Insights from NEXT50 mentors on mentorship

Building a startup has many challenges to overcome. And with so many pitfalls and high failure rates, what can be done to improve the chances of success?

Mentorship is one of many resources which entrepreneurs should get access to. But how important is mentorship and why should entrepreneurs seek out mentors?

I ask three NEXT50 mentors on their insights on the ecosystem and the topic on mentorship for startup founders.

How the startup ecosystem in Singapore and South-East Asia is evolving

To start off, I asked the mentors for their insights on the evolution of the startup ecosystem.

Carmen Yuen, Partner at Vertex Ventures and part of the SEA team, observes that the Singapore startup ecosystem is more developed than it was 10 years ago, where few with super brave souls will dare to venture into. But now, entrepreneurship is now becoming a choice occupation.

She further adds, “Part of the development has to do with the millennial mindset, but also that the government programmes have been somewhat successful in driving more incubators, accelerators and co-investment funds into this space.”

Joelle Pang, Director of Regional Business Development at FastJobs, a Singapore Press Holdings subsidiary which is a mobile recruitment platform for the non-executive workforce, sees “a current trend of AI, fintech, blockchain and crypto-currencies, and this is where investor money rushes in, and startup founders follow suit to launch a startup to capitalise on the opportunities.”

More interestingly, she wants to understand what future consumers and corporates are looking out for.

She continues,

This is an area where I believe China is clearly leading the pack — from the way the startups compete their way to be the best in the field and then go on to dominate across all other sectors, to the way the innovative companies really leverage on Internet and Technology to empower the rural populations and drive inclusive growth.

Even the depth by which the Chinese government is getting involved to drive true scalability is fascinating to me. And they have the most number of unicorns in the world to validate this.

Anu Gupta is Associate Director at Asia PR Werkz, one of the largest Singaporean public relations firms. In her assessment, South-East Asia is a highly fragmented place with difference values, languages and styles of doing business, which makes the growth journey more challenging for startups.

She believes that PR play a key part in the growth of any startup, and her experience shows crafting their PR message is key when entering different markets.

Also read: What you should expect from your startup mentor

The importance of mentorship for startup founders

So why the need for startup mentorship, as one may ask?

Carmen mentions that we are only human and have our blind spots.

We have our ‘if only…’ moments and wished someone could have pointed us on some aspects so as to save us from making a mistake or taking a longer path/ time to solve an issue.

Similarly for founders, they are 150% devoted to their venture and with multiple concurrent issues to address, they can do with some guidance or observation.

At the same time, mentors can serve as companions on entrepreneurs’ times of dark days or tough uphill journeys.

Anu talks about mentoring during her course of work.

For many, PR is what founders have either encountered, often in a corporate or well-established firm where they spent their formative years, or what they perceive from news on established technology companies. Both approaches will never work for a startup.

We meet a lot of founders/startups who are in a rush to get their name out there. They believe PR is the easiest way to do this. [But in actuality], it can only be effective as long it reflects the growth of the business.

We mentor Founders so they can understand when the ‘right’ time for PR should come in and more importantly what kind of messaging needs to be out there at different stages of growth.

Joelle finds mentoring important for startups because it is important to fail fast and learn faster.

Mentors can help startup founders to avoid critical pitfalls, such as getting an ill-fitted co-founder or investor, especially if they have gone through the same challenges themselves and overcame it.

In an environment where many startup founders are sacrificing a lot to pursue their dreams, being able to avoid making one or two mistakes or getting critical feedback to take their startup to the next level makes a big difference.

Mindsets Singapore founders need to break

Joelle finds Singapore founders are not dreaming big enough.

I’ve came across too many Singaporean founders who strive to be the best in their industry in their home market, or to be recognised and celebrated as the top entrepreneurs in Singapore.

If you’re focusing only on being the best in Singapore and competing with other Singaporean founders, instead of thinking how you stack up against other entrepreneurs on the world’s stage, I think you’re missing the plot.

[Singaporeans] are a very fortunate bunch where we are given resources that many others in the world don’t. Most of us didn’t have to fight for basic rights, such as access to good education and personal security.

This may desensitize us and lessen our ability to empathise with the everyman and our effectiveness at coming up with solutions to solve their everyday problems. In today’s context, it may be this thinking: ‘Let me give this a try, apply for a government grant, and if it doesn’t work out, I can always head back to a day job.

Carmen finds that Singapore founders have a ‘crutch mentality’ to apply as many government grants as possible to help in validation and cashflow. But it is in her opinion that founders should not bend backwards to obtain them as these businesses will be hard to scale because their deliverables is whatever that helps check off boxes to enable grant monies to be disbursed.

For Anu, it is not about mindsets needed to break, but more of a new mindset to adopt.

