Grab’s main investor, Singapore-based Vertex Venture Holdings announced a US$290 million venture capital fund to invest in high-growth technology firms, according to a Reuters report. They have secured commitments from Singapore state investor Temasek Holdings, Taiwanese chip design firm Elan Microelectronics and other institutions, family offices and funds based in Southeast Asia and Taiwan.

Vertex Venture Holdings’ long-time CEO Chua Kee Lock said: “The Vertex Growth Fund seeks to invest about US$10 million-US$15 million per company, typically in third and fourth round fundings, versus US$3 million to $4 million by affiliate funds in early rounds.”

With the Vertex Growth fund exceeding an initial fund target of US$250 million, Vertex aims to capitalise on the growth of technology startups in Southeast Asia including everything from ride-hailing apps to e-wallets. An early investor in Grab, Vertex Growth is the sixth and latest member of Vertex’s global network of funds spread across China, Southeast Asia and India, the United States and Israel.

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

Vertex has about US$3 billion in assets under management across its network of funds and has invested in more than 200 companies. The funds focus on investments in their regions of industry specialization and are run independently.

Chua said the fund will also look at global opportunities, including in areas such as cyber-security in Israel and consumer-related technology in Southeast Asia and China.

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The battle of spaces between working more effectively and productively

 

If you’re a freelancer, startup owner, or solopreneur in the modern age, you’ll notice that the work landscape is more mobile than ever. Meetings with existing and potential clients, personal endeavours, and other business opportunities abound, forcing you to be on the move. This leads you to look for quiet, remote work-friendly locations such as coffee shops and coworking spaces

Both options are certainly viable, but today, we’ll be looking at the differences between a cafe and a coworking space to determine which remote work setup better suits your needs. Of course, any coworking space worth its salt would provide free coffee.

Wifi connectivity

Wifi is the most important consideration when choosing a place to work on any day, as it is every professional’s key to staying connected in today’s digital age. Off the bat, a coworking space is a superior choice in terms of wifi.

A coffee shop offers limited access to wifi, literally.

Most cafes will only provide a wifi password if you pay for a drink or pastry, and even if you do manage to access their internet, there are at least ten other people sharing the bandwidth (which is likely a basic subscription) so working from a coffee shop only works when there are only a few customers.

Also Read:  We checked out 6 of the best coworking spaces in Beijing, so you dont have to

On the other hand, shared desk facilities have wifi connectivity that’s suited explicitly for business operations, making it fast even when more than 20 people are sharing bandwidth. Put, a coworking station beats out the typical coffee shop wifi, and itself already worth the hot desk fee.

Work atmosphere

Many freelancers flock to coffee places because of the generally quiet environment (and also the smell of coffee) which helps increase productivity.

The problem is that this doesn’t last long, as there are certain parts of the day, such as lunch when the establishment will most likely be full of customers.

 

While cafes are right spots for working when it’s not lunch or dinner time, you’re just better off at an open office area because you’re assured that the atmosphere is entirely professional, and everyone is working.

“But how about the coffee?” you might ask. The best part about coworking areas is that today, most of them have cafe-style coffee machines so you can whip up a quick cup on your own.

Overall, coworking stations beat out coffee places by a huge margin when it comes to the work environment. Sure, cafes obviously have better coffee, but coworking stations provide an atmosphere that’s truly conducive to output, and you don’t have to dish out P150 for an Americano.

Facilities

When working outside, you should always look for these two amenities: a power outlet and a table/desk.

The latter is readily available at both establishments, but yet again, there’s an issue when it comes to cafes: accommodation. Some cafes are strict when it comes to seating customers, and might even require you to buy several products to stay longer.

Coworking areas don’t have that kind of limitation. Hot desking allows you to work all day long from the location of your choice without worrying about someone taking your seat.

Also Read: The benefits of coworking based on business size

When it comes to power outlets, coworking also beats out cafes. Coffee shops don’t have power outlets just lying around for customers to use, the best they can provide charging stations with a paywall. Coworking desks, on the other hand, come with power outlets so you can charge your devices there.

At the end of the day, coworking spaces and coffee shops both work for freelancers and startup owners and help them achieve a flexible lifestyle and work setup, but the former is the superior choice.

