In 2013, venture capitalist Aileen Lee coined the term ‘unicorn’, used to describe privately held startup companies with a value of over US$1 billion. While these companies were rare at the time, more have since emerged, and it has become every aspiring startup founder’s dream to build a unicorn company one day.
While not every startup makes that dream come true, that dream became a reality for Carsome cofounder and group chief executive officer Eric Cheng. The company became Malaysia’s first tech unicorn in July 2021 after it acquired a stake in iCar Asia Ltd, which is listed on the Australian Stock Exchange.
All this didn’t happen by chance. Cheng, a Gen.T 2019 honouree, firmly believes that his success proves that it doesn’t matter what kind of background you come from. “So long as you can dream it and work very hard, anything is possible,” he says. It also goes to show that Malaysians have what it takes to be successful on a regional and international level.
While Carsome is Malaysia’s first tech unicorn, Cheng is certain that it will not be its last. He hints that he knows of several other Malaysian startups that are poised to follow Carsome’s path, and we may see more unicorns sprouting up in the near future.
THE MAKING OF A STARTUP UNICORN
This story is from the September 2021 edition of Tatler Malaysia.
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This story is from the September 2021 edition of Tatler Malaysia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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