The pandemic has changed consumer habits and the global economic state. This has had a widespread impact on most sectors and businesses, which has ultimately impacted the way businesses reach their customers with marketing, including one of the most popular and effective means, influencer marketing. 

According to AnyMind Group’s State of Influence in Asia 2021 report, and with cross-border travel restricted for most regions over the past two years, influencers have taken to creating content around domestic travel.

Impact on the travel industry

The same report also highlighted that the two most popular influencer verticals in Asia are fashion and beauty influencers and arts and entertainment influencers. Apart from both sets of influencers frequently creating content around clothing and food, domestic travel also appears in the top five types of content. There was and still is demand for people to consume content around travel and new experiences. 

With restrictions on travel being eased across the world, consumers are resuming their travel plans again (both domestic and international travel). This inevitably causes a rise in demand for the purchase of flight tickets and accommodation, which helps fuel the travel industry and its stakeholders.

There are many ways for travel businesses to accelerate out of the blocks, from pushing promotions to users and collaborating with consumer brands to pull in more users to utilising influencer marketing to spread the word out fast.

What can travel businesses do with influencer marketing?

Influencer marketing has come a long way since before the pandemic. One of the pain points for marketers in the past, attribution for influencer marketing campaigns to business results, is no longer a challenge for the more advanced influencer marketing platforms. 

Diving deeper, consumer behaviour to reach a purchase decision has also shifted and is now driven more by online reviews and consumer experiences of a product. This presents the perfect opportunity for brands in the travel industry to work with influencers to create experience-based content that ignites aspirations, enabling these brands to reach both fans and new audiences. 

For example, destination and airline brands can partner up and work with influencers to create content around aspirational experiences, from the time an influencer steps out of their house and throughout their flight to content around the destination and activities they take part in the goal. 

Also Read: Business travel in the new normal: Strategies and tools for SME travel programme

In addition, other influencer-generated content can include promotional campaigns or content that shares travel tips. 

One example is how an online travel company in Indonesia worked to revive the domestic travel market by utilising the power of influencer marketing. The brand tapped into the homecoming season with two exceptionally-different campaigns to drive more usage of their platform through nano and micro-influencers on TikTok.

The influencer marketing campaigns were successfully joined by 100 influencers and drew in audiences with an average engagement rate of 4.84 per cent, with up to 312,000 views from TikTok users in Indonesia.

In addition, travel brands can work on cross-border influencer marketing campaigns that leverage overseas influencers to drive more interest and excitement to the brand. By working with overseas influencers, travel brands can tap into a wider customer base compared to just domestic audiences. 

The future of the travel industry and influencer marketing

According to Statista, the number of foreign tourist arrivals by air to Bali in April 2022 surged 647.844 per cent to 58,320, and those reaching Jakarta climbed 133.09 per cent to 36,000 compared to the previous year. Additionally, the number of arrivals by ship to Batam soared by 4,159 per cent to 8,140 foreign tourists. 

Tourism is being revived. 

It’s been more than two years since travel brands have had to look at capturing overseas mind share, and much has changed within just influencer marketing since the onset of the pandemic. 

With travel brands now having to increasingly compete to get a share of tourism dollars, influencer marketing presents brands with a perfect opportunity to capture this growing pie, as it transcends geographical borders and provides marketers with a more human approach to swaying destination and purchase decisions by consumers. 

Is your brand ready?

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Bali (Indonesia)-based Ekta, a company building infrastructure to connect blockchain with the physical world, has announced US$60 million financing from New York-based digital asset investment firm GEM Digital.

The money will be used to continue building its technical teams and resources and develop its NFT marketplace, NFT collections, and hybrid exchange.

Ekta was started by Berwin Tanco in 2021 as a response to the economic crisis caused by the global pandemic. The founding team saw an opportunity to decentralise real-world assets through blockchain technology and offer streamlined access to displaced communities, especially in Southeast Asia.

Also Read: NFTs: The future musicians were promised is finally here

The startup builds an ecosystem of platforms and products, including a self-developed NFT marketplace (Ekta NFT marketplace), a hybrid exchange (HYBEX), and NFTs backed by the real-world utility with the mission of improving lives and communities.

The NFT marketplace aims to connect real-world assets and value to the projects offered on its platform. For instance, Ekta Island. Based on an island near Bali, named Gili Gede and owned by the team, Ekta Island consists of 16 hectares of land, 46 hectares of the ocean in its bay, and one of 20 marina licenses issued in the archipelago.

Through NFTs, Ekta develops the island as the world’s first blockchain-fueled physical space, offering fractional investment and everyday people access.