She shares:

Adaptability is key as a company starts to expand overseas. Having the ability to imbibe the business locally, understanding local cultures and mindsets as well as ensuring that there is an able team, are some of the key ingredients that lead to a startup’s success.

Also read: The 4 kinds of mentoring opportunities that are most effective

Inspirational people startup founders should follow

Carmen cites R. G LeTourneau, a classic case of multiple failures yet he preserved. She founds him impressive that with his wealth, LeTourneau has decided to build a school to train and teach entrepreneurs.

She further adds:

All entrepreneurs are inspiring, especially those who have gone through multiple bad patches. The easy way out is to give up, but entrepreneurs who persevere on, and somehow find the cash to sustain the business – they are heroes that need to be remembered. With their grit, they ensured their staff are able to put bread on their families’ tables. These entrepreneurs create jobs for majority of our population.

Joelle finds successful entrepreneurs who started with nothing continually inspires her.

In a way because they serve as a role model for most of us who are truly starting from scratch – no/little networks, and/or no family money to speak of.

WhatsApp founder Jan Koum was born in Ukraine and came from poverty, and we all know now how his story ended. Many of these entrepreneurs didn’t choose to enter an existing market, but rather, they created new ones based on solving real consumer problems creatively and impacted the way current markets eventually evolved.

Entrepreneurs who look to give back to the society and communities also inspire me greatly.

Warren Buffett and Bill Gates show how wealth can be used to drive equality and improve the quality of lives; Sheryl Sandberg leverages her position to empower women around the world to lean in and step up in the workplace; and closer to home, Spacemob founder and now MD for WeWork SEA, Turochas “T” Fuad is one who doesn’t shy away from mentoring aspiring entrepreneurs and providing a platform for new generations of entrepreneurs to shine.

Mentorship advice to startups

Carmen shares fundraising advice as a VC.

Be realistic on valuation but don’t be too punishing on the equity you should have.  This boils down to how much money you should raise. Keep the first cheques to something modest, but watch your expenses so you can stretch the cheques for 18-24 months. In this case, valuation should not be too rich, so you can still keep a decent percentage for the founding team.

There is also no need to ‘must have’ VCs as investors. The key is to do good growing businesses, and also to keep an eye and mindset for the business to eventually be sold.  Build in processes (and have good documentation) so that the company is sale-ready.

Anu adds:

For any founder, be it man or woman, the journey is one of resilience, agility, adaptability. A woman’s situation may sometimes get more complex as we tend to be more emotional and instinctive (especially if the person is a mother). There are several other distractions (even in a day). But the key challenge is to stay focused and think of why one started to do this in the first place and if one is really doing what one set out to do. As an entrepreneur myself, I believe that it’s about never giving up. It’s about being fierce and making sure you build your business the right way. The rest will follow.”

Joelle ends off this article, “Focus on understanding that one problem that you are willing to dedicate your life’s work to solving, instead of blindly chasing trends in hopes of creating the next unicorn and cashing out big time.

You’ll realise that the moment you find your life’s mission statement, the various solutions you have towards solving that problem can all become ideas for your startup, and they will be ideas that you’ll have enough passion and grit to see your startup through.

Also, remember that an idea is free – it is only worth something when you take that first step to start executing on it.

—-

This article was first published on e27 on September 13, 2018.

The NEXT50 mentorship network is a pro-bono community initiative which allows Singaporean startup founders to access to over 80 mentors of various fields and expertise.

e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

Join our e27 Telegram group here, or our e27 contributor Facebook page here.

 

The post Why mentorship is critical for startup founders to succeed appeared first on e27.

Ezyhaul’s platform allows clients to make online bookings for domestic and cross-border transportation services

Singapore-headquartered logistics tech startup Ezyhaul today announced that it has raised US$16 million in Series B funding from an undisclosed set of investors.

According to a press release, the startup will use the investment to expand to new markets in South Asia as well as to drive further technological innovation to offer a plug-and-play model for its clients through its online platform.

Founded in Singapore in April 2016 by Mudasar Mohamed (COO), Raymond Gilllon (CEO) and Nicky Lum (Director Sales), Ezyhaul uses advanced technology to connect businesses in need of transportation services with pre-qualified transporters in the highly-fragmented road freight market in South Asia.

Ezyhaul’s platform allows clients to make online bookings for domestic and cross-border transportation services. Transportation companies use its app to accept shipments, maximise their vehicle utilisation and reduce empty backhauls.

Also Read: Venture Capital Book Club: Why I make my VC team read books

The platform also provides real-time track and trace visibility and access to e-documentation, invoicing and e-PODs (proof of delivery). The company has also recently launched an advanced control tower that monitors truck movements, provides intelligent exception alerts and predicts estimated time of arrival for shipments through advanced machine learning algorithms.

