Seven reasons why working for a start-up can be rewarding

Getting a job in a start-up certainly has its pros and cons. Some people worry about job stability, but there are many benefits of choosing a business that thrives on a modern, collaborative way of working.

Start-up culture is a breakthrough concept. Here are seven reasons why:

1. Have more say and input

Start-up culture is built on a flat hierarchy. This means that there is no layer of middle management to deal with, which allows young graduates to have the same amount of access to the people at the top.

Also Read: Answer these 5 questions before you scale up your tech startup

This means that everyone is included in some of the most vital decision makings and most teams work by collaborating on projects.

All in all, it is a better use of resources and skills, allowing projects to be more successful, and removing issues of ‘red tape’ for workers at all levels and pay grades.

2. You’ll have a lot of responsibility, fast

Or “thrown into the deep end” as some would say. It’s very likely that in your start-up role, you’ll be given a long list of jobs and responsibilities. While some may find this level of workload overwhelming, others will thrive on it. It means you will learn a lot of new skills in a short space of time. Your CV will be impressive by the end of it.

3. Career development

Although not always the case, many start-ups are great for graduates who want to develop their careers. Working in smaller, close-knit teams in a collaborative way means having a chance of more recognition for hard work.

There is also the argument that flat hierarchical structures don’t present as many promotional opportunities, but you will be able to enhance your skills for the future at the very least.

Pay rises should still apply annually, and it’s always good to speak to your boss if you have aspirations to grow within the company.

4. Enjoy job variety

Also Read: The benefits of coworking based on business size

In small businesses, it’s not unusual for everyone to pitch in and help out.

You may find yourself working on a whole array of projects, giving your role a lot of diversity and allowing you to discover your forte.

5. Become a part of something amazing

The most prominent companies in the world all had humble beginnings as a small start-up firm. When you look at Apple, the most successful tech giant in the US, it’s easy to see how small ideas can change the world.

It has evolved from a brand into an entire ecosystem, and many of today’s start-ups model themselves on Apple.

However, it is not necessary that small companies become a giant company in the future. It is important to believe in the idea or the founder before joining a startup.

6. Work with talented people

Start-ups attract and breed talent. For graduates, that means getting to work with some of the best people in the industry.

Not only does that make your working life more enjoyable, but you’ll have the chance to network and meet amazing people.

Also Read: A look at workweek hours and differences in work cultures around the world

7. Have a better work-life balance

Remote working, flexible hours, office perks, exciting social events, and stylishly decorated offices are just some of the things that could be offered by a start-up employer.

It’s not always the case that employees get to enjoy a better work-life balance though. A lot of early-stage businesses require their staff to work very hard, but in many cases, you get to play as hard as you work, particularly when the company grows.

–

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.

Image Credit:Priscilla Du Preez

The post Why working for a startup is great way to kickstart your career appeared first on e27.

The super app will enable buyers of designated segment to find curated solutions on merchandises, financing and logistics relevant to their business

Ralali, an online B2B marketplace in Indonesia, has closed a US$13 million Series C funding round led by Arbor Ventures, TNB Aura and Jo Hirao, Founder of life media platform ZIGExN.

Existing investors AddVentures (run by Thailands’s Siam Cement Group) and Qualgro also participated in the round.

As per a report by DealStreetAsia, Ralali plans to enter Thailand in collaboration with Siam Cement Group.

“Our mission is to help traditional SME grow by leveraging digital tech. This funding will help us scaling up our technology and our team to serve millions of Indonesian MSMEs in fulfilling their business needs through Ralali.com’s digital platform. By becoming a super app, a buyer of designated segment can find curated solutions on merchandises, financing and logistics relevant to their business,” said Ralali CEO Joseph Aditya.

Also Read: SoftBank announces new US$108B Vision Fund with Microsoft and Apple as investors

The new deal comes less than a year after the Jakarta-headquartered company secured US$7 million in Series B led by Japan’s SBI Group.

The post Indonesian B2B marketplace Ralali raises US$13M to become a super app, enter Thailand appeared first on e27.

These tokenised assets show, that blockchains are not just here to disrupt financial institutions

Ever since the year of Bitcoin in 2017, people of every stripe, from curious observers to Wall Street investors, have started paying attention to the technology known as the blockchain. While some still confuse the two Bitcoin is merely a product of the blockchain. Those who have done their homework have begun to realise the immense potential this technology holds. 

