Southeast Asia has seen a heightened demand for observability within enterprises. As digital infrastructure becomes more complex, various industries now rely on observability tools to get a connected, real-time view of all IT performance data to troubleshoot and resolve problems faster.

However, prevailing economic conditions and constrained IT budgets pose challenges in achieving comprehensive, end-to-end observability across the entire technology stack.  C-suite leaders are focused on strategic investments to ensure the best possible business value without sacrificing the customer experience.

The tangible business advantages of technology are often elusive, particularly when communicated to executives who may view it as just another item in the annual budget. In the current climate of cost-cutting pressures, leaders with less technical acumen may not readily understand the merits of observability.

C-suites in favour of observability

The key to making the business case for observability lies in recognising its central role in fueling digital transformation and steering the customer experience.

According to New Relic’s 2023 Observability Forecast, ASEAN organisations record a higher return on investment (ROI) on observability when compared to global peers. Indonesia and Singapore both had the highest median annual ROI of 167 per cent. The median annual ROI in Malaysia was above average at 133 per cent, while Thailand broke even. The median annual ROI across all respondents globally was 100 per cent.

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

The study also found that the majority of C-suite leaders are strong proponents of the value of observability – this includes both technical-focused C-suites (82 per cent) and less technical-focused C-suites (74 per cent). The majority of the C-suite respondents (85 per cent) see observability as a key enabler to achieving core business goals to some degree.

However, despite its strong ROI value, more than a third (36 per cent) planned to reduce spending across the board next year.

Unlocking the full business potential of observability

While CTOs and CIOs are inclined to prioritise observability, there’s a need for other C-suite executives to flip the conversation on ROI to fully appreciate the diverse benefits that observability offers.

Observability’s connected overview of data from various sources in a unified platform enables proactive problem-solving. It helps IT teams actively prevent issues, ensure operational efficiency, and facilitate the development of high-quality software to enhance both customer and user experiences.

By providing comprehensive visibility to different teams and functions, observability empowers them to scale systems effectively in response to shifting traffic patterns, all without compromising performance, cost, or end-user satisfaction.

It establishes a singular source of truth grounded in real-time data, bolstering system resilience and optimising performance during peak demand. This, in turn, expedites application modernisation efforts and elevates the overall user experience.

Demonstrating the benefits of observability

Here are key factors to consider when articulating the ROI of observability to the business.

Foster data sharing

Observability encourages teams and business leaders to openly share data and insights. This practice elevates best practices throughout the organisation, enabling the development of benchmarks to compare the relative performance of various units and platforms.

Also Read: Unlocking green fintech prosperity in Asia: Navigating the top 4 challenges

Superior customer experience

Observability’s dashboards focus on metrics that are crucial to customer experience, enabling teams to pinpoint and address performance issues proactively, preventing any potential impact on customers. A superior customer experience not only enhances the bottom line but also aligns with leadership priorities.

According to research on the Observability Forecast, 54 per cent of respondents noted that observability contributes to improved revenue retention, while 41 per cent highlighted its role in supporting business and revenue growth.

Connect KPIs to business impact

While IT Ops teams traditionally gauge observability performance using metrics like uptime and mean-time-to-repair, it’s crucial for business leaders to witness a direct influence on the company’s overall success, including insights into customer satisfaction and financial metrics. Align users’ key performance indicators (KPIs) with these business-related objectives to ensure the direct link between observability data and the bottom line.

Developer efficiency matters

While organisations typically assess the value of enterprise software based on its impact on operational performance and quality, it’s essential to also consider whether it contributes to more efficient goal achievement by developers. Data indicates that full-stack observability yields positive business outcomes, including enhanced operational efficiency and increased productivity.

Providing a view of the genuine business value of observability demands dedicated time and collaborative efforts across the organisation. By presenting a compelling high-level case that aligns with the language and key performance indicators (KPIs) prioritised by a CFO or CTO, IT teams advocating for observability can not only deliver financial gains but also contribute to the continuous enhancement of the software and services delivered to customers.

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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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Dear reader,

This is the last working day of 2023. We hope that you get to tie up all loose ends beautifully in your work, before going off to spend the New Year weekend with your loved ones.

In the last week of 2023, we published a compilation of our achievements this year with the e27 Contributor Programme. We also introduced a Startup Ecosystem Roundup that presents a snapshots of the startup ecosystem in 2023 in five Southeast Asian (SEA) countries. Our contributors also give the final kick with their thought leadership pieces on strategic transformation, reviving a failing startup, and the impact of modern observability.

The startup ecosystem remains active. One of the funding news that companies announced is US$8.3 million in Pre-Series B funding round for LiveIn, who plans to accelerate its regional expansion.

It has been a busy and colourful year, and we are grateful to have you in our community. We are looking forward to seeing you again in 2024.

Happy New Year.

