As a business school professor, I am asked all the time: “What skills do I need for my future as an entrepreneur? Should I focus on artificial intelligence, coding, bitcoin, and fintech? Should I work on communication, negotiation, and people management?” In other words, everyone wants to know what “soft” and “hard” skills they should have.

But what if the skills of the future are not “soft and hard,” but “smart and sharp”?

In 2019, I published an article proposing that “smart skills” replace soft ones and “sharp skills” replace hard ones. Smart skills are the skills required to work with people, sharp skills are required to work with machines. And one might ask, don’t we already call these skills soft and hard?

Yes, we do. But do you know why?

The terms “hard and soft skills” were coined in 1972 by the US Army to differentiate the abilities of people who were good at machine operations from those of people who did well supervising others.

But since then, we have learned that there is nothing soft about managing people, or dealing with office politics, nor that hard skills, from engineering to finance, AI, and machine learning should be defined as firm, rigid, and resistant, given constant technological change.

Most of my research interest is related to how entrepreneurs can scale their ventures, and in my work, I have identified an evolutionary lifecycle that I call “Nail it, Scale it, Sail it” in order to map this journey and equip entrepreneurs with the tools to succeed in each stage of this arduous trek.

But along with scaling tools such as processifica-tion, professionalisation, automation, and so on, entrepreneurs themselves need to invest in the development of their own skills.

Or simply put, they need to get really smart and sharp, or like my co-author, ASB’s founding President, CEO, and Dean and MIT Sloan Professor Charles Fine says “shmart”.

Also Read: Lucy, a Singaporean neobank focused on women entrepreneurs, bags seed funding

So here are my top five smart and sharp skills that entrepreneurs need:

Humility

I think of humility as the recognition that “the more I know the less I know”. It’s very easy for organisations to comfort themselves with the success they have had so far and develop what Charles Fine calls “strategic blindness”.

Entrepreneurs need both a healthy dose of confidence along with a big pie of humility, to acknowledge that success was built on learning along a path that is highly unknown and scary.

Entrepreneurs should know that to be humble is a practice and that arrogance and ignorance are best of friends.

Emotional maturity

Emotional maturity refers to your ability to understand and manage your emotions in a professional and personal setting. Why is that important for entrepreneurs?

Building a new venture is extremely stressful, not just for the founders but for their teams as well and they have to recognise and be prepared for the emotional stress that their organisation is going to act on; help the organisation to stay in the moment, to be present while being non-reactive or non-judgmental, to validate (see next) their work and present an array of multiple perspectives to help the organisation move forward productively.

Cognitive readiness

Cognitive readiness is the mental preparation (including skills, knowledge, abilities, motivations, and personal dispositions) that an individual needs to establish and sustain competent performance in our complex and unpredictable environment.

Easier said than done, right?

Entrepreneurs and their teams have to be prepared to face the ongoing dynamic, ill-defined, and unpredictable challenges of their new venture and recognise that this will not be a linear process, but rather one of “nail it, scale it, sail it”.

They need to prepare the organisation for the insidious path ahead and realise that cognitive readiness is part of the advanced conscious processing (slow thinking), enabling entrepreneurs to confront whatever new and complex problems they might face.

Also Read: How app entrepreneurs are growing multifold in Southeast Asia

Digital literacy

I think we all need to become digitally literate, which it’s defined as the ability to use information and communication technologies to find, evaluate, create, and communicate information, requiring both cognitive and technical skills.

Entrepreneurs must invest in constantly educating themselves and their organisations. This doesn’t mean that we all need Ph.D.’s in computer science, but rather that we understand how to use, find, evaluate, etc. information for organizational goals.

System dynamics

One of the most popular concepts coming out of MIT is System Dynamics, which is defined as the analysis of how actions and reactions cause and influence each other, and how and why elements and processes in the system change.

Nailing and scaling a successful business requires a deep understanding of actions and reactions and entrepreneurs will invest in bringing this higher level of understanding not only in their organization but in their boards and stakeholder and shareholder engagement.

And speaking of what successful nailing and scaling requires, at Asia School of Business, we invest a lot in developing an entrepreneurial mindset in our future graduates, a skill that is both important for entre- as well as intrapreneurs.

