The real test of leadership doesn’t occur when everything is going well. Rather, it’s in times of crisis when you get to see how much of a leader you are and whether you can establish your credentials.

But that doesn’t mean you should just wait for things to start going wrong to test your skills. Putting some effort into preparing for situations like this can sometimes mean the difference between success and failure. With that said, it’s a good idea to learn how to lead your team in crisis on time. Here are 6 ways to do this.

1. Project confidence

People tend to get nervous when things start going wrong. This is something you can notice in the way they talk and perform their day-to-day tasks. One of the biggest reasons for this is fear.

They’re afraid their big project will fail or that the company will have to shut down. If you project fear as well, that unease will make it even more difficult for everyone in your team to do well. Therefore, it’s your job to look like you are the master of the situation even if you don’t feel that way. Know how to stay calm and it’ll become easier for everyone else to contribute to the recovery process.

2. Be there for your team

Sometimes, situations like this can be extremely tough for some of your members. Work can start affecting their personal life and things may become even tougher.

It’s the leader’s job to spot employees who are having a hard time and support them as much as you can. Make sure everyone in your company knows they can turn to you with absolutely anything and show them you and your HR team are willing to help. Of course, every situation is different but try to use the breaks you take from helping your company get back on its feet to help others manage work and other responsibilities in their lives.

3. Be decisive

Showing that you don’t know what you’re doing in times of crisis can make the entire situation even worse. If you want to be a good leader, you have to be able to make decisions on the fly. In fact, it’s your job to be ready to make even the hardest decisions in a timely fashion. That’s one of the best ways to show your team that you’re not afraid of taking action.

Also, if some of the decisions you’re supposed to make don’t align with your views and values, make them anyway. Being able to adapt your decisions to your company’s current needs is guaranteed to inspire employees to take the same approach.

4. Focus on cash

A successful turnaround comes down to one thing – cash. If you’re able to take care of your company’s money, you’ll find it easier to deal with the situation and your team will remain calm. The most important thing you have to do is ensure the company has enough to pay the bills and issue paychecks on time.

However, if you really want to master money management, trading and trying to learn more about market psychology is something you just can’t go wrong with. Make some extra cash by trading and you’ll never have to worry about your company running out of money.

5. Stay in control

In times of crisis, your work environment can easily go out of control. It may not seem like that right now but once the chaos starts, you and your team will feel stressed out and that’ll reflect on your work environment.

When things like that happen, it’s imperative for the leader to get a better grip on the situation and show the team everything’s under control. For example, make sure you’re able to delegate tasks quickly enough and keep the office neat, even if that’s not a priority at the moment.

The only way to develop a good recovery plan is if everyone stays calm and your work environment remains the same as it always is.

6. Exercise caution

Just because your business is facing a crisis, it doesn’t mean you and your team members don’t have to be cautious about your work. The more you panic and ignore the stuff you’d normally pay attention to, the more things will go out of control.

That said, it’s your job to exercise caution even when the company’s having a hard time. It’s all about the alertness of mind and your leadership skills. Try to stay calm and observe the operations as if the company wasn’t in a crisis. Get even the smallest tasks right and your company will be on the right track to recover and continue doing business as usual.

Over to you

These are all important things to have in mind if you want you and your staff members to be able to deal with any issues that come up. Get everything right and your business will have no trouble surviving even the biggest crises.

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Hydroleap, a Singapore-based wastewater treatment startup, has secured SG$2.6 (US$1.9) million in a new round of funding, led by Wavemaker Partners.

Seeds Capital, 500 Durians, and a few unnamed investors, also participated.

Founded by Mohammad Sherafatmand (a PhD from the National University of Singapore in Environmental Engineering), Hydroleap enables wastewater treatment to be cost-effective, environmentally-friendly and automated by replacing expensive chemical treatments with a smart electrical treatment.

It offers an automated modular system that does not need any chemicals to perform. The technology works based on electrochemical principles where low-powered electricity is applied to activate the aqueous solution and form coagulant reagents to attract contaminants.

The technology is applicable for wastewater, construction, food and beverage, oil & gas, tannery, mining and semiconductor industries.

Also Read: From mean to lean – how to build a great startup brand

Currently, the startup provides solutions at construction sites. With this new round, it plans to take its technology to industrial parks, mining, palm oil and semiconductor industries by removing suspended solids, heavy metals, hardness and COD from their wastewater.

