Entrepreneur First (EF), an investor supporting individuals building technology companies, has secured a US$158 million Series C funding round from a group of veteran technology founders.

The investors include John and Patrick Collison (Co-Founders of Stripe), Taavet Hinrikus  (Co-Founder of Wise), Reid Hoffman (Co-Founder of LinkedIn), Matt Mullenweg (Co-Founder of WordPress), Tom Blomfield (Co-Founder of Monzo and GoCardless), Nat Friedman (former CEO of Github), Sara Clemens (former COO of Twitch and Pandora), Matt Robinson (Co-Founder of Nested and GoCardless), Patrick O’Shaughnessy (Positive Sum), Demis Hassabis and Mustafa Suleyman (Co-Founders of Deepmind), Sten Tamkivi, Elad Gil and Lachy Groom.

The cash will allow Entrepreneur First to invest in new startups and experiment and innovate on how best to fund the next generation of entrepreneurs by launching new products to upend the typical venture capital model. It will target a direct investment of US$100 million over the next three years in hundreds of entrepreneurs and will continue building out its talent product suite.

Also Read: How accelerator programmes can help entrepreneurs bring their vision to life

EF Singapore will introduce new products at different stages across the founding journey and expand its reach to emerging and aspiring founders across Southeast Asia. In addition, it will offer an exclusive and accelerated path to global funding to leverage top international funds for exceptional local talent.

“Entrepreneur First has demonstrated that talent investing in Singapore is thriving. Over several years, we’ve backed hundreds of individuals to transform their vision into world-class companies. This fundraise enables us to scale our proven approach into new investment areas to serve Southeast Asia’s emerging generation of outlier founders,” said Bernadette Cho, Partner, EF Singapore.

Founded in 2011 by Matt Clifford and Alice Bentinck in London, EF now employs 120 worldwide. It operates as an early-stage investor, helping talented people find co-founders to partner with before launching startups.

“Talent is everywhere, but opportunity is not. The idea of taking strangers and helping them start robust and ambitious companies is no longer radical but essential to power the next stage of innovation,” said CEO Clifford.

Entrepreneur First is also announcing today that the aggregate value of companies created through its platform in Singapore now exceeds US$1 billion and globally US$10 billion. Notable alumni from Singapore include Shiok Meats, Peakflo, Hawksight, and Transcelestial.

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Born between 1995 and 2010, Generation Z represents a rising force in global economics. By 2031, the collective income of Gen Z will increase five times over.

At over US$2 trillion in global earnings, Gen Z will control a bigger piece of the pie than Millennials. This generation is over two billion strong worldwide, with nine in ten living in emerging markets. India claims the largest share of Gen Z individuals, with a fifth of the total.

In the United States alone, Gen Z represents 40 per cent of all US consumers. They spend US$143 billion of their own money annually while influencing US$127 billion of their family members’ spending decisions.

If your company doesn’t have marketing plans dedicated to Gen Z consumers yet, it needs to make some. While Gen Z does have its list of favourite brands, only 36 per cent express a strong sense of brand loyalty to any one company.

What should brands keep in mind when marketing to Gen Z?

The first subject to tackle is demographics. In the US, Gen Z has been dubbed “the diversity generation” for obvious reasons.

48 per cent of Gen Z is not white, making it the most racially diverse generation in America. 22 per cent of Gen Zers have at least one immigrant parent, compared to 14 per cent of Millennials.

Beyond racial and ethnic makeup, Gen Z is also diverse regarding sexuality and gender identity. 20 per cent of Gen Z considers themselves part of the LGBTQ+ community, boasting a membership twice the size of prior generations.

While gender-neutral pronouns were not common before, 35 per cent of Gen Zers personally know someone who uses them.

The last demographic item worth highlighting is education: Gen Z is on track to be the best-educated generation in the country. 57 per cent of recent high school graduates enrol in a two or four-year college. Many of them are going, although they are first-generation students.

Now that the demographics of the generation are laid out, the next thing to consider is how these demographics affect the generation’s values. Unlike previous generations, which made shopping decisions based on name, Gen Z buys based on perceived company values.

Brand names don’t mean as much as they used to; in 2020, trust in major institutions among Gen Zers fell by 10 percentage points. The younger generation wants to buy from brands they trust to do the right thing.

Also Read: How to generate winning startup ideas

According to survey data, Gen Z values sustainable business practices, affordability, and inclusivity the most. They will avoid brands they perceive to be overly macho, scandal-prone, or discriminatory.

Growing up under the threat of climate change has left a deep impression on Gen Z. As a result, today’s young people want to use their shopping habits to make a difference.

73 per cent of Gen Z consumers surveyed say they’re willing to pay more for sustainable products, a higher percentage than any other generation. 54 per cent of those surveyed would still make this choice even if the price difference were greater than 10 per cent.

