Carsome said to have confidentially filed for Nasdaq IPO
The used car marketplace looks to raise US$300-400M at ~US$2B valuation; According to DSA’s sources, it considers dual listing and eyes SGX as well, a move that is said to have been encouraged by its key investor 65 Equity Partners.

Gobi Partners, Ozora Yatrapaktaja launch US$10M seed fund for women-led Indonesian startups
Ratu Nusa Fund will focus on seed and pre-Series A-stage companies in healthtech, e-commerce/social commerce, future-of-work/education, proptech, enterprise/SME tech, and fintech.

How Summoners Arena takes on popular P2E games with its ‘play, own, earn’ version
To date, Summoners Arena has raised US$4.25M from Pantera Capital, Coinbase Ventures, Onechain Technology, and GuildFi, among others.

Indonesian bank’s CVC looks to invest in 5-6 startups this year
OCBC NISP Ventura targets companies in pre-seed to Series A stages in embedded finance; It will write a cheque up tp US$3M each; ONV had invested in nine startups as of December 2021.

Fintech accelerator F10 raises funding led by Five T Fintech
Funds raised by F10 will be used to expand into newer markets and grow its current hubs in Europe and Asia; F10 recently announced the graduation of eight early-stage startups in the third batch of the Singapore incubation programme.

Binance recovers funds worth US$5.8M from Axie hack
The stolen funds were spread out over 86 accounts, Binance founder Changpeng Zhao said; He added that North Korean hackers began moving the lost funds only today; Last month, Axie’s Ronin Network was compromised and lost US$620M to hacking.

MadEats raises US$1.7M seed for domestic expansion of its cloud kitchens
Investors include JAM Fund, Crystal Towers Capital, Starling Ventures, and the Manila Angel Investors Network; It runs three ghost kitchens in Makati, Quezon City, and Manila; MadEats previously raised funding from Y Combinator.

The Sandbox announces partnerships for HK metaverse
It is a unit of Animoca Brands that operates a virtual gaming platform; The company said it will also launch the sale of Land, a digital piece of real estate in The Sandbox’s metaverse, on April 28.

Traveloka taps Gojek-backed Bank Jago for loan offering
The partnership enables Bank Jago to disburse loans through the former’s lending product Traveloka PayLater; Traveloka allows users to buy transportation tickets, book hotel rooms, and schedule recreational activities.

Edutech firm Akadasia raises US$550K to fuel growth into new markets
Investors include EduSpaze, Hester Spiegel from the Spiegels Future Family Fund, and Andrew Hwang (Ex-Director of Facebook); Akadasia’s digital ecosystem that empowers educators worldwide has three core features – skillEd, designEd and collabEd.

Betterteem is Slack, Microsoft Teams, SharePoint, Intranet — all rolled into one
The app predicts employee churn, provides on-demand mental health support to them, and is a digital community platform to influence their experience positively; It has raised US$500K from Buko Ventures and IdeaSpace.

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Successful entrepreneurs are strategic business people. It is one thing to conceive an idea and another to know how to bring it to the market. In a competitive world, you must learn to think ahead of other entrepreneurs. This is the only way to stay on top of your game. 

Here’s a guide on how you can pursue that great idea.  

How to go about your product idea development

Not every product developer or inventor designs products for a living. It may be the case that product development is a side-hustle for you. However, it would help if you looked before you leap.

It is not your best interest to dive straight into product development without first mapping out a plan.

The first step is to carry out comprehensive research on the product you want to design. Online, there’s an abundance of information on similar products. Also, you get to see companies that have tried to create similar products and failed. Take a notepad and pen down why they failed. 

Next is to find out how to include such a project in your schedule. You must be able to keep track of the progress and also set milestones. In addition, new developers must learn to measure gaps in their skills and resources. So, you can write out what you need to do to cover these lapses. 

After you have learned the basics of developing a new product, you should talk to experienced developers to guide you. Just make sure that your notes and reference materials are organised. 

Later on, you can develop a plan with milestones where you have to define your responsibilities. You must make a list of one-time and recurring tasks to see what can be delegated or outsourced.

How to determine if your idea is worth it

It is unwise to spend time, energy, and resources on a project that will most likely not materialise right from the onset. Hence, you should probe the potential of a product and know if the idea is worth pursuing.  

