Dear Sir/Madam Almost But Never Quite There,

This is an open letter to the hustlers. The beginners with dreams. The five-year-in-experience grinders. The happy-but-stuck-in-a-rut office rats.

If you can’t help but daydream about having your own kickass startup one day, this is for you.

This is also for you, the person with multiple side projects because you either need more money or you caught the entrepreneurial bug. It can be frustrating to treat a dream half-heartedly, like a not-so-enthusiastic date.

This is for you, who check domain names regularly just in case someone else might already launch the idea. You know that there are no new things under the sun, but you also know that offering something different is needed in this cruel, cruel startup world.

You’ve lost count at how many ideas you scribbled on your Google Keep as they piled up and got lost in daily life.

You are a grown-up with real responsibilities and betting it all to prove just one optimistic idea might work sounds a little too gutsy, borderline insane.

Also Read: This Machine Learning startup helps breast cancer patients customise treatment, predicts risk of recurrence

Maybe you are an active participant in the zoo of, “almost but never quite there”. You get to meet inspiring entrepreneurial people, but when it comes to fulfilling this one crazy idea that keeps you awake at night, you chicken out.

You find dozens of reasons to delay the business until it’s a little too late to actually start. Funny, it’s called startup because you have to start somewhere, but you just won’t.

You hope that no one else will think of the idea because you feel in your heart it will be the next big thing. You have a recurring vision of the company being successful, but then again it’s just a dream.

You have online documents detailing of what sorts of business it would be, what market it would serve, you do know which competitors have started carving out share in your intended market, and you’re even going so far as conducting a mock survey to see people’s reaction to your ideas.

But even after doing these tasks, you’ve gone only so far because you always find a flaw and have to start over.

The thing is, you know all too well that you gotta start somewhere. All that do your homework blah blah blah…

But the thought of it might get big or might be crushed, along with the capital you dug out from your own pocket are too overwhelming. “That money can be used for something else that is yours to take care of, if only you’re not so stubbornly selfish,” says the nagging voice in your head.

The thought of leaving the safety of a safe, well-paying job for something so uncertain is another enemy. Comfort is our enemy, but comfort is also this killing creature that has provided a safe home for us (I’m looking at you, Stockholm Syndrome).

This is for you: You’re not a freak overachiever for desiring more.

Also Read: Founding a startup: You think you’re ready, but are you really ready?

You’re not a selfish dreamer, just a fearful one. Your fears are legitimate and your grownup responsibilities are not a joke, especially if you have a family to manage.

I won’t get started on regrets, because I believe you understand the cause and effect in this matter. The ’cause’ is not doing anything, and the effect is not getting anything (duh). You know it well and don’t need preaching.

This is for you, with dreams you can’t afford just yet.

Be patient.

I won’t say keep dreaming because it’s vague (and low-key mean). I will say this: hang on.

When ideas come at you like a whiplash, contain them. Write them down.

If you must wait for your time, wait patiently and diligently. Do your homework (prepare, save money for bootstrapping, network, and all that startup 101). You never know where it might get you.

As corny as it sounds, I believe in “doing your part will yield good outcomes”. Maybe not right away, maybe not in the way we might imagine, but we will reap.

In the meantime, if you love your job and it helps you keep your grown-up responsibilities, please stay at it. Not all of us are meant to be a dropout success story. It is an unwise bet.

Also Read: AI-powered NeuroTags helps businesses eliminate counterfeits of their products from the market

If you haven’t noticed, I’m trying to tell you that if you don’t have the guts, then it is impossible to start up.

That’s it, that’s the essence of this writeup.

Thanks for staying along with this far in this post, you fantastic beast.

Sincerely,

Your fellow ideas hoarder who haven’t got the balls and take her time while simultaneously being anxious about running out of time, me.
–

Photo by Trent Szmolnik on Unsplash

The post An open letter to the almost but never quite there appeared first on e27.

Last week, Japanese consumer finance giant Credit Saison announced the launch of its corporate venture capital (CVC) arm Saison Capital, that is set to invest up to US$55 million to early-stage startups in India and Southeast Asia (SEA).

The move complements the company’s existing foray in the regional tech ecosystem, where it has invested in major names such as Shopback and Grab. It has also been a limited partner in various funds such as Cyberagent Ventures, East Ventures, Gree Ventures and Beenext.

To understand more about the firm’s investment philosophy and plans for startups in the region, e27 reached out to Chris Sirisereepaph, Partner at Saison Capital.

The following is an edited excerpt of the interview:

Can you explain Credit Saison’s motivation to launch its own venture fund, in addition to its existing partnerships and investments in the tech scene?

One trend we have observed in the equity financing landscape is that well known VC funds that were originally seed-stage funds have now raised larger funds and started placing more emphasis on later-stage rounds. While a good signal that the ecosystem is growing, it created a situation where founders had limited options when it comes to institutional investors willing to invest at the seed stage.

Also Read: Singapore’s MatchMove Pay raises funding from Japan’s Credit Saison

This was also a gap in our own financing ecosystem, as while we had a good track record of deploying growth-stage capital into startups such as Shopback and Grab, we had not deployed seed-stage capital on our own before.

Our own decision-making process internally was also not appropriate for doing seed deals, where founders prioritise speed over most other factors. Hence, we decided to create a new vehicle with a specific mandate to target seed deals, with a quick decision-making process and a team that can relate well to the founders we want to work with.

Ultimately we believe that while there is higher risk, investing at the seed stage also puts us at the forefront of the innovations happening in the region.

What notable trends do you see happening in the region’s fintech space lately, and how do you plan to tap into it?

SEA has an advantage in that you can look at the trends that have happened in China and India, and try to work out if those trends may happen here as well. For example, Indonesia has seen a boom in alternative lending over the last two to three years. What usually follows is startups emerging to target other financial services such as personal finance management, insurance and other investment products.

One outcome of this trend is that companies with a core business in a non-fintech space start thinking of how to integrate this range of financial services into their platform to better serve the users in their ecosystem. They could do this on their own, or they could partner up with any one of these emerging pure-play fintech players. For pure-play fintech players, this solves a big problem for them: Customer acquisition cost.

