BRIGHT FUTURE LIGHTING - Derek Wu - HKUST Entrepreneurship Center
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BULLETIN
January 2021 | Issue #2
LIGHTING
UP A
BRIGHT FUTURE Story of a how
a small family
business scaled
up to become a
market leader
k Wu Future Lig
Dere
htings
CEO
4
CONTENT
The BASE Broadcast
6
Interview Series - Derek Wu
8 Starting A Business?
Tips Towards Your First
Success
11
Hello, we are 5 COOL Apps to get
you started for 2021
The BASE.
Competitions & Funds
3
LIGHTING
UP A BRIGHT
FUTURE
Story of how a small family business scaled up to
become the market leader in the lighting industry Derek with the BASE Team.
Derek Wu is an engineer- direction - “Sell to more people, It allows Future Lighting to Although Derek’s business was
turned entrepreneur. After sell more to people.” The provide “solutions” - a package struck by the pandemic, his
immersing himself in the I.T. objective of setting up project of product and expertise, and optimism has led him to recover
industry for more than 10 years in channels is “to put eggs in gain its competitive edge in the and see the opportunities
the UK, he returned to Hong Kong multiple baskets.” Contrary lighting fixtures market. of developing new products
to help with his uncle’s small to the distribution channels and strategies to adapt to the
lighting family business. He then which focus on Business- Even with much experience, change. His company now
transformed the business from to-Customers(B2C)services, Derek still faces difficulties just offers anti-virus and ultraviolet
solely a small retail store into project channels involve more like any other organizations C lamps and has partnered with
a lighting distributing empire Business-to-Business(B2B) when he is managing, especially several neighboring companies
Future Lighting within 10 years services, through collaborations the people. For instance, though to extend their promotion
time, in which the business with interior designers, property senior salespeople have their campaigns within the vicinity.
expanded its scope of offerings developers and architects. networks and skills, it takes time
to include more projects and for them to adjust to the use of Derek believes that with an ever-
products distribution. new technologies. Derek figured learning and positive mindset,
the key in helping them is to step success will be within reach as
Expansion was no easy feat. into their shoes and be patient. we see how Future Lighting has
“having
Derek Wu, CEO of
The first step was to increase Future Lighting come to be.
product offerings. Derek had You can be knocked down... but
to visit light exhibitions around that endurance, persistence
the world to look for potential sometimes would probably be the
manufacturing brands as key to your final success, because
well as set up distribution and you might fail 99 times and that 1
project channels that follows the last time might be your big break- Check out the full
company’s key concept or “
through to success, so having that
interview video with
Derek here!
4 persistence is important. 5
Starting A Business?
Tips Towards Your First Success
1 Create Value
The most successful companies 5 Failure is the first
step towards success
address real problems faced As the former CEO of Intel Andrew “I
k
in the world. “Your most GroveIf said, “make mistakes I w new
unhappy customers are your faster”. If you believe an idea but uld that
o
n
greatest source of learning” as is genuinely great, don’t let the I m I kn ’t re if I f
e gr ail
Slow & steady try i g h w e
2
recommended by Bill Gates, fear of failure prevent you from ing t reg the t tha ed
Co-founder of Microsoft. Have wins the race pursuing the idea. Don’t be ..” ret one t,
the aim of serving to customers’ afraid of competition, if there is is n thin
g
needs and creating value rather (but stay ahead) competition, then it means there
ot
than making money. Planning out a roadmap will -J
is a serious need for solving that eff
clearly lay out what is important problem and it will force you to Be
zos
to focus on and what is not worth put in your best efforts.
spending time and effort for. Split
6
your plan into detailed short-term
and flexible long-term goals. It
may be time-consuming initially, Work-life balance
but it will prevent lots of bumps
Without good health, how can
4
along the journey. Instead of
one set out to complete what
the traditional post-it notes and
they started? Continuing to spend
paper roadmap, try using online
Net working is KEY
3
time on your hobbies will help you
applications such as MIRA, Notion,
Teamwork makes etc. to draw out your plans and Start networking early and
avoid burnouts. In fact, productive
distractions will give you refreshed
the dream work keep track of them. never stop. As the career expert, takes on ideas. Delegate tasks
Clare Dreyer, tells Forbes, “Make and share the responsibility
When working in a start-up,
connections and keep a record among the team, or else taking up
the team is relatively small, so
of each person you meet, ask too much on your plate will only
everyone works together. It is
for their advice and help. Keep in lead to stress and low efficiency.
important to surround yourself
touch with them along the way
with the right group of people; ss “Life is what happens when you’re
those who share the same vision u s ine and build your network before you busy making other plans.” ~ John
b
in order to reduce arguments n gs in y one y a need it!” With COVID-19, virtual Lennon.
thi eb b networking is another way to
and those who have skills which
r e at r don e done reach out. Business connections
complement yours so that your “G neve ey’ r ” job
s
r e , t h l e . v e will not only help your company
a e
company grows.
son f peop - St kick-off, but also provide
per o
m opportunities to grow over time.
tea
6 7
5
2 Explorest Explore the wonderful places that
COOL Apps
you never knew existed!
