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Ecosystm names former Tech Machindra exec Amit Sharma as Principal Advisor

Prior to joining Ecosystm, Sharma was the Vice President and Global Head of Business Development at the Indian tech giant

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Updates: The previous version of this article incorrectly stated Anika Grant as a former Uber Global HR Director. We apologise for the inconvenience.

Singapore-based tech research and advisory firm Ecosystm today announced the appointment of Amit Sharma as its Principal Advisor, the latest in the company’s string of high profile new hires which includes former Frost & Sullivan MD APAC Manoj Menon and Uber Global HR Director Anika Grant.

Prior to joining Ecosystm, Sharma was the Vice President and Global head of Business Development at Indian tech giant Tech Mahindra where he managed, coached and cultivated a global team of digital evangelists or digital sales associates.

He also established and managed numerous partnerships covering technologies such as blockchain, AI, machine learning, IoT, big data, cloud, analytics, AR/VR, and mobile payments.

Also Read: If data is oil, Singapore startup Ecosystm plans to be the gas station for the tech industry

He currently serves as Founder & CEO at SPREAD, a digital B2B renewable energy funding and trading platform with a mission to invest in and champion green energy projects in developing economies across Asia Pacific.

Sharma has delivered presentations at the Blockchain Economic Forum in Davos; The Global Summit on Blockchain Technology, Berlin; and IoT World Singapore. He had also conducted and published researches on the potential of blockchain to mitigate climate change.

He is also an angel investor with Business Angel Network Southeast Asia (BANSEA) and Create Responsible and Innovative Businesses (CRIB). He also sits as a board advisor for various startups in the Southeast Asian region.

Commenting on his appointment, Sharma said, “As a change agent, I’ve always been passionate about the potential that disruptive technologies have in transforming organisations, and shaping a better, more sustainable future for our societies. Along these lines, I’m excited to be part of the Ecosystm project, especially with its lofty ambition of data democratisation.”

Image Credit: Ian Espinosa on Unsplash

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Phnom Penh’s TOP100 winner gives Cambodian students a reason to celebrate

SALATECH’s aim to improve the quality of tertiary education for Cambodian students is as heartwarming as it is commendable

At the TOP100 competition in Phnom Penh, only one startup managed to clinch the Judges’ Choice award — SALATECH. The company will get to enjoy the privileges of a free exhibition booth space at e27’s Echelon Asia Summit 2019 and a chance to win S$50,000 Startup SG grant.

But while only one received an award, there will be three others representing Team Cambodia on Echelon’s TOP100 stage. These companies will also enjoy intimate investor meetings and inclusion to corporate business matchings on top of five starter tickets and TOP100 Tour access in Singapore.

Without further ado, here’s more on the winning pitch:

SALATECH

For the 70,000 students in Phnom Penh entering adulthood, pursuing a university degree seems like the next viable step to take. However, costly travel expenses and administration fees, coupled with paper-based enrollment methods have become a big deterrent for choosing the most suitable university.

Fortunately, SALATECH recognises their plight and seeks to automate the enrollment system and lower administrative costs so that more K-12 graduates can have access to quality education.

With SALA’s digital platform, all prospective students need to do is log in, find a suitable university, enrol in it, and manage their curriculum from there. No paper and pens required!

Its freemium business model provides free university listings and admission, and has already been rolled out across 19 universities and five K-12 schools.

An upgrade to its ‘Basic’ mode for just US$10 a year will add scoring, timetabling and attendance-taking services to the student’s account. For US$20 a year, an ‘Enterprise’ mode will help manage bills, HR issues and transport fares.

Founders Leap Sok, Thavorac Chun and Matt Rybin, who hail from IT and software engineering backgrounds, plan to tap on Cambodia’s market opportunity of three million students.

Their ultimate goal? Transforming and automating educational systems for affordable quality education.

Also Read: Gobi Partners names ex-Sony Chairman as advisor for Japan

Hats off to SALATECH! Now, here are the other three qualifiers who scored themselves a discounted exhibition booth space in the TOP100 Zone at Echelon Asia Summit 2019.

  • Sousdey Cambodia

This tech company provides you with the tools to profile your users and improve marketing engagement via a 1-1 approach.

  • Cryptoasia

Cryptoasia is the leading digital currency innovator in Cambodia and is a platform for merchants to buy and sell digital moolah.

  • Muuve

Founded by youths, Muuve is a local-food delivery service that makes the whole ordering and delivering process much simpler and convenient.

Congratulations to all who have qualified! Catch us at our next qualifiers in Kazakhstan! Get your Echelon 2019 tickets here.

