| Kuala Lumpur, Malaysia | 29 July 2016 | Asia Samachar |
Malaysian billionaire Vincent Tan Chee Yioun who helms the Malaysian listed Berjaya Corp Bhd made a guest appearance at Digital News Asia’s (DNA) annual conference in Kuala Lumpur.
The conversation was hosted by DNA founder/CEO Karamjit Singh.
Tan, who had in the past invested on companies liker Digi.Com Bhd, Prudential and MOL.com, shared his thoughts about how he viewed Digital Disruption on his Brick&Mortar empire that turns out a yearly revenue of RM32 billion.
When Karamjit pointed out that his companies had such total revenue, Vincent said: “It’s only revenue, not profit.”
Karamjit resisted the urge to go “Belle, Belle!”
Vincent was speaking at DNA’s yearly What’s Next: The Business Impact Of Disruptive Technology” conference held at Sime Darby Convention on July 28.
The Malaysian tycoon revealed that most of the new businesses he invested in 2000 for RM200 million (about US$50 million at current rates) have failed, according to a report at DNA.
“Not many people actually believe it … I actually invested RM200 million and I think I lost most of it.
“You know, they [entrepreneurs] will come and pitch to you, you are not sure if it will really work, so you put in a million here and a few hundred thousand there,” he was qouted by the report.
“But a few survived, and that is okay, because the ones which survived managed to help me make it back,” he added.
DNA, which went live in May 2012, is an independent news portal that covers the ICT ecosystem, including industry and public policy issues, entrepreneurs, startups, movers and shakers in the industry and business trends, especially how Digital Disruption is affecting traditional businesses.
Karamjit, a former editor at business weekly The Edge, has a column at the DNA portal called Chakadey.
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Consistent. Keep working at what you do best. Over time, you will see yourself doing important work. Don’t worry about the money. It will come. Just don’t waste any and you will have enough. I have seen that in Karamjit from the beginning. We are proud of you. Keep it up.