When I started investing and advising Web3 projects in 2021, as a founder myself, there was a recognition of a kindred spirit in fellow project founders I’d come across. Through all the jargon, hype culture, speed and volatility that NFTs are notorious for, one day, the NFT landscape would eventually mature.

There’s nothing like a bear market that forces one to grow up. The May 2022 stablecoin crash was a big wake-up call for inexperienced founders building in the bull. There’s no celebration of a 70 per cent loss of value in the crypto market, but this crisis has caused the industry to move at a different cadence, a saner one. Spotlight is now on projects that have succeeded, and now it’s the time to dissect why.

Last year, the success metric for a project had been relatively simple thus far. Firstly, how fast can you sell out an NFT collection? Secondly, how much capital can you raise? Finally, can you sustain the floor price?

During the height of the bull run, these projects were all driven by speculation. But now that the crypto space has cooled down, NFT project founders are coming back to the same conclusion. It’s time to go back to the first principles.

Finding community-market fit

Community-market fit is the new product-market fit. As NFT projects were building out their communities to prime the members for a minting experience, they may not have realised it, but they were establishing community-market fit. With this continuing evolution of the internet, it’s interesting to see that it’s not just the technology that is becoming decentralised; our social structures are also moving in that direction.

What are we learning from these modern communities? Some examples could be motivations beyond money, the authenticity of the early evangelists, and proof of “trust building” behaviours in each other and the projects’ products.

Also Read: Should Southeast Asian startups look to transition from Web2 to Web3?

If executed properly, project founders should be able to shift their mindset away from “how do I sustain floor price to keep holders happy?” towards “how can the community sustain itself”, therefore increasing the valuation of the project.

Once community fit is developed, the next stage is defending your position. In this case, we don’t have to reinvent the wheel. All you have to do is to look at success in other fields, how others have made mistakes, and how we can apply it towards the Web3 industry. In this case, some of the most formidable moats in Web2 are definitely transferable to Web3.

First mover advantage: Cost of switching brands

Techcrunch reports that most of the trade volume in NFT projects is attributed to the top 10 NFT projects. There seems to be some sort of Pareto play for the projects that are first to market. Even though derivatives have their own 15 minutes of fame, the first-mover advantage seems to be the ace up the sleeve of the “blue chip” projects. Web3 mentality has ego around being first to market, and that it can confer advantages, but most of the time in business, it depends on the circumstance.

With many of the protocols already set up, it’s a tall order to shed old habits and simply switch brands. Unless your NFT project offers something revolutionary, one shouldn’t expect to leave a mark. If you were to launch a collection, launch it with a purpose and disrupt.

If you can’t be first to market, be first in class to market. Or find those that were to market and figure out how to create better user experiences. Some projects that have come to mind are DeGods, which introduced a “paper hands tax”, and Goblintown, which mastered the free mint.

Innovation within the NFT market comes in waves. Metas cycle in and out every three weeks or so. While it does seem quite the undertaking to disrupt at this level, we operate in such a nascent industry that there is simply so much room to innovate. Conversely, the bear market has helped reduce noise. Only the true builders remain, and experience dictates that most technology transformation breaks through because of quieter markets.

Localisation

Southeast Asia has seen epic David and Goliath battles between international giants and local startups. Grab took maket share away from Uber. Lazada is beating out on Amazon. Gcash has defended from many fintech entrants. In every instance, it was clear that the local startups knew their customer on a deeper level than their larger, international counterparts. No amount of organisational infrastructure, resourcing, or capital can replace the value of deep insight into local markets. Hyperlocalisation is one of the best competitive advantages.

Also Read: 3 steps to starting a business in Web3

While one of the biggest draws of Web3 is the immediate global audience that provides international liquidity, NFT projects that succeed are the ones that consider the intricacies of cultural nuances. The closest I’ve seen explored are the language-specific subchannels in Discord servers, in-city meetups, and content optimised for specific cultures or time zones.

Azuki’s ‘Proof of Skate’ auction, raising over $2.5 million for eight gold-plated skateboards, is a testament to how strong communities can band together, despite bearish market conditions. Apart from this event being one of the best-in-class marketing events in the quarter, Azuki holders are often found collaborating and meeting in real life.

Network effects

Not to be confused with virality, this refers to the value creation generated as more and more users start to adopt a company’s products or services. NFT projects often resemble one-sided markets in their infancy stage. As more holders get onboarded, we see enriched experiences through more content and diverse applications. It’s all about the vibrant community.

In 2016, Pokémon Go took a mere 19 days to reach 50 million users. This was significant because it took Whatsapp one year to do so, Facebook, three years. However meaningful the Pokémon Go experience was, fast forward to 2022, and it seems all but a distant memory where users would run around the neighbourhood, trying to catch a Bellsprout.

A great study for NFT projects looking to embed virality in their product or service (more meaningful than promised Airdrops). Retention is baked into game economics with features like the Lure Module. When Lures are placed in a geo-mapped place, it brings all players in the area (with more chances of catching Pokémon. More Pokémon in a place means more foot traffic users want to visit to gain rewards.

NFT Projects, now starting to think about phygital application, should be investing in similar strategies to create supply and demand. Real-life meetups to get exclusive Airdrops, treasure hunts to unlock rewards, and community-led hack-a-thons with prize money sponsored by the team. Possibilities (and examples) are plenty.

Web3 founders must balance many balls, from whitelisting partnerships to managing hype post-launch. Investing earlier into building defensibility will prove to be of long-term value, especially when retaining community loyalists. Get the fundamentals right, floor price will follow.

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In 2020, the average commute time in Singapore was 46 minutes. Commuters brave crowds, traffic congestion, and bad weather to get from point A to point B, and all these can add stress and pressure that affect creativity and productivity.

Singapore is one of the few countries worldwide that have made commuting efficient. Now, they’re also aiming to make it meaningful, enjoyable, and valuable.

