“Your usual?” the barista asks, as the two customers who have just entered whip out their smartphones to scan the cafe’s QR code using New Zealand’s Ministry of Health contact tracing app.

“Yes, and a to-go order for those back in the office. We’re celebrating! We just completed the launch of Comet’s new Disk Image backup software,” shares Joshua Flores.

“Good on ya mate!” Except for the cautionary yellow and black government-designed signage reminding people to wash hands, stand two meters apart and stay home if they feel sick, the scene is reminiscent of pre-pandemic normality.

Police officers and tech entrepreneurs alike grab a quick morning coffee and a scone before heading back to the office.

New Zealand, and countries like it who have taken decisive action on COVID-19, have seen business resume and a reversal in workforce trends as talent repatriates from other countries, flocking to the desirability of a lower risk place to live.

Before 2020, many highly skilled Kiwis sought employment abroad to earn a higher income. Since March 14, more than 77,000 New Zealanders have returned home.  “We’ve seen an increase in the number of experienced Kiwis returning from overseas recently, plus skilled migrants of other nationalities who see New Zealand as a safe haven,” confirms Neil Hamilton, General Manager at Canterbury Tech, an alliance which represents some of New Zealand’s most innovative companies and successful entrepreneurs.

“Some of these people are choosing to run their own tech companies. We have great infrastructure, a thriving local tech community, and a fantastic lifestyle — why wouldn’t they want to live and work here?!” says Hamilton.

While tech hubs, and business at large, in other countries confront the challenges that come with working remotely, New Zealand’s tech sector, by contrast, is poised for growth. “New Zealand is definitely experiencing a marked degree of increased interest from international investors who are noticing that the New Zealand startup ecosystem is at the start of its trajectory upwards, that our government is committed to driving innovation-led growth, and that our startup valuations are more robust than in many other countries.

Given that many of those startups are tech-based, this new money for growth means that our tech sector is humming in our COVID-19 recovery period while many others are not,” notes Marian Johnson, head of the Ministry of Awesome, an accelerator for entrepreneurs and startups.

“Many companies have been shifting gears, pivoting directions, even developing entirely new products or commercial models. Many of the ideas will help in the current crisis situation as well as when we all make it through to the other side,” writes Mitchell Pham, who leads the government’s Digital Council for Aotearoa New Zealand.

Also Read: Need of the hour: How can startups be crisis-proof?

An example of this is Christchurch-headquartered Comet Backup who recently held a major product launch. “With many businesses transitioning to flexible working environments, there is increasing demand for total system protection to ensure business continuity and minimal downtime.”

“Rather than slowing down, we accelerated our development roadmap to deliver the capabilities needed given the current climate,” says Joshua Flores, General Manager at Comet Backup.

The software development company debuted its new Disk Image functionality during its launch webinar to an audience spread across more than 30 countries. “We’re confident this new capability will allow our clients to easily protect their customers from disaster while providing the full recovery options needed for everyday business operation,” says Mason Giles, Chief Technology Officer at Comet Backup.

“This equips IT professionals with a modern, robust backup platform to ensure the protection of their customers. It also gives our managed service provider (MSP) clients a new tool to sell to their customers, helping their businesses to increase revenues during this period of economic instability.”

In June, when other industries were facing layoffs and hiring freezes, Comet Backup grew its team. Tech hiring is an important segment of the economy to watch because “each new tech sector job creates five new jobs in other sectors,” according to NZTech’s Digital National Report.

Also Read: Adapt to survive: Why Singapore and the world need to reinvent the old order

“The accelerated drift towards doing business digitally is real — and New Zealand tech companies are well placed to take advantage of this,” observes Hamilton. “COVID-19 has further reduced the tyranny of distance. It doesn’t matter whether customers are in New York, Shanghai, Sydney, or London — they are looking for solutions to real problems. We have many smart and skilled companies focused on providing solutions to these challenges and expect our tech sector to grow significantly in the coming years.”

