Turochas "T" Fuad On "Exit" Strategy: Speed ​​and Execution is Everything

This article is part of DailySocial Mastermind Series featuring innovators and leaders in the Indonesian technology industry to share stories and perspectives.

Embarking on a new adventure never seems to bore me. Busyness, fatigue, anxiety, excitement, it's all mixed. It's never the same, but it feels very familiar. Write Turochas "T" Fuad in the opening paragraph about the latest business, Peace.

A brief but thorough explanation of the life of a entrepreneur series, at least for Turochas Fuad, or more familiarly called T. Born in Indonesia and had studied English in Singapore, he decided to pursue a Management Information System degree all the way to America at The University of Texas, Austin. But this was the beginning of his great interest in technology.

Starting from the establishment of the first business which was eventually acquired by the American technology giant, Yahoo!; then founded the iconic travelmob venture, which Homeaway later acquired in 2013 for $11,5 million; then story giant cworking WeWork acquires Spacemob made to promote expansion and growth in Southeast Asia.

Tim DailySocial had the opportunity to have an interview session about his business journey as a veteran entrepreneur and his vision for a better future in the technology industry.

Starting from the newest business. Before Pace, you'd never really been into the world of fintech? What made you interested in starting this?

What excites me most about starting a new business is the possibility of creating a positive impact on individuals on a large scale. From my first company to my last startup, Spacemob, this has always been the driving force behind what I do and continues to be, even now with the Fintech sector.

For Pace in particular, the opportunity to create financial inclusion across Asia was too difficult to turn down. The financial landscape remains fragmented, with incumbents room for disruption in all segments, regardless of payout. Our mission is to provide financial inclusion by building a banking engine that can operate in many countries with ease - which helps merchants create sales efficiencies, and gives consumers the choice to shop sustainably.

Completing your undergraduate degree in America and working briefly there, why did you decide to work in Singapore? [Considering you were born in Indonesia]

Singapore, as a major business center in Asia, is a way for me to build a career that can provide international exposure and a global network of contacts can be built over time. Being around the right people helps you think macro-wise, and I've been lucky enough to get the perspective of many talented people here. To be honest, while in Singapore, I also developed business throughout North Asia and Southeast Asia.

However, my heart is still connected to Indonesia, and with this growth rate and large population, any startup that does not include Indonesia in its expansion plans is missing out on the potential to create a huge positive impact. After all, it's hard to ignore the fourth largest country in the world, right?

Have you ever enjoyed working at a giant technology company like Yahoo! and Skype. How did that experience shape you as a person and what ultimately pushed you to start a business?

If asked, this experience showed me how important culture is to the success of any company. I have had the pleasure of working with people from all over the world, and I have seen how the most successful of those who have succeeded first, learn to always be the first person even in the most difficult situations. To me, it's a great culture.

Another thing that is very prevalent in these companies is their speed of execution. You can have the most brilliant plan in the world, but when it comes to a problem, the hardest part is how to iterate and execute as quickly as possible, while maintaining the quality of your product or service. Especially when operating in a space full of disruption, you will face a barrage of challenges; staying focused on execution in difficult times is critical to success.

On your way to exit, did you have any specific considerations or targets before deciding to sell the company?

Great entrepreneurs never start a company to sell, because without a mission focused on creating change, companies often buckle under pressure, and ultimately crumble.

When it comes to evaluating a trip exit Previously, the question I always asked myself was, "Will this acquisition improve our company's vision?". If there is even the slightest doubt, it will be very easy to reject the decision with a big heart.

A good example is the acquisition of Spacemob five years ago. We started building collaborative workspaces across Southeast Asia and helping people realize their vision, then with the acquisition by WeWork we were even more confident we could do it. Spacemob's core team remains together, expanding the business to a fraction of the space across six countries in Southeast Asia, and delivering on the mission we set out to achieve.

You yourself have founded and sold three startups so far, what valuable lessons can you learn from each experience?

Many say that speed & execution is everything, and through various experiences in previous situations, I have learned that this is very true. That, and then making sure you have a great team of people who are willing to commit to working on something. If you do these few things well enough, there's no reason why you shouldn't be successful.

Do you have a special person or figures who inspired you to become who you are today?

Even though it sounds cliché, my father is a figure who is my inspiration. Growing up in Medan, I watched him work hard at his own small business, which he still runs today. Although my brother and I were fortunate enough to be able to attend school in the US, it wasn't easy for him. Late nights and weekends away, he made personal sacrifices to ensure we got the best he could provide. The strength and commitment to work hard and stay focused on the daily grind is something that keeps me going every day.

While the Covid-19 pandemic is not yet over, how do you see the development of the technology industry in Southeast Asia?

In short, bright and very promising! Southeast Asia has produced great tech talent in recent years and companies now have more options than ever when it comes to building teams. We are also seeing major expansion into the region from both American companies like Amazon and Chinese companies like Bytedance, validating the quality of people in the industry and the scale of business opportunities in Southeast Asia.

More specific to the different countries, I think Singapore will continue to be the business hub for the region and the first landing place for companies looking to expand into Southeast Asia as a whole. However, once operations were established, the company immediately looked towards Indonesia as a key source of long-term growth, and it is best that they move quickly to gain market share there.

Fintech is also quickly becoming a mainstay in the region, with companies raising new funding rounds even during uncertain economic times. Coupled with healthtech, these two categories are ones to watch in terms of growth and innovation.

With diverse experience in the business world, is there anything else that you still dream of? Maybe a dream that hasn't been achieved yet?

With every startup, I kept telling myself that this would be my last. Then, soon after, I found myself starting another company. In some ways, I feel like this is a calling and I'm grateful to be able to continue building my business because it's a privilege that not everyone gets.

In terms of goals, I would have to say that watching my daughters grow and being able to be with them every step of the way, would be the most rewarding accomplishment I will have in life. My family brings me the greatest joy, and seeing them each succeed in their own way is a goal worth striving for.

What would you like to say to technology enthusiasts out there who want to create a solution but have been hindered by the pandemic?

In my opinion there is never a right time to start a business. There is always a reason not to, and you just have to keep looking for solutions to every obstacle you may face. Whether it's as simple as not having enough time, or as difficult as trying to find funding to start your business, there will always be a solution if you work hard enough. But with enough will to do it, coupled with a willingness to put in the time and effort, there's no reason you can't be successful. And when you've succeeded, remember to find a way to pay it forward.

-Original article in English, translated by Kristin Siagian