The interesting thing about leadership is that it’s often easier said than done. Many articles treat leadership like a to-do list, which if you simply check off all the key traits, you’ll be able to call yourself a great leader.

This might even work in situations when there is no risk or cost at hand, but the reality is, that a person’s leadership ability is often exhibited, and tested the most, at times of crisis.

That’s when a person’s real character and instincts are called upon to make the best of a trying situation. If you can be a strong leader through a crisis, you can be a strong leader through anything.

With the impact of COVID-19, leadership has been a reoccurring topic for many founders and CEOs. The global pandemic has forced many of us to examine, review and refine how we lead and what leadership truly looks like.

I always tell my team that there is a difference between leadership and management. They may look similar, but they each serve different needs and are equally important.

Harvard Business professor John Kotter describes the difference between leadership and management as the following:

• Management is about coping with complexity. Leadership is about coping with change.
• Management is planning and budgeting. Leadership is setting a direction.
• Management is organising and creating an organisational structure. Leadership is about aligning people.
• Management is about monitoring results and communicating a plan. Leadership is about motivating and inspiring people.

With many companies still recovering from the major pivots and changes resulting from COVID-19, strong leadership will be vital in the months to come, especially for startups that may be facing a number of uncertainties and unknowns.

Also Read: Adamo Digital CEO Kevin Nguyen on writing as an exercise of thought leadership

Even as a seasoned leader, COVID-19 tested my leadership skills. It forced PatSnap’s leadership team and I to make some big changes, often quickly and without the usual degree of confidence we like to operate with. Since the onset of the virus, we’ve made our European and North American workforces 100 per cent remote.

The decision wasn’t easy as there were many factors at play — agility of our staff, potential for drops in performance and overall employee morale. But in times of crisis, a leader needs to make decisions based on both the present circumstances and the future potential, and we knew going remote was our best bet for success.

I’m proud to say that this decision worked out for the better. The teams adapted extremely well, and we saw an increase in productivity from the teams in both regions.

We have since permanently amended our work-from-home policy to allow employees more flexibility in their work arrangements, as we believe that the future of work will be remote. By seamlessly integrating this into our business early on, we’re hoping to solidify our position as a leader in the industry.

Times of crisis often require a thorough review of your business strategy to determine if it can weather the storm. After an analysis of our business, myself and the senior team made the decision to pivot our business to a new model.

During Q2, we opened up our solutions and made them free to any company for a limited period. In doing this, we effectively shifted our business to a product-led growth model.

This pivot was one of the key reasons we were able to sustain sales in Q2 and build a healthy pipeline for Q3, but this decision was the result of intuitive leadership. I did not have any market research or data to support the notion that moving to a product-led growth strategy during a time of crisis would be successful, but I knew instinctually that doing this was the right thing to do.

Also Read: Compassionate leadership in a time of crisis

In the short term, it was about fulfilling our responsibility to helping companies innovate during a time of need. In the long term, it was about realising that our business wasn’t going to be the same post-COVID-19 and finding a new way to generate business was inevitable.

We’ve spent the last 14 years developing a strong group of connected innovation intelligence solutions and I knew that now was the best time to lead with our product and let potential customers see the benefits for themselves. Some might say it’s too risky to make such sharp pivots during a crisis, but often a crisis is the best opportunity to revamp, redesign and innovate your business.

Strong leadership is what makes all the difference between a well-intentioned effort that falls short of your goals, and a unanimously successful outcome for your business.

At the end of the day, leadership is really about embracing change, while withstanding a lot of uncertainty. Being a leader in crisis takes conviction, as you need to set a direction and give a team a clear vision to align to, and rally around.

It is both an art and a science to be able to do this, because sometimes it requires making decisions without data or certainty. Leading during COVID has taught me that there are times when data cannot tell you the full picture, and where you need to follow your gut instincts. To me, those moments are what define you as a leader, and help shape your leadership legacy. 

Use those moments to rise to the occasion and meet whatever personal limitations you’re facing head-on. Bravely examine all aspects of your business to determine what is working and what isn’t. Identify the elements that can be restructured, reworked or revamped without putting the entire business at jeopardy, be mindful of the future while planning for the present and increase your tolerance for making a decision without data.

These are the keys to surviving a crisis and pivoting under pressure while retaining a sense of assurance, grace and ease. If you understand how to hone your leadership in times of chaos, you will be able to double down on this skill in times of growth and abundance.

–

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

Join our e27 Telegram group, or like the e27 Facebook page

Image Credit: Brooke Lark on Unsplash

The post Why a crisis is the best time to hone your leadership skills appeared first on e27.

HealthMetrics, a healthcare and wellness management startup in Malaysia, has raised US$5 million in a Series A funding round, according to a press statement.

This round was led by ACA Investments, a global financial institution based in Japan.

