"I've often told my team and reminded myself that we are in a business that really demands intellect. In everything we currently do, we can learn from many international players. During the first few years, when we set up our team, there was not much innovation. It was more about making things work. Do we believe in micromobility sharing in Singapore? If we do, how do we make it work? How do we learn from it? This is why I need people around me who are not just trustworthy but also hardworking." - Htay Aung
"I anticipated the arrival of licensing and regulations and they indeed arrived. We emerged successful where many didn't because the LTA required GPS-enabled locks, meaning each bike needed an internal SIM card, not just bluetooth. We chose from day one to use smart locks with a backend system capable of tracking all riders and their locations. This strategic decision ensured our bikes were compliant when licensing was enforced. In Singapore, all licensed operators must integrate their systems with th LTA, reporting live locations at regular intervals—every 30 minutes to an hour. This foresight to adhere strictly to anticipated regulations positioned us to focus intensely on how technology could sustain our business." - Htay Aung
"We reached some agreements with a VC who gave us the valuation we wanted, but we didn't take the money because our spending priorities were different. This VC wanted to use the funds to boost app downloads quickly through extensive advertising, involving celebrities. I strongly disagreed with this approach because it could potentially harm the business. What if we acquired 1 million users through channels like YouTube, Instagram, or Facebook, and they downloaded the app but couldn’t find any bicycles? They simply wouldn't use the service. I countered the VC’s strategy by arguing that the funds should be used to purchase and improve bicycles. I believe it’s crucial for people to see reliable, clean bicycles daily, which would encourage them to download and usethe app, not because they were swayed by advertisements but because they see the value in the service itself. This stance distinguishes Anywheel from other companies heavily reliant on VC funding." - Htay Aung
In this episode, Jeremy Au speaks on Anywheel founder struggles, winning the bike-sharing war, and rejecting VC and acquisition offers.
Keywords: Htay Aung, Anywheel Founder Struggles, Winning the Bike-Sharing War, Rejecting VC and Acquisition Offers, Singapore, Startup, Mobility, Founder Story