Also Read: MatchMove acquires stake in P2P lender MoolahSense to strengthen its SME financing capabilities

This is the core of our thesis and the reason the fund has a sector agnostic mandate.

We anticipate that most startups with data and customer reach will have an extent of fintech integration eventually. These founders will be experts in their verticals, but where we can complement them would be our deep expertise in financial services in developing markets as an institution, and our team having had fintech operational experience as well.

Can you explain your investment philosophy? What are the qualities that you look for in a founder or potential investment?

We are thesis-driven, so we form a thesis around a vertical or business model before making an investment. This means that when we find suitable founders who believe in the same thesis, we can move very quickly and conclude the investment with funds transferred within a couple of weeks from the first meeting.

As to what we would define as “suitable”, I would say we look for founders who are ambitious when it comes to thinking about scaling, and also data-driven when it comes to making decisions despite the chaotic environment most startups will operate in.

As our fund is an evergreen vehicle, we are not in a hurry to exit the investment but plan to work with our founders for as long as we can still add value to them. Hence, some level of personal chemistry must also be there, and the founders should also be certain they will enjoy working with the Saison Capital team over the next few or many years.

Also Read: Indonesia’s Investree to launch in the Philippines, set up new subsidiaries

Financial inclusion is a big mission for your firm and its portfolio. What do you think is the greatest hurdle to achieve it? How do you plan to solve it?

My personal belief is that technology is both the greatest hurdle and the greatest solution. It depends on who wields the tool and how it is used.

While access is the key to inclusion, more conversations need to be had around what type of products or services create positive social impact and should have increased access. It is also important to be aware if the access is artificial and generated by subsidising or mispricing the product, rather than possible and sustainable because technology has lowered costs.

What this means for us is that we back founders who have a consciousness of whether their product encourages financially productive behaviour. For founders that believe in that, they can be assured that we will be aligned with them as an investor. Koinworks, our portfolio company that provides financing to underbanked businesses is a good example of that.

—

Image Credit: Saison Capital

The post Meet the VC: Why Saison Capital believes that most startups will eventually have a fintech integration appeared first on e27.

In the food and beverages industry, most of the innovation is centred around delivery and takeaway, but it is just 20 per cent of the global US$3.5 trillion markets, as per an estimate. Approximately US$2.5 trillion sales are through in-dining, yet there hasn’t been any significant innovation to bring about a drastic change to customer engagement and experience.

“We have a startup in the making, which focuses on creating an exciting future for diners,” says its founder Mohd Wassem. “Easy Eat is working on creating a solution to transform restaurants into a technology company.”

Easy Eat is an Artificial Intelligence startup. Using its QR-based solution, which will be available with its restaurant partners, in-dining guests can browse menus online, search for items, and review description and nutrition value. Patrons will also be able to place and track orders, make payments through an integrated interface and keep a record of their dining history.

“It will make dining a more interactive experience, giving customers better control over what they buy and customise rather than being restricted by the restaurant’s creativity, or lack of it,” he adds.

Also Read: An open letter to the almost but never quite there

On the other side, restaurants can save time and money and better manage the footfall. They will also have access to advanced user analytics (the equivalent of Google Analytics for offline businesses). It will give a fillip to their marketing intelligence, customer strategy and business efficiency, claims Wassem who recently quit his previous venture Bobble Keyboard, which provides an AI keyboard app for smartphones.

“While this innovation may not compete with restaurants as an alternate supplier, it certainly has a vast potential to transform the way customers buy and experience dining. Restaurants don’t have to incur any additional cost to use the solution. More importantly, this will increase their bottom-line by 40 per cent,” he elaborates.

Easy Eat, which will have offices in Singapore and Malaysia, primarily targets the Southeast Asian market, the size of which is approximately US$100 billion. Majority of the people prefers eating out; in some countries, more than 90 per cent of the people consume at least one meal outside a day. Plus, the region has a high female working population.

“I see a big opportunity in Southeast Asia, where 40-50 per cent of the working population is female. In countries like Malaysia and Singapore, the average money spent on dining out is approximately US$200 per month,” he says. “Plus, diners are cost-, time- and health-conscious. I see a lot of time is spent on non-dining activities, like scanning menu, understanding menu, waiting for the bill and change. This presents an opportunity for us.”

According to him, there is enough innovation happening in food, health and payment. Now is the time to bring them together on a common platform and create an engaging experience for users.

Easy Eat, which plans to commercially roll out in January 2020, has already started signing agreements with a few restaurants  — local and international chains — in Singapore and Malaysia.

As for revenues, Easy Eat will take a transaction fee from the restaurant (a fixed slab-based fee for every item ordered through the solution). It will also have a revenue-sharing agreement with payment gateways and will charge a subscription fee for advance analytics.

“I foresee a competition from existing players in the delivery space, but I am confident that I can partner with a few of them to better serve customers,” he says.

Easy Eat has already received financial commitments from a few angels, who had supported him in his earlier venture. “We look forward to closing our first round by the end of November,” he says.

The post AI startup Easy Eat aims to transform restaurants into tech firms and make dining more interactive appeared first on e27.

When you think of Southeast Asia, would you think of food? Even if you’re not a foodie, these days technology has made food to be more than a necessity; it’s a content you follow and graze offline and online.

On top of that, Southeast Asian cuisine is something that we, Southeast Asian, can agree on as the region’s most prized possession.

That’s why it’s only natural when the region’s tech explosion resulting indirectly to many startups focussed on food starting to emerge. Food tech is on the rise, simply because everyone needs food to survive, and food has become more and more satisfying thanks to social media and technology.

Our first stop in this culinary tech tribute is in Cambodia and Myanmar, two countries that are in their nascent stage of establishing a startup economy but filled with a food culture that the tech world shouldn’t let pass by.

Cambodia

In a recent tech startup report by Capital Cambodia, the country is still deemed young for its startup scene to be able to compete at a regional stage. The report further stated that this is partly because of its “relatively small population and economy with a small local market”.

The report continues that Cambodia’s startup scene is on its way to leaning towards more diverse and digitally focused entrepreneurship, particularly in the tech industry because of the support that the private sector, nonprofit organisations, and the government have given.

For food tech, Cambodia has one consistent player that’s been backed multiple times and put the country on the regional map. Meal Temple Group.