Anisa,
Editor.
====

e27 launches Startup Ecosystem Roundups for 2023
e27 presents snapshots of the startup ecosystem in 2023 for the following countries: Philippines, Singapore, Indonesia, Vietnam and Thailand

e27 Contributor Programme in 2023: A thrilling journey through growth and innovation
Dive into the journey of the e27 Contributor Programme in 2023, celebrating growth and anticipating exciting innovations for the year ahead

Atomionics champions a more sustainable energy exploration through its virtual drilling innovation
With its Gravio technology, Atomionics captured gravity data to identify potential energy and mining resources underground

Tech revolution unleashed: Navigating emerging trends for strategic transformation
In the tech landscape, our shared responsibility is to ensure inclusivity, leaving no one behind in the transformative journey ahead

LiveIn secures US$8.3M in Pre-Series B funding to accelerate regional expansion
The funding round will be used to fuel the Malaysia-based LiveIn’s expansion into other key cities across the region

Reviving a failing startup: Financial strategies for long-term success
This article explores strategies to rescue struggling startups from bankruptcy, guiding them towards financial stability and long-term success

Startup Genome: Singapore remains top startup ecosystem for clean tech, blue economy
In the Cleantech ecosystem categories, Singapore moved up an impressive 18 places, from number 26 to eight

Navigating the AI landscape in 2024: Why there is an urgency for enhanced governance
There are two points that stand out in 2024, starting with how AI will experience a shift from a “nice-to-have” to “must-have”

Propelling SG businesses towards sustainable future: How to inspire emissions plan creation
There are several steps to encourage businesses to develop emission plan, starting with involving CFOs and finance teams

Tristan Chiappini: A decade of excellence in fintech and digital payments
Explore Chiappini’s journey in fintech, gaining insights on payments, locally preferred methods, and the dynamic industry landscape

Why all leaders need to understand the impact of modern observability
Providing a view of the genuine business value of observability demands dedicated time and collaborative efforts across the organisation

IPO-bound Indian unicorn FirstCry targets US$218M raise
Brainbees disclosed that certain investors are poised to divest up to 54.4 million shares

Indonesia startup shakeout leaves tech firms facing hard choices
Despite setbacks, industry insiders remain optimistic for 2024

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The post Ecosystem Roundup: A snapshot of SEA startups in 2023; LiveIn gets US$8.3M in Pre-Series B appeared first on e27.

“How long have you been working with e27?”

This is, honestly, my favourite question. I tend to receive them whenever I attend a networking event or meet a work partner in real life for the first time. I love the reactions it triggers; most of them are pleasantly surprised by the fact that I have been working here for eight years. Joining the company in 2015 as a junior correspondent in Jakarta, I am now overseeing the e27 content team from Singapore.

(In case you have been in touch with “Mbak Anisa from e27” in Jakarta and wondered where I have been in the past few years.)

My introduction to the Southeast Asian startup ecosystem began with my work at e27. Throughout the years, I have seen many things going on. Take the example of tech giants such as Gojek. I was there when they first introduced their IDR10,000 flat rate; I was also there when Nadiem Makarim was appointed Minister of Education and when the company went public.

Also Read: What the SEA startup ecosystem needs to know about COP28

In these eight long years, are there lessons about the startup ecosystem (and life in general) that I have learned? Absolutely. They can be separated into three points:

Changes are constant

Phew. What can I say about this one? In the startup ecosystem, changes happen so rapidly that often, the things that are relevant in January may not be cool anymore in … November. It got to the point that sometimes, industry players do not dare to predict more than six months in advance. In 2022, blockchain was all the rage until a major shift happened in November—the launch of ChatGPT was just one of the triggers. After that, we are all eyeing a different innovation, pondering the ways it can affect our lives, and pouring money into it.

After moving to Singapore, I returned to Indonesia for a holiday, and the market was unrecognisable after just a few years. But often, this is a good thing. It shows the market’s ability to adapt to changes and eventually solve problems, opening opportunities for the rest of us.

Community is strength

Unfortunately, life in the startup ecosystem is not always fun, especially if you are a minority. But I learned that one can always lean on the community whenever something bad happens. In terms of business, we may be competitors against each other, but when it comes to safety, there is strength in numbers.

Also, don’t be a [redacted]. People will always find out.

Don’t take yourself too seriously

Last but not least, don’t take yourself seriously. Seriously. This may sound odd. But in an environment where changes happen constantly, you might notice that failures tend to happen more often. You might be so certain that one solution will work until it does not. Being able to laugh at yourself is immensely helpful to get through all the challenges you might find in this ecosystem.

Also Read: Startup Genome: Singapore remains top startup ecosystem for clean tech, blue economy

As we enter a new year, we tend to look back on the things that we have done and what we can carry into the next stage of our lives. As long as I am working in this ecosystem, these are the three things I plan to carry with me.

Let us see if they continue to be relevant next year.

See you in 2024.

—

Image Credit: RunwayML

The post 3 things I have learned about the SEA startup ecosystem in the last 8 years appeared first on e27.