In the construction industry, runoff silty water is treated before disposal. Currently, wastewater(s) are treated by adding chemicals (coagulant and flocculants) to the water. According to Hydroleap, this process causes irreversible financial and environmental impact. Hydroleap’s solution of using electricity to treat the water is overall 3X cheaper and 2X smaller than incumbent technologies, it claims.

“Through electrochemistry research, Sherafatmand has developed and commercialised an electrocoagulation system. Competitors from the US and Europe lag in efficiency compared with Hydroleap’s inbuilt proprietary mechanism. Hydroleap’s beachhead market is in construction and enjoys a strong pipeline of projects,” said Paul Santos, Managing Partner of Wavemaker Partners.

The startup has previously raised funding from SGInnovate, Sparklabs Cultiv8, Sparklabs Global Ventures and Entrepreneur First.

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Over the past three years – according to Gartner – marketing budgets have declined from 12.1 per cent in 2016 to 10.5 per cent of the overall budget today.

When we delve deeper into the findings, however, we see one area of marketing spend that bucks this trend: marketing technology (martech).

Marketers often rank martech as a top priority, with spending increasing from 22 per cent in 2017 to 26 per cent in 2019. This upward trend is reflective of how businesses are prioritising data analytics and competitive insights at the very heart of the marketing function. This is because customer-centricity is now the new business mandate.

While budgets might be declining, the output of the marketing team does not need to. In fact, with the rise of martech it’s possible for teams to increase the results they deliver back to the business thanks to the ability to be more strategic and targeted in our communications.

Slow methods in a fast world

Traditionally, businesses have relied on market researchers’ expertise to develop studies, analyse responses, and obtain meaningful insights that can substantiate and guide them in their business decisions. However, this approach to research is time-consuming, labour intensive, and can drain the coffers of organisations already struggling with tight budgets.

Also Read: How online data is transforming market research

The efficiency of traditional research also hinges on the market researcher’s level of accessibility to platforms and marketing data. More often than not, organisations can only grant restricted access to their data and resources, which can translate to inefficiencies and bottlenecks, as well as limited insights. This results in teams conducting market research on third party platforms, which curtails the overall consistency of the businesses’ research methodology.

This is where martech solutions come in, offering the scalability, speed and flexibility required for businesses to make informed decisions in today’s fast-moving world. 

The impact of martech in research

 Modern research tools have the potential to deliver a high return on investment (ROI) in the longer term. Market researchers can leverage the power of artificial intelligence (AI) to filter out low-quality data (bots, duplicates and invalid responses) too. They can now capture valuable data into the user experience faster to gather holistic and targeted insights. Intelligent text and statistical analysis tools incorporating machine learning, allows organisations to identify open text feedback. This enables quick identification, comprehension and response to customer issues.  

Data privacy compliance, traditionally one of the most complicated areas of market research, especially with new GDPR policies, also becomes less of a hassle. This is because personal data, including survey responses and projects, can be quickly deleted. Also, these platforms are easily configurable to determine the parameters of sensitive data and automatically flags questions for survey creators. With less to worry about and manage, market researchers can focus more on analysing insights enabling them to improve their customer, product and brand experiences.

Market researchers can leverage the power of artificial intelligence (AI) to filter out low-quality data (bots, duplicates and invalid responses) too. They can now capture valuable data into the user experience faster to gather holistic and targeted insights. Intelligent text and statistical analysis tools incorporating machine learning, allows organisations to identify open text feedback. This enables quick identification, comprehension and response to customer issues. 

The best part, most of these modern research tools can be easily integrated with existing enterprise applications. This helps to collect operational data (O-data) such as sales and HR data. Organisations can now benefit from more targeted marketing campaigns driven by data and analytics. 

 Embracing the future of market research

The benefits of leveraging modern tools have led companies such as Gojek, Southeast Asia’s largest on-demand service and payments platform, to invest in martech to drive data-driven customer experiences. Relying on a modern tool has enabled Gojek to collect real-time feedback and insights at crucial points of the customer journey, better identify consumer preferences and pain points, and ultimately improve their product offering based on insights around features users value and engage with the most.