With a little digging and you will be surprised with the assets now being tokenised into the blockchain.

Also Read: Here is why blockchain will have a big impact on the healthcare industry

Today, digital currencies aren’t the only assets traded through the online ledger. In Singapore, there are now blockchain-powered marketplaces that buy and sell renewable energy certificates, for local and international clients.

Hong Kong, the city with the most expensive homes, now has property developers seeking regulatory approval for tokenised real estate. 

Startups have taken advantage of the immutable and decentralised technology to develop products that not only secure assets but more importantly, data.

As privacy issues continue to hound some of the Internet’s most prominent platforms, blockchain’s sophisticated peer-to-peer verification system becomes even more attractive. 

Blockchain IDs in India

The technology is so promising that even governments are realising the technology’s potential as they tap blockchain-enabled solutions to streamline cumbersome processes. 

In India, two municipalities have started issuing birth certificates through a blockchain-enabled system, cutting down the application process for citizens.

If parents had to register in government offices and wait for more than a month to secure a copy of a newborn’s birth certificate before, the new system will cut the waiting time and let them keep a certificate for life, as it’s stored in an app.

The government partnered with Netherland-based blockchain app developer Lynked.world, which runs a mobile app that locals use to access the personal information stored in their government documents like passport and driver’s licenses. 

The same company has also developed a blockchain-enabled marketplace for India’s farmers, where they can sell their products and goods directly to consumers, eradicating intermediaries. The government is hoping these initiatives will cut down red tape and lessen instances of corruption. 

Also Read:Trust : an essential component in the success of investment oriented blockchain projects

Tokenised homes

The decentralised ledger has also given way to open, accessible markets, that were otherwise exclusive to corporate investors.

Real estate, for example, is one of the industries set to be disrupted by blockchain through tokenisation. 

In theory, this means property developers may create digital counterparts of their projects with which small-time investors can buy shares.

According to the data provided by the price comparison site, GlobalPropertyGuide, the average price of one square meter of home property in premier cities in the Asia Pacific is now at US$9,895. 

With tokenised real estate, those who may be willing to invest in properties but may not have that much cash can still participate in the market.

This way, even those with small capital to invest can enjoy the growth of the property.

A Singapore-based startup called “BitofProperty” has already started selling shares of tokenized properties, allowing investors to earn returns on a monthly basis. 

Blockchain-enabled phones

Blockchain’s decentralised technology has also made way for a truly secure data collection. 

In Singapore, a startup called Pundi X is set to launch XPhone, a smartphone powered by blockchain, later this year.

The developers say the device can run even without any service provider, allowing the user to text and call through its blockchain-powered ecosystem called Function X.

The system is envisioned to be used and run by developers who wish to launch blockchain-enabled smartphones in the future, like the Android. 

Since all processes and functions that will run on Function X will be encrypted, users have ensured their data is theirs alone.

Also Read:5 Asia-based startups that are making blockchain part of everyday life

This now sounds like a luxury with some of the data issues the world’s biggest smartphone makers. Some, like Huawei, has been even labeled as a “security threat”, as the manufacturer is feared to be sharing user data to the Chinese government.

But with blockchain phones, privacy is one less thing to worry about as the entire technology is running on a “trustless” system, as no one entity owns the whole program. 

 

These products may still be in its early stages, but experts already expect funding to drive this technology forward continuously. 

Already, the IDC sees blockchain solutions spending in Asia to increase by 89% in 2019 to USD$523 million from US$284.4 million.

“Indeed, as we see the emergence of the concept of Digital Trust, blockchain is a key ingredient in delivering this trust, at scale, across many markets, allowing a new pace of business interaction that had previously been restricted by process and approval challenges,” said Simon Piff, VP for Security and Blockchain Research. 

Aside from artificial intelligence, it’s probably one of the technologies set to disrupt traditional businesses and practices completely, and will hopefully make more industries otherwise exclusive to select few, a more inclusive one. 

It’s already proven its power to change the rules in traditional banking with more blockchain-enabled fin-tech startups launching on an annual basis.

But with these tokenised assets, it shows, that the technology isn’t just here to disrupt financial institutions.

It’s set to change how we do things, from the way we communicate to the way we deal with public and private entities.

With these developments, it wouldn’t be surprising to find blockchain-enabled services changing the way people live in the coming years.

–

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.