The Singapore Mass Rapid Transit (MRT) is a source of national pride. It reflects the nation’s arduous journey from being a third-world to a first-world country where citizens are provided with a convenient and efficient way to travel. Since the first line opened in 1987, the MRT has spanned more than 200 kilometres, while five MRT lines host more than 130 stations throughout the island.

The MRT system is a significant part of Singapore’s daily life. At least two million people use it to go to work, school, or any destination daily, with foot traffic accounting for more than half of the national population.

Creating better experiences with innovative touch points for commuters

Over the years, the public transport system has kept up with the rising and changing demands of commuters and the technological world. Providing a positive commuting experience at the heart of its innovation pursuits, SMRT now aims to ensure that passengers get more out of every commuting touch point.

Passenger information services, signages, consumer amenities, retail shops, and advertising spaces keep the commuters engaged and informed. In addition, stations are filled with shops, booth activations, and activities to make travelling more exciting and fun. An efficient system also improves commuters’ health and well-being as an accessible mode of transportation reduces the stress of travelling.

Stellar Lifestyle, the business arm of SMRT Corporation Ltd, is a leading player responsible for countless enhancements to the country’s transport system. It is the largest managing agent of retail and advertising spaces in the country’s rail network, handling over 600 retail areas in the North-South Line, East-West Line, Circle Line, Thomson-East-Coast Line, LRT, and bus interchanges. It’s also known for operating Kallang Wave Mall, a 40,000-square-metre home to retail and food spots that cater to customers’ lifestyles.

Also read: 25 years in Singapore: This industry veteran discusses innovation

Integration is Stellar Lifestyle’s key driver in creating lively transit destinations. One of its top engagement solutions is Stellar Ace’s Omnichannel Architects, which receives 35 million audiences through its daily touchpoint ecosystem, featuring a range of activities that include home, travel, food, shopping, and play. It also aims to maximise different parts of the customer journey through advertising that supports retailers, engaging customers throughout the whole sale process.

Also under Stellar Ace is the engagement platform WINK+ that rewards users with points per active engagement with WINK+ activities such as the WINKmets campaign known for its digital avatar influencers that will call for content generation anchored in the latest trends and happenings on the island to mark Singapore’s 57th National Day.

Singapore’s MRT system is no longer just a train network; it has become a landmark. With vibrant transit spaces designed for interactive commuter experience, taking the train is meant to be more of an enjoyable trip than a tedious chore.

Hive by Stellar Lifestyle: The Queen Bee in innovation

With numerous initiatives to engage commuters, Stellar Lifestyle aims to maximise the MRT network’s potential for growth and innovation. It is expanding its reach from daily commuters to Singaporean small and medium enterprises (SMEs) with a key project called Hive by Stellar Lifestyle, at Esplanade MRT.

Poised to become the Queen Bee in retail innovation, Hive by Stellar Lifestyle is a new living lab meant to support local SMEs with digital business transformation programmes by connecting people and places with the help of its curated network of transformational brands. It will find its home within the MRT network and house innovative and ambitious entrepreneurs who want to try different ventures.

Stellar Lifestyle innovation programmes: Partnering with trailblazers

With ambitious projects, Stellar Lifestyle hopes to take the MRT experience to the next level by partnering with innovators that develop modern infrastructure and produce never-been-done experiences.

Noyes Technologies, a Munich-based company with the goal of simplifying small warehouse automation, is one of Stellar Lifestyle’s partners. Its automated storage system, NoyesStorage, could allow businesses and commuters to pick up goods on the way, providing convenience and relieving their stress. “In a world that is constantly accelerating and where everything has to go faster, it is important to reduce the stress in everyday life for everyone,” a Noyes Technologies executive said.

Also read: Investments in startups grew by more than 45% per annum in 2021

Another partner is 1cool, a company providing sustainable cooling solutions to problems caused by normal air conditioners. When talking about the partnership, a 1cool representative shared that the company is “collaborating with SMRT to develop cooling solutions to solve Stellar Lifestyle’s problems and transform unused spaces into revenue.” Stellar Lifestyle teamed up with 1cool to deploy DewCoolers, a standalone device that can be used in place of air conditioners, to give commuters a relaxing and pleasant alfresco dining experience.

Speaking of dining experiences, Singrow will also be instrumental in Stellar Lifestyle’s goal of enhancing commuters’ health and well-being with its agricultural technology that helps farmers grow flavourful climate-agnostic crops. Its Blooom Fruit, a concept by Singrow, Juice, and Smoothie bar, which will highlight the world’s first tropical-resilient strawberries, will grace train stations to promote food security and resilience and offer commuters healthy choices. “We want commuters — as consumers — to be actively involved with their purchase choices to help build Singapore’s “30 by 30” food resilience ecosystem,” a representative from Singrow said in an interview.

Commuters are not the only ones benefitting from Stellar Lifestyle’s initiatives. Food and retail businesses can get Waffle Technologies Pte Ltd’s support through a POS-driven CRM system. Using the technology will give merchants valuable insights about their customers’ preferences or which stations they frequent, allowing them to personalise their marketing and services.

When asked about working with Stellar Lifestyle, a Waffle Technologies’ executive highlighted the partnership’s benefits. “By understanding commuter’s behaviours, Stellar Lifestyle will be able to achieve a better tenant mix to improve every commuter’s experience, and run relevant personalised campaigns for them — which not only brings an awesome customer experience for commuters but also more business to their tenants!” the representative said.

Also read: Journey to the top: From developer to CEO

When it comes to safety, Teredo Analytics will work with Stellar Lifestyle through its expertise in acoustics, Internet-of-Things, and Artificial Intelligence. According to a Teredo Analytics representative, the partnership allowed the company to garner “valuable advice and guidance offered by Stellar Lifestyle’s team, which has enabled us to better fine-tune and tailor our product to suit the customer’s needs.” For example, its lift monitoring solution has a predictive capability to lower the risk of a sudden lift failure within the train station, ensuring safety and comfort for passengers, especially those with mobility issues.