Companies that invest in green initiatives should make their activities known to Gen Z consumers. Examples of good sustainability measures include making products from recycled material, powering operations with renewable energy, and using recyclable or biodegradable packaging materials.

On the subject of inclusivity, the rationale is simple. Gen Z consumers want to shop with companies that are as diverse as they are. Various casting and imagery in advertising are important, but it’s not the end of the story.

Most Gen Z consumers surveyed also wanted to see brands pursue wider inclusivity initiatives and incorporate more diversity into senior leadership positions. Two actionable items clothing brands can adopt to be more inclusive are allowing customers to search for gender-neutral clothing and adding non-binary gender options to online forms or profiles. 

With an idea of what to include in messaging, brands also need to ensure their marketing reaches Gen Z audiences. For this purpose, they should emphasise mobile marketing above all.

Nearly half of US teens spend over 10 hours daily on their mobile devices. For 20 per cent of Gen Z, over five of these hours are spent on TikTok alone. Social media is a powerful tool for connecting brands to customers.

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AppWorks Accelerator today hosted a demo day event featuring the 12 startups that have participated in the programme. Hosted virtually, the 24th demo day event featured startups that focus on the verticals of AI/IoT and Web3, and that is targeting the Southeast Asia market in their operations.

In a press statement, AppWorks said that the 24th batch officially kicked off in March, featuring 24 teams and 51 founders from 12 different home markets, including Indonesia, Thailand, the US, Singapore, and Hong Kong with 17 Taiwan-based teams. The batch included 10 female founders (20 per cent of the participants) and 20 serial founders (42 per cent). Half of the batch’s founders are building projects for the Web3 era.

“As investors across historical cycles in traditional and crypto startups, we’ve seen the rise and fall of trends—as well as dramatic shifts that permanently alter the way founders and companies innovate and iterate products. With macro and geopolitical headwinds playing a dominant role in shaping market dynamics, we are now at the beginning of a new cycle, representing a shift in attitudes towards early-stage value creation across all market verticals and geographies,” said AppWorks Partner Jessica Liu.

“With AW#24, we’re seeing many exciting innovations in web3 and traditional startups, creating powerful new ideas for the next cycle of innovation and entrepreneurship.”

The programme will also include a live in-person Demo Day on July 14 in Taipei.

Also Read: AppWorks partners with e27 to help startups build investor network

The following is the list of companies that are showcasing their business at the demo day:

1. The Iterative Collective: Incubator, developer and publisher for games.

2. Protico: A Web3 chatting network.

3. Labfront: AI tools for health research.

4. PaperPlane by FlyingClub: NFT with IRL drinking utility.

5. Envio: Full-service digital logistics and supply chain enabler for SMBs.

6. BitShine: Fiat on-ramp and off-ramp for companies.

7. Aibou: A platform that aims to help SMBs grow and scale with automation and data insights.

8. Alphalytics: On-chain data aggregator.

9. Blueberry Tech: Business aggregator app.

Also Read: AppWorks closes US$150M Fund III targeting AI, blockchain startups in Greater SEA

10. PreTeeth AI: AI tools for dental smile design.

11. ZTO: Web3 social media.

12. Storius: Geotagged audio sharing app.

Following the demo day, AppWorks is currently opening application for the 25th batch of its programme which will feature DAOs as a major focus.

“AppWorks believes that DAOs represent a new frontier that will disrupt the way people build organisations, and welcomes decentralised teams from around the world to join the accelerator. AW#25 will be held from September 2022 to January 2023. The accelerator is equity- and cost-free, providing practical and hands-on mentorship to guide founders in achieving better product-market fit, winning key business partners, and becoming better founders,” the programme said.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image Credit: AppWorks

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The blockchain industry has inspired many terrific ideas. DAO (decentralised autonomous organisations) is one among them.

DAO can be defined as a community-led entity with no central authority. DAOs are all about smart contracts. They are crypto-native groups that form around a common purpose, often involving them pooling capital to invest according to a specific objective/mandate.

DAO is believed to be the most suitable organisational structure for blockchain foundations and projects. Here, every investor has voting power (the number of DAO tokens determines one’s voting power, though). Unlike modern organisations where power plays and conflicts are a norm, here investors don’t have to deal with such things in a DAO.

There are mainly eight forms of DAOs: investment DAOs, media DAOs, social DAOs, protocol DAOs, grant DAOs, collector DAOs, service DAOs and DAO Operating System.

Recently, many blockchain projects, including DeFi operators, launched DAOs. There are several Asia-focused DAOs, too (although it is hard to identify a DAO by its geographical location as it is a decentralised entity).

Below is a list of Asia-focused DAOs. This is not a comprehensive list, and if you know any new DAOs focussing on this region, feel free to email us the names.