Image Credit: Icons8

The post 3 of your most important assets may soon have tokenised counterparts in the Blockchain appeared first on e27.

One’s expertise and deliberate focus on one’s craft is actually the primary driver for success and not some crapshoot of a series of hacks

Often times when I attend a conference or a networking event I am surprised how many people operate at the periphery of the tech industry. Social media gurus, SEO ‘ninjas’, bloggers, etc. It’s a coterie of tech ‘club promoters.’ The hype men of the industry.

‘Hack your way to success.’ ‘Meet the right people.’ ‘Become a business superstar.’ They’ve found their silver bullet. They boast of building a passive income from a web business, all while traveling the world as the rest of us mortals are slaving away at our 9–5 jobs.

In a world where we are searching for silver bullets, these people seem to have amassed an arsenal of them. Moreover they’ve found audiences to sell their silver bullets to en masse.

The most blatant example of this are some of the disciples of the 4 Hour Work Week, by Tim Ferriss. The book itself is not really the issue. Ferriss indeed outlines some interesting tips on managing resources to get the highest ROI on your work. What is objectionable, however, is the hack-your-way-to-success mentality it has spawned in entrepreneurial circles.

It’s a mindset that is antithetical to everything I know about entrepreneurship. A mindset that I see when I hear people talk about having an amazing idea that they want to farm out to a young college student who can code or outsourcing development of a product to a cheap dev house. It’s a mindset that assumes entrepreneurship is a series of networking events and fundraising meetings, or even some silver-bullet business connection they have in lieu of a real distribution strategy. It’s taking a passive approach to a very difficult undertaking.

What is missed in all of this is the mindset of craftsmanship; that one’s expertise and deliberate focus on one’s craft is actually the primary driver for success and not some crapshoot of a series of hacks.

Also read: Advice for first-time startup CEOs

What happens on the periphery — whether it be the towel slapping we see on Twitter from tech celebrities or headline gossip out of TechCrunch — is not actually meaningful as a foundation of a business or a profession. Neither are the number of coffee meetings you have scheduled or the amount of networking meetings you attend. These things are tertiary at best, and at worst, just plain old distractions.

To be successful over the course of a career requires the application and accumulation of expertise. This assumes that for any given undertaking you either provide expertise or you are just a bystander. It’s the experts that are the drivers—an expertise that is gained from a curiosity, and a mindset of treating one’s craft very seriously.

A startup is by nature a crash course in developing expertise. What makes startups unique is the sheer dearth of resources. This dearth of resources forces founders to rapidly adapt their skills to meet the demands of the project.

‘I didn’t know how to do x, so I just had to figure it out.’ This is what I regularly hear from successful founders, whereas ‘I couldn’t find someone to do X, so I had to reconsider whether to pursue it at all’ is a common refrain from unsuccessful founders.

If you step up to the challenge, you’ll realize that the startup is nothing more than a teacher. It in fact is a great teacher for no other reason than it demands the accumulation of knowledge quickly for the startup to survive.

A technical founder, whose experience may relegate her or him to a specialist role in a large company, for example, has to adapt and take on more expertise in adjacent technical areas. There simply aren’t the human resources to hand off these tasks to another specialist.

Also read: Mindfulness matters: Why every entrepreneur should invest in good habits

This is true for taking on tasks in other domains, whether that be sales, finance, marketing, management or design. You have to take an interest in these domains because there is no one else to fill these roles in your early stage company.

It’s in exploring these unknown territories and facing the headwind of startup challenges that it becomes clear that the startup is merely a force of catalytic professional and character growth. With actual success of any given venture subject to the whim of outside forces, this growth is the non-monetary dividend that makes the experience priceless.

That is why the passive, 4-Hour Mindset is so self defeating. To lounge on a beach or travel the world and not actively engage in building your arsenal of expertise is professional malpractice.

It’s also not practical. No serious company has been created passively—the passive mindset that leads people to say “I’ve got a great idea. I’ll hire a team to build it out” or “I have this great connection who will drive sales,” while I play armchair visionary. Startup graveyards are full of visionaries without expertise or the proper skills to execute, for no other reason than ideas are not self executing, but are rather made into being by intense engagement by skilled operators.

