News

January 19, 2024

SHARE:

Across Asia, a new wave of second- and third-generation business heirs is redirecting family enterprises toward sustainable investments, challenging traditional profit-centric businesses.

Komal Sahu, Chief of Sustainable Finance at AVPN, the largest network of social investors in Asia, notes that younger generations are recognizing their family’s wealth as a catalyst for positive transformation. By integrating environmental, social, and governance factors into their investments, these heirs aim to drive positive change while maintaining financial viability.

Al Jazeera has shared three business heirs across Asia that exemplifies this:

In Malaysia, 27-year-old Abe Lim, an heir to a lubricant and cleaning products business, departed from her father’s profit-focused approach, despite being groomed to take over the company. Instead, she founded Purpose Plastic, successfully transforming discarded plastic into home decor and other products while emphasizing sustainability.

Image Source: Al Jazeera / Abe Lim

In some cases, the older generation encourages innovative thinking to secure the ongoing success of their businesses. The Lopez family in the Philippines, known for success in telecommunications and energy, divested from coal in 2016 to focus on renewable energy. Marianna Lopez Vargas, partnerships manager at the Oscar M Lopez Center, believes that a complete transition to renewables is achievable with the right incentives.

Singapore-based Fernando Scodro, responsible for his family office’s investment strategy, is educating his family about socially conscious investing, which leads to impactful investments like COGNI, a Brazilian startup focused on energy efficiency.

As these Asian business heirs redefine success, their commitment to sustainable investments signals a profound shift toward a more socially and environmentally conscious business landscape.

Featured Image Sources: Al Jazeera, Esquire PH, X

Related Articles

Image Source: Social Bella

News

A Millennial’s Gamble Pays Off As Her New Beauty Product Line Has Just Raised Over $225M

When the pandemic struck, all Chrisanti Indiana wanted to do was help her family and create jobs in her community.

Nonetheless, as the pandemic worsened, each day appeared to be a gamble. She gambled on her dreams, created her employment opportunity, and risked everything for her family because she had no safety or security options.

The Indonesian co-founder, and chief marketing officer of Social Bella, surprised everyone by taking her successful online store offline. In 2019, her online beauty and personal care store, Sociolla, already had two physical locations in Indonesia. It currently operates 47 outlets in Indonesia and 16 in Vietnam, making its earnings multiplied by ten by the end of 2021.

It started after Indiana had finished her studies in Australia in 2015 when she moved back to Jakarta, where she conceived the idea for Sociolla.

Chrisanti found that Australia was a great place to stock up on her favorite cosmetics because of the abundance of international brands. There couldn’t have been a bigger contrast with Indonesia.

With a combined $13,000, Indiana, her brother, and a close friend founded Social Bella to provide customers with access to legitimate goods and services.

“Since we started, we ensure that we only work with authorized distributors or brand owners,” Indiana said. 

The three founders of Sociolla had bigger plans than just building an online store. They have expanded beyond offline stores to become a global beauty and personal care product distributor. In Indonesia, they also became an associate partner for numerous international brands.

‘We want to ensure that we are scaling up and reaching more and more consumers. If Social Bella becomes a unicorn, it’s a bonus.” – Chrisanti Indiana shared with CNBC.

Image Source: DoorDash

Blogs, Development, Ideas, Stories

What Separates DoorDash Founder Tony Xu From The Rest Of The Tech Billionaire

Learn more about Tony Xu, the co-founder, and CEO of DoorDash, the most extensive service in the US for delivering food. Xu is a Chinese-American tech billionaire who has worked for eBay and PayPal in the past, but he attributes his current success to the experience he gained working as a dishwasher.

DoorDash went public in December 2020 after being co-founded in 2012 by a group of excellent Stanford University students, including Xu. Today, the platform has more than 6,000 employees and more than half the market share in the food ordering and delivery industry. Company earnings for 2021 were reported to be over US$4.8 billion.

