Many entrepreneurs cannot imagine living abroad and running a business at the same time. However, there’s no reason why you shouldn’t be able to succeed as an expat entrepreneur.

If you’ve opted to start your own business in Hong Kong, you’re on the right track. After all, we’re talking about a place with excellent infrastructure facilities and a business-friendly tax system. But how exactly do you succeed as an expat entrepreneur in Hong Kong? Read on to find out.

Find a good mentor

Just because you’re looking to achieve your entrepreneurial goals, it doesn’t mean you look for outside help from others. Running a business in a place you’re not familiar with can be tricky.

Luckily, there are so many entrepreneurs from all over the world who did it and some of them might be able to assist you. They can help you set up your business and make sure you have all the paperwork necessary for continuing with your operations. Moreover, they can advise you on every move you want to make and help you understand the market in Hong Kong a bit better.

Use public transport

Hong Kong is so big and crowded, and the best way to move around the city is to use public transport. This especially the case during the early days you spend in there as you want to focus on running your business as much as possible.

Also Read: Today’s top tech news: Hong Kong’s TravelFlan raises US$7M in Series A funding round

You’ll be happy to hear that public transport in Hong Kong is modern and clean, but most importantly, extremely punctual. If you decide to use public transport, you’ll need an Octopus card which is quite easy to use. It works pretty much the same as Oyster in London and Opal in Australia, and you can even use it to pay for a coffee or sandwich.

Build a team you can trust

No matter what industry your business is in, your employees are your most valuable asset. This is exactly why you have to be extremely careful when building the team for your new Hong Kong-based company. Interview every candidate yourself and build a set of questions that’ll allow you to compare all the answers.

Of course, if you still don’t know the language, having a translator to help you is always a good idea. There are plenty of qualified candidates in Hong Kong and if you put enough effort into it, building a team you can trust shouldn’t be tough.

Adjust to small spaces

The infrastructure facilities in Hong Kong are excellent but they also come with a hefty price tag. Whether you want to buy or rent, the numbers you’ll hear will usually be eye-wateringly high. This is why it’s a good idea to find a small office space that can fit all your equipment and team members.

In case you need more space, looking for an office space in an older building is a good idea. Those built in the ’80s and ’90s are usually a good pick. However, if you’re looking for modern features such as swimming pools and gyms, prepare for operating from a cramped office space.

Also Read: 3 mistakes I made as a student entrepreneur in Hong Kong, and what you can learn from them

The bottom line

Right now, Hong Kong is one of the best places to start your own business. If you’ve managed to come up with a good business idea and you have enough capital, there’s no reason why you shouldn’t give running your own Hong Kong-based business a go. If you decide to do it, having the five tips covered in this post in mind will help you succeed.

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Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas by submitting a post.

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

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Messenger app LINE has announced the launch of a new on-demand service called LINE MAN in Thailand, a report by The Korea Times said.

LINE MAN, launched in 2016, now offers a variety of services, including the delivery of food, convenience goods and parcels, in addition to taxi-hailing service in the country.

LINE, a subsidiary of Korea’s largest internet portal Naver, launched the messenger app in Thailand in 2012 and has now grown to 45 million monthly active users.

Jayden Kang, Chief Strategy Officer at LINE Thailand and Head of LINE MAN, said. “LINE MAN has become one of the most indispensable mobile applications in Thailand on the back of the large subscriber base of the LINE messenger app.”

LINE MAN was launched as a food delivery service by motorcycle riders before venturing into delivery of convenience goods in partnership with 7-Eleven, the delivery of documents and packages, and taxi-hailing.

Also Read: LINE’s Managing Director for Thailand is stepping down

Kang said the company learned that Thai people want to use various services through one app. At the same time, there is still some inconvenience in downloading multiple apps and linking credit cards to smartphones due to underdeveloped internet infrastructure before the use of smartphones in Thailand rose to a new height in 2014.

After launching LINE MAN’s beta test in May 2016, Korean developers joined forces with its outsourced Thai developers to advance the service quickly. Since 2018, Thai employees have been in charge of most of the services in accordance with its localisation strategy.

LINE MAN claimed to have partnered with around 100,000 restaurants, which accounts for nearly twice as many restaurants secured by competitors such as Grab, Gojek and Delivery Hero that also operate food delivery services in Thailand.

Meanwhile, LINE MAN’s taxi-hailing service was launched in February 2018 with the support from the Thai government.

“The Thai government previously launched the Taxi OK project that enables customers to call taxis via a mobile application. But the service has not been well-received in the country,” Kang said. “The transport ministry officials showed a friendly attitude to LINE MAN’s taxi-hailing service, thus we were able to form a partnership with the biggest taxi association in Bangkok.”

Also Read: Line Ventures to put in US$20M to back Thai startups

LINE MAN was initially focussed on Bangkok and later expanded to Pattaya in October. The service will be expanded into 17 more regions in Thailand in the coming years.

“LINE MAN was spun off from LINE Thailand into a separate company in September this year with an aim of becoming a unicorn in Thailand,” Kang said.

New services to be added to LINE MAN include the delivery of groceries that will be offered in partnerships with local supermarkets, which will be launched in January.

In the near future, LINE MAN also plans to provide home and air conditioner cleaning service, massage and spa booking service, and will also explore shared kitchen services.