Supporting the entrepreneurial ecosystem in SEA

One of the initiatives of the Innovation and Entrepreneurship Center at ASB, led by Sarmaji Sarma and me, is the new 101k Entrepreneurship Competition, designed to equip and gear up future-ready startups.

This upcoming event is set to take place in December 2021 (unless the global pandemic messes with our plans) and will attract entrepreneurial ventures from all over Southeast Asia.

Along with capital support of MYR101,000 (US$23,000) for the winners, participants will also benefit from two training boot camps that will teach the future leaders of Southeast Asia important smart and sharp skills, including business model design and development, as well as our signature entrepreneurship framework mentioned above: “Nail it, Scale it, Sail it”.

The reason why we are investing so much effort in this process is that we believe entrepreneurship can be taught, like MIT Sloan professor Bill Aulet says (who also teaches his “24 Steps of Disciplined Entrepreneurship” at ASB); but more than teaching it, we have to nurture it.

ASB itself is a scaling startup that was launched in 2015 by the Central Bank of Malaysia and MIT Sloan, and because we are a startup we are better equipped to understand the challenges, dimensions, and difficulties required in the world of nailing, scaling, and sailing a new venture.

And we also know, that just like our students who have to get smart and sharp every day, the world of entrepreneurship demands just that: “smart and sharp entrepreneurial leaders”.

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While there are more women entering male-dominated industries, female representation at the executive level is dismal at best. It is also widely known that women are underrepresented in the tech sector.

I believe that women supporting women is the only way women will rise and step into their power in the workplace. It is important to be the change you want to inspire. The only way to bring out the best in others is to expect the best from yourself and lead by example.

Here is my story, a female CEO of a tech company in the family entertainment centre (FEC) space, and how I overcame obstacles and prejudices to grow a business that is both successful and gender-inclusive.

First foray into entrepreneurship

My passion lies in building businesses and transforming industries. At 27, I launched my first tech business and had the opportunity to work at prominent tourism startups across the world, including lastminute.com, wotif, Monster, and RedBalloon.

After years of experience in the tourism industry, I observed that many businesses were still working from diaries and spreadsheets. This led me to realise that with the rapid growth of Online Travel Agents (OTAs) and changing consumer purchase trends that are moving online, these businesses would soon struggle to keep up with their manual booking processes.

To tackle this issue, my husband and I co-founded Booking Boss, award-winning ticketing and booking management platform dedicated to attractions, tours, and entertainment industries.

When I first started out in this industry, female representation in the tech and family entertainment centre (FEC) sectors was unheard of. This is particularly true in the FEC sector, which is male-dominated. Many companies and competitors are led by male CEOs and are also family-owned.

The gender disparity also extended to raising capital, an uphill task for startups with female founders. Research has shown that startups with female founders are more likely to tap small investors for fundraising efforts, or risk not securing funding at all. With female founders, our start-ups may be viewed as a side hustle or a hobby that might give way to other responsibilities.

There is also a general apprehension towards female founders – that we are not good at running businesses. This lack of confidence affects both the ability to raise essential funds for the company, as well as the funding level.

Also Read: How app entrepreneurs are growing multifold in Southeast Asia

And the irony of all ironies: female-led organisations are more profitable, better performing, and have higher profit compared to male-led companies. In S&P’s research report ‘When Women Lead, Firms Win, a key finding stated that firms with female CFOs generated profits of over US$1.3 trillion. With the statistical evidence in mind, I was determined to make good of my business and also intended to spur fellow female founders and women bosses.

Growing the businesses by a female CEO

Booking Boss was acquired by Helix Leisure in 2017, and in that same year, I was appointed CEO to both Booking Boss and sister company Embed, an integrated cloud-based business solution platform as well as hardware such as arcade debit card reader, self-service kiosks, that made to enable business owners in the FEC space to achieve greater operational efficiency while reducing costs and increasing profitability.

Embed has offices across the globe – the US, EMEA, and Asia – and more than 1,000 customers and over 3,000 installations in 56 countries.

For our innovation, resilience, and leadership, Embed was recognised as Top 50 Leading Companies of the Year 2021 by The Silicon Review.

