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Singapore’s ageing population: Tech and new scientific discoveries may calm the silver tsunami

Two things are common to all living things: ageing and death. It is not coincidental that the former always culminates in the latter. While death can be abrupt and sudden, ageing is more gradual in living things, sometimes almost imperceptible. 

For human societies, ageing signals a potential atrophy of culture, values, economy, and possibly the position of power and influence that some societies wield. 

While old age is synonymous with wisdom in some societies, the consequent loss of youthful vibrancy and energy in many of its members can undermine the ability of a society to innovate, cope with new challenges, and potentially cater to the needs of its populace adequately. 

Ageing is actually the root cause of many illnesses that we encounter later in life,” says Jeffrey Duyvesteijn, the CEO of For Youth, a Singapore-based company which aims to help people live healthier for longer. “This goes from small issues like wrinkles to much more serious diseases such as Alzheimer’s or cancer. Slowing down ageing can, therefore, lead to a longer, healthier life.”

The inevitability of ageing demands that every society devise means to mitigate the impact on its existence and viability. “People do not only age in societies where they can move into a small flat or a care home, but also in poverty, in the cold without a home or enough to eat,” said Eleonor Kristoffersson and Thomas Strandberg in a book on interdisciplinary research on ageing. 

Ageing successfully

As per United Nations data from 2020, the percentage of the world’s population aged 60 and above outnumbers those aged five and below. This situation is, however, more pronounced in some countries than others. For instance, about 30 per cent of the Japanese population is over 60 years old.

Also Read: Healthtech data: The race for new oil in Southeast Asia

Moreover, in Asia and the Pacific, one in four persons is expected to be over 60 years old by 2050, with the population of older persons in the region expected to triple by 2050, rising to about 1.3 billion people, according to the Asian Development Bank. The Bank said the transition in some countries, such as China, Sri Lanka, Thailand, and Vietnam, will be rapid, but it will be slower in others, such as Indonesia.

Regardless of the frailty that accompanies ageing, research published in July 2021 explained that some elderly people play vital roles in society by remaining active longer, volunteering, and caring for family members such as grandchildren. This is what many researchers refer to as successful ageing. 

While its definition seems nebulous, most researchers agree that successful ageing implies good physical and cognitive capacities, the absence of disease or disability, and an active lifestyle. 

But not many old people experience successful ageing. A 2016 Swedish study on people aged 76 and above showed health status deterioration between 1992 and 2002. The researchers, however, observed a significant reduction in disabilities in the demographic. 

Singapore’s action plan for its silver tsunami

A 2018 study examined the irony of Singapore’s debacle: a young nation with a rapidly ageing population. The study showed that as of 2015, the country’s median age was 40, up from 34 years in 2000. The proportion of its population aged 65 years and above grew from seven per cent in 2000 to 13 per cent as of 2017.

A paper published by the Singapore Institute of Management in 2019 noted that the country’s population is among the fastest ageing in the world, explaining that a quarter of its population will be aged 65 and above by 2030.

By 2050, half of Singapore’s population maybe 65 years old and above. The challenge of Singapore’s ageing population, colloquially called the “Silver tsunami,” is compounded by a declining fertility rate and decreasing population growth. 

The government’s action plan highlighted how dire the country’s situation would be, noting that “there will be far fewer Singaporeans of working age to support our elderly” by 2030, when the country will have about “900,000 seniors”. 

Also Read: Solving multiple medtech problems with a single device powered by AI

“The number of older people in the Asia-Pacific region is rising at an unprecedented rate, and it is at the forefront of the global phenomenon of population ageing,” the United Nations Population Fund said.

The Singaporean government announced its Action Plan for Successful Ageing, detailing 70 initiatives in 12 areas, including health, housing, social inclusion, and learning. The Action Plans aim to help the country manage their ageing situation better. 

“Our city will be a city for all ages, designed sensitively and lovingly for seniors to age gracefully among family, friends and neighbours, leveraging on the potential of modern technology,” said Gan Kim Yong who was the Minister for Health and Minister-in-charge of Ageing Issues in 2016.

As Singaporean authorities ride on the back of its action plan, For Youth, a company founded by Duyvesteijn is using science-backed knowledge and products to help people slow down how their bodies age.

“For Youth provides easy-to-digest and science-backed knowledge on ageing and helps to track and counteract its effects with a biological age test and lab-tested, carefully sourced supplements to your diet,” said Duyvesteijn. 

Since some scientists now see ageing as a “disease” that could be cured, Duyvesteijn explained that healthy lifestyle choices and intake of certain supplements can either reverse or slow down ageing, thereby promoting longer, healthier lives. 

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Ecosystem Roundup: GoTo acquires Tokopedia subsidiary Swift Logistics; Holmusk bags US$45M funding; Crypto funding down 42% in 2022

crypto_assets
Crypto funding down 42% in 2022 amid bearish market
Crypto companies raised a total of US$21.3 billion in funding in 2022; The industry is still reeling from a brutal 2022, having lost over US$2 trillion of its value throughout the year.

Binance to add 15%-30% staff despite market downturn
In 2022, Binance increased its headcount from 3,000 to almost 8,000, according to the CEO Changpeng Zhao; An additional 30% of staff would put the firm’s number of employees at over 10,000 globally.

