The magazine for alumni and friends of the UB School of Management
Issue link: http://ubschoolofmanagement.uberflip.com/i/859399
Like many entrepreneurs, Daryl Png, BS '16, is con- stantly thinking about how he can help those around him and add value to their lives. According to the Economist, Singapore, where Png was born and raised, is the most expensive city in the world to live. Only 15 percent of residents own a car — making the car rental industry a prime space for innova- tive thinking. Png came to the School of Management in 2012 and, with co-founder Lim Guo Hong, developed an idea in 2013 for a digital car rental platform that would allow custom- ers to compare rates and rent cars affordably. "In Singapore, most popular online travel agents only work with first-tier rental companies, creating transparency issues and leaving a large untapped mar- ket of small- and medium-sized rental companies," says Png, who also holds a diploma in aeronautical engineer- ing from Singapore Polytechnic. "I would do sketches of wireframes during my free time, while Lim programmed each module accordingly." In fall 2013, they won a $50,000 startup grant from SPRING Singapore, an agency within the Ministry of Trade and Industry, and soon launched their company, Rentcars. Over the next three years, they rebranded as RC9, revamped their digital marketplace and garnered ad- ditional investments from a publicly listed company and top industry executives. Png and Hong were named Rising Entrepreneurs of the Year for 2016 and received the honor from Zainal Sapari, a member of the Singapore Parliament. Autumn 2017 Buffalo Business 23 Alumni close-up: Daryl Png Meanwhile, Png was able to apply his School of Management coursework to his business and, converse- ly, better understand concepts covered in class because of his RC9 experience. He says his time at UB made him a better critical thinker and global citizen. "Fundamentally, I am an optimist and lifelong learn- er," he says. "Through class discussion and team-based projects, I improved my analytical skills and ability to ar- ticulate good reasoning." Aer earning his bachelor's degree in business ad- ministration, Png returned to Singapore to focus on RC9. He and his co-founder grew the platform to include more than 35 rental companies and offer services in 150 coun- tries worldwide. They sold the company in December 2016 for $1.59 million Singapore dollars (about $1.1 mil- lion in the U.S.). "Our startup journey was a character-building ex- perience that allowed me to learn so much about myself," he says. "Entrepreneurs should not be afraid to make mis- takes. You never lose — you either win or you learn." Today, Png is a product evangelist for AIG, a multi- national insurance corporation with more than 88 mil- lion customers across the globe. He conducts a quarterly competitor analysis and serves as a project manager, col- laborating with stakeholders across the organization on usage-based insurance and telematics solutions, includ- ing the new "AIG on the Go" app for Singapore. No matter where his career takes him from here, Png has one ultimate goal: "Being part of disruptive innova- tion that improves people's lives." x — Matthew Biddle The Drive to Innovate