Also Read: 9 things to keep in while creating a good content marketing approach for your fintech company

Modernising the market research process through technology alone, however, won’t cut it.  Alongside leveraging modern research tools, businesses should focus on building trust with customers and strengthening these relationships to generate quality feedback.

Organisations should ensure they are not bombarding their audience with endless surveys and instead, limit the frequency of study invitations in a given period. Fortunately, modern platforms can capture customers’ preferences and demographics, which help in strategic targeting and reaching the right audience for specific studies. 

Modern research tools enable organisations to quickly derive and act upon targeted, accurate, actionable insights, all while reducing costs in the long-term. However, agility and precision is only part of the recipe to succeed.

Businesses must integrate systems of record into systems of action to ensure decisions are based on tangible facts. Together, this will help companies to overcome the challenges arising from reduced marketing budgets and ensure that businesses can reach significant ROI on their martech investment

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We all know a serial procrastinator – and if you can’t think of who it might be, it’s probably you.

Even if it isn’t something you do incessantly, it’s something we’re all guilty of from time to time, right? It can be so hard to remain motivated at all times, particularly in working hours. It always seems that bit easier to procrastinate and put tasks off a little longer.

The problem with this is it stems from productivity. The more you procrastinate, the less you get done, the more stressed you become, and therefore the more likely you are to procrastinate further. However, today we’re going to explore the art of tackling procrastination head-on.

Ask yourself “WHY”

The first step to stopping procrastination is to actively ask yourself why you’re doing it. It doesn’t matter if it’s an assignment you’ve been putting off for weeks, or you’re avoiding researching it online. There has to be a reason why you’re avoiding doing the task at hand.

A lot of the time, people think they’re procrastinating simply because they can’t be bothered to do something. Although this can certainly be true, it’s often to do with a lack of planning and organisation.

It could be that you’ve left yourself an unachievable amount of time in which to complete the task at hand, or you haven’t planned it efficiently. It could even be that you know it’s a big task, and you’ve allowed yourself to feel intimidated by it. 

Procrastination is aided by one thing above all else – and that’s excuses. Once you’ve figured out why you’re procrastinating, stop giving yourself excuses as to why it’s okay, and start looking for solutions instead. You’d be surprised at how this change of approach will revolutionise your productivity levels.

Divide and conquer

Usually, an expression used when describing some strategic and unpleasant behaviours, divide and conquer can also be used for the good when it comes to avoiding procrastination before it’s even begun.

If you know you have a lot on, look at the tasks, or one larger task, that you need to do. Then, figure out how you can subdivide the task at hand into smaller, more manageable sections.

Sometimes staring at a massive list, or one large task, can be intimidating – and when you feel intimidated by something, you’re far more likely to put off doing it. 

By dividing the thing you’re intimidated by into smaller sections, you can dedicate fixed amounts of time to each section. Because it makes the task seem overall less frightening, you’re far more likely to be able to conquer it – and successfully too we might add. It doesn’t matter if it’s something for work, something practical like tidying up, or something personal like writing thank you cards after a big party. Allow yourself to divide, and watch yourself conquer.

Also Read: Leadership is not a benefit to yourself but an obligation to others

There is no right time

We’re going to let you in on a little secret. There is no right time to do the task you’re putting off. The only right time is now.

Of course, there are wrong times. Don’t do it in the middle of the night, or sacrifice an event you’ve been looking forward to for months for it. But don’t think there is a “perfect” time in which to complete a task because when it comes around, we’d put money on you finding an alternative “perfect” time instead of completing it there and then.

Instead of sitting planning when you’re going to do the thing you’re putting off, if you’re free at present, do it now! Some people will wait for motivation that never comes – and that’s a fact. Successful people create their motivation. Be your motivator, and get things done. You’ll thank us later.

Give yourself a break

Finally, both mentally and physically, give yourself a break.

Mentally, stop being so hard on yourself! you can do this, and you will do this, and you’ll do it well. There’s no reason why you can’t! Always remember that you have everything you need within you to succeed in the task at hand.

Also Read: Employees acting weird? this is the time to check your leadership skills

Physically, take a break! Every hour or so take five, ten, minutes to stand up, have a stretch, get a coffee and take some fresh air. You’ll come back feeling refreshed, and ready to get going all over again. The most productive people know the importance of breaks, so follow their lead.