GuildFi

GuildFi aims to create an ecosystem connecting the metaverse’s intricate jigsaws. It develops a Web3 infrastructure to connect games, NFTs, and communities to maximise players’ benefits and enable interoperability across the metaverse.

With several Web3 games being unveiled, players and enthusiasts cannot easily navigate and dabble in them. Players face high startup costs for joining new play-to-earn games, and scholarship funds are fragmented. Furthermore, players’ efforts are siloed within a game, hampering their earning potential and defying the maximal possibilities of the metaverse.

GuildFi envisions a future where these intricate jigsaws are interlinked into an ecosystem. The firm serves as an infrastructure to onboard, connect, and add value to players, guilds, games, and investors alike.

In September, GuildFi announced the completion of a US$6 million seed round of financing, co-led by DeFiance Capital and South Korean early-stage VC firm Hashed.

ZIG DAO (Zignaly)

ZIG DAO is a DAO launched by Zignaly, an expert-managed social investing marketplace based in Singapore. Zignaly recently announced its foray into DeFi with the launch of ZIG DAO.

With ZIG DAO, Zignaly unlocks the power of its platform and community to extend the range of Web3 investments available to include crypto investing without the constraint of centralised exchanges, NFTs, metaverse real estate, DeFi staking and LPs.

According to the company, community-driven governance has always been at the forefront of its strategy. With the DAO, the firm aims to empower the ZIG token holders with their say in project governance.

Also Read: Zignaly’s DAO aims to remove boundaries from your crypto investment portfolio

Combining new DeFi features with a community-driven roadmap will enable new forms of social value exchanges between people, groups and organisations (large and small). It will empower self-formed hedge funds, decentralised marketplaces, and crypto & Web3 investment consulting.

“Imagine creating your own hedge fund with friends. ZIG DAO allows that. Also, it enables you to participate in a decentralised marketplace curated by expert traders, fund managers, and crypto investors with transparent reputation stats and track records. Plus, people can collaborate freely around a passive investing model where both sides are incentivised to share the profits,” says Zignaly Founder Bart Bordallo.

Bartolome has set a growth target of US$10 billion in total value locked (TVL) and 100 million+ monthly transactions by Q4 2023. The ZIG.DAO, utilising the ZIG token, will generate US$3 billion or 30 per cent in returns from the targeted TVL annually.

In March, Zignally raised US$50 million in funding from Luxembourg-based GEM Global.

Yield Guild Games SEA

Led by CEO and co-founder Evan Spytma and co-founders Dan Wang and Irene Umar, YGG SEA is an official sub-DAO of YGG, which launched as a decentralised autonomous organisation in July 2021. YGG SEA leverages the parent’s infrastructure and assets to serve communities within the region to join the metaverse through localised investment, education and on-the-ground services.

So far, YGG SEA claims to have helped more than 2,500 players and investors in the region to generate additional revenue streams, including over 600 in Thailand. The regional guild plans to increase the customer base to about 10,000 by 2022.

In December, the Philippine company announced raising US$15 million over two funding rounds. The seed round, which took place in August, was led by the parent company and Infinity Ventures Crypto. The additional funding, which came in November, was led by Crypto.com Capital, Animoca Brands, MindWorks Ventures, Poloniex, Jump Capital and Sembrani Kiqani by BRI Ventures.

Sky Mavis (Axie Infinity)

Sky Mavis was founded in early 2018 by Aleksander Leonard Larsen, Nguyễn Thành Trung, Đoàn Minh Tú, Hồ Sỹ Việt Anh and Jeffrey Samuel Kim Zirlin. It is the creator of Axie Infinity, a popular NFT-based play-to-earn (P2E) game where players breed, battle, and trade digital pets called Axie.

NFT-based P2E games are decentralised, meaning that the players own the in-game assets they purchase and can generate real-world rewards for their in-game activities. Axie Infinity says it has helped create income-generating opportunities for underserved people worldwide; 25 per cent of players are unbanked, and 50 per cent have not previously used cryptocurrencies.

Also Read: The way of the DAO could be the future of work

Axie Infinity has amassed players worldwide, with more than 1.8 million daily active users logging into the platform in August. It claims to have achieved US$33 million in everyday transactions, for a total volume of over US$2 billion.

In April, Binance led a US$150 million funding round for Sky Mavis, which has used the funds to reimburse user funds affected by the Ronin Validator Hack.

ARC Community

ARC is a members-only community aiming to bring this diverse group of individuals together for co-creation, play, and growth. ARC is where one can access a diverse network of individuals with Asian roots and form new connections in an open, reciprocal space.

Through the ARC app, members can connect and engage with community members and enrich themselves by exchanging perspectives on the platform. As members, they’ll also enjoy a range of experiences and perks in collaboration with our partner merchants.

The membership also allows one to access the ARC app, where you’ll make new connections with the community and exclusive content programming co-created and led by community members. Members can also access in-app experiences that enable co-creation, play, growth, lifestyle bonuses, and partnered merchandise.

