Ryde's CEO on overcoming adversity and the value of hard work
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Ryde's CEO on overcoming adversity and the value of difficult work
Terence Zou doesn't believe in cocky-entitlement. Losing his female parent at a young age spurred him to "piece of work harder than other people". Today, he's the founder of Singapore's homegrown ride-hailing app, Ryde.
Terence Zou, founder and CEO of Ryde Technologies. (Photo: Alvin Teo)
01 Sep 2022 06:32AM (Updated: 01 Sep 2022 06:59AM)
It's a rainy morning when I first see Terence Zou, founder and CEO of homegrown ride-hailing start-upward, Ryde Technologies. Coincidentally, the date is Aug nineteen, the offset day in which fifty per cent of work-from-home employees were allowed to return to the office following the loosening of COVID-19 restrictions in Singapore.
Every bit we settled in for our chat, Zou points out that in the morning, he had seen an uptick in fare prices on the Ryde app. That's good for business, but information technology's as well proficient for the drivers on its platform. After all, Zou founded the company precisely to help these drivers earn an income.
The pandemic, of course, hasn't been kind to the carpooling concern. But Zou is optimistic. He has spent the past few months improving the business, sharpening his strategy. Despite the circumstances, "things accept worked out pretty well" for Ryde, the 46-year-one-time shared.
In any case, Ryde is "more than just a business", its founder believes. At the eye of the visitor is a larger social mission to create a positive impact for the customs.
'You lot NEED TO WORK Hard FOR WHAT Yous WANT'
Ask Zou almost his growing up years and he'll tell yous it'southward an "ordinary story". "I was from a simple family and I had simple childhood," he shared.
From young, Zou'south parents instilled in him the importance of studying hard in order to get into a good schoolhouse, and working hard to get a good task.
At the age of xv, Zou's female parent passed away. He doesn't like to talk too much about it. "Everyone has their own stories," he explained.
Only the loss did accept a profound affect on him. Equally the eldest brother, Zou had to shoulder more than responsibilities, having to accept care of his two younger siblings while his male parent worked. Just if anything, the feel made him tougher. "I had to work harder than other people, I had to fend for myself, pay my own school fees. That instilled in me a sense that there's no such thing as self-entitlement. Y'all need to work hard for what you want," he said.
And work hard he did. In his schoolhouse years, Zou studied difficult enough to earn a place in Raffles Institution and Raffles Junior College. Later graduating, he wanted to further his studies overseas. "But I couldn't afford the hefty fees, so I got a scholarship with the navy," he shared.
That paid for Zou to study at the London Schoolhouse of Economic science for his bachelor'south degree, and subsequently the Massachusetts Found of Technology, where he did his principal'due south. When he returned to Singapore, he readily embarked on a career in public service, serving in the navy for eight years. " I was indebted to the people who sponsored me," he said matter-of-factly.
Zou thrived in the navy, even condign the commander of a patrol vessel. But he ever had an interest in finance and economic science, so when his bond came to an end, he enrolled in Harvard Business Schoolhouse to do a Master's in Concern Administration (MBA). He describes his time at Harvard as a "transformational experience". "I thought I had learned quite a bit during my time in the navy. Just at Harvard, I learned that the world is very, very big, with very, very smart people," said Zou.
"I had to work harder than other people, I had to fend for myself, pay my own school fees. That instilled in me a sense that in that location'due south no such affair as self-entitlement." – Terence Zou
THE BEGINNINGS OF RYDE
The idea to start a carpooling app came to Zou equally early as 2004, back when he was even so in the navy. He would drive himself to piece of work every day, a journey that required him to travel from Bishan to Tuas. "Near of the time, I was driving alone. It was a waste of three empty seats," he said.
Considering the fact that cars are left in a carpark most of the time, "the utilisation charge per unit is very low," Zou added. It was impossible to hail a taxi early in the morning and taking public transport would have taken him two hours.
Was in that location a way to maximise the employ of a automobile and reduce traffic congestion? Could drivers earn an income from this? Could he create a business that would exist of value to everyday Singaporeans?
Zou knew there was a gap in the market, merely he wasn't ready yet to take the plunge. Instead, after his time in Harvard, he went on to piece of work in the finance sector for a couple of years. Only in 2022 did he circle back to the idea of starting a carpooling app.
The timing was right then, and so was the technology. "We had GPS, we had handphones, and we had digital payment systems. All these technologies were non there in the early 2000s," he said.
Zou quit his job and dove headfirst into the tech commencement-upwardly globe. He was acutely aware of the run a risk. "90 per cent of start-ups fail within five years. So it was a very low probability of success. Just I believed that what nosotros were building, a carpooling app, had a niche. It's a more than sustainable way forward and information technology solves the issue of getting from betoken to betoken," he said.