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Fintech startup Mihuru is on a mission to make flying affordable for Indians

Mihuru lets people book their flights and holiday packages by paying a small deposit upfront; the balance can be paid in instalments

Mihuru team with Founder Shruti Mehrotra (L)

Shruti Mehrotra spent the early years of her life growing up in Fiji Islands, before moving back to her home country. In India, given the nature of her father’s job, she had to move around every few years, along with her parents. This ignited a passion for travel in her, and she soon became an avid traveller.

In her childhood years, travelling — especially by air — was considered a luxury in India that only the affluent class could afford. But as the country developed and the market began to open up, travelling became a way of life for many.

“Until now, traveling was considered a luxury,” she tells me. “It has changed for the better now. Traveling is not a luxury any more; it’s now a way of life for many. As we Indians have always been an aspirational bunch, travelling — that too by air — has become more ubiquitous.”

Having said that, there is still a section of people in India, for whom air travel still remains an unaffordable dream. And Mehrotra and her team at Mihuru want this to be a thing of past.

Mihuru — a combination of Mi (Spanish word for ‘my’) and Uhuru (Swahili word for ‘freedom’) — is an online platform that lets people book their flights and holiday packages by paying a small deposit upfront. The balance payments can be paid off over a period of time, prior to their trip.

“Mihuru’s mission is to make flying possible for the masses,” says Mehrotra. “From saving up to 40 per cent on airfare to protecting you from hidden costs while travelling, we are here to help you travel right.”

For instance, if you plan to fly from Mumbai to Bangkok in June, the airfare today will be INR 19,500 (US$283) per person. Instead of having to cough up the entire amount at the time of booking, you can now pay only INR 4,100 at the time of booking. The balance can be paid in three instalments (INR 5,500 each), prior to your flight in June.

“This makes the outflow manageable and places less financial stress in one particular month. It also saves you from paying an extra INR 4,000-6,000 (US$58-87) per person, had you booked closer to the date of journey. Imagine everything else you could do with that money instead of wasting it on airfare just because you were too lazy to plan ahead!” she says.

To avail this facility, you need to complete a simple sign-up process, based on which you are provided a booking sanction. You can then use this sanctioned amount to book your flights, hotels, and holiday packages. You need to pay off all instalments as per your payment plan, prior to your travel date. You will get access to your confirmed flights, hotel or holiday package only after you have made the full payments.

“We also advise customers on when to vacations. We take into account trending destinations, lead time to travel (and thereby ability to pay off instalments), best time to book flights, alternatives available, etc. while making this recommendation,” explains Mehrotra, who holds an MBA Degree from the Kellogg School of Management in the US.

“All of this is available on Mihuru, without requiring the customer to hop, skip and jump across multiple websites looking for the best deals. Additionally, our membership programme Mihuru Golden Circle provides you with access to exclusive discounts and preview of new products before anybody else gets,” she explains.

Previous years

Prior to founding Mihuru, Mehrotra worked in the startup investments space. She has close to 15 years of active working experience with startups in growth and early-stage investing across India, the US and Southeast Asia.

Also Read: How fintech startup LendMN saves 30K salaried employees from loan sharks in Mongolia

During those years, she primarily took care of investments in consumption-led opportunities. This experience made her realise that consumption patterns of Indian millennials are rapidly evolving towards spending on experiences, especially travel, with the prevalence of social media.

“Then in 2016, the Indian government launched the UDAN regional connectivity scheme. UDAN is an acronym that means ‘let the common citizen of the country fly’ to make traveling by flight affordable for the masses within the country and internationally,” she adds.

“I come from a privileged family background, where the dinner conversations at home always revolved around financial services — be it India’s financial inclusion challenges, driving adoption of push products like insurance, or mis-selling due to low financial literacy. This gave me exposure to the financial world early on,” she adds. “Mihuru is a culmination of all these life experiences.

Opportunities

Mihuru sees a huge opportunity in India. According to Mehrotra, the millennials and Gen Zs of today account for 66 per cent of all trips in India, and will save, borrow and take up a side job to be able to travel. “To quote a recent Expedia report, if Indian millennials were given INR 10 lakh (US$14,500), 81 per cent of them would spend half or more on leisure travel. So strong is the desire for travel.”

“And contrary to the common perception that millennials are laidback, it turns out the younger generation are in fact methodical organisers, who prefer time in hand to plan an efficient holiday. They seek to optimise the budget they have, so they can get their perfect ‘dream’ holiday. This behaviour fits in perfectly with Mihuru’s product,” she boasts.

In addition to this, there is a huge latent demand that’s being driven by the UDAN initiative to make traveling by flight affordable for the masses within the country and internationally. “Changes are happening around us. People who either historically couldn’t afford to travel by flights or simply didn’t have access to airports are now traveling by flights. Almost 25 per cent of flyers in 2017 were first time flyers and these numbers are only going to increase,” she says confidently.