Meal Temple

Meal Temple Group was founded in 2013, during the early days of Cambodia’s tech ecosystem. It boasts a local business model and operations that Founder of Meal Temple Group, Maxime Rosburger said has allowed it to beat Rocket Internet-based ventures in the past and other big players.

Last year in October, Meal Temple Group raised a six-figure round from private Australian and European investors. The amount was undisclosed.

Also Read: Meet the 10 startup finalists competing for Future Food Asia’s US$100K prize

In June, Meal Temple Group announced a strategic equity investment into Freshgora.com, an on-demand food and grocery delivery startup in Myanmar.

Recently in September, the group announces its entry to Bhutan via an investment in Thimphu-based DrukRide, an online bus ticket booking platform. Meal Temple will deploy its tech and operations locally through its food delivery unit DrukFood.

In the same month, it also launched the DriveUp app, its ride-hailing extension in Vientiane, Laos.

The group operates food delivery service Meal Temple and Grocery Delivery Asia

Grocery Delivery Asia

On its platform, Grocery Delivery Asia’s mission statement reads “to deliver the future of food in Cambodia and save time to our food lover community for the things that matter”.

It is, quite simply, a groceries and home essential product delivery service just like what the name giveaways. It allows a 7 day-a-week delivery in the customer’s chosen time slot and offers the same prices with the shop with more promotions.

It started with Meal Temple’s food delivery service before the group realised the need of having a certain marketplace to provide grocery in town as a gateway to the option of cooking rather than just ordering food from restaurants with Meal Temple.

Nham24

Nham24 is another app-based food ordering and delivery platform operating in Phnom Penh, Cambodia. The company said that it was initially built because its founder wanted to enjoy coffee without going out into the crowded streets of Phnom Penh.

Long story short, Nham24 has grown to partner with over 400 restaurants, mostly in Phnom Penh, allowing web or mobile app orders for food and drink delivery from nearby restaurants. It offers payment options with cash upon delivery or using e-payment.

Compare to Meal Temple, Nham24 is just three years old. Right now, the company plans to accelerate its service by launching a grocery delivery service.

Nham24 was one of nine startups that showcased its business in Echelon’s Cambodia Pavilion, a roadshow part of e27’s annual Echelon Asia Summit back in June 2018. Echelon’s Cambodia Pavilion had the support of Cambodia Ministry of Posts and Telecommunications, the National Institute of Posts, Telecoms, and ICT, and Smart Axiata.

Delishop.Asia

Delishop.Asia describes its business as an online supermarket and grocery and other consumer goods delivery of Cambodians, clocking numbers of 8,000 products from more than 40 suppliers.

Just a few days ago, Phnom Penh Post reported that it has received an early-stage equity fresh capital from Phnom Penh-based venture capital firm Obor Capital Co Ltd. The deal also includes the acquisition of Delishop Asia’s secondary shares.

The next in the pipeline for the company helmed by founder and CEO Julien Nguyen is to use the funds to develop a more user-centric and scalable web portal, as well as Android and iOS apps, which are scheduled to be launched by the end of the year.

Obor Capital’s sister company, CamboTicket has also acquired a minority stake in the business. Together with Obor Capital, CamboTicket will provide strategic support to Delishop.Asia in key functional areas.

Also Read: [Exclusive] Foodtech startup Ai Palette gets US$1M seed funding from Decacorn Capital, others

The company’s backer, Obor Capital, is one of the very few active seed-stage venture capital firms investing in Cambodia. In the past, the firm focusses on technology startups engaged in areas such as Online Travel and also in offline start-ups such as Water Management, Fertilizers.

Its chairman Christophe Forsinetti stated that the firm believes the food startup sector has strong potential and is ripe for disruption.

According to Minister of Economy and Finance Aun Pornmoniroth, Cambodia’s digital economy remains at a nascent stage and will need at least 10 years to grow and aim for a technology-driven economy.

On October 8, the National Assembly approved the Kingdom’s draft law on e-commerce aiming to regulate the sector as well as boost confidence domestically and internationally. The draft, Phnom Penh Post said, will actively contribute to the development of the digital economy in Cambodia and embrace the Fourth Industrial Revolution.

As to how Cambodia would compete or at least be at the same level as other Southeast Asian countries in terms of tech achievements in startups, Obor Capital’s Managing Director Shivam Tripathi weighed in on the matter.

“Few companies are looking to actively invest in Cambodia and there are not many dedicated funds. But investors will come when you show them there is an opportunity for growth. Entrepreneurs should also avoid building and launching products that are not suitable for the Kingdom’s small market. Developing a product or service that matches consumers needs opens more opportunities for investors to take notice of the new venture and make an investment,” Tripathi said in a startup report by Capital Cambodia, which explained why the food tech startups industry of the country remains in uniform: mostly food and grocery delivery.

Aside from the lack of investors, the challenges for the Kingdom still revolve around the lack of young tech talents with technical skills.

Myanmar

In an article by Tech Collective Asia, it’s stated that the Asian Development Bank estimates that Myanmar may rise to have the fastest growing GDP of all the ASEAN economies, at 8 percent in 2018.

Prospect ASEAN also shared that since opening the telecoms market in 2013, Myanmar has been experiencing leapfrogging digital advancements that are shaping the country’s social and economic landscapes.

The region is introduced to Phandeeyar, a startup accelerator that aims to change and develop the region by taking advantage of key global trends, the article from Tech Collective Asia stated. Established in 2014, Phandeeyar provides access to innovation labs, acting as a ground for training and investing in startups.

Also Read: Foodtech in Singapore through the eyes of startups

An article by Prospect ASEAN, written in collaboration with Forbes 30 Under 30 Asia 2016, Myanmar Entrepreneur Thet Mon Aye, provides fresh insights on how the country can cultivate its best culture and marrying them with technology. Food in Myanmar, which is an intersection of China and India, has become traditions that digitalising it is unavoidable.

As highlighted by Htet Myet Oo, Founder of Rangoon Tea House, something called a ‘Mohingya Diplomacy’ -taken from the name of its national cuisine Mohingya, promotes the uniqueness of Myanmar as a golden land and eventually bringing the international communities closer to the locals. In place of timber, underground, and underwater resources, food is also a sustainable industry that can drive the economy with the creation of millions of jobs.

