Posted on

How behavioural science is transforming corporate learning

corporate training

For many years, adult learning has been considered one of the most conservative and slow-changing sectors. The way teaching has been delivered to millions of people globally has stayed the same for the last 20 years, producing a low rate of knowledge retention and a low incentive to use that knowledge in both higher education and corporate learning.

It is only recently that research on behavioural science opened doors to the understanding of the role of the brain on the adoption of cognition and on designing change on human behaviour, which are ultimately the outcomes expected out of learning, more specifically in corporate training.

It is no secret that organisations that can continuously adapt to change are winning the market. Hence, the way people learn and how learning is delivered should also change. The suggested framework aims to support the transitions that are inevitable for organisations developing future talent.

According to KPMG’s Global CEO Outlook (2020), during the COVID-19 crisis, CEO’s have recognised that the lack of appropriate talent is the most significant risk for the future of their organisation.

The immediate actions have focused on resources (often with less budget) and reprioritisation of learning content. The priority was on skills to address the challenges due to the crisis, agility, and motivation for team members.

These types of skills and behaviour building need to have a different learning framework as it is reliant on using human mental power to unlearn previous practices, creating processes for psychological resources, and reducing the natural resistance of our brain for a change.

Also Read: The power of psychology in business with Jenny Gustafson

Using brain science for adult learning

Corporations strive to convert knowledge into sustainable behaviours; knowledge retention is not enough to make people want to use what is stored in their brains.

Influencing behaviours has been a significant contribution from BJ Fogg– a Stanford University professor and behavioural scientist.

The Fogg behaviour model is built on the theory that three elements should converge to either create new behaviour or restrict or refine an existing behaviour: Motivation, ability, and prompt.

In the context of adult learning, these principles can be adapted to nudge people to activate a positive attitude towards change and start producing actions or behaviours towards a specific intention.

Motivation

Motivation is a volatile element for humans as it may be temporary and often when we have a goal or intention. People may realise that these things take effort, and motivation could vanish.

The human brain has underlying drivers to motivate us:

Sensation principle: Seek pleasure and avoid pain, which can be enhanced by:

  • Recognition: We tend to engage in behaviours in which achievements are recognised
  • Closure: The anticipation of celebrating the completion of an action is a driver towards the completion
  • Challenge: Using levels to communicate progress and next expectations is a way to engage learners in the optimum flow where actions are kept in control: still within their capabilities but challenging enough. Both boredom (because the challenge is too easy) or anxiety (if too difficult) lead to disengagement.

Anticipation principle: Our intrinsic hopes and fears influence our emotions. It translates to

  • Autonomy: When we have control of our destiny, it reinforces our engagement– deciding on how to act towards a challenge in a risk-free environment enhances engagement in the learning. This is boosted by letting learners set their own learning goals.
  • Storytelling: The way a facilitator creates a narrative that is personalised, genuine and relatable helps learners engage in different perspectives than their own
  • Curiosity: When the content contains cues or teasers of exciting information, people tend to crave more

Also Read: How to use the psychology of gamification to grow e-commerce sales

Ability

Learners must be able to execute the desired learning actions or challenges. If the step is too difficult, the brain will activate ‘fear of change’ signals that will create friction; learners should be provided knowledge and practice where they are maintained in the Flow Channel as described by Csikszentmihalyi (1990).

The actions should be made simple during the training by minimising efforts such as time to accomplish, money, physical or cognitive resources.

There is a significant positive persuasion to learn and practice by simplifying behaviours such as shorter duration of training (micro-learnings) that will limit the physical and cognitive effort.

Learners do not need to maintain attention for an entire day: our brain bandwidth to focus and process information is limited within a period of time.