Most importantly, to think of a business as a series of hacks and transactional relationships, you’ll never amass the expertise that your future self and future businesses need to succeed. Startups fail withstanding founder expertise, of course. It is certainly not sufficient to be an expert. However, expertise does make it possible to traverse the struggles of creating businesses over the course of a career. You’re not simply working on the idea in front of you, you’re building the knowledge to succeed at your next projects as well.

It is the expertise and the mindset of craftsmanship that allows someone like Elon Musk to jump from project to project and sector to sector with the knowledge of how to execute on the highest level problems. It’s not simply his ability to find interesting ideas. It’s his command of the domains of the business that allow him to execute the way he does. He is the epitome of interdisciplinary student of his businesses.

If you are to optimize for anything, optimize for the long term. Use the challenges of your business today to build mastery in your craft. There is no guarantee that any one venture will succeed, but that mastery will bend luck in your favor over the long course of your career.

—-

This article was first published on January 31, 2018.

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

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

Featured Image Copyright: NejroN / 123RF Stock Photo

The post Craftsmanship is the alternative to the four hour work week mindset appeared first on e27.

Blockchains can get through traditional revenue models towards a more secure and effective model

Blockchain technology is used for a variety of industries throughout the past few years. Where users might not expect to see it is within the music industry.

However, it has rapidly altered how contracts are negotiated, how music is distributed among platforms, and how musicians are likely to get paid for their work in the future.

No matter what musical trends occur, blockchain will be an inherent part of it over the coming decades.

Also Read: 3 of your most important assets may soon have tokenised counterparts in the Blockchain

Technology has always been integrated within the music industry, and the two have had a symbiotic relationship since electronic music made waves in the 80s and 90s.

It has not been until recently that it has dramatically affected how musicians distribute their works. Even with the ability to burn CDs, an original copy of an album had to be purchased before it could be shared with others.

Now with streaming, it is almost impossible to track how many copies of an album have been purchased, and it is difficult to determine which royalties are due to which artists. 

“Currently, the global music industry has an estimated US$2.5 billion worth of uncollected royalties. Dubbed the ‘royalty black box,’ there have been more than 46 million instances of unidentified songwriters or unknown copyright owner notice of intents (NOIs) filed with the US Copyright Office by streaming services since April 2016,” writes Michaela “Mickey” Shiloh for Entrepreneur. 

Because it is so difficult to track how many times a song has been listened to through a streaming platform, artists and their teams are left with inaccurate ideas of how popular their music is and how much monetary value can be attached.

Also Read:Can blockchains significantly improve e-commerce security?

Much of this has to do with the accuracy of the data that is being shared and the fact that most of these streaming platforms are closed systems.

Platforms do not want to share data with other platforms, and in some cases, the technology so far is not advanced enough to exchange information even if streaming companies agreed to it.

Artists have had to adjust to this in several ways. Many have asked for higher advances knowing that there is no proper way to track whether or not their albums have sold.

Even if this means paying the record label back from copies that have not been purchased, it offers artists a chance to integrate better into the music industry. Record companies have also been willing to dish out massive advances knowing that artists might not be able to pay them back.

This is where blockchain can revolutionise how artists are represented and how first record deals are made in the first place. Instead of relying solely on one company, streaming services could be seen as companies instead.

Blockchain allows a greater understanding of what is being streamed, by whom, and when, which allows for more information that can be used to identify whether or not an artist is succeeding. 

Also Read: Future of gold: asset stored on blockchains

It is predicted that this will change the purpose of record labels entirely making artists choose to work without representation because of the additional complications that come with advances and royalty agreements.

With blockchain, it is already possible to get a sense of how well an album or song is performing.

If artists can analyse data without the need for a middle man, they have the potential to gain direct sales instead of having to wait for advances to be paid off. 

“Blockchain, by nature, enables transparency over who owns copyrights over a digital work of art or song and further promotes digital payment through cryptocurrencies and smart contracts. If the music industry adopted a blockchain-focused distribution model, artists might not need the help of labels to secure royalties or brand partnerships,” writes Angel DeForge for Blockstreet HQ.

It could be a few years before blockchain technology can be officially used to bypass traditional record companies.

Since the conception of online streaming, artists and those in the industry have been affected due to the uncontrollable distribution of their intellectual material.

However, blockchain might be able to put a stop to illegal sharing and ultimately disrupting the industry.

If artists can adopt a blockchain-focused distribution model, working with a label would no longer be necessary. 

Overall, blockchain offers several advances that are likely to continue to transform the industry, from insights on popular music to understanding where music is being pirated.

