Dealing with disaster
Nova Marine experienced almost immediate success in the American market. By age 35, Eddy was one of the top ten young outstanding entrepreneurs in Taiwan. The company's revenue continued to grow quickly and Nova Marine was preparing to publicly list on the stock market.
But that success was not to last. On January 1, 1991, tragedy struck and the Nova Marine facility burned to the ground. The fire damaged the entire facility but completely destroyed the most important production line. Eddy rebuilt the company from scratch. Despite the magnitude of the disaster, Eddy says that the fire served as a turning point in his life. Before the fire, his personal life had taken a turn for the worse, and the experience drew him back to the Christian faith he had been introduced to as a child.
The fire had other effects, too. Even as Nova Marine struggled to bring its facility back online after the fire, orders from the United States began to slow. Fortunately, the company was able to speed its return to full capacity by reverse engineering components from boats damaged in the fire. It also developed sales opportunities in newer, more diverse international markets like Japan and Europe.
Looking forward
As the general business situation improved, Nova Marine began working on projects- such as building high-performance military patrol craft- that helped it integrate better technology and materials into its boats. That experience changed the way all Nova Marine boats are constructed- and significantly improved the quality of its products.
The company was put to the test in the wake of the 2008 economic crisis. But even in this situation, Eddy has found that when God closes a door, he often opens a big window of new opportunity. Since 2008, Nova Marine has again adapted to working with new markets as it sails toward the future.
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