Mr. Terence Teo, Founder and Managing Director of Anewtech Systems Pte Ltd

In this issue, we have the privilege to feature our distinguished alumnus, Mr Terence Teo, Founder and Managing Director of Anewtech Systems Pte Ltd. Terence’s entrepreneurial journey, commitment to lifelong learning, and dedication to giving back to society serve as an inspiration to all.

Terence embarked on his career path after graduating with a Diploma in Electrical Engineering from SP in May 1987. Like all Singaporean boys, he completed two years of National Service before starting his career. His initial job as an Assistant Engineer at Matsushita Electronics Components (S) Pte Ltd (SINCOM) in 1989 marked the beginning of a successful journey in the field of control engineering. Over the next six years, Terence advanced through various roles, leading a new department focused on test and measurement control of equipment for the design of auto-inspection systems; and receiving overseas training in Matsushita Headquarters in Japan- Osaka. Upon completion of the training, Terence was promoted a full test and measurement principal engineer. He was also appointed as the chairman of the company test and measurement quality control committee.

Terence did not stop upskilling himself. He continued to pursue an Advanced Diploma in Computer Studies from Informatics School, accredited by the British Computer Society, and became a member of the Singapore Computer Society. In April 2023, Terence enrolled in an MBA course from the University of Roehampton, UK, exemplifying his commitment to lifelong learning. He truly exemplifies the life-long learning values that Singapore is advocating to all due to the VUCA (Volatility, Uncertainty, Complexity, and Ambiguity) world that we live in.

He also had an adventurous streak. After working for 6 years with Matsushita, Terence wanted to get out of his comfort zone and switch into a role which involved dealing with people and travelling. In 1994, Terence transitioned into sales and business development, joining a local firm - TME Systems Pte Ltd. His roles as a sales engineer and later sales manager provided him with extensive experience in communication, negotiation, and leadership. This shift also involved travel to places like Europe to learn about robotic products, and USA to learn about the industrial computing systems, which broadened his horizons and helped to build up his confidence in presentation and sharing of success stories.

Unlike most people who would be happy and contented to remain status quo as a sales manager, Terence left shortly to pursue his dream as an entrepreneur. Terence co-founded Anewtech Systems Pte Ltd in June 1999, focusing on providing embedded systems for the semiconductor industry.

Terence related that the first few years of his entrepreneurship journey had not been easy. He started the company with just three persons including himself. As the company grew, they hired more staff, but most of the team members, including himself, were in the mid-30s or late 20s, and all were liable to be called up for NS training. Terence believed in the importance of Total Defence and he felt that everyone must play their part towards this cause. However, every time a staff was enlisted for NS training the company’s workflow was disrupted due to limited manpower. To resolve this, he cross-trained staff and built up a buddy system to ensure that there was always cover when a member was called up.

Terence also emphasizes the importance of giving back to society. In 2004, the company signed a pledge to support total defence with the Ministry of Defence. One condition of the pledge is that the company will not allow any staff to defer their NS training even if there was urgent project that needed to clear. Another condition was to ensure that the staff remained healthy and fit. Terence incentivised staff by giving them equivalent rewards when they passed their Individual Physical Proficiency Test (IPPT). The company went on to enrol them into Gym membership to keep fit. His company received multiple awards for their contributions to Total Defence, including the Minister for Defence Award. This award was the highest accolade conferred on organisations that had shown exemplary support for Total Defence. With the winning of this award, it also provided the company media exposures in marketing and branding for the company.

Terence's leadership and innovative solutions ensured the company's growth. Anewtech Systems has since been recognized with multiple Total Defence Awards and has consistently ranked among the SME 500/1000 emerging companies. In 2021, Anewtech Systems received the Enterprise 50 (E50) award, one of the most prestigious award in recognition for SME companies who had done well in growing the business, instilling good human resource practices and sound management values and in establishing a visionary company values and mission.

His contributions to the industry were further recognized through his roles in the Singapore Industrial Automation Association (SIAA), including serving as president since 2018. Terence was instrumental in running the IoT Asia Show (2014 to 2019) and the Singapore International Robo Expo (2014 to 2017), contributing significantly to the development of the industrial automation, IoT, and robotics ecosystems in Singapore.

Terence believes that a positive attitude is crucial for overcoming challenges in an entrepreneurial career. His path has not always been smooth. Between 2007 and 2014, during an aggressive expansion phase, Anewtech Systems faced significant setbacks due to a legal issue that was brought about by a shareholder that they brought in for their expansion plan to the China market. This period of hardship required the management team to defend the company and ensure its survival. Through this experience, Terence gained extensive knowledge of business and contract law, through reading and working with their defence counsel. It was through this experience that made him well-versed with contract law and the Singapore legal systems. From this episode, Terence learned to “Test before you Trust” when choosing a business partner.

Reflecting on his time at SP, Terence credits the strong foundation and guidance he received from lecturers and project supervisors as pivotal to his career. He maintains a strong connection with EEE and ex-classmates, attending annual gatherings before Chinese New Year.

Terence's guiding belief is that success is built on attitude, teamwork, and integrity. He concludes with a powerful message: "Together we can achieve more." His journey from an aspiring engineer to a successful entrepreneur exemplifies the values of hard work, continuous improvement, and collaboration.