Only time will tell how these changes will affect musicians and smaller record companies who are not able to afford the new tech immediately.

–

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.

Image Credit: Matthew Kalapuch

The post Blockchain have the potential to transform dubious relationships in the music industry appeared first on e27.

What to avoid and what to focus on, key lessons from a first-time developer

Want to develop a mobile app? Developing the application is difficult, and getting it noticed on the app store is just as difficult.

In this post, I will be sharing my story of what I learnt from my first mobile app failure.

In my experience, most app developers are excited to launch their new mobile application which is more or less loaded with features.

My story begins a couple of years ago when I had my idea. I was pretty much convinced about the success of my idea. During the day of the app launch, I felt like Steve Jobs launching the new iPhone with everybody waiting in the queue to download my app. What a dream!

However, in reality, my application managed to receive only 5 app downloads out of which three were of my closest friends, who also managed to help me with the reviews.

Also Read: Unfazed by 3 failures, this 20-year-old is building a new startup, with some big names backing it

While my app launched on the app store, it was completely rejected by the audience.

Mistakes to avoid and lessons to remember

 

Excitement kills reality

Before you get excited about creating the app, you need to ensure that the idea is viable. It is like driving with a broken GPS. You can drive faster but can only to get to the wrong destination sooner.

So before I began racing, I decided to upgrade my GPS, which meant concocting a plan to bring it to the market successfully.

I learned that research is a crucial element. Research on the business requirement, competition in the market and above all research about numbers of apps with the same idea.

Any good product is based on the idea of resolving issues with a fresh approach. However, if your idea is already there in the market, you can always try to improvise or add more value to it.

If there is tough competition in the market then maintain focus on improving the basics or offer something unique.

Try to find problems around you, and create solutions within the app to resolve it.

Don’t be obsessed with creating a perfect product

Being a new app developer,  I worked to fit in as many features and plugins as possible, even if they were not required.

As a result, my application was not optimized and it ran sluggishly.

Another disadvantage was the increment in developing time, while I was attempting to make the perfect app, I was losing time.

So try to eliminate unwanted & unusual features and launch the app with only a few important ones. This is also known as the minimum viable product (MVP).

You can add more features in the updated version of the application. This method reduces development time and cost, also it ensures that you can execute your idea quickly.

Also Read: These 9 famous startup failures have a lesson for you

Design simply

The design of the app is crucial in making a good first impression on the user, therefore, the layout of the app should be crafted and designed carefully.

While everything on the internet is free and easily available, i.e. theme, design pattern, plugins, and so on. These free templates encourage app owners to create an application on their own.

With so many templates to choose from, how do you pick the best one?

Well, just look at some of the most popular apps on the market, for example, Uber, or Airbnb.  They all have a simple design with an easy to use UI. Try to make your design as simple as you can, remove all unusual graphics from design.

Identify the right audience

Creating a dream project without planning is like shooting in the dark. Before creating the app, first, it is essential to ask, Why?

Identifying relevant users always helps in creating features.

Usually, popular apps are always designed according to their target audience which is why they get attention from an early-stage. So try to identify whom you’re serving in future and jot down their needs.

If the application is crafted according to the users, it will gain traction and this may help you to monetise the app.

ASO (App Store Optimization) is oxygen

If your application does not perform well on the app store, App Store Optimisation (ASO) can turn your fortunes around.

ASO is similar to search engine optimisation (SEO), which helps to boost website rankings on the search engine, except this time it is for the app store.

In my personal experience, it is crucial that all newbie app owners should learn the basics of ASO and strive to implement it in the best possible way. Here are some basics of app store optimization. (trust me it works):

• Put a catchy keyword in the title.
• Add keywords in the description.
• Use attractive & appealing screenshots.
• Insert informative videos in the screenshots.
• Use the app Store analytics for audience behaviour
• Encourage positive reviews to users.
• Try to create a brand identity design (Icon, Color)

Also Read: How the world’s most successful founders approach failure

Final thoughts

By writing this post, I hope it helps every new app owner or someone who is planning to build an app and avoid making the same mistakes that I did.

One key takeaway for readers is that you should keep your eyes on core functionality or selling point of the app. Try to keep the design and functions of the app as simple as you can.

–

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.

Image Credit: Maulik Sutariya

 

The post What I learned from my first mobile app failure appeared first on e27.