Also Read: 3 awesome Indian women entrepreneurs tell you what it takes to start up

In 2020, our company was listed as one of the Top 10 Most Promising Gaming Tech Solutions Provider by CIO Review, and was one of three companies who clinched AMOA’s Operator’s Choice Award. These accomplishments ascertained Embed as the choice partner and thought leader for customers including FEC juggernauts such as TEEG Group (Asia), Dave & Busters (North America), and Landmark Group (Middle East).

FEC of the future

It has been a rollercoaster ride ever since I delved into the tech and FEC sector, but I have enjoyed all the challenges and opportunities tremendously. This year we are celebrating Embed’s 20th Anniversary and this could not be possible without the continuous support and commitment from Embed staff and stakeholders, partners, and friends.

I have been able to build a high performing team – my executive team and our numerous employees – strengthened relationships with customers and clients, as well as secured partners with major tech companies. This has helped elevate Embed’s business and growth over the past two decades.

With Embed, I intend to work alongside my team to disrupt the amusement, entertainment, and leisure industries, so as to create an FEC sector of the future. And with gender equality and women empowerment, I aim to play a more active and involved role in mentoring and reverse mentoring female employees and potential leaders in the workplace, to encourage greater diversity and inclusion.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast or infographic

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Singapore-based dairy-substitutes brand Mohjo has secured an undisclosed amount of seed funding led by East Ventures.

The round also saw participation from iSeed Southeast Asia, K3 Ventures, and other high-profile angels.

The capital will be used to build the company’s capacity and launch more plant-based foods and beverages. A portion of the capital will also go into hiring and increasing market penetration.

Founded in January 2021 by Juhi Dang, Mohjo aims to “deliver 100 per cent clean foods” and beverages developed from plants with chemical-free ingredients via its own facility. The direct-to-consumer foodtech brand recently launched its first line of products — almond milk and almond milk-based beverages in Singapore. 

Also read: The spotlight on foodtech: Why we believe that what we put on our plate will determine the future

“Most commercially available dairy alternatives are nutrient-low and stabiliser-heavy. They contain 95-98 per cent water, are laced with additives, and either tastes bad or have no taste at all,” said Dang as she was lactose-intolerant and struggled to find a tasty type of plant-based milk when moving to Singapore. “Mohjo is a result of me trying to solve these problems as a consumer of dairy-alternative products myself.”

In Singapore, Mohjo is expanding rapidly across operations, sales, and marketing functions. 

“We are looking for passionate and ambitious folks who believe that we can change the planet with the choices we make at mealtimes,” she added. “Mohjo is building an inclusive workplace where business is done the right way.”

The market for dairy alternatives is gaining momentum and acknowledging a rising demand, inevitably driven by the ongoing COVID-19 pandemic wherein people reconsider their diets. 

East Ventures anticipates the digitally native brand could grow by integrating innovations into both products and consumer service, thus delivering standardised clean, plant-based foods and beverages to the markets. 

Dairy alternatives is a ~$23-billion market globally, expected to grow at ~12.5 per cent CAGR between 2021 and 28. The Asia-Pacific region dominates this market with a ~44 per cent market share, according to Grand View Research. The rising lactose intolerance, consumers’ increasing focus on healthier choices, rising number of flexitarians, and increasing ethical and environmental concerns of consuming dairy have reinforced the booming market for dairy alternatives.

Also read: Singapore foodtech startup Alchemy FoodTech raises 7-figure funding to fight diabetes

In recent years, Singapore has nurtured more startups leveraging technologies to create tasty plant-based food from natural ingredients, as an effort to strengthen national self-sufficiency and lower its carbon footprint. Plant-based chicken TiNDLE,  diabetes foodtech innovation Alchemy Foodtech,  cell-based shrimp Shiok Meats, lab-grown dairy and human breast milk TurtleTree Labs, and other foodtech startups are forging ahead to make Singapore the alternative proteins capital of Asia.

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Image credit: Mohjo

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The emergence of the highly transmissible COVID-19 variant Delta put to the test Vietnam’s much-praised pandemic strategies that were effectively implemented in the early days of the virus spread. 