The mission to be a well-rounded, everyday app was also shown in the launch of LINE ScaleUp last year, with an aim of developing the local startup ecosystem by offering Thai startups access to technology and mentoring.

“LINE ScaleUp offers selected local startups the chance to team up with LINE and LINE Ventures to strengthen their global footprint and achieve international funding opportunities,” explained Kang.
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Picture Credit: LINE

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Vietnam-based edtech startup Dream Viet Education has sold a majority stake in its online learning platforms Kyna.vn and KynaBiz.vn to HR services firm Navigos Group, as per a DealStreetAsia report.

The financial details were not disclosed.

Kyna.vn caters to adults while KynaBiz.vn targets the business sector.

According to a joint statement, Dream Viet will transfer the two platforms, including the operating system and the existing resources, to Navigos, and will also provide advisory support.

Nguyen Thanh Minh will assume the role of CEO at the Kyna.vn and Kynabiz.vn division of Navigos.

Navigos CEO Gaku Echizenya said that the acquisitions signal the firm’s progress towards the goal of becoming a human resource-centric ecosystem in Vietnam.

Following the deal, Dream Viet will focus on its platform for children that provides online English tutoring and online video content which the company claims to have reached over 200,000 children nationwide.

Also Read: Vietnam-based e-learning startup Kyna.vn bags 7-digit seed funding from CyberAgent Ventures

Dream Viet Education first secured a seed funding round from Japanese investor Cyberagent Capital in 2016. Earlier this year, Cyberagent Capital joined SEAF Women’s Opportunity Fund invested in Dream Viet Education, of which the company used to develop the platform for children.

Navigos is known as the operator of Vietnam’s recruitment website Vietnamworks.com, which was acquired by Tokyo-based HR firm en-japan in 2013. The firm was founded by Jonah Levey, an angel investor in Vietnam.
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Photo by chuttersnap on Unsplash

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Singapore-based Sea Ltd outshines Alibaba, JD.com in US stock market [Business Times]

Optimism fuelled by e-commerce gains has more than trebled the stock value of New York-listed Sea Ltd in 2019 — despite its US$1.18 billion net loss for the nine months ended Sept 30, 2019.

Previously known as Garena, Singapore-based Sea has seen its shares climb 244.61 per cent in the year to Dec 23, outperforming the S&P 500 index, which only rose 28.5 per cent in the same period.

This puts the firm — which operates gaming arm Garena and e-commerce platform Shopee — on track to close out the year as the top-performing foreign stock on the US stock exchange, beating Chinese corporate giants Alibaba and JD.com.

Travis Kalanick is leaving Uber’s Board of Directors [TechCrunch]

Uber founder and former CEO Travis Kalanick is leaving the company’s board of directors, the ride-hailing company announced today.

Kalanick will officially resign from the board as of December 31, to “focus on his new business and philanthropic endeavours,” according to a press release issued by Uber.

Kalanick, who was forced out as Uber CEO and eventually replaced by Dara Khosrowshahi through shareholder action with the support of the board in 2017, has been in the process of selling off his considerable ownership stake in the company through successive sales of his shares.

Just last week, Kalanick sold around US$383 million in shares and reduced his overall stake to less than 10 per cent, per an SEC filing.

India’s HomeLane Raises US$30M Series D [Inc42]

Bengaluru-based online home furnishing startup HomeLane has raised US$30 million in Series D funding.

The round was led by new investors Evolvence India Fund (EIF), Pidilite Group and FJ Labs, with participation from Sequoia Capital, Accel Partners and JSW Ventures.

With the current round, total funding raised by HomeLane stands at US$46 million.

The company will use the funds to launch renovation as a category, scale its proprietary design-to-manufacturing platform to more designers, vendors and installers; and expand to 8-10 new cities in India.

ByteDance has no sale plans for TikTok, media report untrue, says head [The Star Malaysia]

Chinese social media firm ByteDance has no plans to sell part or all of its TikTok app, the short video platform’s head said on Tuesday, denying a media report which said the company was currently weighing options to do so due to US concerns.

Bloomberg reported that the company was considering a TikTok stake sale.

“From time to time you may read stories in the media that are not true. Today there is an inaccurate report claiming that ByteDance has considered selling part or all of TikTok,” Alex Zhu said in an internal company note seen by Reuters.

Bombay Shaving Company raises US$6.3M led by Sixth Sense Ventures [The Economic Times]

Bombay Shaving Company (BSC) has raised Rs 45 crore (US$6.3 million) in a new financing round, led by Sixth Sense Ventures with participation from existing investor Colgate Palmolive Asia Pacific.

Following the fundraising, a clutch of angels and early employees have exited the men’s grooming brand, which has picked up Rs 80 crore till date.

Close to 30 angels, including 16 partners from McKinsey including Noshir Kaka and Gautam Kumra, as well as S Ramadorai, former managing director of TCS; Kiran Deshpande, former CEO of Tech Mahindra, and Maninder Gulati, who heads strategy for Oyo, had backed the company in 2016, according to regulatory filings.

Ather appoints Deepak Jain as its CFO [press release]

Ather Energy’s senior leadership team is joined by Deepak Jain as Chief Financial Officer.