Man has evolved from taking months or weeks to send a single letter via hand or messenger pigeon to speeding up the process with the invention of the telegraph, then the telephone, and finally, the smartphone of today. This transformation is one of many that underscore how emerging technologies have always been catalysts for global change, shaping our future in unprecedented ways.

As we study the impact, opportunities, and challenges presented by these transformative forces, we must also aim to steer these same forces and their resultant trends to our entrepreneurial advantage. These innovations are more than just novelties; they are the driving forces behind a global transformation.

At this point, it is important to note that change, especially transformational change, is often triggered by a crisis or key events. When we talk about crises in this context, we are not referring to global issues like the pandemic; instead, we are referring to the introduction of disruptive technologies within a company’s ecosystem. Disruptive technologies, such as artificial intelligence, can swiftly propel a company from one state to another, necessitating a transformation.

This transformative journey involves corporate restructuring, human capital transformation, and continuous learning. Corporate restructuring addresses financial crises, while human capital transformation focuses on changing mindsets and cultural elements.

This includes the incorporation of continuous learning as a part of the ongoing process aimed at making companies better at what they do. The evolution toward organisational learning and development is critical for sustained success.

Also Read: How digital payments are transforming the travel experience

Considering the untapped potential stemming from empowered new markets, revolutionised customer experiences, and leapfrogged production efficiencies, the unprecedented growth opportunities for a business are immense — but so are the challenges. In a world now characterised by Volatility, Uncertainty, Complexity, and Ambiguity (VUCA), navigating the technological landscape and its trends demands a strategic approach.

In fact, ignoring or delaying involvement with these advancements is not viable in today’s competitive landscape, if only because of how untenable this approach is in the long run. Companies that do not embrace these changes risk falling behind and facing regulatory issues. They also are in danger of being overshadowed by more tech-savvy and adaptable competitors and of compromising their global competitiveness in an interconnected, tech-driven economy.

Also, the dark side of disruption presents ethical, legal, and societal challenges that require responsible implementation. For example, companies will find themselves grappling with dilemmas related to privacy, data usage, and the potential consequences of their innovations on individuals and society.

At the same time, addressing these challenges is paramount to ensuring that technological progress aligns with ethical standards, legal frameworks, and positive societal outcomes. Naturally, balancing innovation and stability becomes a delicate act in this rapidly evolving technological environment.

Notably, the technology sector’s impact on global Gross Domestic Product (GDP) further serves as a testament to its relevance in the largest economies worldwide. For instance, in the United States, a whopping 24 per cent of economic growth comes from the technology sector.

This trend is not exclusive to developed countries; the tech sector contributes a whopping 16.34 per cent to the GDP of China. Even in countries like Singapore, where the economy is mostly service-based — i.e. more dominated by people than tech — technology continues to play a vital role.

The implications of this are profound. For industrialised first-world economies, technology is a major player, driving growth and innovation. However, for countries aspiring to develop similarly, access to importing or acquiring technology is the crucial factor. The ability to even enter the market for the adoption of new technologies can be a make-or-break factor for economic development.

Also Read: Why Singapore’s traditional sectors need a digital makeover

Delving into trend analysis is then pivotal for organisations, serving as a cornerstone in understanding the evolving narratives of emerging technologies and laying the groundwork for strategic planning.

Organisations armed with this analysis can, therefore, derive strategic responses, and engaging in trend analysis goes beyond staying current; it becomes a proactive initiative that empowers organisations to capitalise on opportunities and prepare for challenges associated with rapid technological adoption.

This awareness is not just for the corporate boardrooms; it is a call to action at the grassroots level, particularly within educational institutions. As we step into a future defined by emerging technologies, equipping the workforce with the knowledge and skills to adapt becomes paramount, too.

Colleges and educational institutions must curate awareness around these technologies, fostering an environment where future professionals are not just prepared for change but actively driving it.

In the grand tapestry of technological evolution, the narrative is not solely written by CEOs and executives; it is co-authored by the workforce, the students, and the educators.

The transformative potential of technology is a shared responsibility, and as we navigate this tech revolution, let us ensure that no one is left behind. Only a collaborative effort, fuelled by awareness and education, will truly unlock the global change promised by emerging technologies.

—

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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

Image credit: Canva

The post Tech revolution unleashed: Navigating emerging trends for strategic transformation appeared first on e27.

e27 has been dedicated to nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights.

As part of our newly introduced ‘Contributor Spotlight’, we shine a weekly spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

In this episode, we feature Tristan Chiappini, VP and Head of Partnerships, APAC at PPRO, leveraging a decade of payments industry experience to enhance PPRO’s global digital payments platform in the APAC region.

A valued contributor since 2020, he has published 10 articles with over 10,000 views. “I have spent many years in the payments industry, and e27 is a fantastic resource for both sharing that knowledge and furthering my own,” he said candidly.

Chiappini shares his personal and professional journey in this episode of Contributor Spotlight.

