Dr PM Lai, Co-Founder & CEO, Goldbox Technologies
In the dynamic landscape of modern business, the pursuit of innovation is not merely an option; it is an imperative that defines the success of enterprises across sectors. The ability to adapt, create, and revolutionize is the cornerstone of maintaining relevance and achieving sustained growth. At the heart of this ethos lies the unyielding commitment to fostering continuous innovation – a commitment that separates visionary leaders from the crowd and propels organizations to new heights of excellence. These visionary leaders encourage their teams to question the status quo, think beyond boundaries, and explore uncharted territories. They cultivate an environment where curiosity thrives and failure is regarded as a stepping stone.
Embodying this spirit of unrelenting innovation, a true pioneer who is creating a ripple in the world of technology and business is Dr PM Lai, a co-founder of multiple ventures, a seasoned C-level executive in prominent tech companies, and a revered mentor and investor for burgeoning tech start-ups. According to the avid business leader, fostering continuous innovation is the key to success in the tech industry. He believes that the secret sauce for success lies in the ability to set your products apart and embolden your teams to come up with groundbreaking ideas. This unwavering commitment to innovation forms the bedrock upon which he nurtures his ventures. Throughout a remarkable span of three decades, Dr Lai has played a pivotal role in shaping the landscape of telecom and internet infrastructure.
A Remarkable Journey through Trials and Triumphs
Dr Lai’s venture into the realm of entrepreneurship can be traced back to his time pursuing an MBA with a specialization in entrepreneurship in Bath, UK. Prior to this, he had experience in the technical domain with a primary focus on software development. But upon completing his MBA, he joined an R&D arm of a publicly listed telecom group, taking charge of business expansion. Shifting from a technical role to a business-oriented one was no easy feat at the outset, but it was a bold step in his career trajectory. Going the extra mile, he successfully steered the company’s substantial business growth, fostering a prominent standing within the industry. Strategically, he orchestrated the company’s evolution from an engineering-centric supplier to a technology-driven provider. Throughout this period, he garnered a multitude of accolades for innovation and design from the industry. He was also the instigator behind several collaborative ventures, co-founding multiple enterprises with international partners.
Nevertheless, managing partner relationships and meeting expectations presented challenges, particularly during his younger years when conflict resolution and building trust weren’t his strong suits. However, he’s since developed a knack for valuing his partners’ input and understanding their aspirations and anticipations. “Finding the sweet spot of collaboration is hard and not every partnership turned out to be a win-win in my entrepreneurial journey. Likewise, not every venture could be a success and scaling a venture is challenging too. There is no one-size-fits-all approach. In my experience, scaling a business requires an atmosphere that supports risk-taking and outside-the-box thinking in an environment where failure can be viewed as a learning experience,” asserts Dr Lai. Looking back, he is truly appreciative of this early journey, filled with highs and lows, as it paved the way for his forthcoming ventures. Presently, he holds the mantle of co-founder and CEO at Goldbox Technologies — a tech company that focuses on the development of Internet-of-Things (IoT) platforms and unmanned systems. He is widely regarded as a leading figure in product innovations for transactional kiosks, NFC payments, IoT systems, AI/ML models and intelligent machines.
A Revered Mentor and Dedicated Investor for Tech Startups
Dr Lai stands as a remarkable figure in the tech industry, assuming dual roles as both an esteemed mentor and a steadfast investor for burgeoning startups. As an entrepreneur himself, his journey within the tech domain has been nothing short of remarkable, marked by invaluable lessons and profound insights. It is this very ethos that fuels his ardent desire to extend a helping hand to those treading the path he once navigated. “I often emphasize startup success is not simply measured by the money they raise in the short term but most importantly is their development of resilience and perseverance in times of change. How to overcome obstacles, learn from setbacks and make positive changes to society is something that I expect from a business builder,” he opines. For those who have a positive attitude and are open-minded to comments, Dr Lai stands eager to share his humble opinions on how to productize their ideas, formulate the go-to-market plans and raise capital for scale-up.
Achieving Work-Life Equilibrium with Finesse
As an accomplished self-made leader, it is quite challenging for Dr Lai to ensure a perfect balance between his professional commitments and personal life. Yet, he remains acutely aware of the imperative to cherish the moments that breathe life into his personal passions and cherished relationships. Dr Lai acknowledges the significance of prioritizing health as a paramount aspect of life, especially after crossing the age of 50. And thus, he actively engages in health-conscious activities. During weekends, he plays tennis with friends as he perceives it as an effective sport to enhance balance and coordination. Alongside these physical activities, he also loves music and enjoys playing the guitar, a passion that aids in decluttering his mind and revitalizing his energy.
Dr Lai’s Transformative Insights for Entrepreneurial Success
In his invaluable advice to budding entrepreneurs, Dr Lai emphasizes that mistakes and failures are an inevitable part of the startup journey, but what sets successful trailblazers apart is their ability to glean insights from these challenges to pave a path to improvement. He also underscores the significance of pushing boundaries and venturing beyond comfort zones to broaden horizons. He urges them to cultivate more empathy and stay humble while developing their ventures. “Too often, startups go after funding from investors too early thinking that it will help accelerate the company’s growth. The truth is investors have their own agendas and their best interest is on how to maximize return according to their timeline and portfolio. My advice to startups is why spend so much time on attracting investors when you should focus to launch your minimum viable product and get some basic traction. Sometimes less outside investors can be a blessing in the early stage,” he adds.
Committed to Lifelong Learning and Nurturing Future Leaders
A strong advocate for lifelong learning, Dr Lai lives by the principle of “constantly challenging oneself to achieve greater heights.” Beyond his roles as a multifaceted entrepreneur within numerous ventures, he adeptly managed to carve out time to diligently pursue his doctoral research on a part-time basis. In 2012, he proudly attained his Doctor of Engineering degree from the City University of Hong Kong, with a specific research focus on the domain of mobile payments and transformative retail practices. Demonstrating an unwavering commitment to industry engagement, he assumed the pivotal role of Chairman at the Hong Kong Retail Technology Industry Association from 2010 to 2014, while concurrently serving in the advisory committees for ICT Services in various organizations. Beyond his commitment to perpetual learning, Dr Lai remains steadfastly dedicated to nurturing and guiding young, promising individuals. In his own resolute words, “On mentorship involvement, I shall continue to devote more time to nurture young entrepreneurs and startup founders by serving as a mentor and assessor in various incubation and entrepreneurship programmes organized by the academia and/or the tech communities.”