Safety is also Reachbots Automation’s focus as it lends Stellar Lifestyle its modular mobile robots that can reach hard-to-access confined spaces. The robots inspect inaccessible areas while an operator monitors the progress from a safe location.

With these robots, Stellar Lifestyle can regularly check and maintain critical safety in the built environment facilities. A Reachbots Automation executive lauded the partnership, saying “the resources and domain knowledge that Stellar Lifestyle has provided me with has certainly allowed us to develop and refine our robot design for a wider range of confined environments.”

All aspects of commuting get the attention they deserve to keep a well-oiled transport system for commuters and tenants. But it does not stop here, as Stellar Lifestyle wants to do more for Singapore startups.

Stellar Lifestyle’s Innovation Programme: Tapping startups’ potential

To help its business partners achieve their goals, Stellar Lifestyle partnered with Enterprise Singapore. The joint funding partnership aims to support startup innovation within the MRT network, bolstering the entrepreneurial ecosystem with innovative technologies and solutions to contribute to the growth of the Stellar Lifestyle’s business partners. These solutions range from finding ways for MRT tenants to lower operational costs, improve profitability, enhance customer data analytics, and implement sustainable practices.

“We are delighted to partner Enterprise Singapore, as our shared belief in a practical innovation approach will help startups conceptualise, prototype, and develop their solutions. We will also validate these solutions in a real-world environment through our living lab ‘Hive by Stellar Lifestyle’ located at Esplanade MRT Station,” shared Tony Heng, President and Stellar Lifestyle.

Reimagining the transit experience

The exciting projects in the pipeline reiterate the importance of smart solutions to engage with MRT commuters and set an innovative commuter lifestyle. When the rail network circulates efficiently in a vibrant and healthy environment, the commuters will enjoy quality transit that is empowering, engaging, and enjoyable — all while keeping them on the go.

For more information, visit www.stellarlifestyle.com.sg and www.hivebystellarlifestyle.com!

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It is without question that technology has vastly improved our lives in more ways than none, making everything faster, easier, and more efficient than ever before.

For the longest time, consumer finance has been confined to a traditional way, where customers regularly visit a bank’s branch to avail themselves of their products and services. Conversely, bank employees must address customer concerns and document and validate bank transactions.

Striking a balance between speed and security

I first entered the world of consumer finance when I joined a leading and established bank in Poland, at a time when retail banking was starting to get ahold in the country. My first experience not only taught me the ropes but it established my foundations on how essential it was to work as a team and what it meant to be a professional.

It also made me realise the harsh reality that banks faced: everything took time, perhaps too much time. By its very nature, banks have a fiduciary duty towards their clients to ensure that their money remains safe and secure. However, I found myself asking this, “Is there a better and faster way to do all of this without risking our customers’ trust?”

With this in mind, I brought this with me to the next stop in my career, this time in a growing retail bank in Ukraine. Fuelled to augment and reduce the lead time needed, I was determined to optimise our core banking processes. During this period, we could finish projects in two months, which would usually take six months, a 300 per cent improvement.

Building on process automation and human innovation

To achieve these results, our team made use of known data-driven methods such as Six Sigma, which allows us first to identify and then eliminate defects in business processes. This emphasis on data would further serve as the light that guides my career from that point forward.

Digital transformation is in full swing, a phenomenon that continues to affect us in every facet of our lives. This would not have been possible without breakthrough technological advancements driven by data.

Consumer finance has already grown leaps and bounds compared to when I started. New processes like predictive auto-dialling and automated reminder calls can now be executed at increasing speeds and with little to no human errors.

Also Read: ‘Neobanks can create a better digital CX by leveraging AI, blockchain’: banco CEO

That does not mean that our role has diminished. In fact, it highlights the brilliance of human ingenuity – our abilities to be innovative and creative. We no longer need to focus our valuable time on doing rote work; we can now shift to designing systems that will put customer experience at the forefront, allowing technology to automate processes in a faster and more secure way than any person could ever do.

Leveraging on data for business optimisation

As Co-Founder and former CEO Of Singapore-based FLOW (previously known as Asia Collect), we established professional, ethical, and highly efficient credit management through our data-driven collection strategies in the APAC region.

Redefining credit management was made possible with AI technologies and ethical practices. With no field collection, automation was the framework which allowed digital debt collection to handle larger volumes of transactions with significantly reduced manpower.

With over 2.8 million customers utilising FLOW’s personalised and digital-first experiences, FLOW’s strategies have shown impressive recovery rates for financial institutions and technology companies. Its growing success was made possible by efficiency improvements not just in its processes but also in optimising our personnel.

After my venture with FLOW, I am more than proud of the work that we have done at Tonik, the Philippines’ first purely digital bank, or neobank as we call it. In their 2021 Financial Inclusion report, the Philippine central bank, Bangko Sentral ng Pilipinas (BSP), showed that 45 per cent of adult Filipinos in 2019 were unbanked. In that same year, only 12 per cent of those had bank accounts. In 2021 per cent, that figure doubled to 23 per cent for those with bank accounts.

That rise in the figure, which happened throughout the pandemic, greatly accelerated the adoption of digital payment and banking systems. Now that digital banking has gained widespread usage due to its ease and convenience, Filipinos now have more access to lending and deposit products and payments channel, all done with a few taps on their phones.

Customers can seamlessly transfer funds, apply for loans, and pay their bills in a fraction of the time compared to before. Our core banking infrastructure is in the cloud, powered and secured by world-class tech companies.