Thoughts, goals, and journey

Chiappini, whose career in merchant acquiring began with a spontaneous interview at American Express Merchant Services, shares the amusing start. Recruited over lunch, he swiftly learned Excel essentials, passing the test with flying colours and setting the stage for a successful payment industry journey.

“Professionally, 2023 has been a fantastic year for me at PPRO, with more to come in 2024. In terms of personal goals, on top of being the best possible husband and father I can be, I have a few triathlons, cycling events and an ultramarathon planned — I’m always looking for the next challenge. Roll on 2024!”

Also Read: ‘Tis the season to be shopping: Can businesses still capitalise on sales events in APAC?

With over a decade in the fintech industry, particularly at PPRO, he emphasises the importance of catering to locally preferred payment methods. Recognising the impact on conversion rates, user recognition, and trust, he observes this trend unfolding online and in physical stores.

“Seeing Alipay+, WeChat Pay, JCB, and very soon Unified Payments Interface (UPI) in-store these days is common practice. Speaking of UPI, this is a fascinating one, locally in India. In just seven years, it has become the preferred method of digital payment in India, with 230 million active users (40 times the population of Singapore) transacting more than 10 billion in monthly transactions. According to some, UPI is expected to reach a billion transactions a day by 2026-2027,” he said.

He continued, “2024 will be the year UPI goes cross-border both for online, allowing Indian consumer to pay using UPI at global merchants, as well as in-store where Indian travellers can by pay for their duty-free at airports, at hotels and restaurants and tourist attractions using UPI. At the same time, UPI is also connecting inter-regionally into other national real-time payment rails, for example, PayNow here in Singapore and PromptPay in Thailand. This will be a fascinating one to watch next year.”

Advice for budding thought leaders

Chiappini advises budding thought leaders, echoing Moffat Machingura’s wisdom that “the first step is the hardest.” He emphasizes that committing to sharing knowledge initiates an enjoyable process, leading to a deeper understanding of the chosen subject and continuous learning.

Juggling too many things?

“The eternal balancing act! It really comes down to priorities. Spending time alone in silence with your thoughts each day helps you balance all the pressures of the work-life balance. It will always be something you have to work on, along with your own personal development, which in today’s hectic lifestyle often gets neglected,” Chiappini said.

Also Read: What the payments industry should consider when preparing for the holiday season

He underscores that dedicating at least 10 minutes daily to personal and professional growth enriches oneself and contributes positively to one’s company, family, and friends. He also suggests reframing the commitment in this broader perspective for effective prioritization in the future.

Staying in the loop

“Payments and fintech are moving and changing so fast that often books become out of date so quickly that things would have moved on by the time you reach the last page. Committing to spending a couple of minutes a day scanning and reading through the media to keep your knowledge fresh is something I’ve done for years and would always recommend,” Chiappini said.

In his role at PPRO, Chiappini benefits from valuable interactions with experienced industry professionals. With daily readings from various sources and active participation in major trade shows, his genuine interest in the field facilitates easy and comprehensive staying up-to-date on relevant information.

“The payments industry, and fintech in general, continues to be a fascinating and ever-changing industry to work in. There are ups and downs, as we have seen with the mass-scale restructuring projects over the last few years from all of the industry’s largest players, but payments are central to our everyday lives. If we, as payments professionals, can make it simpler and easier for people to transact online, our work is touching and improving the lives of millions, even billions of people — that makes it worthwhile,” he concluded.

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Are you ready to join a vibrant community of entrepreneurs and industry experts? Do you have insights, experiences, and knowledge to share?

Join the e27 Contributor Programme and become a valuable voice in our ecosystem. 

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In a recent report, the Association of Chartered Accountants (ACCA), the International Federation of Accountants (IFAC), and professional services firm PwC revealed that 19 per cent of businesses in Singapore have no emissions plan in place despite the climate emergency.

In addition, 70 per cent of those without an emissions plan do not intend to develop one. This trend can be attributed to a lack of awareness or understanding of the importance of such plans or the perception that businesses are not directly responsible for the sustainability agenda.

“The recent COP28 emphasised the need for a swift, just, and equitable transition away from fossil fuels, with an overarching aim to keep global temperature rise within 1.5°C. This agreement and the global stocktake, which calls for significant emission cuts and scaled-up finance, are expected to influence national climate action plans due in 2025,” an ACCA spokesperson wrote in an email to e27.

“These developments could provide a framework and impetus for businesses in Singapore, including those without current emission plans, to develop stronger climate action strategies aligned with global standards and expectations.”

There are several steps that the organisation recommended to encourage businesses to develop their emission plan, starting with involving CFOs and finance teams in emissions reduction planning, as they can integrate climate priorities into business planning and resource allocation. But these finance teams should also be equipped with the skills and expertise to support net-zero initiatives.

Also Read: What is left behind in our conversation on climate change

In addition to that, there have to be clear targets and timelines from the government for the phase-out of unabated fossil fuels and supporting the clean energy transition, completed with ensuring clear pricing signals through a meaningful price on carbon and reforming fossil fuel subsidies to support a clean energy transition.