Not only do co-working desks offer everything you need to work productively, but it is also the ideal space for startup teams as studies support that coworking spaces are good for mental health.

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In addition to Circles.Life, we also have updates from Nodeflux, Pixerf, and Dolfin

Circles.Life launches in Australia – Press Release

Singapore-based telco company Circles.Life today announced its expansion into Australia through a strategic partnership with local telco giant Optus. The expansion followed its entry into Taiwan recently.

“We have made history in the telco space with our rapid launch in Taiwan and now, Australia. In Australia, similar to other countries we found that customers are unhappy with their telcos so we’re stepping up the game by offering a premium customer experience. We are proud to partner with Optus and we aim to set a new benchmark for customer satisfaction in the country,” said Circles.Life Co-Founder Rameez Ansar.

In a press statement, the company credited its ability to enter new markets rapidly due to its Circles-X technology stack. Unlike a traditional telco or MVNO, Circles.Life has eliminated all proprietary hardware and appliances and moved the entire architecture to a software-based cloud environment.

In Singapore, Circles.Life has already expanded beyond telco by creating digital lifestyle and insurance products, with more to come.

Nodeflux, Jakarta govt sign partnership to implement the startup’s AI technology – Press Release

Indonesian Vision AI startup Nodeflux announced that it has signed an MOU with the government of DKI Jakarta province to implement the use of its platform VisionAIre.

As part of the province’s Jakarta Smart City initiative, the VisionAIre platform will analyse data gathered through more than 7,000 CCTVs in Jakarta, helping the government make data-driven decision through real-time analytics.

The results will be used to develop policies in these sectors: Smart Mobility, Smart Governance, Smart Living, and Smart Tourism.

Since 2016, the use of AI has been implemented as a proof-of-concept in the Jakarta Smart City initiative.

Also Read: A deep-dive into how Circles.Life can become Singapore’s unicorn

Stock photo marketplace Pixerf launches in Indonesia – DailySocial

Singapore-based stock photo marketplace Pixerf announced its entry to Indonesia, DailySocial reported.

Having been around since 2015, the startup has only been officially launched in 2018, together with a US$2 million early-stage funding round from an undisclosed investor.

According to Pixerf Founder and CEO Sa’at Ismail, the startup chose to enter Indonesia as the country is the second biggest contributor of users in its platform, about 27 per cent of more than 80,000 users.

In the next five months, the company plans to open an office in Jakarta, followed by Denpasar and Jogjakarta. It also plans to recruit a marketing team.

Kezar3D Printing Services opens 3D printing kiosk in a mall – Press Release

Filipino 3D printing startup Kezar3D announced the opening of its first 3D printing kiosk at Robinsons Place Lipa, Batangas.

The Kezar3D kiosk is a 2-meter by 2-meter kiosk with a built-in 3D printing system that can receive, evaluate, quote, and print 3D models.

Its open design puts an operating 3D printer in an aquarium-like enclosure allows visitors to see how 3D printing technology works. Visitors are also allowed to touch multiple finished prints that are on display.

The company is set to open kiosks in Manila, Pampanga, Cebu and Davao from November to September next year.

Kezar3D currently have 41 remote sites all over Luzon and is valued at over PHP61 million (US$1.1 million).

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Image Credit: Circles.Life

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Tueetor founder Tan Han Sing spills the beans on the growth of edtech and why social impact mindset is key for new-age startup founders

Bringing the uber tactic to teaching, Singapore-based Tueetor matches learners and trainers based on a set of pre-defined criteria: subject, academic level, qualification, teaching experience, rate/budget; preferred time and location.

Father of two, founder Tan Han Sing dropped everything he was doing in 2014 to devote all of his time and savings to build Tueetor, simply driven a friend’s (and single mother) tutor woes for her child. Focusing on the private tuition market, his edtech company aims to address two pain points many parents face in their children’s education: affordability and accessibility. In 2016, iGroup invested US$1.48 million in Tueetor to expand to other markets in Southeast Asia.

Tueetor is currently operating actively in Singapore, Malaysia, Indonesia, and Thailand. While Singapore has a lower language barrier and faster speed-to-market, future growth is expected to come from markets such as China and India. A strong belief system in “educating the next” and the high-value of college education, are some of the reasons why Tueetor is confident they can scale in these markets.