Thai regulator questions crypto firm Zipmex amid buyout
The regulator claims that Zipmex Thailand could be functioning as a “digital-asset fund manager without permission.”; The statement specifically refers to its crypto returns-earning programmes, ZipUp and ZipUp+.

Voyager wins preliminary OK for US$1B asset sale to Binance US
The US Committee on Foreign Investment in the United States previously said that its review of the deal may play a part in the deal’s completion; If CFIUS blocks the sale, Voyager will repay customers with the crypto it currently has.

Coinbase to let go of 950 staff amid efforts to reduce costs
This is part of an effort to slim down operating expenses by roughly 25% Q-O-Q; The move comes amid a difficult time for the crypto industry, which is still reeling from the collapse of FTX, one of Coinbase’s exchange peers.

SG healthcare analytics startup Holmusk gets US$45M injection
The investors are Veradigm, Heritas Capital, Health Catalyst Capital, Novartis, and Northwell Holdings; Holmusk is a data analytics company aiming to solve complex problems in behavioural health.

Unicorns in India need to cut cash burn: S&P Global
The credit rating agency said that high-profile startups must choose between aggressively expanding to reach economies of scale or maintaining cash balances and improving cash flows.

SG-based Scorpio Electric bags US$6.75M funding led by EuroSports Global
The startup said it will commence mass production and global delivery of its motorbike – Scorpio Electric X1 – in H2 2023; The fresh funds will be used to manufacture the first batch of X1 production prototypes.

Parenting platform Supermom closes US$6M Series A
The investors are Qualgro and AC Ventures; Supermom provides data and consumer insights for over 200 consumer brands, including mother & child, education, FMCG, fashion, and beauty.

Logistics platform for e-commerce merchants Jumppoint raises US$6.5M
The investors include MindWorks Capital, Headline Asia, Chinachem Group; Jumppoint will use the money to strengthen local operations and expand its services in Thailand, Singapore, and Malaysia.

GoTo acquires Tokopedia subsidiary Swift Logistics for US$38M
The move will strengthen GoTo’s logistics arm, which already offers services such as same-day and instant delivery, intercity delivery, and large-volume delivery.

Fintech unicorn Xendit enters Malaysia by investing in Payex
Payex is a payment gateway provider; Xendit said that its entry into Malaysia could help more local businesses expand to other Southeast Asian markets; It has appointed Jason Siew as its general manager in the country.

It is costly to develop and sell insurance products in Indonesia: PasarPolis CEO
PasarPolis Founder says the insurance industry has a negative reputation as the claims process is bureaucratic and lengthy; It’s also hard for consumers to access insurance products, as they often have to communicate with agents to purchase them.

Startups that can reflect and pivot in time will thrive during funding winter: Ivan Ong of AFG Partners
Real leaders are forged in crisis, and adversity ends up creating stronger businesses, as history has demonstrated: Ivan Ong of AFG Partners.

How myFirst aims to provide a safer social media experience for children
Using myFirst, children can create posts and share photos with their circle of friends without the need for parents to approve every post.

Kakao Entertainment bags US$964M from sovereign wealth funds
Reports say the investors are Saudi Arabia’s Public Investment Fund and Singapore’s Pwarp Investment; Kakao will use the fresh funds to boost global expansion efforts and to make more investments and acquisitions.

VNG chief exec Le Hong Minh relinquishes post as chair
He relinquished the post to comply with the country’s Law on Securities, which does not allow the chair of a public company to concurrently hold the title of CEO.

Profitable e-commerce: Making real money in the new year
In the world of e-commerce, the most common tailwinds are the events and occasions when people are ready and willing to shop more.

Are you ready to put on a Founder’s hat?
Here are the five critical questions you must ask yourself before leaving your job and venturing into the world of startups.

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Singapore startup Crypto.com lets go of 20% staff

Crypto.com Co-Founder and CEO Kris Marszalek

Singapore-based cryptocurrency platform, Crypto.com, has laid off about 20 per cent of its employees globally.

In a message on the company’s website, Co-Founder and CEO Kris Marszalek attributed the decision to the global economic situation. These reductions were not related to the performance of the employees.

It is not immediately clear how many jobs have been affected by the decision. As per its LinkedIn profile, 4,659 employees are working for Crypto.com.

“Today we made the difficult decision to reduce our global workforce by approximately 20%. All impacted personnel have already been notified. These reductions were in no way related to performance, and we extend our deepest gratitude for all their contributions to Crypto.com,” he said in the message.

He added that several factors played into the company’s decision to reduce headcount. “While we continue to perform well, growing to more than 70 million users worldwide and maintaining a strong balance sheet, we’ve had to navigate ongoing economic headwinds and unforeseeable industry events.”

Also Read: Compassionate layoff — Airbnb shows the way

According to him, Crypto.com grew ambitiously at the start of 2022, aligning with the trajectory of the broader industry. However, that trajectory changed rapidly with a confluence of negative economic developments.

“The reductions we made last July positioned us to weather the macroeconomic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry,” he went on. “It’s for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success.”

