Over the years, the company has also won many industry recognition and awards. These include Best of Financial Application Merit Winner Award from MSC-Apicta 2014, the Gold Award from the Asean ICT Award 2014, the Enterprise 50 Award 2014 from SME Corp Malaysia and Deloitte Malaysia, and the 1-Innocert Company with ‘AA’ rating from SME Corp Malaysia.
It was also the only Malaysian company to receive the AICTA award, which is approved by the Asean Telecommunications and Information Technology Ministers Group.
TESS Innovation’s defining moment occurred when it changed its business model, and this ‘a-ha moment’ came about during the founders’ time with the Coach and Grow Programme (CGP) 2013-2014.
“When we were introduced to the tools and templates provided by the CGP, it looked simple to us, but the exercise in fact forced us to think hard and lay out all the factors and elements that related to our business operations,” says Liew.
During the CGP, the TESS team was also asked to think ‘outside the box’ and to start learning the fundamentals of business, marketing and financials.
“The CGP provided just the right kind of coaching and their dedicated coaches gave us advice from so many different angles and perspectives,” says Liew.
The result of taking part in CGP was significant. After their participation, Liew says the company experienced a 80% increase in revenue and 210% increase in net profit.
With hopes of turning Malaysia into the role model in Asia for fighting and combating financial crime, Liew has big plans for the future.
“Within the next five to 10 years, TESS Innovation will continue to play a major role in this niche area as one of the most respected financial crime solution vendors,” he declares.
Ultimately, however, TESS Innovation has plans to become a global market leader in providing a wide variety of financial crime solutions, specialising in AML, fraud detection and risk analysis compliance.
Liew was previously an investment banker, but his heart always belonged to entrepreneurship. It had been his passion and cherished ambition to become an entrepreneur since he was a boy.
While he encourages others to take on the mantle of entrepreneurship, he notes, “You need to be mentally prepared to step up to the challenge, and with the right attitude and mindset you will obtain just rewards.”
But most importantly, he reminds aspiring entrepreneurs to be persistent in what they do and to not give up in the face of adversity until they have exhausted all possibilities.
Discover TESS Innovation at www.tessinternational.com.
The above is an excerpt from the book Startups to Scaleups published in October 2015 by Cradle Fund and Proficeo Consultants, the programme manager for Cradle’s Coach and Grow Programme. DNA will be featuring every entrepreneurial story from the book in a special commercial arrangement.
Source from Digital News Asia