“Public and private financial flows aligning with the objective of phasing out fossil fuels. Incentives could work if they are aligned with these broader strategies and if they address the specific barriers that businesses face in developing and implementing emissions plans.”

The startup approach

In an interview with e27 in June, Susli Lie, Partner at Monk’s Hill Ventures, spoke about the increasing popularity of startup investors considering elements of ESG (Environmental, Social, and Governance) in deciding a potential investment.

“Traditionally, people care a lot about managing and mitigating risks. So, what damage are you doing to the environment? How much greenhouse gas emissions waste are you producing? What are you doing with that, and how do you treat your people? Those things are all very important, and we track those as well. But we also understand that when we work with companies, there are sometimes ESG-related opportunities that could also lead to commercial success,” Lie said.

Also Read: Evercomm wants to pave the way for corporate decarbonisation success

This seems to align with the idea of encouraging businesses in Singapore to have an emission plan. So what can be done to encourage startups to implement the ESG approach in their business, particularly by including an emission plan?

The ACCA have several recommendations:

– Providing access to knowledge and resources about sustainable practices and their benefits
– Offering incentives such as tax breaks, grants, or subsidies for implementing sustainable technologies or practices
– Facilitating connections with sustainability experts and networks that can provide guidance and support.
– Creating a supportive policy environment that encourages sustainable practices and makes it easier for startups to adopt them
– Recognising and rewarding startups that successfully incorporate emission plans into their operations, which can serve as an inspiration for others

By having an emission plan ready and a generally positive attitude towards ESG, startups in the region might be able to go through the funding winter better and impact how they operate their business.

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Image Credit: RunwayML

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Saving a startup from bankruptcy needs thorough analysis, intelligent decision-making, and effective implementation. In today’s competitive business environment, many companies suffer financial issues that could sink them.

However, with the appropriate strategy and execution, the startup may turn the corner and achieve financial stability and long-term success. This article will discuss ways to save a struggling startup from bankruptcy.

Startups must address financial issues and adopt successful strategies to survive and expand. Startups can improve their financial status and make better judgments by addressing financial challenges.

Cost-cutting, income diversification, and external finance can help firms overcome financial challenges and succeed in the long term. Startups risk bankruptcy without careful financial management.

Startups might fall into debt and be unable to pay their bills without proper action. Losing credibility and trust with investors, customers, and suppliers makes it harder to get capital or revenue. Financial volatility can also strain the founders’ and workers’ mental health, lowering productivity and morale. Failure to address financial difficulties might lead to startup failure and dissolution.

Assessing the situation

Assessing the problem is essential to identify the severity of financial issues and create a viable solution. This requires analysing the startup’s financials, cash flow, and debt. The firm can decrease costs, increase sales, or seek external investment by identifying the causes of financial instability, such as overspending or a lack of revenue.

Financial professionals or consultants should be involved in this assessment to ensure a complete and accurate financial assessment of the startup.

Conduct a thorough analysis of the startup’s financial health

This research should examine the startup’s cash flow, profitability, and debt. It’s crucial to establish whether financial troubles are caused by mismanagement, market conditions, or other factors. After identifying the main concerns, a plan is needed to address them. This may involve cost-cutting, funding, or strategic alliances or acquisitions.

Evaluate the current revenue streams and determine their sustainability

The startup’s customer base, price strategy, and market rivalry should be examined in this study. Assess whether current revenue streams are enough to support the company’s operations and expansion. Market research, client feedback, and diversification or expansion options may be needed. Knowing income stream sustainability helps the startup prepare for the future and make smart financial decisions.

Assess if there are areas for cost reduction or optimisation

Analysis of the startup’s primary expenses is essential for cost reduction and optimisation. The company’s overhead expenditures, such as rent, utilities, and personnel pay, may be examined to minimise waste or negotiate better supplier arrangements.

Startups can also use technology or automation to optimise operations and cut labour costs. The organisation can boost financial performance and better allocate resources to development and sustainability by identifying cost reduction or optimisation opportunities.

Also Read: The growth of business messaging: How it’s improving business performance in Southeast Asia

Developing a financial strategy

Startups need a financial strategy to succeed. Setting financial goals, developing a budget, and using a financial management system to track costs and revenue are required. The company should also diversify its funding to decrease its dependence on one investor or loan. A well-defined financial plan helps the firm make informed decisions and avoid financial risks, improving its chances of sustained growth.

Prioritise cash flow management and establish a realistic budget

Startups can ensure sufficient funding for expenses and investments by regularly monitoring cash flow and following a realistic budget. This will assist the company in meeting its financial goals without cash problems.

A realistic budget will also help the business deploy resources and identify cost-cutting opportunities. Paying attention to cash flow and setting a reasonable budget is crucial to financial stability and success.