Improvements in ability are observed in designed behaviours that have the following characteristics:

  • Relevancy: the behaviour should be done in the context of their work and be tailor-made to the learner’s specific aspiration.
  • Simplification: learners should be able to perform short and effortless actions—for example, two minutes of planning for the three most important tasks of the day.
  • Consistency: repetition of micro-habits allows us to create rituals that become automated without cognitive efforts. If doing a target behaviour causes overthinking, then we do not see the behaviour as simple, which harms the brain processing fluency.
  • Feedback: Prompt feedbacks as learners interact to make it easier for them to adjust their behaviours and maintain their engagement

Prompts

Despite the fact we may want to achieve specific actions, we can forget to do the action. A learning programme should contain a recognisable context or situation that will remind the learner to trigger the practice of the new action.

The use of technology for notifications is not always the best way to convert a prompt into behaviour. It becomes distracting and inefficient in a world of high cognitive load.

The future of behavioural science in corporate training

Catering to today’s need for updated knowledge requires a model based on “learning how to learn” rather than simply transferring knowledge. Technology makes it scalable and measurable, but learning must also be relatable with a human touch, frictionless in the face of volatile human motivation.

The priorities within corporate learning have shifted: The World Economic Forum reported the top 10 skills required for the future, which included critical thinking, self-management, resilience, creativity, leadership, and emotional intelligence, amongst others.

Also Read: Use these psychology-based marketing principles to attract, convince, and convert more people

A few of these skills, such as self-management and resilience, were not on previous lists, giving us a clear picture of what organisations require to maintain their competitive edge.

In the Middle East, behavioural science in corporate learning has been pioneered by the edutech startup Bessern, with measurable results in organisations performance, wellbeing and employee engagement.

Learning these new priorities requires a shift in learning methodology, where crafting new behaviours is the only proof of success. People can only acquire these behaviours by consistent practice, personalisation, continuous feedback, and measurement of progress.

This is where the behavioural model framework has its most significant impact and potential to change individual learning and corporate cultures.

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.

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

Image credit: rawpixel

The post How behavioural science is transforming corporate learning appeared first on e27.

Posted on

Ecosystem Roundup: Mynt, Bitkub become unicorns; ShopBack acquires hoolah; Sociolla, Carsome in talks for big funding

Bitkub becomes unicorn after SCBx’s acquisition of its majority stake for US$536M
Bitkub’s services include cryptocurrency and digital assets exchange, blockchain solution and ICO advisory service, education, and venture capital investment; SCB intends to work closely with Bitkub as a business partner, develop digital asset businesses through new business models to create long-term added value.

Mynt becomes Philippines’s first fintech unicorn after a US$300M financing round
Investors include Warburg Pincus, Insight Partners, Globe Telecom, and Ayala, Bow Wave Capital; This round brings Mynt’s valuation to over US$2B and it looks to launch “buy now, pay later” products within the year.

Carsome eyeing US$200M raise before US listing in 2022
The startup is reportedly currently working with an adviser and plans to complete the raise in the coming weeks; The company also faces fierce competition from Singapore’s Carro, which also went past the US$1B valuation mark after raising US$360M in June; In September, Carsome raised US$170M in a round that boosted its valuation to US$1.3B.

Vidio raises its first external funding of US$150M from Affinity Equity Partners
This round marks the company‘s first external funding round; It has a pre-money valuation of US$750M as the funding round inched it closer to a unicorn status; Up until September, Vidio has secured 62 million subscribers.

Sociolla in talks to raise up to US$150M at unicorn valuation
The company has already roped in three new global investors — a PE firm, a sovereign wealth fund and a growth fund; Its existing backers L Catterton, Temasek, EV Growth and Jungle Ventures are participating, says a DealStreetAsia report.

ShopBack acquires hoolah to strengthen ‘buy now, pay later’ offerings in Asia Pacific
hoolah will expedite its growth by extending its BNPL offering to ShopBack’s over 8K merchants and 30M shoppers across 9 markets in Asia Pacific. Meanwhile, ShopBack will further strengthen its shopping tools and rewards suite by providing shoppers with a convenient and flexible payment option at checkout.

Co-founders inject US$48M into Lightnet to grow its blockchain-powered global remittance solutions
Lightnet leverages smart contract and DLT to tap into “a trillion US dollar” global remittance market, connecting existing financial systems with its network of cash agents and wallets.