Marszalek also noted he and the top management team are as confident as ever in Crypto.com’s mission and vision.

“We have a significant year ahead of us as we continue to help restore trust in our industry and further mainstream our services in markets around the world. I am confident in our ability to build and lead the market, and I am grateful to work with you all on the journey ahead,” he said.

Founded in 2016, Crypto.com provides regulatory compliance, security and privacy certification. The firm saims to accelerate cryptocurrency adoption through innovation and empower the next generation of builders, creators, and entrepreneurs to develop an equitable digital ecosystem.

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It is costly to develop and sell insurance products in Indonesia: PasarPolis CEO

PasarPolis Founder and CEO Cleosent Randing

Southeast Asia’s insurance penetration is approximately 1.2-3.4 per cent of the GDP across the different countries (barring Singapore). Low insurance literacy level is one reason for this sluggish growth. 

“Many people in the region aren’t aware of the importance of insurance and may have misconceptions about the industry,” said Cleosent Randing, Founder and CEO of PasarPolis, a leading insurtech startup in Indonesia. “Another challenge is the cost and complexity of traditional insurance products, which can deter potential customers.”

“PasarPolis is working to address these challenges by educating consumers about insurance benefits, simplicity and affordability. Through this education, we hope to increase insurance penetration in the region and make it more accessible to a broader audience,” he added.

Founded in 2015, PasarPolis aims to provide easy and affordable access to insurance products using innovative technology and provide a smooth user experience from purchase to claims. 

The company has over 60,000 registered agents and works with over 50 insurance partners and 40 leading ecosystem partners to serve over 80 million customers and issue over one billion policies between 2019 to 2021.

Also Read: PasarPolis secures US$54M in oversubscribed Series B to scale its online insurance biz in Indonesia, Thailand, Vietnam

According to the firm, it allows people to purchase micro-insurance products with a tap. They can add insurance to their purchases from the ecosystem partners like Shopee, Tokopedia, Gojek, and Xiaomi. 

The cost of these micro-insurance products is often less than a cup of coffee (at around 5,000 to 20,000 Indonesian rupiah). Filing claims is also easy, as consumers can fill out a simple form via SMS/Whatsapp to process their claims.

About 40 per cent of PasarPolis customers are workers in the informal sector, including taxi drivers, couriers, and online MSMEs. 

Besides Indonesia, the insurtech firm also has a presence in Vietnam and Thailand. 

To date, the company has raised over US$59 million in investments from Gojek, Tokopedia, and Traveloka

PasarPolis has just announced that it has become a full-stack insurtech ecosystem. This development comes after Tap Insurance, a company with shared shareholders as PasarPolis, received a full license from the Financial Services Authority of Indonesia (OJK) to operate as an insurance underwriter. This license allows it to distribute and underwrite its own digital insurance products, freeing it from traditional underwriting processes. 

“This development will allow us to offer its customers more tailored and customised insurance options and streamline the underwriting process, potentially leading to more efficient and cost-effective insurance products,” according to the CEO.

Randing pointed out that Indonesia’s insurance market is facing several challenges. One, it is costly to develop and sell insurance products. “Underwriters often take high margins when creating insurance products, and there are layers of brokers and agents who also take a cut when distributing the products. This makes insurance products expensive for consumers.”

Additionally, it is hard for consumers to access insurance products, as they often have to communicate with agents to purchase them. There was previously no way to buy micro-insurance products online 24/7 in Indonesia. 

Another issue is that the insurance industry has a negative reputation when it comes to processing claims, as it can be a bureaucratic and lengthy process with a lot of paperwork involved.

“We allow consumers to easily purchase micro-insurance products with a tap as they can add insurance to their purchases from the ecosystem partners like Shopee, Tokopedia, Gojek, and Xiaomi. The cost of these micro-insurance products is often less than a cup of coffee (at around 5,000 to 20,000 Indonesian rupiah). Filing claims is also easy, as consumers can fill out a simple form via SMS/Whatsapp to process their claims,” he said.

Insurance penetration in emerging economies in SEA

Indonesia: The gross written premium for the general insurance industry was IDR71.36 trillion (US$4.9 billion) in 2021. The market is expected to grow at a CAGR of more than 7 per cent during 2020-25 (GlobalData). The insurance penetration rate is 3.18 per cent as of 2022.

Vietnam: The general insurance industry is projected to grow at a compound annual growth rate (CAGR) of 8.5 per cent from VND60.15 trillion (US$2.6 billion) in 2021 to VND90.24 trillion (US$3.5 billion) in 2026 (GlobalData). The penetration rate is less than 3 per cent.

Thailand: The insurance industry is expected to grow at a compound annual growth rate (CAGR) of 4.7 per cent from THB890.4 billion (US$27.8 billion) in 2021 to THB1,1129.3 billion (US$36.1 billion) in 2026. The insurance penetration rate is 5.5 per cent (GlobalData).

In comparison, markets like Hong Kong (20.8 per cent), Taiwan (17.4 per cent), and South Korea (11.6 per cent) have a 3-6x higher penetration (Swiss Re). 

