NETROVE Asia Sdn Bhd hopes to play an integral role in the Asian Internet revolution by investing intellectual and financial capital in the conceptual and early stages of pure-play dotcom companies.
It’s president Foo Yong Kwang said with its industry presence, knowledge and experience, the company is able to provide the business network for the startups, when other vendors choose to ignore them.
Netrove also plans to tie up with other investors in the later stages for its involvement technology to the dotcoms. Foo said the company helps by
getting involved in the management of the dotcoms in the early stage, where it will provide advice on the proper set-up, raising on the proper set-up, raising the necessary funds and listing process.
According to Netrove’s chief executive officer Teh Kim Seng, the company has the experience needed to help companies from the very beginning to their initial public offering (IPO).
Teh considering Netrove and “Internet angel and catalyst company”, which gets involved in running successful Internet projects and tries to provide an “angelic touch” on new companies.
“We are most valuable in the early stages of the project. As the companies grow, they are able to raise more funds and increase their human resources. Our role slowly diminishes.”
Teh said Netrove could also take advantage of their business partners’ experience and combine Net know-how with real business expertise and networking. “We believe there isn’t anyone in Malaysia doing what we are doing right now, yet.”
He added that Netrove is only considering pure-play dotcoms, companies that are leveraging on the Internet to make it work.
“Our focus is strictly on the core, mainstream Internet companies such as content providers and application service providers.”
Currently, Netrove has RM20 million for investment in the dotcoms, and plans to raise a total of RM100 million. It has so far invested in Corpmart.com, Cacoonasia.com and ehotelzone.com, and will announce the fourth company soon.
“We are hoping to uplift the Internet market development in Malaysia by investing more money and increasing awareness. Dotcoms need to be nurtured and given a change to grow”, Teh said.
Malaysians, he added, have great ideas but can be unrealistic with the valuation of their companies and are afraid of their ideas being hijacked.
“The Malaysia Internet market is lagging behind Singapore, Japan, Korea, Taiwan and Hong Kong.For it to advance, the ‘angels’ or seed companies need to help kick-start the industry while the regulators need to help make the environment easier and the media need to give the dotcoms a channel for exposure,” he said.
Teh said in Hong Kong, due to how the financial market works, the Internet market develop fasts, picking up trends from the US.
He also highlighted the fact that although Singapore, Taiwan and Hong Kong have a lower population figure than Malaysia, they still manage to establish a more advance Internet market.
(Source: News Straits Time, 22/5/2000)