Posted on

Having raised US$80M in total funding, GoBear aims to foster new partnerships

GoBear CEO Adrian Chng explained why they only decided to publicly announce their funding now

GoBear.CEO.Adrian.Chng.Photo

GoBear CEO Adrian Chng

Despite operating in major Southeast Asian markets and Hong Kong, financial supermarket platform GoBear has never publicly announced their funding rounds.

But today the company announced that it has raised US$80 million in total funding from investors such as Dutch venture capital fund Walvis Participaties and financial services organisation Aegon N.V.

In a phone interview with e27, GoBear CEO Adrian Chng explained why they only decided to publicly announce their funding now.

Founded in 2015, the company aimed to improve financial health in Asia by creating a platform to help customers find finance products, particularly lending and insurance.

In addition to supporting this mission, the funding will also be used to foster new partnerships with banks and other financial institutions.

“We want to convince our potential partners that we do have strong financial backing,” Chng said. “… That we are indeed the ‘big bear’.”

Also Read: How Singapore helped a GoBear software developer become MacGyver

The startup is also looking to invest in Asia-based companies that offer technologies in personal financial management, alternative credit scoring, financial education, and investment platforms.

It will also invest in talent acquisitions as well as product and technology developments.

Based in Singapore, GoBear operates in six Southeast Asian countries –Singapore, Thailand, Malaysia, the Philippines, Vietnam, and Indonesia– and Hong Kong.

The startup claims to serve 40 million users with 1,800 consumer financial products across the market.

It names leading financial institutions such as Allianz Worldwide Partners, Citibank, FWD and Standard Chartered Bank as its partners.

Chng explains that unlike more mature markets such as Europe, Asian countries such as Indonesia are facing a unique challenge that require a different kind of solution.

For Europe, fintech services such as financial product comparison site thrive as there is already a strong demand for that.

Also Read: Financial products comparison platform GoBear names Adrian Chng new CEO; to expand to Indonesia

Meanwhile, in Indonesia, the level of financial literacy is not even that high yet, as reflected in its fewer than three per cent credit card penetration rate.

“We can even say there is no enough [available financial products] to compare,” he says.

Despite the different starting point, nowadays consumers in the emerging and mature markets have the same high level of expectations of fintech companies.

For the year 2019, in addition to work with existing partners and acquiring new ones, GoBear aims further develop its current services: digital lending and insurance brokering.

While the company is currently focussing on these two services, in the long run, it aims to become a “trusted” financial advisor platform.

The post Having raised US$80M in total funding, GoBear aims to foster new partnerships appeared first on e27.

Posted on

Payment network Thunes closes US$10M Series A led by GGV Capital

The company’s official statement notes that the funding will be primarily used to drive growth in its key markets

The global venture firm GGV Capital has led a US$10 million Series A funding of Thunes, global payment network aimed at emerging economies.

The company said that the funding will be used to expand and improve its service offering as well as its platform, and accelerate growth across Africa, Asia, and Latin America. It plans to build more strategic partnerships to help bring improved payment solutions to businesses and consumers in emerging economies.

Thunes states its mission as seeking to “make financial services global and accessible to everyone, including the 1.7 billion adults in emerging markets that are excluded from the global economy because they lack access to any financial services”.

Thunes’ network operates on interconnecting financial institutions and digital financial service providers, enabling the movement of funds to and from emerging economies.

Thunes offers four key payment solutions – P2P remittance processing, corporate mass payouts, B2B payments, and digital payment services.

Also Read: Indonesian trucking platform Ritase secures Series A funding

The team will also open up new offices in San Francisco, USA, Dubai, UAE, and Paris to enable closer interaction with the customer and partner base.

In addition to the funding, Thunes Executive Chairman, Peter De Caluwe said that they have appointed a CEO. “We’ve hired Steve Vickers, to lead Thunes’ global expansion and take the business to the next level. This funding allows us to accelerate our company mission,” said De Caluwe.

