We sat down with 2014 Talent Unleashed Awards Judge, Patrick Grove, to talk about what it means to be an entrepreneur, what it means to fail, and the next big technology trend on his radar. In this short Q&A we also find why Sir Richard Branson has such a big influence on Patrick.
1. What do you think are the most important qualities in a great entrepreneur?
Perseverance. You will have to hear a whole lot of “no” before you hear a “yes”. Even if you have a great idea, an awesome execution plan and massive amounts of confidence, investors won’t always respond immediately. It could be you’re asking the wrong people, or you’re asking at the wrong time. If you believe in your vision then you have to keep at it.
2. What’s the best piece of advice you were given and by whom?
I can’t single out a specific piece of advice but I am really looking forward to judging the 2014 Talent Unleashed Awards alongside Richard Branson. He has been a huge inspiration! I love that he thrives on bringing great ideas to life and seizing opportunities when they present themselves, and he’s not afraid if they fail. He just goes for it. Every business or personal endeavour he has embarked on says so much about his zest for life. When Virgin Galactic was first conceived it must have seemed like a pipe dream, but he could be on-board its first flight to space by end of this year!
3. Tell us about your big break?
Listing iProperty Group on the Australian Securities Exchange was the break we needed. After the failed Catcha.com IPO, we had to find ways to survive and diversified into media and publishing, and then classifieds. The listing was the culmination of years of blood and sweat and turning things around, and it opened a lot of doors for the Group and iProperty Group has since done phenomenally well. It’s ASEAN’s largest publicly listed online company by market capitalisation and we’re incredibly proud of that.
4. What was your biggest failure?
Some people might look at our aborted IPO of Catcha.com on the Singapore stock exchange as a failing, but I see it more positively. It taught us a lot about staying lean and staying hungry. Everyday was about surviving. It’s those kinds of hard-knock lessons you can’t get in business school and the learnings we got from it have informed much of how we conduct business today.
5. What role will Technology play in the future of your business and business in general?
Technology is central to our portfolio businesses and we’re really passionate about technology and its potential to drive innovation. We are always prepared to pivot our businesses accordingly and have done so frequently. With tech, something can come out of nowhere and change things very rapidly, so it’s important to stay on top of that and be prepared to embrace change. There are too many examples of household-name companies that didn’t and folded as a result. As investors we’re also keeping an eye out for what technologies are being adopted by consumers and in what ways it is being used. We also look at what kind of business opportunities it might present to emerging markets that aren’t already being tapped into.
6. What’s the next big trend on your radar in technology?
There are some amazing advances happening in biotech that have the potential to significantly improve human health and give people more personal information and control over it, as well as improve our environment. I also foresee 3D printing revolutionising the way we approach design and the production process. What is on my radar specifically is location technology and big data. The developments happening in these areas have the potential to change the way people consume, whether it is information or services, and will empower businesses and organisations to anticipate the needs of their audience and improve people’s lives.