Naluri offers therapeutics care combining behaviour science, data science, and digital design to provide structured health coaching and psychological support

Naluri, a Malaysia-based healthtech startup, has closed US$1.5 million in an oversubscribed pre-Series A round of funding, led by Global Founders Capital, a Berlin-based VC firm run by Rocket Internet Co-founder Oliver Samwer.

Stanford-StartX Fund, TH Capital, and private investors, including doctors as well as the startup’s existing investors, also participated, DealStreetAsia reported.

The money will help the firm plan its growth for the next 12 months. It will focus on expanding its user base, hiring senior staff, starting overseas teams, and to form partnerships with leading insurers, corporate employers, healthcare providers, and pharmaceutical companies.

Naluri was co-founded in 2017 by Azran Osman-Rani (CEO), who was the former chief of iflix Malaysia and AirAsia X Bhd, with medical doctors Jeremy Ting and Dr. Hariyati Shahrima.

The startup offers evidence-based health therapeutics digital care that combines behaviour science, data science, and digital design to intervene with patients or those at risk of diseases. With its software programs, it provides structured health coaching and psychological support for users to prevent, manage or treat a medical disorder or disease.

“We have seen about 60 per cent of our users achieve at least one clinically-significant health improvement that reduces the risks of diabetes or heart diseases by 30-50 per cent. Considering how our core clients decided to extend their partnership with us into phase 2 roll-outs, we have started work to extend our service to larger markets across Southeast Asia,” Co-founder Ting said.

Also Read: Malaysian healthtech startup Naluri raises US$250K seed funding from 500 Startups, BioMark

“Outside the clinic or hospital, current healthcare services and wellness programs do not provide enough ongoing support. Most are only focussed on transactional, one-off consultation sessions, ignoring the tracking of clinically-significant health outcomes such as weight reduction, blood sugar, blood pressure, and cholesterol reduction, or quantifiable improvements in levels of depression, anxiety, and stress,” said Osman-Rani.

Previously, Naluri has raised US$242,800) seed funding from Singapore-based healthcare analytics company BioMark and 500 Startups’ Southeast Asia-focussed fund 500 Durians. 

The post Former iflix Malaysia CEO’s healthtech startup Naluri raises US$1.5M from Oliver Samwer’s VC firm appeared first on e27.

Halodoc operates a mobile platform for patients to access doctors any time of the day and pharmacy delivery across 50 cities, as well as home lab services

Halodoc, an online healthcare platform in Indonesia, has secured an undisclosed amount in Series B-plus funding from strategic investors, including Bill & Melinda Gates Foundation, Prudential Life Insurance, and Allianz X, the investment unit of the leading insurance and asset management firm Allianz Group.

This comes less than five months after the company secured US$65 million in Series B led by UOB Venture Management in March 2019. Singtel Innov8, Korea Investment Partners and WuXi AppTec, in addition to existing Investors such as Go-Ventures, BliBli, Openspace Ventures and Investidea, had also participated in that round.

The fresh vestment brings Halodoc’s total funding raised so far to US$100 million.

Halodoc operates a mobile platform for patients to access doctors any time of the day and pharmacy delivery across 50 cities, as well as home lab services. Halodoc claims on an average it serves around 7 million patients per month throughout Indonesia with 80 per cent of patients residing outside the main cities of Jakarta and Surabaya.

Also Read: How HaloDoc aims to open greater access to healthcare for all Indonesians

“As an online healthcare application with a mission to simplify healthcare, these strategic partnerships will help improve the quality and number of healthcare options available to Indonesians living outside major cities — particularly outside of Java where healthcare infrastructure is less established,” said Jonathan Sudharta, CEO Halodoc

“Halodoc is successfully driving the digital transformation of the Indonesian healthcare industry through its holistic approach to the patient journey and strong strategic partners like Allianz and GO-Jek,” added Carsten Middendorf, Investment Director at Allianz X.

Todd Swihart, Managing Director Allianz Health & Corporate Solutions, Allianz Life Indonesia, said: “Through this strategic partnership with Halodoc, we will strengthen our 24×7 Digital Healthcare services and expand our Health Ecosystem that complements our range of health services and healthcare provider network.  By providing our customers access to healthcare, anytime and anywhere, we will be able to expand insurance protection for more Indonesians.”

The post Bill & Melinda Gates Foundation invests in Indonesian healthtech startup Halodoc appeared first on e27.