Firstly, new developers ought to do a proper guestimate on the market size. You’ve got to determine the Total Addressable Market (TAM) and the Serviceable Addressable Market (SAM). But note that these are not the only indexes for guestimate.

Also Read: Guide to start realising your product ideas successfully

Once the guestimate is done, you should estimate your potential sales and profits. This is a smart way of decoding what amount to pump into your project as capital. And don’t hesitate to check out market data about trends looking upward.

If your products have already been developed, you should try to sell them on platforms like Etsy or launch a Kickstarter. This process is called Pretotyping or pre-sale launch. You are merely testing the interests of potential customers and acceptance of your products on the internet.  

How to develop a plan for creating a product

Having a plan helps you achieve your goals faster as an entrepreneur. If you are set to draw out a plan for your project, using the LA New Production Development Team’s product development map is good.

Also, some pre and post-production activities and expenses will go a long way in determining the success of your product. Some of these considerations include legal, marketing, and other factors. 

When entrepreneurs find it hard to succeed, it is not because they are not brilliant. In most cases, new developers lack consistency. You must determine how much time you can allocate to a project per week and ensure you meet that target.

And don’t beat yourself up when it’s taking longer to develop a product. It usually takes time to turn in excellent products if you are not yet a professional.  

Moreover, you need to talk to potential engineers and manufacturers to find out lead times. Then you can look forward to the best time to launch your new products. You may decide to make Christmas sales or consider other strategic events.

How to find providers for product development

Remember we said earlier that you couldn’t develop a product alone if you want the best? You need business partners that you can collaborate with. Developers need to consider what kind of areas they need help with. It could be Marketing, Sales, Engineering, etc. 

Your next assignment is to write a job description for each of the potential partners/suppliers. This is to let you have a clear understanding of what you need from each of them. At this stage, you have to make Google your best friend. Open your PC and search for the best partners you can ever get.

They are all over the internet, including Quora, Reddit, Linkedin, and Facebook groups. And you can also rely on the words of mouth of professional developers, accelerators, and incubators about potential partners.

How to define the end goals of product development

Before committing to product development, there are metrics and indicators you need to set for yourself. Knowing when you would stop product development motivates you to target milestones in your career.

If the product idea is not sustainable, you shouldn’t even consider making it your primary source of income. 

Also Read: 9 steps to create a successful product launch strategy

You also have to estimate the lifetime of your product. When will you need to raise additional capital, if need be? Likewise, you must determine what it means to you if the project is successful or not. 

How to put yourself up for success

Funding is the backbone of any successful project. Hence, you should be on the lookout for perfect investors or evaluate your monthly allowances for the project (like spare cash).

Notwithstanding, you can waste money on a product if the project suffers attention. Your energy should be channelled towards actualising your goals as a developer. I cannot overemphasise why you have to create a special time for your project.

And, of course, things might not go as always planned. It is a given that entrepreneurs experience challenges in their journey. There will be bad days just like the good days.

But tough times don’t last; only tough people do. So, you have to stay motivated and keep your head in the game.

Wrapping up

Having a plan is crucial if you must survive and succeed as an innovator. Sooner or later, you will encounter some challenges. But these challenges will be a walk-over for you.

And why is that? This is because you would have identified such bottlenecks and also mapped out how to navigate them right from the beginning.

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There is a growing market for e-commerce in Southeast Asia with e-Conomy SEA 2021 projecting overall online spending growth to double by 2025 (or equivalent to the overall revenue of $362 billion) in the region alone. As such, e-commerce businesses in Southeast Asia have ramped up their strategies to target potential customers and promote their brands.

Due to this shift in spending behaviour, companies are channelling their strategies primarily to online marketing. With the global pandemic creating unprecedented changes in the market, users are spending more time online than ever before. Unfortunately for these companies, it is difficult to track and collect data with all the ad blockers in place. In the past two years, 586 million mobile browser ad blockers were in use, while 257 million desktop users enabled browser ad blockers. This precludes companies’ abilities to gather data through cookies and accurately examine the performance of their paid marketing strategies.

