Empowering founders and investors: An exclusive conversation with Perry Tam

Table of Contents

1. Introduction
2. Perry's Background
3. Perry's Path to Becoming a Founder
4. Education and Career Journey
5. The Birth of Storm8
6. Building the Founding Team
7. The Growth and Downsizing of Storm8
8. Selling the Company and Stepping Down as CEO
9. Perry's Investment Journey
10. Locus Venture and its Philosophy
11. Investment Focus and Criteria
12. The Decision-Making Process
13. The Hong Kong Startup Ecosystem
14. Trends in Web3 and Crypto Gaming
15. The Impact of NFTs and Tokenomics
16. Q&A Highlights

Perry's Path to Becoming a Founder: From Games to Investments

Perry, a seasoned entrepreneur and investor, has had an incredible journey that led him to become a successful founder and the co-founder of Locus Venture. In this article, we will Delve into his background, the story behind Storm8, the challenges faced by the gaming industry, and Perry's insights on the startup ecosystem. We will also explore trends in web3 and crypto gaming, the impact of NFTs, and the world of investments. Get ready to be inspired by Perry's entrepreneurial spirit and gain valuable insights into the world of startups and investment.

Introduction

The world of startups and investments is always evolving, and entrepreneurs like Perry have been at the forefront of innovation, paving the way for others to follow. In this article, we will explore Perry's journey, from his early days in Hong Kong to his successful career in Silicon Valley. We will also delve into his investment philosophy, the founding of Locus Venture, and his thoughts on the future of technology and gaming. So, let's dive in and discover the fascinating world of Perry.

Perry's Background

Perry's journey began in Hong Kong, where he was born and raised. Growing up in a bustling city filled with opportunities, Perry discovered his passion for technology and gaming at an early age. He was always intrigued by how things worked, and he loved tinkering with computers and exploring different programming languages.

After completing his high school education in New York City, Perry pursued his dream of studying computer science at Cornell University. It was during his time at Cornell that he realized his true calling - to build things and Create innovative solutions that would impact people's lives.

Perry's Path to Becoming a Founder

Perry's entrepreneurial spirit was ignited during his college years. While studying computer science, he would spend countless hours reading books and teaching himself various programming languages like Pearl and PHP. He would then put his newfound knowledge into practice by writing programs and experimenting with different ideas.

After graduating from college, Perry made the bold decision to move to Silicon Valley. He was drawn to the vibrant startup scene and the endless possibilities for innovation. He wanted to be at the epicenter of technological advancements and surround himself with brilliant minds who shared his passion for creating something from nothing.

Perry's journey in Silicon Valley started at Oracle, where he gained valuable industry experience. He then went on to work at other companies like Guy Wire before eventually landing a job at Facebook. It was at Facebook that Perry's path would take a significant turn and lead him to embark on his entrepreneurial journey.

Education and Career Journey

Perry's education played a crucial role in shaping his path as a founder and investor. His undergraduate degree in Computer Science from Cornell University provided him with a solid foundation in technology and programming. It gave him the necessary skills to understand complex algorithms, code efficiently, and solve technical problems.

Throughout his career, Perry continued to expand his knowledge and keep up with the latest trends in the industry. He remained curious and always sought opportunities to learn and develop new skills. This continuous learning mindset allowed him to adapt to the rapidly changing technology landscape and stay ahead of the curve.

Perry's diverse work experience also played a significant role in his journey as a founder and investor. Working at different companies exposed him to various work cultures, management styles, and industry landscapes. This gave him a broader perspective and helped him understand what works and what doesn't in a competitive market.

The Birth of Storm8

While working at Facebook, Perry became fascinated with the world of social gaming. He noticed that users were spending a significant amount of time playing games on the platform, and transactions were primarily focused on game-related activities.

This realization sparked the idea for Perry and his co-founders to create their gaming company, Storm8. They saw an opportunity to tap into the growing market of social games and create an engaging experience for users.

Starting a gaming company was not an easy task, especially when faced with the challenge of building a payment system into the Facebook platform. Perry and his team conducted extensive research on the intricacies of money flow within the Facebook ecosystem.

Their investigation led them to the discovery that every dollar spent on Facebook transactions at that time was related to games. This revelation further solidified their belief that creating social games could be a lucrative business with immense potential.

Building the Founding Team

One of the defining aspects of Storm8 was the strong bond between the founding team. As Perry Mentioned, he and his co-founders were friends from Facebook who shared a common vision and passion for creating innovative gaming experiences.

Perry's wife also joined the company as one of the co-founders, bringing a diverse skill set to the table. With a team composed of engineers and a non-engineering co-founder, they had a well-rounded group capable of tackling various aspects of the business.

The founding team's shared background at Facebook helped create a Cohesive and efficient working environment. They understood each other's strengths and weaknesses and worked together seamlessly to overcome challenges.

The Growth and Downsizing of Storm8

Storm8 experienced significant growth in its early years, expanding its team to over 300 employees at its peak. However, like many startups, Storm8 faced its fair share of challenges along the way.

At one point, the company underwent a downsizing, reducing its workforce to about 100 employees. This decision was necessary to ensure the long-term sustainability and profitability of the company.

Despite these ups and downs, Storm8 remained profitable throughout its existence. This financial stability allowed the company to Continue operating and growing even after the downsizing.

Selling the Company and Stepping Down as CEO

After 12 years of running Storm8, Perry and his team made the monumental decision to sell the company. In 2020, they successfully sold Storm8, marking a significant milestone in Perry's career.

Following the sale, Perry stepped down as CEO in 2021, opening up new opportunities for him to explore. His experience as a founder and his extensive knowledge of the gaming industry positioned him well to venture into the world of investments.