In the past 12 months, Ezyhaul claims to have grown more than 900 per cent.

Having a presence in India, Singapore, Malaysia and Thailand, more than 50 million kg of freight was transported via Ezyhaul’s platform in 2018 alone, the company claims. Its clients include Coca Cola, Reliance Industries, Exide Industries, HIL, DHL and DB Schenker.

COO Mohamed said: “Businesses spend a lot of money and time as a result of unpredictable and unreliable freight movements. The Ezyhaul platforms empowers our clients with choice of carriers, scale and operational intelligence to achieve improved logistics performance and reduced costs.”

Previously, Ezyhaul had secured US$5 million Series A fundraise in 2018. Prior to this, in 2017, the firm raised S$1.2 million (over US$800,000 back then) in seed funding from a group of undisclosed logistics industry leaders.

The post Singapore’s logtech startup Ezyhaul closes US$16M Series B funding appeared first on e27.

The platform promises a real-time, 24/7 SGD deposit and withdrawal functionality via the Singapore FAST electronic funds transfer system

Binance today announced the public launch of Binance Singapore, a fiat-to-crypto platform for the buying and selling of cryptocurrencies with the country’s official currency.

With an am to grow the Singapore blockchain ecosystem, the global crypto exchange has also announced a partnership with VC firms Vertex Ventures China and Vertex Ventures Southeast Asia and India.

Binance Singapore’s platform promises a real-time, 24/7 SGD deposit and withdrawal functionality via the Singapore FAST (Fast and Secure Transfers) electronic funds transfer system. Local users can buy Bitcoin, Ethereum, and Binance Coin in Singapore using this service with other cryptocurrencies to be added in the future.

Having soft-launched in April, the company said it has seen user growth of about 20 per cent per week.

Commenting on the partnership, Changpeng Zhao, CEO of Binance, said: “Vertex has been a key driver of engaging the Singapore community through its trusted work with local regulators and financial institutions. Their global track record of managing an innovative technology portfolio and taking all the proper measures also showcases their ability to sustainably grow Singapore’s broader blockchain ecosystem.”

Also Read: Thailand’s Siam Commercial Bank invests in Go-Jek, says report

Binance Singapore claims it currently charges the lowest trading, deposit, and withdrawal fees in the market. Its local payment partner and platform, Xfers, supports the platform’s volume of transactions, together with an integrated account on-boarding process.

Binance Singapore is one of the three operating compliant fiat-to-cryptocurrency platforms in the Binance ecosystem. The other two are Binance Uganda (UGX) and Binance Jersey (EUR, GBP).

Thanks to its progressive regulatory environment and its status as a financial center in Southeast Asia, Singapore has of late attracted a number of cryptocurrency and blockchain companies.
–

The post Binance Singapore partners with Vertex Ventures to set up fiat-to-crypto gateway appeared first on e27.

Also, on-demand t-shirt printing platform raises funding, Techstars expands to South Korea, and Yoopies acquires HelpersChoice

Speedoc launches ambulance-booking app in Singapore [Press Release]

Speedoc, house-call doctor app based in Singapore, announces that it has launched ambulance-booking app in collaboration with Comfort Ambulance.

Speedoc adds ambulance-hailing feature to its app in response to rising demand for private ambulances and cessation of non-emergency ambulance services by the Singapore Civil Defence Force (SCDF).

Usually, users who need a private ambulance can now either contact over 20 operators individually or call the 1777 hotline but sometimes have to wait a long time for an ambulance to be confirmed. Speedoc app users can call on Comfort Ambulance’s fleet of 25 ambulances for transport from anywhere in Singapore to more than 100 healthcare institutions island-wide, including hospitals, nursing homes, and hospices.

The launch is a response to the announcement made In April by SCDF, when it said that it would no longer dispatch ambulances to cover non-emergency cases so that it can better focus on the serious and life-threatening cases.

Dr Shravan Verma, chief executive officer of Speedoc said: “With our app, users requiring
a private ambulance can now get an ambulance response typically within minutes. The
app is available round the clock and users will be informed of the charges before they
confirm their bookings.”

T-shirt and merchandise print-on-demand platform raises US$145K

Famsy, the print-on-demand t-shirts and merchandise platform based in Malaysia, announced that it has raised a total of US$145,000 600, in seed funding from Commerce DotAsia Ventures Sdn Bhd. The company plans to use the funding to fulfill all types of customisation needs as well as providing the opportunity to design and market users’ apparel collection through FamsyMall and FamsyStores respectively.

FamsyMall is an online apparel marketplace which allows customers to personalise their own apparel and gifts, while FamsyStores is an A-Z fulfilment platform which helps businesses and entrepreneurs build their own t-shirt and merchandise brand online via Famsy’s web app.