Also Read: Is your startup in need of funding? Let the e27 Pro Fundraising Highlight do the trick!

The fresh funds will be invested to expand the company’s regional footprint across Southeast Asia, as well as for product development.

“We want to enhance our solutions to provide best-in-class user experience in health benefits whilst improving cost efficiency in corporate healthcare investments,” said Alvin Yuan, CEO of HealthMetrics.

HealthMetrics is a cloud-based solution that helps corporates simplify and manage the tedious manual paperwork related to employee healthcare plans by automating the entire process.

Through its platform, employers can implement benefits for their employees such as dental or vision care within seconds.

A free to use platform, HealthMetrics currently serves companies of all sizes, including public-listed companies, MNCs and small and medium enterprises.

Currently, the platform has over 3,000 healthcare partners throughout Malaysia and its clients include PwC, Family Mart, Star Media Group, Taylors Group, Mr DIY, Pullman Hotels, and KLK.

Also Read: The changing face of healthcare in a post-pandemic world

Healthcare is also one of the few sectors that is witnessing a boom during the ongoing global health crisis. Companies across the region are looking to provide employees with healthcare protection so that they can return to the workplace on time.

In order to support companies during this time, HealthMetrics is extending its offering to both outpatient and inpatient care benefits.

“As we look to expand across the region, we aim to provide companies and their employees with more well-rounded digital solutions which meet their current needs that have evolved since we founded our company five years ago,” Yuan added.

Also Read: HealthMetrics, the first Malaysian startup to join Google Launchpad, raises US$1M from Spiral Ventures, Cradle, RHL Ventures

In 2018, HealthMetrics raised seed capital from Spiral Ventures, Cradle and RHL Ventures.

–

Image Credit: HealthMetrics

The post HealthMetrics raises US$5M Series A to help corporates manage employees’ health, wellness better appeared first on e27.

The year 2019 was “favourable” for the startup ecosystem in Vietnam as it drew US$861 million of investment into 123 venture deals, more than double the number in 2018 (92 per cent YOY growth), according to a new report by Do Ventures.

However, as the COVID-19 pandemic affected businesses in various parts of the world at H1 2020, investment proceeds decreased by 22 per cent from US$284 million in the same period last year to US$222 million.

“This is anticipated as travel restrictions and uncertainties in global financial markets have been disrupting deal-making activities,” the report explains.

The report also noted that in H1 2020, the number of active investors was nearly the same as the previous year, but only a very limited number of new investors entered the Vietnam market as most early stage deals in 2020 have been conducted by local investors or foreign investors with personnel based in Vietnam.

” … While retail continued to dominate the funding amount, this period also witnessed the growth of capital invested in emerging industries such as employment (HR tech) and real estate (proptech). As our daily activities are becoming more touchless for the sake of public safety, we expect the wide adoption of solutions followed by a surge of funding in healthcare, grocery delivery, online education, and entertainment,” the report continues.

Also Read: Ecosystem Roundup: Bangkok Bank picks 1% stake in gojek; Grab in talks with AIA, Prudential for US$300-500M funding; Vietnam’s Do Ventures launches US$50M fund

To be precise, in H1 2020, retail continued to lead the funding amount with US$64 million. According to the report, this period also witnessed the growth in funding for emerging industries such as employment, real estate, and infrastructure.

“Plenty of dry powder is waiting to be deployed and many investors are looking for new disruptive businesses built upon the New Normal after COVID-19. Positive sentiments are recorded around the potential of healthcare, grocery delivery, online education, and entertainment. As a result, the surge of funding in the above-mentioned sectors in the remaining of 2020 is on the horizon,” it predicts.

What is next for Vietnam?

Based in Vietnam, Do Ventures is an early stage VC firm that invests in companies that are: B2C platforms that complement an effective ecosystem of services around young customers, and global-scaled B2B platforms that create synergies for tier one portfolio companies and enable these companies to scale regionally.

In September, the firm made headlines with its US$50 million Fund I that includes investors such as Naver, Sea, and Vertex Ventures.

So what is next for Vietnam, according to research by the VC firm?

Based on a survey on 50 active funds among six major markets in SEA, Vietnam is the top destination for investment in the next 12 months, followed by Indonesia. This indicates that despite the challenges brought by the pandemic, the market remains a promising ground for investors in the region.

Also Read: Naver, Sea, Vertex invest in Vietnamese VC firm Do Ventures’s US$50M fund I

“Investment sentiment in Vietnam remains high, as surveyed funds are looking to invest in 117 to 200 deals in the next 12 months. Nearly 80 per cent of the investors have planned to deploy one to five deals,” the report writes.

As for the industries, it mentions education, healthcare, and financial services as investors’ favourites for the next year.

—

Image Credit: Do Ventures

The post Peaking in 2019, tech investment in Vietnam drops by 22 per cent in H1 2020 due to COVID-19 appeared first on e27.