With a strong and experienced leadership team that is steering the ship, amplified by our shared vision of revolutionising the way money works in the region, I am excited to be on this trailblazing journey. By harnessing both the power of operational efficiency through technology and the talents and passion of our people, we are set to continue to revolutionise the way money works in Southeast Asia truly.

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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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Facial recognition has the power to make remote work more seamless and less distributed. In fact, experts say that by 2025, 22 per cent of the workforce will work remotely. Remote workers report being 22 per cent happier at work and 30 per cent more productive and engaged with their tasks.

However, despite these positives, there are still several challenges that remote work presents. Since the beginning of COVID-19, 47 per cent of remote workers report experiencing burnout. There has been a newfound loss of work and home balance and longer hours that create a slew of new challenges.

Challenges of remote work

A shocking 75 per cent of remote workers report experiencing stress and burnout at work. 43 per cent are likely to work over 40 hours per week, with nearly 40 per cent reporting longer hours than before the pandemic. Over 20 per cent of remote workers find it difficult to unplug from their jobs, as their living space and their working space have now become the same. 

Remote work also has been found to lead to disorganisation and frustration among workers. Many report feeling stressed, which impacts workplace well-being and productivity. Some also struggle with delays, as time management within teams becomes taxing and difficult.

Workers have also reported noticing lower quality work, as the lack of team direction and attention leads to poor output. Lost time and interruptions are also significant roadblocks. Many remote workers feel that even after a long or busy day, nothing meaningful was accomplished. Distractions have become the norm, as other events outside of work are constantly competing for the attention of these struggling remote workers.

Organising the woes of remote work

Studies show that 90 per cent of Americans feel more refreshed after stepping away from their computer. These same participants felt that they have a more enjoyable workplace experience and higher productivity after taking these breaks. It is from this concept that the tool of automatic time tracking was born.

Also Read: Is the remote working trend “swallowing”​ office employees’​ vacation time?

Automatic time tracking can help remote employees in a multitude of ways. It can identify where their time is being most spent and track their long-term progress. It can help facilitate breaks and time off appropriately, as well as prioritise what is most important. Many workers report feeling more focused and organised during their workday while using this technology.

On the other hand, businesses can also benefit greatly from time tracking. There is more transparency, increased employee accountability, and a better opportunity to gain insight into their demands and budget use. To illustrate these benefits, experts say that in the United States, filing timesheets waste US$7.4 billion a day in productivity. These numbers are reaching these heights solely because workers forget to log their hours, a burden that can be alleviated through time-tracking technology.

Time tracking, while revolutionary and beneficial in many ways, presents its own set of challenges to businesses and employees. Employees still spend up to four hours a week on unproductive tasks. Nearly 30 per cent spend their time just checking and answering emails, while over half spend three or more hours on non-work activities.

Many waste up to five hours weekly on calls and meetings that achieve nothing. The freedom that comes with working from home is something that many managers are concerned about. Over 80 per cent admit to feeling concerned that remote working may reduce employee focus and productivity.

There are several types of time-tracking technology that are slowly making their way into the world of commerce. They vary from manual to full remote monitoring, including but not limited to timesheets, keycards, biometric data and GPS tracking.

While many small startups are still using manual methods, 60 per cent of companies with remote workers are using full remote monitoring to track their employees. This means that they can keep tabs on keystrokes, browsing, hours spent working, and even tap into live webcams.

Facial recognition is another fairly new tool that can contribute to time tracking for many businesses. Facial recognition software cannot be fooled by pictures or lookalikes, works on both Apple and Android devices, works via web browser, and is backed by smart technology.

When used together, these technologies allow for a distributed and efficient remote workforce with more time for productivity and less busy work. Time tracking is the right-hand man for any business that relies on remote workers, saving time, money, and energy when it is needed the most.

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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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Elon Musk closes Twitter buy for US$44B, fires CEO and CFO
Aside from CEO Parag Agrawal, Musk also fired CFO Ned Segal, General Counsel Sean Edgett, and Head of Legal Policy, trust and Safety Vijaya Gadde; The deal follows months of Musk’s journey to take full control of the social media platform.

Square Peg closes new US$550M fund
The global VC firm will continue to invest in consumer internet, fintech, edutech, future of work, healthtech, and SaaS in SEA, Australia, and Israel; The firm has backed 60+ companies, including LottieFiles, Doctor Anywhere, and FinAccel.

Blibli parent sells 6.6B more shares in IPO, nets US$513M
The Jakarta-based firm upped its quota for sale to 17.8B shares at US$0.029 each from the 11.2B shares at US$0.026 to US$0.03 apiece; Anticipating a US$3.5B valuation, the company will list on the IDX on November 7.

SEA digital economy to grow in 2022 despite headwinds: report
The digital economy is poised to hit US$200B in GMV in 2022; In 2030, this figure could skyrocket to up to US$1 trillion, according to a joint report by Google, Temasek, and Bain and Company.

Lamudi parent EMPG raises US$200M funding, eying IPO listing
This round was led by Jared Kushner’s investment firm Affinity Partners, with new funding from KCK, Acacia Partners, plus several other investors, including Prosus, which maintains its stake.

Temasek’s 65 Equity Partners pours US$105M into SG’s Cityneon
Neon creates experiences using tangible and intangible environments; It brings these experiences to locations for clients like Disney, Universal, Marvel, and Hasbro, among others; The company also announced that it would be rebranding to Neon.

HK fintech firm Reap banks US$40M Series A
The investors are Acorn Pacific Ventures, HashKey Capital, and Arcadia Funds; Reap’s platform helps users access payables management and international payments and collections.

Indonesian solar energy firm Xurya banks US$33M Series A+
The lead investor is Mitsui & Co; Xurya helps partners achieve sustainability, economic, and financial goals by lending expertise on sourcing, developing, operating, and maintaining distributed solar projects.

