Founder Spotlight: Vincent Lau of MariaHealth
Vincent Lau
Founder Spotlight: Vincent
Lau of MariaHealth
Focusing on what truly matters
By Jean De Ramon
Despite
the constant increase in the exchange rate of Peso to Dollars and uncertainty
from foreign investors, the Philippines is continually moving towards a robust
state. Currently, it’s posted as having the strongest economic growth in Asia
with a growth rate of 7.1% as reported by Bloomberg1. Unemployment rate also went down which means
that more people have a stable source of income. As good as it sounds, only 5% of the
Philippine population has access to any form of healthcare and the process of finding
coverage is still long and dated, especially for small to medium enterprises
(SMEs) and individuals.
While
big companies are able to extend health benefits to their employees, the 99% small-scale
businesses don’t have access or find it expensive since they have fewer
employees. This is the problem that Vincent Lau, co-founder and CEO of Maria
Health, wanted to address. He wanted to give people a simple and easy way to access
health care. “At the end of the day, it’s lives that we are talking about
here.” Vincent tells TechShake.
The concept of pooling
Vincent
shares that there are two main reasons why most healthcare companies, brokers,
and agents prefer not to deal with smaller businesses. First, it’s because it
is unprofitable in the sense that it is time consuming. “It takes about the
same amount of work to sell to a 5 person company and a 500 person company.” he
shares with us. Of course, many would prefer to cater to the bigger companies
because they will earn more. The other reason is that small businesses are
perceived to be unstable and risky. To spread this risk, Maria Health uses this
innovative concept of pooling through the online marketplace. By aggregating
small businesses into one, large risk-adjusted pool online, they are able to give
SMEs access to the same quality healthcare, same benefits, and competitive
rates as large companies. Maria
Health’s main purpose is to serve as an the first online health exchange where any
Filipino who needs health insurance can easily shop and compare healthcare
plans from top HMO brands in the country and connect them with a healthcare
plan that is fit for their needs.
The motivating power
Born
and raised in the SF Bay Area there were many problems worth solving and I
wanted to solve a real problem and not just for the 1%. I was inspired by
friends from college like Paul Rivera & Dexter Ligot from Kalibrr who left
the “Valley” who were making an impact for the 99%.
After, leaving an ad-tech startup backed by New Enterprise Associates (NEA), to Jim Clark (Founder of Netscape) I was inspired to do the same. I was very lucky to have friends who had relationship and resources which made validating and getting Maria Health off the ground as frictionless as possible. After 6 months of talking to hundreds of smaller companies to health plan providers, Maria Health was born.
The
why is the biggest motivating force in Maria’s inception and we have been very
lucky to find the best talent in the Philippines motivated by something greater
than just the idea of revenues or profit.
We have a team that is inspired to not only solve this problem in the Philippine’s,
but also for SEA emerging markets where you have rising incomes but still
paying for healthcare out of pocket is still the norm.
The call for empowerment
Vincent
became an entrepreneur because that is all we experienced growing up. What is interesting about the SF Bay Area is
while you see all the TechCrunch articles and newly minted. The roots of the SF Bay Area is built on
immigrants coming to the United States for a better life for their
families. My parents were entrepreneurs out of necessity and
partly because without a high school diploma working in corporate was never an
option.
I remember growing up as kids my father always had businesses some worked, some failed, but ultimately after 10 years he started a very successful construction company compared and without all the chips stacked against him succeeded in life. That’s what entrepreneurship is all about, everything in the world wants to crush you but through creative, hard work and grit you can find success. I was inspired by those stories of my father as kid growing up and I credit my entrepreneurial spirit to him.
“Today’s
youth are tomorrow’s entrepreneurs.” Vincent also stresses. He believes that
young people will be of a big help to where the Philippines will be heading to
in the future. He calls for investing on the younger generation. For him,
growth will be further achieved if there is more support for the next
generation.
Being
born and raised with Silicon Valley in our backyards as company
we try to bridge that experience as much as possible. We have advisors from Stanford to Amazon who
mentor our design team on a weekly basis.
“The
Philippines has a some of the most creative and talented minds I’ve had the
pleasure in working with. Empowerment for the youth can be done,
according to Vincent, by paying it forward and conviction in the idea of the “American
Dream”.
The journey that one
must embark on
Becoming
an entrepreneur is never an easy journey. This is the first thing that Vincent
wants start-ups to understand: it is a long process. “Don’t expect success to
happen in 1 or 2 years . . . if you optimize for maybe 10 years then you’re
going to win . . . give it time.” He says that it is normal for someone
starting a business to go through a series of failures—process of trial and
error—before reaching that level of understanding of their purpose.
The
second is, “Solve a real problem; find a problem that is worth solving.” Once
you’ve validating your problem , a a startup is just a series of hypothesis and
assumptions and its your job to de-risk your assumptions as possible. The two most important metrics is dedicated
100% focus to learning and growing.—if it doesn’t, it’s not worth it.
The last piece of advice that he gave was to have a good support structure. This, for Vincent, goes more than just the investors and partners in the business; for him, this support structure is his family and friends who understand the process. Starting and maintaining one’s existence in the business world is not easy. With the right support structure you mentally, emotionally, and spiritually, you can weather any storm.
Are you a startup, investor or corporation? Or do you just enjoy talking about startups? There are many ways that you can work with TechShake.
We’d love to hear from you!