Open For Business

Precision mechanical components are not something we talk about or come to mind everyday. This industry, however, is a critical segment of modern engineering and manufacturing, and plays a vital role in a wide array of sectors.

Enters Nibou Industries, a home-grown manufacturer that specialises in the development and production of advanced linear motion systems. However, second-generation CEO Jowin Goh takes the company on a whole new adventure, transitioning from being a key player in the automation industry to the fast-moving consumer goods (FMCG) industry, producing nostalgic snacks such as jellies and puddings.

Today, we speak with Jowin Goh, CEO of Nibou Industries about the challenges of switching industries entirely and the experience of being a second-generation business owner.

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On this edition of Open For Business, we speak to Azran Osman-Rani, CEO and Co-founder of digital health startup Naluri, about his transition from the corporate world and C-Suite into the startup ecosystem and then to starting up his own venture. Among other things, you will learn the reason behind this focus on employee wellbeing and digital health, how he balances the double-edged sword of bringing on strategic investors early in a startup’s life, lessons learnt from his times with AirAsia X and iFlix that have helped him build Naluri, and what his ambitions for the company look like ahead.

Before his startup Naluri, Azran Osman-Rani started his career in management consulting, before moving to Bursa and then Astro in business transformation and business development roles. In 2007, he got his first taste of building and running a company, taking on the CEO role at AirAsia X for almost 8 years, before joining iFlix’s leadership team as Group COO and CEO for Malaysia for around 2 years.

All these experiences played a role in his journey to startup founder and how he approached building Naluri.

Founded in 2017, Naluri takes a proactive approach at tackling employee health and wellbeing in the hopes that preventive healthcare will lead to improved employee productivity, reduced healthcare claims, and ofcourse, improved real-world business results.

Naluri made around $4 million in annual revenue last year and is aiming to drive growth ahead through more geographic expansion, expanding their focus from the large enterprise space to the SME space, and looking into more products and services that compliment their existing offerings. Currently operationally profitable in Malaysia, Indonesia, and Singapore, Naluri aims to break-even this year and is working on raising its next funding round which it hopes to be in the USD$10-20 million range.

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Love, Bonito’s 14 Year Journey, Brick-And-Mortar Growth, And Tapping Into The Asian Diaspora

Starting out as a humble blogshop selling second-hand clothes in 2005, today Singapore-based e-commerce and fashion brand Love, Bonito calls itself the largest vertically integrated, omnichannel women's fashion brand in the region.

The direct-to-consumer brand was created with a commitment to accessible and thoughtful designs, specifically tailored for the Asian female demographic and is now present in multiple countries and exports to over 20 countries. In Malaysia, the firm now has 6 outlets, having recently celebrated their sixth and newest addition - the flagship store at The Exchange TRX.

In this episode of Open for Business, we speak to Dione Song, the CEO of Love, Bonito about the brand's journey from a humble blog shop to the largest vertically integrated omnichannel women's fashion brand in the region, Love Bonito's commitment to catering specifically to the Asian female demographic, the transition from an online focus to an omni-channel marketing approach, and their growth story ahead.

02:02 The Genesis of Love Bonito

03:06 The Philosophy Behind Love Bonito's Fashion

05:00 The Importance of Representation in Fashion

07:00 Dione Song's Journey to CEO of Love, Bonito

14:07 The Omni-Channel Approach of Love, Bonito

17:30 The Importance of Customer Data in Retail

20:12 Transitioning from Online to Offline Shopping

20:39 Creating Unique Offline Shopping Experiences

24:57 Expanding into New Markets

32:12 Love, Bonito’s Growth and Profitability

36:11 Future Plans and Trends in the Fashion Industry

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Samadhi - the moment when the mind achieves stillness and total meditative consciousness. True to its name, Samadhi Retreats is a sanctuary for serenity and holistic hospitality, all while harmonising with nature and embracing sustainability.

Samadhi Retreats boasts a chain of luxury hotels, resorts, and restaurants strategically situated "in the middle of nowhere," surrounded by nature. Each location aims to provide customers with a distinctive escape from the hustle and bustle of life.

Today on Open for Business, we speak to Federico Asaro, the CEO, and Founder of Samadhi Retreats. He shares insights into the unique Samadhi DNA, discussing the challenges and successes of intertwining luxury, nature, and sustainability in the hospitality scene.

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BananaBro is a chain of banana leaf restaurants founded in 2018 by Tony Lim, who isn’t a stranger to the F&B space. He previously started Boat Noodle back in 2013 and before that set up a Chatime franchise in Cambodia in 2011.

In 5 years, BananaBro has grown to over 30 outlets nationwide and made RM70 million in revenue in 2023, with EBIDTA margins around the 15%-20% range. The business is still actively expanding and is looking to take their store count to 60 by 2026. At present, Tony sees potential revenue for the Malaysian market hitting between RM150 million to RM200 million in time.

From bubble tea to thai boat noodles and now Indian banana leaf, in this edition of Open For Business we explore the business rationale and promise for building a banana leaf restaurant chain, how Tony's past experiences have helped with the starting and scaling of this venture, and much more.