Also Read: Binance Singapore partners with Vertex Ventures to set up fiat-to-crypto gateway

Famsy aims to lead the custom t-shirt printing in Southeast Asia by integrating technology into a traditional t-shirt print process, and equip users the ability to create a t-shirt selling websites within a day. For end users, FamsyMall allows affordable, fully customized prints without any minimum order.

“We differentiate by providing fully integrated systems for better user experience, and you no longer need to buy t-shirts in bulk to get affordable pricing,” said CEO and Founder, Ms. Fong Chai Lee.

Techstars seeks to support Korean startups through expansion [Press Release]

Global entrepreneur network Techstars announced its partnership with startup-dedicated consultancy firm Hillstone Partners to launch accelerator program in Pangyo, Korea.

It will be the first foray to Korea by Techstars, offering a three-month for 10 top performing startups per year. The accelerator will support the Korean startup ecosystem and is open to startups focussed on digital and tech innovation across a variety of business verticals.

The accelerator will be hosted at the Pangyo Techno Valley campus (PTV), a business and innovation hub dedicated for information technology, biotech, cultural tech, and fusion tech. PTV is located in the metropolitan area of Pangyo, Seongnam, Gyeonggi Province, South Korea, also known as the Silicon Valley of Korea, approximately 30 minutes from downtown Seoul.

With the expansion, Techstars will join the ranks of other US-based tech companies such as Google and Facebook that have set up shop in past years.

Applications for Techstars Korea in partnership with Hillstone Partners will open in December of 2019, with the program running from June 2020 through September 2020.

Global domestic job recruitment Yoopies buys HelperChoice [Press Release]

Singapore and Hong Kong-based ethical domestic help services platform HelperChoice announced that it has been acquired by Yoopies. Saying that it seeks to boost ethical domestic help services as well as its presence in Asia.

HelperChoice​ is an online platform connecting foreign domestic workers and families that was launched in Hong Kong in 2012 by two French investment bankers, with the aim of helping foreign domestic workers find jobs without paying extortionate illegal fees to recruitment agencies and loan sharks.

Currently, the company claims to have more than 390,000 foreign domestic workers employed.

HelperChoice facilitated more than 50,000 recruitments and estimates that more than 60 million euros of illegal placement fees were saved. Yoopies​ plans to keep operations in Hong Kong and grow its Asian business from there.

Tinder to release Tinder Lite for APAC market [The Jakarta Post]

Dating app Tinder has introduced a Lite version of the app aimed at emerging markets on Wednesday at the 2019 Rise Tech conference at the Hong Kong Conference and Exhibition, Hong Kong, The Jakarta Post reported.

According to Tinder CEO Elie Seidman, Tinder Lite would be rolled out first in Vietnam in the coming weeks. Seidman mentioned Tinder Lite would run faster, consume less battery, and reduce network usage by about 20 per cent, to adjust with majority slow internet networks and limited space in the smartphone in emerging markets.

Tinder Lite would come with the full features of regular Tinder and available as a separate app for Android users via Google’s Play Store,

KPMG Digital Village, Kuehne + Nagel to launch logistics platform etrucKNow [Press Release]

KPMG Digital Village announced today that it has collaborated with global logistics companies Kuehne + Nagel, to launch etrucKNow, a single platform that’s designed to connect shippers and carriers to facilitate land trade. The partnership, the official statement said, marked a business model innovation for Kuehne + Nagel that changes the way logistics is being carried out by the company.

With the etrucKNow platform, shippers just need to put in their job requirements and the platform will show them an immediate spot rate that can be booked for a shipment.

For carriers, the platform will provide them with access to shippers presenting new business opportunities. The job matching and bidding capabilities on the platform mean that carriers can fill empty or under-utilised trucks to turn space within the trucks into revenue.

Also Read: Thailand’s Siam Commercial Bank invests in Go-Jek, says report

On the road, carriers and shippers have real-time visibility of the whereabouts of all shipments and the ability to track successful pick-ups and completed trips. The platform further creates a way to connect, collaborate, and partner with the freight ecosystem players together allowing paper documentation and processing that are easy to upload and download of required documents.

etrucKNow will be piloted in Thailand before deployment in other markets.

The post Today’s top tech news, July 10: Meet Singapore’s first ambulance-booking app appeared first on e27.

The firm recently launched an app which offers curated articles from experts, a baby development and milestone tracker, and a photo booth and photo editor

theAsianparent, one of Southeast Asia’s leading community and content platforms for mums and parents, has raised an “8-figure US dollars” funding in an oversubscribed Series C round, led by by Fosun, a family-focused multinational company.