IreneDAO

IreneDAO is a global grassroots movement launched by social media icon and SO-COL co-founder Irene Zhao. By creating her NFT collection, IreneDAO, she intends to prove that online creators could get paid directly for their content.

The DAO focuses on revolutionising the creator economy with simple to earn, empowering humankind by utilising web3 tools. It also has a mission to make meaningful donations to help the children and women in need and support minorities and women-led projects.

SO-COL is a web3 company that Irene Zhao and Benjamin Tang founded. IreneDAO was created by SO-COL as a ‘proof of concept’ as the first creator fan community.

ELYSIA

ELYSIA is a blockchain project specialising in real estate tokenisation and securitisation. It will be the first organisation in Asia to be registered as a DAO LLC in Wyoming, USA.

ELYSIA has put the utmost effort into building a decentralised system and set the newly-established DAO as an important milestone moving towards a legitimate decentralised project.

StakerDAO

StakerDAO is a governance protocol run by a community of blockchain and finance enthusiasts who make governance decisions for building cross-chain, decentralised financial assets compliantly.

StakerDAO’s first financial product, Blend (BLND), will launch on Algorand, with plans for additional DeFi products in coming months.

Also Read: The Shark Tank of Web3: How this DAO is bridging the funding gap for women founders

BLND, available today via CoinList as a synthetic ERC20 token and shortly as an Algorand ASA token, tracks a governed basket of Proof-of-Stake (PoS) tokens and offers an easy way to go long on the best PoS networks.

With a single BLND ASA token, qualified individuals can instantly participate in Algorand, Tezos, and Cosmos. BLND provides both price exposure to these blockchain projects and exposure to the staking rewards these networks generate. More information is available at www.blendtoken.com for qualified participants.

In Q1 2021, StakerDAO launched STKR Governance 2.0 and turned all governance decisions over to its community.

Alpha Venture DAO

Alpha Venture DAO is a community of daring individuals who aspire to shape the future of Web3 and expand the Web3 ecosystem together with a network of Web3 industry leaders and Alpha community.

Alpha Venture DAO aims to be a massive ecosystem of decentralised applications that capture value regardless of which chains or sectors dominate Web3 in the future.

Alpha Venture DAO and ALPHA will be the gateway for the community to contribute meaningfully and “truly” own high-quality Web3 projects.

Blockchain Space

BlockchainSpace enables PlayToEarn Guilds to scale in the metaverse.

Guild owners currently lack a starting point and relevant tools to successfully operate their respective “businesses.” It helps save guild operators time, provides valuable data and metrics, and gives guilds access to capital thus allowing them to focus on scaling and performance.

It also allows guild owners to measure player performance, onboard scholars & vet applications, automated cashout, provides forecasts and insights, in-depth game analytics across Guilds, and provides access to financial solutions, among others.

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Accelerator programmes are not for everyone. You might be thinking, “I don’t need help.” Or you might be thinking, “My idea is so unique that it doesn’t fit into any of these categories.”

But the truth is if you launch a startup and want to see it grow into something great, a programme like this can be incredibly helpful.

Here’s what we mean:

Product fit

Product fit is the most important factor in determining the success of a startup. It’s more important than your team, idea, or other factors.

Product fit is the degree to which a product meets the needs of its target market. A successful product will fill those needs and provide value to your customers. The stronger that relationship becomes with customers, the more likely they are to recommend you and continue using your product.

The only reason you get this far in an accelerator programme is that you have great potential as an entrepreneur, and part of that potential is having found something that people need/want/love enough to buy from you (or use if it’s free).

Go to market

You don’t want to be in the business of selling a product that nobody is interested in buying. This can be one of the most difficult parts of starting a new company because you may have an idea that you think people will love, but when you’re ready to start selling it, no one is interested.

There are two main ways to go about this:

• Customer research
• Talking with potential customers before launching your product or service

Funding

If you are an entrepreneur with a product that has the potential to be a hit but not a business model, accelerators can help. Accelerators provide startups with funding and other resources (like mentorship and networking opportunities) in exchange for equity (usually six to ten per cent).

After the accelerator programme is over, if the startup has made progress toward its goal of acquiring customers and validating its business model, it will pitch to investors what they’ve learned from working with their mentors during the programme.

This usually results in getting enough money from investors to build out your product or service until it becomes profitable enough for you to bootstrap yourself.

Mentorship

If you’re new to the business, mentorship can be a great way to learn the ropes and get your feet wet. If you’re an experienced entrepreneur, mentoring can help you stay on top of your game. Mentors are awesome coaches who don’t charge as much as a head coach but still know how to help you reach your goals.

Also Read: What can we learn from successful venture capitalists?