Shopify invests in WhatsApp CRM firm WATI’s US$23M round
Other investors are Tiger Global, DST Global, Sequoia India & SEA; The firm enables companies to have scalable and personalised conversations using customer engagement software built on WhatsApp’s business API.

SG’s cloud communications firm Toku nets US$5M Series A+
Lead investors are Delivery Hero Ventures and Malaysia’s OSK Ventures; Toku will use the fresh money to establish a presence in Malaysia, Indonesia, Hong Kong, Vietnam, South Korea and the Philippines.

KYAN Therapeutics bags US$5M to bridge the cancer care gap using tech
The investors are Altara Ventures, SEEDS Capital, and K3 Ventures; From drug development to personalised medicine, KYAN offers a solution to identify the optimal outcome for millions of possible drug-dose combinations.

Ex-Gojek VP’s mobile café network Jago nets US$2.2M pre-Series A
The investors are Intudo Ventures, Beenext, CyberAgent Capital, and Arkblu Capital; Jago will use the funds to expand to over 200 mobile cafés, covering 20 hyperlocal areas in Jakarta.

Malaysian fleet fuel expense management startup BayaPay raises funding
The investor is Winacore Capital; BayaPay offers BayaFuel, a card to enable businesses to make secure payments within set limits and controls across all fleet-related expense management.

Facebook unveils the 2022 APAC cohort for Community Accelerator Program
Throughout the 4-month programme, participants will receive training from experts and coaches through a customised curriculum to help them organise and strengthen their community while connecting with community leaders globally.

Investments in startups grew by more than 45% in 2021
As a signal of confidence in the startup investment scene, funding activities have increased exponentially to reach US$10.5B in 2021; Venture funding within H1 2022 alone has reached US$5.8B.

Wavemaker Impact, Bill Gates’s VC arm, Temasek launch agritech startup
The startup aims to bring together climate-tech, agri-food, and venture-building capabilities to accelerate rice decarbonisation in SEA and the rest of Asia; The three VC firms have also invested in the company, whose name is yet to be disclosed.

Singapore’s NFT startup AWST raises US$1.7M funding
The investors are East Ventures, 500 Global, and Antler; AWST integrates companies and brands into the Web3 landscape by helping them launch NFT collections across different blockchain protocols.

UOB’s greentech accelerator names 12 startups in first batch
Launched in May this year, Greentech Accelerator aims to inject ~US$105K into startups that create solutions to help the environment, such as energy efficiency products, zero-waste supply chains, as well as carbon management and reporting software.

Stripe brings flagship services to Thailand
The fintech firm will be rolling out support for subscriptions and recurring payments, ecommerce transactions, automated payments, and fraud detection and prevention, among other services.

Temasek shuffles executives, CFO appointed as Singapore head
Leong Wai Leng, who has held the role of CFO for 16 years, will step down to be appointed as the firm’s Singapore market president; Deputy CFO Png Chin Yee will be elevated as the CFO from January 1.

Should Southeast Asian startups look to transition from Web2 to Web3?
Shaun Heng, Qin En Looi, Rishi Randhawa, and Rachael De Foe, Eddie Thai will discuss ‘How Web2 Founders can leverage Web3 technologies and business models and Embrace the New Internet’ today at Echelon 2022. 

How iPrice Group navigates the seven SEAs
A deep-dive into how Malaysia-headquartered iPrice built a successful price comparison venture across the region despite all the odds.

Dream loud, dream big and dream now: Surbhi Agarwal of Yellow.ai
Yellow.ai’s senior VP and Head of Marketing Surbhi Agarwal about how she’s driving organisational efficiency by building high-performing teams.

How startups and VCs can propel Indonesia’s energy transition
As Indonesia continues on its rapid path to modernisation, demand for the internet will steadily increase, and so too will its energy needs.

Going the extra mile in digital innovation for Singapore’s commuter experience
Singapore’s MRT system is no longer just a train network; it has become a landmark; With vibrant transit spaces designed for interactive commuter experience, taking the train is meant to be more of an enjoyable trip than a tedious chore.

East Ventures-backed Mighty Jaxx launches first metaverse project
The Spooky Season project is a collaboration with US-based collectibles giant Sideshow Collectibles and can be accessed on Animoca Brands’s The Sandbox from October 28 to November 11.

Vertu Metavertu is a new “Web3” smartphone that costs US$41K
The super-high-end mobile device brand asserts that it has “10T IPFS” storage, a “metaspace encrypted space” and the A5 “Privacy Chip” necessary to secure the NFTs the smartphone can apparently create from any photo taken with its camera in one step.

‘Phishing scammer has drained US$1M in crypto and NFTs in Past 24 Hours’
The two biggest victims, 0x02a and 0x626, lost a combined US$370K after signing transactions on phishing sites run by the prolific scammer, according to ZachXBT.

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Dubai-based unicorn Emerging Markets Property Group (EMPG) has completed a US$200 million investment led by Affinity Partners, a global investment firm launched in 2021 by former US president Donald Trump’s son-in-law Jared Kushner.

New investors KCK and Acacia Partners joined the funding round along with the existing investors, including Prosus.

EMPG will use the funds to solidify its position in its operating markets and prepare for an IPO soon. With the majority of the investment being earmarked for the UAE, the firm will continue to remain focused on its core markets. A significant part of the incoming funds would also be devoted to further investment in its proprietary and highly scalable technology platform.

Also Read: Cloud communications firm Toku nets US$5M Series A+ for APAC expansion

Founded in 2015 by Imran Ali Khan and Zeeshan Ali Khan, EMPG operates several online classifieds platforms across emerging markets focused on the Middle East and Africa, South and Southeast Asia, including Bayut, Dubizzle, Zameen.com, OLX (Pakistan, Egypt and Lebanon). EMPG also owns and operates the Southeast Asia-focused property marketplace Lamudi.