“In 2018, for the first time ever, the number of people flying by flights overtook the number of people traveling by air-conditioned trains. And that’s a very encouraging sign. Indian airports are expected to see 300 million passengers per year by 2022 (up from 150 million in 2018) and we are here right on time to join this ride,” she goes on.

Mihuru has partnered with a handful of companies, including travel aggregator Skyscanner to give customers access to flights across 1,200-plus online booking agents. It also has a network of travel agents and startups to book the customer’s holiday packages and hotels.

For insurance service, Mihuru has joined hands with insuretech startup Arvi to offer flight cancellation and delay protection to customers. Arvi provides you a refund if you cancel your flight for any reason.

“As for foreign exchange, we have a partnership with EbixCash to provide our customers the best exchange rates and doorstep delivery of foreign exchange and prepaid forex cards across India,” Mehrotra notes.

Revenue streams

The company generates revenues from the service charge paid by the end customers. This charge varies depending on the customer profile, destination, lead time to travel, among others. Mihuru also earns commissions from its travel partners.

Currently, the startup only employs five people.

According to Mehrotra, investing — especially in the early stages of startups — is very rewarding; you get to meet some amazing people and hear their stories. You have a ringside seat of an exciting journey in the entrepreneur’s and company’s life. And you have the ability to influence direction.

“But the flip side is that most good companies will get funded, irrespective of whether or not you personally exist as an investor,” she adds. “On the other hand, when you build a startup, you are building something that’s never been done before. You see a painful problem that you are passionate about solving. And the way you solve that problem is very unique to your individual experiences and insights. Startups are like fingerprints — no two are the same,” she observes.

Also Read: Gobi Partners names ex-Sony Chairman as advisor for Japan

Drawing a sports analogy, she says that founders are athletes on the playing field: operators with a strong strategic sense. The best of them seek advice and deliver great results. Investors are coaches: the best know how to give advice and nurture talent, and they know to not try to run the business.

Don’t get carried away by the hype

In her view, a significant part of building a startup is the team’s network. Having worked on the other side of the table has given her the privileged access she could have otherwise had to hustle more for.

“That aside, I’ve evaluated and worked with startups across India, Southeast Asia and the US. That brought two important learnings. First, don’t get carried away by the hype. I’ve seen enough and more startups adjust an otherwise sound business plan only because of a hype in the market that dies out sooner or later. I’ve seen a lot of investors also fall for these hypes and many times even push their investee companies in that direction,” she warns. “There is a fine line between being confident about your business, market and customers and being ignorant to the need to adapt. And that’s a line you need to be very conscious of.”

“Second, every startup has an investor that’s right for them. I cannot underscore how important it is to find the right partnership – for both, the startup and the investor. It could mean the difference between success and failure,” she signs off.

 

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BCA, Digitaraya launch coworking space, accelerator programme Synrgy

BCA is the latest Indonesian banks to launch its own accelerator programme

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Indonesian banking giant BCA launched coworking space and fintech startup accelerator programme Synrgy at Manhattan Square, Jakarta, as part of its effort to help support the digitalisation of Indonesia. Accelerator programme Digitaraya and Kumpul participating as supporting partners of the programme.

The launch of the programme was attended by executives from BCA, Capital Central Ventura, and Digitaraya. BCA President Director Jahja Setiaatmadja explained that his firm started the initiative as a response to ongoing trend of startups offering creative solutions to solve a problem.

“This background has encouraged us to support by launching a platform called Synrgy,” Setiaatmadja explained in a press statement on Wednesday, March 27.

Synrgy is a collaborative platform and accelerator for startup community that aims to encourage growth and innovation in the digital sector; it also serves as an innovation hub with excellent programmes to help startups grow their business faster.

Also Read: BCA Korea Secures $4.2M in Investment

Participating startups will get access to the programmes, which included the accelerator programme run by Google Developers Launchpad-backed Digitaraya.

The accelerator programme will run for three month with an intense monthly bootcamp to support product and business development. In the first month of the programme, the startup will go through diagnostics, leaders lab, and design sprint processes.

In the second month, the startup will learn about Indonesian financial industries regulations and how to build successful partnership. The agenda will also include legal consultation and product mentorship.

The demo day will he run in the third month. The startups will have the opportunity to present its products in front of potential investors and BCA. At the end of the bootcamp period, there will be a selection of startups who will partner with BCA or other potential investors.

Synrgy will also connect startups with competent mentors (including Google) to have a one-on-one consultation, open access to investors, as well as with BCA itself.

Also Read: BCA, IDA launch Green Mark for data centers

“By joining forces with Google Developers Launchpad, we will offer incomparable support for chosen startups,” Digitaraya VP Strategy Nicole Yap.