Also Read: PasarPolis raises US$5M from World Bank’s International Finance Corporation to democratise insurance

“A low insurance penetration rate means big market growth potential,” he shared. “But two things are crucial to boosting the growth to double digits. One, focus on new and innovative products delivered at speed through cutting-edge technology and a deep focus on building customers’ trust to give them a more seamless insurance journey. Two, a 10x better insurance purchase and claims experience by helping customers achieve financial security at every life stage and market,” he maintained.

“We have identified that the greatest opportunities lie in new insurable risks or utilising technology to insure previously uninsurable risks where incumbents do not have a strong foothold,” Randing remarked. “For example, we offer affordable but highly profitable gadget insurance for crack screen and accidental damage, which had seen exponential uptake of more than 20x in the last year, with 175,000 device protections sold in December 2021.”

The insurtech company says consumers can expect many more offerings in 2023, primarily affordable, sensible products and premiums through PasarPolis. 

“It’s not just a matter of cost, but whether underwriter firms are willing to launch affordable products for Indonesians. PasarPolis is determined to answer the main challenges posed and serve the vast underinsured so that all levels of society in Indonesia can be insured. We want to make the entire process of buying and claiming insurance delightful, with everything just a tap away,” said Randing.

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The great reset: Key trends that will shape learning and development in 2023

‘Tell me and I forget, teach me and I may remember, involve me and I learn.’

This quote by Benjamin Franklin continues to be strikingly relevant. The learning and development (L&D) landscape has never been this complex, and as it continues to evolve into a new chapter, it is demanding out-of-the-box approaches from industry professionals.

As we welcome the new year, it is clear that megatrends and the pandemic have changed the way we work and what we expect from a workplace. 

While digital transformation is fuelling business growth, it is also creating a need for talents with technical knowledge, specialised expertise as well as power skills such as empathy, self-awareness, and a growth mindset. The talent crunch and fight for talents in a limited pool are becoming more pressing with every passing day.

Meanwhile, the emergence of Great Resignation and Quiet Quitting has spotlighted the dissatisfaction and lack of happiness among employees. All these factors are driving organisations to think of ways to revitalise their workforce with renewed passion, shared purpose and a greater work-life balance. Amid an economic downturn, the era of loud layoffs is another management challenge for HR professionals as companies rejig and trim their workforce to maximise return on investment. 

Moving forward, all indications are that the economy will slow, inflation will rise, and in such an environment, organisations will seek transformational change as they implement the lessons of digital and hybrid working.

According to LinkedIn’s 2022 Workplace Learning Report Southeast Asia, 91 per cent of L&D leaders in the region have helped their organisation adapt to change. As part of Singapore’s Budget in 2022, the government set aside US$100 million to scale up efforts to help companies implement concrete training and transformation programmes, ensuring they re-skill and upskill workers effectively.

Digital coaching will gather steam as a tool to deliver change

Tools like digital mentoring and coaching have assumed a key role in enabling employees to deal with such a transformative change. The perception that it is merely ant for a handful of elite executives and massively expensive is changing with the advent of digital coaching, which has made it affordable and scalable for companies.

Also Read: How Noodle Factory addresses educator burnout with its AI-powered teaching assistants

For many companies in Southeast Asia like Sodexo, it is now a key strategy that many organisations are leveraging to execute against business priorities which include digital transformation. Because it is an impactful intervention for driving change and building new capabilities, companies will boost their investments in these learning and development solutions.

The top areas where coaching will help drive transformation apart from leadership development, which is a key priority, include – employee well-being, women in leadership & inclusive leadership. It can play a pivotal role in offering employees a well-being and support framework to replace traditional, in-office support and classroom learning.

The gift of lifelong learning

Learning is becoming increasingly personalised and highly experiential. People will forget 70 per cent of the information they learn within a week of training, and 87 per cent will forget it within a month.

HR practitioners recognise that just because people can now access a lot of learning, it doesn’t necessarily mean they are converting the knowledge into real-life skills. Moreover, society is witnessing an increasing volume of information on the back of technology.

A global survey by OpenText in 2022 showed that 76 per cent of participants felt that information overload contributes to their daily stress. When we feel overloaded, though, the downside is that we find it hard and really difficult to do deep and quality learning. 

High-performing organisations foster a culture of continuous learning and take a much more holistic approach to training and developing their most strategic asset: their people, which is why L&D programmes should measure both an employee’s performance and improvement in their personal lives. The new year can be an opportune time to hand over to the employees the gift of lifelong learning. 

In 2023, the business world will continue to move away from multi-day training workshops toward shorter webinars and on-demand content. This “nugget learning” fits more naturally into hybrid work and the gig economy, though it increases the mental pressure for employees to squeeze more out of each day.

The underlying tension due to a multigenerational workforce

For the first time ever in human history, there are now five generations working together in the same workplace, like the Baby Boomers, Generation X, Millennials and Generation Z.

Gen Z workers, owing to their global exposure, are the most racially and ethnically diverse and most educated workforce in history. Highly values-driven, this generation will push for changes in the workplace and in society. This means that they will be more likely to challenge stereotypes and demand more inclusive policies and practices.

Gen Zs also value transparency and collaboration, which can help create a more open workplace culture. As digital natives, they are more likely to use technology in the workplace and bring innovative solutions to companies.