Be it a playground or your office, vibes play an invisible role

Undoubtedly business is your brainchild but it is the flawless implementation and unbiased efforts which make it flourish and stand amidst global giants of your industry. According to a report, a little over 50% of startups fail in the first four years of their commencement.

Amidst numerous reasons that directly and indirectly impact the fall and rise of a business, work culture and the environment inside your office premises plays one of the most crucial roles in deciding the future of your business.

Boost your company culture

The journey of an entrepreneur is filled with new challenges, however, what makes a successful entrepreneur is a skill to surpass the challenges. In one of his recent interviews,

Rahul Agarwal founder of Designhill said, “Not only for an entrepreneur but it is crucial that entire staff works in enhancing their interpersonal skills. Having the same successfully accomplished eventually leads the brand towards success it deserves”.

1. Failure is part of the walk

No idea or execution comes with an acuity of success. The market is the most unexpected arena and when you are dealing with customers (B2B or B2C) the behavior is highly unprecedented.

Having said this, if you or the team at some point fails or could not bring out the expected results, there isn’t any need to play the blame game or feel defeated. The need instead is to together find the reasons behind and ensure to implement changes with more dedication.

2. Not knowing everything is OK

Be it any business, it starts with an idea. However, to take it further and reach your goals, you need to focus on different aspects. Which includes everything from attaining to retaining your target audience.

To accomplish the same, there are different departments and a defined hierarchy. The team we are talking about. The reason behind having a dedicated team with experienced people is that they are good at their respective jobs.

The perfection is in understanding the same and letting the right person do the right job.

3. Taking responsibilities

This one here is partially linked with our previous point. The task you are assigned is your responsibility and so are the results ascertained. It becomes your primary responsibility to understand your roles and dedicatedly fulfill them.

Every team member has to closely understand and accomplish their roles, taking responsibility. Industry experts believe that if every team member will start taking responsibilities of their task, over half of the hurdles could be easily crossed.

4. Professional acceptance

Someone rightly said, ‘Work while you work, play while you play’. There’s a professional culture which needs to be followed with dedication.

When we say professional acceptance, you need to get yourself completely into the work mode and understand that the people around and the place has some professional ethics. It is your prime responsibility to accept and grasp this professional environment and adhere to it.

Also read: 4 reasons why company culture is so important with startups

5. Valuing customers is valuing business

Though last in our list but of high importance. Every team member needs to understand that the business will have no existence in the absence of customers. Not only this, statistics show that companies have to spend more money on client retention in comparison to attaining them.

Having said this, it becomes very important for you to ensure customer satisfaction and value your customers. In absence of the same or any loophole may impact the growth of your business adversely.

Conclusion

Be it a playground or your office, vibes play an invisible role. Besides having a wonderful idea and flawless execution, the environment in your office also plays a vital role in determining the growth of your business.

Studies have revealed that companies with a healthy work culture and positive motivation plays a crucial role in building a better work culture. These were a few important elements that can ensure that your business keeps moving.

However, it is the dedication of the entire team and combined use of expertise which helps you reach the set targets and stand amidst the industry giants.

—

This article was first published on e27 on June 31, 2018.

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

Photo by rawpixel on Unsplash

The post 5 elements of company culture that will keep your business moving appeared first on e27.

How Sunday Insurance scaled to become one of the region’s pioneering InsurTech leaders

Insurance isn’t an industry that is necessarily closely connected with innovation — after all, an industry with a 300 year legacy is hard to shake up!

Deloitte suggests that though 2017 saw a decline in new insurtech startup activity (only 88 were launched that year – half the number of fresh companies from the years before), insurtech players are still doing brisk business; the first half of 2018 saw as much as US$869 million pouring into the industry, and is on track to equal the US$1.82 billion raised in 2017.

Though much of that growth is still focused in the West, Asia Pacific, which holds 14 percent of the market, is set to be the fastest growing region for the foreseeable future.

Insurtech broke out into the mainstream market in much the same way fintech did: by unbundling the retail space through digital platforms, therefore offering customers more choice, and providing convenient ways to make transactions and interact with their brand and business. However, a subtle shift has been occurring, as the technologies that support the wider fintech world become increasingly sophisticated.

Today, we are increasingly seeing the emergence of insurtech companies that are working on bringing innovative insurance into the industry’s commercial segment. While some of those companies are still working on unbundling financial services, many more mature startups are focused on solving the big problems inherent to the insurance industry.