Explore potential avenues for increasing revenue

The startup can boost its cash flow by researching revenue-generating opportunities. This could involve diversifying its products or services to appeal to more clients or targeting new markets or demographics. These techniques can boost sales and cash flow, boosting the company’s financial stability and long-term success.

Consider seeking external funding options

Startups seeking capital may consider loans or investments. This money can be used for expansion, hiring, or marketing and advertising. External funding can help the startup grow faster and succeed longer. The startup must carefully assess these funding options’ terms and conditions to ensure they match its goals and financial capabilities.

Cutting costs

Cutting costs is another way startups can manage their finances. Startups can free up resources for expansion by cutting overhead, superfluous subscriptions, and outsourcing jobs. Cost-cutting can also help firms become more efficient and sustainable, improving their financial health. Startups must routinely evaluate their expenses and discover ways to cut costs without sacrificing quality.

Identify non-essential expenses and develop a plan to reduce or eliminate them

Startups should first identify non-essential expenses like office supplies, fancy office premises, and staff benefits and create a plan to cut them. Cutting these unneeded charges can drastically lower initial costs and improve their financial situation. This may involve renegotiating supplier contracts, shrinking offices, or tightening expenditure policies. These strategies will save startups money and promote efficiency and prudent spending.

Negotiate with suppliers for better terms or discounts

This may involve reevaluating contracts and researching alternative suppliers for better pricing or terms. Negotiating with the startup’s purchasing power can cut expenses and save money over time. Startups may also benefit from strategic supplier alliances to improve procurement and receive exclusive prices. Startups can save money and improve their finances by negotiating with suppliers.

Consider outsourcing certain tasks or functions to save on overhead costs

Startups can cut costs by outsourcing jobs that don’t need hiring and training new staff or buying expensive equipment and infrastructure. Startups can focus on core business activities while benefiting from specialised service providers’ expertise and cost savings. Outsourcing also allows startups to scale and adapt to changing demand and business demands. This cost-cutting technique can help the firm develop financially.

Also Read: Team performance unlocked: Harnessing chronotypes for startup synergy

Improving efficiency

Eliminating procedures and streamlining processes can boost efficiency. Startup productivity task completion time, and resource savings can improve.

Investing in technology and automation can streamline operations and boost efficiency. Startups can automate repetitive activities, decrease errors, and boost productivity with technology.

Lastly, promoting efficiency and constant improvement in the company can boost long-term profitability. Encourage employees to suggest process improvements and execute regular performance assessments to boost startup efficiency.

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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

Image credit: Canva

The post Reviving a failing startup: Financial strategies for long-term success appeared first on e27.

LiveIn, a provider of affordable long-stay rental property solutions in Southeast Asia, today announced that it has secured US$8.3 million in its pre-Series B funding round led by Wavemaker Partners and InterVest, with participation from Malaysia Debt Ventures Berhad (MDV), Jungle Ventures, and CAC Capital.

The funding round will be used to fuel the Malaysia-based LiveIn’s expansion into other key cities across the region. It is set to enter Vietnam and Indonesia by 2024.

Founded by Keek Wen Khai (Khai) and Joey Lim, LiveIn offers affordable yet quality long-term rental options through an online-to-offline platform.

In a press statement, the company said that it is on track to onboard 10,000 rooms onto its platform while maintaining high occupancy rates in its existing markets Malaysia and Thailand. Presently, the company is run by a team of 120 employees across Malaysia, Thailand, and Singapore.

Also Read: Set sail with intellectual property: Your business’s journey to success

LiveIn said that its unique approach to long-term property rentals has proven to be successful, boasting an impressive average occupancy rate of 90 per cent in Malaysia and Thailand. This model not only generates higher rental income for property owners but also offers tenants access to affordable, quality furnished housing. Simultaneously, it ensures scalability and profitability for LiveIn.

In terms of product update, LiveIn has streamlined its tenant onboarding process while enhancing its property management services such as fully furnished units, dedicated concierge services, and community events.

The company is keen on introducing new service features and forging strategic partnerships to reinforce its market position. As part of its strategy, LiveIn aims to expand into new urban areas to meet the evolving needs of young urban residents.

“Our team is energised by the recent injection of funds from our investors. It is a clear indication of their confidence in our ability to penetrate new markets aggressively and address the needs of our existing markets. We are witnessing a massive surge in demand for affordable long-stay rentals, with young people seeking more autonomy and quality living spaces. This new round of funding empowers us to direct more resources towards developing innovative service offerings that cater to the needs of our property owners and tenants, positioning them for success,” said LiveIn Co-founder and CEO, Khai.

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Image Credit: RunwayML

The post LiveIn secures US$8.3M in Pre-Series B funding to accelerate regional expansion appeared first on e27.

Singapore-based deep tech startup Atomionics recently announced that it has made the first-ever “virtual drill” for commercial resource discovery in Western Queensland, Australia. In a press statement, the company explains that virtual drilling allows the entire energy industry ecosystem to avoid unnecessary physical drills.