Middle management is at the frontlines in an office setting

Given all the shifts, interestingly, the talent segment most at risk is middle management. Middle managers are required to work virtually with all levels of an organisation, from upper management to frontline workers, and typically form the bulk of the workforce.

They’re usually a key source of future senior executive talent pipelines that should be developed as they are valuable assets in critical times to managing change and operating through continual uncertainty.

What’s next for learning and development

On the back of the challenges and priorities I outlined for learning and development teams, we will expect to see more digitisation. They will increasingly rely on organisational data. L&D strategies and programmes will benefit from insights around work patterns, communications tool usage and productivity.

Also Read: How the metaverse opens new opportunities for education

Meanwhile, on top of the increased focus on data and analytics in learning programmes, L&D strategies will be leveraging other emerging technologies. The rise of virtual and augmented reality technologies, as well as advancements in artificial intelligence (AI), is now used to provide more personalised learning experiences. Gamification and microlearning are also predicted to be major trends, as they enable users to learn more in shorter amounts of time.

Additionally, companies are progressively turning to technology such as mobile apps and cloud-based services to provide more efficient and cost-effective learning experiences. This places digital coaching at the forefront of business transformation and development, helping businesses stay resilient and up-to-date in an ever-changing digital landscape.

Immersive technologies will become more commonplace in organisational learning environments. Virtual reality (VR) will be particularly popular in sectors where traditional training requires expensive equipment, such as healthcare, defence and construction. Other industries will begin to use more VR experiences for soft skills training, and early adopter organisations will use VR and AR (augmented reality) for some team events and conferences, reducing the environmental impacts of international travel.

Broadly, a one size fits all approach to learning and development is no longer relevant or impactful, and a personalised approach has taken over. This is where the role of organisational data and emerging technologies will become more prominent as the industry moves forth. 

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Profitable e-commerce: Making real money in the new year

Making more money than last year is a worthwhile new year’s goal for online sellers, but allow me to suggest an even better goal – to make real money.

This goal is in keeping with the explosion of sellers on marketplaces like Shopee, Lazada and DTC brand stores built on platforms like Shopify in Asia Pacific. In the last three years, the pandemic has created a whole class of online business owners who are trying to escape the fixed income trap and trying their hand at e-commerce.

Many online sellers in the Asia Pacific are new to e-commerce, transitioning from brick-and-mortar stores or starting from scratch. This often leads to a “shotgun, revenue at any cost” approach, where sellers throw anything at the wall to see what sticks.

This should not be celebrated, as it discourages proper research into what works. In reality, there are many best practices that can help fast-track the success of e-commerce entrepreneurs in the Asia Pacific. Online sellers should work smarter, not just harder.

As the Co-Founder and CEO of Konigle, a software that helps online stores implement profitable growth tactics automatically, I’ve been privy to see what works and, just as importantly, what doesn’t work with online selling across the world.

In the spirit of helping more online entrepreneurs hit their financial goals for the new year, I’d like to share some of these profitable growth tactics, which are often overlooked by online sellers.

Go with the tailwinds

I have often seen online sellers search high and low for a unique growth hack that will lead to exponential growth for their store. There is nothing wrong with searching for these creative strategies, but it can get counterproductive when entrepreneurs spend all their time canvassing for this silver bullet.

Also Read: How e-commerce brands can tap into the US$600 billion social commerce market potential

The simplest alternative to such tactics is to go with the industry tailwinds simply. In the world of e-commerce, the most common tailwinds are the events and occasions when people are ready and willing to shop more.

An example of this would be any seasonal sale, such as 11-11 or Cyber Monday. Most online sellers would get more out of planning an aggressive campaign for such seasonal sales than devising a stand-alone, one-off strategy.

Prepare for the worst

This is the worst-case scenario that can happen to any e-commerce entrepreneur: An online shopper learns about your brand, goes to your site in search of a particular product, navigates his way to the relevant listing, and then finds that the product is out-of-stock.

For the vast majority of online stores, this event will represent a two-fold loss: They will not sell that particular product, and the customer will likely never return, feeling that the brand is unreliable.

Though entrepreneurs don’t like when their products are out of stock, they need to prepare for this eventuality. It can and will happen. The best way to prepare for this scenario is to implement an out-of-stock alert, where sellers can submit their contact information in order to be notified when the item returns on your virtual shelves. Implementing this kind of alert will make customers more understanding of any inventory issues and more likely to patronise the brand again in the future.

Optimise your pricing

When viewing late-night informercials or navigating a department store, you may have noticed that prices tend to cluster around certain numbers. This is no accident. Numerous studies have shown a psychological benefit to pricing that ends in particular figures, such as 9, .99, .95, 0, and 5. This is known as charm pricing, for it may charm customers into purchasing who may have otherwise been on the fence about buying.

Also Read: How to start and scale an e-commerce business in 2023

This is a much better strategy than what I commonly see in the region: Sellers will just blindly follow the recommended sales price of the brand or manufacturer, even though that figure will likely not be optimised.