We often talk about how important mentors are for entrepreneurs because they provide invaluable guidance, advice and support throughout their journey as an entrepreneur. The mentor relationship is crucial in helping entrepreneurs develop personally and professionally while giving them valuable insight into their areas of expertise (or lack thereof).

In addition to establishing relationships with mentors at accelerators, founders may also find it beneficial for themselves or their company if they choose someone who has successfully navigated some aspect of what they’re facing now so as not only to have someone else’s perspective but also because such individuals have already gone through many similar situations themselves before making decisions based upon what worked best for them when considering multiple options available at any given point during their own ventures’ lifetimes.

Community

• The community is a great place to get feedback
• The community is a great place to find Co-Founders
• The community is a great place to find mentors
• The community is a great place to find investors
• The community is a great place to find customers
• The community is a great place to find partners

Bring your vision to life

Accelerator programmes are short-term, intensive programmes designed to accelerate growth within startups in their early stages. The hands-on, intensive and fast-paced environment of an accelerator programme helps entrepreneurs develop the skills necessary to take their vision from idea to reality.

The first step is getting accepted into an accelerator programme. The best way to do this is by having a well-rounded business plan that includes market research, financial projections and a distinct value proposition for your target customers (if you don’t know what I’m talking about: Google it).

Entrepreneurs who join an accelerator programme can expect to gain valuable insights and receive mentorship from experienced mentors. They’ll also have access to a network of startup founders who can share their struggles, successes, and failures.

Entrepreneurs need to remember that accelerators aren’t just about getting funding. They’re places where startups receive support throughout the entire process of bringing their vision to life.

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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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US-based cryptocurrency broker Voyager Digital has issued a notice of default to Three Arrows Capital (3AC) after the Singaporean hedge fund failed to make a loan repayment.

A statement said that 3AC owes about 15,250 BTC (US$318 million) and US$350 million USDC.

Voyager intends to pursue recovery from 3AC and is in talks with its advisors for legal remedies.

Also Read: UST, Luna crashes: Can regulation alone restore investors’ confidence in cryptocurrencies?

“We are working diligently and expeditiously to strengthen our balance sheet and pursuing options so we can continue to meet customer liquidity demands,” said CEO Stephen Ehrlich.

Voyager Digital’s subsidiary, Voyager Digital, LLC, is a cryptocurrency platform in the US founded in 2018. The firm offers a secure way to trade over 100 different crypto assets using its easy-to-use mobile app. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe.

As of June 24, 2022, Voyager claims it had approximately US$137 million cash and owned crypto assets on hand. The company also has access to the previously announced US$200 million cash and USDC revolver and a 15,000 BTC revolver from Alameda Ventures.

Also Read: Web3 marketing: Building a cult-like community

Voyager Digital has accessed US$75 million of the line of credit made available by Alameda. It may continue to make use of the Alameda facilities to facilitate customer orders and withdrawals, as needed.

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OnPoint, an e-commerce enabler in Vietnam, has secured US$50 million in a Series B round led by SeaTown Private Capital Master Fund, a fund managed by SeaTown Holdings, an indirect wholly-owned subsidiary of Temasek Holdings.

According to a press release, this is the largest private fundraising round in Southeast Asia’s e-commerce enabler industry in the last five years.

The company will use the new fund to continue expanding its e-commerce enabling ecosystem, strengthening talents and capabilities, and developing emerging technologies with a data-driven approach.

In addition, the partnership will allow OnPoint to tap into SeaTown’s vast networks and experience in the digital economy and consumer sectors across the region and globally.

SeaTown recently invested in the CrownX Corporation and Golden Gate Group in Vietnam.

Also Read: Why Vietnam is a ripe market for new-age banking

Tran Vu Quang, Founder and CEO at OnPoint, said: “Our goal is to create impactful values for the ecosystem by constantly innovating and developing sustainable, seamless customer-centric solutions. SeaTown is a valuable partner for us, given their long-term vision and a wealth of experience in the global digital economy.”

Since 2017, OnPoint provides a one-stop solution that enables consumer brands to accelerate their online growth on multiple channels, including e-commerce marketplaces, social media platforms and brand-owned websites. Its capabilities encompass all aspects of the e-commerce value chain, ranging from the set-up and operations of brands’ online stores to managing digital marketing campaigns, customer services, warehousing and order fulfilment.

Since its Series A round in 2020, the company has focused on developing proprietary technology to integrate and coordinate a network of service partners, utilising data and automating processes to streamline their operations.

Its digital marketing campaign management tool, Galaxy, leverages the power of big data, AI and machine learning. OnPoint has also launched OctoSells, a SaaS product to help SMEs merchants manage online stores “seamlessly”.

OnPoint’s client portfolio includes more than 150 brands from numerous categories such as health & beauty, fashion, mother & babies, electronics/home appliances, pharmaceuticals, digital products, FMCG, pet food, etc. Its notable clients include L’Oreal, Shiseido, Unicharm, P&G, Unilever International, Nestlé, LG, Panasonic, Mondelez, and so on.

