NBS alumnus Marcus Neo, founder of Omni-Plus,
at work at his office along Bendemeer Road in Singapore.
On Entrepreneurship
In 2002, Marcus Neo set up Omni-Plus System Limited (OPS), a material science and tech business that has grown from an SME to a regional player and is now listed on the Tokyo Stock Exchange. He recounts his entrepreneurship journey, which started when he was just a little boy toying around with household appliances and gadgets.
What was your perception of entrepreneurship growing up?
Through the generations, there have always been business owners in my family. My parents had a clothing business at Bugis Street, and while my mother wanted me to have a stable career, my father was more enterprising and hoped that I would start my own business.
Why quit a well-paying corporate job?
Back in 1993, I was comfortable working at one of the largest petrochemical companies in the world. It was a 9-to-5 job and the pay was good. It was simple to focus on my defined scope of work, draw a regular salary, get bonuses, and enjoy staff welfare benefits.
However, as my family grew, I felt it was important to build something that my children could inherit if they wanted to. Finally in 2002, despite hesitation on my part, I succumbed to my father’s prodding. I took a leap of faith and founded OPS. That was also the year my third child was born.
In the beginning, my wife Regina, the only one with a stable income, was supporting the whole family. OPS’ success today can be largely credited to her and my family because they’ve always had my back.
How did you pick material science and tech as a business idea for Omni-Plus?
My interest in gadgets and home appliances began from a young age. These items fascinate me and I recall trying to dismantle a few appliances to see how they are made, to figure out where all the bolts and screws go. Once I dismantled a videocassette recorder – a pre-YouTube video recording and playback device – and thankfully, my parents forgave me without any punishment.
As a result of their understanding, my interests developed unencumbered, which eventually led me to start my own OPS ‘factory’. At OPS today, we work with material science, providing design and production services for tech companies to help develop the touch, feel, and overall experience users will have for the gadgets that they supply.
Marcus believes that a sense of curiosity presents one with infinite possibilities.
Any advice for aspiring entrepreneurs on how to find their specialisation?
To start a successful business, you must begin by considering things from different perspectives, which is why I believe subjects like geography and history are helpful for anyone interested in doing business.
While being a subject matter expert in your field or industry is important, putting yourself in the shoes of your colleagues, partners, and clients, is equally important. At the same time, being aware of the nuances of business practices and consumer habits in neighbouring countries helps you see the big picture.
How do you find the right business idea that’s worth pursuing?
Anything can be a business if you think hard enough. What matters is to understand the industry you are in as much as possible. Just as important is being genuinely interested in your idea to keep the entrepreneurial fire burning.
Finding Work Life Balance
How do you stay focused and motivated at work?
By approaching life and health holistically. It’s about balancing family, work, and hobbies. I find that having a fitness regimen keeps me sharp, so I commute to work on foot every day as my workplace is close enough for me to do so.
Marcus completing the Standard Chartered Singapore Marathon in 2014
What work-life philosophy has served you well?
Regina and I believe in refreshing ourselves ‒ what’s now called a life-long learning mindset. It’s the reason I pursued my Executive MBA (EMBA) at NBS in 2014. Regina herself is now pursuing the same programme to better prepare for her new position at work.
We’ve also tried to pass this mindset on to our children, which is why we encourage them to be curious and immerse themselves in the things they’re interested in ‒ like computer games.
There’s something to learn from every experience, whether you succeed or not. National Service, for example, taught me the importance of organisational structure and crisis management ‒ both are important skill sets in managing a business successfully.
How do you juggle family time with work?
I have an unwritten rule that business and family time are separate. We don’t talk shop outside the office. The chain-of-command is vital and positions at OPS are filled based on merit.
Marcus and his family attending his eldest son’s convocation in NTU in July 2019
Learning from Challenges and Missteps
What was a memorable challenge?
I remember facing one of my biggest challenges during the Lehman Brothers’ financial crisis. After completing my EMBA, I was highly confident of my financial management skills.
My philosophy back then was to minimise the number of banks OPS dealt with – fewer accounts and cards meant fewer headaches. However, a bank account freeze due to a structural crisis at the bank we dealt with nearly bankrupted us because we couldn’t get a credit line from another bank. Eventually, we worked things out, and I took time to analyse and evaluate – review mistakes, identify risks, and figure out how to move on and be better prepared for unforeseen circumstances in future. Like most of us, I fear risks, but I don’t let them dictate my life.
Marcus at a Chinese New Year reunion dinner with fellow EMBA course mates in 2019
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