China’s largest online retailer JD.com, Southeast Asia-China fund ATM Capital, and global alternative asset manager Redbadge Pacific, besides existing Series B investors Global Grand Leisure and WHG Capital also joined the round.

With the fresh investment, theAsianparent looks to drive its expansion into new markets in Asia and Africa, as well as accelerate plans to further develop its recently-launched mobile app.

theAsianparent began as parenting blog, and has since evolved into a multinational tech company and digital publishing house that focuses on content and community platforms for Asian women. The company claims it reaches over 23.5 million users monthly across Southeast Asia, India and Africa. It also publishes Asian Money Guide (a personal finance and career portal for women), HerStyleAsia (delivering cutting-edge content on the Asian entertainment, style, and culture scenes), and Nonilo (a food, home, and DIY lifestyle hub).

In September 2018, theAsianparent launched its mobile app. A community-driven platform, it provides parents and parents-to-be with tips and a support network. Other features of the app include curated articles from experts across Southeast Asia, a baby development and milestone tracker, a photo booth and photo editor, as well as contests and polls for parents to participate and learn from.

Since launch, the company has expanded to 180 people across 12 countries and districts, including Thailand, the Philippines, Malaysia, Indonesia, Vietnam, Hong Kong, Sri Lanka, India, Taiwan, Japan and Nigeria.

“Over the years, we have grown from a parenting blog into a multinational company with offices in 12 countries. Our move from a content platform to a social network wasn’t an easy one, but has significantly accelerated our business to serve as a leading source of information for parents around Asia and the world. One thing that hasn’t changed is our focus on parenting from an Asian perspective,” said Roshni Mahtani, Founder and CEO of theAsianparent.

“The overall population structure of Southeast Asia is young, and the major economies maintain a high level of fertility. theAsianparent, as the largest maternal and child community in Southeast Asia, has won the trust of young mothers in Southeast Asia and has a huge commercial space. In the past few years, theAsianparent has fully verified its business development and product evolution capabilities. It is an outstanding entrepreneurial team,” said Wilson Jin, Chairman of Fosun RZ Capital, the VC arm of Fosun.

“Having the largest community and traffic in the mom and baby segment in the region, theAsianparent ‘s addition to the portfolio is strategic and extremely synergistic. Through a deeper collaboration with Fosun’s ecosystems, our efforts are made to accelerate the growth of the company and expand the depth and breadth of its reach,” Jun added.

In May last year, theAsianparent.com’s parent Tickled Media raised US$6.7 million in a funding round led by local leisure and travel services company Global Grand Leisure. Singapore-based VC firm Mountain Pine Capital, as well as Tickled Media’s existing investors also contributed to this round.

In 2015, Tickled Media raised a “multi-million dollar investment” from Vertex Venture Holdings.

The post theAsianparent.com raises fresh funding to expand in Asia, Africa appeared first on e27.

Tee Khoon will lead the overall sales function for the country and nurture key industry relationships

Singapore-based propertytech group PropertyGuru has announced the appointment of Dr. Tan Tee Khoon as its new Country Manager and inducted him into the executive leadership team.

Tee Khoon will lead the overall sales function for Singapore, the group’s flagship market in Southeast Asia, focussing on value creation for partners, as well as nurture key industry relationships. He will also partake in further shaping up the company’s proposition towards audiences and lead its implementation towards its partners (real estate agents and developers).

Tee Khoon will report to Jeremy Williams, the group’s Chief Business Officer.

An industry veteran, Tee Khoon brings onboard three decades of experience in the country’s property scene. Most recently, he served as the Executive Director at Knight Frank Singapore. Prior to Knight Frank, he was the CEO of Singapore Accredited Estate Agencies (SAEA), which was the property industry’s accreditation body prior to the inception of the Council for Estate Agencies (CEA).

Also Read: Singapore-based Moneythor joins Mastercard Start Path programme

Launched in 2007, PropertyGuru claims it currently enjoys over 70 per cent market share.

“Tee Khoon’s exhaustive industry experience and knowledge will be of immense value as we continue to deliver solutions and services that bring efficiency to our clients’ businesses. Our ambition to create a digital ecosystem for the property industry that supports the growth for developers and agents, is a vision that Tee Khoon shares,” said Jeremy Williams, Chief Business Officer of PropertyGuru Group.

“I believe in the power of data-driven decision making. Data is the currency for success in property. I have closely worked with PropertyGuru over the past years and the group’s focus to bring technology adoption for agency and developer business is something I am looking forward to work together on,” said Tee Khoon, who will head a team of 50 Gurus.

The post Dr. Tan Tee Khoon is PropertyGuru’s new Country Manager for Singapore appeared first on e27.