As an endpoint node that rewards operators with crypto, Ekta Portal is another product through which it aims to bridge the real world with blockchain. By activating the device via an Ekta Portal NFT, operators can start earning from a daily rewards pool of 10,000 $EKTA. The rewards are divided by the number of active operators, meaning that the sooner you own one, the more you’ll earn. Owning an Ekta Portal NFT auto whitelists holders for all of Ekta’s NFT offerings, including Ekta Island and MetaTrees.

Also Read: Matrixport betting big on NFTs, blockchain gaming to expand its cryptocurrency financial services

MetaTrees is a blockchain game world where players can earn crypto while also playing an active role in preserving real-world natural resources. MetaTrees also incentivises reforestation initiatives on Ekta Island and in partnership with environmental organisations.

Ekta Founder and CEO Berwin Tanco said: “While 10 per cent of people on the internet hold crypto, we aim at onboarding the next 10 per cent by building true utility and value for them.”

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Helicap, a fintech private investment platform specialising in the alternative lending space in Southeast Asia, has raised US$5 million in a strategic funding round led by Temasek-backed Tikehau Capital and PhillipCapital.

The group CEO David Z Wang said: “Over the coming months, we will be expanding our suite of data-driven products and services to establish Helicap as the go-to private financing arranger in SEA. We will continue democratising access to private investments through a data-driven FinTech investment platform prioritising risk management.”

Helicap is a fintech-driven investment firm specialising in the alternative lending space in Southeast Asia and Australia. Since its founding, the group claims it has arranged US$150 million in volume in over 300 completed deals, working closely with leading alternative lending platforms and presenting investors with positive returns.

Also Read: Helicap partners with Credit Saison Group to provide US$10M debt financing to alternative lending platforms in SEA

To achieve this consistent performance, Helicap has developed a proprietary technology that can crunch millions of loan data points to evaluate the creditworthiness of more than 500 digital lenders and businesses across SEA and Oceania.

The firm’s flagship private debt fund recently raised US$10 million from a regional bank-backed asset management firm.

With the global economic landscape expected to face higher and broader inflation in 2022, and public markets witnessing a correction since the beginning of the year, private markets can present a portfolio diversification opportunity for investors. Private debt markets have shown a low correlation to public markets and can provide consistent risk-adjusted returns when applying robust risk management frameworks.

Early this year, Helicap provided a debt facility of US$15 million to ErudiFi, a startup offering tech-enabled education financing solutions in Southeast Asia.

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The ‘funding winter’ is here, and the startup ecosystem is undergoing a correction globally.

After a blockbuster year in terms of capital flow into Southeast Asia and significant interest from SPACs and direct IPOs with companies in Southeast Asia, funding in 2022 has suddenly become scarce as Limited Partners became wary of investing in VC funds. Consequently, VCs have cautioned startups to tighten their purse strings, urging them to prepare for the long haul.

The shortage of funds has forced many companies, including unicorns, to stall their aggressive scaling/growth activities. Tech firms, such as Shopee, Zenius, LinkAja, and JD.id, have downsized their workforce to cope with the crisis, and many more companies are expected to follow suit. The panic in the market has led to the plunging of the valuations of many startups.

But there are many ways for startups to come out of this crisis, according to experts. Some investors are pausing investments to see how the situation develops, while some are still actively investing although the appetite might’ve changed and the deployment might be slower. Profitable companies and those with a clear roadmap to profitability need not worry much.

“For profitable companies raising investments, there’s not too much pressure because it’s not a raise-or-die situation. Having extra funds in their coffers can help them grow and gain market share in a market where competitors might be pulling back. So this is a good time to scale, but maintaining that balance between growth and bottom line will still be important after a successful raise,” says Elsha Eliasa Kwee, Investment Manager at Japanese VC firm Genesia Ventures. Genesia has invested in over 100 companies, including Qoala, bobobox, and Finantier, among others.

Also Read: Funding winter? Indonesia marches on … and why it will survive the gloom

For post-revenue companies that are not yet profitable but are confident of achieving profitability with the existing capital and runway, it’s best to hit the milestone as soon as possible. This can be achieved either by maintaining the current level of operations or increasing revenue or cutting costs. There is no need to rely on further fundraising to survive.

“However, companies that are burning cash, don’t have enough funding or runway to reach profitability but are out to raise funding are in a tough spot. It is best to extend the runway as much as possible regardless of the situation,” she advises. “Increase revenue, cut costs, and pause projects that do not directly contribute to the top line in the short term. Also, form a realistic plan to reach profitability or at least as close as possible to profitability and share this with potential investors.”

For companies currently fund-raising, it’s best to raise for a minimum of 24 months runway. It is risky for them to raise for a 12-18 months runway. “We usually suggest that companies start raising six months before the target close (but now this might not even be enough). Having a short runway means the team will have to raise again soon in uncertain market situations. So raising for 24-36 months runway is more advisable. If market conditions improve, the company can always adjust for accelerated growth.”