Perry's Investment Journey

Perry's entrepreneurial journey did not end with the sale of Storm8. In fact, it was just the beginning of a new chapter in his career. Perry's passion for startups and technology led him to take on a new role as an investor and co-founder of Locus Venture.

Locus Venture is an early-stage fund that focuses on seed and pre-seed investments. Perry and his team leverage their own experiences as founders and operators to support and invest in promising startups.

Locus Venture and its Philosophy

Locus Venture operates with a unique philosophy that sets it apart from other investment firms. The team looks for founders who have a track Record of execution and can "do stuff" effectively. This hands-on approach reflects their belief that the ability to take action and make things happen is a critical aspect of success.

The fund's investment focus is not limited to specific industries or geographic regions. While the majority of their investments come from North America and Southeast Asia, Locus Venture considers opportunities worldwide.

Investment Focus and Criteria

When it comes to investment criteria, Locus Venture looks for founders who can turn ideas into reality and make progress quickly. They value insights and innovations that set founders apart from others in the industry.

Although Locus Venture does not have a specific checklist of requirements, they do evaluate the founding team's commitment and assess their ability to deliver results. They emphasize the importance of shared values and a strong working relationship between founders.

The Decision-Making Process

At Locus Venture, the decision-making process is efficient and straightforward. After an initial meeting with the founders, one or two partners within the firm engage in a one-hour conversation to assess the potential investment. If the fit seems promising, Locus Venture can make a decision relatively quickly.

While further discussions and questions may arise, the team aims to provide a fast turnaround and avoid unnecessary delays. This streamlined approach allows them to move forward with confidence and invest in startups poised for success.

The Hong Kong Startup Ecosystem

As someone with a background in Hong Kong, Perry has a unique perspective on the city's startup ecosystem. While he is not intimately involved in the scene, he offers valuable insights Based on his observations.

Perry believes that trying to replicate Silicon Valley's success is not the best approach for aspiring startup ecosystems. Each region should focus on its strengths and identify niche markets that can thrive within the local ecosystem.

He suggests that cities like Hong Kong should aim to serve a specific niche market exceptionally well before expanding into broader startup ecosystems. By building a strong foundation and attracting Relevant talent, these cities can establish themselves as hubs for innovation and entrepreneurship.

Trends in Web3 and Crypto Gaming

Perry has a keen interest in web3 and crypto gaming, seeing them as a natural combination that could drive further innovation in the gaming industry. While he acknowledges the popularity of the "play-to-earn" concept associated with crypto gaming, he views web3 as a platform that allows for unique economic models within games.

The concept of non-fungible tokens (NFTs) has captured his Attention, as it opens up new possibilities for game developers and players. NFTs could enable a different kind of economy within games, providing players with greater ownership and the ability to transact within virtual worlds.

Perry sees the integration of web3 and gaming as an exciting experiment that could unlock innovative gameplay and economic models. However, he emphasizes that the primary focus should remain on creating entertaining experiences for users.

The Impact of NFTs and Tokenomics

The rise of NFTs has garnered significant attention in both the crypto and gaming worlds. While Perry sees potential in the integration of NFTs into games, he encourages founders to approach the technology with a strong focus on entertainment value.

He believes that the underlying technology of NFTs has immense potential, especially when combined with innovative gameplay mechanics. However, he advises caution in relying solely on tokenomics and the "pay-to-earn" model, as it may not be sustainable in the long run.

Perry sees NFTs and tokenomics as tools within a broader gaming experience. The key is to create a game that captivates users and offers real value, with NFTs and tokenomics serving as enhancements rather than the sole focus.

Q&A Highlights

Throughout the conversation, attendees had the opportunity to ask Perry questions about his journey, investment philosophy, and insights into the startup ecosystem. Here are some of the highlights:

Q: Do founders need to be fully committed full-time? A: Perry believes that full-time commitment is crucial for founders, as it shows their dedication and commitment to the venture. However, he acknowledges that there may be exceptional cases where part-time commitment is acceptable if the founders can provide a compelling reason.

Q: What is the best way to get in touch with Perry for investment opportunities? A: Perry prefers warm introductions through mutual connections or referrals. Cold emails are less effective, as they are difficult to filter and prioritize among the overwhelming volume of incoming messages.

Q: What are the trends Perry is excited about in the investment space? A: Perry expressed enthusiasm for web3 and crypto gaming, as well as innovations in trading and finance within the crypto space. He foresees significant opportunities for startups in these areas as the underlying infrastructure evolves.

Q: What are Perry's thoughts on the Hong Kong startup ecosystem? A: Perry suggested that Hong Kong and other cities should focus on niche markets and serve them exceptionally well before expanding into broader startup ecosystems. By doing so, they can establish themselves as hubs for specific industries and attract relevant talent.

Q: How does Perry view the integration of NFTs into gaming? A: Perry sees NFTs as an exciting tool to enhance the gaming experience. He emphasizes the importance of creating entertaining games first and using NFTs to provide additional value and innovative gameplay mechanics.

The Q&A section provided valuable insights into Perry's views on various topics, allowing attendees to gain a deeper understanding of his investment philosophy and experiences as both a founder and investor.

In conclusion, Perry's journey from gaming entrepreneur to investor has been filled with valuable lessons and experiences. His passion for innovation and commitment to creating entertaining experiences shines through in his approach to investments. As the world of technology and gaming continues to evolve, Perry remains at the forefront, ready to support and invest in the next generation of startups. Aspiring founders can draw inspiration from his story and learn from his insights on building successful companies and navigating the ever-changing startup landscape.