According to the Ministry of Health, Vietnam is now witnessing a spike in virus infections, which hit a record high of nearly 10,000 cases a day as of August 8.

Transportation industry insiders warn about an unprecedented supply chain breakdown if proper and timely strategies are not implemented to curb the virus spread while maintaining efficient goods circulation at the same time.

What happens inside the city?

Since the onslaught of COVID-19, e-logistics services are said to have reached their tipping point (attributed to the growth of e-commerce in the country), with roughly 40 active startups providing services in the first-mile last-mile sectors, according to a report by early-stage VC firm Do Ventures. However, starting July, e-logistics service providers have faced hardships due to containment measures.

For instance, Shopee, which enjoys the largest market share in the country’s booming e-commerce market, has closed all its delivery options via outsourced fleets. In addition, key players in the food delivery sector, such as NOW, Grab, BAEMIN, and Gojek, also suspended a part of their services in Hanoi, Da Nang, and Ho Chi Minh City until further notice.

“The temporary shutdown of several services may cause certain inconvenience for customers, but we believe that this decision will contribute to the fight against the pandemic,” Grab noted in its announcements about halting GrabFood and GrabExpress 4H.

However, market watchers consider this a short-term rollback and expect the sector to grow exponentially afterwards, primarily when herd immunity is achieved through mass vaccination.

“We are not going backwards in the local delivery space,” said Dave Anderson, managing general partner at Supply Chain Ventures. “The need for firms to complete last-mile deliveries will continue to increase across the globe.” Supply Chain Ventures is a VC firm with investments in more than 30 companies across the US and the EU.

Even during lockdowns, e-commerce platforms continue to stay ahead of the curve amid the outbreak as people rely on them for food, medicines, and other essential goods delivery.

Vietnam’s leading online marketplaces, such as Tiki, Lazada, Sendo, and Shopee, have managed to stay afloat, especially since shippers are officially allowed to travel for delivery purposes. As a result, these sites held their massive shopping day on August 8 and the ASEAN Online Sale Day 2021, which saw more than 100 Vietnamese firms join, according to Vietnam E-commerce and Digital Economy Agency.

In this critical period, both e-commerce and delivery firms should allocate the right order to the right asset (vehicles/warehouses) based on a defined set of criteria and high-level demand prediction based on internal historical data and real-time market and asset information. 

Also read: SCI Ecommerce raises US$38M led by Asia Partners, plans US IPO in end-2021

“Most players are now looking at implementing the right operating system that will be able to leverage analytics and insights systematically to keep growing sustainably,” said Arnaud Houles, Senior Associate at Reefknot Investments. “This will ultimately enable these service providers to optimise the yield per order and meet customer’s constantly growing expectation for faster and cheaper delivery service.”

Reefknot is a Singapore-based global VC fund focused on supply chain technology and innovation.

A broader view of the whole supply chain system

The not-too-bad scenario above partly depicts the last-mile delivery landscape. However, a closer look at the country’s supply chain is showing more of a rocky road.

Data from EcoTruck shows that lockdowns have forced shippers and logistics companies to operate at a much lower capacity. “Compared to the previous outbreak, the fourth wave of the pandemic has much larger and longer effects,” said Anh Le, CEO and founder of EcoTruck, sharing data from the 300 transportation partners and 500 shippers using its services. “Vietnam is still completely inexperienced in dealing with an epidemic on such a large scale.”

EcoTruck is a tech-based startup providing first-mile trucking services for B2B customers. Other supporting services such as fuel, tyre, insurance, trucking parking, trucking financing, for trucking vendors are also available on the system. During the pandemic, the number of operating vehicles using Ecotruck has been in freefall. The main reason is that many drivers are either trapped in epidemic hotspots or are in quarantine. 

The same applies to the sinking freight traffic volume recorded by EcoTruck, which results from the shortage of manufacturing workers and the shutdown of factories that produce goods listed as unessential or registered high infection levels.

The slow verification for vehicles passing through pandemic checkpoints and suspended or delayed supplementary logistics services also leads to a plunge in the average productivity of this sector.

“Vietnam needs to have a better strategy in securing production and ensuring safe freight flows, especially essential goods during the pandemic,” the Ecotruck CEO added.