At the moment, with the public market correction and uncertainty, coupled with the effects of the US inflation due to interest rate hikes and the Russia-Ukraine war, there is a fear that this will come to the private markets, says Jeffrey Paine, Managing Partner at Golden Gate Ventures. To tide over this crisis, he advises that new startup founders work on and refine their 12-year plan and capitalisation strategy and find valuation comparables that are realistic to achieve.

“For operating founders, post-Series A, speak to Series C and D investors, ask them what they expect of your business milestones, and try to close that knowledge gap. They also need to operate their business at a level that will interest capital providers, who have now sharpened their pencils,” Paine adds.

“The silver lining is that there is still a large overhang of venture capital raised in 2020-2021. However, investors will be more stringent from now on. So, realign your approach to performance once you are clear of what is expected of you. There are situations when it is too late to turn back, which will lead you to take a strategic option that unfortunately is the best path for your company, employees and shareholders,” he warns.

Sharing similar sentiments, KK Fund Founder and General Partner Koichi Saito says that it is time for Southeast Asian startups to prepare for winter, just as it is for developed countries. With the share prices of listed stocks, such as Grab, GoTo, and Bukalapak, falling across the board, we can expect to see a decline in investment appetite from investors targeting the pre-IPO stage and other later-stage firms for the time being.

“In response to this trend, early-stage investors will also become more selective in their startup investments, and the overall number of deals is likely to decline,” Saito says.

On the other hand, because of the dry powder in the early stages, there is a strong possibility that investments will be concentrated on better entrepreneurs, and the amount of funding in the early stage itself will likely remain the same. Since the funding period may be longer than usual, more careful cash management will be necessary if you want to burn more cash and get ahead of user acquisition.

Also Read: Winter for tech startups is here? Here’s how to deal with it

The bright side is that funds from developed countries such as the US will likely flow into Southeast Asia. A big chunk of this will come from corporate funds. If a startup pitch is made with a strong awareness of the synergies between the company and the corporate entity, and the possibility of future collaboration is presented, the probability of fundraising success will increase.”

“Unlike US hedge and PE funds, which only aim for capital gains, corporate funds are more likely to invest in startups that can be expected to have synergies with their own companies under these circumstances although they will be more cautious,” Saito adds.

The funding winter will also have a great effect on your mental health. “I foresee higher stress levels for founders in the next few quarters. Do lean on your trusted network of advisors, mentors and coaches to help guide you through whatever is coming,” Golden Gate’s Paine says.

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Sitting at the heart of Southeast Asia, Singapore boasts the busiest port in the world in terms of shipping tonnage, with more than 130,000 vessel calls annually. Consistently ranked as the leading maritime city, Singapore has nurtured a strong innovation ecosystem that allows startups around the world to reimagine their technology for the maritime industry. Playing a pivotal role in the growth and vibrancy of this ecosystem is PIER71 (Port Innovation Ecosystem Reimagined at BLOCK71). Established in 2018 by the Maritime and Port Authority of Singapore (MPA), and NUS Enterprise, the entrepreneurial arm of the National University of Singapore (NUS), PIER71 acts as a catalyst in accelerating innovative ventures by bringing together key stakeholders and creating opportunities for collaboration in the industry. It recently launched the sixth edition of Smart Port Challenge (SPC) at a hybrid event held at the Singapore Maritime Gallery.

SPC is the flagship programme under PIER71 and is one of the leading gateways for startups to gain access to this thriving sector.

Emerging challenges in the maritime industry

The maritime industry is responsible for more than 80% of global trade and is facing increasing pressures to digitalise, decarbonise, strengthen supply chain resilience, optimise operational efficiencies, and enhance seafarers’ welfare and training.

Kenneth Lim, Assistant Chief Executive (Industry), MPA believes that more than addressing the industry’s challenges and opportunities, Singapore’s maritime sector can also co-create innovative and pragmatic solutions by collaborating closely with startups. He believes that Smart Port Challenge plays a vital role in developing a strong MarineTech sector in Singapore, ensuring that Singapore’s maritime industry is future-ready and that the city ultimately remains a dynamic international maritime centre.

Also read: Looking back and moving forward: Leave a Nest at 20

Professor Freddy Boey, NUS Deputy President (Innovation and Enterprise) remarked that the cohesiveness of this ecosystem stems from the support of industry partners and continues to grow stronger as the startups develop further synergies. Through its collaboration with demand drivers, PIER71 creates opportunities for startups to bring in ideas and solutions that will propel the industry’s digital transformation journey forward.