Jain brings over 20 years of experience across global brands like First Advantage, Apple India, P&G and Gillette. He joins Ather after a five-year stint at First Advantage as CFO for their India Business.

Jain has been a finance leader with exposure to large multi-location and transnational revenues. He began his career at E&Y before moving on to Gillette and Procter & Gamble, where he took on key leadership roles in distribution modelling & sales finance.

In 2010, he joined Apple India as the CFO and led the finance team during a period of exponential growth for five years. Specialising in conceptualizing, leading and executing business expansion strategies in manufacturing, trading and services business environments, Deepak will play a key role in Ather’s aggressive expansion plans.

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A decade has surpassed us and we are in the dawn of starting a new one. The new decade in this age of technology, without a doubt, would be something out of the futuristic movies we saw back in the ’90s. We can proudly say that the future is finally here.

So, without further ado, here are the several tech trend predictions that we have gathered for the year 2020.

Cybersecurity is taking a new level

Cybersecurity’s narrative has always been led by the “fear of breach” more than any other potential facets it has in store. This was largely due to multiple global incidents that we have seen on the news; one being the infamous case of misleading posts to be approved and circulated on Facebook as ads targeted to its billions of users.

But 2020 will be the beginning of a change in narrative for cybersecurity. We can expect to “see an increased focus on cyber resilience and how the availability and integrity of systems and data underpin the digital organisations many institutions have become”, as Richard Watson, EY Asia-Pacific Cybersecurity Risk Advisory Leader, shares.

According to recently released EY’s The Forrester Wave: Cybersecurity Consulting Services In Asia Pacific, organisations will keep a close eye on how regulators will respond to those big cyber incidents following the go-live of the General Data Protection Regulation (GDPR). Harsh punishments and penalties will prompt Asia Pacific companies to get an understanding of their GDPR readiness posture.

Also Read: Welcoming 2020: How IoT will transform everything enterprises know today

With 5G is on the horizon for some Asian countries, multi-cloud and IoT adoption is expected to follow suit –and not without security risks. According to Sandeep Bhargava, Managing Director of Asia Pacific/Japan, Rackspace, besides providing a wider potential attack surface for hackers, multi-cloud can also cause organisations to be more vulnerable to insider threats.

“For instance, the increased complexity of the IT environment due to multi-cloud adoption might lead to poor configuration management. Having more business users using the cloud also poses a challenge as not everyone fully understands cloud security risks and knows how to mitigate them,” Bhargava adds.

A recent report by Symantec found that some users may exhibit risky behaviours in the cloud such as oversharing cloud files or not storing sensitive data properly in the cloud – all of which may lead to data loss.

Rackspace added that to minimise cloud risks, organisations will need to have a multi-layered security strategy that can provide detection, response, and remediation when their IT environment is in jeopardy. Their Chief Information Security Officers (CISOs) will also need to work across more departments in 2020 to ensure that security is not overlooked when innovative solutions and new business processes are introduced.

More people will recognise the value of cryptocurrency

On a related note, Facebook could eventually launch its digital currency Libra in 2020. Watson adds, “I think this has a great historical significance and may even become a landmark of the blockchain industry. Libra has established a relatively positive image for the blockchain industry in the short term.”

Libra has managed to reduce the regulatory pressure on the entire industry to some extent and has also improved the working environment of the blockchain industry.

With Facebook’s large user base in the internet industry, Libra has the potential to bring a large number of new users to the blockchain industry. Libra can also be regarded as a type of stablecoins.

In addition to that, Central Bank digital currencies could eventually become a reality in the near future. Approaching this possibility with a positive mentality, Central Bank digital currencies in themselves are also types of stablecoins.

Compared to traditional banks and fiat currencies, blockchain-based stablecoins can make payments faster, cheaper, and smoother, which is also one of the main applications of blockchain. “It shows the recognition of blockchain at the national level, which is positive for the industry, and more people will realise the value of cryptocurrencies,” said Haipo Yang, CoinEx’s CEO, in an interview with LearnBonds.

When it comes to Bitcoin, the concept remains working as before with a rising price. However, Bitcoin’s higher portion of total crypto market capitalisation means that other currencies are lacking attention and their prices are falling, which is the signal of a bear market.

In contrast, the lower the Bitcoin’s portion, the hotter the overall cryptocurrency market. “So in my point of view, the alt season will only come when Bitcoin’s portion begins to drop,” said Yang.

Decentralised peer-to-peer Exchange (DEX) to become more significant

Decentralised peer-to-peer Exchange (DEX) is an exchange run by code that exists as a decentralised application (DApp). It is a place where people can trade cryptocurrencies directly without a middleman.

According to Yang, at present, almost all blockchain exchanges are centralised, which is believed to be the biggest bug in this field. “Blockchains are known for decentralisation, but the entire ecosystem is heavily dependent on centralised exchanges, which is ironic,” Yang added.

Also Read: How China’s Greater Bay Area initiative will create a testbed for AI and decentralised tech industry

DEX is clearly the evolutionary direction of the blockchain exchange, and DEX will reshape the exchange industry through decentralisation.

In DEX, users are in charge of their own private keys. DEX can support the issuance and trading of thousands or even more tokens to meet the needs of future industry development.