Here are the Burmese entrepreneurs focussing on food and technology.

Freshgora

Started less than a year ago, Yangon-based Freshgora offers food and grocery deliveries from restaurants and local markets in less than one hour through its fleet of drivers. It clocks more than 100 deliveries a day in the city.

Founded by Daniel Htut, the startup snagged an equity investment from Cambodia-based food delivery and logistics company Meal Temple Group in June

As per the deal, both companies said they plan yo address the market in Myanmar and expand operations nationally. In the long run, the companies will add more services and work together for an on-demand super app for frontier markets.

Myanmar Innovative Life Sciences (MILS)

The article on Prospect ASEAN further highlighted another food tech startup, this time a biotechnology one.

Myanmar Innovative Life Sciences (MILS) is a biotechnology company for food safety along the food chain vertically, the article said. With antimicrobial resistance becomes increasingly alarming to human patients, its effect on livestock animals are often still overlooked.

Also Read: Meet the 10 agritech, foodtech startups pitching for Future Food Asia’s US$100K grand prize

MILS was established in 2012 to address this. It produces probiotics for animal feed, resulting in probiotics meat that is analogous to organic vegetables.

MILS is supported by Danish Responsible Business Fund (RBF), a food safety laboratory that’s in the pipeline to provide safety and nutrition testing for midstream producers.

Shwe Bite

With the mission to empower women and housewives, food startup Shwe Bite delivers home-cooked meals to customers. This approach enables them to make extra income without leaving their homes.

It also provides healthy home-cooked meals to busy workers at affordable prices.

Shwe Bite was one of seven startups selected into Phandeeyar Accelerator, a local innovation lab that focusses on the development of Myanmar’s tech ecosystem by investing in local technology startups, training new entrepreneurs, and building a pool of tech talent.

It was launched in 2018 by CEO Moe Htet and has Been dubbed as “the most awarded Myanmar startup of 2018”, picking up awards and fellowships as a Myanmar representative in Israel, China, Indonesia, Germany, and Singapore.

The Lost Tea Company

Using the power of the internet, The Lost Tea Company fully harnesses the tea culture and tradition in Myanmar to export it and immerse it in the British love of tea.

Founded by Harry Carr-Ellison, The Lost Tea Company helps to bring packaged Myanmar fermented tea salad and green tea from “the hills of Shan State to the UK”.

The company stated that it provides an ethical platform for the international sale of Shan teas. It aims to share its appreciation and garner “well-deserved attention” for Myanmar’s teas in the most sustainable way possible.

The Lost Tea Company’s tea is farmed in the hills of Pindaya, Shan State, where it works with small hold farmers who possess tea-growing knowledge, ensuring that the tea comes from a unique supplier that can ensure high-quality tea all year round. The MSG-free Myanmar fermented edible tea and green tea seeks to supply restaurants, delis, cafes, and individuals.

Also Read: 9 Asia-based foodtech startups that will satiate your culinary desires

Myanmar’s food tech has a more diverse facet aside from just a meal delivery service. However, the country’s yet to see a level playing field for food tech startups aside from the obvious names like Shwe Bite.

Myanmar’s GDP growth is projected to be robust at 7.2 per cent for this year, which Prospect ASEAN pointed out to be the highest among ASEAN member states. This is not without any basis, as the country’s economy just warms up to enter the race, marked with a series of investments fairs and company registration made online aimed at attracting investors.

With that being said, the food startups sector in Myanmar immediately is out in the open. The ones that are in operation with promising numbers are primed for investments and innovations are still to come.
–

Photo by Josh Appel on Unsplash

The post Don’t sleep on them: Here are food tech startups from Cambodia, Myanmar that you should know about appeared first on e27.

Why these three startups are turning to this programme in order to face today’s fundraising problems head-on

Southeast Asia has solidified its position as one of the best places in the world to build, and by extension, expand one’s startup pursuits. This, however, does not preclude fundraising challenges from cropping up in the region particularly for startups that are still in their growth stages.

What makes fundraising such a challenge for young startups in the region can be derived from three particular pain points: access, credibility, and efficiency.

There is a problem with the lack of access to active and relevant investors that most founders experience. This is furthered by the limitations of what networks can be tapped within one’s small and personal circles.

As a consequence, founders are compelled to take on limited funding opportunities from its similarly limited network of potential funders, even if those funding opportunities may not be the best for them and their particular startups.

There is also a problem with the difficulty of establishing credibility when trying to raise funds. Because new founders do not necessarily have an extensive track record to convince potential funders that their startup idea is worth investing in, it prolongs the whole fundraising process.

This becomes a problem because fundraising is necessary ammunition for startups to launch their ideas into fruition, so when there is a delay in outreach, courtship, and due diligence being established from both ends—it ultimately hurts the startup.

Moreover, founders deal with efficiency problems due to the use of multiple service providers across fragmented processes, with each one trying to get a share of the fees. The lack of visibility and analytics over investor activity and the entire fundraising process also poses problems that render any active attempt towards startup growth completely inefficient.

Three startups that are overcoming these challenges

​Furnishing is extremely expensive in Dhaka. Especially when students, young professionals move to Dhaka from other cities to pursue better opportunities. Let’s Furnish is the first-ever furniture subscription platform in Dhaka where any resident can subscribe to a trendy furniture rental service starting from BDT 300 a month. Also, the company provides a free swap to help them keep up with trends and feel no burden of cost.

In order to better navigate their way through the respective challenges that startups in the region face, Let’s Furnish connected with the e27 Fundraise Programme. Through the fundraise programme’s features, Let’s Furnish is given access to e27’s network of investors, build rapport with the investor community through sustained engagement, and manage the entire fundraising process in a single online platform—effectively combating that common challenges that keep startups from ultimate growth.

Let’s Furnish isn’t alone on this road. On the flip side of the coin is Lily & Lou, a Singapore based fashion marketplace that lets customers customise and design their own wardrobe.

With Lily & Lou, consumers can choose to buy ready-to-wear garments, or edit and visualise each design through an in-house customisation app that displays 3D renders on the fly. Once customers decide to check out, production will kick start where the company issues a lead time of 5-7 working days.