As the world continues to respond to the international health crisis, New Zealand can take advantage of being one of the most digital countries in the world. According to NZTech’s COVID-19 study, despite the devastating global pandemic, the tech sector is continuing to create growth in employment and exports for New Zealand.

The country’s resilient technology, creative and digital sectors are not only weathering the global economic turmoil well, but they are also shining a light on a future for New Zealand.

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Indonesian ride-hailing giant gojek has acquired a majority stake in Vietnamese payments startup WePay, as per a DealStreetAsia report.

The size of the deal remain undisclosed.

Also Read: Going big? Then Go e27 Pro.

According to the report, the acquisition will help gojek in securing an e-wallet license to operate in the region.

When contacted by e27, a gojek spokesperson said: “We are always looking for opportunities to partner with innovative Vietnamese businesses as a means to enhance experience for users,”

As per the DealStreetAsia report, following the deal, WePay has switched its headquarters from Thanh Xuan district to Cau Giay district, where the gojek office is located.

Subsequently, gojek Vietnam’s Manager Phung Tuan Duc has been appointed as CEO of WePay.

WePay is an online payments services provider, which claims to have a partnership with 24 local banks, 1,000 merchants and four international card issuers.

After the launch of its subsidiary GoViet’s in 2018, gojek has established a substantial presence in the region across a range of verticals, including motorbike-hailing (GoBike), food delivery (GoFood), and general delivery (GoSend).

After its recent funding from Facebook and PayPal, gojek has been focusing on supporting the growth of the digital economy in Southeast Asia, particularly in payments and financial services.

Its recent acquisitions include Coins.ph, Moka, Kartuku, Pluang, Midtrans and PonselPay.

Also Read: Bloomberg: gojek raises US$1.2B to support competition against Grab

In Vietnam, although cash on delivery has been the most popular mode of purchase, the trend is shifting thanks to COVID-19. Since the onset of the pandemic, digital payments have been evolving rapidly and a culture of contactless payments is evolving.

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Image Credit: Unsplash

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Evo, a 5-month-old social commerce startup based in Singapore, announced today the closing of a “seven-digit” seed funding from Hong Kong-based investment holding company Bonjour Holdings, Taiwanese startup accelerator SparkLabs, and Singapore-based VC firm Farquhar Venture Capital.

Clement Chen (Chairman of Bonjour), David Lee (Board Member at Maybank Singapore and former President for Visa Asia Pacific), and Chew Kok Seng (Director at Visa Asia Pacific) also participated in the round.

Also Read: A look at the future of social commerce

The money will be primarily used to double down on product development and engineering, it said in a press release.

Evo was founded in April 2020 by three former employees of Grab — Roy Ang (CEO), Minghao Teoh (COO), and Amos Goh (Product Lead). The trio has extensive experience in building and launching merchant and payment solutions.

The startup has launched a beta version of its social commerce solution that will help influencers and live-streamers to optimise their back-office operations, allowing them to sell more products and scale more quickly.

For merchant and brands looking to engage influencers, the solution will act as a marketing and sales channel.

Currently, Evo is testing its product with marquee live-streamers such as artiste Marcus Chin, as well as Mdada.live, a community run by celebrity hairstylist Addy Lee with artistes Michelle Chia and Pornsak Prajakwit.

Also Read: E-commerce trends: What to expect in 2020

Evo has also onboarded Bonjour and Suki Group as its initial customers.

“We believe that social commerce is the natural evolution of e-commerce in Southeast Asia, where savvy customers are seeking social validation before purchasing,” said CEO Ang.

“The COVID-19 pandemic has also fundamentally changed how consumers make purchases. We saw how the social commerce boom rapidly gave rise to a multi-billion dollar market in China and we think we are headed in that direction. We have received good validation from our beta tests,” he added.

Ang further disclosed that Evo is raising its Series A round within the next six months to scale product development and operations, and expand to two other markets in the region.