Charm pricing strategies differ by industry and product. They also vary by country. Online sellers can use this comprehensive study to identify the best strategy for their store and implement it store-wide. We did a study of over 1.5 million DTC online stores worldwide and found that stores using charm pricing made an estimated four per cent more in revenue, in addition to having a better brand recall.

Final thoughts 

These are just three simple tactics that would serve online sellers in the Asia Pacific well. There are other tactics I could have added, but the bigger takeaway should be about our orientation as sellers. Rather than buy into the hustle-culture of relentless working, we should prioritise spending more time working on the business rather than just in the business in the new year.

Central to this goal is examining what others have already done and applying their learnings to our own store. This way, we can realise the full potential of e-commerce, allowing us to make real money, aka profitable revenue.

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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Logistics platform for e-commerce merchants Jumppoint raises US$6.5M

Jumppoint Founder and CEO Samson Ho

Jumppoint, a Hong Kong-based digital integrated logistics startup, has completed its US$6.5 million Series A funding round led by MindWorks Capital.

Headline Asia, Chinachem Group, Philip Kuai (Founder of Dada Nexus), and the Innovation and Technology Venture Fund of the Hong Kong SAR Government participated.

The funding will be used to expand Jumppoint’s team and enhance the capabilities of its platform, besides strengthening local operations and further expanding its services in Thailand, Singapore, and Malaysia through a roll-up strategy.

“This funding will allow us to further invest in our technology and bring even more value to our customers,” said Founder and CEO Samson Ho.

Also Read: The first-mile container logistics is ripe for digital disruption. Here’s how Haulio is doing it

Founded in 2020, Jumppoint offers a one-stop platform covering express, warehousing, fulfilment, and cross-border logistics services. It aggregates long-tailed logistics service providers and optimises its partners’ operational efficiency by offering a standardised operating system.

It has also expanded into the cross-border e-commerce logistics market with proprietary international freight forwarding and CBEC logistics network capability.

The company has built a proprietary dynamic route optimisation engine and demand prediction engine, which have increased logistics efficiency and reduced cost by up to 40 per cent.

The firm currently handles over 200,000 orders per month and manages approximately 400,000 sq ft of warehouse space. With year-over-year growth of over 300 per cent, Jumppoint claims it is on track to reach profitability by Q3 2023.

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A fundraising guide for your crypto project

Raising capital for a crypto project can be a complex and time-consuming process, but it is an essential and crucial step for many projects looking to bring their ideas to life. It can also be a challenge for a team without the necessary experience to independently navigate all the different options and considerations.

In this article, we will explore the fundraising process, including the options available, the key considerations, the steps involved, and why engaging a fundraising consultant can be extremely helpful.

What are the different fundraising methods?

There are several options for fundraising for a crypto project, each with its own advantages and disadvantages. Some of the most common options include:

  • Initial Coin Offering (ICO): An ICO is a crowdfunding campaign where a new cryptocurrency is issued in exchange for funding. Investors can purchase the new coin with an existing cryptocurrency or stablecoin The funds raised through an ICO are used to develop and launch the project.

  • Initial Exchange Offering (IEO): An IEO is similar to an ICO but is conducted through a cryptocurrency exchange rather than directly through the project. This means that the exchange acts as a middleman and takes a cut of the funds raised. The advantage of an IEO is that the exchange provides credibility and security, as they typically have strict listing requirements.

  • Venture Capital (VC): Another option for fundraising is to seek funding from venture capital firms or individual investors. This can be a more traditional route and typically involves pitching the project to potential investors and negotiating terms.

The fundraising process

Regardless of the fundraising method chosen, there are several key considerations that projects should keep in mind when seeking funding.

Also Read: What is the future regulation of crypto?

  • Develop a solid business plan: It is essential to have a clear and well-thought-out plan for how the funds will be used and how the project will generate revenue. This includes identifying the target market, outlining the product or service, and outlining a financial plan.

  • Build a strong team: Investors want to see that the project has a talented and experienced team to execute the plan. It is important to highlight team members’ relevant skills and experience and demonstrate how they are uniquely qualified to bring the project to fruition.

  • Have a working prototype: It is helpful to have a working prototype of the product or service to show to potential investors. This can help demonstrate the project’s feasibility and give investors a better understanding of how it will work.

  • Consider legal and regulatory requirements: Depending on the type of fundraising campaign and the jurisdiction, legal and regulatory requirements may need to be met. It is important to understand these requirements and ensure that the campaign is compliant.

  • Community Following: Build a community that supports the project and ensures that the project has a strong following. This helps to smoothen the project launch when there is a demand backing it. Investors will also be incentivised to give a higher valuation for the project.

Once these considerations have been addressed, the next step is to start the fundraising process. This typically involves:

  • Identifying potential investors: This can be done through networking, attending industry events, and using online platforms to connect with potential investors.

  • Pitching the project: This involves presenting the project to potential investors and explaining why it is a good opportunity. Communicating the value proposition, the market opportunity, and the team’s qualifications is important.

  • Negotiating terms: If an investor is interested in the project, the next step is to negotiate the terms of the investment. This can include the amount of funding, the percentage of ownership, and any other conditions or restrictions.

  • Closing the deal: Once the terms have been agreed upon, the final step is to close the deal and secure the funding. This typically involves signing a contract.