Explorest Inc.
Founders: Justin Myers, Michael Lax
Altough COVID-19 has cancelled
LIFESTYLE
most of our travel plans abroad,
to get you started
this should not stop us from
exploring the place we’re living in
2 0 2 1
when it’s safer.
FOR
Sometimes you may wonder
“Where was this picture taken?
How do I get there?” Michael &
Justin, used these two questions
to develop Explorest.
The app shows hidden gems of
a city and includes information
1 such as directions, gears, etc,
A great app to destress yourself and giving users the experience to
Insight Timer have a good night sleep.
*Image from Explorest’s iOS App know the best place to shoot and
Insight Network Inc.
HEALTH & FITNESS
enjoy the view to the fullest!
Founders: Christopher Plowman, Nicho Plowman
Are you having trouble sleeping, 3
or suffering from the stress and Otter Voice Meeting Notes
Otter.ai Transcribe any audio
tension in your life? If yes to any, into words within a few touches!
Insight Timer might be the right Founders: Sam Liang, Yun Fu
PRODUCTIVITY
app for you!
Have you found a struggle to keep
Insight Timer is a platform for up with the professors’ lectures or
people like you with the help remembering important details in
of teachers to put yourself at the last meeting? Sometimes it is
peace and get back to work with hard to catch up with their words,
a bright mind. It was founded resulting in missing information.
by Christopher Plowman, an That is why Otter.ai could be a
entrepreneur who has the idea of great time-saver.
making a “Spotify” of meditation,
except without the selling part. Founded by a team of tech
industry veterans, Otter.ai uses AI
The app provides various types of to transcribe audio into text with
playlists and courses to cater to a few simple clicks. It provides
your needs and is a community *Image from Insight Timer’s iOS app various price plans (including
itself where you get to meet other free), suitable for individual and
meditators from all walks of life! group use.
*Image from Otter.ai’s iOS app
8 9
4
Notion
An all-in-one workspace to keep
track of all information. Funds
Notion Labs Inc.
PRODUCTIVITY
Founders: Ivan Zhao, Chris Prucha, Jessica Lam, Simon Last
Yeung Wing Yee
Ever had that struggle to have
Entrepreneurs Fund
numerous tabs on your desktop
for different purposes, such
Organized by:
as documenting on Google
HKUST EC
Doc, communicating through
Slack, and more? It may seem
Registration: 28th Feb 2021
troublesome to go back and forth
between apps, which is why Notion
is able to help you.
Notion allows you to take notes, Entrepreneurship
make an interactive timeline, and Acceleration Fund
even collaborate with your startup
team for tasks management. Organized by:
More importantly, Notion embeds HKUST EC
commonly used tools such as
Figma and Google Drive, so that *Image from Notion’s iOS app Registration: Open all year round
it becomes your only tab for all
information needed!
5 Find the latest products that are
U*Star Award
Product Hunt making people geek about! (2020-21 Spring Round)
Product Hunt Inc.
Founder: Ryan Hoover Organized by:
HKUST EC
SOCIAL
Want to find new apps or share
any cool apps with someone? Deadline: 28th Feb 2021
Product Hunt is here, to allow
product-loving “geeks” which
they call to share their enthusiasm
with others. Find new apps that
Alumni Endowment Fund
are useful to you and if you’re a
creator, share your product to Student Startup Grants
receive honest feedback! (2020-21 Spring Round)
Users will be able to upvote to your Organized by:
likings and view the top favorites HKUST EC
of the day.
Deadline: 28th Feb 2021
*Image from Product Hunt’s iOS app
10 11
Startup Competitions
Global Startup Competition
The BASE Case 2021
(GSC)
Organized by:
The BASE Organized by:
AngelHub & WHub
Deadline: 5th Mar 2021
Deadline: 28th Feb 2021
HKUST-Sino One Million The 7th Hong Kong University
Dollar Entrepreneurship Student Innovation and Entre-
Competition 2021 preneurship Competition
Organized by: Organized by:
HKUST EC Hong Kong New Generation Cultural
Association
Info Session: 2nd Mar 2021
Mixer: 9th Mar 2021 Deadline: 31 March 2021
Deadline 14th Apr 2021
hackathon@HKUST City I&T Grand Challenge
Organized by:
Organized by:
HK Innovation and Technology
HKUST EC
Commission
Registration: Coming soon Spring 2021
Deadline: 24th Apr 2021
12 13
What is entrepreneurship?
“Seeing a pain point or problem but you would
see a commercial opportunity resolving or
addressing that problem, and along the way
adding innovation and business acumen, and
also of course your personality, personal skills
to top up with that, then that’s basically what
entrepreneurship means to me.”
Derek Wu,
Future Lightings CEO
The BASE (HKUST)
the_base_ust
https://ec.ust.hk/base
A student-run organization funded by HKUST Entrepreneurship Center
© 2020 All rights reserved.
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