“The (Evo) team has immense experience in building and launching merchant and payments solutions at scale within Southeast Asia. This strategic investment fits into our plans as Bonjour Holdings looks to expand into the region,” Chen of Bonjour said.

About the founding team

Prior to starting Evo, Ang worked as Head of Commercial and Operations at Grab Financial Group. As one of the first business development hires for GrabPay, he helped build Grab’s payment infrastructure for the transportation business and launched GrabPay operations in six Southeast Asian markets. He had also worked as General Manager at e27 from 2015-2016.

Also Read: The reality of influencer marketing in the age of digital content

Teoh was previously the Regional Business Development Lead at Grab Financial Group. Prior to that, he was the Head of Business Development for several teams in his seven-year stint at TechInAsia.

Goh helped launch several products at GrabPay, including online acceptance, merchant funded promotions, QR code adoption, among others. Previously, he had stints at several technology companies such as Seedly, Uber, and e27.

The VP of Technology, Leong Kui Lim, has built products and led engineering teams at prominent companies like SP Group, Grab, PayPal, and Yahoo over the past two decades.
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Image Credit: Evo

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Singapore-headquartered Beacon Fund has announced the launch of a new fund with an initial target of US$50 million, which aims to invest in female entrepreneurs based in Southeast Asia’s emerging markets, such as Vietnam.

The firm, founded recently by Shuyin Tang and Lee Fitzgerald (both Partners at Patamar Capital) has already raised approximately 25 per cent of the target.

Beacon’s initial focus will be on debt products, which, it says, tend to be a better fit for the moderate-growth, cash-flow positive businesses that the fund targets.

Also Read: Singapore becomes the base of female corporate executives angel network she1K

The investment sizes range from US$500,000 to US$2 million with the potential to go smaller if the businesses contribute to COVID-19 recovery efforts.

Beacon has developed a thesis around certain sectors which have a high concentration of businesses fitting its target profile — – for example agri-businesses, education, healthcare and services (marketing, design or HR).

The fund anticipates making its first investments before the end of the year.

Beacon will use an evergreen structure — rather than the ‘typical’ 10-year closed-ended fund — to better align with Beacon’s long-term vision and commitment to supporting female entrepreneurs.

Beacon has received support from many like-minded partners, including ‘Investing in Women’, an initiative of the Australian Government; and USAID INVEST, an initiative that mobilises private sector capital for better development results.

The firm identifies a significant opportunity among the “missing middle” of firms, which do not fit the traditional venture capital/private equity models.

“There is a vast underserved segment of businesses whose growth profile does not match with the expectations of VC/PE, but are creating considerable value for their customers and stakeholders. In fact, these SMEs are the backbone of the economy in Southeast Asia,” said Beacon Co-founder and CEO Shuyin Tang.

“Many of these businesses have grown organically and demonstrated solid cash flows over time. We saw this was a common growth trajectory for female entrepreneurs in particular. The Beacon Fund is focused on meeting the financing needs of these types of businesses, and beyond that, creating a community celebrating alternative models of entrepreneurial and investing success,” Tang added.

Also Read: Our female founders matter, says the economy

Much like the companies it invests in, Beacon aims to generate steady cash-flows and long-term capital appreciation.

As part of the launch, Beacon started a ‘Request for SMEs’ campaign, with the goal of sharing more transparently with entrepreneurs the type of companies the fund is looking for.

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Image Credit: Beacon Fund

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Economies and markets across the world were struck fast and hard by the COVID pandemic, and its effects continue to ripple out. According to McKinsey, the GDPs of developed economies are estimated to decline by between 8 and 13 per cent by mid-2020. With the onset of various lockdown policies by governments scrambling to contain the virus’ spread, job losses continue to soar as businesses cut their workforces down in a bid to stay afloat. The International Labour Organisation (ILO) reported in April this year that more than 436 million enterprises were at “high risk” of serious disruption.