Also read: 5 ways the on-demand economy has disrupted the way we study and learn

When asked about Tueetor’s plans for the future, Tan was quick to add, “It’s not so much about the personal or organisational goal, but a national one. You see, most Singaporeans (like me) grow up with one or more foreigner-classmates. They make huge sacrifices to come here, in the hope of a better life for them and their families’ through Singapore-style education, which is renowned worldwide. However, for every foreigner-student that makes it here, there are a lot more who are unable to. It’s just too expensive – tuition fees, living costs, etc. So, why not take our education to these students instead?”

Their answer is the virtual classroom and video-on-demand modules ready for launch in the first half of 2020. Singaporean-trainers will be able to export their knowledge, for the first time, through live and recorded teaching contents worldwide. This carries long-term benefits, not just in enriching per capita income and GDP, but fostering greater understanding between the people of the nations.

You seem to be driven by social change. What are your thoughts on social-impact startups?

Genuine impact investments are few and far between. Even lesser are impact investors that recognise a good social-impact startup. There’s a general perception that startups are more driven in delivering their causes than profits; the projects are not sexy enough in terms of returns. Unknown to many, behind every successful + sustainable startup, you will often find elements of community wellbeing creation. From ride-hailing companies promoting employment to patient/eldercare businesses providing health and physical wellbeing to edtech creating affordable and accessible education. There are huge opportunities in the social-impact startup scene.

Why is it important for entrepreneurs to have a social impact mindset?

Empathy. It allows entrepreneurs to better appreciate pain points; identify workable solutions and implement them with care. In other words: serve its customers and markets better. The same empathy extends inwards too, helping entrepreneurs recognise the strength and weakness of co-workers and current circumstance, allowing them to lead effectively.

Would you say Edtech is still in its early stages of booming? Why?

In 2018, the estimated global advertising market size is US$600 billion, AI: US$10 billion, and biotechnology: US$400 billion. Recorded VC investments in these industries are US$ 7b, 9b and 12b, respectively. Education stands at US$6 trillion and is poised to hit 10 trillion in 2030, fuelled by a global population of 8.5 billion by then. Notwithstanding, it managed only to attract a modest investment of US$6 billion – a huge disconnect – with over 50% of it going to China edtech startups. That said, it was still twice of 2017, and the strong numbers in 2019 so far has suggested that things are warming up.

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You need to develop a mobile app that can win over your customer within a few seconds

How often do you think before downloading a mobile app?

Just for a few seconds!

People make up their minds about retaining an app in their mobile phone just in a matter of a few minutes. The increasing count of mobile applications won’t give you the chance to move ahead in the race. 

To make your mobile app compete and to win the race of downloads, there are several factors to consider. Some of these matrices are general marketing, user acquisition, user action, business metrics, etc. Few of the aspects that are responsible for the failure of your mobile app are listed below:

Inadequate market research

The notion of the mobile app development you came up with, is undoubtedly the solution to a specific problem that you are trying to solve.

The secondary challenge is to find the demography of the people interested in your solution and perform the research if a similar solution is already available. You need to seek for Unique Selling Proposition (USP) of your product, precisely that of a mobile app, here. 

While creating the buyer persona or the user identity, consider yourself as a layman. Secondly, seek for how your thoughts can perform well over others. Then, analyse your competitors and their pain points and craft the strategy to take your mobile app to the next stage of designing.

Inadequate market research is like leaving a hole in the bucket of water. Your entire efforts and money of transformation of ideas to the mobile app, building marketing strategies, leads collection will be wasted otherwise. 

Choice of the platform

While driving the bandwagon of mobile app development, the selection of the platform comes first.

This solely depends on the goal of the mobile application and the demographics. If your user base involves more iPhone users, there is not much point in creating the Android app. Whereas, if your target audience includes users of both platforms, you may like to go for the hybrid app development. 

Also Read: Optimising your app development: from ideation to launch

The requirement of the app designing for multiple platforms varies from business to business. When your mobile app is not equally compatible with numerous platforms, you can miss the more significant user base. And, that’s why you must think for a while for the mobile app platform before designing an app.

Bad UX designing

Don’t get intrigued by term UX; it implies simply making complex processes look easy for the users. With an interactive UX design, you try offering simpler experiences to the users.

