Day: January 20, 2020

For nearly two centuries, India attributed to around 30 per cent of the global economy.

As a country, we have already missed out on the First Industrial Revolution–a transformative shift to new manufacturing processes–something that the US and Europe have benefitted from. Another setback that India witnessed was the Second Industrial Revolution–the upsurge in the sectors of energy and power, steel, and petroleum–that our nation adopted nearly four decades later.

While we have somehow learned from past mistakes, we have figured out how to capitalise on during the Digital Revolution or the Third Industrial Revolution.

While we were not truly able to capitalise on architecture and innovation, we definitely became a leading hub for global support in the digital space.

In a 2018 global survey by The Pew Research Center titled, ‘The Public Opinion of India’, around 75 per cent of respondents noted that the nation has gained significance rapidly on the global platform. The time is essentially here.

At the World Economic Forum’s Annual Meeting 2018 in Davos, Prime Minister Narendra Modi discussed how India will not fall behind by its ambitions of hard economic power but also digital power. The truth is that major tech giants such as MasterCard, Microsoft, Google, IMF, and more are today directed globally by Indians.

Also Read: Sequoia India, EDBI co-lead US$4M funding in eko.ai

Innovation at its forefront

The Fourth Industrial Revolution is bridging the gap between what was thought possible and impossible, connecting the technological, digital and even physical spheres.

India is the fourth-largest app economy globally, and also the real reason behind Indians’ robust digital footprint over practically all social media platforms. One classic case that proves this is the famous T-Series versus PewDiePie saga that went in favour of the music production company, holding a major part in showing that we are leading with respect to the global pioneers.

With the Fourth Industrial Revolution or Industry 4.0, India has witnessed tremendous growth in the technology sector with advances like artificial intelligence (AI), IoT, 5G technology, robotics, autonomous mobility, quantum computing, and nanotechnology, among others.

For India, Industry 4.0 opens new avenues to catapult several stages of innovation, moving forward on its journey towards becoming a developed economy far ahead of its peers. From various perspectives, this shift will be a great leveler.

Technologies being developed in India will be the major contributor to drive the growth of economy and commerce across the world.

Contributing more to this growth is the launch and explosion of cheap data sets in India–JIO. The launch of JIO in India will always be regarded as the source from which the Fourth (and subsequently, the Fifth) Revolution sprung.

Also read: 5 advantages of starting your business in India

Inexpensive internet services and an upsurge in native device manufacturers have ensured that individuals all over the nation have access to extraordinary digital infrastructure, resulting in a boundless economic growth.

Another major contributor to India’s growth is the advances in space technology, including ISRO’s incessant presence in the news with the successful launch of Chandrayaan and Mangalyaan.

Best of all, it isn’t just ISRO but even Indian commerce, for example, UFLEX which makes films for ISRO, that have profited by the technological strides that our country has rapidly taken.

In the previous decade, advances in cloud, analytics, and digital space had disrupted IT operations, business models, and markets. Even though these technologies are not the current trend, clearly they have shaped the world that we live in today.

It is in this space the world will now turn and look to India to lead the path, as innovation turns into the substratum for the superstructure that will be global growth, in the future.

Investments and innovation drive digital growth

With support from government and legislative bodies, domestic and foreign investments can assist India to launch as the next global innovator. As far as foreign investment is considered, respondents believe that India’s impact is set to surge.

In a recent survey by law firm Baker McKenzie, commentators highlight the positivity about India’s ability to keep up financial growth and development.

Also Read: China still rules, but will India emulate as a top tech frontier?

With the escalating US-China trade tensions, India is ostensibly turning into an increasingly attractive alternative. Also, increasing the talented workforce could place India in a good position to contend with China for global dominance.

While investors far and wide have previously been reluctant about putting resources in Indian organisations because the nation was ranked as high risk, India is currently home to a young, vibrant startup landscape, with having received more than US$33.4 billion in funding through foreign direct investment.

Domestic investment, on the other hand, is also on the rise, as Indian organizations see through the opportunities presented by the nation’s exponential digital shift.

Looking ahead

Throughout the years, India has figured out how to overcome different complexities, including the lack of proper infrastructure, weak financial conditions, and inadequacies within the system, along with social and cultural hindrances.

India has the settings and tools necessary to be in the leading position on the global technology stage, however, it needs to conquer a few adversities in order to come to its full potential. Creating the right regulatory infrastructure and financial support from foreign investors together with offering customised training programs and increasing the talented workforce would drive successful digital growth. The path to being a global pioneer in the innovation and technology space is not forthright, not without tough competition from rivals, but India is headed to becoming a real contender.