But what comes after, once the pandemic fades, and societies adjust to a new normal?

The pandemic is fast-tracking what has long been a trend for companies that are going digital. Out of necessity, companies are turning to digital solutions in order to continue conducting businesses in a safe, often segregated manner. Restaurants are adopting online ordering models, while e-commerce players are using social media to reach their customers beyond the brick-and-mortar space.

The pandemic has kicked off a worldwide work-from-home experiment: businesses are leaning on internal communications and collaboration software in order to protect workforces from the spread of the virus as well as bottom lines from erosion. It’s safe to say that over the next year or so, businesses will be put through the wringer as we navigate a world impacted by the COVID-19 pandemic.

However, if you’re running a company, you also have a unique opportunity to reexamine how you conduct your business, strengthen any exposed weak spots, and position yourself for the recovery. Here are several strategies you can take to build resilience into your business.

1. Bolster your talent pool

Well before the pandemic hit, companies across all industries were facing labour shortages especially with regards to high-skilled workers who are in high demand. The pandemic added fuel to the fire, highlighting the stark disparities between the goals of companies and the reality of their workforces’ abilities. The shift into mostly digital platforms has created a need for workers who are digitally-fluent, adaptable, and equipped with a keen sense of the potential and limitations of the technology available to them.

As government regulations continue to change at a rapid pace, the workers of a post-pandemic world need to be able to quickly and effectively shift not just where they work but also how they work. There is no longer any certainty as to what framework will survive in the future, so it is paramount that you ensure that your teams can withstand any unexpected upheavals if you want to achieve sustainability and longevity for your company.

Also read: A closer look at Zendesk: fostering better customer relationships for startups everywhere

Businesses can support the development of a stronger, more resilient team through structured programmes that build employees’ communications and collaboration skills in increasingly digital environments. Upskilling will be absolutely key to ensuring workers can keep pace with the evolution of workplace frameworks, so companies should also explore new and innovative ways to support the continuous learning of employees.

However, businesses should ensure these programmes are built specifically with the employees’ needs in mind, with an active feedback loop, in order to ensure organisation-wide buy-in and long-term sustainability.

2. Changing needs, changing ideas

Adaptability will be key in the coming years, and nowhere is it more necessary to instil adaptability than in a company’s resources.

It’s important to remember that the shifting economic landscape spells changes not just for companies; customers are also experiencing dramatic shifts in their needs, resources, and goals. The pandemic has essentially changed the game for the in-store experience, but that doesn’t mean that brick-and-mortar businesses have no other way through.

Instead, the situation offers companies a great opportunity to experiment with models for replicating the in-store experience for consumers through a digital medium. You can adapt your existing models to fit what consumers want in a digital interface, and by extension, without compromising anyone’s health and safety.

Whether we’re looking at an app-mediated food delivery service, an online e-commerce platform, or even a blending of the two, many businesses are now putting premium in digital infrastructures. Two Bird Brewery, an Australian business, recognised that their B2B keg production model was no longer necessary in a world where eating out has plateaued. Rather than trying to struggle through the pandemic with their old model, the owners shifted their sights onto the consumer market. Leveraging off Oracle’s NetSuite software, Two Bird Brewery built a robust e-commerce business on the backs of interesting new initiatives such as “drive-thru” style bottle-shop and newly packaged offerings for the everyday consumer.

This is just one of the many ways you can restructure your business model that fits today’s unique demands.

3. Digital everything

The global health crisis has exposed the fault lines in our working environments, particularly all the ways in which we have taken in-person experiences for granted.

Physical distancing became a flashpoint solution for curtailing the spread of the virus, though the policy has created particular problems for office-bound businesses everywhere. We saw huge numbers of workers beginning a worldwide work-from-home experiment which has highlighted not only our lack of preparedness to the sudden change, but also the need for robust software solutions necessary for conducting online collaboration. Teams working across various localities will need a reliable system that will enable them to communicate and work seamlessly while also supporting functions that used to take place in face-to-face settings.