Smart Port Challenge 2022

For SPC 2022, 16 maritime industry partners have identified challenges across 15 areas where technological innovation can play a vital part in developing maritime solutions. The top areas identified are (1) Smart Port; (2) Smart Ship; (3) Crew Safety, Training and Wellbeing; (4) Smart Maritime Services and Logistics; and (5) Green Technology.

Technology startups based in Singapore and abroad are invited to submit proposals in any of the challenge statements, or other solutions related to the maritime sector in an Open Category. The closing date for the submission of proposals is 8 July 2022.

Shortlisted startups will be mentored under PIER71 Accelerate and may be eligible for a MINT-STARTUP grant of up to S$50,000 from MPA to embark on pilot projects with corporate partners. Participating startups will also enjoy entrepreneurial and technical support through PIER71’s global network of partners. The top three winners of the challenge will win cash prizes of S$10,000, S$5,000, and S$3,000 respectively and will be announced at the Grand Final in November 2022.

PIER71 Accelerate is designed as a 6-week market validation and customer discovery programme. Startups can take advantage of access to mentors, masterclasses and networking sessions with key stakeholders to build knowledge on navigating the maritime ecosystem and finetune their proposition, as well as identify new markets and establish connections to accelerate their venture.

Also read: JTC bolsters Southeast Asian innovation through LaunchPad

Startups also have access to talent and technologies as they can tap the wider NUS network to enhance their offerings for the maritime industry. The SPC Grand Final is where top teams will pitch in front of judges, industry stakeholders, and a global audience. Close to 80 startups have benefited from PIER71 Accelerate and SPC to date, and 50 have been awarded grants amounting to S$2.45m.

Under SPC 2022, 22 co-creators and supporting sponsors including the American Bureau of Shipping, Bernhard Schulte, DNV, Jurong Port, Pacific Carriers, OMC Shipping, PSA, Wilhelmsen, and the Workplace Safety & Health Institute, are calling for collaboration with global startups

Future MarineTech: Addressing challenges through IoT, Data and AI technologies

In the 2021 challenge, MPA awarded 11 startups with Maritime Innovation and Technology (MINT)-STARTUP grants for prototype development and test-bedding. The selected startups are collaborating with maritime corporate partners from PIER71 on pilot projects that focus on the use of smart sensors, vision and data analytics, artificial intelligence, and wearables, amongst other innovative ideas.

In a sector already under pressure to decarbonise, the COVID-19 pandemic has exposed vulnerabilities in global supply chains and heightened awareness of crew health and safety challenges. At the Maritime Leadership Roundtable facilitated by PIER71 in January this year, senior leaders identified key priorities in the areas of decarbonisation, digitalisation, supply chain resilience and manpower.

A Maritime Innovation Workshop that followed the roundtable saw 42 raw problem statements drawn out by a group of senior maritime executives. These challenge statements were further distilled and channelled through relevant communities. Ultimately, these translated into the 15 innovation opportunities identified in SPC 2022 currently accepting applications from startups around the world.

SPC startups benefit enormously from being immersed in the PIER71 ecosystem. Ranging from deeper insights into various industry stakeholders, access to testing data and environments, and advice on creating a market fit, to validation of solutions and funding opportunities — graduating SPC companies can find multiple avenues for further collaboration.

Examples of startups bringing innovation to the maritime sector include SPC alumni such as Portcast, from SPC2018: a Singapore startup that develops technology to predict cargo movements by integrating data about external disruptions like port congestion, weather adversities, and other unforeseen events. Portcast has raised US$3.2m in investments from partners like Wavemaker, Newtown Partners, TMV Ventures, and INNOPORT and is already working with customers in Asia, Europe, and the US, with plans to set up an office in Europe within the year.

Also read: Top 5G Startups in 2022 Announced

Startups from anywhere in the world are welcome to apply to SPC 2022. PIER71 encourages startups to reimagine technologies for the maritime sector and many startups have successfully remodelled their solutions originally designed to address issues in different industries.

Performance Rotors, from SPC 2019, specialises in drone technology for inspections in confined spaces. Starting in the building and construction industry, they have discovered new opportunities through PIER71 with their drones now being used to conduct inspections in confined spaces such as vessel hulls and ballast tanks. They’ve received multiple class certifications to conduct remote surveys internationally and have secured funding from INNOPORT, Royal Vopak, EDB Ventures, and others. They have also since expanded to Malaysia and the Netherlands.

Startups taking part in SPC 2022 stand the chance to impact the maritime sector not only in Singapore but across the globe in the same way these other previous companies have. Moreover, this becomes an opportunity for them to expand their vertical, improve their products, and network with some of the largest names in the maritime industry.

For more details on SPC 2022 visit https://www.pier71.sg/smart-port-challenge/smart-port-challenge-2022

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This article is produced by the e27 team, sponsored by NUS Enterprise

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