“Through decentralised governance and operation, DEX has no single point of failure and takes on more vitality,” said Yang.

5G and its new tech implications

The year 2020 will be the moment for 5G to play and stay.

It is necessary to complement IoT advancements, as Watson points out. “5G itself is an attractive asset for telecom operators to offer with enterprises that have started to invest in the technology.”

“5G will lead to a rapid increase in the number of connected devices and will lower latency, therefore augmenting the capabilities that IoT offers,” Watson adds.

The presence of 5G, simultaneously, will also become solutions in the area of cybersecurity such as using AI for cyber strategy in monitoring regular management of newly introduced technology, as well as assess the cyber-physical risks they could bring. It can also create more resilient technology platforms that have the ability to predict attacks before they occur.

To date, South Korea and China have rolled out 5G networks, while Australia, Japan, and Singapore plans to do so next year, in predictions shared by Rackspace.

5G rollout will be beneficial especially for the manufacturing, retail, transportation, and government sectors, as they adopt IoT to become more connected. 5G’s low-latency, high bandwidth network will enable far-away sensors to instantly share updates about the connected devices, therefore enabling real-time processing.

“This will, in turn, drive the demand for edge computing as data can be immediately processed near where the data is generated, instead of in a centralised data-processing warehouse. Edge computing can also help reduce operational costs. It reduces the bandwidth needs as data is mostly processed locally, and only the relevant data gets transmitted to the central data repository,” says Bhargava.

Also Read: Mobile is the US$120B future of tech business, report by App Annie

Another sector that may benefit from the arrival of 5G is video games. Watson also shares that cloud gaming and 5G technology represents an opportunity for the industry as companies can harness these new technologies to edge out competitors to prevent slowing growth.

“There has been an increase in expenditure on boosting cybersecurity compliance, as well as in the tech infrastructure needed to support blockchain is being utilised as a solution to encourage trust throughout the video gaming ecosystem,” says Watson based on the result of a survey conducted by EY.

All-cloud data storage and its management

More businesses will shift their operations to the cloud and deploy data-intensive workloads with higher supercomputing footprint. According to Pure Storage’s predictions, to support these workloads, more renewable forms of data sustainability and emerging techniques will arise to make processing more energy efficient.

However, as applications are developed or re-platformed for cloud-friendly architectures, Object Storage will become the natural choice for enabling applications to decouple and disaggregate applications and their computed resources from a pool of shared storage.

Still from Pure Storage’s predictions, subscription business models will see a spike in the new decade.

In addition to that, fueling the growth for modern analytics will become more affordable infrastructure options such as more powerful CPUs, consumption-based infrastructure, available both on-prem and in the public cloud, and lower-priced flash memory. “The unbridled growth of data sources including smart devices (smart home, wearables, connected cars, industrial internet, etc.) will drive the adoption of modern analytics in order to drive more insights,” said Matthew Oostveen, Chief Technology Officer, Asia Pacific & Japan, Pure Storage.

All in all, multi-cloud will become the preferred IT foundation for more organisations as they seek to become more agile to keep up with the digital disruption.

“For multi-cloud to deliver value, it needs to be integrated, support DevOps, and scale services to meet variable workload demands. Recognising this, some cloud giants have introduced solutions – such as AWS Outpost, Azure Arc, and Google Anthos – that can ensure consistent development and operations experience across on-premise, private and public clouds,” Bhargava adds.

As the competition among cloud hyperscalers to become the provider of choice heats up, the team at Rackspace believes that more of such unified, hybrid/multi-cloud tools will be rolled out next year.

AI-driven everything

Pure Storage also added that AI will go from advisory roles to an automated action as customers want to take the backseat.

“Organisations will be more open to AI making decisions for them,” Oostveen added.

Ronen Mense, President & Managing Director, APAC at AppsFlyer added: “We are finally going to see some solid impact out of Artificial and Augmented Intelligence. It may possibly be first felt in the logistics and supply chain sector, paving the way for a new category called Logitech (not to be confused with the brand).”

Singapore, for example, has geared up with its National AI Strategy, publicly announced during the Singapore Fintech Festival in November.

Deputy Prime Minister Heng Swee Keat shared that the new strategy details how Singapore is set to develop and use AI to transform the economy and improve peoples’ lives.

Also Read: Infographic: Why the future of consumer goods lies in the use of AI

“The government has committed more than S$500 million (US$368 million) to fund AI activities under the Research, Innovation and Enterprise 2020 (RIE2020) plan,” Heng said.

The launch of the latest national AI strategy targeted at developing the AI ecosystem in Singapore is a part of the nation’s ongoing Smart Nation initiative. Singapore will embark on the plan by kickstarting projects in key high-value sectors and building a holistic AI ecosystem.

The National AI Strategy has three objectives that include Singapore becoming a global hub for developing, test-bedding, deploying, and scaling AI solutions, as well as learning how to govern and manage the impact of AI.

With Singapore as APAC’s corridor pledged to be an “AI-fied” nation, we can only imagine what would entail for the rest of the region in the next decade.

We are going to see more early-stage funding round being announced in the Southeast Asian startup ecosystem, particularly seed funding news.

At least, this is the direction that we began to see towards the end of this year. In the various interviews that e27 has done this year, we have seen investors expressing their interest in focussing on early-stage investments.

