRR in Ipoh can become a true blue global beater.

It may not be too far fetched if I start to label KRR as a participant or key player in the 'petroleum industry'. Afterall, they should be known as 'petroleum resources recovery and recycling' business. Why? They are very efficient when it comes to recovering the waste plastic bags, and I am not talking about PET bottles which every other business is going after. I am talking about the humble waste plastic bags - yes the shopping bags. KRR had made a name for itself in a very short span of time in Ipoh. Today, they are a leader of plasting recovery, recyling and management.

It will not be long for a company like this to go global, I mean, once their efficiency out-process the waste plastics in the smaller towns. I remembered that cities like Karachi and Lahore are full of plastic waste strewn all along the roads and on empty fields. Perhaps one day the likes of KRR will have operations far beyond ASEAN into these markets. For the time being, the righ management will propel companies like KRR to uncharted heights: a kind of MNC focusing on plastic waste. KRR had just started going international, looking towards future presence in Maldives, Pakistan and Singapore for a start.

The investment into companies like is inexpensive. For USD 1 million, one can easily hold a substantial stake in KRR. In this busines, it is not money that counts. It is the kind of environment consciousness and service to humanity that matters, and money made is just a by-product, albeit a rewarding one that is!

A World Class University for Pakistan

How can a country with 150 million people do not have a single university that is within the 'top 100' ranking in the world?

I had the privileged to know Abdullah Dadabhoy for six years years now. His little outfit know as DIHE had grown into a respectable institution, with his first crop of graduating students convocating next year. We both shared a common sentiment, how Pakistan has got everything, and yet it has got nothing. I mean, what is happening to the talents? Where have they gone to? Everywhere! But not in Pakistan.

Abdullah Dadabhoy led a foundation that owns a piece of land in Hawkesbay - a full 250 acres which he gladly set aside for a university campus. Both of us agreed that if there is ever going to be a world class university in Pakistan, it will come from the private sector. It is no accident that DIHE is seeking recognition from Higher Education Commission of Pakistan to recognise it as one of the better institution in Pakistan.

It now seems odd to think how our relationship started. Two disparate parties from totally way out of the world got to meet, and shared a common vision. It was on 3 March 2001, when Pakistan was considered much more favourably then, before the September 11 crisis, that CommerceNet's task force spin-off, the Institute of E-Commerce (IOEC) signed a Memorandum of Understanding with Dadabhoy Foundation to work hand in hand with the foundation to assist in the growth of a forward looking institution, leading to a new university.

The foundation has just received their university charter from Sindh government and is working with IOEC to establish what will ultimately be known as Dadabhoy University at Hawkesbay, Karachi. IOEC was originally set to transfer the technical expertise, know-how, and experience in the field of Information Technology and teaching expertise in assisting the setting up of Dadabhoy University and will actively work on the curriculum development pertaining to the needs of 'new economy' sectors.

Dadabhoy Foundation was represented then by its Managing Trustee, Mr. Abdullah Dadabhoy. I was representing CommerceNet via its special IOEC task force then. We agreed that establishing Dadabhoy University on the 250 acres Hawkesbay land, owned by the foundation, may be the best thing that can happen to Pakistan. The project is to include the larger science park framework to be incorporated into the master planning.

It took us longer than expected. Trust indeed needs time to be formed, and work habits too needs to be synchronised. Abdullah was a busy man, and my scheduled is no help either. It was not until 2004 when we started seriously working on the core elements. I had outrightly criticised the original master plan for its amateurish and lackasaidal approach to university planning. I was surprised Abdullah took the criticism gentlemanly and agreed a total revamp for a world class university. Three full years after that stinging comment - the university campus was re-planned. We never looked back since. Each hurdle was taken with even greater positive stride.

Our bottom line is this: Pakistan needs a world class university. One that is ranked within 'top 100' in the world. And it will come from the private sector. Since we cannot lay our fate in the hands of others, we may as well do it ourselves. And do it right. If you intend to support a university for humanity, CommerceNet humbly suggests that you put your bet and efforts behind Dadabhoy University!

Artisan in the Era of Mass Production

Bufori may be a small car company in Kepong, Malaysia. It has evolved and developed into a reputable manufacturer of exotic handmade sports cars, one that integrates some of the most amazing state-of-the-art technology into its cars. While Bufori is a modern brand, it is built in the image of rare automobiles resembling those of 1930s coupes, yet it is no junk. These are super cars. Each car is a testimony to the 'perfectionist' attitude of the company.

