A Tale of Two Derrick Fungs – The Bay Street Bull 30×30 Guide

BAY STREET BULL (2018)

In the second annual 30X30 guide, the Bay Street Bull assembled a group of inspiring individuals who are paving the road ahead for the rest to follow. These individuals are challenging us to be better, think differently, and move society forward. They are trailblazing entrepreneurs, freedom fighters, brilliant minds, thought-provoking artists, and more. And if they are any indication of the future, we’d say it’s looking pretty bright from here.

Coming in at number three on the Bay Street Bull 30×30 Class of 2018 is Derrick Fung, Founder & CEO of Drop.

This story has a name: A Tale of Two Derrick Fungs. And though the narrative is still being written, it’s one which already begins to unfold as an epic, consisting of chapters that each provide their own sagas — at least where it pertains to triumph in the consumer tech industry.

There is the Derrick Fung who, as a high school student, created the largest online sheet music community of its kind. The one who later interned at large multinational corporations like Merrill Lynch and Microsoft, and spent time working with the Clinton Foundation. The Derrick Fung who traded foreign exchange at CIBC World Markets, and started building a social record label out of his living room in 2011 — a platform he dubbed Tunezy.

Then there is the Derrick Fung that emerged after 2012, who negotiated Tunezy’s seven-figure sale to SFX Entertainment and was made their youngest Vice President at 26. The Derrick Fung that went on to launch Drop – a mobile app which surfaces offers and rewards based on what members are spending. The entrepreneurial darling that recently secured Drop a whopping $21 million in Series A funding.

Accordingly, each chapter comes complete with their own indelible morals and memories. All of which, in the opinion of the man himself, culminate with Drop.

Fung looks back on his origins in the financial industry: “It was all about risk-taking,” he says. “It was all about investing money, and it was all done in a very fast-paced, transparent environment.”

On the SFX acquisition: “As an entrepreneur, the holy grail is to have an exit. As I progress more in my entrepreneurial career, I think an exit isn’t everything. Ultimately, our goal [with Drop] is to build an iconic brand that people resonate with. There’s really no exit with that.”

On applying what he learned from his first company to his second: “You need cash to survive and there are three P’s to raising money – product, progress and people. When you start, you generally want one of the three P’s. And then, as you evolve, you need more and more of them. With Drop, we had to have the right founding team, a massive market that we could address, and to be able to show progress with as little money as possible.”

Fung confides that, along the way, he’s learned several important lessons about consumer loyalty. It’s a matter of initiating trust, a step he maintains is accomplished by humanizing the brand and building relationships, just like you would with your spouse or friends.

While the word ‘entrepreneur’ gets bandied about in this era more than ever, Fung respectfully contends that being one commands more than simply starting your own business. That a true entrepreneur should endeavour to redefine an industry in a very impactful way. “Think big. Go after big, bold markets — don’t just go after Canada,” he contends. “Go after Canada, the US, North America, and then the world. And not only think big, but have a big vision.”

If you were looking to identify any line or two which might effectively summarize A Tale of Two Derrick Fungs so far, well, there you have it.

Source:

http://www.baystbull.com/the-2018-bay-street-bull-30×30-guide/