Leaving behind a long corporate career can feel daunting for many seasoned professionals. Transitioning to entrepreneurship often feels uncertain. For those nearing or past retirement, the challenge becomes even more significant. Naveen Bhat, CEO and co-founder of 25yearsmore, knows this well. His story speaks directly to those seeking new purpose after decades in business.
Finding New Purpose After Corporate Life
Q: What inspired you to start your business, and how did you identify the market need?
A: I had wanted to start my own business for over 20 years. I finally got myself to do it, as I was contemplating what to do after stopping my corporate job. I realized that the problem I was facing was faced by millions around the world. The Agetech space for the 50-65 year demographic was growing and underserved.
Q: Can you describe a typical day in your life as an entrepreneur?
A: An entrepreneur CEO has to constantly think of 4 fronts, the market, the team, the product/service, and the finances.
Q: What has been your biggest challenge in running an SME in Singapore, and how did you overcome it?
A: Singapore SME tend to think within the boundaries of Singapore and imagine expansions later. We had to start with a global view
Q: How has your business adapted to your country or region’s unique cultural and economic landscape?
A: Our unique market landscape is not regional or cultural. Our unique landscape is demographic. Addressing the needs of 50-65 year old pre-retirees to post-retirees.
Q: What’s your most important lesson about managing a team in the Singapore business context?
A: Our team consists of very experienced team members each with over 30+ years of experience, Managing such a senior team, with no salaries, but only equity presents unique challenges. The CEO has to manage EGO, Compensation, motivation in very different ways.
Q: How do you balance traditional business practices with innovation in your industry?
A: The first step is innovation in business models. The next step of innovation in managing costs of staff, development and marketing. The third step of innovation is finding senior talent to work for equity.
Q: What role has technology played in your business growth, and how do you see it shaping your future?
A: Our initial product development does not require heavy use of technology. This is till we reach the stage of scaling for growth. At that point, we will have to use the Cloud, fast AI algorithms, and matchmaking technologies.
Q: Can you share a pivotal moment that changed the trajectory of your business?
A: We have not reached that point yet. We expect to hit that stage by Dec 2024.
Q: How do you approach networking and building business relationships in your local market?
A: Networking has to be done with the idea of helping someone, not someone helping you. That’s when the business relationship begins. In Eastern cultures, relationships comes first which leads to business. Contrast that with Western cultures where business comes first and leads to relationships.
Q: What advice would you give aspiring entrepreneurs looking to start an SME in Singapore?
A: 1) Think Global from day 1; 2) Use low cost labor to build, and high cost labor to innovate.
Life After Retirement: A Story
Naveen Bhat’s journey shows that retirement can be more than rest—it can be about reinvention. 25yearsmore proves that innovation knows no age limits. Entrepreneurs can find purpose and impact at any stage of life. Naveen Bhat’s experience offers valuable insights for startups looking to grow globally.