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Malaysian tech startup StoreHub has raised US$8.9 million in a Series A+ funding round led by its existing investor Vertex Ventures Southeast Asia and India, with participation from Accord Ventures and a private family office. 

The company had previously raised US$5.1 million in its Series A round, bringing its total raised funding to US$14 million.

The newly added capital will be used to support “aggressive growth and expansion” within Southeast Asia’s growing e-commerce industry.

Co-founder of StoreHub, Wai Hong Fong, believes that e-commerce will continue to grow in the future, as the region experiences a shift driven primarily by technology. 

“As consumers now all have smartphones in their hands, they are becoming more informed and have expectations of delivery times and service standards. What we’re seeing is that the businesses that are thriving are embracing technology to automate the management and growth of their stores, while those that don’t are struggling to cope with the drastic changes in consumer behaviour,” he asserts.

Also Read: Malaysian startup StoreHub raises US$850K to enable retail management via iPad

StoreHub is a cloud-based platform which enables restaurants and retail entrepreneurs across Southeast Asia to “automate the growth of their revenue and customer base”, thus helping clients to improve the efficiency of their operating system. 

According to the co-founders, the company did not start off as an operating system and was first a tablet-based POS provider. However, now the startup has grown from 3,000 to over 13,000 stores in Southeast Asia, with transactional growth from US$269 million to US$1.2 billion to date.

“Investors really liked our strong unit economics and recurring revenue model which are key to our sustainable growth and ability to reach profitability very quickly when we want to,” said Wai Hong Fong.

Their prime investor Vertex Ventures believes that StoreHub can become a major player in SEA’s e-commerce and retail market. 

“Their rapidly growing user base and high retention rate are strong indicators of the value in StoreHub’s platform. We’re excited to work with StoreHub to help businesses level up and stay relevant in this digital economy age,” said Chua Joo Hock, Managing Partner at Vertex Ventures SEA & India.

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Image Credit:  StoreHub

 

 

 

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Jakarta-based developer school Hacktiv8 today announced that it has raised a US$3 Million Pre-A series round led by East Ventures with participation from Sovereign’s Capital, SMDV, Skystar Capital, Convergence Ventures, RMKB Ventures, Prasetia, and Everhaus.

Hacktiv8 plans to use this newly acquired funds to build more schools and offer what they dubbed as the first Income Share Agreement (ISA) programme in Indonesia, an alternative to traditional student loans.

An ISA contract allows students to raise the money they need to pay for their education in exchange for a percentage of their future post-graduation income. ISA provides a unique “profit-sharing” approach that aligns institutions with getting their graduates hired.

With ISA, students are allowed to pay back money if they earn over a certain amount, and those who are successful will never pay back more than a capped limit. This means that the incentives are aligned between the student and the institution.

“If our graduates get a well-paying job, we will earn a good return on our investment,” said Ronald Ishak, CEO of Hacktiv8.

Also Read: Facebook launches “hangout spot” for startup, developer communities in Jakarta

Started in 2016 by co-founders Ronald Ishak and Riza Fahmi, Hacktiv8 provides a solution to turn absolute beginners into job-ready web developers in 12 intensive weeks.

As both experienced frustrations of developer poaching practice that is rampant among tech companies at that time, Ishak and Fahmi came up with the programme that helps students learn JavaScript, Node.js, Vue.js, and Facebook’s React framework through hundreds of hands-on lab exercises.

Hacktiv8 offers a “Bootcamp” model that lets students spend upwards of 10 to 12-hour days, five to six days a week, for 12-18 weeks. This model is claimed to enable only the best participants to graduate from the programme.

It claims to have close to 8,000 applicants, but only “a portion” is able to be admitted as they put forward quality.

The company also notes that on average, job-seeking graduates at Hacktiv8 are commonly offered multiple jobs offers with an average salary of IDR11 million (US$900) gross within two to three weeks after graduating.

It also stated that graduates with honours distinctions are commonly hired within days of completing the programme, as corroborated through CIRR, an international student-outcomes reporting group that audits outcomes of code-schools globally, in which Hacktiv8 is the first participating school in Asia.

Also Read: Alibaba, Facebook co-founders back East Ventures’s new US$75M fund focused on Indonesia

Hacktiv8 works with 250 hiring partners who have signed agreements to employ its graduates, as well as participate in a curriculum advisory board to help keep Hacktiv8’s curriculum relevant and up to date. Hiring partners include Tokopedia, Gojek, Bukalapak, Midtrans, Payfazz, Xendit, and KoinWorks.