One such company is Sunday, Thailand’s first and only insuretch startup. It bills itself as a “full-stack insurance business” that serves its customers throughout the purchasing and claims process. Sunday exploded onto the marketplace with its innovative products that are built atop machine learning and artificial intelligence frameworks, bolstered by big data analytics.

Customised, down to the individual

Sunday was started with the mission of solving insurance’s pricing issue. Their bold claim: AI and machine learning can fix these problems. According to Dhanadham Pokthitiyuk, Sunday’s Head of Marketing, the company started when they noticed an unfulfilled need in the Thai market for insurance that worked for the customer, not just the insurance company.

“There are various pain points from the users that never have been resolved,” Pokthitiyuk said. “We did a lot of market research on and came out with ideas on how to make people’s lives easier and more fuss free. This is one of the reasons why we name ourselves ‘Sunday’, because we want everyone feel easy like Sunday morning, 365 days a year.”

The core idea of Sunday’s business model is their clever use of AI and ML in the creation of their insurance products. By leveraging on their ML algorithms, Sunday is able to provide customers with a wider range of insurance policies that are highly customised in terms of cost and coverage, in order to provide the best value.

Sunday’s business model is predicated on a creative premise that the company could accurately assess a customer’s individual risk rating. This means that each user will receive a product pricing that is based on their individual risk and not market or population aggregated risk.

They do this by taking into account previous variables not usually considered by traditional insurance players, at various “touch points ranging from product design, dynamic pricing, [up to the] claims process”, explained Pokthitiyuk. “I think the possibilities are endless. We need to be creative in the way we use data and tech and that is the key.”

A focus on the unserved

“We believe that we are building a company that is adaptive…to the risks that we are trying to cover and serve our customers what they need,” Cindy Kua, Sunday’s CEO and co-founder, said in an interview with Amazon Web Services. “We want to use data and technology to completely redefine the entire insurance value chain.”

She further explained that Sunday’s model is able to fully automate the claims assessment model from beginning to end. “It is flexible to price and provide any type of products for any type of customer in real time,” Kua said.

Sunday has tapped into two major issues within the insurance industry: cost and accessibility. Most insurance firms are not incentivised to provide products to lower-income communities because it is costly to operations.

However, there is a huge business case for insurtech companies working to introduce more affordable and relevant products to lower-income populations: there are as many as 3.8 billion uninsured individuals in emerging markets, and 84 percent of catastrophic economic losses in Asia (or US$26 billion) went uninsured in 2017.

This massively unserved market could prove hugely lucrative.

Sunday’s success in the market had a lot to do with the key decisions it made regarding product expansion. According to Pokthitiyuk, the company started its expansion in the area of motor insurance, especially for taxi drivers who fork out exorbitant fees for public use cars. “We started gathering data about how these drivers drive and their risk and design the bite-sized motor insurance product that fit with their needs,” he said.

Their groundbreaking motor insurance product led to a tie-up with Grab, where Sunday would offer “Grab Driver’s Health”, a policy that would enhance drivers’ livelihood and work conditions in busy, congested Bangkok. Sunday said that the partnership would help alleviate some of the issues created by the gig economy, where uncertainty is the name of the game.

These “bite-sized” policies have become a staple of Sunday’s business model, as they work with the needs and resources of Thailand’s generally low-income population. Another bite-sized insurance scheme that Sunday offers is its affordable travel insurance micro-policies that include flight delay compensation.

Sunday is also exploring an expansion into the B2B group health insurance segment, in order to sidestep problems posed by traditional, pre-made health insurance packages that usually prove inaccessible for SMEs and businesses with limited financial resources.

Pokthitiyuk said the company has plans to expand beyond the immediate Bangkok area, where they are headquartered, and eventually other countries in Southeast Asia.

Embedded deep in Sunday’s philosophy is a commitment to serving its customers where they are by providing the most optimised option. Pokthitiyuk advised startups that want to scale up their business and find similar success to focus on the user’s perspective before their own.

“Start with the needs of the users; many start-ups fail because they mainly think about the products but forget how to scale them. Thinking from users perspective is also important,” he said. “The products need to solve customers’ pain points and serve their needs.”

The post From Zero to Hero: Insurance made easy like Sunday morning appeared first on e27.