The three core beliefs that drive the company are sustainability, responsible consumption, and the need to provide more channels for people to personalise their clothes as a means of embracing one’s individuality.

Joining Let’s Furnish and Lily & Lou is Asia-Pacific based Fintech investment platform, Helicap.

The company specialises in the alternative lending space in Southeast Asia & Oceania, where they position themselves as agnostic investors promoting the industry’s best practices through their strategic expertise.

The company has a proprietary technology-enabled credit scoring model that helps them determine the best-in-class companies to invest in where they target an 8-12% return annually to their investors. Also, Helicap’s main thrust is helping people improve their livelihoods by driving financial inclusion and enabling their partner platforms to transform the way consumers and SMEs access credit today.

Initiatives such as the one being endorsed by Let’s Furnish, Lily & Lou, and Helicap are ones that we find important, which is why it is imperative for companies like them to gain access to potential investors that can contribute a lot to their startup growth, thereby empowering these companies to help more people in the long run.

Ultimately, they serve as great examples to the passion that the region’s startups have not only for growth and expansion, but more importantly, for helping people and making a meaningful impact in their lives. This is why companies like Let’s Furnish, Lily & Lou, and Helicap need to be nurtured and supported by platforms like the e27 Fundraise Programme.

e27 Fundraise Programme and its three-pronged approach

There are several solutions out there coming from different facets of society that all do their part in minimising these regional obstacles. What makes the e27 Fundraise Programme particularly unique, however, is its three-pronged approach to solving common fundraising problems.

In order to democratise fundraising for startup founders, the e27 Fundraise Programme has come up with three umbrella solutions that accommodate the three pressing challenges in the region’s tech ecosystem. These three umbrella solutions are the following: increased visibility, sustained engagement, and digitalisation.

Through the programme, startups are empowered to let investors know that they exist. While most young startups find difficulty in carving a name for themselves, the programme—because of e27’s massive network of investors—effectively puts young startups within their radars making fundraising well within the realms of possibility.

The second prong is focused on establishing sustained engagement between startup founders and investors, thereby helping startups build rapport with the investor community. This is achieved by giving startups the platform to show investors their startup growth and progress over time.

Lastly, in a community whose lifeblood is digital innovation, the e27 Fundraise Programme makes use of digitalisation as a way to help startups manage the processes of their fundraising pursuits from end to end, and within a single online platform that they can keep track of over the course of their negotiations.

With this three-pronged approach, startups who sign up for the programme can guarantee better funding opportunities to come their way.

The e27 Fundraise Programme is in partnership with Wholesale Investor, Australasia’s leading venture capital and capital raising platform for sophisticated and accredited investors. For more information on the programme, you may enquire here.

The post Fundraising may be a common startup problem — but it hasn’t stopped these three startups appeared first on e27.

 

On September 28th, 2019, I joined the StartupViet (Hosted by VnExpress.net)’s Bootcamp for top 80 startups as the Moderator for the Panel discussion “Go Global”.

It was a sweet coincidence that before our panel session, the startups had an in-depth dialogue with Grab’s representative in Vietnam. The discussion really brought me back to an article idea that I have had for quite some time, what are the key components to Grab’s success in Vietnam?

Recently, Grab, Southeast Asia’s leading start-up with an estimated valuation of about USD$14 billion, just announced a plan to invest USD$500 million into Vietnam this September to spur development of the country’s digital economy.

Last year, I was amazed when I had the chance to attend the launch of Grab’s R&D centre in Ho Chi Minh city: their large-scale system integrates emerging technologies such as Big Data, AI, and Human-Data Interaction to improve the in-app user experiences (UX) and tailor the UX to Vietnamese users.

A look at the ride-hailing market

According to a recent report by ABI Research, the automotive industry has continued to slow down while the ride-hailing market has continued to grow considerably. Another recent report by Google estimates that the ride-hailing sector will reach a valuation of USD$30 billion by 2025 with services expanding to more than 500 cities in Southeast Asia.

Yet, despite such growth, some vendors are experiencing significant losses. GoJek lost its 2nd Vietnam CEO within 5 months and Uber has had infamous struggles with a reported net loss of USD$1.1 billion for Q1 2019 and its widely publicized exit from Asia last year following Grab’s acquisition of its Asia operations.

Meanwhile, Grab was Vietnam’s most downloaded ride-sharing app from January to July, followed by GoViet (GoJek), Be and FastGo. According to ABI Research, Grab had over 70 per cent of Vietnam’s ride-hailing market in the first half of the year, compared with Go-Jek at 10 per cent.

Also Read: Today’s top tech news: GrabKitchen launches cloud kitchens in Thailand, Vietnam, accelerating regional expansions

Let’s see how Grab can maintain its dominance in the APAC region!

Grab’s phenomenal growth

Grab entered Vietnam in 2014 as a taxi aggregator well before it added private car services, which of course took a page from Uber’s playbook.

At the beginning of 2018, Grab tapped into Vietnam’s tech talent with its new R&D centre in Ho Chi Minh City. This conveys the company’s philosophy of developing highly localized products to target consumers in their countries while tapping the best-specialized tech talent from around the world to enhance UX and platform efficiency.

Later, they entered Vietnam’s online payment industry by partnering with the Vietnamese fintech firm Moca to launch a digital wallet. Grab also formed a joint venture with Credit Saison, a Japanese credit card company, to offer loans and credit analysis to consumers and micro-entrepreneurs across Southeast Asia.

These movements pushed the total payment volume on Grab’s mobile application more than doubled% in the first half of 2019 and GrabPay mobile active users grew by more than 65 per cent.

As mentioned above, in 2018, Uber sells SEA business to Grab, this helped Grab reach over 160 million downloads with more than 9 million drivers and agents for its fintech services. The deal put Grab in absolute control of Southeast Asia’s ride-sharing market.

Within the same time period, GrabFood saw a gross merchandise value rise 3 times with average daily orders hitting 300,000 in Vietnam. Grab has also shown a willingness to localize for local eaters, for example, GrabFood has signed contracts with Lotterria and other popular Vietnamese cafes and chains to bring them their favourite foods.