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You’re tired of hearing that ‘a brand isn’t just a logo’ – which is like saying there’s more to PR than press releases. It drives you nuts that nobody has a good answer for what a brand is beyond the logo, or is able to convince you to hire a brand consultancy as large corporates do.

As an entrepreneur, your mandate is to be better than your industry, so why would you waste several months on such a marginal detail? You’ve got a point. Take MasterCard, who spent millions on what I’d term an ‘aesthetically challenged’ rebrand in 2006 – only to revert back to its old identity a few years later. You fail to see how branding would add value to your bottom line. In a nutshell, you’re wondering when you’ll come across a simple explanation of what successful branding actually entails, how it’s done in a lean fashion, and what’s in it for you. Or maybe you just don’t care at all.

Thing is, you should. A company’s brand has the potential to be its single most valuable asset. 74 per cent of McDonald’s overall valuation attributes to its brand. Even for businesses with extensive IP, such as Mercedes-Benz, that number is still just below 50 per cent; in one word – massive. You really think Nest would have sold above 3 billion US$ had it just improved the technology of thermostats, and not fundamentally invested in re-imagining the experience of using it toward something people actually enjoyed? That’s what real branding is about.

Sounds complicated? In eight years of building hero brands with start-ups, I think I found the answers you are looking for. With a little guidance, you’ll build a great brand faster than you’d imagine. To get you started on the journey, I created a handy tool that I call the Brand Canvas.

Like a business model canvas, it covers all essential aspects of your brand in a single overview. From your canvas, you derive your brand MVP, and iterate until it looks and feels just right. Blue-tack it to your office wall, know it by heart and go build your hero brand with it.

You still have no idea what branding means for your start-up? Let me surprise you – by doing what you do, you already have all the foundations of good branding. Our most valuable global icons today, be it Google, McDonald’s, Mercedes-Benz or Red Bull, all evolved from a captivating story, a disruptive idea turned into a great business model.

Few people truly believe such value can be artificially created, and it looks like history is proving them right. For a start-up like you, that’s big news. Unlike your corporate counterparts, you don’t have to manufacture a brand story: You simply tell customers why you’re here today and have the most essential part of your brand (ethos and purpose) already covered.

As brand consultants, it’s our job to facilitate that story and narrate it in the best possible way. We help associate all your operational activities into that greater something – regardless of whether you’re building a dating app or providing advice on athlete’s foot prevention. Us branding folks are no wizards, but our key skill lies in revealing what will make you stand out, and selling this at a premium to your customers. You’re not so sure anything really makes you different?

You may not be aware of it, but trust me – it exists and discovering it may go a long way. Remember the makeover shows on TV? Nearly everyone comes out of those looking sharp and feeling confident. If, say, you’re a little chubby and up for a new look, dressing well is a start, but you’ve still to undergo a lot of exercises to stand a chance of winning a beauty pageant. You’ll see real change only once you start seriously working out and change your mindset. Your brand in this analogy is the purpose you find in doing it.

So now that you know the theory, here’s a step-by-step guide to put it into practice:

1. Have a look at all the stuff you’ve created so far, and agree on a single sentence to define your company.

2. Review your existing brand assets (logo, style guide, etc.)

a. Does it correspond to what you’ve defined in step 1? Note down how you can achieve a closer match

b. Research three brands you admire. How you fare against them, and what can you improve? Keep track of all the suggestions and ideas you come up with.

c. Ask around for branding best practice publications. Does your brand withstand the expert assessment? Based on your result, evaluate how professional you communicate, and try to see which suggestions you can follow.

3. Show your brand to a handful of strangers in all age groups. What feedback are you getting? Focus on logging discrepancies between what you want to be and what people think you are.

4. Reflect on everything you’ve discovered so far. Imagine your brand was a person, and describe it in detail – strengths, weaknesses, aspirations, past life, and so on. Be sure to get this spot-on, and iterate until you get it just right. Make use of Brand Archetypes if you like.

5. Plot all the channels and stakeholders of your brand. Put yourself in their shoes and think about what they would need and want from your brand (i.e. the person you just defined), and what you currently deliver. Highlight the biggest gaps, and take a good look at what needs fixing; then design your game plan.