From designing to development and marketing, the app’s UX must meet the goals. For instance, if you’ve created an e-commerce app: the checkout process, product searches, navigation should be easier for customers. 

You can also add certain in-app features like search, set up predictive text, root word recognition, autocorrection to make navigation in the app more comfortable for the users. You can ask for the user to allow auto-save passwords for quick and easy logins. When asking users for permission to call log, messages or camera, explain its need, in brief. This improves the credibility of your app. 

There are plenty of ideas like the ones shared above, that can help you and users attain their goals quickly. A good UX builds your brand value and enhances the chances of customer retention due to the reliability factor. Whereas, a bad UX and weak navigation system can lead to the mobile app uninstallation within a second. 

Launching an untested mobile app

Launching a mobile app completely free from any bugs is a rare event. However, proper QA testing can reduce the count of bugs, if any. These days there is the availability of software in the market that can ease the mobile app designing for you.

The businesses that are eager to jump into the market get their apps designed from such sources and launch their apps, which can be the most significant reason behind the app failure. 

Also Read: 8 things to consider when choosing a mobile app development platform

Without QA testing, you won’t find the mobile apps compelling enough to stand in the market. Don’t get so much in a hurry, rectify the errors, and reduce the chances of app installations. 

Remember, the first impression is the last. So, please don’t leave a chance to acquire negative reviews.

Unavailability of the backend support

 Customer support for any of the products or services you launch in the market is the need of every business. In the case of mobile apps, the niche of your app decides the need for backend support. Like e-commerce, recharge and gaming apps need more stringent help in comparison to that book reading or music apps. 

With the advent of cloud technology, offering backend support turned a bit easier for businesses. You must consider the scalability factor to suffice the sudden increment in the traffic.

When the user is stuck while using the mobile app, they like to connect with you to solve their queries. In case of unavailability of the support in the meantime, the user won’t wait for long. Instead, they will uninstall your app. They will surely seek alternatives, and you will miss one of the users. 

Untimed marketing

The marketing efforts for your products start right from the moment of ideation. You can’t simply wait for the time of product completion and then hire a team for marketing. During the market research, you should collect and add the ideas that businesses like that of yours are already trying. 

To add the audience and user base for your mobile app, start sharing your idea, even when it is under development. In this way, you can make your audience aware of your brand and offerings. It can be helpful for you to entice your customers to be the first users on launch. 

Once the app is ready to launch in the market, app optimisation is the key factor that you must count on. It is a systematic approach that improves the ranking of your mobile app and reduces the chances of failure. 

Also Read: Believing in the iterative process of app development

In addition to these critical factors, proper execution of the mobile app when launched in the market can decide on the success or failure. To improve the user retention rate, you must offer fantastic customer support to your initial customers. Be available to them wherever they feel stuck.

Don’t bother your customers too much with the push notifications or offers. At the same time, don’t leave them unattended. Share everything that you have available for your app and grow your potential with every update. Evaluate your performance regularly and update your strategies in a timely fashion. 

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In addition to Arival Bank, we also have updates from Agatha, Pomelo, and Vynn Capital

Singapore’s Arival Bank raises US$2.3M in equity crowdfunding – Finovate

Singapore-based digital bank for SMEs and crypto businesses Arival Bank has raised US$2.3 million in a pre-series A equity crowdfunding campaign led by Seedinvest and Crowdcube, Finovate wrote.

The total funding went beyond the firm’s target of US$864,500.

It follows a US$1 million seed funding round that Arival raised in April 2018.

Claiming to have a pre-money valuation of more than US$14.8 million, Arival Bank looks to use the funding to support licensing and product development initiatives, followed by its launch plan.

It also claimed to have received more than 1,000 requests from individuals and organisations, expressing their interests in opening an account.

Japan’s Agatha raises US$4M in funding to boost sales outside of Japan – Press Release

Japanese cloud-based document management service Agatha announced the completion of a JPY420 million (US$4 million) funding round.

Existing investors Mobile Internet Capital participated in the funding round, which also included new investors GMO VenturePartners and Salesforce Ventures.

The funding round also included a loan from Japan Finance Corporation.

The services that Agatha provide aims to achieve digitisation and streamlining of clinical and project documentation. It claimed to have been adopted by over 200 hospitals and pharmaceutical companies in Japan and overseas.

