Plagued in the past by SARS, some of Asia’s top innovation capitals —-such as Singapore, Hong Kong, and Taiwan— have fought previous health battles, prompting governments and businesses to put in place stringent measures ensuring the continuation of business operations.

Lauded for their swift reaction to the current COVID-19 pandemic, governments have ensured companies remain running despite the ongoing disruption by enacting business continuity plans. With the current economic turmoil, it is increasingly imperative to know how to navigate through today’s uncertain economy.

From one entrepreneur to another, here are some tips that have proven to be successful in maintaining strong entrepreneurial prowess through unfavourable economic conditions.

People come first: Unity in the face of adversity

Now, more than ever, building stronger relationships with employees and business partners should take precedence over aggressive competitive behaviour. Strengthening ties with employees build a united team which is important in maintaining the efficiency and resilience of the business.

As employees are at the heart of the business operations, ensuring their positive wellbeing and boosting morale amidst the grim economic outlook can be the fuel that keeps the business running smoothly. Yet, with the uncertain impact of the virus and indefinite working structures, employees may struggle with anxiety and lack of motivation, aggravating what is already a sluggish output.

As such, creating unity through virtual social gatherings or checking in with one another when working from home can relieve the added pressures on the business.

Also Read: Leadership in times of crisis – how to lead efficiently when the pot is boiling

Besides stronger employee relations, building robust connections with other industry leaders is an opportunistic way of forming beneficial ties and potential business partnerships. While corporate events and trade shows are on halt, it does not necessarily mean that networking has to cease.

Instead, networking can evolve alongside the changing business environment by keeping it strictly virtual. Connecting with other industry professionals can keep you in the know of new trends, placing you and your business at the forefront of new innovations for when the economy recovers.

Stay curious -—this was how you became an entrepreneur in the first place

More often than not, most businesses are often preoccupied with the productivity and execution of work while the economy is healthy, giving little to no thought for reflecting and planning. When we are overwhelmed by speed and efficiency, our approach to solving a problem is often clouded by merely a solution-oriented approach which may not be the best and most effective formula in the long run.

However, with the slowed economy and free time on our hands, there is more opportunity to reflect on the triumphs and stumbles of the company and source for more innovative ways to improve the problem. Taking stock of what has been done thus far and how operations can be improved is a simple measure that goes a long way.

As entrepreneurs, we have already learned the importance of being nimble and resourceful and today’s uncertainty will put what we have learned to the test, challenging us to rethink our business decisions and innovate further. Besides, curiosity was the determining factor that launched businesses in hopes of improving services and resolving problems.

Minimising costs does not mean skimping on every penny

When it comes to minimising costs, most would choose to reduce expenditure by cutting production costs and possibly considering retrenchment. However, lowering costs does not have to always be at the expense of employee’s job security but could be at the betterment of the business through streamlining productivity and improving efficiency.

Also Read: SMU’s Protégé Ventures as a catalyst for entrepreneurial education

Additionally, keeping costs to a minimum can be done with the support of government stimulus packages which can give much needed monetary relief especially when the budget is tight. Currently, trillions will be pumped across various countries to bolster industries and sustain economies hit by the economic slowdown.

For a tiny nation, Singapore has already committed SG$59.9 billion (US$43 billion) to combat the pandemic and to curtail the economic impact on SMEs.

With the recently launched Jobs Support Scheme, the Singapore government has also made it a point to ensure job security and refrain employees from going on no-pay leaves or face retrenchment. Whereas Taiwan’s stimulus measures totals at over NT$1 trillion (US$34 billion) and Hong Kong’s initiative under the SME Financial Guarantee Scheme of HK$20 billion (US$2.5 billion) will support the operational burden for SMEs.

No doubt the developing pandemic is still marred with uncertainty and unknowns, however, adversities can build the strength and resilience of businesses, positively challenging entrepreneurs to broaden horizons and grow an innovative entrepreneurial spark with the resistance to weather through any storm.

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For decades, Taiwan has been synonymous with hardware, being home to computer brands like MSI and Asus or chipmakers like TSMC and Foxconn.