The early days of Ryde were tough. Zou had the thought, but he was neither a programmer nor a coder. Thus, he outsourced the technological evolution of the organisation, only has since brought it in-business firm.
In order to get drivers on board, Zou recalls heading downwardly to far-flung carparks in various parts of Singapore late in the dark to distribute fliers with his team. Dark was when all the cars would be parked at home. "We started at midnight and just squeamish, we would stop at 7am," he recalled.
When Ryde first started, information technology was the but app in Singapore to offer a digital carpooling service. 2 years later, Grab launched a similar service called GrabHitch. This should have worried Zou, but instead, he believes it helped make carpooling more than ubiquitous. It's a tough industry, and Zou is enlightened that he has "huge competitors".
"Just I recollect competition is good, it forces y'all to think harder and come up with more innovative ideas. That'southward why nosotros take expanded our suite of offerings," he commented.
CREATING A 'SUPER-MOBILITY APP'
Today, Ryde doesn't just offering a carpooling service. Its portfolio now includes individual hire bookings with RydeX, taxi bookings with RydeTaxi, pet-friendly transportation with RydePet, premium private-rent service with RydeLuxe and more. In 2018, the visitor also launched RydeSend, an on-need courier service for small goods.
Zou believes that ane of Ryde's key competitive advantages is its lower fees. Drivers are charged a x per cent commission, while other competitors charge an boilerplate of twenty per cent. "Nosotros know that passengers want to pay less, and of class, drivers want to take home more than," said Zou.
This strategy panned out well during the pandemic. Lower fees helped to attract more drivers to the platform during a hard economic situation. In fact, Ryde says that its driver pool increased past one.half dozen times between Q1 2022 and Q2 2021. Information technology currently has more than than 10,000 agile drivers on the platform and to date, it has facilitated more than xvi million bookings.
In addition, Zou says that the visitor was "cashflow positive" in Q4 2020. It is now targeting an IPO in 2022.
On whether Ryde has ambitions to become a superapp, much similar other competitors in the industry, Zou had this to say: "I think our first priority now is that we demand to get a super-mobility app. Focus is key. Every business, no matter how big or how small, needs to maintain a skilful amount of focus."
"I recall our beginning priority now is that we need to become a super-mobility app. Focus is key. Every business, no matter how large or how pocket-sized, needs to maintain a adept amount of focus." – Terence Zou
More Just A BUSINESS
Driving may have been the spark for Zou to start Ryde, but a few years ago, he sold off his car. He now uses the app to get around.
Being on the ground helps Zou "feel the pulse of the drivers", he shared. Only practice drivers recognise him equally the CEO when he gets on board? "It's good that now nosotros're wearing masks," he laughed. "I prefer to go incognito, so I can hear the real feedback from drivers."
When it comes to Ryde, information technology'due south not the visitor'south numbers or returns that Zou is most proud of. It's the fact that he has built something that makes a positive impact on its customs. "Our drivers earn by the day. So what nosotros are doing likewise impacts their families and their children," he said.
The company's support for its drivers goes beyond helping them to earn a stable income. In 2020, it launched the Ryde Teaching Merit Awards, where the children of Ryde's driver-partners who have performed well academically are awarded cash prizes on top of tech gadgets. The aim of the awards programme is to encourage and inspire the children of its driver-partners to work difficult.
"This is something I hold dearly. Non only do we have to focus on this generation, nosotros also have to focus on the side by side," said Zou. Drivers spend a lot of time on the roads, and the Ryde Education Merit Awards is a way for the company to thank them for their contributions in a meaningful way. Zou hopes to i 24-hour interval turn the programme into a total scholarship.
Beyond its commuter customs, Zou says that the company tries to give back where information technology tin. In May, information technology launched the Ryde Supports Hawkers, an initiative aimed at helping hawkers who were affected past lockdown measures. The company purchased nutrient items from these hawkers and distributed them for costless to its drivers as well equally frontliners in the fight against COVID-xix.
"These are some of the CSR efforts that we do not only to tick the box. But nosotros are doing what is right and has an affect," Zou said.
Zou's career journeying may exist a remarkable story, but at the cease of the day, he is notwithstanding that immature boy from a simple family, who was taught to work hard to achieve his dreams. Now, he's giving dorsum in his own manner.
"I remember you just need to pay it forwards and create value for other people. Information technology volition and then come back to you lot total circle," he shared.
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Source: https://cnalifestyle.channelnewsasia.com/people/ryde-ceo-terence-zou-277791
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