Xu shared that he once felt discriminated against when surrounded by other entrepreneurs who were different from him. As the sole Asian-American cofounder of the company, he proudly and responsibly accepted the challenge. He is aware that there are not nearly as many Asian-American CEOs or other types of founders, so he remains a minority throughout this setting. He believes it serves as a gentle reminder always to recognize that and to maintain a lowly but humble attitude.

Not only has Xu found success with DoorDash, but he also serves on the board of directors for Meta, the parent company of Facebook, and was named to Fortune’s 40. He is also a huge NBA fan, leading to DoorDash becoming the league’s first official food delivery partner.

As of 2022, Xu’s net worth was estimated at US$1.3 billion, placing him at #2,190 on Forbes’ list of billionaires.

Image Source: Paulo Chun / NBC News

Stories

Fifth-generation Entrepreneur Reimagines NYC Chinatown Landmark While Preserving Cultural Traditions

Even though times are tough and New York’s Chinatown is on the verge of dying, there is one place where things appear to be mostly the same as they have always been.

Since Mei Lum started volunteering as a child, Wing on Wo & Co has been run by her family. Brilliant and creative heritage enterprises have withstood generations of economic ups and downs. Mei represents her family’s legacy and New Yorkers and future generations of Chinatown residents.

The 32-year-old fifth-generation owner has bigger plans. Mei revived Wing on Wo’s late-19th-century ambiance. The store was a meeting place, credit union, and informal post office for low-income Chinese employees during the Chinese Exclusion Act.

She wants to run things because she has always wanted to expand the store’s conceptual boundaries. “A business doesn’t have to be so economically driven. There can still be genuine connections, which sustain a community,” she told The Guardian.

Wing on Wo is still primarily run by the original family for over a century. For 30 years, Mei’s father Gary has chatted with clients at the counter. Lorraine, her mother, handles the website and order processing. Her 105-year-old grandmother, Nancy, promotes the store’s hand-painted wine cups, fish-shaped glazed vases, and elegant dinner plates on Instagram.

In 2016, her grandmother intended to sell the family-owned porcelain specialty shop, which was worth close to $10 million. Mei took over the business to preserve it and create a community hub. She was planning to study international relations at Columbia University, but she now wants to run the family business. She wanted the store to be a hub for activists and artists to fight gentrification and displacement.

As a result of the pandemic, Mei decided to focus her efforts on online sales, digital advertising, and social media. To ensure that the business is preserving tradition and shaping the future of Chinatown, she has added several new initiatives, such as youth programs, an artist residency, and a ceramicist fair.

Image Source: Korina Sanchez Youtube Channel

Stories

This Street Vendor Selling “Magic Water” Proves That No One Is Too Small To Be Successful

Priscilla Cornejo, better known as Nanay Bebe to the local people (“Nanay” means mother in Filipino), has been selling her magical water to the community since 1980 in the Philippines. She is convinced that her drink’s distinctive flavor is why so many customers seek out her business.

Magic Water, or known to be its local term “Samalamig” is also recognized as a leading refreshing drink in the Philippines. Despite coming from modest means, Nanay Bebe makes it her mission each day to quench the thirst of those hungry for success.

She explained that her drink is not just ordinary cold water. It has clear agar, sugar, mineral water, and tons of ice. When the agar hits the ice, it tends to melt, creating the ‘magic water,’ that will surely quench your thirst. 

Her business may not look like much compared to big companies or restaurants, as she only sells on the street, but it has tremendous growth potential. Nanay Bebe sells her magic water for PHP5 or PHP10 ($0.08 or $0.17) in small plastic bags, cups or some customers even bring their own Aquaflask or tumblers. From what she described, weekly earnings for her business could reach PHP35,000 ($600).

An endless line of curious onlookers from the street awaits to sample Nanay Bebe’s magic water. Many online publications, including those dedicated to food and social news, have featured it. Even today, some people attempt to duplicate Nanay Bebe’s traditional drink formula.