266: PatSnap: Surviving Tough Times as a First-Time SaaS Founder - with Jeffrey Tiong
Oct 7, 2020
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Founder and CEO of PatSnap, Jeffrey Tiong, shares his journey of overcoming challenges and growing his innovation intelligence platform. The discussion includes insights on targeting customers in various industries, reflections on product development strategy, early sales challenges, navigating leadership as a first-time founder, and exploring outside passions like space and deep-sea exploration.
Building a strong team is crucial for entrepreneurial success.
PatSnap empowers users to make strategic decisions through innovation intelligence.
Deep dives
Jeffrey Tian's Journey: From Idea to Success
Jeffrey Tian, founder and CEO of Pat Snap, shares the story of how he went from being a fresh college graduate to building a successful connected innovation intelligence platform. After interning at a startup in the US and realizing the difficulty of patent research, Jeffrey had the idea to create a software product to make the process easier. With a startup grant and a small team, he spent two years developing the product and faced challenges with stability and customer satisfaction. However, Jeffrey's persistence paid off, and he eventually signed his first customer and grew the company to employ 800 people and serve over 8,000 customers, including big names like Walt Disney and Tesla. Through this entrepreneurial journey, Jeffrey discovered the importance of self-awareness, leadership style adaptation, and the value of a strong team.
Pat Snap: A Connected Innovation Intelligence Platform
Pat Snap is an innovation intelligence platform designed to help R&D teams and IP professionals identify technological opportunities and understand the competitive landscape. By analyzing patents and intellectual property data, Pat Snap empowers users to make strategic decisions and drive business growth. The platform provides insights on technological advancements, competitor analysis, and risk mitigation. It caters to industries with significant R&D investment, such as life sciences, healthcare, automotive, manufacturing, and electronics. With its user-friendly interface and comprehensive data coverage, Pat Snap enables users to gain a competitive edge in their respective industries.
Challenges Faced and Lessons Learned
Jeffrey Tian encountered various challenges during his entrepreneurial journey. Lack of confidence and conviction, as well as the need to develop his leadership style, were early obstacles. The initial product development took longer than expected, and customer satisfaction was a struggle due to stability issues. However, through perseverance and continuous improvement, Pat Snap overcame these challenges. Jeffrey learned the value of finding the right target market and early adopters. Building a strong team and fostering trust were crucial to Pat Snap's success.
Advice for Solo Founders and Entrepreneurs
Jeffrey Tian's experience as a solo founder offers valuable insights for those embarking on entrepreneurial journeys. While having a co-founder can be advantageous, building a strong team around you is equally important. Surrounding yourself with supportive partners and experienced professionals helps alleviate various challenges. Self-awareness, persistence, and the ability to learn from mistakes are key attributes for successful founders. Jeffrey advises entrepreneurs to focus on their own innovative ideas rather than following what is currently popular in the market. Embracing authenticity and finding the balance between transparency and filtering information are critical for effective leadership.
Jeffrey Tiong, the founder, and CEO of PatSnap, a connected innovation intelligence platform used by R&D teams and Intellectual Property (IP) professionals.