- Tech-start-up CEO, Terence Lui of Varadise Limited, turned challenges at work into a thriving I&T business using digital-twinning technology
- Lui is a graduate of the Hong Kong Science and Technology Parks Corporation Incubation Programme where he benefited from the support of the vibrant community to achieve his vision
Terence Lui is the CEO at Varadise and a chartered engineer and data scientist. Photo: HandoutVaradise CEO, chartered engineer, and data scientist Terence Lui took the plunge in 2019 after leaving his job at a large construction and engineering firm to set up a company he named Varadise, a portmanteau of “virtual paradise”. Varadise was established with the vision of revolutionising the construction industry. As Lui graduates from the Hong Kong Science and Technology Parks Corporation (HKSTP) Incubation Programme this year, he spoke with us about his entrepreneurship journey.
Although he was doing well working in a large firm, Lui noticed that traditional methods for many tasks were time-consuming and inefficient. He mentioned his frustration when faced with this reality. He could see various gaps and pain points that could be dealt with much more effectively with the application of digital technologies. It was from this realisation that Lui decided to establish his own business.
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Starting a business is challenging, and the journey is not always straightforward. However, Lui was determined and confident that he could make a change for good by creating something better, something smarter. His idea? A digital twinning technology that would provide real-time information on construction sites to make the environment safer and provide relevant data for management to shorten decision-making lead times.
“What if we can find a way to deliver the right information, to the right people, at the right time, so that you can respond to different situations a lot faster? Digital twin means the twin of reality. It replicates everything happening in the physical world in a virtual environment in real-time,” Lui explained. By using the digital twin to monitor what is happening in the physical world, the number of people and work hours required to monitor work sites is greatly reduced, and management can make decisions in a more timely manner.
Only in his early 30s, Lui has already experienced much success and acknowledges the support he’s received from the vibrant community of peers at HKSTP and the Incubation Programme. These programmes offer participants an opportunity to develop and build on their tech skills while gaining valuable business insights from experienced mentors.
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“I think Science Park really offers a lot of help. They have provided us with a nice place to work so we can focus on what we are good at,” said Lui. “At the same time, we also have access to a great community with many people with start-up experience. They can share their challenges and knowledge so that we can move forward faster. In the long run, I think it helps us reach our future vision at a faster pace.”
As the team at Varadise grows, Lui has noticed that he is constantly learning and growing with the company.
Lui said, “You know your direction but don’t always know how to take the next step. You only see a few steps ahead of you. So that’s what keeps me going because you can feel yourself growing, you can feel yourself learning every day. Picking up new things and creating something is really exciting. I guess that’s one of the greatest motivators for me.”
As a young entrepreneur, Lui’s drive, dedication, determination, and the support of mentors and programmes such as the Incubation Programme at HKSTP have helped him achieve the successes he’s had so far. The path he’s chosen is not an easy one, but one that has offered him great personal growth as he works to make the world a better place.
Dare to innovate like Terence? Visit here to learn more about the programmes offered at HKSTP that help you to turn ideas into impactful change.