The Bufori MKIII La Joya was introduced from 2002. Better known for its 100% Carbon fiber & Kevlar body on space frame, it is indeed a work of art. In the era of mass production, this masterpiece utilises fully adjustable monotube multi link McPherson strut suspension and mid mounted engine. Incorporating technology such as digital climate control, voice activated satellite navigation system, Bluetooth telecommunication, climate controlled electric seats, surround sound multi media, ABS (Antilock brake system), EBD (Electronic brake distribution), TCS (Traction control system), SST (Sequential shift transmission), SRS (Supplement restraint system), air bags & pre-tensioned seat belts, audio and visual front and rear park tronic, TPMS (Tyre pressure monitoring system), speed sensitive cruise control, auto dip mirrors, this model compliant to Euro 4 emissions is a technology tour de force.

The company was founded in 1986, when Gerry Khouri began work on a hobby aiming to build three special sports cars, one each for the three brothers: Anthony, George and Gerry - which resulted to Bufori Motor Car Company. In 1997 the Khouri brothers formed a company in Malaysia, the Bufori Motor Car Company (M) Sdn. Bhd. where the research and development now is being done as well as the production of the exotic car.

Perhaps Bufori is a testimonial of what the future of technology integration into a car should be. It also speaks volume why artisan has still a potential role in an era of mass production. If you are likely to invest in a car company, this could be it. But you may also need super strategists and organise a committed sales force to implement a global sales and marketing plan.

Mobility for the New Generation

Nothing is more important than mobility. One of the most economical and effective mass transportation is the monorail. Yet, the awareness and promotion of this unique method of transportation is falling short. The problem is not that we are not aware, and not that the city government do not care. It boils down to purely dollar and 'sense'. It sure does make sense when the guy who runs one of the three installed monorails in urban transit manufacturing tells me he wanted to make this the most affordable of them all.

MTrans factory is tucked away along the old trunk road from Kuala Lumpur to Ipoh. The founder, David Chew is a fighter. Fancy a guy from my home town Ipoh is making a world class transportation system. The other two companies being Bombardier and Hitachi. The man told me that monorails are not just for theme parks and zoos! Monorail systems around the world are proven technology and can carry hundreds of thousands of passengers safely and efficiently to their destinations every day.

When I first stepped into MTrans in 2004, I was not sure if this company will really be world class. I started experimenting if the system can be implemented in Bahrain, Jordan, Turkey and Egypt, before deciding to put some efforts into pushing it into Saudi Arabia. Riyadh was selected initially, but soon we settled for the holy cities of Mecca and Medinah.

It was not until June 2005 that a decision was made to push this mode of transport in as systematic manner. This put us in a better position to propel it strongly in Mauritius, Pakistan and the existing countries and cities that we were promoting.

CommerceNet should help monorail to gain more acceptance as an alternative to conventional rail, buses and cars. Several monorail projects in planning are now gaining momentum with the 'push' and 'pull' efforts of CommerceNet. Perhaps it will not be long when mass transit is really affordable and take unnecessary private vehicle off the roads - towards a better environment, a sustainable one that is!

High-Performance Computing (HPC) Cluster

I read with keen interest that Bowie State University ( 4,000 undergraduate and 1,500 graduate students), located 20 miles from Washington, D.C., recently unveiled Xseed, a high-performance computing (HPC) cluster. Xseed is a remarkable supercomputer comprising 224 dual-processor Xserve G5 servers. In June 2005, Xseed was ranked 166th in the TOP500 listing of the world’s fastest computers. That had ranked Bowie State within the top 25 universities worldwide in computational capacity. Remarkably, Xseed was built over the course of just a few months by a dozen mostly undergraduate students, under the supervision of a single computer science professor, at a cost of only US$1 million.

I was thinking about Mauritius CyberCity. What can be better than spending US$1 million to build a HPC cluster offered for the entire Mauritius? And extend the usage to researchers in the southern part of Africa? The physical location of the computer in Mauritius will symbolise Mauritius' commitment to making HPC a resource for the whole region. A supercomputing facility would encourage new areas of interdisciplinary study, stimulate new developments in R&D and facilitate distance learning through streaming media and other technologies. Mauritians and many people in southern part of Africa would have more powerful tools for creating multimedia, graphics, fine arts, video and software. Researchers in every field would have powerful new analytical tools at their disposal.

It is strategically important that with limited funds, Mauritius CyberCity should leverage them for maximum effect, in order to attract the right talent into the 'sun-sand and sea' country. There are countless worthy ways in which Mauritius can invest its budget dollars. But there is lesser alternative investment that would contribute more to the Mauritius CyberCity's standing in the global technology community, facilitate more research in all emerging fields and open more doors for collaboration than a supercomputing facility. Perhaps it is time CommerceNet can step in to recommend such a move.