The latest of such kind of conversation was this one we had with Vertex Holdings on their new fund; CEO Chua Kee Lock stated that early-stage investing “will remain a robust asset class for the foreseeable future.”

The privacy-led customer journey for Gen Z

There are also other digital spheres that we think may see growth, such as the use of hyper-personalisation technology and the rise of a new era of social media such as TikTok, driven by its vast users, Generation Z.

We need to also factor that the next decade will see Generations Z as the dominant consumers that grow with technology and grown by technology, with them entering multiple stages of their lives, forcing products and services to adjust to their needs.

“With 2019 became a milestone year for data privacy and transparency, many big tech players introduced features that give consumers more control over how and when their data is collected and used. To capitalise on the positive impact this has on consumers, we can expect brands, marketers, and developers to increasingly look beyond their traditional marketing tech stack to inform their 2020 campaigns and business objectives with anonymised data throughout the customer journey,” Mense adds.

Mobile gaming reaches a new height of quality

Besides Gen Z leading the way, mobile gaming is another big disruptor this year that is predicted to continue to gain massive popularity for the coming years. In the State of Gaming App Marketing 2019 report released by AppsFlyer, it is stated that hyper-casual will make way for hybrid-casual mobile games, as players demand better quality and deeper gameplay, which means fewer ads and players are willing to pay for the experience.

The report also shared the potential of India as the next big frontier. It already has the building blocks such as a massive young population; smartphone penetration expected to reach 32 per cent in 2020; cheapest, accessible mobile data; and with more than 200 homegrown world-class gaming studios making India their home.

Also Read: How learning like babies can be the future of AI?

Besides the seven tech trend predictions mentioned, AppsFlyer also added that the new decade will thwart fintech to a whole other level, with it continues to disrupt the banking system.

“Traditional institutions will be scrambling if they aren’t already. Those who don’t keep up will be left behind in the new decade,” Mense adds.

To close up the predictions, Mense says, “There has been a consolidation of media sources in the past 24 months with inefficient players unable to be competitive with the big players.  We have reached an inflex point where the industry will start to open up, kind of like an hourglass, and we will see the likes of Bytedance, Amazon and true programmatic step up and fill the dire need of the market to be more competitive and cost-efficient.”

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Image Credit: Jon Tyson on Unsplash

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Was edge computing the death of IoT? Did research drive the blockchain hype or vice versa? How has the WeWork debacle affected the appetite for sharing economy projects?

As founders looking to raise series A funding, we had more than a casual interest in investment trends. While most founders can get an intuitive sense of the market through personal contacts and media coverage, we wanted to try a more scientific approach.

Using our text analysis software, Lexikat, we sorted and analysed ten years’ worth of data from the Factiva media database.

The results might surprise you…like they did us.

Hunt for the next big thing

We used our own software to pick out the keywords and phrases used in articles about tech startups and separated them by sector. We then combed through ten years of media data to search for the key trends in each field, counting the number of articles mentioning these topics as a proportion of the total number mentioning startups.

Conclusion: the generalist press is a pretty good indicator of investor sentiment. Mentions of blockchain, for example, peaked during the 2018 Bitcoin boom, while interest in IoT projects began to decline as edge computing gained ground.

Also read: The 10 most read blockchain e27 Contributor articles

One place where these trends were not reflected was tech-focused media. Wired, for example, was almost entirely unaffected by trends elsewhere, focusing instead on sectors that can be relied upon to appeal to affluent geeks: gaming, robots, the environment…

Ni hao China!

Different language markets also showed different trends. Having dealt with both the English and Chinese markets for our own software, we were keen to see a statistical comparison of the two.

Unsurprisingly, Chinese media responded less strongly to the Bitcoin spike: while China has millions of crypto speculators, the government is ambivalent about blockchain technology, and the topic receives limited coverage in the mainstream press.

On the other hand, big data topics attracted much more interest among Chinese media outlets than in their English-language counterparts. This is probably largely down to coverage of the Chinese government’s use of big data in projects such as the social credit system.

Indeed, when it comes to market sentiment, zone boundaries seem to be determined by language as much as by geography (if not more). Asia-based English-language publications tend to reflect trends in the wider English-speaking world. Deal Street Asia and E27, for example, aligned more closely with English trends than Chinese ones.

Could there be future possibilities for arbitrage between the two markets? Stay tuned…

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Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas by submitting a post.

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

Image credit: Jamie Street on Unsplash

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Keeping oneself motivated and constantly updated with new trends, thy name is entrepreneurship. And if there is one habit that helps startup founders stay inspired is reading.

An avid reader myself, I scanned the bookshelves of many founders for a peek into what they were reading in 2019 that helped them stay on track.

Everybody’s Business by Jon Miller and Lucy Parker

– Maxim Chernuschenko, CEO and co-founder of Cashwagon

This book, though it’s marketed as “how big businesses can fix the world”, is truly insightful especially with so much resonance with both my personal life and business. Especially in a work setting and the changing business landscape, I use it often to check myself when making decisions. The key takeaways the authors brought to light was of making a positive impact, something we often overlook and forget.

With Cashwagon, this is one of our founding philosophies and hold true till today– providing an alternative financing option and serving the needs of the underbanked in SEA instead of focusing on our own interest. Following the journey of mega corporations out there, we hope to continue harnessing technology and innovation to make a positive impact on society.