In the past few years, however, there has been a strong push to pivot Taiwanese tech players towards software, using the country’s strong hardware base and tech-savvy 23.5 million population as a jumping point.

In addition to having some of the savviest consumers in the globe when it comes to smartphone use and Internet access, almost half of online transactions are done on mobile now. This is set to hit 61% in just two years.

Due to the country’s hardware background, Taiwanese citizens have often been the first adopters of key technologies — making the local population a hotbed for innovation and disruption where new startups and ideas flourish.

Add to that the fastest broadband speed in the world at 85.02Mbps and ranking within the top-20 in the world in terms of intellectual property protection, its local startups have a solid pool of resources to access in their quest to grow.

Working in tandem

Over the last decade, there has been a concerted effort across both the public and private sectors to encourage Taiwanese technopreneurs to not just innovate in their own market but also tap the 1.2 billion China consumer market, with an eye on global reach.

In 2015, Alibaba set aside TWD 10 billion (US$332 million) for its Taiwan Entrepreneurs Fund to help local startups crack the China market and grow the nascent tech community.

In 2017, the Taiwanese government earmarked a US$3.3 billion startup fund, tax credits, and new laws to build a tech talent pipeline. A new fintech sandbox law was approved the same year to help technopreneurs test ideas with the typically strictly-regulated financial sector.

On artificial intelligence and the Internet of Things, the government again led the way with a Government Information Open Platform which allows anyone — including AI and IoT players in Taiwan — to access government data across 27,000 categories.

Tech giants like Amazon, Microsoft, IBM, and Google quickly followed suit. All set up AI or IoT development centres in Taipei, while Google announced a plan to train 5,000 Taiwanese students in AI programming in 2018.

Envisioning future Taiwan tech

Recognising that Taiwan’s small consumer market is only the stepping stone to global reach, in 2017, the Science & Technology Policy Research and Information Center (STPI) launched its Vision Programme to give high-potential tech startups a global boost.

Backed by Taiwan’s Ministry of Science and Technology, this year marks the 4th edition of the Vision Programme. For 2020, the global partner is 500 Startups, the most active early-stage investor in the world.

From a large pool of applicants that underwent a month-long intensive training under the programme, the number of tech teams in the 2020 cohort was narrowed down to 25. These startups moved forward to a four-day boot camp that happened in June.

Also read: STPI’s Vision Programme: Bridging Taiwan startups with the world

During the bootcamp, these 25 teams immersed in a sophisticated learning model headed by eight mentors, six guest speakers, and underwent eight workshops where they were exposed to practical training and mentorship sessions on pitch deck structure, storytelling, and shifts in the entrepreneurial mindset, among many others.

This year’s cohort runs the gamut of industries from social enterprises to dental tech, proving that Taiwanese innovation remains at the forefront, even when it comes to software.

Health tech to the forefront

Given the increase in global consumer spending and aging populations, healthtech is well represented in the 2020 Vision Programme cohort.

SingularWings Medical offers real-time telehealth care, backed by AI and machine learning technologies. Utilising hardware such as straps, patches and smart clothing, SingularWings allows clients to remotely monitor patients.

General manager David Lee said, “Our tech can be applied even outside the healthcare sector. We see the Vision Programme as an avenue towards creating strategic partnerships with channel partners, distributors, and agents that have a better understanding of Southeast Asian markets.”

Meanwhile, Dent X combines both hardware and software solutions to improve the dental x-ray process in terms of patient comfort and imaging accuracy for diagnosis. The company is in the midst of clinical trials and filing for patents.

Due to the highly-regulated nature and complexity of individual countries’ dental healthcare systems, Dent X is looking to connect with life sciences institutes, the U.S. Food and Drug Administration (FDA) and other members of the dental community.

Social, environmental concerns

Rising awareness among consumers of both social and environmental concerns have led to more scrutiny in product labelling and more accountability demanded from producers. Several cohort members of the 2020 Vision Programme have sought to embrace this change.