To date, the company claims to have a global network that reaches over 80 countries with more than 9,000 interconnected payout partners. On a daily basis, it says that it can complete more than 300,000 transactions, and processes in excess of US$3 billion USD principal per annum.

“We were attracted by Thunes because we are aligned with their mission and see a lot of growth potential in this business,” said Jenny Lee, Managing Partner at GGV Capital.

GGV Capital is a global venture capital firm that invests in local founders that focusses on seed-to-growth stage investments across Consumer/New Retail, Social/Digital & Internet, Enterprise/Cloud, and Frontier Tech sectors. The firm was founded in 2000 and manages US$6.2 billion in capital across 13 funds boasting portfolio companies include Airbnb, Alibaba, ByteDance (Toutiao), and Grab.

Also Read: Bruneian agritech startup secures pre-Series A funding from Cerana Capital

Just recently, Thunes announced that it has collaborated with Western Union to expand payout capabilities to mobile wallets. Thunes partnered with PayPal and M-PESA to deliver alternative payment solutions that allow its Kenyan consumers and businesses to take full advantage of global e-commerce.

Thunes has also collaborated with Grab to enable real-time mass salary payouts for their drivers.

The post Payment network Thunes closes US$10M Series A led by GGV Capital appeared first on e27.

Posted on

(In photos) Meet Go-Hive, a cool co-working space in India

Currently GoHive manages more than 1,100 seats with further plans to reach 2500-plus in Delhi, Gurgaon, and Bangalore by the end of 2019

GoHive is a co-working space based in Delhi National Capital Region that provides a collaborative work environment to startups, young enterprises and innovation labs.

The company was incepted in 2016 with its first centre at Sohna Road in Delhi, and it soon established three more centres in the city.

The company strives to provide spaces to startups with functional design and support to enrich the experience of their members.

Currently, GoHive manages more than 1,100 seats with further plans to reach 2500-plus in Delhi, Gurgaon, and Bangalore by the end of 2019.

It has a strong digital presence and works on organic growth within Google Search Engine to spread awareness about the brand and community development initiatives.

Mishu Ahluwalia is Founder and CEO of GoHive. He heads the strategy and operations for the company.

He has more than 12 years of experience in real estate. He has founded/co-founded three ventures in the past.

A few ventures he has to his name, aside from GoHive, include Chattels & Manor, and Winspire Consulting (a boutique real estate brokerage firm).

Pic courtesy: GoHive

The post (In photos) Meet Go-Hive, a cool co-working space in India appeared first on e27.

Posted on

Australia’s BlueChili launches healthtech accelerator in Singapore

Launched in partnership with Enterprise Singapore, The BlueChili HealthTech Accelerator is looking for healthtech startups from the Southeast Asian region

bluechili_launch_singapore

Sebastien Eckersley-Maslin, Founder and CEO of BlueChilli

Australia-based venture studio and innovation group BlueChili today announced its partnership with Enterprise Singapore to launch a Singapore-based healthtech accelerator.

The BlueChilli HealthTech Accelerator aims to build and develop startups that address health challenges and opportunities in Southeast Asia.

“All startups who enter BlueChilli’s boot camp will receive free training and support through our online academy, startupu.io – so we want as many participants as possible! From there, BlueChilli will be selecting up to 15 startups to receive tech development through our accelerator this year,” a BlueChili spokesperson wrote in an email to e27.

Selected founders will get access to tech development services at no cost, startup training, seed funding, and a global network of advisors and mentors.

“We’re looking for people who are passionate about solving problems in the health sector using technology. No startup or tech experience is required for those who are interested in the program. BlueChilli will provide a world class team of experts to selected founders to build their products, gain market traction, secure investment and establish their first team,” the spokesperson further explained.

Also Read: A comparison of the fintech climates in Australia and Singapore: same same but different

With the support from Enterprise Singapore, BlueChili has also included CSIRO and Galen Growth Asia as health and innovation partners for the programme.

They are also set to announce more partners that include local healthcare providers.