Also read: B2B tips: Doing business with large enterprises

These ad blockers and tracking prevention features function as security walls for digital privacy which is an important component in our increasingly digital world. Of course, the ideal scenario is to enable non-sensitive data to still get through, allowing marketers to do their jobs without compromising the privacy of their end-users.

Bridging the gap between data gathering and targeted marketing

Browsers with tracking prevention make it more difficult for businesses that use digital ads from gaining accurate data about their target customers. Among the issues that this poses is the blocking off of data on users’ customer journey analysis towards common analytics platforms like Google Analytics. With disabled cookies, businesses are left in the dark when it comes to determining whether someone is a returning user who has already engaged the brand in the past or an entirely new user who is seeing the business offerings for the first time. It is a double blow to e-commerce businesses, whose main source of engagement with customers comes largely from online resources.

Current tracking prevention developments have led to missing attribution data. This poses serious challenges for marketers who are unable to strategically target audiences according to the segments they belong to: new users or returning customers. This can make it difficult for businesses to determine how best to connect with their target market and convert these engagements into actual valuable leads. With all of these challenges that come with the complex task of navigating track prevention systems, we ask the question: is it possible to collect complete and accurate marketing data while still guaranteeing privacy for users? The answer is a resounding yes.

Striking a balance between accuracy and security

Businesses have attempted to get around adblockers through a series of strategies. One motivation found to dissuade users from enabling adblockers is their actual interest in what a business’ content has to offer. As such, setting up a paywall that would prevent users from accessing any of this content until they disable their adblockers is one way to encourage them to let businesses in. However, this can also backfire as users may decide not to access the content once they see a paywall or lead them to pirate the content elsewhere.

Fortunately, other innovations in the market have found a way around this tricky situation that is accurate, secure, and put a premium on the consent of users. By engaging in more privacy-friendly marketing strategies, e-commerce businesses are granted clearer access to consumer behaviour and overall customer journey analysis—non-sensitive data that won’t compromise users’ privacy.

Also read: Mobile app trends 2022: A global benchmark of app performance

Tools like TraceDock, a first-party integration, allow marketers to collect crucial data in a privacy-friendly way. Operating parallel to Google Analytics, TraceDock enables first-party user identification and data collection. Furthermore, TraceDock enables cookie-less data collection, which allows businesses’ websites to recover data with or without user permissions to enable cookies. If cookies are enabled, the tool extends cookies (typically lasting within 1-7 days in browsers like Safari) to at least 180 days. On the other hand, when cookies are rejected, TraceDock forwards anonymous data hashed on the server-side instead. This is an important change for any business wanting to trace a customer’s journey on their brand.

Finally, TraceDock aims to address the issue of incomplete data collection from clients using browser adblockers (due to the latest iOS 14.5 update) through server-side transaction tracking. TraceDock connects transactions to the correct session data to reflect more accurate user activity on platforms like Google Analytics and Facebook. The tool’s plug and play feature requires no coding on businesses’ end, as Measurement Protocol templates are readily available and prepared for use. To get companies using it for the first time acquainted with how TraceDock works, parallel shadow testing is conducted during the trial period. 

These features make TraceDock fully GDPR and CCPA compliant, bolstering e-commerce businesses while still protecting the privacy of potential clients.

Better service with accurate data

TraceDock was recently acquired by CM.com, a global leader in cloud software and conversational commerce that has helped businesses around the world create more organic interactions with customers through accurate analytics. CM.com’s services have allowed marketers to centralise their necessary data, giving them easy access to everything a business needs in one place.

CM.com has acknowledged consumers’ growing demand for convenient interactions with businesses and identified that this is a gap most brands need to fill in if they want to come out on top. Its Mobile Marketing Cloud solution lets marketers focus on their customers’ needs. With TraceDock in the equation, its ability to improve Facebook and Google Analytics can give companies accurate data to analyse consumer trends and make better decisions. CM.com provides businesses with the ability to naturally boost customer satisfaction using accurate analytics.

Also read: Massive gains for global startups in China’s robust market

As most consumers in the Southeast Asian region go online, e-commerce businesses can gain the upper hand by having a clearer view of consumer behaviour and preferences. However, given the concerns mentioned earlier, this should be done ethically.

Using its first-party data collection method, CM.com powered by TraceDock can help businesses overcome restrictions to digital marketing. It poses a solution to an issue that is largely unique to e-commerce, while simultaneously offering a new way for brands to operate, streamline, and improve their services.