For scholarships, the company partners with big corporations such as CIMB Niaga, Hana Bank, and Siloam.

According to a survey by McKinsey in 2018, 15 from 20 Indonesia tech company executives reported struggling in hiring local tech talent, while 10 of them having trouble retaining local tech talent.

Google and Temasek projected there will be around 200,000 skilled professionals employed in Southeast Asia’s internet economy by 2025. Currently, this gap is still filled by senior professionals from banks, retailers, and global technology companies.

Willson Cuaca, Managing Partner of East Ventures explained​, “Indonesia is one of the countries with a low number of engineers per million population. Not only because Indonesia has a large population, but Indonesia produces a small number of STEM-related programme graduates.”

“To fill the talent gap of Indonesia’s digital economy, developer bootcamp such as Hacktiv8 is a quick solution that addresses the problem and works closely with all industry players for the placement,” Cuaca continued.

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Image Credit: Hacktiv8

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Motivated employees can do a lot for a business. For example, employees are often more engaged with their workplace when motivated, and that can result in better productivity.

On the other hand, unmotivated employees can result in lost productivity, which may impact profits. Therefore, increasing employee engagement has been a target for many companies looking to boost profits –a move that has become even more relevant in Southeast Asian startup ecosystem today. Thankfully, there are some things companies can do to increase motivation through employee engagement.

Check out these six tips to get started. 

Seminar

Bringing in a speaker can be a great way to improve employee morale. Many people like when their employers bring in keynote speakers that help them learn a new skill, provide entertainment or supply motivation.

Speakers can be easily integrated into company gatherings such as product launches, company update events, and annual conferences. Plus, they provide a new perspective that may help employees refresh their perspective. When an employee returns to work refreshed, they may see an uptick in their productivity. 

Also Read: Want insanely motivated employees? Get rid of these 3 common myths

Encourage employee communication 

Improving communication between employees can result in a more pleasant workplace. Efficient communication helps employee operations run more smoothly, which can have a positive impact on productivity levels.

When things run smoothly in the workplace, there is less conflict, so everyone can focus better on the tasks at hand. Then, if a conflict does arise, employees may be better equipped to handle the problem because there are used to talking with each other to solve problems.  

Establish an open-door policy

Developing trust between managers and employees can create a motivating environment. Maintaining an open-door policy is often used to build that trust.

An open-door policy basically states that the manager’s door is open to any employee who wants to talk. Sometimes, the policy is used as a substitute for a grievance system, but it can be much more than that. It can help solve problems and create bonds that prevent employee turnover.

There may even be fewer grievances to report because overall communication is more frequent and honest. 

Positive vibes

Managers who recognise when employees are successful can result in better production in the workplace. It is common for employees to receive evaluations about their work, but performance feedback that is only centred around what can be improved may be perceived as negative by some employees.

However, if they are also recognised for excelling, it can help frame the constructive criticism in a more positive way. Also, try to learn whether an employee prefers to receive positive feedback one-on-one or in a team meeting. 

Also Read: 7 effective ways to motivate employees

Consider work-life balance

Most employees don’t live to work, they work to live. Employers should understand that work-life balance is important to their employees because it has a role in the overall quality of life.

How much time they spend at work, travelling to work or working off the clock can impact things such as how much time they can spend with family, their sleep habits or their immune system. Offering flexible scheduling may be a good way to help employees create a balance for themselves. 

Create incentives

Another thing employers might consider is creating incentives for their employees. Wages are a good place to start, but incentives like upward mobility, stock options or retirement plans can motivate employees to stay with the company longer and be more productive on the job.

Additional incentives can include sales percentages, continuing education or wage bonuses. Many of these incentives are the ways some of the world’s top companies maintain productivity and profits. 

When boiled down to the basics, motivating employees means it is possible to improve productivity. What is more, better production can result in more revenue. It is important to note, though, that employees must be in a positive work environment to be motivated in the first place.

Communication, compassion, and incentives go a long way in building a good company culture where employees and management can grow together. Using these tips may help create that environment. 

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Nimest aims to bring the world closer and erase time differences. Using an app available in their cellphone, the traveller will be able to talk and interact with historical characters. As they walk through their destination, they’ll be invited to learn more about the destination! This will be made by mixing one of the ancient forms (storytelling, which is the foundation of mankind) and the most advanced tools in our time such as 3D and augmented reality.

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This article was first published on nfinitiv.

Image Credit: Sunyu Kim on Unsplash

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