By Boo Kok Chuon. Chairman of Iconomy Foundation Limited, Group CEO, Iconomy Group of Companies
Reflections on 14 Years of Building the Iconomy Brand
Last week, I had the distinct honor of being invited as the Guest of Honour for the Prize Giving Day of Woodlands Primary School—the very place where my entrepreneurial journey began. As I stood before the students, sharing my story, I couldn’t help but reflect on how far this journey has taken me and how my definition of entrepreneurship has evolved over the years.
The Humble Beginnings: Selling Bread and Accessories
My entrepreneurial story started in Primary 3, when I sold bread from my dad’s factory, Woodlands Bakery and Confectionery, to my classmates. It was a simple idea, but it planted the seed of a lifelong passion for business.
By secondary school, my ventures had grown. I began selling mobile phone accessories from my dad’s mobile phone shop to my schoolmates during recess. The response was overwhelming—so much so that even teachers became my customers. Buoyed by this success, I expanded my business by sourcing wholesale opportunities from neighborhood mobile phone shops, securing a couple of customers who provided me with an income that far exceeded my pocket money.
These early experiences taught me the fundamentals of entrepreneurship: spotting opportunities, taking risks, and delivering value.
The Evolution of Entrepreneurship
As I matured, my understanding of entrepreneurship began to take on new dimensions. In the early years of my career, entrepreneurship meant building a brand and standing out in a crowded market. This was the cornerstone upon which Iconomy was founded in 2010 as a humble advertising studio.
The vision behind the Iconomy brand was clear from the start: “Creating an icon in the economy.” The name itself reflects a larger purpose. It represents the desire to shape an economy that is inventive, innovative, and intelligent—an economy defined by the transformative power of ideas and creativity. The “I” in Iconomy stands for more than just the individual; it encapsulates the drive to push boundaries, challenge norms, and redefine what is possible. This vision laid the foundation for what Iconomy would grow to become.
As the business grew and opportunities broadened, my focus shifted toward corporate finance. I immersed myself in the complexities of capital markets, assisting companies in Singapore to achieve IPOs in the US. It was during this period that I came to appreciate the transformative power of corporatisation and securitisation. Entrepreneurship, for me, was no longer just about creativity and branding; it was about unlocking value through financial innovation and helping businesses achieve their fullest potential on a global stage.
Later, as I began advising on local mergers and acquisitions, my understanding of entrepreneurship evolved yet again. This phase of my journey taught me the importance of collaboration and the synergising of resources. It became clear that the ability to bring people, ideas, and assets together in a way that maximised shareholder value was just as critical as innovation and capitalisation. Entrepreneurship, I realized, was as much about fostering relationships and trust as it was about strategy and execution.
Looking back on these various stages, I see them not as separate chapters but as interconnected threads in a larger narrative. Each phase built upon the lessons of the last, culminating in a more holistic understanding of what it means to be an entrepreneur.
The Heart of the Matter: Creating Value for the Community
Today, as I reflect on this journey, what stands out most is the realization that entrepreneurship is ultimately about creating value for the community. This belief became the cornerstone for the founding of the Iconomy Foundation, the corporate social responsibility (CSR) arm of our group. While Iconomy began as an advertising studio, it has grown into a group of companies offering a comprehensive suite of corporate solutions for SMEs, encompassing law, corporate finance, audit, financial reporting, and office spaces. Alongside these services, the Foundation focuses on arts philanthropy, fostering local talent, and supporting creative endeavors.
Through these efforts, Iconomy has moved beyond its original mission of business success to become a force for community empowerment. Supporting SMEs and nurturing the arts are not just initiatives for us; they are integral to our identity and purpose. This shift reflects what I believe to be the essence of entrepreneurship—using business as a vehicle to uplift and enrich the lives of others.
Reflections and Looking Forward
Entrepreneurship is not a static concept; it evolves with time, experience, and perspective. For me, it has been a journey of discovery, growth, and transformation. From selling bread in primary school to building a business that impacts lives, every step has taught me that true success lies not in profits or accolades but in the ability to make a difference.
As I shared with the students of Woodlands Primary School, every entrepreneur starts somewhere. The small steps we take today have the power to shape a brighter tomorrow. The journey of entrepreneurship may be challenging, but it is also deeply rewarding, especially when it is guided by a commitment to serve others.
As we mark the United States’ National Entrepreneurs’ Day, I encourage all aspiring entrepreneurs to dream big, think deeply, and act boldly. Entrepreneurship is not just about building businesses; it is about building legacies. It is about creating opportunities, solving problems, and leaving the world better than you found it.
For me, the journey continues. With Iconomy, I remain committed to empowering the local SME community, fostering innovation, and giving back to the society that has supported me throughout my journey. The road ahead is full of possibilities, and I am excited to see where it will lead.
To all entrepreneurs, present and future: never underestimate the power of small beginnings. With vision, dedication, and purpose, those small beginnings can grow into something extraordinary.
Happy National Entrepreneurs’ Day!