Since the emergence of the new variant, Vietnam’s prime minister has defined three strategies to contain COVID-19: proactive testing, compulsory technology applications, and lightning-fast vaccination. 

As a result, many technology startups are joining hands to fight the worsening situation, though the effectiveness is still hard to measure.

In early June, the Ministry of Information and Communication established the National Technology Centre for COVID-19 prevention and control, bringing in various members from the tech startup community. The names include Hung Tran, CEO of GotIt!, Manh Phan, CEO of An Vui (which is working in the long-distance transportation industry), and Cuong Vong, CEO of Kompa Group (owner of social listening tool Boomerang).

An Vui, for instance, was selected by the Directorate for Roads of Viet Nam to develop a QR-code identity tag system, called “in a flash”, which aims to digitise data of vehicles, drivers, goods, and transportation routes. It is aimed at shortening verification time at pandemic checkpoints.

“In essence, the adoption of QR-code technology reduces the time for drivers to show identification papers or perform administrative formalities when passing through checkpoints,” said Phan. “With a truckload of up to 1.3 million vehicles, there is a huge opportunity to promote the development of Vietnam’s supply chain, but so many problems remain.”

There are, however, controversies over how the QR-code method supports goods circulation. Ecotruck’s founder argued that this technology has further increased the burden of businesses to deal with a new type of formalities. “None of the current technologies showed any effect so far,” Le noted.

In the early days of the introduction of the app, the system was overloaded and hacked. This was because of the time constraints and confusion over the definition of “essential goods”, combined with a flurry of registers. In addition, it delayed trucks to enter the country’s “green channel” to maintain goods flow, reported various local news sites.

Manh Phan said to e27 that the system is now more secured, stable, and flexible as local authorities are getting used to the operations.

In a chat with us, Long Pham, CEO of Abivin, a prominent Vietnam’s logistics tech startup, shared his proposal to provide a supply chain planning system for Hanoi and HCMC authorities, aiming to optimise the flows of goods during lockdowns.

“We see that the authorities have a huge stake in governing the production and supply of essential goods for people, but they still lack visibility, synergies, and forecast over the whole supply chain, especially during lockdowns,” said Pham. “It is high time that the industry applied proper technologies to adapt to the swift spread of new coronavirus variants and satisfy the fluctuating COVID-related customer demand.”

Also read: Vietnam’s Abivin lifts Startup World Cup 2019, takes home US$1M prize money

As per his proposal, Abivin’s AI-powered logistics platform will employ its proprietary algorithms to help cities generate optimal routing and loading plans during lockdowns. The platform will consider constraints such as the type of goods defined as essential, pop-up containment zones, and matching orders to suitable delivery fleets inside blockage areas in the plan-making process.

However, this application of the proposed technology remains on the paper when this article went out.

Which technologies will play a key role?

The need to navigate through unpredictable customer demand during the virus outbreak, coupled with the lack of real-time information sharing, reinforced the need for technology in the industry.

“The players that are not able to optimise their asset network on the go will have a tough time dealing with COVID-related customer demand fluctuation to scale further and sustainably,” said Arnaud Houles of Reefknot.

He added that digital logistics, on-demand transportation, and maritime technology solutions would become burgeoning markets for startups to support the recovery of the regional supply chain.

According to Dave Anderson, the pandemic accelerated the “ship anything from anywhere” model from a global point of view. It also encouraged the adoption of concepts such as drop ship, the ability to source/ship a product or materials from various partners in a supply chain network or omnichannel delivery system. 

In addition, the pandemic also prompted companies to use cheaper and faster strategies using multiple options to meet demands rather than to rely on traditional “linear” supply chains.

“Will it all go back to ‘normal’ when we get to the other side of the COVID economy?” asked Anderson. “The simple answer is ‘no’. Omnichannel supply chain strategies powered by dropship are here to stay.”

He emphasised that the new paradigm will require upgraded supply chain decision software. It will be capable of rapidly deciding which product source is the best to meet customer needs or which manufacturer or supplier can manage a local delivery, especially one requiring special handling.

Houles echoed this viewpoint as he stated that Reefknot also witnessed the adoption of clearly defined e-commerce strategies based on decentralised asset-light networks. With this, they are “looking to orchestrate orders across modes, nodes and countries.”

