Built 2nd Startup at 23, Execution was Everything | Intellect Theodoric Chew

Key Concepts

Entrepreneurship, mental health, startups, venture capital, personal growth, access to care, Asia-Pacific market, ambition, naivety, learning by doing, building a company, scaling a business, early-stage challenges, market validation.

Early Life and Entrepreneurial Inclination

Gdoric Chu, co-founder and CEO of Intellect, a mental healthcare company focused on the Asia-Pacific region, discusses his journey into entrepreneurship. He always felt drawn to building things, inspired by individuals who created ventures they believed in. Despite attending Raffles Institution, a top Singaporean high school, he decided against pursuing university, opting instead to learn by doing.

First Venture: A Digital Media Platform

Chu's first company was a bootstrapped digital media platform focused on personal growth content. It featured thought leadership pieces from experts, aiming to help people learn and grow. He was passionate about personal development, inspired by figures like Tony Robbins. The platform relied on a network of volunteers, part-timers, and guest writers. He ran this company for two years, facing the challenge of inexperience. He emphasizes the importance of "simply doing," believing that practical experience is crucial, even without complete knowledge.

Gaining Experience: Startups and Venture Builders

After exiting his first company, Chu worked at startups and venture builders to gain experience and skills. He recognized his youth and lack of large-scale building expertise. He joined Voyagen, a Japanese travel tech startup, leading a component of their marketing team. Voyagen was later acquired by Rocket, a large Japanese conglomerate. He then moved to a venture builder/VC firm. He viewed his choices as trade-offs, acknowledging the value of a traditional education but believing he learned more through practical experience in fast-growing startups and venture capital environments.

Intellect: Addressing the Mental Health Gap

Chu's personal experience with anxiety and panic attacks in his teenage years, coupled with the realization of a significant treatment gap in mental healthcare, led him to create Intellect. He cites a pre-pandemic Singaporean survey revealing a 4-7 year delay in seeking mental health support. He also notes the high suicide rates in fast-moving Asian cities. He saw a clear problem: people in Asia need and want mental health support but don't know where to start.

Intellect's Approach: Accessibility and Scalability

Intellect's initial hypothesis was to make mental healthcare easily accessible. The company focuses on scaling access first and then deepening the level of care provided. Intellect offers a range of services, from self-guided content to live virtual care and crisis support. They have expanded from scaled-up care to face-to-face support.

Early Challenges and Market Validation

Starting Intellect in 2019 was challenging due to the nascent nature of mental health awareness in Asia. Investors and clients were not prioritizing it. The company's success stemmed from a strong belief that mental health is as important as physical health. The early days involved extensive conversations with HR professionals, clinicians, and individuals to understand the problem. They started with a small pool of 10 customers, early-stage startups, to validate their solution.

Key Learnings and Advice for Entrepreneurs

Chu emphasizes the importance of ambition and a degree of naivety in entrepreneurship. He believes that a "dreamer" mindset enables bolder decisions. His advice to aspiring entrepreneurs is to try, acknowledging that outcomes vary. He believes that there has never been a better time to start a company due to access to information and audiences. While not everyone is meant to be an entrepreneur, everyone can try and learn from the experience.

Notable Quotes

• "I felt I learned equally if not more uh in terms of what I wanted to acquire exposure to a fast growing startup looking at how a venture builder a VC thinks."
• "If people knew how helpful therapy was, everybody would be actually doing it."
• "Having a huge amount of ambition and a good amount of naivity is what helps entrepreneurs get started."

Technical Terms and Concepts

• Venture Builder: A company that creates and launches new businesses, often providing resources and expertise.
• VC (Venture Capital): Funding provided to startups and small businesses with high growth potential.
• Bootstrapped: A company that is self-funded, without external investment.
• Treatment Gap: The delay between the onset of a mental health condition and receiving appropriate care.
• Personal Growth: The process of self-improvement and development.
• Digital Media Platform: A website or application that delivers content through digital channels.

Synthesis/Conclusion

Gdoric Chu's journey highlights the value of practical experience, ambition, and a strong belief in solving a significant problem. His decision to forgo a traditional university education in favor of learning by doing in startups and venture capital ultimately shaped his ability to build Intellect, a company addressing the critical need for accessible mental healthcare in Asia. His emphasis on starting small, validating the market, and maintaining a degree of naivety offers valuable insights for aspiring entrepreneurs.