Earlier this month, Grab signed a partnership with Vietjet and Swift247 in which the company will provide a “super express delivery service” to provide expedited deliveries in cities in Vietnam with the potential for future international expansion

By the end of 2019, Grab will have fulfilled its plan to become the one-stop app to offer services and solutions for daily needs from transportation, to food, to entertainment, and seamless cashless payments similar to the role WeChat plays in China.

The factors driving the success of Grab

The result is obvious to see. The real question is, how could Grab do that – the thing that Uber left and Go-Jek couldn’t do?

1. Grab mastered the super app 

The very first factor is the so-called ‘super apps’ – the one-stop app that satisfies a range of daily services.  For Grab, this includes services such as transportation, paying bills, ordering food, and even booking hotels. This factor is a key component behind the success of both Go-Jek and Grab and it is what Uber left behind in South East Asia one year ago.

Grab, like all such super-apps, provides enough benefits and functionality to keep its users from ever needing to close the app.  It can cover everything at every step at any time. Today, users in Vietnam can pay bills, book hotels, order food and send parcels all from the Grab app.

2. Grab has rewards and subscriptions 

Reward programs are also helping to build customer loyalty. Grab now offers points for spending on its app. Users can redeem points for cash vouchers at KFC, coffee shops, or for free Grab bikes.

3. R&D as a differentiator 

Grab has shown its serious and long-term commitment to Vietnam. Grab now has more than 1,000 staff members in Vietnam which include more than 100 engineers in its R&D centre. This is a smart move.

As we all know, Vietnam is one of the emerging hot spots for tech talent in the region. Plus, hiring the local tech staff brings the company an unprecedented opportunity to deliver a platform catering to the region’s mobile-first environment needs. With this, they can gain a combination of deep local understanding and best-in-class engineering.

Also Read: Grab reportedly wants to merge OVO with Ant Financials DANA. What does it mean for the rest of us?

Last but not least, the focus on customer experience! As I mentioned above, their Ho Chi Minh R&D Center is like a “futuristic room” where their large-scale system meets emerging technologies such as Big Data, AI, and Human-Data Interaction to improve the in-app UX and tailor the UX to Vietnamese users. This is Grab’s way to fully understand and penetrate markets while providing the best possible experiences.

4. Hyper localisation

Just look at the way Grab managed to master each Southeast Asian market’s transportation needs: GrabBike in Vietnam, GrabBajay (three-wheeled motorized vehicles) in Indonesia, ThoneBane in Myanmar, Tuktuks in Thailand, and Remorque in Cambodia.

“Our strategy has always been, and will continue to be, to focus on Grab services in a country, our customers — and providing what we think and what we hope to be outstanding customer experience.” – Russell Cohen, Grab’s head of regional operations, told the Nikkei Asian Review.

Grab is truly among the giant tech companies and they clearly understand the power of ABCD Technology. These benefits gave Grab valuable data insight into its customers and drivers on its network which leads to the promotion of traditional transportation modes in several markets. For business, real-time unified data can be used to unlock automation functions and enable them to fully understand the market needs of customers.

These above characteristics are, for me, the most important characteristics for a startup to go global and become a unicorn.

As Vietnam ranks third among Grab’s top markets and the Southeast Asia Internet economy is expected to exceed USD$240 billion USD by 2025, this is just the beginning for Grab and I am excited to see how far they will grow beyond ride-hailing towards the daily super app.

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Many people still don’t understand what UI and UX really mean, often endowing both concepts with false meaning. To make it clear, let’s take a brief look at the two definitions.

Although both concepts work closely together, they are not to be confused with each other. In fact, user Interface comprises elements of the product that the user interacts with. These include colours, buttons, keys, images, etc. Simply put, it is a layout of the product.

User Experience is a broader concept. It determines how exactly the user interacts with the product and how they feel about it — whether they are satisfied with the functionality or not. UX includes all aspects of user interaction with your company, service or product. As you know, the clients are always right, and their positive impressions are your key to success.

The major trends of 2019-2020

Now that you know what UI and UX are, let’s discuss the main features that will rock the industry in the near future.

Dark themes and dark mode

 

Dark themes are gaining more and more popularity every year. This approach has several advantages. Such themes are eye-friendly, battery-saving, and more elegant.

While most designers still prefer to use white themes because of their versatility, dark themes offer the opportunity to make your product more stylish. Still, the wrong combination of colours in a dark theme can become a real torture for the eyes. So keep the colours balanced to add a pure style to your product.

An additional impetus to the growing popularity of dark themes was given by Apple with its macOS Mojave update on September 2018. The brainchild of Steve Jobs continues to set trends and designers tend to follow them.

Surreal and custom design

Custom design has always been trendy. The design doesn’t tolerate uniformity and monotony, so a truly creative approach is needed here. Therefore, the more unique your product’s style is — the better. This is highly relevant to narrow-niche products.

As for surreal design, don’t go too heavy on it. Although for some this design may look obscure and odd, this is precisely the main advantage of this approach.

Also Read: 2 tech trends to keep a watch for in the coming decade

Think about famous surrealist paintings by Salvador Dali or Pablo Picasso. They can be seen in the world’s great galleries of the Louvre and the Hermitage. Now, imagine that you can create something similar, but in the application or on the website.

This will immediately evoke subtle associations, and the product is likely to lure in users.

But don’t forget about balance and appropriateness — surreal design is hardly a good fit for a healthcare application or a legal services website.

Minimalism

The minimalist approach goes well with the previous trend of custom design. Ease of comprehension and use is the key to success today. The faster the user grasps the functionality of your application and jumps into it, the better.

Complex applications with a mess of interactive elements are a thing of the past, and there is nothing that portends their comeback.

Minimalist design is gaining ground due to the fact that users are no longer surprised by the complex and interesting design solutions. Content comes back to the first place – that’s why the user actually opens your application.

Minimalist design is perfect in simplifying user access to content, and that is why it is gaining popularity.

What’s more, minimalist design combined with dark themes gives an excellent result. Recall how much fun and excitement Playdead’s indie-game Limbo caused in 2010. Yes, this is a narrow-niche solution, no doubt.

 Voice interface

Voice control has already penetrated into all spheres of our life so you can find it in any device now. In the coming years, this trend will continue gaining momentum.