Asenso’s products incorporate chatbot-assisted loan applications, NLP to support local languages, frictionless loan approvals, cashless e-wallets, and a data-driven online marketplace

Singapore-based fintech and retailtech startup Asenso Tech has received US$1.2 million investment from CARD MRI, a microfinance institution in the Philippines, and Talino Venture Labs, an enterprise venture accelerator targeting underserved markets.

Asenso Tech, a joint venture between CARD-MRI and Talino, is building an integrated platform leveraging new technologies that will provide micro, small, and medium entrepreneurs (MSMEs) with access to fair capital, supply chain, marketplace, and loyalty and rewards systems. Its idea is to create a link and integrated supply chain between MSMEs — especially the local sari-sari stores (community-based ‘mom and pop’ stores) — and consumer packaged goods manufacturers.

The startup supports MSMEs across the supply chain and stimulates their growth through what it calls its four pillars: “Puhunan”, sustainable capital through low-cost, fair, and frictionless microfinancing; “Paninda”, an aggregated demand marketplace that lowers the cost of goods for MSMEs; “Suki”, a loyalty programme to reward frequent MSME customers; and “Likha”, a marketplace to help community entrepreneurs expand their reach.

Also Read: Singapore’s AI startup Taiger seals US$25M to expand to Korea, Japan, LatAm

Asenso’s products already incorporate credit scoring powered by Artificial Intelligence, chatbot-assisted loan applications, neuro-linguistic programming to support local languages, frictionless loan approvals, cashless e-wallets, and a data-driven online marketplace.

“In Southeast Asia, 64 million MSMEs account for 97.2 per cent of employment in the region. In the Philippines, MSMEs comprise 99.6 per cent of all registered businesses and provide 70 per cent of the nation’s employment. Operating independently, they have limited access to capital, no buying power, no leverage to negotiate with suppliers and manufacturers, and severely limited distribution and marketing reach,” said Winston Damarillo, Co-founder of Asenso and CEO of Talino Venture Labs.

“We are harnessing technology precisely to serve the broadest base of people. Our measures of success will be: lowering the cost to serve this market, levelling the playing field for micro players, and improving the lives and the economic stature of micro entrepreneurs,” added Damarillo.

“People assume that new technologies would alienate common folk and their humble enterprises. But Asenso, powered by the partnership of CARD MRI and Talino, are proving just the opposite. These same technologies will enable the lower-income sector, who are otherwise alienated by traditional banking structures, to be able to receive low-cost and fair financing, to have access to market and the supply chain, and to gain leverage that used to be available only to the big players,” said Dr. Jaime Aristotle Alip, Founder and Chairman Emeritus of CARD MRI.

“Because CARD MRI is in the business of poverty eradication, it is important for us to offer fair credit that the masses can easily access. We know our clients by heart through over 30 years of grassroots development work, and it matters to us that they grow and succeed,” Alip pointed out.

Talino Venture Labs is an InclusionTech accelerator that serves underserved markets as the foundation for the next economy. It builds startups in partnership with large corporations, to address unmet needs with agility, scale, and cutting-edge technology. It is a subsidiary of Amihan Global Strategies, a market leader in digital transformation and a trusted partner of some of the largest corporations in the ASEAN.

Talino recently co-invested in a US$1.2 million seed round in insurtech company Saphron.

The post Asenso raises US$1.2M to help MSMEs get access to capital, technology in Southeast Asia appeared first on e27.

There are going to be times when you feel completely unmotivated; so what should you do?

I’m not highly motivated.

I don’t have amazing willpower or self-control.

I don’t get up at 6 am to read, meditate, drink a green smoothie, and run 10 kilometres.

That’s because I don’t believe in motivation.

Instead, I’ve built systems and habits that remove my internal drive from the equation. So, whether or not I feel “motivated,” I can still be productive.

I realize that systems and habits are not a glamorous topic, but honestly, they work.

They’ve fuelled every step of my entrepreneurial journey over the last 12 years — from the early days, when JotForm was just a simple idea, to growing a team of over 110 employees who serve 3.7 million users.

Habits and systems have made it all possible.

If you create reliable systems and continue to improve these systems (instead of your willpower), you don’t even have to think about motivation.

Let’s break it down a little.

What the heck is motivation, anyway?

In the simplest terms, motivation is your desire to do something. It’s a sense of willingness that exists on a spectrum — from zero interest to a burning desire to take action.

When your desire is strong, motivation feels effortless.

But when you’re struggling, just about anything sounds better than starting the assignment, making a tough phone call, or hitting the gym. Procrastination takes over — until the agony becomes overwhelming.

As Steven Pressfield writes in The War of Art,

“At some point, the pain of not doing it becomes greater than the pain of doing it.”

I love this quote because I suspect we’ve all felt this painful moment. That’s when it’s harder to stay on the couch than to get up, put on your sneakers, and go outside.