According to the company, its strength lies in its compliance with GxP regulatory requirements in Japan, US and European Union.

The funding will be used to boost sales and marketing in and outside of Japan, and enhance functionalities that streamline clinical and project operations using artificial intelligence.

Also Read: Southeast Asia fintech community just got a boost with ASEAN Financial Innovation Network, Bridge+, and PwC’s collaboration

Thai fashion tech startup Pomelo raises US$52M – e27

Thai fashion tech company Pomelo today announced a US$52 million Series C funding round from Central Group, Provident Growth Fund, InterVest Star SEA Growth Fund, Andre Hoffman, Toivo Annus, Lombard Private Equity, Ambient Sound Investments OU and The Luxembourg Company Deverel.

The funding round followed a US$19 million Series B that it has raised in November 2017.

With this round, Pomelo has now raised over a total of US$83 million.

The startup wants to use the funding to focus on building its technology, particularly in the implementation of big data and AI for pricing, design, and e-commerce personalisation.

Vynn Capital, OPTI Japan team up to bridge Southeast Asia-Japan investments – e27

Kuala Lumpur-based early-stage venture capital (VC) firm Vynn Capital today announced a strategic partnership with Japanese advisory and consulting firm OPTI.

The partnership aims to bridge more Japanese investments into Southeast Asian startup ecosystem as well as foster collaboration between the two ecosystems.

The partnership was made with the background of an increasing need for early-stage funding in Southeast Asia, complemented with growing interest from Japanese corporations to extend their reach to the region.

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The Singapore-based human resource and benefits management platform is a cloud-based HR SaaS company

HReasily, a Singapore-based SaaS-enabled human resources firm, announces that it has received US$5 million funding from one of its longest client, Envy Capital.

The funding, HReasily said, will be to accelerate development, especially for its features to benefit its users.

Envy Capital, which is a part of Envy Asset Management, said that it has been using HReasily services in 2015 when its company was still a team of three. Envy Capital’s leader coined the positive improvement that the company has experienced growing into a team of 18 today is also because of HReasily’s solutions on workplace culture.

“HReasily has digitised a lot of our functions with a suite of HR management services. The system allows us to add on modules only when we need them. Looking at it in the long term, there are different solutions we can utilise as our business needs grow,” said Rhiya Lee, Envy’s deputy managing director.

HReasily provides a human-resource technology aimed for small to medium enterprises.

Also Read: Singapore’s SaaS startup HReasily raises funding to help SMEs streamline HR work process

Pascal Henry, HReasily’s CEO and co-founder, said: “We’re delighted that our end user sees us not just as a digital solution, but as a business partner.”

HReasily’s tools digitalise and automate HR processes such as implementation and employee onboarding. It also offers a capacity for personalisation, and constant additions of new modules.

Its suite covers core functions such as payroll, expense claims, time and attendance, and leave management.

Currently, the company said it has 30,000 companies on its platform, with active users in eight countries: Singapore, Malaysia, Thailand, Hong Kong, Indonesia, the Philippines, Cambodia, and Vietnam.

This year, HReasily added an Insurance component to its Staff Benefits pilot module, as well as white-label solutions. The company plans to roll out Scheduling and Employee Benefits next, with Performance Appraisal, Reporting, Onboarding and Scheduling in the pipeline for 2020.

In April 2018, HReasily raises seed funding co-led by Mazars Group (a global audit, accounting and consulting group) and New Zealand-based VC firm Zino Ventures.

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There needs to be a way to create an inclusive set of regulation that will steer the way we develop this technology into the future

There is no doubt that we see significant advances in intelligent machinery across all facets of our lives.

Great strides have been made in neural network technology where patterns are collected from large amounts of data which can be used and improved.

This means that AI can identify objects much faster and accurately and make better decisions without any interference from humans. A great example of this would be self-driving cars.

It raises the question of how this new set of rules will be played out across all segments of our society and in the legal frameworks that we currently have in existence.

Can AI truly make better decisions than humans?

We have case studies today of hospitals refusing to operate on a critically dying patient because they could not get the consent from the right party.

In other words, there is rigidity in the way contracts manage our current lives due to the potential consequences of breaking that contract. That is where we are now as a civil society.