The most interesting thing is that voice control is not about design at all, since this feature doesn’t imply any visible elements. However, some designers try to portray the voice control interface in the form of futuristic moving objects.

Nevertheless, voice control is a crucial component of UI and UX, as it is actually a part of the minimalist design. Fewer elements of user interaction result in intuitive agile control.

Creative loaders

The load (or pre-load) indicator can be found in almost every application and website. The customers don’t like to idly spend their time waiting until the necessary file is downloaded, so you need to try your best to improve their experience.

Also Read: 5 mistakes to avoid when building a business from scratch

This is where creative loaders come into play. Instead of a typical moving stripe, they can be designed as a bouncy ball or a spinning wheel, for example. Thus, they attract the user’s attention and distract them from boring anticipation.

Due to the fact that modern users value speed and simplicity, the trend for smart loaders will definitely persist in the coming years. Here, you can find good examples of loaders to get inspired to create your own.

Summary

Summing up, we can say that 2020 will follow the motto of chaos, creativity, and innovative solutions. Switching from proven, trivial solutions to a more out-of-the-box approach is a trend for another couple of years.

Of course, the design pattern should be consistent with your product’s aims and niche, but don’t be afraid to experiment. Perhaps, it’s high time to make your app or website look more rockstars!

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Cool Japan Fund, a Japanese entertainment-dedicated fund, announced an investment of JPY5.5 billion (US$50 million) into gojek, as gojek’s eventual foray into entertainment sector with the launch of its video streaming service goplay.

According to an article from Variety, Cool Japan says it will work with Gojek to spread Japanese culture in Indonesia through both the platform’s food delivery and video streaming services.

“[This investment in gojek] was decided under very strict screening,” said Naoki Kitagawa, a former representative director of Sony Music Entertainment (Japan), who became president and CEO of Cool Japan in June last year.

Cool Japan Fund (CJF) Inc. was launched in November, 2013. Funded by both the public and private sectors, the company aims to promote Japanese exports, such as anime and food.

However, the company is not without trouble. The initiative has been reporting losses, with the fiscal year ending in March showed a US$160 million loss. The year before, the fund lost US$90 million.

Critics blame the public-private arrangement as a sign of a lack of accountability regarding performance.

Also Read: Women-focussed media Clozette secures US$10M funding from Cool Japan Fund

“[The Cool Japan Fund] is allowing projects to move forward unchecked without releasing to the public its profits and losses for current projects,” Takayuki Shimizu, a member of the House of Councillors from the Japan Innovation Party, said.

Among the known failures was an investment of US$9 million in a department store in Kuala Lumpur in 2016, resulting in CJF selling its shares in the venture two years later at a presumed loss. No amount of loss was disclosed.

In April this year, it announced that it was co-investing alongside talent agency Yoshimoto Kogyo and telecoms giant NTT into Laugh & Peace_Mother, a business for distribution of educational content.

Previously, Cool Japan was a backer of the Daisuke animation website, which became wholly owned by games company Bandai Namco in 2017, following a buyout.

In August 2018, Cool Japan announced that it would put up to US$47 million into another fund, Japan Contents Factory Investment Business, to support the creation of Japanese visual content aimed at international distribution. Other partners are NTT Plala, YD Creation, Bungeishunju, and supermarkets to multiplex giant Aeon Entertainment.

Also Read: AIA Indonesia takes part in gojek’s Series F funding in a strategic partnership

The Japan Contents Fund seeks to help companies bankroll pre-sales contracts to provide capital until payment of license fees. It also plans on supporting production companies for visual content within a contract that promises payment after completion with Video On Demand (VOD) media services.

Cool Japan has also announced investments in a fashion brand for working women, and a direct to consumer winery promoting the consumption of sake by U.S. consumers.

gojek has been consistently adding partners-investors to its Series F funding, from Google, JD.com, and Tencent in February, to local conglomerate Astra, who invested US$100 million in March 2019.

In July 2019, Visa also joined the Series F funding, right after Thailand’s Siam Commercial Bank involvement in the round.

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SoftBank downgraded after WeWork’s US$9.5 billion rescue package- Bloomberg

A Jefferies analyst downgraded SoftBank Corp in its second Hold rating on Friday for engineering WeWork’s $9.5 billion rescue package according to Bloomberg report. Jefferies Group held a ‘buy’ recommendation on it since at least 2014, and moved it to ‘hold citing the increased risk of SoftBank “throwing good money after bad.”

Jefferies joins HSBC Holdings Plc in recommending that investors hold for now.

Once some of the brightest stars in the SoftBank’ portfolio, Uber and WeWork now number among its worst performers. SoftBank is planning to take a writedown to its Vision Fund of at least $5 billion to reflect a plunge in its value, according to people with knowledge of the matter.

Analysts are recommending investors to buy shares in Masayoshi Son’s company even as it faced billions of dollars in writedowns from the WeWork IPO and a sharp decline in shares of Uber Technologies Inc. But now Son’s decision to double down on WeWork has prompted a rare voice of dissent to emerge.

India’s telecom giant Airtel picks up 8.8% stake in tech startup Vahan Inc- Deal Street Asia

Bharti Airtel Ltd has acquired a minority stake of 8.82% in Bengaluru-based software development startup Vahan Inc, said a report by Deal Street Asia. The acquisition of Vahan is a part of Airtel’s Startup Accelerator Program to support the growth of early-stage Indian tech startups.

The initiative will give startups early access to Airtel’s online and offline distribution network, deep market understanding and ecosystem of global strategic partners. Vahan specialises in providing jobs by using artificial intelligence-driven bot (web robot) and a messaging platform, became the first company to join the program.

Startups will also access to advisory services from Airtel’s executive team. Airtel’s scale and digital capabilities around distribution and payment can drive growth for startups that face multiple challenges in scaling up, said Airtel Chief Product Officer Adarsh Nair.

Cool Japan Fund invests US$50M in gojek, despite reported losses- e27

Cool Japan Fund, a Japanese entertainment-dedicated fund, announced an investment of JPY5.5 billion (US$50 million) into gojek, as gojek forays into the entertainment sector with the launch of its video streaming service goplay.

