Podcast Summary: Chief Change Officer Episode #299 with Chris Queck

Introduction

In episode #299 of Chief Change Officer, host Vince Chen engages in a profound conversation with Christopher Quack, a third-generation member of a storied Singaporean family business. Defying his father's expectations, Chris ventured into entrepreneurship by moving to Malaysia, fostering an e-commerce enterprise, and eventually establishing his own venture capital firm, Thrive. This episode delves into Chris's journey of transformation, his efforts to cultivate an entrepreneurial ecosystem in Southeast Asia, his vision for regional legacy, and his aspirations as a father.

Chris Quack's Entrepreneurial Journey

Chris Quack's path is marked by bold decisions and a desire to carve his own identity outside the family business. In this episode, Vince Chen recounts how Chris left the entrenched family business environment to pursue entrepreneurial ambitions in Malaysia. This move was not without challenges, as Chris had to navigate the complexities of building an e-commerce venture from scratch. His commitment culminated in selling his inheritance to secure the necessary capital for launching Thrive, his venture capital firm.

Building the Entrepreneurial Ecosystem in Southeast Asia

One of the central themes of the conversation is Chris's mission to invigorate the entrepreneurial spirit within Singapore and the broader Southeast Asian region. Reflecting on Singapore's 50th anniversary as a nation in 2015, Chris expressed concern over the diminishing presence of entrepreneurs in a society traditionally dominated by professionals like doctors, lawyers, and bankers.

Christopher Quack [04:41]: "One of the biggest challenges that Singapore is going to face is the lack of entrepreneurial, lack of entrepreneurship, if I might say. Entrepreneurship drives economic activity."

Chris underscores the imperative role of entrepreneurs in driving economic growth by pooling resources and fostering innovation. He draws parallels between Southeast Asia and rapidly developing economies like India and China, noting that while Southeast Asia is heterogeneous and fragmented, understanding and cultivating the unique DNA of next-generation entrepreneurs is crucial.

Challenges of Family-Run Businesses in Southeast Asia

A striking statistic shared by Chris is that 92% of businesses in Southeast Asia are family-run. This dominance brings unique challenges, particularly for the next generation poised to take over these enterprises. Chris identifies several key obstacles:

1. Interpersonal Dynamics: Navigating the dual relationships of family and business can be fraught with tension.
2. Resistance to Change: Convincing elder family members to embrace modernizing the business can be difficult.
3. Integration of Technology: Implementing new technological solutions to keep the business competitive.

Christopher Quack [09:03]: "We're creating a little interesting ecosystem where Thrive is really invested by the family businesses. It is for the family businesses because the startups that we bring in, the technologies that bring in, are being integrated into the family's operations itself."

Through Thrive, Chris aims to bridge the gap between traditional family businesses and innovative technology startups, facilitating the adoption of solutions that modernize operations while respecting the foundational values of these enterprises.

Thrive's Unique Venture Capital Model

Chris's approach to venture capital is both strategic and empathetic, distinguishing Thrive from other firms. By fostering a strong network with next-generation family business owners, Thrive leverages their capital to invest in high-potential technology startups. This creates a synergistic cycle where investments not only yield financial returns but also provide actionable solutions for the investor families.

Vince Chen [15:24]: "Your fund has deployed about 40 million so far investing in technologies with next-gen solutions that could be highly relevant to these family businesses. This creates a cycle of synergy."

Chris elaborates on Thrive's dual role as both an investor and a mentor, providing startups with the resources they need to grow while simultaneously equipping family businesses with the tools to innovate. This model ensures that investments are deeply integrated into the operational fabric of the involved businesses, fostering sustainable growth and resilience.

Impactful Investments and Social Responsibility

Chris highlights several impactful investments that exemplify Thrive's commitment to social good. Notably, Thrive's investment in TADA, a profitable ride-hailing service, was driven by its ethical business model where drivers earn 1.4 times more than competitors since TADA does not charge commission fees.

Christopher Quack [15:24]: "A driver that is part of TADA earns 1.4 times more than its competitors when they use the TADA platform."

Another significant investment is in Agrimax, a company that enhances crop yields by 20-60%. This technology not only bolsters food security but also enables family-run agricultural businesses to offer more affordable produce to impoverished regions, directly benefiting local communities.

Christopher Quack [15:24]: "It helps to increase crop yields by 20 to 60%. ... the average person in Southeast Asia who is driving their main occupation is about private ride hailing and knowing that they are taking back 1.4 times more back home by supporting their families was something that I felt was really important."

These investments underscore Thrive's philosophy of blending profitability with positive societal impact, reinforcing the company's role in fostering a more equitable and sustainable regional economy.

Personal Transformation and Family Dynamics

The conversation shifts to Chris's personal experiences, particularly his relationship with his father and the emotional complexities of diverging from family expectations. Chris candidly shares the initial friction that arose when he chose entrepreneurship over the family business, highlighting the long journey towards mutual respect and understanding.

Christopher Quack [25:19]: "It was a point that it took many years for my father to really accept who I was, being an entrepreneur in my own right but not taking on his legacy."

Despite early disagreements, Chris's perseverance and success eventually earned his father's respect, transforming their relationship from one of tension to one of mutual mentorship. This dynamic is emblematic of the broader challenges faced by next-generation family business leaders in balancing familial obligations with personal aspirations.

Christopher Quack [25:19]: "Because of that support initially, I don't think I had enough funding to start off my investments in thrive."

Chris's story resonates with many listeners who grapple with similar familial and professional crossroads, offering insights into overcoming resistance and fostering supportive relationships within family-run enterprises.

Legacy and Future Aspirations

As the conversation draws to a close, Chris reflects on his legacy and his hopes for the future, particularly concerning his children. He emphasizes the importance of instilling enduring values over rigid processes, aiming to prepare his children to be thoughtful, resilient, and impactful members of society.

Christopher Quack [32:32]: "I truly believe in positive impact. I believe that we're not here on this earth just to enjoy extravagant lifestyles. ... I feel that most important is that leave something that is very positive for your generation."

Chris envisions his children as problem-solvers who will address global challenges such as climate change and food security, embodying the values of resilience and social responsibility that he holds dear. By educating them early and fostering a deep understanding of the world beyond consumption, Chris aims to empower his children to contribute meaningfully to society.

Conclusion

This episode of Chief Change Officer offers a comprehensive exploration of Christopher Quack's multifaceted journey as an entrepreneur, venture capitalist, and family man. Through his strategic efforts with Thrive, Chris is not only shaping the entrepreneurial landscape of Southeast Asia but also nurturing the next generation of leaders to sustain and amplify this growth. His story is a testament to the power of ambition, resilience, and the enduring impact of core values in driving meaningful change.

Notable Quotes

• "Entrepreneurship drives economic activity. Entrepreneurs are the ones that pull resources together and generate that economic activity." — Christopher Quack [04:41]

• "We're creating a little interesting ecosystem where Thrive is really invested by the family businesses." — Christopher Quack [09:03]

• "A driver that is part of TADA earns 1.4 times more than its competitors when they use the TADA platform." — Christopher Quack [15:24]

• "It was a point that it took many years for my father to really accept who I was." — Christopher Quack [25:19]

• "I truly believe in positive impact. ... leave something that is very positive for your generation." — Christopher Quack [32:32]

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