“Our mission is to help people anywhere solve society’s greatest challenges with technology, so we are excited to extend our reach further into Southeast Asia,” said BlueChili Founder and CEO Sebastien Eckersley-Maslin in a press statement.

“By removing the barriers of access to technology and capital, we can help a more diverse range of entrepreneurs in Southeast Asia bring their unique experiences and novel ideas to the global innovation ecosystem,” he continued.

Founded in 2011, BlueChili has launched 132 startups that have collectively raised over US$170 million.

Its portfolio companies are operating in the Americas, Europe, Australia, and Southeast Asia.

The company first expanded to Singapore in early 2018, through a partnership with Hatcher+ to co-invest in 240 global tech startups.

In Indonesia, BlueChili has also launched an innovation centre in partnership with Coca-Cola Amatil last month.

Also Read: IIX receives US$887K grant from Australian government for gender lens investing

BlueChili’s portfolio companies in the healthtech sector are hardware startups BindiMaps and Talkiplay, mammography AI diagnostics service Alixir.ai, telemedicine platform VetChat and out-of-home patient care platform CTARS.

The Asia Pacific healthtech sector itself is the second largest in the world for investment funds raised, according to a press statement by the company.

Last year, US$6.3 billion was deployed into healthtech startups in the region and this investment significantly exceeded the 2017 number and doubled the 2016 number.

The Southeast Asian healthtech ecosystem is still emerging within the region and is said to be poised for growth, with Singapore and Indonesia contributing to “most of its notable deals” in 2018.

Image Credit: BlueChili

The post Australia’s BlueChili launches healthtech accelerator in Singapore appeared first on e27.

Posted on

Burmese logistics startup Kargo raises US$800K in pre-Series A funding round

Kargo is looking forward to begin its international expansion next year

Kargo_YomaBank_Myanmar

Kargo team at the agreement signing ceremony with Yoma Bank

Myanmar-based logistics startup Kargo today announced a US$800,000 pre-Series A funding round led by Singapore-based early stage venture capital fund Cocoon Capital, alongside two angel investors.

The company also announced that Cocoon Capital Managing Partner Michael Blakey has joined its board of directors.

In a press statement, Kargo said that it plans to use the new funding to further develop its platform and expand to markets outside of Myanmar in the next 12 months.

“Kargo is focused on Myanmar and the cross border B2B trucking logistics corridors from Thailand to Vietnam. The focus is to build out our presence through these markets with our existing and future B2B clients by streamlining their needs for transport of goods along these Mekong corridors. At this point, and as we have done in Myanmar, we will work closely with the local trucking suppliers and logistics companies to connect them to large enterprise businesses for transparent, reliable, and cost-efficient trucking logistics,” the company explained in an email to e27.

Founded in 2016 by Alexander Wicks, Kargo digitise the ordering and matching process inter-city and intra-city B2B trucking logistics.

Also Read: Indonesian logistics startup Kargo raises US$7.6M in seed funding round

The Kargo platform aims to improve transparency, availability, and accountability across the trucking industry.

The startup received the GSM Association Ecosystem Accelerator Fund grant and won the Seedstars
Yangon 2017, representing Myanmar at the Seedstars Summit 2018 in Lausanne.

It had also been named ‘Best Logistics & Supply Chain Startup’ at the Echelon Top100 competition in Singapore in 2018.

In March, Kargo announced that it has inked an unsecured small business financing agreement with Myanmar’s leading commercial bank Yoma Bank.

Through the partnership, the startup received an initial loan of approximately US$130,000.

Also Read: Delivered: B2B logistics startup Kargo gets seed funding from East Ventures, angel investor

“This agreement allows Kargo to solve the timing issue of having to pay its drivers before receiving payment for invoices from clients and this frees up Kargo’s investment capital to be used for its primary purpose: product expansion and business growth,” the company further explained.

“Myanmar remains a challenging climate in which to operate a business, especially a startup, and working with institutions such as Yoma Bank to create alternative financing options remains key to future success,” it stressed.