Social enterprise Impct started off with a B2B model that sold socially and environmentally-conscious food products to offices and then reinvesting the proceeds in social causes.

As customers have become more aware of the products they buy, Impact is developing a B2C approach and looked to Vision Programme to raise its fundraising profile, said chief operating officer Jessi Fu.

Another member of the 2020 cohort is Kiwi New Energy, which allows individual consumers to directly purchase “green” electricity with a single click on its app.

Backed by blockchain technology and AI analysis as well as hardware to monitor solar panel productivity, Kiwi digresses from the traditional model of centralised electricity supply.

Helping traditional sectors innovate

One startup is helping Taiwan’s entrenched manufacturing sector embrace digital transformation and Industry 4.0. GoodLinker’s cloud-based technology utilises sensors to integrate machinery and increase productivity on the factory floor without large infrastructure spending.

“Through the Vision Programme, we are looking for channel partners that can guide us in our expansion strategies, and to better understand ecosystems outside of Taiwan,” said business development manager Bruce King.

Another cohort member is Turing Chain, which utilises blockchain to verify and validate certificates and resumes.The company is creating a centralised database where individuals’ certifications are consolidated.

Founder Jeff Hu said, “We aim to bring in more stakeholders into our ecosystem, including educational institutions, professional certifying bodies, as well as recruiters of organisations.”

From the 25 teams that participated in the June bootcamp, STPI will select 10 finalists. Of these, five will head to Singapore to work with e27, while the other five will fly to Silicon Valley to gain more global exposure to the tech ecosystem.

In addition to tapping STPI’s vast linkages with educational institutions, investors, and advisors within Taiwan, the Vision Programme cohort members also gain key entrepreneurial skills that can translate their businesses and scale their tech for a global audience.

In turn, the success of these tech teams will hopefully breed a more vibrant tech ecosystem in Taiwan and encourage more Taiwanese youth to join the local tech talent pipeline as the country’s software pivot continues.

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This article is produced by the e27 team, sponsored by 
STPI.

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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After letting go of numerous employees in April, Indonesian travel-tech giant Traveloka has confirmed to have raised US$250 million in a new funding round from a host of investors, including East Ventures.

The confirmation comes three weeks after Bloomberg reported that the Indonesian firm was in advanced talks with investors, including Siam Commercial Bank, FWD Group, GIC, and East Ventures, to raise US$250 million at about US$2.75 billion valuation — roughly 17 per cent less than its most recent fundraising.

The new capital is expected to further strengthen the Indonesian firm’s  balance sheet and boost its efforts to deepen its offerings in select priority areas, Traveloka said in a statement.

The plans will include building a more robust and integrated travel & lifestyle portfolio in key markets, as well as expanding its financial services solutions to better support ecosystem partners.

Ferry Unardi, Co-founder and CEO of Traveloka said in a statement: “I am happy to share that on the business front, we are seeing encouraging recovery across all of our key markets. Our business in Vietnam is approaching steady pre-COVID-19 levels and Thailand business is on its way to surpassing 50 per cent.”

“Indonesia and Malaysia are still in the early stage, but they continue to demonstrate promising momentum with strong week-to-week improvement, especially in accommodation with the emergence of shorter distance staycation behaviour. We acknowledge that the sector may go through further turbulence as it navigates new waves, but we feel we are prepared to take on the challenge and emerge on the right side of it,” he added.

Also Read: Innovate and go: How Traveloka revamps its services to comply with changing travel behaviour 

According to the company, the COVID-19 crisis has put the travel sector in an unprecedented challenging state. Since the pandemic broke, the restrictions on travel and many other activities to curb the spread of the virus around the globe inevitably created a potent combination of stricken demand and travel disruption.

Traveloka also witnessed a historic drop in business activity to levels never seen before. Its partners across transport, accommodation, activities, and dining also experienced significant disruption to their business — there was feeble demand for transportation with the contrasting escalation of refund requests; hotels saw the lowest occupancy ever; several domestic and regional activities and dining partners chose to shut their doors temporarily due to high uncertainty.