Una Brands nets US$15M Series A to acquire new e-commerce brands in Asia
Lead investors are White Star Capital and Alpha JWC; Ninja Van co-founder Alvin Teo also co-invested; Una Brands, which focuses on e-commerce brands with a revenue of US$1-50M each, has acquired 15+ brands since its inception in 2020.

True Global Ventures (TGV) injects US$10M into NFT metaverse game The Sandbox
TGV is a DLT equity fund that targets blockchain startups operating in entertainment, infrastructure, financial services, data analytics, and AI, focusing on late-stage Series B and C companies; TGV will invest in 10-20 companies with cheque sizes of US$3-10M.

Quest Ventures and ShipFocus launch maritime fund
The fund will issue cheques between SGD250K and SGD1M in seed and Series A companies; The fund will back startups that are creating solutions for the entire shipping supply chain such as digital operating systems, products and services that reduce shipping emissions autonomous vehicles and drones; It has already invested in underwater robot startup BeeX.

MyCloudFulfillment raises US$7.4M Series B to expand to neighbouring countries
Investors are JWD Group and SCB 10X; In H1 2021, the e-commerce fulfilment company recorded an average of 300K orders a month and also added a new warehouse in Min Buri with more than 6.5K square meters of space.

Cloud kitchen startup CloudEats raises US$5M in Series A
Investors include Vulpes Investment, Gobi Partners, BAce Capital, Intera Investments Limited, and GMA Ventures; CloudEats is set to launch its presence in Vietnam in November this year; It also aims to develop new F&B brands to follow its own Burger Beast.

Ex-Tokopedia AVP’s Astro attracts US$4.5M to expand ’15-min e-commerce delivery’ service in Jakarta
Investors are Global Founders Capital, AC Ventures, Lightspeed Venture Partners, and Goodwater Capital; Astro offers more than 1,000 products ranging from daily necessities (snacks, fresh fruit, and vegetables) to emergency OTC medicines.

Nanofilm founder pours US$1.5M into SG logistics firm uParcel
uParcel runs a delivery service that maps out optimal routes for riders to deliver several packages; It offers one-hour, three-hour, six-hour, and next-day delivery options for its users in Singapore, as well as Johor Bahru and Klang Valley in Malaysia.

BeeX scores 7-figure USD seed financing to develop autonomous underwater inspection robots
Investors are Cap Vista, Quest Ventures-Maritime Fund, IMC Ventures, SEEDS Capital, and the NUS; BeeX claims its robot enables better data and insights into critical large scale infrastructure like offshore wind, floating solar and aquaculture farms.

Meet the first batch of startups that received investment from Accelerating Asia’s US$20M Fund II
The startups are Chat Genie, Dana Fintech, Ellegra, Giftpack.ai, Mayani, Sohopathi, Supply Line, VIFO, and Z-Waka; Fund II aims to bridge the gap between seed and pre-Series A investments for startups with untapped potential.

The post Ecosystem Roundup: Mynt, Bitkub become unicorns; ShopBack acquires hoolah; Sociolla, Carsome in talks for big funding appeared first on e27.

Posted on

‘NFTs provide new ways to handle IP management, empower content creators’: Inmagine CEO Warren Leow

Inmagine CEO Warren Leow

Inmagine-owned Pixlr, a design and photo editing ecosystem, recently introduced Pixlr Genesis, a non-fungible tokens (NFT)-based movement. The project intends to build the world’s largest decentralised art museum on the metaverse to rival the Louvre, MOMA and National Gallery. Its mission is to empower creators and art owners to display 10,000 pieces of NFTs to the entire world in a crowdsourced museum.

But why is Inmagine entering the NFT space, and what does the company hope to achieve with this? 

e27 recently spoke to Warren Leow, CEO of Inmagine, to know more about this movement.

Excerpts:

Why is Inmagine venturing into NFT/crypto space?

As you know, Inmagine is a creative ecosystem powered by design, technological innovation, and entrepreneurship. Our mission is to make design smarter, faster and easier for everyone to simplify the creative process.