The commercial deployment of Gravio, the startup’s technology, is seen as a “new chapter in energy resources exploration, where efficiency, accuracy, and environmental responsibility are accessible realities.”

In a surveying expedition with Australian energy company Bridgeport Energy, Atomionics captured gravity data to identify potential resources underground. According to the company, gravity data is the fastest and least invasive way to identify the potential density of objects. For example, it helps to identify rocks that could contain oil deposits.

“Gravio is designed for forward-thinking companies in the resource sector who share our vision of a sustainable exploration future. Currently, we have three deployments underway with three of the world’s largest mining companies. We are also actively engaging in dialogues with industry leaders to explore new applications and shape a collective vision for the future of resource exploration,” explains Sahil Tapiawala, CEO and Co-Founder of Atomionics, in an email to e27.

Run by a team of 16 engineers and scientists with experience in cold atom physics, product development, and AI, Atomionics has the backing of government and technology leaders such as In-Q-Tel (a non-profit organisation founded by the CIA and various US government agencies) and Singapore’s SEEDs Capital.

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It also counts on the support of angel investors such as Pamela Vagata (Former AI Lead at Stripe and one of the founders of OpenAI), Keith Adams (Chief Architect at Slack who previously led Meta’s AI research team), Alex Turnbull (prolific fund manager), and Mikhail Zeldovich (CEO Trafigura Mongolia and Vietnam).

Previous investors include Wavemaker Partners, SGINNOVATE, Cap Vista (the investment arm of Singapore Defense), Paspalis, and 500 Global.

The following is an edited excerpt of the interview with Tapiawala.

Can you tell us about the product development process of this solution?

The development of Gravio reflects Atomionics’ commitment to pioneering a future where quantum technology reshapes our interaction with the Earth’s resources.

It began with a vision to revolutionise resource exploration through advanced quantum sensing technology. Our multidisciplinary team of physicists, engineers, and AI specialists worked collaboratively, transforming this vision into reality. The development process was marked by rigorous research and testing, ensuring the integration of cold atom interferometry in a portable, basketball-sized sensor. This groundbreaking approach enables us to deliver precise, non-invasive resource mapping, setting a new standard in the industry.

Also Read: V-Flow: A promising solution to energy inequity in Africa and SEA

Our process involved merging cutting-edge quantum physics with practical engineering to create a tool that serves today’s needs and paves the way for new, environmentally conscious exploration methods. This journey has been a testament to the power of innovation and collaboration, setting the stage for even more groundbreaking advancements in quantum sensing.

What impact does the company aim to make with this product?

Atomionics is spearheading a movement towards a more responsible and sustainable approach to resource exploration. We need 500 per cent more metal and resources as part of the energy transition. Atomionics’ aim is to create a global map of the earth’s crust to pinpoint and estimate resources that will power humanity over the next 50 years. The first step in this direction is building a quantum gravimeter that can serve as a virtual drill. We envision a future where we can enable an exponentially more efficient precision exploration.

Our vision extends beyond immediate industry impacts; we aim to influence global environmental practices and contribute significantly to the preservation of our planet while meeting the demands of critical industries like energy and electric vehicles.

Is there any particular market that Atomionics is aiming for? Why Australia?

Our focus extends globally, with a keen interest in markets at the forefront of resource exploration and environmental innovation. Australia was chosen for our initial commercial deployment due to its diverse geological landscape and the presence of potential resources like oil and critical minerals for electric vehicles.

Surveying the challenging environment of Western Queensland provided us valuable insights into Gravio’s performance under real-world conditions.

This setting allowed us to demonstrate our technology’s robustness and versatility, crucial factors as we prepare to expand into other diverse geographic and industrial landscapes.

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What is your revenue model and path to profitability as a deep tech company?

We are focused on responding to the overwhelming interest we have received from potential customers. We are deeply engaged in understanding their unique needs and challenges, which is guiding our technology development.

By working closely with these partners, we are fine-tuning Gravio to ensure it not only meets but exceeds industry expectations. This customer-centric approach is laying a solid foundation for Atomionics’ future growth and success, as we believe that a technology truly tailored to its users is the one that will thrive in the market.

What will be the company’s major plan in 2024?

In 2024, Atomionics is poised to embark on a transformative journey. Our plan encompasses scaling our technology globally, deepening our impact across various industries, and solidifying our role as a leader in sustainable resource exploration.

We are committed to driving innovation within Atomionics and across the entire sector, fostering a future where technology and environmental responsibility go hand in hand.

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Image Credit: Atomionics

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Performance reviews are a common practice, yet they’re often a double-edged sword. On one hand, they’re seen as necessary for growth and accountability. On the other hand, they can stir up more stress than motivation and dread than development. I’ve seen firsthand how traditional performance reviews can miss the mark in creating genuine peak performers.

This isn’t just about changing a system; it’s about understanding how our brains react to feedback and stress and how this understanding can revolutionise how we nurture talent in the tech industry. Here, I’ll dive deep into why the old-school performance review might be doing more harm than good and how we can shift gears to a more brain-friendly, effective approach.