The two types of motivation

In his 2011 book, Drive: The Surprising Truth About What Motivates Us, author Daniel Pink splits motivation into two different types: extrinsic and intrinsic.

Extrinsic motivation is external. It’s money or praise or trying not to look clumsy on the tennis court.

Intrinsic motivation comes from within. It’s the desire to act, even when the only reward is the activity itself (or completing a task).

Intrinsic motivation implies that you’re acting for authentic, honorable reasons. For example, you start a business to help people or solve a problem — not because you’re dazzled by visions of fame and fortune.

Motivation gets in the way, though, when we rely too heavily on it.

No matter how much you love your business, there are probably moments when you don’t want to take action.

Maybe it feels scary or impossible, or the task at hand is downright boring.

Also Read: Can partnerships with other startups be impactful?

That’s when systems can do the heavy lifting. Here are a few strategies that have helped me to build sustainable systems so I don’t have to rely on motivation.

1. Choose your focus areas — and ignore the rest

Focus and motivation might seem like two different topics, but they are closely intertwined.

Take me as an example. This year, I have 3 work priorities:

• Hiring really great people;
• Creating quality content;
• Equipping our users to work more productively

These themes inform everything I do. If a project or an opportunity doesn’t fit into one of these three buckets, I say no. Distractions slip away and I can make real progress.

For example, I spend the first two hours of every workday writing out my thoughts. It might be a problem I’m trying to solve or a new idea. I don’t book meetings during this period and I definitely don’t answer emails.

But, if I arrive at work feeling less than inspired, I give myself permission to do something else — as long as it fits within my three focus areas. Instead of writing and problem-solving, I can read articles or books on these topics, meet with a product team, or watch a lecture.

All that thinking and exploring soon makes me feel more engaged. Once I’m engaged, I come up with better ideas. And good ideas inspire me to take action.

This process isn’t accidental. It’s a simple feedback loop I use to get moving on days when my brain feels stuck in neutral.

2. Remember that motivation is optional

In a 2016 article for The Cut, author Melissa Dahl shares,

The only motivational advice anyone has ever needed: You don’t have to feel like getting something done in order to actually get it done.“

Go back and read that again, if you want. I know I did. Let it sink in.

It’s surprisingly brilliant. Your feelings don’t have to match your actions — especially when you truly want to move forward.

You could feel tired, but still put on your goggles and go for a swim. You could feel like you’d rather staple yourself to the chair than build another PowerPoint deck — and you still get the presentation done.

Dahl also quotes Oliver Burkeman, author of The Antidote: Happiness for People Who Can’t Stand Positive Thinking, who writes:

“Who says you need to wait until you ‘feel like’ doing something in order to start doing it?

The problem, from this perspective, isn’t that you don’t feel motivated; it’s that you imagine you need to feel motivated.”

Once again, this is where routines can outsmart feelings. Sure, you might feel like watching cat videos, but every morning, you sit down at your computer and open a blank document.

You write for two hours (or whatever your routine entails) and you don’t bother taking your emotional temperature.

Progress ensues. Then you repeat, repeat, repeat.

3. Delegate whenever possible

The other day, I had a great idea during my morning workout. It was one of these eyebrow-raising lightbulb moments.

Unfortunately, it had nothing to do with my three focus areas I mentioned above. So, I made a note in my phone and asked our COO to follow my mental thread.

I was tempted to chase it myself, but I knew I had to stay focused.

I realize that delegation isn’t always possible, especially when you’re just starting out or money is tight. JotForm is a bootstrapped company.

We’ve never taken a dime in outside funding, so I know what it’s like to watch every dollar.

But when it’s possible, delegation can pay off, big time. Offload an activity if:

• You can regain precious time, energy or focus and apply it to something that will truly move the needle for you. That kind of work is priceless. Stretch yourself a little and measure the results. You can always test delegation in baby steps.

Also Read: How to make yourself work when you don’t have any motivation

• Someone else can do it better. In my case, there’s almost always someone on our team who has more knowledge or niche expertise than I do. They’ll create a stronger result in less time — and again, I don’t get distracted from my goals.

The importance of enjoying the ride

We’ve talked a lot about everyday motivation. But how do you sustain your drive for the long run?

It’s an important question. The answer will look a little different for everyone, but ultimately, we’re all motivated by joy and meaning.

Guardian columnist (and The Antidote author) Oliver Burkeman first led me to Buddhist teacher Susan Piver. Tired of forcing herself to be “good” and master the daily to-do list, Piver decided instead to focus on the pleasure of her work:

“Once I remembered that my motivation is rooted in genuine curiosity and my tasks are in complete alignment with who I am and want to be, my office suddenly seemed like a playground rather than a labor camp.”