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In this episode of Open for Business, you will learn about Inside Scoop’s inception 11 years ago and the journey this venture has taken, what Farm Fresh brings to the table, and the Inside Scoop on this business’s potential quantum leap ahead with Edmund Tan, Co-Founder of Inside Scoop.

Founded in 2013, Inside Scoop has evolved into a household name with over 40 outlets across the country. Last year, the company hit a significant milestone after Malaysia's largest homegrown dairy company Farm Fresh acquired a 65% stake in Inside Scoop for around RM84 million. Farm Fresh taking a bit into Inside Scoop marks a new chapter in this homegrown ice cream maker's journey.

The discussion delves into the early days of starting Inside Scoop and why the founders left lucrative careers in finance, the creation and development of the brand, and the aim to expand into the Consumer Packaged Goods (CPG) market with Farm Fresh now in their corner. Edmund also gets into their strategy to maintain brand authenticity, the challenges of venturing into a highly competitive market, the importance of customer experience, and the future plans for location expansion and product innovation.

01:39 The Founders' Motivation and Initial Challenges

02:10 The Birth of Inside Scoop

02:41 The Transition from Corporate to Entrepreneurship

03:19 The Importance of Financial Planning

10:00 The Role of Personal and Professional Growth

13:40 The Art of Ice Cream Making

16:06 Understanding Customer Preferences

17:02 Brand Development and Strategy

17:35 The Importance of Customer Experience in Building a Brand

18:07 Recognizing Malaysia's Manufacturing Industry

18:54 The Journey of Building and Growing a Brand

20:10 Key Marketing Strategies and Customer Acquisition

20:21 The Impact of Free Ice Cream

20:55 The Success of the Ramadan Ice Cream Buffet

21:50 Building a Relationship with a Niche Audience

23:02 Growth Expectations and Future Plans

23:55 The Acquisition by Farm Fresh and Revenue Growth

25:35 The Profitability of the Venture

29:34 The Relationship with Farm Fresh and Future Growth

31:57 The Next Stage: Consumer Packaged Goods

33:00 The Long-Term Involvement of the Founders

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Today on Open For Business, we spoke with NEFIN, a renewable energy investor, developer, and asset manager. Established almost a decade ago, the company’s journey began with a clear vision, that is to harness renewable resources to power a cleaner, and more sustainable future.

NEFIN has a diverse portfolio of renewable energy projects that span various scales and geographical locations, to address the urgent needs of climate change and environmental conservation. The company leverages technologies, including solar, wind, and other renewable energy sources, to deliver efficient and effective energy solutions.

We were joined by Chong Bor Hung, the Managing Director of NEFIN SEA, and Head of Business Development of NEFIN Group who shared his thoughts on how NEFIN navigates the challenges and opportunities of the renewable energy market.

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On Open For Business today, we are talking to a company that’s involved in an industry that’s very much talked about in recent years – the electric vehicle (EV) industry.

Established in 2016, EV Connection is a provider of sustainable energy infrastructure solutions in Malaysia, with a focus on EV charging infrastructure and solar photovoltaic (PV) systems. Its vision is to revolutionise the transportation sector by being innovative with EV solutions. As the world increasingly shifts towards sustainable and eco-friendly transport options, companies like EV Connection are leading the charge in making electric vehicles accessible and practical for everyday use.

Today, we speak with Lee Yuen How, the Managing Director of EV Connection, delving into the journey of the company, exploring their contributions to the EV landscape, their technologies, and strategies for navigating the challenges and opportunities in the rapidly evolving EV market.

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Heading into 2024, it’s important for parents to know where they can get care products for their babies in a timely, convenient manner with reasonable prices. However, in practice that isn’t always easy.

Parents Jesmine and Sean Tan were looking for Safe, Natural and Organic products for their own daughter back in 2011 when they realized that having to resort to importing such brands cost heavy postage fees. This led them to create Applecrumby in 2012. Applecrumby then went on to be part of the second batch of startups that made it to 500 Global’s Distro Dojo program in 2016, where they secured seed funding worth US$300,000 from the VC.

Now, Applecrumby has an e-commerce platform that has their own homegrown in-house brand of baby products. They have baby products such as diapers, wipes, skincare, cleaning products, and toothgel that are catered to parents who wish to have the option of Safe, Natural and Organic (S.N.O) baby products for their children. More recently, Applecrumby had also opened its first store-in-store in Shah Alam in a partnership with Daggeebaby.

So today on Open For Business, we spoke to Sean Tan, CEO & Co-Founder and Jesmine Tan, COO & Co-Founder of Applecrumby on their business journey since 2012 and what the future holds for their business.

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Post-pandemic, Malaysia has experienced a gradual decline in unemployment, however the paradigm shift in work dynamics during the pandemic continues, and now sees many of the younger generations placing different priorities on what they seek in a job.

Hiredly, a leading hybrid recruitment platform in the realm of talent acquisition, specifically targets Gen Y and Z, recognizing their evolving working preferences. It comprises both a job portal and a headhunting recruitment solution, focusing on junior to mid-management talents.

Today on Open for Business, we speak with Derek Toh, the Founder and CEO of Hiredly, on why he started down this path, the business model and promise of this venture, how AI has changed the game, and the future of Hiredly. We will also explore employment trends in Malaysia and the evolving demands of workplaces.

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