Why engage a consultant?

A fundraising consultant is a professional with experience and expertise in raising funds for a project.

Also Read: ‘Tis the season to be giving! 4 ways Web3 is transforming the fundraising sector

There are several benefits to engaging a fundraising consultant for a crypto project:

  • Expertise and experience: A fundraising consultant has a deep understanding of the different options available for raising funds and the pros and cons of each option. They can provide guidance on which option is the most suitable for the project and help to navigate the process.

  • Access to a network of investors: Fundraising consultants often have a network of investors and contacts that they can tap into to help secure funding. This can be especially useful for projects that are just starting out and don’t have a strong network.

  • Time-saving: The fundraising process can be time-consuming, especially for projects just starting out. A fundraising consultant can take on many of the tasks involved, such as identifying potential investors, pitching the project, and negotiating terms, freeing up the team to focus on other aspects of the project.

  • Increased chances of success: A fundraising consultant can help to increase the chances of success by ensuring that the project is well-prepared and has a strong value proposition. They can also provide guidance on effectively communicating the project to potential investors.

Engaging a fundraising consultant can be a valuable resource for a crypto project looking to raise funds. Their expertise and experience can help streamline and expedite the process, potentially increase the chances of realising the project, and advise the next steps after a successful fundraising, such as the need for treasury management to grow the project.

Fintonia Group is a licensed financial services company specialising in financial services, technology and supporting entrepreneurial companies. The company has focused on fintech since 2014/15 and has seen the rapid development of the crypto ecosystem through its involvement in fintech.

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Consistency is key in life: Baradhwaj R of MoEngage

With over a decade of experience in marketing and technology, Baradhwaj R (aka Brad) is the Director of Marketing at MoEngage, a global leader in martech for Consumer Brands.

At MoEngage, he helps consumer brands identify the right tech to transform marketing automation, customer engagement, and retention to drive their overall business growth.

He is a regular contributor of articles for e27 (you can read his thought leadership articles here).

In this candid interview, he talks about his personal and professional life.

How would you explain what you do to a five-year-old?

I do marketing. I help companies find and use special tools on the computer to make their work easier and more efficient. 

Like in your school, you meet new kids with whom you study, play, eat lunch, and some of them become your best friends. In the same way, I help companies find friends (they call them customers) to be happy and be best friends forever.

What has been the biggest highlight/challenge of your career so far?

Consistency is the key, be it marketing or anything in life. When someone is consistent in their actions and words, they are more likely to be seen as dependable and trustworthy. So just having a day as your highlight doesn’t cut it. I recommend and vouch for ensuring you sustain and keep achieving goals consistently. Hence, every day is a highlight.

Also Read: We can no longer adopt a cookie-cutter approach to marketing: Gunalan Ram of CINNOX

People are the most challenging part because they have unique personalities, backgrounds, beliefs, likes, dislikes, and emotions. So one must understand and respond to their needs, motivations, and expectations. 

The best part is that it constantly evolves, so something that works with one person may not work with others or the same person in a different environment.

How do you envision the next five years of your career?

In the next five years of my career, I plan to continue growing and developing my skills and expertise. I see myself taking on more challenging and complex projects. 

Additionally, taking on more mentoring and leadership roles, helping to guide and support the development of the next generation of professionals in my field. I plan to use my experience and knowledge to inspire and empower others to reach their full potential. I want to impact the industry and those around me positively.

What are some of your favourite work tools?

HubSpot: a B2B marketing automation platform. Now the platform has evolved beyond marketing with the addition of sales and customer service software. It offers a range of tools and functionalities to help businesses attract, engage, and delight customers. These include but are not limited to features for email marketing, social media marketing, content management, search engine optimisation, CMS, etc.

OneNote: a digital note-taking and organisation application from Microsoft. It allows users to create, edit, and share notes, including text, images, audio, and other media. You can also organise notes into different notebooks and sections, as well as the ability to collaborate with others on notes.

MoEngage: a customer engagement platform that helps consumer brands increase customer retention and loyalty. It allows marketers and product owners to personalise marketing campaigns, analyse customer behaviour, and improve the customer experience. It also enables users with actionable insights, real-time analytics, AI-powered recommendations, etc.

Slack: a collaboration platform that allows teams to communicate and share information in real time. One can send instant messaging, share files, and integrate with other tools and services. Apart from internal communications, it is used widely by several global communities and helps you connect and network via Slack.

What’s something about you or your job that would surprise us?

Sometimes people assume that I would say no, but often I don’t and instead encourage people to decide things independently or ask them why. Having a healthy debate helps gain different perspectives than blindly executing things. 

Often this helps generate ideas, expand the horizons, and find better ways to solve problems rather than repeatedly doing the same thing.

Also Read: What makes Desmond Yong thrive in ambiguous situations

Do you prefer WFH or WFO, or hybrid?

It depends on the situation and the individual’s preferences. Some people prefer working from home (WFH) because it allows for flexibility and a comfortable working environment. Others may prefer working from the office (WFO) because they enjoy the social interaction and the structure of a traditional work setting.