EMPG’s popular classifieds and transactional product offerings are deeply rooted in its technology platform and benefit from strong network effects. The company has invested heavily in its technology infrastructure, with its own tech centres comprising over 500 engineers.

“With this investment round, EMPG begins a new chapter in its success story. We are on track to double our revenue over the last 24 months while achieving an EBITDA positive position, and we look forward to continuing this strong growth trajectory,” said EMPG CEO Imran Ali Khan.

Previously, EMPG raised US$279 million, according to CBInsights and Crunchbase.

The post Lamudi parent EMPG raises US$200M from Jared Kushner’s investment firm appeared first on e27.

On the first day of Echelon 2022, Carmen Yuen, General Partner at Vertex Ventures, explains how startups in the Southeast Asian ecosystem today still have to deal with global challenges in a manner similar to the earlier days of the COVID-19 pandemic in 2020.

“We were bracing for the worst. The response by companies was to cut costs ratio, extend the runway, and make sure to have money that lasts for 18 to 24 months. Are you able to work on a creative model to make sure that your talent stays around?” she points out. “Then, subsequently, everybody forgot about that because money started coming in investments. It takes you on a rollercoaster ride that is very, very high … then we came down again. So, the practices that we did in 2020 still apply today.”

Yuen gave this observation at a panel discussion called “The state of SEA startup ecosystem today and what’s in it for 2023” at Echelon 2022, held at Resorts World Sentosa on Thursday. However, in addition to a warning, she also gave hope by stressing that the region “is just about finding enough pieces [of puzzles] to solve”.

Some verticals also continue to be popular, even during a time of crisis. Yuen gave the example of climate tech, particularly companies that are working on providing solutions to problems such as food security and waterborne diseases, in addition to the already popular sector of electric vehicles.

Despite not being an impact investor, Vertex Ventures has portfolio companies that have developed a product with impact. In addition to working closely with MSMEs, these companies try to implement principles of inclusion in their operations.

“Honestly, when you are doing something good, you will probably generate employment in the area of work that you are doing. So your job should not be only about making money for you and your immediate partners. Your wealth should go down to more and more people in the community you serve. So that’s where you got economic empowerment,” Yuen said.

Also Read: Echelon 2022: Moving into Web3, why now is the right time?

Fundraising today and tomorrow

Regardless of the global situation, there are several pieces of advice that remain timeless when it comes to fundraising. Carro, as a company that confirmed its unicorn status last year through a US$360 million Series C raise, has several tips to share.

The first one is to understand the difference between fundraising for companies in the early and later stages. According to CEO Aaron Tan in a fireside chat at the event, for early-stage founders, there is a stronger emphasis on their ability to tell a compelling story. On the other hand, investors will scrutinise the economic units in Series B and C stages.

“[The investors at the early stage] basically just want to find a team that can execute and stuff,” he stressed.

Particularly for early-stage companies, Tan shared his experience in fundraising and the points that founders need to pay attention to. It starts with researching the background of the VC that they want to raise from, followed by understanding how to reach out to them.

“We do not like to work with people we cannot get along with. Sometimes it works similarly for me as a founder,” Tan said.

Not just VC funding

In the startup ecosystem, raising VC funding is often viewed as an important milestone that a startup must go through. However, it is important to acknowledge that not all companies will raise external funding. Even if they do, VC is not the only available alternative for founders to reach out to.

Also Read: Malaysian fleet fuel expense management startup BayaPay raises funding

In a separate panel called “Alternative to fundraising from VCs – The growth of syndicates, venture debt, and marketplace”, panellists look at situations where VC fundraising can actually be “a downside” for startups.

According to Milan Reinartz, Co-Founder at Genesis Ascend Angels, it starts with the company’s stages. For companies in the very early stages, VC firms often do not cater to their needs.

“I think that there are also other elements around having strategic value on the cap tables or even in VC rounds, you often see angel syndicates or super angels coming in individually to participate in the fundraising … It could also be family offices or somebody who has a senior position in an adjacent or same industry,” he explained.

“That would make sense for the founder to have beyond just money. It is not that VCs are all non-strategic; they can be very strategic as well. Oftentimes, it makes sense to take smaller checks and get a wealth of knowledge and support from the angel community, even for Series As and Bs.”

Regarding the fundraising process itself, such as performing due diligence, there are no significant differences between VC fundraising and alternative platforms such as angel syndicates or marketplace.

“One consideration that I would say is that founders need to be very realistic about the valuation that they are looking for,” said Danyaal Shah, Group Head of Corporate Development & Partnership at Alta, formerly known as Fundnel.

“If you do a round at a higher valuation than you should be, the next round will suffer from a previous valuation that is too high to follow. Doing a down round is never a good thing. So it should always be that you know your valuation is justified.”

The post Fundraising in time of crisis: Why SEA founders can remain hopeful appeared first on e27.

Singapore-based impact VC firm Wavemaker Impact has partnered with Bill Gates’s VC arm Breakthrough Energy Ventures, Temasek Holdings and its subsidiary GenZero to set up an agritech startup.

The goal is to bring together climate-tech, agri-food, and venture-building capabilities to accelerate rice decarbonisation in Southeast Asia and the rest of Asia.

The agritech startup plans to build a platform that will rapidly identify and implement the most effective strategies to reduce greenhouse gas emissions in rice cultivation and the right economic incentives to drive the adoption of sustainable cultivation techniques.

Also Read: ‘The next generation of unicorns will be from greentech’: Wavemaker Impact’s Steve Melhuish

The four investment firms have also injected undisclosed seed funding into the startup, whose name is yet to be announced. The capital will be used for initial hiring and experimentation costs.

Rice is the greatest climate and food security challenge in the region. A staple crop for more than half of the world’s population, rice will see global demand increase by 50 per cent by 2050. Rice cultivation is the second-largest source of greenhouse gas emissions in agri-food due to methane-emitting bacteria generated from flooded rice paddy fields. It is responsible for up to 33 per cent of Southeast Asia’s methane emissions, with methane having over 80 times more global warming potential than carbon dioxide.

