Digital Entrepreneurship and Innovation: The Case of Kongsi

Abstract

This chapter is based on a case study that highlights the digital entrepreneurship and innovation of an entrepreneurial venture and team aspiring to address cash flow management issues and pains faced by the micro, small, and medium-sized enterprises (MSMEs) in Malaysia. The entrepreneurial team pioneered the revolutionization of the barter trade concept by developing a digital solution and platform branded as Kongsi (initially named Qu Exchange). Kongsi is a solution using digital trade points which act as a medium of exchange in replace of cash. This solution can solve cash flow problems faced by MSMEs with the creation of a non-cash alternative financing platform, combining and integrating the concept of barter trade and a point-based system. In this case study, the authors examined two critical success factors for digital entrepreneurship and innovation. This case study exemplifies a venture and entrepreneurial team capable of assembling strategic resources to create and sustain competitive advantages to survive and grow in a highly competitive FinTech environment.