Most bloggers in Singapore would have probably heard of Nuffnang. But little do we know that the co-founders of the blog ad network actually first met at Pussycat Dolls concert, and admittedly, the initial success was propelled by our home-grown popular blogger, Xiaxue. So what are the lessons learned in this entrepreneurial journey since 2007? Our very own blogger, Willis Wee, takes to the stage to find out more from co-founder Ming Shen.
#14:26: MingShen says that they have about 7 million unique visitors a day currently. Nuffnang is a Singapore startup company with operations worldwide.
#14:25: In 2010, they were making $10million revenue. Presently, they have about double digit growth in revenue.
#14:28: Regarding the success of Nuffnang, he said it is contributed mainly due to luck and flawless execution as well.
#14:29: SPH has approached them regarding acquisition years ago. SPH offered a valuation of S$2 million initially.
#14:31: He makes more than enough to fly business class!
#14:32: Ming Shen says that as a small company, being quick and decisive has competitive advantage compared to bigger organisations.
#14:34: He finds that rejecting offers from potential investors and acquisitions is not challenging at all. To him, the most challenging problem so far was when one of his developers deleted the entire database!
#14:35: Nuffnang has just opened an office in UK.
#14:36: The key to expand out of Singapore- one can do it alone, or enter into a good partnership. He mentioned that Malaysia is the most profitable, firstly because of the productivity of the workers.
#14:37: Besides Nuffnang, they founded a social media seeding community called Churp Churp which helps spread brand messages, an online shopping mall called Jipaban and an online video producing company.
#14:39: Regarding the current entrepreneur system right now, Ming Shen says that the focus is just to make money (at least for sustainability) instead on just focusing on getting funding. Start lean at the beginning, and find a strategy to cover the bases as soon as possible.
#14:40: Ming Shen believes in investing in a person- a true entrepreneur. In his words, a true entrepreneur is someone who is willing to takes risks in time, money and even life.
#14:43: That’s all for the the live coverage!
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