“90 per cent of rice is cultivated and consumed in Asia, so this is a climate challenge that needs an Asian solution and is exactly the kind of venture we set out to build at Wavemaker Impact,” said Steve Melhuish, Founding Partner of Wavemaker Impact.

While rice cultivation is a significant and growing source of emissions, it is highly fragmented. Across Asia, the livelihoods of 400 million people on 144 million smallholder farms depend on rice, with the average farm size ranging from 0.5 to 2 hectares. There are also significant yield gaps. Southeast Asia’s rice production per hectare lags behind high-producing countries by approximately 40 per cent.

Solutions to reduce rice cultivation emissions and increase yield are available. However, the adoption has lagged for various reasons, such as the difficulty of changing entrenched farming practices, lack of access to high-quality inputs and incentives, and infrastructure challenges.

Also Read: ‘There’s a mismatch of investment and entrepreneur focus in SEA’s climate tech’

“There is an urgent need for the global community to tackle methane emissions, which are far more harmful than CO2 due to the 81-83 times higher potency of methane on a 20-year basis. Rice produces 12 per cent of global methane. On a 20-year equivalence basis, rice cultivation is a top 10 contributor to climate change, with its GHG impact greater than the global aviation industry. Despite the magnitude of this problem, it has not gotten adequate attention from the global community.”

Founded by Bill Gates and backed by many of the world’s top business leaders, Breakthrough Energy Ventures is a purpose-built investment firm seeking to invest, launch and scale global companies that will eliminate GHG emissions throughout the economy as soon as possible. It has raised more than US$2 billion in committed capital to support cutting-edge companies leading the world to net-zero emissions.

GenZero is an investment platform that aims to accelerate decarbonisation for future generations towards a net zero world.

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Echelon 2022 aims to provide intimate and focused discussions on key topics and business matching services to facilitate business-driven connections during the two-day event. e27 will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon.

The post Wavemaker Impact, Bill Gates’s VC arm, Temasek launch startup to decarbonise rice cultivation in Asia appeared first on e27.

Company Training. The two least exciting words to be joined together.

Nobody likes to spend two weeks in a training programme, coming out of it without any certification and feeling like you have not learnt anything. It’s a waste of time, especially when there are 101 other things on your to-do list.

And, even with the numerous training sessions (if any at all), many are left feeling unsupported at their workplace, with all that textbook theory at hand but having no clue how to put it into practice.

With globalisation, online, digital, virtual and borderless work, the local workforce now competes with a global talent pool. Singapore is respected for its high standards, and that is one way our local workforce can be differentiated globally. Singapore’s government has initiated, led and supported companies by providing grants and subsidies to beef up the workforce through skills’ development courses.

The road to being the best in the industry

Sales is an essential and evergreen function across all industries. We need sales trainers who have worked with various corporations, with real sales experience and track records to guide others. Apart from sales experience, they should also be professionally trained trainers and coaches.

But today, there is a lack of professionally trained sales trainers and coaches in the industry. Why so? For professional B2B sales, at least everyone from the ranks of sales professionals to account managers and customer success reps is involved. But the truth is, not all of them are good in the field, and they require experts and coaches with relevant specialisation experience.

APACMA’s sales industry-endorsed accredited certifications are aligned with current industry sales practices. The coaches are hand-picked across global industries according to their specialisations.

An organisation can tap into these resources as and when without having to invest in under-utilised full-time resources. The sales professional can then get back to the station, be coached, guided and return to the field at any time.

Adapting to the evolving needs of sales

The sales industry requires diverse specialisation requirements. Customer behaviours are unpredictable with a requirement for both online, offline and on-demand experience requirements. Templated sales methodologies do not apply to the current situation, and disparate sales tools are not helping customers with their stories.

There is a lack of skilled talent pool in the industry. While there are associations dedicated to sales industry professional development, their courses require active engagement and participation for the whole industry to be lifted by the tide. There are opportunities for more talents to be developed throughout the industry, with double-endorsed professional certifications needed to overcome talent shortages in the field.

Also Read: Why ClavystBio believes in life science as a key driver of Singapore’s economy in the future

The only way to compete with a global workforce is through acquiring skills aligned with industry standards and requirements – to have global expert coaches and mentors’ guidance to acquire a diverse global experience.

The growth of sales: What the future will hold

Five years from now, customers will depend on advanced intelligence systems to help them decide which supplier or solution is right for them, without needing to talk to an actual human salesperson. Everything will be automated, and self-facilitated on-demand and customers want the autonomy to make self-made decisions.

With the ease of technological simplification, such as the evolution of low code, no code platforms and integration tools, companies will need ready-made tools to help them design their own customer experiences without depending on third parties.

That being said, while technology will be ruling the world, humans will still value interactions with other humans, and might reach out to a human for complex sales guidance, local facilitations and enterprise-wide engagement needs. Companies will, therefore, also need to invest in strategic sales and innovative products and solutions to differentiate themselves.

APACSMA has evolved with the times of customer changes, evolving learner needs, technology advancements, emerging rules in the sales industry and content changes. While we will continue to support and change with the times, we also foresee local language training becoming another core focus area in the coming years.

One thing in common across all these markets locally, regionally or globally is that there is still space and opportunities to drive more talents into considering sales as a professional career option. There’s a need to develop sales skills to meet industry needs and to educate the industry at large on the importance of ethical sales, leadership sales training, continuous development, industry engagement and industry-endorsed certifications.

APACSMA is well-positioned to serve the industry and the evolving nature of sales in the future. The on-demand industry endorses sales roles-based certifications, and training, and APACSMA is here to support organisations and sales professionals in achieving their pipeline and revenue goals.