Image Credit: Kargo

The post Burmese logistics startup Kargo raises US$800K in pre-Series A funding round appeared first on e27.

Posted on

Stock investing app Stockbit secures Series A funding led by East Ventures

The Indonesian company targeting millennials plan to stay focused on its original mission

Indonesia-based stock investing app for millennials Stockbit announced that it has received an undisclosed amount of Series A funding led by East Ventures. The round is joined by Convergence Ventures, FreakOut, angel investors, and existing investors that participated again including 500 Startups, Ideosource, and Braavos Ventures.

The company stated that with the investment, they look at accelerating its mission to democratise capital market investment in Indonesia.

Stockbit was founded in 2013 as a social network for stock investors, before gradually changing into an app that integrates stock trading, information aggregation, and social networking.

Stockbit recently launched Bibit, a robo-advisor app that helps people build a personalised portfolio to invest starting from as low as $1.

“Despite its lucrative return, first-time traders in Indonesia are still somehow intimidated to make an investment in the capital market due to lack of knowledge, lack of access to high-quality wealth managers, and high fees of professional advisory services. They often faced difficulties to navigate around the fast-changing nature of the stock market. With Stockbit, we aim to make investment easy and optimal for everyone,” said Wellson Lo, Stockbit CEO.

Also Read: Australia’s BlueChili launches healthtech accelerator in Singapore

Sigit Kouwagam, Stockbit COO added: “As Indonesians improve their income and financial literacy, making the right investment has become increasingly important to reach their financial goal. Hence, reliable guidance and information become key for their investing journey, and our product works for investors like a GPS/Google Maps for travelers.”

According to IDX data, the number of retail investors in Indonesia has grown in 2018, contributed mainly by the millennials where 70 per cent of the new investors in 2018 came from 21s-40s age group. Despite this rapid growth, only less than 1 per cent of Indonesians has participated in the stock market so far.

“With our technology, we intend to provide financial products and services to everyone, no matter where they are or how much they make so that not only the top 1 per cent can have access to good financial services with better transparency and convenience for smart investing,” said Johny Susanto, Stockbit CTO.

According to Melisa Irene, Partner of East Ventures, Stockbit has successfully established its position as an important player in the capital market industry by creating a platform that consolidates important information required for investment decision making.

Also Read: Payment network Thunes closes US$10M Series A led by GGV Capital

“By doing so, Stockbit helps to reduce the information asymmetry between the market, professional traders and also newcomers,” added Irene.

The post Stock investing app Stockbit secures Series A funding led by East Ventures appeared first on e27.

Posted on

Payworld turns retail shops into ‘banks’ for low-income people to remit and withdraw cash, get micro-loans

Payworld is an aggregator of financial services, catering to the low-income market in urban India those from semi-urban and rural India

For over 50 percent of Indians living in abject poverty, digital transactions are a mirage. Majority of this population are uneducated or are still unaware of various digital facilities that could improve their lives. With most fintech companies — and even banks — catering to the urban population and the privileged section of the society, the chances for the upliftment of the poor are grim, at least in the short-term future.

A fintech company wants to reverse this trend.

“We understand that while living in a highly technological environment, we take for granted all the basic things we do using internet, such as recharging phone, buying online insurance, or money transfer. But if you look around, there are many people in India, who do not have the sufficient knowledge and learning to do it themselves,” says Praveen Dhabhai, COO of Payworld, which offers multi-modal payment solutions for different segments of the market. “We are targeting this population with our various fintech solutions.”

Also Read: Cashless payments come with security and privacy challenges from the viewpoint of consumers and businesses

Payworld, an initiative by Sugal & Damani (a company that operates government-run lotteries across India), is an aggregator of financial services, catering to the low-income group in urban India and the people in semi-urban and rural India.

The firm aggregates financial services, such as the basic banking services like money remittance, SME lending, cash-out facility, loan repayment facility and utility bill payments, in addition to other digital services such as mobile recharging, bus/train/flight ticket booking, as well as insurance from various service providers. Payworld aggregates these services into one single platform and provides them to kirana stores (small, usually family-owned shop selling groceries and other sundries) and mobile shops. Retailers can then sell any of these services to people, who walk into their shop.