6. Write a short scenario of where you see your brand in year 20xx. Summarize it in a vision statement. Keep evaluating your defined course of action against it as you go about making changes and implementing improvements.

This post covers the DNA of iconic brands and a simple manual on how to go about building one. It should help you become your own brand champion and spot a savvy brand guru to give you a hand among the many fencers with dull sabres.

Think of us honourable brand samurai as a fusion of motivational speaker, style advisor and fitness coach (rather than a mix of graphic designer and chief bullshit officer). Thank you and good luck!

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This article was previously published on LinkedIn

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Artificial intelligence is one of the imminent technologies. While we have and use rudimentary AI for basic purposes at the moment, the further the technology is developed the more sophisticated it becomes and the more it is able to do.

There are many ways in which artificial intelligence – clever robots capable of logical thought and autonomous decision making – look set to transform our world.

One of the most talked-about changes that artificial intelligence looks set to bring is mass automation of industry and other huge swathes of our economy and society. Even managerial and jobs such as those in law could be automated. As a result of discussion around this topic and predictions as to the scale of the automatic revolution set to engulf the world economy 22 per cent of British workers fear that they will be replaced by a robot.

The technology to bring mass-scale human redundancy is not quite in place. Some manufacturing jobs are already automated but further research is needed until robots begin to take up more skilled positions.

At the moment, however, there are lots of other ways the current AI technology is being used to help human society and, in the process, enable engineers to learn more about the technology in order to aid the next breakthrough.

Some of these useful deployments of new technology are, while positive, odd, surprising, or, in some cases, utterly bizarre. And not all of them are all that useful – they just serve as a bit of fun and as a way of experimenting with the technology and demonstrating what it may one day be capable of. Here are three of those uses that are strikingly strange.

1. Robot bees

A great deal has been said about the danger faced by bees in their ongoing struggle to survive and it is a species of insect we cannot afford to lose. The animals are crucial to crop pollination but pesticides and other pressures and threatening their existence.

Also Read: How Taiwan can boost your startup in unexpected ways

To ensure that famines do not occur, researchers have developed a robot bee drone that uses artificial intelligence, GPS, and a camera to pollinate in a very similar way to honeybees.

2. Coaching football teams

Some non-league football teams, such as Wingate and Finchley FC, have turned to artificial intelligence to help break a run of bad results. The system analyses data from matches to calculate the best formation and style of play to use against the relevant opponent and then uses an amazon echo device to provide advice to coaches during the game.

The first game in which the technology was used resulted in a 1-all draw.

3. Writing books and songs

While an AI which can write books and songs may sound initially useless, the technology is actually quite brilliant and these uses merely to demonstrate its capabilities. The technology behind this is called deep learning and is all about how AI absorbs information and learn from it.

Also Read: 5 reasons behind the success or failure of a business according to popular TedTalks coach

The algorithms used are still fairly primitive, but the idea is that the more a deep learning machine is taught the more capable it is. The most famous example of this use is in “Harry Potter and the Portrait of What Looked Like a Large Pile of Ash,” a hilarious Harry Potter story is written entirely by a robot concluding with the memorable line “‘I’m Harry Potter,’ Harry began yelling. “The dark arts better be worried, oh boy!”

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When is the right time for a startup to start expanding globally?

The answer varies. Some startups believe that one should focus on strengthening the foothold in the home market first, where everything is familiar and within reach. Because who knows better about the local market than a local company, right?

While the opinion is not wrong, there are several good reasons why a young startup should consider international expansion –and showcase their ideas on a global platform– since Day 1.

Consider these reasons:

It will drive you out of your comfort zone

Sure, it is good to be in a familiar situation. It might also give you a greater chance to succeed. But then how can you and your company grow? Even if you do not succeed at first attempt, going global will give you so many great lessons to learn –that will prepare you for the next part of your entrepreneurial journey.

It can help you develop products better

Going global requires market research, and eventually, localisation. The research process allows you to learn more about your new market, and often, your own product. You can create a stronger, better product with more insights about the different type of users there are.

Also Read: Fundraising? Here are 3 reasons why joining 2020 TOP100 APAC is great for your startup

It may widen your audience

This part seems a bit obvious, but the wider your audience, the bigger your prospect is. Who does not want to be a major player in the region? Why stick to just one market when you can have the whole continent?