According to an article from Variety, Cool Japan says it will work with Gojek to spread Japanese culture in Indonesia through both the platform’s food delivery and video streaming services.

“[This investment in gojek] was decided under very strict screening,” said Naoki Kitagawa, a former representative director of Sony Music Entertainment (Japan), who became president and CEO of Cool Japan in June last year.

Cool Japan Fund (CJF) Inc. was launched in November, 2013. Funded by both the public and private sectors, the company aims to promote Japanese exports, such as anime and food.

Also read: Following Nadiem Makarim’s resignation, gojek names new leaders

Indian online hotel booking startup MiStay raises funding from ah! Ventures- VCCircle

Founded in 2016 by alumni of IIT-Madras, MiStay Hospitality Pvt. Ltd, which runs online hotel reservations startup, has raised an undisclosed amount from investors including the Mumbai-based ah! Ventures, wrote VCCircle.

The round was also supported by a group of investors led Hyderabad-based entrepreneur, Sumit Nagpal.

Bengaluru-based MiStay said it will use the funds to expand its footprint and grow its leadership team. In 2017, it raised an undisclosed amount in seed funding from Axilor Ventures and a group of angel investors.

It claims to have grown five times since its pivot to the consumer market and says it has achieved operational profitability. It is currently present in 100 cities through 1,500 hotels.

Chinese biggest co-working space provider Ucommune files for US IPO- Deal Street Asia

Beijing-based Ucommune, which was valued at $2.6 billion about a year ago, has appointed Citigroup and Credit Suisse to work on a listing, while Bank of America has a minor role in the deal, as it files for a US IPO, said a Deal Street Asia report.

A prospectus was lodged with the U.S. Securities and Exchange Commission (SEC) in late September, they said, and the company has held preliminary meetings to sound out investors before the formal public marketing process begins.

China’s biggest shared workspace provider Ucommune’s decision to explore a listing has surprised investment bankers given the similarities between its business and that of embattled US rival WeWork, which this week had to be bailed out in a US$10 billion deal after investors soured on an IPO plan.

A decision to go ahead with the IPO will depend on the feedback provided by potential investors, the sources said.

The post Today’s top tech news: Jefferies downgrades SoftBank for US$9.5B WeWork rescue appeared first on e27.

On Wednesday, October 23, Indonesia’s President Joko Widodo announced the list of ministers and heads of institutions for his new cabinet. Despite the continuous mention of the “digital economy” jargon throughout his campaign, the new cabinet came out as a shock for the national startup ecosystem –one of the leading players in the country’s creative economy sector.

There are two major questions that remain. First is the merging of Creative Economy Agency (Bekraf) into the ministry of tourism, transforming it into ministry tourism and creative economy. “Merging” is the terminology that they prefer to use instead of elimination. While the ministry itself will be led by a young, leading name in the creative industry, the merger may indicate a changing level of priority for the creative industry –which also included the startup ecosystem. This is especially crucial considering Bekraf’s significant role in the industry.

The agency’s programmes specifically target the needs of creative professionals, considering the list of deputy that was in charge of the different sectors in the agency, from research, funding, infrastructure, marketing, intellectual property rights, and inter-agency relationship. Ideally, with its own potential and complexity, tourism should be handled by its own agency.

Never look down on creative economy

According to research by central statistics agency and Bekraf in 2016, Indonesia’s creative economy sector contributed 7.35 per cent of the nation’s GDP or the equal of IDR922 trillion (US$65 billion). The figure has continued to rise that it is projected to grow by 4.13 per cent by the end of the year. Creative economy employs up to 17 million workers from various fields –including tech.

Also Read: Indonesia’s IDN Media foray into e-sports by acquiring GGWP.ID

According to other sources such as the Google, Temasek, and Bain & Company e-Conomy SEA 2019 report, this year, Indonesia’s digital economy sector is expected to reach US$40 billion and is predicted to grow up to US$133 billion by 2025. The e-commerce, travel, and media sector will play a key role in driving the figure and pushing Indonesia to become a top player in the Southeast Asian region.

Some concerns

In addition to Bekraf, the other institution that works closely with the digital industry is the Ministry of Communications and Informatics. In the past years, former minister Rudiantara played an active role in advocating startup industry players with his ambitious target of giving birth to new unicorns. To support the mission, the minister had taken several steps including the issuance of new regulations.

Johnny Gerald Plate has been named as the new minister to replace Rudiantara. While the new minister has been a familiar face in the political sector, he is a relative newcomer in the creative and digital industry.

This is basically the second point of our concerns.

The Indonesian creative and digital ecosystem is growing rapidly and it requires the government to run just as fast with it –if not more. Disruptions, as provided by players in these industries, have been proven from time to time to drive changes in society. Our tech ecosystem has gone beyond its early-stage; we have even entered the scale-up stage at the moment. This development requires an individual with a relevant, strong track record to lead the policy-making institutions. Especially since Plate was given the mandate to handle the matters of cybersecurity, data autonomy, and protection of local ICT industry. A rather serious and daunting task.

Also Read: MHomecare wins Indonesia-Korea Startup Demo Day 2019

On Monday, October 22, the presence of Nadiem Makarim at the Merdeka Palace gave a fresh, new hope for the industry. Many were expecting to see the set up of a new ministry that specifically handles digital and creative economy, but he was being appointed as minister of education and culture instead. There is no denying that human resource development is a crucial matter  But given his track record in running a disruptive business model, it feels like a waste to not maximise his potentials.

It is hard not to be pessimistic

The Indonesian digital industry had facilitated access to financial services for the underserved community, with the connectivity provided through their tech innovation. The ride-hailing vertical has opened up new job opportunities and transformed SMEs through the use of digital tech. We have not even talked about the New Retail, healthtech, edutech, and other verticals that have created significant impact in Indonesia.

It is hard to accept the political calculation that the President had to make. We sincerely hope this is not an effort to sacrifice the creative and digital industries for a so-called greater good.

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The article Harap-Harap Cemas Ekosistem Industri Kreatif dan Ekonomi Digital Pasca Pengumuman Kabinet Indonesia Maju was written in Bahasa Indonesia by Randi Eka Yonida for DailySocial. English translation and editing by e27.

Image Credit: William Manuel Son on Unsplash

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