Registration for Synrgy accelerator programme has been opened on its official site and will be closed on May 17, 2019. For the first batch, BCA will pick eight fintech startups in the big data, digital payments, cybersecurity, blockchain, IoT, and other fintech verticals.

Prior to BCA, a number of Indonesian public and private banks have also launched similar programmes, such as Bank Mandiri, which hosted Mandiri Digital Incubator (through Mandiri Capital Indonesia), and Bank Bukopin, which hosted BNVLabs with Kibar.

The article BCA Resmikan Coworking Space dan Program Akselerator “Synrgy” Bersama Digitaraya was written in Bahasa Indonesia by Marsya Nabila for DailySocial. English translation and editing by e27.

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Why AI isn’t going to steal your job

Don’t believe all the doom and gloom surrounding AI — they need us more than we need them!

The rise of artificial intelligence has caused much worry in the workplace, largely because many professionals fear that they’ll be replaced by intelligent software in the near-future.

However, despite the impressive gains that AI has made in recent years, there are plenty of reasons to believe that it will continue to need human workers well into the future. As astonishing as these intelligent machines can be, there are still many things they’re incapable of tackling alone.

Here are some of the ways humans and machines are already working together, and why AI will continue to need human workers despite all the predictions of job loss.

Machines can’t do it all

We need to dispel the myth that ‘machines can do everything’ — human workers will always be necessary to some extent.

While basic labourers who handle mundane, repetitive tasks can easily see their jobs become automated by new innovations, intelligent workers who are needed to analyze large sums of information and make responsible decisions will always be called upon for a diverse array of business purposes.

Furthermore, existing market research demonstrates that modern consumers aren’t too happy about a robot-dominated future and still want to see a human face at the cash register.

Also Read: Smart retail startup Blue Mobile raises Series C funding from Ant Financial

Companies everywhere are racing to digitise and automate as much of their operations as possible, largely because they believe the benefits derived from cutting costs will outweigh everything else. As a matter of fact, consumers are beginning to notice that businesses are benefiting by cutting human workers out of the equation, and they’re not entirely happy about it.

A recent report noted that half of all consumers surveyed said that they preferred a mixture of AI and human shopping rather than an entirely automated process. This is only natural, as customers want a friendly face to turn to when things go wrong or they have a question – or, dare it occur, the pleasure of small talk.

A good experience with AI may be enough to wow some consumers into returning, but businesses of the future will need to take the human element into consideration when thoroughly automating their operations. Going too far into the direction of the robots could give your company a lifeless feel, as customers everywhere are going to want to feel as if they’re doing business with other humans rather than emotionless machines that simply process their payments and ship the products.

Elsewhere, we’ll also see AI continue to need human workers because the robots haven’t always proven adept at taking over our jobs.

Some skills still need a human touch

In a number of industries, some areas still require a human touch — unless you want a commercial disaster or PR nightmare on your hands.

Workers compensation and other employment costs may seem pricey, but there are many jobs that AI can do far better than humans like analysing pictures to detect a constant trend — things that an algorithm can do infinitely better than the human mind. Machines nonetheless have a harder time trying to match human creativity, and many automated programs struggle to appear lifelike and realistic when dealing with human customers.

As Forbes has pointed out, some key jobs will always demand a person for a wide variety of reasons.

Also Read: Fintech startup Mihuru is on a mission to make flying affordable for Indians

Accountability, for instance, is something that simply can’t be automated. A business may think they can save some money by automating the manufacturing process in its entirety, but if they lack a human manager to ensure that safety standards are being met, costly and dangerous floor accidents could occur.

Similarly, automated payment systems aren’t always sufficient at making sure workers are adequately compensated, and fully digitised management systems would have a hard time determining who’s worthy of a promotion and who isn’t.

In other words, don’t expect the machines to swoop in and replace everything just yet!

Deloitte has done an extensive amount of research into how humans and machines can work together to produce better results than ever before, and it’s worth considering if you’re interested in the future of AI in the workplace. By and large, Deloitte’s findings echo the results being championed by other AI experts in the marketplace; machines are going to supercharge humans more than they will come to replace us.

They’re simply tools and can be harnessed for good or evil ends depending on how they’re leveraged by human actors. Human professionals will soon be automating the mundane and repetitive tasks they do every workday, which will enable them to focus more of their time and energy on more creative and specialized pursuits more suitable for humans.

Whether it’s ensuring creativity isn’t stifled or that accountability is maintained, humans will always be needed in the workplace. Don’t believe all the doom and gloom surrounding the rise of AI – intelligent machines will continue to need human workers to operate them for years to come.

 

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