Growing up, engineer by training Raymond Bo dared to dream big, aspiring to reach the stars and break new ground.

“In my early years, I harboured not one but three ambitions - to be an astronaut, an inventor and an entrepreneur,” recalled the Chief Executive Officer of SGX-listed iWOW Technology Ltd, a tech provider that specialises in Internet of Things (IoT) solutions.

“Back then, I was described as a dreamer, a tinkerer, and a risk-taker. So in founding iWOW, I am fulfilling at least two of my three ambitions,” he added with a laugh.

Bo graduated from National University of Singapore with a Bachelor’s degree in Electrical Engineering in 1993. He began his career as a product engineer in Motorola Electronics Singapore, where he eventually rose to the position of a research and development manager responsible for overseeing Motorola’s Asia Pacific R&D team. 

He left Motorola in 1998 and a year later, founded iWOW to provide in-house product design and manufacturing services for mobile and wireless telecommunication devices, servicing leading mobile brands and large electronics companies.

“Having read Engineering in university and worked several years in R&D in a multinational famous for its wireless competency, starting iWOW - a wireless technology company - to wow the world seemed like a natural progression,” Bo said. 

“But what not many people know is that the “i” in “iWOW” was added as a collective afterthought. And it set us off on a journey to inspire the world of wireless.”

Even after nearly three decades in the industry, Bo remains passionate about wireless telecommunications. “What continues to motivate me is the prospect of creating new products and solutions that have positive societal impact,” he added. “I am also excited to see how concepts in our heads can be converted into actual products that we can hold in our hands.”

Looking back on the 20 years that iWOW has been in operations, Bo sees the mistakes as well as smart decisions that were made. “I always remind myself that this is a journey that I and my team have embarked on together, and as a result, our decisions were made collectively. And whatever the consequences - good or bad - we will make the best of them as long as we work together.”

A Collective Effort

Not surprisingly, teamwork is one of his core management values at iWOW. “In any venture of significance, it’s teamwork that is the key to success,” Bo noted.

“Team building is crucial at the start, and probably hardest as a start-up, as we’re not just looking for anyone to do a piece of work. Rather, we are looking for the right people who share our vision and who will be part of our “family”,” he added.

“And like a family, we will need to understand and accept one another’s strengths and weaknesses, and trust that we have each other’s backs as we face challenges together.”

Another core value born over the last two decades has been humility. “This is linked to teamwork, but goes much deeper,” he pointed out. “In my experience in technology and innovation, I’ve seen time and time again how the best solutions are created through the contest of competing ideas and the final form is often a collective effort, rather than the product of a single individual.”

“However, it’s so easy to be blinded to new possibilities when we believe that our ideas are better than others, or that we are “more” just because of our titles. As such, humility is an important value in finding the balance that is crucial for innovation and collaboration.”

Listed on SGX Catalist in April 2022, iWOW is a Singapore-based technology provider specialising in integrated wireless IoT solutions for an increasingly urbanised, ageing and resource-constrained world. Its extensive portfolio of products equips both businesses and ordinary citizens with technologies to lead smarter, more efficient and meaningful lives. 

Their products include the TraceTogether Token that was a core pillar of Singapore’s contact tracing efforts during the COVID-19 pandemic, the Alarm Alert System that connects elderly residents who live alone to a 24/7 hotline service and emergency assistance, the Electronic Monitoring System that supports re-integration of ex-offenders back into society, as well as the Smart Metering Solution, which enables environmentally conscious companies to detect unconscious waste in their utility consumption. 

Resolving Challenges

Looking ahead, Bo is focused on creating IoT solutions “offered as a service” that ride on megatrends, the first of which is Rapid Urbanisation. According to data from the World Bank, 68% of the global population is projected to live in urban areas by 2045. As a result, governments are introducing initiatives aimed at improving infrastructure and tackling challenges created by rapid urbanisation rates.

“With the recent announcement that Singapore plans to spend S$3.8 billion in ICT in 2022, home-grown technology companies like us are well-positioned to seize the opportunities that may arise,” he added.

The second megatrend is Ageing Populations, where the number of persons aged 65 years and above is projected to more than double to 1.5 billion by 2050, according to United Nations data. 

“IoT devices have the potential to enhance elder medical care, while reducing costs and improving quality of life,” Bo pointed out. “In Singapore, for example, the government recently announced that S$18 million will be pumped into Singapore Community Care Digital Transformation Plan 4, which is a clear signal of the demand for technological solutions for our ageing population.”

The third megatrend is Sustainability, where the focus falls on resolving challenges faced by businesses and families in an increasingly resource-constrained world. Some of these challenges are addressed by iWOW’s Smart Metering solutions, Bo noted.

According to Allied Market Research, the global smart meter market is forecast to reach US$54.3 billion by 2030, expanding at an impressive compound annual growth rate (CAGR) of 10.1% between 2021 and 2030. Growth drivers include the development of communication network infrastructure, government initiatives and heavy investments in digital electricity infrastructure. 

“We're gearing up for our next phase of growth, which includes plans to expand geographical reach, as well as enhance our product portfolio,” Bo added. “We’re also working to shift our revenue mix towards a higher-margin subscription model - a change we believe will enhance our ability to deliver sustainable growth for all stakeholders.”

Despite the robust industry outlook, Bo remains concerned about building a broad talent pipeline to sustain the Group’s longer term growth prospects.

“The biggest challenges in my view are our ability to hire good talent, and building succession plans to ensure the continued growth and competitiveness of the company,” he said.

“Our strategy is to make iWOW a choice employer in the areas of personal growth for employees in their career, and we’ve been dedicating much of our resources from the IPO to this.”

There’s much to keep this 53-year-old busy, but when he is out of the office, he can be found with his family, which includes a daughter who just turned 18.

“I’m very proud of my daughter, and I don’t think she needs much advice from me. But if I must give advice, it would be that there is a greater purpose in our lives, more than all the toil of our hands - although toil is important, and should be meaningful too,” he said.

“It’s my hope that she finds her greater purpose some day.”

iWOW Technology Ltd

iWOW is a Singapore-based technology provider specialising in integrated wireless IoT solutions for an increasingly urbanised, ageing and resource-constrained world. Its extensive portfolio equips both businesses and ordinary citizens with technologies to lead smarter, more efficient and more meaningful lives. Their products includes not only the TraceTogether Token that was a core pillar of Singapore’s contact tracing efforts during the Covid-19 pandemic, but also innovative IoT solutions like the Alarm Alert System that connects elderly residents who live alone to a 24/7 hotline service and emergency assistance, the Electronic Monitoring System that supports the re-integration of ex-offenders back into society, and the Smart Metering Solution that enables environmentally conscious companies detect unconscious waste in their utility consumption.

The company website is: www.iwow.com.sg

Click here for the company's StockFacts page.

For the year ended 31 March 2022 financial results, click here.

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic
Photo: Company file

kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.

For previous editions of kopi-C: the Company brew, please click here.  

For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to jennifer.t@sgx.com.