For more information on CM.com, TraceDock, and the company offers, you can visit their website.

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This article is produced by the e27 team, sponsored by CM.com

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

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We are in a new world of the remote workforce and emerging technologies; most business data is now stored online, making cybersecurity a must-have for all companies.

With regular news of cyberattacks on businesses of all sizes, small businesses are starting to wonder about the risks they face and whether they’re doing enough to protect their companies.

As with many core business functions, cybersecurity often requires a monetary investment and needs space on the budget. The need for cybersecurity isn’t going away any time soon; it’s becoming more relevant for all businesses. That’s why it’s important to consider cybersecurity as a business, financial and practical priority in 2022.

What is cybersecurity?

Cybersecurity protects computer systems and networks from information disclosure, theft of or damage to their hardware, software or electronic data.

Many think that cybersecurity is one single product or technology that keeps your data safe from cyber threats. This is not the reality.

A robust cybersecurity framework requires a layered approach that safeguards your organisation with technologies, people and processes.

10 most common cyber threats

Cyber threats are like viruses, and cybersecurity is the vaccine. To eliminate the security risks, you must implement the appropriate cybersecurity technology.

In other words, you must know the different types of cyber-attacks to come up with the best solutions. Below are the 10 most common cyber threats:

• Malware: “Malicious Software” refers to any programme or file that can harm the user or the hardware. Examples of malware include Trojans, viruses, spyware etc.
• Ransomware: A type of malicious software that locks your data, and a ransom is demanded in the form of cryptocurrency to unlock the file; it often comes in emails.
• Data breach: Cybercrime where business data or information is leaked to the dark web or sold to hackers.
• Phishing: Emails that contain links and attachments infected with malware or ransomware to steal data such as login credentials or banking details.
• DNS hijacking: Domain Name Server hijacking redirects your trusted clients to a malicious website or their server
• Crypto-jacking: Cybercriminals take over your servers and network to theirs for cryptocurrency, which costs business money in lost resources.
• Insider threats: Internal risks in which employees abuse access to the data and information on company networks.
• Denial of service attacks: Network and servers are overloaded by fraudulent network traffic to bring your website or business offline, and you cannot service clients.
• Identity theft: One tries to obtain a company’s financial information or personal information and use this data to make unauthorised transactions.
• Property theft is also known as intellectual property theft; this cyber threat involves getting access to ideas or creative expressions from individuals or companies without their permission.

Also Read: Better cyber safe than sorry: Don’t wait till you’re hacked

Many small businesses neglect their security procedures mainly because they think it will cost them a lot. However, the consequences of falling victim to a cyber-attack can be detrimental to your brand and reputation and result in financial loss.

5 factors in determining cybersecurity costs

To ensure that your organisation is secure, balance the threat with the business’s risk appetite and your skillset in-house before considering the appropriate technical controls or deciding what external resources are needed to help support you.

The costs will differ according to numerous factors:

• Industry

The number of online security breaches is rising across all industries, and some verticals are more vulnerable to these attacks. Financial institutions, construction firms, healthcare providers, eCommerce and IT companies are the fields that experience the most malicious behaviour.

Companies within the industries are more susceptible because operations involve sensitive information to provide financial gain to an attacker.

• Company size

Attackers can use employees and the company networks as the entry point to access sensitive data, more employees, more possible opportunities for successful phishing attacks and business email compromise.

• Data types

Businesses that collect more sensitive data will need additional security layers to comply with industry-standard legal compliance.

For example, for medical providers who keep patients’ medical reports or businesses that store customers’ credit card information, the more sensitive the data is, the higher the cybersecurity expenses.

• Utilised hardware and software technologies

The hardware and software your operations use determine the kind of security measure that you have in place. After all, safeguarding your company’s server is different from protecting your website. Your current setup plays a role in determining the amount you should allot for cybersecurity costs.

• On-premises deployment vs Security-as-a-Service (SECaaS)

The traditional on-premise deployment is often very costly. You need to purchase servers or appliances with databases, software and licences, and let’s not forget the necessary facility and utility to ensure the on-premise infrastructure is working well.