Now, imagine a situation where we know that a person needs medical attention but due to a structured set of algorithms set within a program, there is no permission to allow it. Or a self-driving car that needs to break a road rule in order to avoid a dangerous collision.

To what extent are algorithms able to discern discriminatory patterns as well as humans? And more importantly, how will the courts handle these sorts of cases?

Also Read: An encrypted affair: messaging apps are becoming an important tool for cryptocurrency adoption

What is even more interesting is how the law will treat the layperson, who had no direct involvement in the coding or development of these technologies in the first place, but it was their input (of their own data) which impacted the final decision which set forth the action.

Should they be responsible for the consequence of AI’s decision given by individuals themselves even though they did not code the algorithm that determines its decision-making process? Are the biases that AI generates as a result of our own data our own fault or the fault of the algorithms? These are obviously interesting questions that we, as stewards of the next generation of technology, must seriously consider.

I think one of the issues closest to the heart is whether AI will eliminate or determine my personal choice. As a centre left-liberal, I would be a bit worried if I lost my freedom of choice, and even worse, losing my personal choice and not realizing it.

But of course, our personal choices are largely subjective and as a best-selling author, Daniel Ariely would argue, we are, in any case, predictably irrational.

Could AI actually improve our decision-making process and make our lives more meaningful or would it make us even more polarised than ever before? Let’s take a look at both sides of the equation below.

Potential benefits

AI could potentially make our decisions less subjective. For example, it can create greater efficiencies in any given system. A good example might be the use of energy. It can determine what actions would create the best use of energy by calculating energy peaks, best use case and so on.

It can also determine how best to spend our wealth (in itself also another form of energy) and can be objective in determining the way we spend since spending can become very much an emotional exercise.

Also Read: How I started a US$1K/M side hustle selling slim paper wallets from rural Japan

It can also be a potential benefit by harnessing the collective experience of many in order to determine the best result for any particular action. A bit like garnering advice from a hundred wise elders who have been there and done that, using historical data of previous judgments and decisions.

Potential bad consequences

A bit like a social experiment gone wrong, AI also has the potential of creating some pretty scary dystopia-like scenarios. Like in the episode of Netflix’s Black Mirror where all relationships were based on an algorithm, we risk creating societies so rigid in its application that it loses its touch of humanity.

Sound familiar?

This kind of social engineering might some of the fictional stuff today, but it could very well become reality if we don’t have discussions about the role of AI across all aspects of society in the future. There are many more potential disasters.

For example, gerrymandering may become even easier. Just look at the Cambridge Analytica scandal and how data can be used to influence voting results.

Imagine if AI takes this even further and it somehow manipulates to make a certain segment of people “choose” to buy houses in a certain area. Or having our choices in say fashion or art narrowed to what algorithms choose for us based on our previous choices and therefore eliminating the potential to open our minds to other kinds of creative experiences.

All of this could have the potential to make future generations a narrower, less multi-faceted, dare I say, less tolerant individuals.

The social responsibility of developers of AI technology

As the developers and guardians of this new technological revolution, we must keep these issues in mind. We know we cannot stop it and I don’t really see any reason why we should stifle its advancement in any case.

But we must ensure that this technology is used for the advancement of humanity, in creating a more inclusive world that emphasises our commonality rather than our differences.

AI has the potential to make our lives that much richer and give us more time to focus on more important things in life rather than “working just to make a living”.

Also Read: The raging Amazon forest fires: Why businesses need to step up for climate change

It is a chance for us to redesign the paradigm of our very existence as we know it with a focus on creating synergies rather than competition. In the words of R. Buckminster Fuller, “we can operate our planet in such a manner as to support and accommodate all humanity at a substantially more advanced standard of living than any humans have ever experienced”.

As technologists and participants working in its development, we have an important role to play in setting the right foundation for the advancement and development of future protocols.

In our interconnected world, this will obviously require a multi-stakeholder, global effort so that we can ensure its direction does not fall in the hands of those who wish to take advantage of it for selfish means. We find the opportunity once again to ensure that we develop this technology for the better evolution of humanity.

