Meng Weng Wong is the founder and CTO of Karmasphere. He was also the founder and CTO of Pobox, another startup in the field of computer and network security. View his Linkedin profile here.

What advice can you give to the next generation of entrepreneurs about how to build a startup? Should they focus on a passion, a deep interest, something they enjoy doing? Or something that’s economically profitable in the long run? In short, what is the mentality an entrepreneur should have when building a startup to success?

Be prepared to make mistakes. Be a serial entrepreneur and have the mentality that your company isn’t going to succeed the first time. If you go at it with the mentality of today’s startups, it is literally like a dot com lottery. If you want to build something successful, then you will need time to grow your experience and that means failing your first and second times.

If you had to give an idea for your next startup, what would it be?

Harness the power of teenage collaboration to build a social network based-on Wiki’s.

Tell us about your recent startup, Karmasphere, that is still in stealth mode?

I can’t go into much detail here but our goal is to be the Credit Bureau for internet identities. Solve spam for everyone. Make the internet a “safe” space for everyone.

We do believe in the power of collaboration and so we are turning to the open-source community. We should be transitioning from stealth mode to customer trials shortly.

What kind of strategies can you recommend to new entrepreneurs on distribution models? What is the most effective way to market a startup such as Karmasphere?

Focus on building value. Don’t spend time on venture funding until your startup is ready to take off.

There are a lot of big companies out there that keep their eyes on what the open source guys are doing not for profit but rather direction, where markets are going. So going open-source is something to consider.

Attend functions like 106 miles where like entrepreneurs can get together and brainstorm.