The Power of Entrepreneurship Confidence
Welcome to the Innovative Business Visions Series, where we bring our alumni’s phenomenal entrepreneurship and innovation stories to you. Next in the series is Irene CHEUNG, BBA in Marketing (1998), Co-founder and Head of Strategic Planning at Radica.
A Marketing Software Company that Serves Asian Market Needs
Twenty-three years ago, Irene realized there were no well-known and successful software companies in Asia. It was this realization that led her and her two co-founders, all HKUST students at the time, to launch Radica – a marketing prediction software company by Asians for Asians.
Radica has always been ahead of the technology curve. With an emphasis on data-driven marketing, the company was founded to solve the information flooding issues that the founding team foresaw during the technology boom.
As Radica evolved to become a leading software company, Irene's innovative and entrepreneurial spirit was shaped by a variety of factors, including her time at HKUST Business School.
Professor's Support Sparked Entrepreneurship Confidence
As a marketing student, Irene was determined to achieve her entrepreneurial aspirations. But it wasn’t until she met Professor Tony EASTHAM, President and CEO of the HKUST R and D Corporation at the time, who gave her concrete steps to become an entrepreneur.
Impressed by Irene and the founding team’s passion and dedication, Professor Eastham also connected them with Professor Matthew YUEN, Director of Technology Transfer Centre at HKUST, and provided valuable advice that helped them overcome the initial challenges of starting a new business. “Getting such incredible support from two senior academics as students gave us a huge confidence boost to pursue our entrepreneurial dream.”
And it paid off in a big way. Radica would go on to become HKUST’s first student-driven startup – a testament to the School’s commitment to fostering an innovative and entrepreneurial culture among students.
The Marketing Advantage
Irene’s time at the School also allowed her to gain essential skills and knowledge and become the innovative entrepreneur that she is today. Attending various marketing courses helped her develop a sharp sense of business acumen. Her studies also allowed her to acquire comprehensive and customer-centric thinking and effectively target the right customers and build positioning strategies.
What’s more, working with diverse groups of local and overseas students taught her to be open-minded and respectful of people’s opinions. “I learned to identify people’s strengths and unite different clients, partners and staff members together, where everyone can contribute their best and enjoy what they do.”
Irene (top left) and her marketing classmates had a dynamic and rewarding learning journey on our beautiful campus.
Overcoming Startup Challenges
But Irene’s entrepreneurial journey was not without its challenges. As fresh graduates, she and her co-founders faced a lack of resources and funding to complete Radica’s development cycle. Despite these limitations, Irene lived frugally and took on side projects to help bring Radica to life. The team’s efforts finally paid off when they received a matching grant from the government to finish their development cycle.
Additionally, they also developed a distinctive partnership strategy, leveraging their mentorship network to partner with other companies and reach more potential customers. This approach has proven to be successful as Radica has grown and achieved many milestones since its launch 23 years ago, while maintaining its focus on advocating for data-driven marketing.
Regional Expansion and Nurturing New Entrepreneurs
Looking ahead, Irene's entrepreneurial journey with Radica continues as they expand into the Asia Pacific region and Greater Bay Area with a strategic three-year expansion plan. Radica is also committed to helping new entrepreneurs achieve success through its own venture fund.
But Irene’s commitment to nurturing new entrepreneurs goes beyond investing in their startups. She hopes to empower the next generation of entrepreneurs with the same confidence to realize their business ideas. “Entrepreneurship isn’t easy. But focusing on solving society’s pain points and adding value can help us stay passionate about what we do.”