On the contrary, Anderson also sees opportunities for startups, such as Shipday, Inventoro, or Fisherman, to develop “slimmed down and inexpensive technology” to serve tiny local businesses.

“The democratisation of supply chain technology is a real and important trend, one that will help create a better world for many,” he affirmed.

Moreover, the rapid pace of growth in e-commerce in the region has also impacted the requirements of supply chain technologies.

Weighing rising markets for supply chain technologies adoption, Houles mentioned that importing countries would tend to deploy technologies earlier than the exporting countries. At the same time, Anderson suggested that Asia has the advantage to adopt newer logistics options as its legacy supply chains are not as advanced and thus have fewer investments in assets, such as warehouses and trucks, to amortise.

“Finally, governments are playing a big role in these changes by promoting open data frameworks and encouraging corporates to focus more on innovation,” said Houles.

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Image credit: 123rf

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MindFi, a corporate mental health and wellness startup based in Singapore, announced today it has secured US$750,000 in pre-seed funding from a slew of investors, including iGlobe Partners and M Venture Partners.

Prominent angels, including Koh Boon Hwee, Patsnap CEO Jeffrey Tiong, Zopim co-founder Lim Qing Ru, Natasha Foong (co-founder of IncuVest), Aakash Degwekar (Sr. Director – Corporate at Visa), and Shadab Farooqui, also co-invested.

With the new funds, the startup will accelerate product development and localisation for key markets in Asia and further build a team of mental health experts, innovators and researchers.

The funding comes on the heels of MindFi’s selection into Y Combinator’s (YC) Summer 2021 programme.

Alongside this, MindFi is also bringing on board Erica Johnson, co-founder of unicorn startup Modern Health (YC Winter 2018) as an executive adviser. As a startup industry veteran, she has founded and advised multiple unicorns in the US.

MindFi’s innovative technology delivers personalised recommendations, 24/7 guided self-care programmes and intelligent matching with coaches and therapists — all in one mobile app.

Also Read: His last startup nabbed funding from Google Ventures, and today marks the official launch of MindFi

The recommendations are powered by an AI algorithm that creates a user’s unique psychometric profile, with accuracy enhanced by daily steps, sleep, mood, breathing and heart rates. All employee data are anonymised and aggregated to generate team-level analytics reports that enable HR leaders to make data-driven decisions on workforce health and performance in an evolving workplace environment.

In addition, the firm assures data confidentiality and cultural relevance.

According to Cigna’s 360 Well-Being Survey in 2021, employees prioritise mental health, above physical health, as the most critical influence on their overall wellbeing.

The global COVID-19 pandemic has exacerbated uncertainty. Employees deal with anxiety at work, isolation, financial stress, health worries about family and loved ones. These issues have led to reduced productivity, increased absenteeism, and presenteeism, highlighting the need for company leaders to modernise their approach towards mental wellbeing.

MindFi claims that 68 per cent of employees experience an improvement in mental wellbeing within a month of using the app. In addition, third-party research has observed that regular usage of MindFi reduces up to 30 per cent of their depressive symptoms.

Also Read: A meditation guide for entrepreneurs from an entrepreneur

“The future of work is mental fitness. I started this company because I spent ten years struggling with late nights, anxiety attacks and chest pains from work stress, which are all symptoms of an unfit mind or poor mental health. You shouldn’t need a PhD in psychology or neuroscience to know how to de-stress. MindFi is the first product that takes the guesswork out of daily lifestyle choices with personalised and objective data,” Bjorn Lee, founder and CEO of MindFi.

Over the past six months, MindFi has tripled its employee headcount and customer base with over 30 enterprise clients across Asia.

“This pandemic has shown how critical mental wellness is in maintaining high-performance teams. MindFi is ready to disrupt the corporate wellness space with a digital wellbeing platform that makes “mind fitness” easily accessible to all employees. With the growing emphasis on mental wellness in recent years, we see MindFi as a promising player in propelling this movement starting in Asia,” Soo Boon Koh, founder and Managing Partner of iGlobe Partners, said.

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Image Credit: MindFi

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