The flaws in traditional performance reviews

In the tech business, where change is the only constant, clinging to traditional performance review methods can be akin to driving with the handbrake.

Stress and anxiety

The typical performance review is often a high-stakes, high-stress event. From a neuroscience standpoint, this is crucial. When our brains are under stress, they enter a fight-or-flight mode, which isn’t conducive to open, creative thinking or learning – essentials in the tech world.

This stress response can cloud judgment, stifle innovation, and even impact mental health. This mental blockade is the last thing we need in a field that thrives on cutting-edge ideas and agile minds.

Short-term focus

Performance reviews typically happen annually or quarterly. This system inherently encourages a short-term outlook. Teams sprint to hit immediate targets, often overlooking long-term innovation and growth – vital for survival in the tech industry.

Also Read: Neuroscience to the rescue: How startups can dodge burnout

It’s like focusing on the next step rather than the marathon. This short-termism doesn’t just limit progress; it can skew the bigger picture, leaving little room for sustained, meaningful development.

Limited feedback loop

The infrequency of traditional reviews means feedback is often outdated by the time it’s delivered. Technology moves fast, so what was relevant three months ago may not be relevant today. This delay in feedback creates a gap in learning and adjustment. It’s like trying to steer a ship based on where it was, not where it’s heading. In an industry that evolves daily, real-time feedback isn’t just helpful – it’s essential.

Neuroscience insights for better performance management

Taking insights from neuroscience can offer a fresh perspective on performance management, especially in the tech sector, where mental agility and innovation are necessary.

Brain-friendly feedback

Feedback is food for the brain – how we learn and grow. But the trick is in the delivery. Continuous, constructive feedback aligns with our brain’s natural learning processes. It’s like updating an app regularly instead of waiting for the annual version upgrade. This method keeps skills and strategies fresh and relevant.

The role of motivation

Neuroscience shows us that motivation is a complex dance of neurotransmitters like dopamine and serotonin. Traditional performance reviews often miss this dance entirely. They can create a fear of failure rather than a drive for success.

In contrast, a system that recognises and celebrates small wins can boost motivation, making employees more engaged, innovative, and willing to take the calculated risks vital in tech.

Creating a growth mindset

A growth mindset – the belief that abilities can be developed – is a powerful tool in the tech industry. Neuroscience supports this, showing that our brains are malleable and capable of change throughout our lives.

Performance reviews focusing on potential and learning opportunities rather than just outcomes encourage this mindset. It’s about shifting from a ‘judging’ to a ‘learning’ approach, which can unleash a wave of innovation and problem-solving abilities in tech teams.

Rethinking performance reviews – A new approach

Knowing what doesn’t work is half the battle. The next step is crafting a new, brain-friendly performance review strategy that resonates with the innovative nature of the tech industry. Here’s how we can turn a traditionally dreaded process into a powerful tool for growth and development.

Continuous performance management

Imagine replacing the annual review with a continuous conversation. This approach, like constantly updating software, keeps pace with the rapid changes in the tech industry. Regular, informal check-ins can provide timely feedback, allowing immediate course corrections and fostering a more responsive and adaptable workforce.

Employee development focus

Shift the focus from evaluating to empowering. Instead of a report card on past performance, make each review a session for skill-building and personal growth. This can involve setting individual learning goals, encouraging professional development, and offering opportunities for new challenges. It’s about building a bridge from where the employee is to where they can be, leveraging their unique strengths and interests.

Also Read: 10x your results: The blueprint for building high-performing teams

Implementing the change – Practical steps

Revamping the performance review system is no small feat. But with the right approach, it can be a game-changer. Here’s a practical blueprint to roll out this transformation effectively.

Leadership buy-in

Change starts at the top. To shift gears on performance reviews, first, get the leaders on board. This involves showcasing the benefits of a continuous, development-focused approach – how it aligns with business goals, drives innovation, and enhances team dynamics. It’s about clearly showing the ‘why’ behind the change, ensuring leadership understands and champions the new direction.

Training and development

Once leadership is on board, focus on training managers and teams. This isn’t just about using new tools or processes; it’s about fostering a new mindset. Workshops, training sessions, and regular discussions can help embed this new approach in the company culture. Equip managers with the skills to give constructive, continuous feedback and empower employees to take charge of their development.

Measuring success

To ensure the new system is working, set clear metrics for success. This might include employee engagement scores, innovation metrics, or feedback quality. Regularly review these metrics to see what’s working and what needs tweaking. This is a continuous improvement process, much like software development – always iterating, always evolving.

In conclusion

By embracing a continuous, development-focused approach grounded in neuroscience, we can transform a traditionally stressful process into a powerful catalyst for innovation and growth.

This way not only aligns with the dynamic nature of tech businesses but also taps into the human potential of their teams. The future of performance management is about empowering, not just evaluating.

It’s time to make this shift and watch our tech teams soar to new heights of achievement and satisfaction.

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