To support next-generation leaders of Singapore’s family enterprises with networking and mentoring opportunities, and to help them address the unique challenges of growing up in entrepreneurial families, Singapore Management University’s (SMU) Business Families Institute (BFI) has established a unique platform – the BFI Next-Gen Club. The initiative was announced and launched on 9 October at an event featuring Olympic gold medallist and venture investor Joseph Schooling as its special guest.
Speaking at the launch event, BFI’s Academic Director, Associate Professor Kenneth Goh, said, “In my conversations with many next-gens from business families, I’ve learnt that they are often at pivotal crossroads – whether in life, career, or personal development. Balancing the expectations of continuing the family’s legacy while pursuing personal aspirations is a unique challenge that many next-gens face. I believe herein lies an opportunity where BFI can contribute and play a role in their growth and development.”
Membership to the BFI Next-Gen Club is not limited to students and alumni of SMU. With an aim to build a network of next-gen leaders who will support one another, BFI also welcomes students and alumni from other institutes of higher learning in Singapore who are part of family-owned enterprises.
“We envision this to be a community where members can connect, grow and receive tailored mentorship,” Assoc Prof Goh added.
Besides customised events and programmes tailored to meet the needs of this unique group, members can also benefit from mentorship by distinguished next-gen leaders. They include John Cheng (Founder & CEO, Innovate 360), Tommy Phun (Founder & CEO, Pyxis; Director, Eng Hup Shipping), and Meimei Chua (Managing Director, The Keier Group). Their guidance will be invaluable in helping members build successful careers within their family businesses.
At the launch event, Assoc Prof Goh also moderated a fireside chat with Mr Schooling, who shared key lessons on resilience and adaptability, as he spoke about his experiences as an elite athlete and venture investor. For instance, he shared insights into his strategies for deciding when to make bold pivots versus when to rely on proven approaches. He also emphasised the importance of staying focused, especially when the stakes are high, sharing his approach to staying calm and making clear-headed decisions amid external pressures.
Drawing powerful parallels between the world of elite sports and the complexities of leading a family business, Assoc Prof Goh said, “Family firms are steeped in legacy, hence leaders must navigate the fine balance between honouring tradition and taking calculated risks to foster innovation. And indeed, whether competing against Olympic legends or leading a family enterprise, it is essential not to be overwhelmed by the moment.”
Danni Xu, who is a first-year student in SMU’s Master of Laws programme, was one of the attendees at the launch event. She said, “Finding BFI gave me a sense of belonging to a community which shares similar challenges of balancing persona, professional and family aspirations. I really enjoyed the fireside chat - The athletic championing mindset of re-calibrating life path is truly empowering, and has helped me uncovered the value of ‘impact’ and ‘legacy’.”
Ma Elisa Bautista, second-year student in SMU’s MSc in Innovation programme, shared, “From the fireside chat with Joseph Schooling, I took away invaluable lessons about discipline and consistency, both in sports and entrepreneurship. Joseph emphasised that discipline was essential, especially when adapting strategies that weren’t yielding the desired results. His journey reminded me that success relies not just on hard work, but also on a supportive environment and the ability to adapt to challenges along the way.”
“Through this Club, I hope to gain valuable guidance, connect with potential partners, and learn more about running a family’s construction business effectively. I believe that by collaborating with others in this community, I can navigate the challenges ahead and make a meaningful impact in the construction industry,” she added.
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