“Without a doubt, Traveloka has been profoundly affected by the COVID-19 pandemic. We have experienced the lowest business rate that we have ever seen since our inception. However, we always believed that the company will prevail by rapidly adjusting our strategy, working with our industry and ecosystem partners, as well as continuing to innovate for our users, our ultimate focus,” Unardi added.

Traveloka has reportedly implemented necessary business optimisation measures to conserve capital and refocused its effort to prepare for effective action in the new normal.

For example, in Indonesia, Thailand and Vietnam, the firm has seen a resurgence of domestic, short-distance travel and activities bookings as the population learn to live responsibly with the pandemic.

Also Read: KiotViet gets US$6M Series A funding from Jungle Ventures, Traveloka, eyeing expansion

In an interview with e27, Andhini Putri, Head of Marketing, Transport, Traveloka says that despite the impact caused by the virus, it is always important to identify customer pain points and try to solve them.

Domestic travel in Indonesia has already resumed and the company’s goal is to seize this opportunity even further –by providing ease and convenience of access to the mandatory travel requirements set by the government.

Some initiatives launched to cater to shifting demands included COVID-19 test bundle with flights, a flexible open-dated voucher for hotels in Buy Now Stay Later, and Traveloka Clean campaign, allowing users additional peace of mind when booking via Traveloka.

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E-commerce tops VC investments in SEA in Q2

The story: Southeast Asia has seen an increase in startup investments in the Q2 2020 despite COVID-19, which has mainly been led by e-commerce and fintech companies, according to Vietnam Plus.

Also Read: Meet the first batch of e27 Pro Perks partners

The rise is attributed to the pandemic which is causing consumer habits to shift and causing some sectors to potentially benefit.

Industry breakdown: E-commerce emerged at the top raising US$691M in total, followed by logistics (US$360M) and fintech (US$496M).

Top startup fundraises: Tokopedia  (US$500M), gojek (US$300M), Ninja Van (US$279M).

GreenPro makes strategic investment for 15% stake in Ata Plus

The story: Hong Kong-based investment company Green Pro has bought a 15 per cent stake in Malaysia’s equity crowdfunding platform Ata Plus.

The benefits: 

• By leveraging on GreenPro’s considerable regional financial assets and global presence, Ata Plus will be able to fast track its focus on becoming a regional fundraising platform (in the short-to-mid term) and a global one (in the longer term).
• The aim is to immediately create a ‘10+1’ market reach potential comprising the 10 member states in ASEAN plus China, where GreenPro has access via their Hong Kong presence.
• This strategic acquisition also enables Ata Plus to utilise the digital assets and technology recently acquired by GreenPro via their investment in First Bullion Holdings, Philippines.

Swiggy cuts 350 more staff

The story: India’s food delivery unicorn company Swiggy has said that it is laying off 350 executives as part of its restructuring exercise, according to Entrackr.

The company has said that all of the laid-off employees will receive at least three months of salary along with health insurance and accelerated stock vesting until December.

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Image Credit: Unsplash

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Before 2019 ended, the global events industry was expected to reach US$2,330 billion by 2026. Companies like PouchNATION seem to be looking at continuous growth for the next half a decade at least.

PouchNATION has successfully sold millions of wearables across different industries in events like conferences, concerts, festivals, sports events, and more. With six physical offices across Southeast Asia, the company has successfully established itself as the market leader in the space.

Then the pandemic happened.

Events started to cancel — first, one by one, then seemingly all at once. Huge losses were seen, and the future of the industry turned somewhat hazy.

It was either sink or swim.

For PouchNATION, it was a swim and step up. They have recently launched their latest project that integrated a Body Temperature Sensor into their wearable technology to allow all businesses and households to do health screening checks.

Launched as PouchPASS, the vision for this project is to promote a safe and healthy environment both at home and at business locations powered by the latest state of the art contactless IoT technology.

In an email correspondence with PouchNATION CEO, Ilya Kravtsov, he talked about this exciting new milestone, why the company saw a pivot in the health tech space, and the company’s decision to explore opportunities with e27 Pro.