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With all the hurdles that keep startups from truly flourishing, NTT Startup Challenge is here to help pave the way

In Indonesia’s bustling capital, the local startup ecosystem has been making strides to challenge dominant global startup hubs like Silicon Valley and Beijing. Not only that, but according to e27’s annual report that studied the funding pattern of 847 Indonesian startups in 2018, these startups have procured an average deal size of US$88 million for each one—comprising 38 different verticals including healthtech, fintech, and e-commerce in what can only be described as a microcosm of the larger Asia Pacific’s flourishing startup ecosystem.

Indonesia isn’t alone in this recent boom. Neighboring country Malaysia now also finds itself in an optimistic position, having seen the emergence of thousands of new startups across different tech verticals according to the same annual report. More importantly, notable government-led efforts through Malaysia Digital Economy Corporation (MDEC) have been documented to provide new schemes for young ventures, including their partnership with 9 Digital Transformation Labs to empower more Malaysian businesses to go digital.

Countries like Thailand, Vietnam, and the Philippines have also propelled leaps and bounds in their own respective ecosystems, ultimately impacting the region’s overall performance. These strides cover tech ventures in multiple areas such as AI, fintech, e-commerce, Big Data, and many others.

What does this say about the region? It means much can be expected from such momentum, especially when aided by multifaceted support enabled across all fronts.

Challenges in Asia’s startup scene

It’s no secret that Asia has become an increasingly attractive space to explore and scale various tech solutions. However, this doesn’t render the region immune to certain challenges.

The primary obstacle holding back Asia is understanding local behaviour. Being comprised of multiple countries with different sociopolitical frameworks, different cultural backgrounds, and different consumer behaviours, startups emerging from the region best equip themselves with a solid support system in order to truly flourish.

One important thing that has to be considered is that with the context and geography of Asia, it is important for startups to scale beyond their home countries. In doing so, factors like different languages and different currencies become imperative variables to consider. When a startup isn’t equipped with ample capital, advanced tech, or the right connections, companies are held back from taking those necessary steps.

To combat such obstacles, startups primarily need three key forms of support: funding opportunities, access to networks, and quality technological infrastructures. These three ingredients, when peppered with proper business insights and guidance from reputable industry thought leaders, make for a formidable recipe for success.

Last July, Indonesian ride-hailing company Go-Jek announced new investments from three large companies under Japan’s Mitsubishi group, giving them stronger leverage in the competitive ride-hailing scene in the Southeast Asian Market.

Meanwhile, only last year, Singapore-based ride-hailing company Grab entered into US$1 billion partnership with Japanese carmaker Toyota opening up excellent opportunities for Grab driver-partners particularly in countries like the Philippines.

Singapore-based marketplace, Carousell, also launched its mobile payment service, Caroupay, through an integrated payment system developed in partnership with three key finance players: DBS, Stripe, and Visa. These are only a few examples of Asian startups successfully collaborating with global enterprises to solve certain obstacles.

How NTT Startup Challenge solves obstacles in a unique way

With the goal of supporting startup ecosystems in Asia and scale or leverage startup businesses through forming an alliance with NTT Ltd., the NTT Startup Challenge is a platform that provides opportunities for funding, access to NTT and partners’ investor network, and access to quality technological infrastructure.

NTT Ltd. is a leading global technology services company under NTT Incorporated (NTT Inc). They partner with organizations around the world to shape and achieve outcomes through intelligent technology solutions.

NTT Startup Challenge programme founder Yasunori Kinebuchi said, “NTT Ltd. welcomes a wide variety of applicants from seed and early-stage startups to series A concentrating on Big Data, AI, Fintech, Sharing Economy, and others.”

Startups that apply for the programme get to participate in a series of activities that include pitching sessions, matching events, and networking.

When asked what makes this startup challenge special, Kinebuchi quipped “As NTT Ltd. doesn’t seek an opportunity for investment at this program, the ecosystem can be formed without conflict of interest with various investors. For example, the judges and partners include local venture capital investors (VC), business accelerators, and Southeast Asian mega-VCs like KK fund and Gree Ventures, among others. We provide investors with immediate access to Asian startups in their early stages.”

He further said, “It has therefore received strong support from governments. Since startups tend to be highly susceptible to government regulations, collaboration with government agencies in host countries is essential. NTT Ltd. already has a strong relationship with government bodies in several countries within Asia such as in Indonesia (Ministry of Industry & Creative Economy Agency), in Malaysia (MDEC, MaGIC, and Cyberview) and in Vietnam (Saigon Innovation Hub).”