“OnPoint’s vision is to ultimately become a platform that impacts all participants of Southeast Asia’s e-commerce economy from brand owners, merchants, service providers to consumers, generating valuing for its employees and shareholders,” added Quang.

OnPoint’s Series B funding round was advised by Rocket Equities.
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My involvement with a real cult began when I was an ignorant 19 years old, I was involved in a real cult for three months during my year-long student exchange in Japan. Initially, I thought I joined a “bible study group” and was looking forward to making friends and improving my Japanese by studying the Japanese bible. I did not know that I joined a cult until I got into the inner group and saw many red flags.

Some red flags include “inner circle members” telling me that the “head pastor went to jail and was framed”, and noticing in “church-wide” events (>5,000 people) that the cult has >80 per cent female members.

Later, I found out that the head pastor went to jail for raping women. Armed with verifiable evidence that only the inner group could have, I got into trouble with the cult because I started pulling all my friends out, and telling them to pull their friends out too.

Overnight the “international church” of 50+ international students literally dropped to zero, and for a while, the cult leaders were physically after me.

Did curiosity kill the cat?

Curiosity probably killed me then, and it wasn’t fun. I am thankful that a cat has nine lives.

Nonetheless, that experience really kickstarted my deep interest in human nature, parasocial relationships and communities. I have always been fascinated with communities that have cult-like elements because it’s so interesting to observe and study what intrinsically motivates people.

Most importantly, because I’ve been in a real cult before, I could empathise deeply with people who are drawn to cults or heavily involved in communities with cult-like elements.

And nope, people do not join cults because they are dumb. People join cults/cult-like communities because we are human. As human beings, we all want to be part of something bigger than ourselves eventually.

And as human beings, there are always emotional vulnerabilities that could be exploited by the wrong people (deep need for approval/ permission, porous boundaries, lack of fulfilment of emotional needs).

Also Read: How can you build a living, thriving community around your SaaS product?

Indeed, all cults are strong communities, whereas not all strong communities are cults.

Cult vs cult-like: What’s the difference?

• A cult is “closed”. It restricts your freedom and makes you feel like you cannot/have no other options to turn to. The strongly associated emotions are guilt and shame.

The cult social system is engineered to exploit the emotional vulnerabilities of people. When your brain is so wired with many positive reinforcements that you cannot get elsewhere (the initial “love bombing”), it is very difficult to fight against these chemicals if you’re unprepared.

• A strong community with “cult-like” elements is open. You’re always free to leave it, and the community should empower you enough so that you don’t want to leave it, even though you can.

There is also a sense of gratitude to it, that you have received so much support from this community that you want to give back.

10 cult-like elements to strong communities

The following list shows 10 characteristics of a cult.

Strong Web3 communities with cult-like elements demonstrate some of these characteristics to lesser degrees:

• There is a charismatic leader and/or a chief thought architect unique to the community. The group displays an excessively zealous and unquestioning commitment to its leader and regards his belief system, ideology, and practices as the Truth.
• The leadership dictates (over Twitter in the Web3 context) how members should think, act, and feel. Usually, this is worked into and reinforced by the mission, vision and slogan of the group. The group has a polarised and strong “us-versus-them” mentality.
• The group feels that they are elitist, claiming a special, exalted status for itself, its leader(s), and its members. There is always a “saviour’s mentality” involved in their narrative, that they are superior beings on a special mission to “save” humanity from something. In the Web3 context, this could be liberation from nine-five work, financial slavery, etc.
• The leader is not accountable to any authorities, particularly in an accepted culture in the Web3 “decentralised” and “non-Doxxed” context.
• The group teaches or implies that its supposedly exalted ends justify whatever means it deems necessary. This may result in members participating in behaviours or activities they would have considered reprehensible or unethical before joining the group. Or, in the Web3 context, members justify the actions of their leader even after they have been rugged.
• The leadership induces feelings of shame and/or guilt in order to influence and control members. Often this is done through peer pressure and subtle forms of persuasion.
• There is a strong evangelism arm, and evangelists are usually empowered with bullets/ convenient and repeatable narratives of the project. The group is preoccupied with bringing in new members into the said communities, particularly common in Web3 spaces where people ask their friends to buy the NFT/coin.
• The group is preoccupied with making money, particularly common in Web3 spaces for speculators and flippers.
• Members are expected to devote inordinate amounts of time to the group and group-related activities, also not uncommon in Web3 communities.
• The most loyal members (the “true believers”) feel there can be no life outside the context of the group. They identify themselves with the project, believe there is no other way to be, and often fear reprisals to themselves or others if they leave or even consider leaving the group.