Our 20-year track record is built on strong value propositions, community focus, and unique insights into the creative industry. Our primary brands include 123RF.com, Pixlr.com and Designs.ai.

As Inmagine is one of the largest creative ecosystems globally, there is a logical fit to link our strengths in content ownership, creation and management with the concept of NFTs.

Also Read: Tokens 101: How they work and where they provide value

With the ability to uniquely mark ownership on the blockchain and royalties payable via smart contracts, NFTs provide new ways to handle intellectual property (IP) management and empower content creators.

NFTs are gaining traction as a marketing tool for brands and artists to monetise their work through new business models.

There are several areas where Inmagine aims to play a part:

  • new ways to manage intellectual property (IP)
  • community building and sparking a movement
  • brand engagement via NFTs

What does Inmagine hope to achieve by entering this space? How is the company rolling out its initiatives in this area?

We foresee that there will be more tokenisation opportunities within our core businesses, especially 123RF and Pixlr, when it comes to empowering creatives to mint and market their own NFTs.

We are using NFTs as a way to empower creators to publicise themselves and showcase their content. In addition, we aim to build a network where fellow art collectors and creators can learn, grow and inspire each other within a tightly-knit creative community.

Also Read: (Exclusive) Inmagine Group launches AI-powered online creative platform Designs.ai

We have also rolled out projects around our own IP within the generative art and collectibles space via our sister company, Phosus.

Can you give us an example of the NFT project that you are working on?

Pixlr Genesis. It is a revolutionary movement to build a 100 per cent decentralised art gallery on the metaverse to rival the Louvre, MOMA and National Gallery.

It aims to bridge artists and art connoisseurs from around the globe. This movement aspires to display 10,000 pieces of NFT artwork in a world-class online gallery.

Each NFT holder will get the art generated, which acts as a pass to our community. It will also give the holder the option to display a piece of art. A decentralised art gallery on the metaverse can be curated by the public for the public.

In addition, the piece of art can be viewed from anywhere in the world by anyone. We also have the intention to allow art owners themselves to sell and auction their art within the gallery.

We hope Pixlr Genesis can be our contribution towards helping NFT creators showcase their art to a wider audience. As Pixlr founder and CEO Ola Sevandersson said, Pixlr has always been at the forefront of creative expression. The NFT space is an exciting possibility for artists to reach new audiences and show off their work.

How does it work and what will be the pricing? Who is your customer base?

Within Inmagine, we are also launching 123mint.com and minting within Pixlr.com soon, allowing anybody to mint NFTs easily and intuitively. We are also building an NFT marketplace to help creators monetise their assets.

Different collections have different pricing, typically starting at 0.05 ETH. The key is not about the initial pricing but rather the value accrual to the NFTs as more things are built on the foundations.

For example, a customer who owns Samurai Doge, Meskullz, or Nouns3D can use them as collectables and in-game characters across games.

As for our other intellectual property, the target customer base for our NFTs is those looking into digital collectibles, especially for utility, art aesthetics, and investment purposes.

Many of our NFTs are also designed with the upcoming metaverses in mind, especially the 3D models, which hopefully can spark additional creativity amongst the community members who own our assets.

Why are NFTs important in this era?

NFTs allow new products and experiences to be created around digital communities. When one owns an NFT, it’s like buying a tangible asset, albeit digital, for either social validation, self-actualisation or community signalling.

Some also have utility features such as tokenisation of asset ownership, usage within games or supporting certain causes.

Besides that, NFTs also allow new business models to be formed between the creators and the buyers, particularly around rights sharing and royalty management without the need for a centralised party.

We believe fundamentally that NFTs of today will be the vintage collectibles of tomorrow that will only grow more valuable with age and new applications as web3 takes off.

Do you see NFTs becoming more common in trading and collecting art?

Yes, we are just at the beginning of a new NFT revolution. There will be more business models around royalty management, community building and engagement, access to new derivative products and services and even linkages to the upcoming metaverses being built.

Also Read: How Inmagine is Googlising its workplace to foster an inclusive and collaborative work culture

The concept of digital ownership and portability across ecosystems would allow new experiences to be designed, built and curated.