“Banks continue to follow traditional methods of distribution and found the delivery daunting. So, they prefer easy large-ticket lending. The inclusion of the last man in the pyramid — that vegetable vendor or the village tailor or the cycle repair mechanic — never happened. We aim to change this,” adds Dhabhai.

“We mainly cater to the migrant labour population, who need to send money back home, as well as people who don’t know how to use a debit card/internet banking to carry out transactions online. These solutions are also intended at people who don’t know how to buy a train ticket or purchase an insurance policy online. Surprisingly, nearly 93 percent of Indians fall under this category,” he adds.

Payworld’s mobile PoS devices are used by retailers to accept payments from their customers through credit/debit card for the goods/services sold to them. This device also works as mini ATM, which means anyone can withdraw up to INR 2,000 (US$31) from any partner retail outlet by swiping their debit/ATM card. This ultraportable device can be used to enable card acceptance at the customer’s doorstep as well.

Payworld Money is an central bank RBI-approved pre-paid instrument–digital/mobile wallet issuer, which has users doing primarily domestic money remittances through the assisted mode. Also, this wallet is accepted as payment options on many websites for recharges, remittances, e-shopping and bill payments.

It has also integrated its Aadhaar-enabled payment system with retail outlets, which allows the customer to withdraw cash, deposit cash, transfer and access bank statements without having to visit the branch.

Payworld COO Praveen Dhabhai

Payworld COO Praveen Dhabhai

Thus far, the company has partnered with 100,000 retailer outlets in 630 districts in 23 federal states across India, and claims to be doing over 100 million transactions a year.

“The most common misconception about Payworld is that we are competing with digital wallet companies. This is in fact the complete opposite of what we are doing. We are focusing on people, who don’t have the bandwidth and knowledge to use a debit card/internet banking to fill money in his wallet and then do a transaction. We are targeting people who are otherwise difficult to reach out to,” he clarifies.

Starting with mobile recharge

When Payworld was conceived, the basic framework was developed around mobile recharging. At that time, retailers would use 10 different phones for 10 different service providers to offer mobile recharging services. Dhabhai and the team decided to bring all of these onto a single platform, thereby helping retailers save time and money.

“This became our USP. We then realised the value of aggregating services for the ease of use. So we didn’t stop at mobile recharge and we extended it to bill payments, and then kept adding new services as we moved forward,” he noted. “We developed a software that could do transactions even through a basic Nokia phone, which was more common amongst the store owners. When internet and hardware became ubiquitous, we developed a software that could be installed in these devices. Now, we have moved onto providing all sorts of financial services though a web portal and Android app.”

The company relies on a distribution model in tier II and III towns. It encourages distributors to find retailers in their area of strength and pay them commission on each transaction.

Payworld today has over 1,500 distributors across the country.

Also Read: (Exclusive) Creating Talks offers a platform for you to share your story with others, raises funding

According to Dhabhai, Payworld is growing at a 40 percent CAGR, with the FY2017-18 transaction volume standing at INR 2,300 crore (US$354).

A self-funded firm, the company is scouting for strategic partnerships and growth capital to add new services and also to take the business to the next level.

“Payworld services assume great significance against the backdrop of greater financial inclusion of the population, especially by reaching out to the unbanked for more and more cashless transactions. This will make the financial inclusion task easier for the government and users,” Dhabhai signs off.

—-

The post Payworld turns retail shops into ‘banks’ for low-income people to remit and withdraw cash, get micro-loans appeared first on e27.

Posted on

Go-Jek partners with travel booking startup Tiket.com to launch Go-Travel

Tiket.com, the immediate competition of Traveloka in Indonesia, is now Go-Jek’s latest partner

Go-Jek has announced its latest collaboration, this time with Indonesia’s online travel booking startup Tiket.com to launch Go-Travel, as reported by KrAsia. This comes after announcing that its users are now armed with a chat room.

