Building a successful startup is no easy feat, and Jeffrey Tiong, founder and CEO of Patsnap, knows this all too well. Tiong’s journey, spanning 17 years, took him from a fresh graduate with no experience to the leader of a Singapore-based unicorn company surpassing $100 million in annual recurring revenue. Despite facing countless setbacks and personal lows, his persistence and belief in his vision led him to build Patsnap into a thriving business.
The Start of Patsnap
Tiong’s entrepreneurial path began right after college when he started Patsnap at age 24. Inspired by his work at a medical devices startup during an overseas program at the University of Pennsylvania, Tiong saw a significant gap in how patents were researched. The process was tedious and time-consuming, and he believed there had to be a better way. With this idea in mind, he returned to Singapore in 2007 and started Patsnap, a company that aimed to streamline the process of patent research and make it more accessible.
Overcoming Early Struggles
The road to success wasn’t easy. During the 2008 financial crisis, Tiong faced immense challenges in raising capital for his new company. He struggled to secure his first investment, facing rejection after rejection. When he finally raised $1 million in 2010, his inexperience in managing a team led to major issues. He had to lay off most of his staff and faced the very real possibility of closing the company. Tiong even questioned whether he was cut out for the role of CEO.
Finding Confidence as a Leader
Despite these early failures, Tiong’s perseverance paid off. Through years of hard work, he learned valuable lessons about leadership and business. He discovered that introversion didn’t have to hold him back and that leading with conviction, even in difficult times, was key to building a successful team. Today, Patsnap employs over 1,000 people and counts major clients like Disney, NASA, and Tesla among its customers.
Patsnap’s Impact and Tiong’s Advice to Entrepreneurs
Tiong’s vision for Patsnap was always to democratise patent information and make innovation easier for everyone. He believes that by simplifying the patent research process, his company is helping to accelerate global innovation. Tiong’s journey teaches aspiring entrepreneurs the value of persistence, learning from failure, and staying true to your vision.
His advice is simple: “If you strongly believe in something, then just give it a try. Just go for it, because we only live life once.”
