Interview with A Founder: Alvin Kwock (Co-founder of OneDegree )
By Sophie Chiu (AppWorks Associate)
Alvin Kwock is the Co-founder of OneDegree, an alumnus from AppWorks Accelerator #16. Founded in 2016, OneDegree is a technology startup aiming to become the next-generation insurance industry leader in Asia. The company hit a major milestone in April this year when it received a virtual insurance license, making it one of the first batch of firms authorized to sell insurance through online-only channels in Hong Kong. Since then, OneDegree has launched the city’s first pure medical insurance for pets, which will be followed by cyber and health insurance products and more.
【Having such a fruitful year, can you recall the most challenging / rewarding moment that you have come across during your start-up journey?】
Our earliest days, fundraising and try to win trust from potential investors, were definitely the most challenging. In order to operate legally, we had to apply for an insurance license, which required at least US$30 million of paid-in capital. We met with many investors and there were some who turned us down immediately, telling us there was no way we can raise that amount at a pre-revenue stage. However, we were tenacious and just kept pitching. One investor in particular said no to us 3 times, but we eventually won their support on the 4th attempt. Our technology is our moat, and we worked hard to demonstrate to investors and partners the revolutionary nature of what OneDegree can offer. A big insurance firm, which approached us about a partnership, told us that they could spend US$100 million and still not be able to replicate the powerful insurance core platform OneDegree has built. Getting to where we are today was not easy, hurdle after hurdle, but an incessant belief in our mission helped us get through all the challenges.
【As a founder, what would be some advice for newcomers starting their business?】
Creative thinking is often emphasized as the most important skill or attribute for entrepreneurs. However, in my own experience, building trust is even more important. Trust is an effective tool to facilitate transfer of your creativity to the people who work with you. Over half of our employees are shareholders of OneDegree, which contributes to an environment of trust and collaboration. I believe that a team can only be successful if it plays together. To build trust with clients, we have to show them that we have the ability to deliver and to consistently provide them with something of value. We demonstrated this through our debut insurance product. For example, we pledged to pay out claims within 2 days – much faster than traditional insurers – and we’ve managed to deliver on that.
【Eventually, what impact do you want to have?】
OneDegree’s goal is to become the gold standard in the insurance industry. We aspire not only to serve customers of our insurance business, but also to maximize the impact through partnerships with like-minded insurers, banks and eCommerce channels globally. We want to make the insurance experience entirely seamless for our customers, and we will be relentless about this. Settling claims within 2 days may sound fast today, but it is not too hard to imagine that in a few years’ time the process may only take minutes, or even seconds, to complete. We strive to be at the forefront of change, helping insurance companies become more efficient and making it easier for all end users to get the protection they need, with a simple click or tap on their devices. This is the impact I want to have.
【We welcome all AI, Blockchain, or Southeast Asia founders to join AppWorks Accelerator: https://bit.ly/3meoGTG 】
paid-in capital 在 Focus Taiwan Facebook 的最讚貼文
Taiwan Semiconductor Manufacturing Co. (TSMC), the world's largest contract chipmaker, said Tuesday that its board has approved funding to establish a fully-owned subsidiary in Arizona with paid-in capital of US$3.5 billion.
https://focustaiwan.tw/business/202011100030
paid-in capital 在 投資新手輕鬆看懂財報名詞 Facebook 的最佳貼文
◎資本公積(Additional Paid In Capital,或簡寫APIC)
資本公積主要來源為股本溢價。
發行新股時,若發行價格低於股票面額,為折價發行;若發行價格高於股票面額,為溢價發行。
舉例來說,若股票面額為$10,以$30發行1,000股。
則股本部分為$10×1,000股=$10,000。
股本溢價為($30-$10)×1,000股=$20,000
資本公積還有其他的來源,此處僅說明最常見的部分,有興趣請再上網找更多資料。
◎保留盈餘(Retained Earnings)
保留盈餘就是公司歷年來賺到的錢(或賠的錢),扣除已分配給股東的部分。
公司賺到的錢,在繳完稅之後,就會歸進保留盈餘。而分配股利給股東時,也會從保留盈餘中扣除。
◎庫藏股
當公司買回自己公司的股票,就稱為庫藏股。在會計上,為權益的減項,且會從在外流通股數中扣除。
通常公司會買回庫藏股有幾種可能的情形。
例如,當公司覺得自家公司的股價過低時,就會買回庫藏股,這麼做也能刺激股價回升、並提高交易量。
買回的庫藏股可能會於高價時再賣出(差價部分會進資本公積),或是分配給員工作為員工配股,也可能會予以註銷。
paid-in capital 在 Common Stock vs. Additional Paid-in Capital - YouTube 的推薦與評價
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