Also Read: Unstoppable pioneers of Web3: 16 women spearheading the change

Strong communities: Engineering cult-like elements

Web3 is all about communities. Therefore, it is important to know how to build a strong community, and we could always refer back to how successful cults do it.

Megachurches are strong communities. Salesforce and Apple are strong tech communities. Duolingo and Starbucks are strong B2C communities too. All of them have cult-like features as well.

So, when it comes to communities with cult-like features, here is a possible system:

• Step #1: A strong community with cult-like features have a strong vision, mission and slogan that seem to solve the seeker’s practical problems. It does the “hook” with positive reinforcements and promises, which include: consistently being a reliable source to providing direct solutions and information to solving your practical problems.

On top of that, it also provides emotional value: companionship (if you are lonely), peace of mind (if you’re facing constant stress/ anxiety), initial physical safety (if you do not have a physical safe space), or an implied life/ romantic partner (if you are looking for a meaningful connection).

The initial goal for all prospects to join the open community is to ensure that they always get their practical problems solved. Yet, the more they interact with the community, the more emotional needs they meet as a byproduct.

• Step #2: Existing community managers and other community members are then encouraged to attend to the prospect constantly, to make sure the positive reinforcement + psychological/ biological feedback loop persists.
• Step #3: Next, existing community members will invite these prospects to attend an exclusive function (“for selected people only”).

The frequency gets higher and higher as the prospects show a willingness to attend more of such functions, in the lack of other activities that meet their practical and emotional needs.

The goal is to keep the mind in a constantly engaged state and to keep reinforcing the feedback loop of meeting both practical and emotional needs.

• Step #4: For community members who want to continue this positive feedback loop of meeting both practical and emotional needs, they will intrinsically want to step up.

The self-talk is in the forms of:

• • “I want to continue to do X so that I can continue to get positive reinforcements, if not more”; or
  • “If I don’t do Y, I will not get the positive reinforcements anymore”.

• Step #5: At this point, prospects’ decisions on their levels of commitment to the community will reach an equilibrium. Prospects are free to step up their commitment, maintain the status quo or leave (if they lose interest or have all their problems solved).

Therefore, as seen from the above possible system, it means that positive reinforcement and the consistent practical + emotional solving of community members’ problems are absolutely critical.

Practical implications to Web3 marketers

So what’s the big deal?

Also Read: The 27 Web3 startups in Singapore that show crypto is more than Terra Luna and stablecoins

The point here is that if Web3 is all about people, communities and ecosystems, then it might be wise to learn how to build strong communities. To make the thought process more robust and thorough, it might be wise to continue to experiment with thought paradigms that guide the building of a community.

I believe evangelism and brand advocacy all start from brand values. The point is to define what your community stands for, and more practically, what it does not stand for.

I’ll also love to hear your thoughts on this topic, how do you think we can engineer a strong community- with cultish elements for your particular project?

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Populix, a consumer insights platform in Indonesia, today announced the closing of a US$7.7 million Series A financing led by Intudo Ventures and Acrew Capital.

Altos Ventures and Quest Ventures also joined the round.

Populix will use the money to recruit product and tech engineering experts to enhance data collection efforts, better meet more clients’ needs, and bring on marketing and regional expansion roles.

The company also plans regional expansion to neighbouring Southeast Asian countries by 2023.

Founded in January 2018, Populix provides “comprehensive” research and data collection for businesses, institutions, and individuals to make more informed business decisions through quantitative and qualitative studies. It claims to offer a pool of over 300,000 authentic, verified, and highly targeted respondents throughout Indonesia that are readily available, providing quick and reliable responses that illuminate the preferences, habits, and opinions of Indonesian consumers.

Also Read: Populix raises US$1.2M to provide businesses with valuable insights on Indonesian customers

For experienced research buyers, Populix offers comprehensive datasets on a subscription basis that track different generational groups in Indonesia. The initial datasets focus on Indonesia’s Generation Z, with plans to launch a Millennial-focused data set in Q4 2022 and new subpanels that include niche categories like car-owners, working professionals, and other respondent profiles.

Each dataset contains thousands of data points containing consumer consumption, online behaviour, lifestyle habits, emerging trends, and opinions and thoughts.

For mass audiences, Populix offers Poplite, a pay-per-use SaaS research platform that allows anyone to build surveys and collect targeted and actionable business intelligence. With Poplite, clients can choose from available templates depending on their business size or stage, specify target respondents based on their demography and launch a study on the platform or choose to build the survey from scratch.

Since 2020, Populix claims it has worked with over 1,500 clients ranging from Fortune Global 500 companies, governments, and major Indonesian conglomerates to SMEs, academics, and individuals.

“Consumer insights is a space traditionally dominated by large players with services often out of reach for many business owners. Populix shows that new business models can emerge in unexpected places and uproot preconceived notions of what consumer insights can do for businesses by adapting to the unique contexts of Indonesia,” said Theresia Gouw, Founding Partner, Acrew Capital.

