Business China Youth Series – F&B Industry: Tech & Innovation
Business China organised the 1st Youth Series in 2021 with Mr Rodney Tang, founder of Royal T. Group and Mr Francis Low, founder of Beijing Wei Zhi Wei Group on 17th May via the Zoom platform, where they shared their vast experiences and insights on the food and beverage industry. The online webinar, themed “F&B Industry: Tech & Innovation”, was moderated by BCYC Director of Operations Miss Sun Wen Zhen and attracted over 120 participants.
During the webinar, both speakers shared about the history and products of their companies and shed light on their current business models as well as initiatives in both China and Singapore.
In respond to questions on digitisation efforts of his company during the Q&A session, Mr Francis Low shared about his company’s digitization journey as internet went from primitive to pervasive. He further elaborated on how the F&B industry leverages technology and innovation to attain efficiency. Among many innovative examples quoted include using facial recognition technology in business processes to help in kitchen management, where the technology can identify nonconformances in kitchen cleanliness and guidelines.
Guest speaker Mr. Felix Ren, Managing Director for Wemedia Consulting also shared his experience in helping companies establish their brands in Singapore. He highlighted that Singapore has been one of the top choices for Chinese companies to expand internationally, owing to the stable political landscape and transparency in regulations. He also shared his observations on the increasing trend of more Chinese companies entering the Singapore market despite the pandemic.
On the topic of age limitations and facing failures in starting a business, Mr Rodney Tang shared that age should not be a constraint but noted that to fail is part and parcel of startup process. He emphasized that passion and understanding the purpose of starting a business is critical for those who are willing to take the risk to venture into the scene. He also shared that being energetic and patient are some qualities needed in running a startup. Besides these, having a razor-sharp focus and having a deep understanding of the market will help in breaking market norms. Mr Felix Ren added that youths can always take small steps in starting out in the F&B industry by renting a stall in a local hawker center where it is a relatively safe space to experiment in a smaller scale.
Technology advancements have changed the way things are done, from our everyday lives to growing, processing, and purchasing our food. As the speakers mentioned, technology and innovation make a positive impact in the F&B industry by improving businesses' operational efficiency. We believe that businesses need to leverage technology to maintain its relevance to consumers as we got accustomed to a more tech-enabled environment. Please stay tuned and follow Business China’s Facebook page for more details on the next Youth Series!