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Bill Padfield is an Innovation Advisor with IPI Singapore’s Innovation Advisors Programme, which is tailored to help enterprises quicken their learning curve in tech and innovation to drive business growth. Bill has been involved in the tech and business development space for the past 30 years, with expertise in tech innovation, M&A, venture investments and digital transformation. He was formerly the global Senior Executive Vice President of Transformation and Platform Services at NTT Ltd, and global Chief Operating Officer of Dimension Data, among others.

This is what Bill Padfield has to say about the innovation landscape in Singapore.

Twenty-five years of steady progress

In the past 25 years in Singapore, I have seen a steady progress in technology companies from those that simply resell Silicon Valley products, to those that incrementally innovate those products through software or services, and now to pure innovation. Companies in Southeast Asia and, in particular, Singapore are truly creating new technologies that rival those of the Valley.

Companies such as Flexxon with their X-PHY products for cyber security and, in particular, the prevention of ransomware attacks, Transcelestial with their next-generation laser communications offers, and KoolLogix heat removal solutions for data centres. All of these offers will rival those from the West and yet are innovated right here in Singapore.

Also read: Investments in startups grew by more than 45% per annum in 2021

The tools of innovation have also evolved fast. The majority of innovation is focused on cloud-based software, particularly open software, microservices, and APIs. The speed at which developers can now bring together a cloud resident application calling on microservices (application sub-components) that have been developed by others anywhere in the world that can access various data sources through open RESTful APIs is staggering.

This development has enabled DevOps and DevSecOps to emerge, enabling the same team developing the apps to operate the services virtually simultaneously. It further enables the team to launch new services in the morning and, via such techniques as A/B testing, bring down or enhance the feature hours later based on real-time user feedback.

The global disparity between Southeast Asia and North America

Innovation in North America and Europe appears to focus more on X as a service (XaaS where X can be SaaS, PaaS, or other offers as a service) rather than point product development. The key difference is the seismic shift in the tech industry from capex deals to opex deals. Many of the most influential companies in the Valley provide subscription-based offers consumed at a price per user per month. It is a transition that companies here in Singapore are beginning to understand and adopt and why they are innovating.

A cloud-based offering can go to market fast with a low cost of acquisition by the client as it can be consumed directly from the cloud without a long and expensive sales cycle. This is also magic to the ears of VC funds as this can provide hyper-fast growth in portfolio companies and higher valuation to the founders due to the annuity income model. Subscription-based offers are also a stepping stone to consumption-based models that meter the user and only charge when the service is used, in the same way as your mobile phone.

Also read: Journey to the top: From developer to CEO

Part of the work I have been doing for the past twelve months has been helping local tech companies understand this seismic shift in how tech is consumed and delivered. Through IPI’s Innovation Advisors Programme, my work with KoolLogix has been focused on bringing their exciting data centre heat removal technology to the market in a way that can impact greenfield and brownfield data centres using not only the traditional CAPEX models but new XaaS opportunities. There was a similar focus in the discussions with Flexxon for their cyber security offerings to bring them to market not simply as a product but also as a service.

Similar work is also underway with several other Singapore-based tech companies to enable them to adjust to the new innovative ways IT is purchased and consumed.

Universities are pumping out graduates who use these tools and see them as normal, whereas to some of us industry veterans, it is still seen as some form of magic! The role of education here is to ensure that their graduates no longer think outside the box but have a view that there is no longer any box at all. This level and speed of innovation will continue to accelerate, limited only by the imagination.

Exciting time for venture capitalists

Of course, innovation teams have to keep both eyes on the ability to monetise their innovation. Otherwise, as exciting as their ideas and developments may be, they may also be short-lived.

Linking to money, the Venture Capital world in Singapore is also exciting. I currently act as an advisor to a couple of VC funds and, as a result, see numerous pitch decks daily. This is critical to developing and monetising your ideas but forces the founders to talk commercially or risk failing to impress a fund. This is where advisors with expertise in financials can help too. I am currently working on a number of companies’ pitch decks helping them to tell their story in the way that analysts and GPs will want to see and at what stage, seed, Series A, Series B etc. It’s also important to have experts look over the tech company’s existing financials, as adjustments may be needed before any level of VC fund due diligence can be done.

So, the magic of innovation happens when people, ideas, and money converge. If you have only one or two of the requirements, you will most likely fall short. This is where governments can help, and the government of Singapore does help.

Also read: How can we create new urgency for a green recovery?

Good universities that are producing talent in the right areas, an open environment that allows young companies to hire the talent they need from anywhere on the planet, and grants that encourage these new teams to push harder and faster in areas that align with the government’s strategy. The speed at which a NewCo can be set up in Singapore is also impressive. I would, however, advocate more help in training these new tech companies in the world of fundraising, as currently, there are significant gaps of knowledge in several startup teams on how to go about this effectively. Again, an area where advisors can and do help.

Due to COVID-19 travel restrictions over the past few years have forced me to dig deeper into the tech companies in Singapore, which has been incredibly rewarding. It is exciting to see so many companies collaborating worldwide and creating genuinely new offers to the market.

I was very privileged to lead a company in Singapore that we grew to a US$ billion business (and beyond!), and I’m convinced there will be more provided we keep the people, ideas and money flowing.

SWITCH 2022

Find out how Singapore’s innovation infrastructure can help you grow your business at SWITCH 2022! Network with Research Institutes, Institutes of Higher Learning, industry experts and global delegates at our exhibition hall, and join us for curated tours of innovation labs around Singapore, to visit labs at the Singapore Science Park, JTC, Aquaculture Innovation Centre, Environmental & Water Technology Centre of Innovation and more!

Get your tickets to SWITCH 2022 here.

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Contributed blog by Bill Padfield, IPI Innovation Advisor

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Photo by ThisIsEngineering via Pexels

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This article is produced by the e27 team, sponsored by SWITCH

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