Go-Travel will allow Go-Jek’s users to book hotel rooms through Go-Jek. However, the option will only allow bookings for hotels, and not for flights or train tickets.

Go-Pay isn’t available as a payment option for Go-Travel just yet and the company said it will spend more time to integrate the experience.

Tiket.com reemerged as a travel booking frontrunner after being acquired by GDP Venture through e-commerce platform Blibli in 2017. Blibli and Tiket.com are both owned by Djarum Group, an Indonesian conglomerate.

Aside from Go-Travel, recent news also said that Go-Jek is developing a Go-Mall feature on its apps that will have JD.id and, possibly, Blibli.

Also Read: Robo-trading platform Lubna.io secures seed funding from East Ventures

Grab, Go-Jek’s main rival in the ride-hailing and all-in-one apps sector, has also announced a hotel booking feature on its platform for Singapore users, in partnership with Agoda and Booking.com.

The post Go-Jek partners with travel booking startup Tiket.com to launch Go-Travel appeared first on e27.

Posted on

Malaysian conglomerate Hong Leong Group launches startup innovation centre

The innovation centre is called HLX and it aims at facilitating corporates and startups to meet

Malaysia-based conglomerate Hong Leong Group announced that it has launched a new innovation centre named HLX. The conglomerate group stated that it seeks to boost the local tech startup ecosystem by creating an intersection point for every aspect in the tech startup community, as reported by KrAsia.

HLX is designed as a Southeast Asia-common practice of private-public partnership (PPP) between Hong Leong Group and the Malaysian Digital Economy Corporation (MDEC), a government agency. It will be located in the heart of Kuala Lumpur.

HLX said it plans to become the hub where corporates can connect with the startup community to exchange ideas and accelerate innovation around technologies like artificial intelligence, high-performance computing and fintech.

HLX features a 250,000 square foot facility with co-working spaces, event facilities, talent development programs, an auditorium, restaurants and a gym.

Also Read: Kickstart Ventures to manage Ayala’s US$150M Corporate VC fund in Philippines

The post Malaysian conglomerate Hong Leong Group launches startup innovation centre appeared first on e27.

Posted on

Save it for a rainy day: How startups can handle media crisis like a pro

Can’t afford to hire a PR consultant? Left to handle media crisis all by yourself? Let this Academy piece be your guide


Landing a press coverage is often a cause for celebration; finally all of your hard work is being recognised by the media, and you just cannot imagine the opportunities it might lead to.

But unfortunately many startups found their names in the headline for all the wrong reasons.

From public spat between co-founders, sexual harassment scandals, protests, to illicit content appearing on your site, with their limited resources, early stage startups can only wish to have a strong team of public relations professionals backing them up in times of crisis.

“Data breaches, customer service debacles, recall fiascos –crises are everywhere, and countless institutions have been sunk by an unseen bombshell,” Burson-Marsteller Indonesia Market Leader Nia Pratiwi explains to e27.

“But in many cases, it isn’t the crisis itself that causes an organisation to flounder; too often it’s a organisation’s response to the crisis that causes the greatest damage,” she warns.

The public relations and communication consultancy has won an Asia Pacific Gold SABRE Award for their work in handling media crisis for Big Daddy Entertainment, a concert promoter who aimed to bring singer Lady Gaga to perform a concert in Jakarta in 2012. The concert faced rejection from religious hardliner groups, leading to the authorities’ refusal to issue permit for it.

Though the concert ended up being cancelled, with proper care, the promoter was able to gather neutral to positive media coverage during the time of crisis.

Also Read: Best and worst Indonesian startups in 2016 as picked by Santa Claus

So what are the steps that startups need to take when faced with a media crisis? Let these insights shared by Pratiwi be your guide:

Do they know it’s a crisis?

 

The first lesson that startups need to take is identifying the crisis itself. So is there any solid definition for a media crisis?