The Lean Startup by Eric Ries

– Benjamin Wong, Co-founder and CEO of Transwap

It is a must-read for first-time entrepreneurs and a revision for serial entrepreneurs. The Lean Startup reminds us to create a vision and take a leap towards it. It also shows the approach of building a product, testing your proposition in the market to see if the idea has been validated and adapting to consumers’ feedback – in all, how to steer your startup in the right direction and accelerate to grow.

Play Bigger: How Rebels and Innovators Create New Categories and Dominate Markets by Al Ramadan, Dave Peterson, Christopher Lochhead and Kevin Maney

– David Wong, CEO, Booqed

Product-market fit is a common concept in the startup world. In fact, the inability to find a product-market fit is identified as a major reason why startups fail. However, this book suggests that creating a great product isn’t enough, arguing that companies must create whole new “categories” that destroy old ones.

For example, Uber created a new category, personal transportation – disrupting the taxi industry in the process. Airbnb’s category is community-based hospitality, which is disrupting the traditional hotel industry.

As a startup founder, the idea that creating a great company also means designing and building a legendary category is both highly thought-provoking and challenging. This book shows entrepreneurs how to define, develop and dominate a category over time.

Also Read: Why speed reading too many books will not make you successful

The Four Obsessions of an Extraordinary Executive by Patrick Lencioni

– Lukasz Orlowski, Co-founder, and CTO, Archanan

It changed my way of thinking about building effective teams and working with people.

The book is split into two parts. The first one is a leadership fable that sets a context in a manner relatable to every entrepreneur and/or a business owner.

The second one outlines a framework based on four principles showcased in part one. I managed to effectively incorporate those principles into Archanan’s existing culture and management style, which (measurably) increased the efficiency of my team by 20-25 per cent!

I communicate with the team and I understand the team much better ever since I started applying what I learned in the book.

Dare to Lead by Brenè Brown

– Anastasia Volkova, CEO and Founder, FluroSat

This book offers practical tips to help leaders empower their teams by leaning in and inviting the real conversation in times of change and challenge. Must-read for a modern-day leader.

Burn the Business Plan: What Great Entrepreneurs Really Do by Carl J Schramm

– Nickolas Rekeda, CMO, MGID

A practical look at creating a startup based on real-life cases and data, this book really resonated with me because I launched a startup myself, and experienced many of the common mistakes that entrepreneurs make in the early days of their business – such as trying to save money by not hiring professionals. It changed the way I think by making me realise that as entrepreneurs and business people, we all go through the same mistakes, and can only grow by learning from them.

It was truly open and honest, it was a celebration of supposed errors and a nod to all the business people who have succeeded through their toughest entrepreneurial times.

MGID also began as a startup, and it reminded me that we have deliberately retained some entrepreneurial qualities at the heart of our business, even after eleven years in the market – openness to new challenges, readiness to risk and experiment, and team management. These qualities are also essential to businesses operating in the technology sector; with our industry rapidly changing all the time, we must be agile and adaptable.

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

Skin in the Game by Nassim Nicholas Taleb

– Vladyslav Yatsenko, Cofounder, Revolut

I’d say it helped me to structure a bit more and confirmed, not changed, the way I think. It’s great because it’s true, it’s about real life, not like some targeted academic research (what is called “scientism” in the book).”

The post Good reads: Business books that influenced startup founders in 2019 appeared first on e27.

In the previous part of this series, we talked about how WeWork’s failure to get publicly listed had pushed for change in the Southeast Asian startup ecosystem. As investors and the public began to be critical of a tech company’s valuation and ability to make profits –as any ‘real’ business should– startups might find themselves being under tight scrutiny.

This, as we may have noticed the last quarter of 2019, had led to several leading startups to include profitability as part of their New Year’s resolutions.

The year 2019 also saw greater collaboration between the tech community and other industries. As part of its effort to diversify its portfolio (and drive profitability), venture capital (VC) firms were also investing in sectors such as hospitality and F&B.

In this episode, we are going to focus on the key elements of the Southeast Asian startup ecosystem itself: The people who are running it and the influence that they can have.

All eyes on founders

A few years ago, I went to a demo day event in Jakarta that had 500 Startups Managing Partner Khailee Ng as a keynote speaker. In his speech, Ng likened running a startup today with “watching a spectator sport.”

Also Read: Tech powerhouse taps into the Southeast Asian ecosystem’s pool of startups

Like football games, audience gathers in a venue to see their favourite startups pitching. Also, like in football games, they comment on startup founders’ presentation and make bets on who is going to come out as first prize winner.

The startup community also produces a number of its own celebrities –very much like football players.

Like athletes who branch out to become business people or fashion models, these startup founders also find that their presence was needed in places other than tech.

After covering the Indonesian startup ecosystem for more than three years, I can tell you how the local media portrayed startup founders, particularly those of major companies such as Tokopedia or gojek. The coverage is often overwhelmingly positive: Founders are being lauded for their youth and potentials. They are seen as heroes who are set to make a positive impact on society. Think young Anakin Skywalker before he turns into the dark side, or Tom Riddle when he still had his nose intact.