Also Read: There is a concerning lack of cybersecurity talent. Here’s how to tackle it

SECaaS is a subscription model in which you just need to pay a flat fee based on the unit price, depending on the service you subscribed to, with no other hidden installation or service cost.

For example, in Email Security Protection as-a-services, you just need to pay a “flat fee per user”, including the technology’s licence. You can choose based on a monthly or annual subscription basis.

How to determine your company’s cybersecurity budget?

Companies’ spending on cybersecurity is often tied to their IT budget; your account needs to fit into your business size and risk evaluation.

Industry leaders like IBM feel that a healthy cybersecurity budget should make up 9 per cent to 14 per cent of the overall IT department’s annual budget. In reality, the estimates of what companies currently pay to vary, ranging from 5.6 per cent to 20 per cent of the company’s total IT spend.

According to Forbes, spending on cloud security is predicted to increase by 33 per cent, becoming a US$585 million-dollar market, and data security will grow by 7.2 per cent.

Big enterprises are doing all to avoid cyber threats, but smaller businesses aren’t far behind. This isn’t a surprise since remote working has left us all exposed.

People are much easier targets when out of the office, so it’s only logical to increase cybersecurity budgets to avoid being targeted.

Speaking in real numbers: if your 50-employee company has an IT budget of US$30,000 annually, you should plan to use at least US$3,000 for security. Your cybersecurity provider can often help you identify the highest priority and lowest cost solutions to tackle with your limited budget.

You can tailor your cybersecurity programme and slowly grow your budget in the coming years to provide enhanced protection and help mitigate risks.

Final thoughts

Cybersecurity is no longer a “nice to have” but a “need to have” for all businesses. No business can predict when or how they will get a cyber threat, but they can fortify vulnerable systems in advance. A cyber-attack can make or break a company, depending on how prepared they are.

A comprehensive cybersecurity programme doesn’t have to cost a lot of money, but it does require prioritisation and commitment: Cybersecurity is an investment, not a liability.

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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.

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

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Southeast Asian SME digital financing platform Funding Societies (also known as Modalku in Indonesia) alongside automotive marketplace platform Carro has announced an undisclosed investment in Indonesia’s Bank Index.

The move marks Funding Societies’s entry into the neobanking space and its drive to offer digital financial services to underserved businesses in the region.

With a focus on SME Banking, Bank Index is a privately-owned national bank with a footprint of 53 offices networks in major commercial areas across Jabodetabek, Java, Sumatra, Bali and Batam. It also conducts business across several commercial supply chains while offering mobile and internet banking services to its clients.

Also Read: Funding Societies lands US$18M debt fund, on track to raise US$120M

Kelvin Teo, Co-Founder and Group CEO of Funding Societies, said, “…our complementary capabilities will enable us to serve SMEs better across banking, payments, lending and digital services to uplift Southeast Asia’s economies through small businesses.”

The Indonesia FinTech Association (AFTECH) Annual Members Survey held in 2021 revealed that the neobank cluster can rapidly grow in the future, especially for the unbanked population, with an estimated growth of 51 per cent in Indonesia. This is further backed by Ernst & Young’s 2021 NextWave Global Consumer Banking Survey, highlighting the highest rates of adopting neobanking activities amongst consumers in the Asia Pacific market.

Gimin Sumalim, President Director of Bank Index, added, “Together, we will partner to forge strategic initiatives based on our shared vision and mission to expand our services to our target market greatly. This collective step is also a reference point to continue pursuing comprehensive digital transformation.”

Funding Societies provides digital financing services, where developing MSMEs can apply for up to SGD2 (US$1.5) million in working capital financing funded by institutional and retail investors through a digital market.

In addition to Singapore and Indonesia, Funding Societies also operates in Malaysia, Thailand, and Vietnam. The company has facilitated more than SGD3 (US$2.2) billion in working capital through more than five million MSME loan transactions.

Also Read: Samsung backs Funding Societies to drive its vision of financial inclusion for SMEs in SEA

Funding Societies is backed by SoftBank Vision Fund, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, Samsung Ventures, BRI Ventures, Endeavor, SGInnovate, Qualgro, and Golden Gate Ventures, amongst others.

In February this year, Funding Societies announced a US$294 million funding led by SoftBank Vision Fund 2.

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