Now that you have your mind set on going global, the next question will be: What is the best global platform for young startups to showcase their ideas?

The answer is 2020 TOP100 APAC.

As part of the annual Echelon Asia Summit, TOP100 is a curated programme designed to discover, showcase, and accelerate the next generation of up-and-coming startups.

The programme consists of qualifying rounds that are set to be held in six Southeast Asian cities in early 2020, followed by the Echelon Roadshow events.

Registration for TOP100 is now open and we are looking forward to seeing your startup on the list!

The post Go big or go home: Why young startups need to exhibit on a global platform like 2020 TOP100 APAC appeared first on e27.

With Baiterek Hackathon happening in only a few short days, what do you have to know?

Adil Nurgozhin, Chief Digital and Innovation Officer of Baiterek speaks about the ins and outs of the Baiterek Hackathon

“I don’t like banks anyway,” muttered a bank executive as he spoke about the reality of being intrinsically entrenched in the banking industry, and by extension, in the larger fintech space.

With so many obstacles that banks face today, barriers such as scrutiny coupled with piles upon piles of regulation have put so much pressure on banks to keep up with the times. Adil Nurgozhin, Chief Digital and Innovation Officer of Baiterek, lamented that the fintech ecosystem in Central Asia has fallen two to three years behind.

“Banks are huge. They’re aggressive, but they are heavily regulated. So the compliance people are the most important people in the banks right now, no longer the loan department,” he added. For this reason, most banks are no longer able to focus on rendering unique and innovative services because of the pressures of compliance requirements.

With banks like The House Construction Savings Bank of Kazakhstan (HCSBK) whose primary driving force is to support the sustainable economic development of the Republic of Kazakhstan in order to implement public policies and achieve goals set by the 2050 strategy, being able to achieve things has become harder to come by.

HCSBK, a subsidiary organisation of Baiterek National Management Holding where Nurgozhin works as a Chief Digital and Innovation Officer, is trying to change that. One initiative that the organisation is spearheading is the Baiterek Hackathon: a programme whose main goal is to assemble the best thinkers to come up with solutions to pre-existing problems in the region.

What exactly is the Baiterek Hackathon?

Baiterek Hackathon is a tech programme in Kazakhstan that seeks to gather the most ambitious and talented developers and problem solvers in the vibrant region of Central Asia. The objective of this programme is simple: to come up with cutting-edge and innovative solutions to address problems faced by everyday people in the region.

The key problems that the programme seeks to address are issues in areas such as saving, consumer education, banking experience, and other similar problems being dealt with by people in the region, particularly problems in the fintech space.

The programme will be focusing on these four particular challenges:

1.) Savings — how we might help users save better, track their savings, and proactively remind them to be more active savers.
2.) Consumer Education — how we can simplify bank processes to make it easier for customers to better understand all the products and services offered by the banks.
3.) Enriching experiences — how we can make the experience of waiting in line an enriching experience, one that consumers will be able to talk about to their friends and will have a positive experience with.
4.) Others — How we might improve transparency internally and promote cross-collaboration among all bankrupt units.

Also read: Baiterek Hackathon: pushing for solutions in finance for everyday people in Central Asia

The Baiterek Hackathon is open to programmers, designers, business experts, and everyone in between. With teams composed of 3 to 5 members, participants are encouraged to co-create and innovate solutions to these pressing problems.

Co-organised by HCSBK, Baiterek, and Qaztech Ventures, the Baiterek Hackathon is slated to happen on November 29 to December 1.

With 2,000,000 Tenge up for grabs, the Baiterek Hackathon hopes to solve current fintech issues in Central Asia using the vigor and the fresh perspectives of talented and ambitious developers from the country’s tech ecosystem and beyond.

Here, we take a closer look at the ideas and insights that inform, mitigate, and inspire the programme to ultimately help out the people of Central Asia.

Going in-depth with Baiterek Hackathon

In an interview with e27, Nurgozhin argued the importance of producing a corporate outcome in programmes like the Baiterek Hackathon. “I would like them to have this kind of exercise more often. Ideally, it should turn into a lab or something similar, and would lead to a corporate VC fund,” Nurgozhin remarked.