These potentials did not go unnoticed by the authority.

Rise to power

I have been covering the Southeast Asian startup ecosystem for almost five years and I can tell you some moments that I am going to carry with me forever. One of them is when Nadiem Makarim was announced by President Joko Widodo as Indonesia’s new minister of education and culture.

Also Read: gojek-backer Samsung Ventures invests in Indonesian proptech startup Travelio, to focus more in Southeast Asian startups

Apparently his success in disrupting one sector has led him to be trusted with disrupting another.

Startup founders entering public service does not happen exclusively in Indonesia. In Malaysia, three startup founders had been appointed to the National Economic Action Council (NEAC). In Thailand, former StockRadars managing partner Pakornwut Udompipatskul had won a local election and is leaving the company to focus on public service.

Even in the US, Democrat presidential candidate Andrew Yang is one example of presidential hopefuls with a background in tech entrepreneurship.

The next decade

There are many reasons to be happy about this development. For the millennial generation, this is an opportunity to get their voices represented and heard. For startup founders, this is a sign that they are having an impact beyond their everyday work in the tech industry.

So, how will the next decade look like for the Southeast Asian startup community?

What we can say for sure is that there will be more coming up.

Also Read: How fintech is disrupting the Southeast Asian payments market

Soon after Nadiem Makarim’s appointment as minister of education and culture, President Joko Widodo named two startup founders — Ruangguru’s Adamas Belva Devara and Amartha’s Andi Taufan Garuda Putra– as his presidential special staff. Apart from these people, there are also startup founders who have had enlisted themselves as members of a political party.

What remains to be seen is where this is going to happen. Our prediction is that more and more countries in the region are going to be more welcoming of startup founders becoming politicians, but we are also aware that the situation is not always that simple. There are unique barriers to entry in every market. But since startup founders had proven from time to time their ability to disrupt and innovate, we are ready to be surprised.

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Image Credit: Sarthak Navjivan on Unsplash

The post Why 2019 is a game-changing year for Southeast Asian startup ecosystem – Part 2 appeared first on e27.

Group-IB talks about threat hunting, cybercrime trends and forecasts at CyberСrimeCon 2019

When talking about cyber-threats, the first consideration one should take is that as the world is becoming data-driven and technology-based, cyber-threats are also becoming increasingly sophisticated. In one of his recent statements, Group-IB CEO and founder Ilya Sachkov said “identifying threat actors and their motivations behind a cyber attack may help law enforcers know who they are up against, but doing so publicly could backfire.”

Cyber villains are using smarter and smarter tricks to bypass security efforts and throw researchers off track. One notable example is the infamous North Korean Lazarus gang, who tried to mask their activity by pretending to be Russian-speaking hackers.

Another problem is the existing knowledge gap. Group-IB, headquartered in Singapore, believes that without a clear understanding of relevant threats, adversaries’ tactics, techniques and procedures (TTPs) local companies and organizations cannot build effective cyberdefense.  “Companies spend money, but they do not understand the real thing — what threats are targeting their specific company or industry in a given region,” said Ilya Sachkov, CEO and founder at Group-IB.

“Cybercrime has no borders. Cybersecurity must not have them either. This can only be guaranteed and maintained through close cross-sector collaboration and data exchange,” said Sachkov.

These are only some of the many considerations that cybersecurity professionals need to take before navigating the sensitive, and often complex nature of cyber-threats. Group-IB’s CyberCrimeCon 2019, which was held in Singapore this year, attempted to provide a platform for local cybersecurity community to bridge this gap.

Group-IB’s CyberCrimeCon 2019

The CyberCrimeCon event has two components. In the first technology stream, experts share information on cyberthreats, trends and strategies while during the strategic stream, experts offered real-life high-profile cases of cyberthreats and how they cope.

To raise awareness on cyberthreats, Group-IB released its trademark annual “Hi-Tech Crime Trends 2019/2020” report at the conference. Cybercrime trends identified from second half of 2018 to first half of 2019, industries that will become major targets of advanced threat actors, new APTs discovered over the given period and forecasts on their development in the near future were revealed.

The report also described attacks in major sectors like the energy and financial sectors. For the telecommunications industry, Group-IB described nine groups (APT10, APT33, MuddyWater, HEXANE, Thrip, Chafer, Winnti, Regin, and Lazarus) that posed a major threat and has become a target for state-sponsored attackers. This can result in customers’ surveillance or sabotage purposes.

According to the report, the number and complexity of state-sponsored hackers’ attacks have increased with at least 38 active state-sponsored APTs having been reported in the world. These threat actors’ motivation goes beyond financial gratification. Their aim is for espionage, sabotage, and destruction and their main targets are facilities essential to keep a country running.

This year’s CyberCrimeCon was also the first of its kind to open its doors to the general public. The public needs to know “it is not possible to be 100 percent protected. But it is important to move toward achieving this goal and take some simple measures that once adopted will significantly upgrade your personal security, for example, use different passwords for different social media accounts. It is also important to always keep in mind that once you released something on the Internet it is to stay there forever,” warned Sachkov.

Group-IB hopes not only to raise awareness in the region, but to actively encourage cybersecurity practices among young professional.

