Dr. James Ong, a prominent figure in AI and an angel investor in AI startups, recently shared his journey with NewInAsia.com. His background and strategy highlight his commitment to fostering impactful startups.
Highlights
Background and Investment Experience
Dr. Ong’s career spans AI research, enterprise software, and startup incubation. “My background is in Artificial Intelligence; I’ve been in research labs and startups in AI, as well as in the enterprise software space,” he said. His investment journey began with his own startup, funded by various institutional investors. As an angel investor in AI startups, he continues to invest through cash and sweat equity. Additionally, he actively assists startups in raising funds.
Focus on Impactful Startups
When discussing his investment preferences, Dr. Ong emphasizes his focus on impact-driven ventures. “The primary criterion is that the startup must be about impact – AI for good, blockchain for good, or digital technology for good,” he explained. His interests include AI, blockchain, web3, and the metaverse. He prefers sectors like consumer retail, healthcare, transportation, and manufacturing.
Investment Thesis and Strategy
Dr. Ong’s investment strategy, called “fusionovation,” integrates various technologies. “I assess whether the founder has the right purpose and leadership. They must have a technological differentiation, especially in deep tech,” he noted. His approach involves evaluating a startup’s potential for execution. While recognizing that no startup is perfect, he believes excellence in certain areas is crucial.
Beyond Capital: Adding Value
Beyond financial support, Dr. Ong provides significant added value to startups. He enjoys working with founders even before they form companies, offering bootstrapping and incubation services. “I like to set them in the right direction in terms of purpose and value,” he shared. He also provides advisory services and forms advisory boards, reinforcing startups with technology and market access. His cross-border market access expertise, particularly between Singapore, Southeast Asia, and China, is invaluable. His role as an angel investor in AI startups has proven crucial in guiding new ventures toward success.
Advice for Aspiring Startups
Reflecting on his experiences, Dr. Ong shared his insights on both successes and challenges. “I invested in a technology startup about 15 years ago in the Metaverse. It was acquired by the second-largest digital agency in Japan,” he recounted. He also acknowledged failures: “I have many startups that didn’t work out materially. That is very normal.”
Currently, Dr. Ong is incubating his own AI think tank startup. His journey as an angel investor in AI startups serves as an inspiration for many aspiring entrepreneurs.
Thanks to Dr. James Ong for speaking to us and sharing his invaluable insights and experiences.