He said that while this is the long term outcome that the programme is trying to gear for its participants, the more immediate goal is as simple as being able to teach participants to communicate with each other. To help them learn to identify the challenges between corporates and startups, and ultimately work together to come up with solutions.

Nurgozhin, who has extensive experience as a venture capitalist for the last 10 years having been a partner at I2BF Global which is an American VC headquartered in New York, now works towards developing a digital agenda for Baiterek.

Through this, they adopted a digital strategy that allowed them to dig further into business processes, and automate whenever possible especially in areas around the data processing infrastructure such as mining data, collecting, processing, among many others—solutions that are often used internally.

Of course, it goes without saying that these efforts need to be pushed even further. “Strategically, we want to have a corporate system in place. But for that to happen, we need to [communicate it] again and again until everyone memorises and understands it, and hopefully learns to extract value out of it,” Nurgozhin said, highlighting the role of Baiterek as a facilitator for the exchange of ideas that is expected to happen during the said event.

The importance of going regional

“If you look at it actually, you don’t say Kazakhstan. You should say Central Asia,” Nurgozhin mentioned as he addressed the fact that the region is populated by a lot of people with no credit history, and how a big chunk of the economy still uses cash.

“How do they serve that? How do you get these people to trust you so that you could serve them?” he asked, suggesting that the programme is poised to help bridge that gap and foster a platform that people will trust enough to go digital for.

It is in this regard that parallelisms between the Central Asian and the Southeast Asian contexts can be drawn. Nurgozhin likened the cases of Uzbekistan and the Philippines to one another, with the two economies benefitting largely from global remittances. Kyrgyzstan, on the other hand, gets about 30-40% of its GDP from remittances. On top of that, both economies happen to be dealing with their own large unbanked populations.

Congruently, Nurgozhin notes that Kazakhstan finds itself in the same startup path as Singapore, having started in e-commerce, to fintech, and possibly, to deep tech in the future. The difference, however, is that while Southeast Asia enjoys a 63% internet penetration rate, Central Asia lags behind with only 50%.

This is what makes Baiterek Hackathon important: because by convening the best and brightest developers from Central Asia into the Republic of Kazakhstan, a country that stands out in Central Asia with its internet penetration rate of 76%, the region has a strong chance to bridge gaps and empower people to go digital.

It is also worth noting that the startup culture in Kazakhstan is steadily growing especially in the large metropolis of Almaty, which boasts the highest GDP per capita in the country. Additionally, the city is gifted with a lot of talents sprouting from the many universities that populate it.

With all of these variables being taken into consideration, at the end of the day, Nurgozhin is optimistic that initiatives like the Baiterek Hackathon will ultimately turn the tides for Kazakhstan and the rest of Central Asia. For more information, you may visit their official website.

The post Baiterek Hackathon: get to know the context, the goals, and the people behind it appeared first on e27.

For startups, it’s a great time to consider Taiwan as the country redoubles its efforts to kick-start a startup ecosystem. Following Google’s latest US$851 million investment in a Taiwan-based data centre, the island’s attractions have become an open secret in terms of its location, low operating expenses, and world-class IT talent. As an entrepreneur, though, you might not know its ultimate enticement for a growing business like yours.

Specifically, eligible companies and subsidiaries may receive initial funding up to NT$20 million (US$650,000) followed by NT$100 million (US$3.3 million) in subsequent rounds, courtesy of the government’s new direct investment program for startups—and this is not limited to Taiwanese founders.

If you have substantial markets in the Asia Pacific or are thinking of setting up an operational centre in the region, Taiwan’s National Development Fund (NDF) is now offering a lucrative reason for you to follow Google’s lead and set up shop in the country.

First, a bit of history

To understand this program and why it may be a good fit for your business, it helps to know what the NDF is and how it has been fine-tuning its approach over the years. As the investment arm of the state-level National Development Council, the NDF has tried various means to foster a supportive local startup environment.

This included an NT$100 million grant program introduced in 2013, an entrepreneur visa program introduced in 2015, and investing its own funds directly and via local accelerators and other venture capital partners.

As earnest as these initiatives have been, they’ve had mixed success to date. The NDF’s previous grant program carried repayment obligations whose terms could be seen as unclear, entrepreneur visas had few takers at first, and the local startup scene was still hobbled by a lack of engaged angel investors.