No sooner said than done. At the Conference, a Memorandum of Understanding was signed by the Group-IB and Singapore’s Institute of Technical Education (ITE). A key element of the agreement is to set up a first of its kind Threat Hunting, Digital Forensic, and Cyber Investigations Centre in ITE . The agreement aims to bring up a new generation of cybersecurity professionals in Singapore by synergizing Group-IB’s hands-on experience in fighting cybercrime globally and ITE’s unique technical education capabilities with one goal – to improve cyber resiliency of the city-state

Group-IB will set up the infrastructure for the centre so that students get real-life and hands-on experience, identifying and proactively hunting for threats relevant to the region and dealing with the ones targeting especially OT related systems.

The company will also equip the Centre with its Threat Hunting and Intelligence solutions for adversary research, malware analysis, monitoring of underground activity, and network protection. Introduction of new courses, training, and internship for ITE students at Group-IB’s offices in multiple locations to help Singapore nurture a new generation of cybersecurity professionals will also be carried out.

“Cyber threats to OT systems and the financial sector are some of the most pressing issues of today in Singapore. Raising a new generation of threat hunters now, equipped with tactical and strategic knowledge about threat actors, is the backbone of the future stability of Singapore,” said Ilya Sachkov, CEO and founder at Group-IB.

Sachkov explained, “this is an ambitious goal that we believe can be achieved by leveraging Group-IB’s experience in fighting cybercrime and ITE’s innovative approach to technical education.”

Group-IB also signed a MOU with Ngee Ann Polytechnic to increase Singapore’s cybersecurity talent pool. They will jointly develop cybersecurity curriculum, research and provide internships. NP has introduced Group-IB’s Threat Detection System Huntbox module in the Cybersecurity & Digital Forensics course to equip students with threat hunting skills and others.

Group-IB experts have trained law enforcement agencies, corporate security teams, and universities in Singapore, Bahrain, Germany, Lebanon, Monaco, the Netherlands, Switzerland, Thailand, and the United Kingdom, as well as experts within INTERPOL and Europol.

The post On threat hunting and cybercrime: How Group-IB is helping the region in cybercrime prevention appeared first on e27.

Use modern technology to improve daily business activities. Many medium-sized and small businesses are tapping into the new technology to help them come up with a more innovative, more efficient, and more productive workforce. Similarly, the rise in remote workers has led to an increase in the demand for on-demand data. Below are ways that technology can help you increase efficiency in your business.

Using the right technology

Ensure that your business utilises the appropriate technology to increase its productivity. Depending on how you use technology, it can build or destroy your business. Therefore, evaluate your business and come up with areas that need a boost in productivity and conduct research on the right technology to employ to realise the results.

Automate

Research and come up with the tools that will aid in the automation process. Use tools that will help you from bill paying and scheduling to updating your contact list and responding to customers’ emails. Similarly, find the technology that will help you in digitising the manual production processes to increase efficiency and minimise losses.

Additionally, you can train your workforce to use these technologies to ensure maximum production.

Password Management

When you have a password or manual logging into the system, phase them out and replace them with biometric authentication. Ensure that you manage the business passwords and data well by installing and regularly updating the security software. 

 The issuance of passwords in the process of production is both financially and operationally costly. You can manage the business credentials in any device by using tools such as 1Password and Google Cloud Security to track all your passwords from external threats.

Also Read: 7 ways to build a successful digital business

Collaboration

Although collaboration is vital in business, your employees should not be enclosed in a room to achieve it. Your remotely working staff members can share documents and collaborate easily using free applications from Google’s range of cloud products. You can use customer cloud solutions to solve your production problems and secure sensitive data. 

Your business can use Unified Communications systems that offer various worker interactions such as phone calls, video chatting, conferencing, or sending instant messages.

Additionally, your workers can use Customer Relationship systems such as Insightly, Zoho, or Salesforce to keep track of their engagement with prospects and store them in one location. When you use these systems, the consistency in prospect relations will be boosted, thus increasing profitability and productivity.

Organisation

Often, a lot of time can get wasted in searching for vital information stored in large sets of data. These data frequently get accessed through one device. When you invest in the database system, you will enable your employees to access and add any vital data easily. Your remotely working employees can use ClickTime to keep track of their expenses, mileage, and working hours.

 Employing such technology will help you in keeping your critical data accurately in one place. When implemented, your clients, employees, and managers will be productive, well-informed, and compliant.

Also Read: 2020 ready: Smart investments to help your business grow

Ease of access

Provide your remote workers with the support solutions and the updated mobile devices to ensure that they are well-connected throughout. You can think of investing in a phone solution with service providers to ensure that all your employees stay connected.

Similarly, use worker caller ID, softphones, find-me-follow-me, and voicemail to email features to ensure that your employees maintain professionalism and never miss any business opportunity with a client.

Employ virtualisation

When your business has old desktops, you can extend their lifespans through virtualisation of their operating systems to offsite servers. Conducting this will help you reduce the cost of capital expenditure, and hardware maintenance as the regular updates and the cost of service upkeep will get minimised.

When your business is already practicing redundancy, you can add your phone system to save more costs. You should task yourself with managing your office. Ensure that your employees get focussed on their jobs. Similarly, source anything that is outside the scope of your expertise and trust the hired experts to do their jobs. Use the appropriate technology and watch your business increase its productivity.

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