“Crisis usually comprises of several key components like high negative impact, unpredictability (results, impact, etc.) and involves potential amplifiers (like media, social media, or other stakeholders). What’s makes crisis different from emergency is that despite of the negative situation in emergency, there is a clear SOP to mitigate the issue and containment plan is relatively clear,” Pratiwi says.

In this digital era, it is almost impossible to the deny the role of social media in amplifying a crisis. In fact, Pratiwi notes that many crises began in social media platforms.

So how does one know that it is time to take action? Or is it okay to remain silent and give “no comment” during crisis?

“Action should be taken, be it solving internal issue or fixing the cause of problem, but there is no exact formula or clear distinctive factor to decide when to respond or stay silent. It will all depend on the assessment of severity of issue, reach of impact, who are stakeholders involved and what are the facts that are available,” she answers.

The steps to take –and to avoid

Due to the uncertain nature of media crisis, it is important to have flexibility and keen assessment of the situation. But generally, these are the standard operating procedures (SOPs) in handling a media crisis:

Step 1: Be honest with yourself

Organisations should never, ever put the blame as to customers’ fault or some other forms of “unforeseeable, unavoidable stroke of bad luck.”

As Pratiwi has explained, oftentimes the issues that led to the crisis are caused from within and aggravated by the organisation itself. Honesty helps leaders to get to the root of the problems and capably address them.

Also Read: ICOs are putting tech media in a bind, and that is a good thing

Step 2: Act carefully but quickly

The next step to take is crafting a strategic plan to diagnose the problem with a dedicated team. In this process, startups should consider all options, no matter how difficult and undesirable they are.

“Once a decision has been made and a plan has been developed and vetted, it must be put it into action as quickly as possible. Time is usually of the essence in such scenarios, so there can be no dillydallying or feet dragging. When crises demand same-day responses, delays can be perceived as incompetence or even indifference, both of which can exacerbate a crisis,” Pratiwi explains.

But what if there is more time available to consider the solutions? Then take it. But remember to keep on being careful and quick.

Step 3: Stay focussed

Startups need to be aware that just because they have managed to execute their action plan, it does not mean that there will not be any further challenge and setback from surfacing.

Competitors might take this opportunity to drag you even deeper to the mud; startups might even see their previous mistakes and controversies be added to the brewing storm.

“If you start to lose focus on the big picture, it might be necessary to take step back from the situation and reassess it, or even seek outside advice. But it’s important not to despair. If your plan is sound and the organisation’s intentions are good, then push through the discomfort and uncertainty,” Pratiwi encourages.

Grabbing the microphone

 

How about using your own personal Medium or Facebook page to address a crisis? This seems to be a popular route taken by many startup founders in crisis as it gives them the opportunity to tell their side of the story –and hopefully steer the narrative to their favour.

While Pratiwi does not think this is wrong, the action has to be taken with caution.

“If the startup founders’ personal social media channels have been consistently putting out positive and relevant content, then they could use blog, Facebook page or Twitter thread to address issue during crisis. However, this should be published in parallel or followed with an official statement from the company on its official channels,” she says.

“The founders’ personal message would give a more human touch that could potentially diffuse a crisis situation,” she adds.

Also Read: Another corruption scandal hits Huawei top executve in suspected bribery

In addition to making sure that one’s social media channels are “clean”, with messages that are in line with the company’s stance on the issue, founders should also be sympathetic and straightforward in addressing the issue.

And please, do not bring one’s personal political or strict religious view in the statement.

In principal, there are four things that startups need to avoid:

1. Be defensive and hostile
2. Move and react based on assumptions

“It is important to gather all the facts and verify them, but don’t wait until you have all the facts then communicate, as stakeholders would be anxious and every piece of verified fact can help to manage and contain the crisis.”

3. Under-estimate complaints or neglect reactions from stakeholders
4. Assuming that people understands you

Image Credit: Kayla Velasquez on Unsplash

The post Save it for a rainy day: How startups can handle media crisis like a pro appeared first on e27.