She asked herself what would be fun to do and then focused on what she loved about each activity.

In the end, her day looked the same as it did when she was “disciplined” — but the experience was nearly effortless:

“Yes, discipline is critical, just like all the teachers say.

And there is definitely stuff that needs doing that is just never going to be fun, like paying bills and cleaning the cat box.

But I suggest that instead of being disciplined about hating on yourself to get things done, try being disciplined about remaining close to what brings you joy.”

Talk about a perspective shift. We all go through tough times, work at jobs we don’t love and endure genuine unfairness.

But if you’re struggling to do something you care deeply about, go easy on yourself.

Also Read: Executing your mission the Alibaba way

Tap into why you started your business, or why you’re flexing your creative muscles in the first place. It’s a much happier way to move through your days.

To recap: establish your systems and habits. Stay focused on what matters. Delegate and tune out the noise. Your motivation will grow.

And if it doesn’t? You don’t need it anyway.

—

Originally published on JOTFORM.COM

Editor’s note: e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

Join our e27 Telegram group here, or our e27 contributor Facebook page here.

The post There’s no such thing as motivation appeared first on e27.

Its non-equity model allows founders to have full ownership of their ideas and products, and at the end of the program, they will get opportunities to meet VCs and CVCs

WeWork Labs has announced that it has launched SPACE-F, a foodtech startup incubator and accelerator in Thailand, in partnership with the National Innovation Agency (NIA), SET-listed Thai Union Group PCL, and Mahidol University’s Science Faculty.

SPACE-F is aimed at building a sustainable ecosystem to nurture foodtech startups in Thailand. It claims to be the first such initiative in the country and plans to provide services and support to empower the next generation of innovation in food tech.

Also Read: Singapore’s AI startup Taiger seals US$25M to expand to Korea, Japan, LatAm

The program will have two tracks: the Incubator track for initial-stage startups; and Accelerator track for growth stage startups (for both Thai and non-Thai nationals). It will accept applications until 31 July 2019.

Eligible applicant startups must propose innovation in one of the following areas: health and wellness; alternative proteins; smart manufacturing; packaging solution; novel food and ingredients; biomaterial and chemical; restaurant tech; food safety and quality; and smart food services.

The SPACE- F program will run for up to 15 months for Incubator and three to eight months for Accelerator. Its non-equity model allows founders to have full ownership of their ideas and products, and at the end of the program, founders will have opportunities to meet qualified investors including Thai Union Group PCL and other VCs and corporate VCs.

SPACE-F will be located at Mahidol University’s Faculty of Science and provides downtown lab access to high-tech machinery and instrumentation to facilitate the research and development of ideas.

“The time is ripe for foodtech advancements, and along with the perfect partners for this program, we are excited to select Thailand as the first stop to launch our partnered Food Labs program and help bring to life some of today’s brightest ideas right here in Thailand,” said Adrian Tan, Head of Labs, Southeast Asia for WeWork.

WeWork Labs recently debuted its Food Labs program, which is its first innovation space dedicated to powering the future of food and aims to support growing startups by bringing together entrepreneurs, industry experts, and investors to build a community to address the biggest challenges facing the global food industry.

Also Read: Asenso raises US$1.2M to help MSMEs get access to capital, technology in Southeast Asia

As a bid to drive innovation and economic growth within the kingdom, startups attending the SPACE-F program can also apply for the SMART Visa program from the Thai government which provides numerous privileges to help attract skilled manpower.

–

The post WeWork Labs launches foodtech startup accelerator in Thailand appeared first on e27.

SGX was a pilot partner during the development of Smartkarma’s corporate solutions service

Singapore Exchange (SGX) announced that it has invested an undisclosed amount into local investment research startup Smartkarma, as reported by Tech In Asia. Joining the round are Sequoia Capital India and Wavemaker Partners, both existing investors in Smartkarma.

SGX’s investment was a move to tap into the startup’s investment research network. Smartkarma is reportedly in the preparation to launch its corporate solutions, which include a range of services for C-suite and investor relations personnel of listed companies.

SGX was a pilot partner when the service was first being developed and will be the first exchange to bring the platform to all its listed and upcoming companies as well as global bond issuers.

With the investment and partnership, all companies listed on the exchange will be able to utilise Smartkarma’s network of independent analysts and investors.

Also Read: IDN Media launches cooking app targetted at millennials

Chan Kum Kong, Head of Research and Retail for SGX, said in a statement: “As SGX continues to uphold the standard and availability of research coverage through initiatives such as partnering with the Monetary Authority of Singapore on Grant for Equity Markets, we are also investing in new models to serve investors and companies now and in the future.”
–

The post Investment research startup Smartkarma raises funding from SGX appeared first on e27.