Which are the other NFT projects that the group is involved in?

Via Phosus (a subsidiary established for research in AI as well as NFTs as a business), these are some of the other projects that we are actively pushing currently: Samurai Doge (10k PFP, game-related), GenArt.AI, MeSkullz, and Nouns3D.com.

What is the longer-term vision for Inmagine/Phosus for NFTs?

We foresee ownership of digital assets to be a significant segment of its own, whether it is from a utility or securitised asset perspective. Our goal within this NFT space is to be the preeminent player within Asia by building a portfolio of assets, platforms and IP using the foundation we already have.

Image Credit: Inmagine

The post ‘NFTs provide new ways to handle IP management, empower content creators’: Inmagine CEO Warren Leow appeared first on e27.

Posted on

Entrepreneurs: The highly capable and under-appreciated

entrepreneur

In The Market for Lemons, George Akerlof described frustrated sellers of high-quality used cars as not fetching a fair price because the prospective buyers could not distinguish between high-quality used vehicles and low-quality ones (known as “lemons”), that on the surface looked identical.

Sellers could only find takers at a discounted price, considering the possibility they were buying a lemon. Those who have experienced swift price depreciation upon driving a new car off the lot know this well intuitively. Eventually, sellers of high-quality used vehicles leave the market, as they cannot be fairly compensated due to the market’s inability to appraise their vehicles fairly.

A new study suggests that the same applies broadly to entrepreneurs. It is impossible for companies to 100 per cent accurately appraise the capability of job applicants and current employees.

Hiring managers assess talent based on traditional credentials, such as educational background and work experience at prestigious schools and companies.

And managers tend to assess current employees through a combination of perceived signals, personal bias, and company politics. Those who may be highly capable but lack traditional credentials or particular signals sought by senior management (akin to the frustrated sellers of high-quality used cars) withdraw from the labour market and ultimately choose entrepreneurship instead, a path to earnings not constrained by uninformed buyers of labour on the market.

Going from unhireable to startup founder may sound fanciful, but there are some high profile examples. Brian Acton’s capabilities were not accurately assessed by Facebook and Twitter, where he failed to pass the interviews in the summer of 2009.

By November, he joined San Jose State University dropout Jan Koum in starting WhatsApp, which the duo later sold to Facebook for US$19 billion. 

Many immigrant entrepreneurs face the same choice when they arrive in a new country without recognising their foreign degrees or accomplishments.

Also Read: SpeakIn founder on the value of lifelong learning for entrepreneurs

They can either work low-level jobs not requiring any credentials, or they can start small businesses and capture more of the value of their talents. 

More precisely, the study finds that entrepreneurs tend to be those whose talents are better than the credentials and abilities readily observed by outsiders.

When we choose to go work for someone, the company retains our productivity minus our wage, based on the company’s assessment of our “market value”, or the cost of replacing us with another worker who shares similar backgrounds and experiences.

Those who feel that the gap between their productivity and their market wage is too wide can take the entrepreneurial plunge and, if everything works out, capture the entire value of their productivity.

A separate but related finding was that “entrepreneurs have higher cognitive ability than employees with comparable education.” If those with comparable educations exhibit comparable signals and end up at similar jobs and companies, it suggests that many entrepreneurs decide they’re out of place, “cognitively” speaking, even when surrounded by similarly credentialed peers at their job.

Their boss might see them as just another employee, but the would-be entrepreneur believes this is wrong and that they should be several titles up, running entire departments or even the whole company.

They can’t fathom how the ship is being run. Since the company can’t evaluate their actual value and compensate accordingly with much higher responsibilities and pay, they run their ship.

On the flip side, those underperforming yet well-credentialed workers that exhibit positive observable signals can’t believe they’re getting paid so much to add so little value.

They would thrive in a large corporation that is blind or apathetic because the worker is capturing the gap between their high wage and their scant contributions. These lucky workers would find no incentive to pursue entrepreneurship, where the market would discover their actual value. 