Also read: Superfanz: Growing visibility for creators in the wake of COVID-19

This will be key for companies even after the virus subsides; when economies fully reopen, large swathes of workforces will trickle back into their offices, but a significant number also will not. Some companies, such as the Bank of Montreal, are already suggesting that flexible work-from-home policies may persist in the future. Businesses are exploring the potential of digital solutions that can bolster these new “office” frameworks, and in some cases, are pushing the boundaries of existing software.

Take for instance Oracle’s NetSuite ERP framework, a business management software that was already supporting large and small enterprises across multiple industries long before the pandemic hit. Many companies, such as the Filipino chain restaurant, Jollibee, implemented the NetSuite framework when it began the difficult shift from its legacy system onto a digital platform. The solution allowed them to consolidate information and communication across fragmented systems, while simultaneously supporting their aspirations for international growth.

With COVID-19 accelerating the need for businesses to adopt segregated working arrangements as work-from-home setups are encouraged across the globe, there is also an increased need for solutions such as NetSuite’s Cloud ERP to help organisations become agile.

4. Castles in the cloud

Cloud-based software has more or less become the standard in the business world of today, and not just for its convenience but also its relevance to the unique business demands today.

Teams working remotely need to be able to access the same information they would otherwise be able to easily obtain when in an office setting. Cloud platforms can offer huge benefits in this scenario by bringing together information and data from all across the organisation into a single platform, thus enabling more effective remote working capabilities.

Cloud software has many benefits, but also financial ones. By relying on cloud and digital information formats, businesses can dramatically cut down on IT costs, as well as speed up employees’ productivity by making information readily and easily accessible.

NetSuite’s cloud-based ERP supports fast and effective information sharing from just about any device you can imagine. The system makes data readily accessible and highly visible for teams of all sizes working remotely.

Not all cloud-based software are made the same though. Before you jump into the deep end of the pool, take stock of what the needs and capabilities of your company are and strategise. What options are available to you? Asking yourself what you do not need is just as important as asking what you do need. Does your business need a small- or large-scale cloud-based software? What parts of your business rely heavily on the cloud versus the parts that do not?

Asking yourself these questions will become crucial as you assess the needs of your organisation and plan for the future.

5. Cash is still king

Businesses that intend to survive the pandemic need a firm foundation of cash. In most respects, cash is still very much king.

Planning is key at this moment: take stock of what resources you have available to you, then determine what options are open, as well as any “what-if” scenarios that may occur. Managing your financial risk and vulnerability could help you identify what your most immediate priorities are. NetSuite’s ERP has in-built financial planning and management software that makes obtaining visibility of your current position as simple as a click of a button.

Also read: gojek acquires WePay to expand its e-wallet business into Vietnam: Report

And it’s not just about being careful about where your money is going; it’s about leveraging off valuable information about your finances in order to chart your next move. Systems built around traditional accounting solutions can result in manual reporting and increased risk of errors, bottlenecks and erroneous business decisions. The right information could spell the difference between the critical and non-critical decisions you need to make in order to secure your business, especially at a time when businesses are focused on cost-cutting rather than growth opportunities.

There’s no doubt that the future holds many challenges and uncertainty, but there are also upsides that you can explore. Businesses can use this time to take a hard look at their systems and processes, learn how to effectively adapt to change and embrace strategies & innovative solutions that enable them to not only survive but thrive. Digital solutions can be the key to ensuring that companies can continue to operate during this turbulent time, and when used correctly, can also usher in a new era of productivity and innovation, long after we have found a new normal.

Need to know more about software solutions?

To learn more on how your business can navigate through the changes brought by this uncertain time and position for recovery, sign up here and we’ll get back to you on the next steps.

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This article is produced by the e27 team, sponsored by 
Oracle NetSuite.

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