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If you look at the world’s biggest data breaches and hacks, it highlights how cybersecurity has become a global phenomenon and that every individual is at risk.

As the world moved towards a hybrid workplace, Singapore quickly experienced a staggering 145 per cent surge in cyberattacks, with an average of 1,123 organisations in the manufacturing industry alone facing an attack every week last year.

According to Proofpoint’s annual Voice of the CISO Report, hybrid working policies and cloud tools made organisations more agile and resilient. But it also made them more vulnerable to cyber threats. For example, as much as 44 per cent of CISOs in Singapore are reportedly seeing more targeted attacks in 2022 since enabling widespread remote working.

Ransomware, supply chain attacks, personal information leaks, and crypto exchange hacks are widely recognised as the most frequent attacks in the region. As a result, the report unsurprisingly revealed that the region has a much higher risk perception of 64 per cent compared to the reported global average of 48 per cent. But how did we get here?

Why is the number of cyber-attacks increasing in Singapore?

The increment of the attacks results from two areas. The first aspect is that cybersecurity is growing in complexity more than ever before. More systems and processes are digitised via software solutions as we progress towards a more digitally connected region. As a result, more software means more vulnerabilities, which also implies the possibility of an increased number of attacks.

New software developments and delivery paradigms have led to the rise of further attacks, for example, software supply chain attacks grew by 300 per cent last year. These attacks typically target open-source and third-party software that technology teams often use as building blocks for their own systems.

The advent of cryptocurrency has made cyber-attacks more profitable. We increasingly see ‘ransoms’ demanded and paid for without traceability. Cybercriminals who have received ransom payments in cryptocurrency are increasing their funds and resources to launch even bigger attacks on critical infrastructure.

Also Read: Best cybersecurity practices for startups to stay ahead of the curve

The second aspect is the inconvenient truth that although cyber-security awareness is growing, it’s struggling to keep up with the pace at which the landscape is evolving. For example, when faced with a phishing attack, most people now know that they should always check the sender before responding to an email or message. But the recent OCBC phishing scam highlighted that attackers were one step ahead by assuming the bank’s identity.

Although most organisations understand the cyber risk, robust cyber security doesn’t come for free or cheap. It can be challenging for boardrooms to see the value of signing off another project.

But news that even the Singapore government is increasing its cybersecurity allocation from 2.4 per cent to 8 per cent of its IT budget shows things are beginning to change. Unfortunately, the bad news is that there is also a big gap for cybersecurity expertise between the supply and market needs, making security goals hard to reach.

Prevention is always better than cure

According to a recent threat landscape report by CyberArk, around 80 per cent of organisations in Singapore experienced ransomware attacks last year. To prevent these challenges, enterprises need to address the issues discussed in this article, and it doesn’t have to cost a small fortune.

For example, raising awareness and promoting cybersecurity training and education is one of the simplest yet most effective ways of improving security.

Security teams that set up processes on a national and global level will help enhance the cybersecurity knowledge of Singaporeans. In addition to this, the adoption of automatic tools can help teams keep up with the fast pace of software development. It’s also becoming imperative to augment the gap posed by limited security experts. But the bigger question is, what are the best tools?

Opting for the best tool in the region

While training, awareness, and other initiatives will deliver results over time, organisations should be taking charge of security by leveraging easily accessible, state-of-the-art tools built on sound scientific research.

For example, Thompson, Scantist’s Software Composition Analysis tool, is one such option trusted by multiple government agencies and businesses.

These tools provide greater visibility over building blocks such as open-source and third-party components used by software teams.

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

In doing so, it enables them to monitor and mitigate software supply chain security risks closely. As a result, this approach can play a critical role in reducing the risk of data breaches by as much as 25 per cent.

Businesses large or small can seamlessly integrate the solution into existing software development and delivery workflows and receive customised security reports based on their internal risk assessment and external compliance needs.

Some of these solutions often include a free tier allowing enterprises to explore the capabilities on offer before worrying about securing a budget for features that they might not need.

The journey towards a cyber-safe nation

While increased investment in cybersecurity measures is needed, it’s not a problem that you can throw money at and tick a compliance box. Instead, our journey to becoming a cyber-safe nation for all begins with smaller steps such as building simple processes and using easily accessible security tools.

Raising awareness and the promotion of cybersecurity training and education remain critical. When combined with the right tools, it helps businesses minimise hacking incidents without overloading their technology teams or costing a fortune.

These suggestions are just a handful of tips that make up the bare minimum needed in a fast-evolving and increasingly complex cybersecurity landscape.

For enterprises of all sizes, a cyber incident and a subsequent loss of reputation and shareholder value are inevitable. There is no avoiding the fact that cybersecurity has become everyone’s business, and if you are not part of the solution, you are part of the problem.

So, what role will you play in building a cyber-safe nation?

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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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