Intuitively, I think this makes sense and matches what I have observed at AppWorks. A lot of great founders have elite degrees and prestigious work experience, but they look around at their workplace and think: “This is a great gig, but I’m capable of so much more in this life.”

Also Read: Managing your wealth as entrepreneurs with Dimitry Farberov

Other great founders went to average schools or were late bloomers stuck at mediocre companies and didn’t have any luck applying to elite companies and jobs, perhaps due to their lack of pedigree. They couldn’t bear delaying greatness any longer and took matters into their own hands.

I asked a couple of our portfolio companies’ founders for their take, including Wayne Huang, co-founder and CEO of Taiwan-based XREX. This neo-fintech solves dollar shortage issues for cross-border merchants in emerging economies that recently announced a US$17 million financing.

“I can quite relate to this,” the second-time founder said. “It was just obvious to me that I wouldn’t be happy with the employment opportunities that I had when I graduated. I was not going to be happy. That part I understood very well.” 

Indah Maryani, the co-founder of InfraDigital, a company digitising Indonesian schools’ data and billing, had frustrations as an employee at a previous startup.

“You’re not an owner or an investor. You don’t own the vision; others are driving it. We said it should be done another way, but it was hard to convince the others. So my co-founder and I said, let’s create another company and build it ourselves,” she says. So they did.

Of course, this is an academic study. It would be presumptuous to suggest that an entrepreneur’s or employee’s motivations are purely financial (though the survey controlled several correlations of entrepreneurial choices, such as worker wealth, risk-taking, locus of power, and other demographic features).

I would also argue that adding economic value is not the same as the capability to add entrepreneurial value. 

But it does shed light on some of the common thoughts and fundamental drivers of entrepreneurs. “I’m more capable than this.” “I feel out of place among my coworkers.” “Is this all the impact I’m going to make in this life?” “My work is useless or misguided, and I can’t believe my boss can’t see it.” “Why am I working so hard for these wages?” “I’m not getting the respect I deserve—let me prove that I’m way more capable than this.”

After simmering in these types of thoughts, entrepreneurs of all colours make the jump, despite how scary, lonely, and risky the journey is. They move toward the entrepreneurial abyss, despite scepticism by their peers, doubts by observers, and mockery by salaried workers, all things that exist in today’s society which values so much name brands, stability, and validation by others.

Despite risking being viewed as overconfident, egotistical, or doing it because they can’t find a good job, they set out on the journey anyway.

They have a special drive that enables them to do this, and perhaps part of that drive for some entrepreneurs is the information asymmetry between actual talent and perceived talent.

Also Read: Why UK is the new global tech capital for Southeast Asia entrepreneurs

I suppose you could say we’re lucky that this information asymmetry exists. Without it, some founders would instead find high-level jobs, having their hands on the wheel while adding great value at great companies, getting richly compensated, and perhaps even being able to spin their divisions off while having significant equity ownership.

Instead, they embark on the difficult road of entrepreneurship, and in the process, create massive value that only a startup founder could create — more value than they ever could have imagined—making lemonade out of lemons.

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.

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

Image credit: thevisualsyouneed

The post Entrepreneurs: The highly capable and under-appreciated appeared first on e27.

Posted on

A tribute to women entrepreneurs on International Women’s Day

In honour of International Women’s Day that fell on March 8 every year, I decided that instead of having a guest on that day, I wanted to speak with you directly.

My message is short but hopefully sticks with you. What I want to say is that women are amazing.

They are our mothers, sisters, daughters, wives. They give us their love and energy and encourage us to be better humans.

Without them, life would be boring.

They deserve our love, our respect, our kindness, and our support.

So I hope that today you can think about what you can do to help the women in your life.

Also Read: What Cambodian women taught me about being a better woman entrepreneur

If you don’t see the player above, click on the link below to listen directly!

Acast
Apple
Spotify
Stitcher

This article about International Women’s Day celebration was first published on We Live To Build.

Image Credit: standrets

The post A tribute to women entrepreneurs on International Women’s Day appeared first on e27.