The birth of PouchPASS

PouchNATION has always been at the forefront of new guest technologies. RFID enabled cashless payments, geolocation, ticketing, POS development — all these are part of the company’s suite of traditional tech tools that provide detailed analytics and patron behaviour reports.

“Over a 5-year period, we have launched and built our business to be Southeast Asia’s leader in wearable technologies for mass participation events and venues. We were handling hundreds of events every year and our technology was managing millions of guests across the region, providing insights to consumer behaviour, ticketing, and crowd management,” explained Kravstov, highlighting PouchNation’s extensive experience in crowd management technology over the past few years.

“Then all of a sudden, COVID-19 happened — the largest event of our lifetime,” Kravtsov said, “understanding immediately the gravity of the situation, we decided to redirect our knowledge and resources to something that we knew would help in protecting lives and establishing the fundamentals for a better tomorrow. I am extremely proud of the result that the team managed to achieve in this short period of time.”

Also read: Event tech platform PouchNATION raises Series B round from Traveloka and SPH Ventures

The PouchPASS wearable technology utilises sensors to provide high-accuracy body temperature data every minute and, coupled with the PouchPASS application, allows the users to monitor body temperature continuously, remotely, and without interpersonal or physical contact.

All data synchronised real-time in the PouchPASS online dashboard are stored on the cloud and treated with extremely high privacy standards. They may only be viewed with the consent of the users. The PouchBAND is also comfortable to wear, dust and water-resistant, and requires no charging.

Using solutions of tomorrow to address the problems of today

For those who know PouchNation for its “can do” spirit, it is no surprise that they have now turned years of guest, organiser, venue, and event management experience into one brand new product — all with their hallmark data analytics, practical applications, and insights.

“The World Health Organisation studies completed in China and Europe indicate that 89.1% of the COVID-19 patients had fever as the major symptom, so adding a temperature monitor to our wristbands adds a layer of reassurance for guests and organisers alike when activity and businesses resume,” said Kravtsov.

He added, “the scenarios where this technology can be used are endless: sports, venues, events, factories, schools, hospitals, prisons, public transport, and so on. We also wanted to make sure this product would be available to the masses, so the price point has been a very important consideration for us in the launch of PouchPASS.”

Such initiatives in the health technology space are not only crucial in helping curb the spread of viruses and the ballooning of the COVID-19 pandemic, but it may also redefine our new normal. This is why it’s important to bolster and embolden access to these technologies and bring them as far and wide as possible.

The company also secured an experienced Board of Investors & Advisors with a background in selling electronic products globally in order to counter foreseeable challenges. Kravtsov explained that it is never easy to roll out a new product, especially globally. As such, he predicts that there will be challenges in logistics and distribution, but nothing that they believe the company is unable to overcome.

Taking PouchNation to a whole new level

With today’s precarious global market, bringing new products to consumers is quite a daunting task. In order to push initiatives like PouchPASS further and help benefit businesses and households that stand to gain from their contactless IoT technology, the company needs to supercharge its efforts with the right tools and insights.

Access to different networks of global investors, getting the latest news about the tech ecosystem, and gaining visibility for your business — these are only some of the necessary tools they need in order to penetrate markets on a larger scale.

Also read: Disaster Tech innovation is key in mitigating the impact of natural disasters


As such, among the series of exciting new developments in the company, PouchNation also recently signed up for an e27 Pro membership.

One of the key challenges they faced was meeting investors and partners at a time when opportunities are limited. Through e27 Pro’s Connect programme, they were able to meet as many investors and partners as possible in a short time without the need to go anywhere.

“I love the virtual investors matching, I had a lot of great calls all from my bedroom,” remarked Kravtsov.

With e27 Pro, PouchNATION was able to connect with numerous investors and build new business relationships, helping fuel their goal of bringing their new tech to the world.

With the goal of supporting businesses across the world transition to the new normal, PouchNation is more than ready to take on the challenges of today using the solutions of tomorrow.

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Disclosure: PouchNATION is a member of e27 Pro. Find out more about what e27 Pro here.

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