Perks of joining the NTT Startup Challenge

As with most programmes, the NTT Startup Challenge comes with a plethora of perks that startups across Asia could really benefit from. Of all these perks, the three overarching ones are as follows:

1.) Providing competition rewards such as IT infrastructure, support and management, access to NTT Group’s customer base, and access to Southeast Asian mega-VCs like KK fund, Gree Ventures as well as local VCs for startups.

2.) Encouraging enterprises to enter markets in Asia smoothly and to access and collaborate with other Asian startups’ innovative ideas and unique technologies.

3.) Providing investors with immediate access to Asian startups in their early stages.
Kinebuchi stressed the mutually beneficial nature of establishing networks and partnerships in the NTT Startup Challenge. Other than prizes that are valued at a total of US$10,000, finalists are invited at a matching event in which they will be introduced to potential business partners for innovation.

The event puts premium on the fact that a startup needs not only funding, but also IT infrastructure, organizational and technical knowledge, and a global customer base. On the other hand, global enterprises require innovative solutions tailored to local needs in terms of culture, government regulation, and local market. At the end of the day, engaging with global enterprises is essential for startups to grow rapidly.

Cultivating Asia’s startup ecosystem

During the startup challenge’s earlier edition, each country’s top-three startups of 2018 were invited to Japan in March 2019 for a showcase event aiming to connect Japanese enterprises, investors, and startups with Asian startups. This was done in order to promote Asian startups’ entry into the Japanese market as well as Japanese companies’ entry to Asia.

There are multiple success stories shaped by the NTT Startup Challenge in the past, with some startups procuring funding worth US$500,000 due to media exposure garnered after the competition, while others enjoy engagements with private investors in Japan, as well as startup planning to establish joint ventures with Japanese global company introduced by NTT.

With all the possibilities listed above, we can expect Asian startups to further cultivate their ideas and render them into reality with the help of NTT Startup Challenge. By bridging the gaps and overturning the hurdles that keep startups from flourishing, we only further enrich the booming momentum that Asia now experiences.

If you’re a startup based in Asia looking to explore these possibilities, the NTT Startup Challenge is accepting applications here. For more information about the event, you may visit their official website.

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The selected startups must have raised seed capital and serve the ​UN Sustainable Development Goals

The United Nations Development Programme in Indonesia announced that it has teamed up with the Silicon Valley venture capital seed fund and accelerator ​500 Startups​ to launch ImpactAim Indonesia. The move seeks to boost the development of social entrepreneurship and startups in Indonesia, which is considered to be a growing economic hub in Southeast Asia.

ImpactAim Indonesia will conduct a nationwide selection process to recruit between 8 to 10 startups. The requirements for startups to be selected include having raised seed capital or more, serving customers, and serving the ​UN Sustainable Development Goals​.

The accelerator is said to focus on providing guidance on impact measurement, tailored business, and impact acceleration assistance. The startups then will be showcased to prospective impact investors from around the world.

The program itself will take place in Jakarta, with no fee or equity from participating startups, and will run for 10 weeks.

“Imagine a world where tech unicorns and venture capitalists tackle the UN Sustainable Development Goals. It’s already happening, and we’re honored to be working with UNDP Indonesia to accelerate this,” said Khailee Ng, Managing Partner of 500 Startups.

Also Read: MaGIC, UN launch bootcamp for youth-led startups, social enterprises in Malaysia

According to the 2018 Survey of Entrepreneurs and MSMEs in Indonesia by the Asia Pacific Foundation of Canada, 99 per cent of the country’s businesses comprise of the micro, small, and medium enterprises (MSMEs). MSMEs are the key driving force of Indonesia’s economy and contributing 60 per cent of GDP.

Resident Representative of UNDP in Indonesia, Christophe Bahuet emphasised that the new initiative is part of UNDP’s role in championing innovation for the Sustainable Development Goals (SDGs).

“We hope that the partnerships will open doors for many small enterprises, particularly in Indonesia’s most disadvantaged regions,” said Bahuet.

ImpactAIM was first launched by UNDP in Armenia in 2017; similar initiatives are under development in several countries of Asia and Eastern Europe. UNDP also works on SDG impact-oriented accelerators for established and mature companies.
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Photo by Jon Tyson on Unsplash

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