Also Read: What is the state of Taiwan’s AI ecosystem?

Critically, a lack of good exits and quality startups have been cited as reasons for early-round investor reluctance. As it faces an increasingly tight race with top innovation hubs in Hong Kong, Japan, and Shenzhen, the NDF is strongly motivated to adopt a bolder stance.

A new approach, with plenty of money to go around.

And bold it has been, formulating no less than a “version 2.0” initiative to help startups. The NDF may now invest up to NT$20 million in any new startup versus a prior ceiling of NT$5 million, thereby emphasizing an equity stake rather than a grant that must be repaid.

Moreover, criteria for investment have been loosened in that the NDF no longer expects a one-for-one match in putting up its own money vs. other shareholders.

The main requirement continues to be that the fund invests on the same terms as the company’s other investors. This also holds true for subsequent rounds of funding, where the NDF may invest up to NT$100 million of its pro-rata shares on the same terms as other participants.

It’s still highly suggested that a firm have its own capital sources lined up, of course, but the pressure of seeking out an exactly corresponding dollar amount has been relieved.

The administrative process has also been streamlined, as applicants need only gain approval from half of the review board instead of two-thirds as was the case before. So long as they are recognized members of the investment community, the other investors can be based overseas as well (except mainland China).

The NDF has also made it easier to buy out its stake once a business gets off the ground. Angel investors and new startup owners may now repurchase NDF shares at 1.5 times the original price, down from 3.0 times previously.

With the cost of buying out the government’s stake effectively halved, early investors are incentivized with a call option—a potentially lucrative prospect as a successful startup approaches an exit with a much higher valuation for the same shares.

The overall program has also been expanded to NT$2 billion (nearly US$66 million, doubled from last year). As of now, 57 companies have received a total of around NT$760 million in funding, meaning NT$1.2 billion (US$40m) remains available. The fund is committed to fully invest this amount—so there’s still plenty of money to go around.

What this means for overseas entrepreneurs

In their quest to invigorate Taiwan’s startup space, officials understand that success will depend on much more than taxpayer dollars. Such money means nothing without worthwhile investments, and authorities are determined to welcome ideas and talent from abroad while better cultivating them at home.

Broadly speaking, initiatives like the “Employment Gold Card” as well as tax and retirement benefits for foreign professionals all show the seriousness of Taiwan’s efforts in the past few years.

Regarding the NDF’s expanded angel investment program, foreigners are by no means excluded here either. The fund’s litmus test for foreign companies and entrepreneurs would be the establishment of a Taiwan subsidiary with operations within its borders (i.e., not a branch office or representative office).

Meeting that criteria, the NDF is open to investing and routinely invests in offshore domiciled companies; this contrasts with other well-known national funds like Singapore’s.

It may sound daunting, but the process of setting up a subsidiary in Taiwan can actually be quite straightforward and 100 per cent foreign ownership is allowed (again, except for mainland Chinese entities).

One hurdle is that it can be difficult to find English-language information online, though this too is changing (e.g., see this handy checklist for incorporating in Taiwan). While regulations may seem exacting in places, they can be navigated, and authorities are progressively cutting red tape to make the process easier and more accessible for foreign investors.

Judging if this program is a good fit for your business

Foreign-domiciled startups can benefit from liberalized government investment in Taiwan, after carefully assessing their own needs and situations.

Practically speaking, the NDF investment may be a worthy consideration for a) bootstrapped entrepreneurs or b) seed stage to pre-A start-ups, companies that can benefit from an additional investment of US$100,000 and US$650,000 (i.e., up to the ceiling for initial NDF investment under the current setup).

Also Read: 6 common questions about establishing a fintech company in Vietnam

For foreign start-ups and entrepreneurs, setting up in Taiwan makes the most sense if there is an organic reason to do so, e.g. accessing Taiwan’s market or establishing a human resource hub in the country.

Naturally, the additional overhead will arise due to doing business in multiple markets and the usual caveats would apply regarding business risk, currency risk, political risk and so on.

Lastly, there are nuances of the NDF program that is not fully covered by this article and all final decisions rest with the fund and its designated administrators.

However, while the requirements for the NDF investment scheme are dynamic and constantly changing, it is fair to say that it is evolving towards a more entrepreneurial friendly format.

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Image Credit: Adam Jang

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