Position: President ,and a managing director at iAyala and Ayala Corporation, Responsibilities: Manages iAyala`s startups including \ireless Internet Solutions, Inc. and 1alent\orks Asia Graduated: BS Lconomics, Uniersity o Pennsylania, 1982 Years in the industry: 3 years Iormer jobs include: strategic planning and business deelopment at Ayala Corporation rom 1995 to 1999 ,major projects included the Citytrust merger, Ayala`s bid or the M\SS priatization, and the Islacom acquisition,, corporate banking at Citibank rom 1982 to 1995 ,including a long Kong stint or our years,
As President of AIVP, what do you do on a daily basis? I don`t hae a ixed schedule, except during times in the week when we hae operations reiews or speciic companies. I guess a third o my time is in these types o sessions. 1he other third o my time is really troubleshooting, expense management, recruitment, ixing problems, whether they`re people problems, inancial problems, restructuring issues. 1he remaining third, I do project origination and marketing or all inestee companies.
lor a typical day, I would probably be doing some work or 1alent\orks, maybe working on an eent or a talent endorsement opportunity. One example is Penshoppe with Mandy Moore, that was our deal. On the aternoon o that same day, I would be with my wireless team, making a pitch to a corporate customer rom an insurance company or a bank or a telco. And I would do the same thing or PinoyLxchange and other inestee companies - the call center, Ldsamail. Basically I try to add alue to our inestee companies using my own network and the resources o the group. In my own small way, I try to make things happen.
What's your biggest lesson from your experience with venture capital and technology incubation?
It boils down to the quality o the people that you`re working with to get anything done. \ou need people to make it happen. I would rather work with a class A person on a class B project than with a class B person on a class A project. \e would create more alue i we`re working with good people. 1he implications o hiring people are ery critical. I`m only inoled with small companies. But een or these young companies, the quality o the people is een more critical, because you`re talking o companies with ie, six people, at the most iteen. But let`s say you`re talking o a ten-person company. I you think about it, each person is 10 o the company. Now don`t you think each and eery one o those ten has to be excellent I hae a company with ie people, so each person is 20! So eery sub-par person is gonna increase the chances o ailure. As it is, new businesses are doomed to ail, historically and statistically. I spend a lot o time in recruitment. I`d rather pass up a good person than make the mistake o hiring a bad one.
Are there things you would have done differently?
A lot! Certainly, I wish there were people I neer hired, let me stop at that. I wish I had the experience I hae now two years ago, because then I would hae learned how to control expenses better. I underestimated the importance o controlling expenses. I thought I knew how but there was much more to it than I thought. I wish we had not made certain inestments. I don`t want to really look back like that, because then you shouldn`t be in the business o inesting. It comes with the territory. \e hae one dotcom inestment that we wrote o - Music.com. \e hae some promising ones and some not-so-promising ones. I`d rather not name them because they`re still around.
What do you enjoy most about your job? And what do you dislike?
\hat I like about it is the same answer as what I dislike about it. Compared to what I`e done beore, there`s less routine, because o the diersity o the inestee companies that I manage. And also I like to create opportunities, things that haen`t been tested, because they`re startups. 1hese are not tried-and-true business models. 1here`s always a challenge in building a new business or strategy or reenue opportunity, whether in media,entertainment, or wireless. I also like it because I leerage on my relationship and networking skills. Now that I`e been working twenty years, there`s a certain network there that I tried to put to work. 1here`s also a high degree o lexibility. \hat do I prioritize today It`s also struggle determining what`s more important - do I do this or 1alent\orks, or do I work on this project or wireless. 1here`s always a tussle or time and what order do I do this. So that`s also what I don`t like about it, because sometimes I think, I think I made the wrong call on that one and prioritized this one. \hat I don`t like about it is it`s rustrating. And I don`t miss the politics. One o the great things about working in the Ayala enironment, I don`t eel it as much as I perceied it in other people`s jobs. Lastly, eeryday I learned something. It`s a real git to hae a job where you learn something eeryday, so I`m lucky.
With your investment in 1alentWorks, does this mean you're branching out towards non-I1 sectors? Is this a move towards getting into the media business?
I don`t think there was any deliberate intent to do non-tech. I think neither is this inestment to be seen as some kind o strategic eort or Ayala to get into media. \e set up this business on the merit o being a proitable business. \hat we like about it is we eel we can add alue as a group to the entertainment,media industry by creating opportunities or our talents, and we don`t necessarily mean just types, but people at the back - photographers, scriptwriters. O course there`s big money in celebrityhood. \e would do cross-border transactions. lopeully, we would do more o these Mandy Moore-type o deals. But what we would like and preer is to create a hundred more Lea Salonga types. \e want our local talents to make it big outside.
How much was that Mandy Moore deal?
,laughs, I`d rather not say. \e just inished shooting. \e`re working on other projects. I just like to answer that by saying it was a good deal or eeryone. Mandy Moore is happy, Penshoppe is also ery happy. \e were able to ind a way to get here, and there was a need rom Penshoppe, and we matched the opportunity.
Any favorite activities outside your work?
Any ree time I hae I spend with my three sons. I made it a point to spend as much time with them. It`s my most important responsibility and I would hope my best accomplishment. So that`s my real priority ,laughs,. Just like eerything else, you make a lot o mistakes and you just learn eeryday with your parenting. But there`s no substitute or time spent. Neer mind quality time, just plain, simple time. I just wanna spend time with them. Quality time is such a dubious concept. On the sport side, I`m a gol addict as well, so sometimes that conlicts with my wanting to be a good ather. One day they`ll be at the gol course. Again why Because eery game is dierent, eery hole is dierent, eery shot is dierent. \ou neer know what to expect.