Remembering the source

There is a Chinese saying 饮水思源 (yin shui si yuan) which translate to "When you drink water, remember the source of which it came from". In this ever-liberal world where self-centeredness and the flagrant discarding of values is seen as a virtue on the "god of self-expression and personal fulfilment", it is a rare breed that truly exemplifies the spirit of ethical and responsible business, and never forgetting that it is never about just one person or oneself.

Miami banker gives $60 million of his own to employees (read full article)
BY MARTHA BRANNIGAN
mbrannigan@MiamiHerald.com

Lots of bosses say they value their employees. Some even mean it.

And then there's Leonard Abess Jr.

After selling a majority stake in Miami-based City National Bancshares last November, all he did was take $60 million of the proceeds -- $60 million out of his own pocket -- and hand it to his tellers, bookkeepers, clerks, everyone on the payroll. All 399 workers on the staff received bonuses, and he even tracked down 72 former employees so they could share in the windfall.

For longtime employees, the bonus -- based on years of service -- amounted to tens of thousands of dollars, and in some cases, more than $100,000.

At a time when financial titans are being paraded before Congress to explain how they blew billions on executives' bonuses even as they received a taxpayer bailout, the big-hearted banker's selfless deed stands out.

Leading by example

Some of my peers within the industry scoffed at my idea of living within my means, and in the continuing efforts to impress that same spirit onto my portfolio startups, saying that living large is "essential".

The rise of pseudo-entrepreneurship, and the latest bubble (in my view) of "Social Entrepreneurship" as defined and run by intellectuals is a growing worry, where the basic tenets of entrepreneurship of value creation, working within one's constraints and the respect of business ethics is rapidly being eroded by cunningly worded arguements in order to justify one's undeserving existence. Think "Animal Farm".

Having a servant leader that truly leads by example, that is a key lesson that I hope businesses would learn from this recession.

How to say goodbye

The Actual (better) MTV here: http://www.youtube.com/watch?v=Fk5K-eTTkfM&NR=1

A week back, I was asked why do I write about my personal life on this blog; it was said (as quoted from a friend of mine) to be "unbecoming" of a professional Venture Capitalist to look weak, even unprofessional.

My reply was simple. Like any of my startups, we are all living, breathing humans. We have our faults, our flaws and our problems unlike the glorified and oft-glossed image of "entrepreneurs" that have all the time in the world to party, blog and live the high life. My startups and myself have bore the pain of problems in family finances, the anguish and pain in our relationships, the emptiness when hope and passion wanes. Yet we all soldier on, some of us falling along the sidelines at times, some others giving up in despair.

So why the topic of "Saying Goodbye"? More often than not, we always welcome new beginnings and the wonderful hopes that comes along with it (like now in the Chinese New Year) but we neglect to look at the endings, to learn, to close and to move on. It is with this intention that I hope to remind us to look upon our endings in a different light, and with renewed hope for the future, both in our ventures and in our lives. Have a very Happy Chinese New Year ahead!

PS. For the 3 startups graduating in the coming months from Azione Capital, this is for you.

Quirks in a day of a Venture Capital Firm - 21st January 2009

Happy advanced Chinese New Year to one and all!

One pet peeve I have is when someone honestly and deliberately does not take the effort in doing things right, particularly when they are in the full capacity to do so. Not only does the subject sound like a typical Nigerian scam email, the entire message reeks of laziness, namely:

• the name (this message came to me from LinkedIn, the writer has to actually click into my profile, and at the message screen, my name would again be displayed in the "to" box, I doubt he can actually miss seeing my name)
• the acronyms (just what are you expecting a potential employer to know what is "opp")
  
• the manner of the letter (looks just like an sms chat)
  

Job seekers, read and learn.

SASI REDDY has sent you a message.

Date: 1/28/2009

Subject: Dear

Dear
This is Syamsundar Reddy
is there any opp SAP BI
Ihave 4yrs exp in SAP BI
if any i sthere plz revert ..

Thnskregrds
Syamsundar Reddy

Fiction is sometimes truer than fact

I dreamt up an entire fable lividly while sleeping in this Sunday after working late in the office yesterday on a contract format for a new startup and a technical paper to be used to bid for a government project. For posterity sake, I am documenting whatever I remember of the story here; I can't recall the earlier parts of the dream before this fable.

The vivid part of the dream started with this german chap telling a story. Saying that he normally carries a backpack filled with mixed seeds "to maximize collaboration within nature" or something to that effect, of which he scatters them along his way to school (or was it work?) but he always never scatters any into a particularly rocky path he passes, only scattering at the ground just before and after the rocky path.

One day, he noticed that a shoot, something like a bougainvilla sprouting out from the furthermost corner of the rocky path. Not possible he said to himself, the rocks are barren. Yet as the days pass, the shoots sprouted and grew further into the rocky path. Without complaint and without pain, the bougainvillas grew out from the rocks, clearing a path for other plants to grow, of which they did slowly and steadily, eventually converting the entire rocky path into a lush greenland.

It was around here where I woke up. Somehow this parable put into my dream gave me insight into what I am doing and facing at the present, perhaps it might do the same for you.

Image taken from http://www.indymedia.ie/attachments/aug2005/all_along_the_rocky_path_the_penitants_prayed_in_unison__oh_god_me_feet.jpg

A tribute to a part of me that left

2009 is a year of change for many of us. Be it for better or worse, we adapt, accept and move on.

I am blessed to have had the honor to have once walked my life's journey with this person of whom I respect for her strength and determination. While we have our areas of disagreement, there is no denying the many other positive aspects of what we achieved and learnt together.

Injustices and betrayals gives way to grace and forgiveness, despair and grief to comfort and peace. While we no longer walk along the same path, I wish her well and peace in whatever paths and decisions she will make and undertake for the future.

NOTICE: Resignation as Director of Social Creatives Ltd as at 1st January 2009

I am giving notice on various public platforms of my resignation as a Director of Social Creatives Ltd with effect from 1st January 2009. While I will not be able to provide detailed information on my decision, I am providing a summary of my rationale behind the decision.

I cannot represent a company which operates in a manner that is inconsistent with what I would stand for in my definition of a Social Enterprise. My definition is in line with what is defined in the “Social Enterprise” Wikipedia entry: “A commonly-cited rule of thumb is that their income is derived from the business trading rather than from subsidy or donations.”

I was invited to be a Director in the fledging company on the pretext that I would contribute to the company in a tangible manner on the areas of entrepreneurship. I ended up being assigned the role of a “treasurer” in my absence, and was tasked with non-value adding responsibilities of reading out monthly financial reports and signing cheques with amounts larger than S$10,000. Effectively, my duties were customary.

The continued additions of Board Members without clear operational roles appeared to me to be a name-and-rank-pulling exercise. Instead of a meaningful nurture of a strong operational team consistent with the growth priorities for a sustainable social enterprise, the company focused on building and utilising a visual array of expert profiles for marketing purposes. I feel great concern that nothing was mentioned about the rollout of actual, non-grant-linked business activities.

The management postulates instead of creates, focuses on fund-raising over profit-making, and is led by an individual who has been meticulously aware of hiding his true age from myself during the period of my involvement, giving me the impression that he may have more to hide particularly and unfortunately confirmed with the deliberate action of incorporation of Social Creatives Ltd under his name when he, with the knowledge of the duties and obligations expected of a director as listed in the Company Act of Singapore, is aware that he is not of the legal age to act in the capacity of a director.