My preference would be a hybrid approach, which can also be beneficial as it allows for a balance between the two. Meeting people in person helps one forge stronger relationships. While WFH has its own set of merits, the one problem I see is the lack of non-verbal cues, which is essential for effective communication. Often people won’t turn their cameras on, making it difficult to gauge the audience, and you can force them to do so.

What would you tell your younger self?

I would tell my younger self nothing. It is all about experiences; the lessons you learn from them and how you incorporate them matter. I am here today because of my choices and experiences, so I wouldn’t do anything to change it. Perpahs, I might talk about everything in the universe or watch anime together.

Can you describe yourself in three words?

Responsible, driven and trusted.

What are you most likely to be doing if not working?

I play Settlers of Catan with my friends and family when I’m not working and practice Lesmills body combat — an MMA (mixed martial art) inspired non-contact exercise.

What are you currently reading/listening to/watching?

I just wrapped up Wednesday on Netflix. Currently watching Naruto, one of the animes on my watch list from back in the day, and listening to the audiobook DotCom Secrets: The Underground Playbook for Growing Your Company Online by Russell Brunson on audible.

Join the e27 contributor community of thought leaders and share your opinion by submitting an article, video, podcast, or infographic.

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Are you ready to put on a Founder’s hat?

Every year in January, it seems I always get asked for advice by a number of corporate friends that share their aspirations to “leave the nine to five” and “be their own boss.”  Many have told me that they want to be the next Elon Musk or Mark Zuckerberg and that they feel that this is the right time for them to go all in and leave the comforts of a steady paycheck. 

As much as an investor and a fellow founder myself, I lace many mentorship sessions like these with much optimism and encouragement, I also balance it out with doses of reality that entrepreneurship is not going to get you more time to hang out on the beach drinking fruity beverages, but it will demand much more of yourself than any job that you’ll have in your life.  This is especially true since most venture capital firms, even at the pre-seed stage, require a full-time commitment from founders.

Some context here, I myself am a late bloomer.  I decided to start a startup at the tender age of 37.  This feels late for many, but in actuality, many founders start companies in their 20s but also in their 30s and 40s. 

What is different this time, though, is that I have a wife and kids, and I was well into my corporate life. If leaving an executive role in a financial services company wasn’t enough, it is the responsibility of being the sole breadwinner in the family that created a lot more stakes in this decision as it is not just my life that will be affected but four other individuals that I am responsible for their well-being.

Here are the five questions you must ask yourself before leaving your job:

Do you have a business or just an idea? Is there external validation that people need this?

Fundamentally, are you quitting your job for a hobby or a real business opportunity?  When I was in Cisco, we called this the “anyone but your mother rule.”  A true test of a business is that someone is paying for your product or your service besides your mother, uncle or friends.

Also Read: What startup founders don’t know about exit strategies

Again, payment is key, as it seems many people start businesses without any commercial validation, often relying on gut instinct or market surveys. The best validation is to have paying customers or, for B2B, commercial agreements to know that you have a real business opportunity worth pursuing.

Are you financially prepared to take on the business? Can your income go to close to zero for six-12 months minimum?

This is probably the toughest to hear.  Many of us have dreams of starting a company, but we can’t afford to do so.  Not all of us have rich aunties or uncles, so the option of just quitting is predicated on financial savings, particularly asking if you have four-12 months of household expenses that you have saved up.

When we were starting Plentina, I had about four months of household expenses saved up before tossing in the towel, but note that it took me five years to save up that money consciously every month.  I called it my personal startup bank account. 

Why is this important? Since as much as we see movies or articles that people get funded in a day or a week, the reality typically happens that you should never assume that external funding will come, especially at the earliest stages of a company’s pre-product stage.

Will you have any regret if this business does not become successful?

According to an article in Fast Company, “as many as 75 per cent of venture-backed companies never return cash to investors.”  This doesn’t even account for the millions of businesses that do not get past the standards of venture capital. Despite these odds, most founders-to-be start companies not to solve a personal mission or a problem but the dream to build a unicorn and maybe retire early. 

The past five years have given a false sense of hope for this generation that founding a company is sexy and is the path towards millions. A critical question you must ask yourself is if you can be happy in the fact that you have a rare chance in your lifetime to try to solve something important to you and perhaps the world.

Can you imagine that in four or five years, the company might not exist, or your startup gets sold for zero dollars, but the mission still continues?

Do you and your family all know the sacrifices needed to give this a shot?

A few years ago, INC Magazine published an article entitled The Start of a Company, the End of a Marriage.  Launching a business can shatter the founder’s marriage.

Also Read: From hobby to startup: Here’s my story as IKIGUIDE’s Co-Founder

This is because the founder’s life is no easy path, mired in stressful situations, near-death experiences and personal income instability that is almost impossible to shield your family from, unlike a normal nine to five where you can leave your work worries at the door.

Can you have an honest discussion with your loved ones on what this decision to quit means for them and how this will affect them individually? 

I had a sit-down with my wife and kids indicating that we might have to cut down a lot from our lifestyle and that dad will be busier but have less time for the first few years.  I also had to ask my parents and my in-laws for support as they might need to help my family during this time.  Are you having these conversations?

Do you have an unfair advantage in building this business?

The last question is putting the investor’s mind into your business.  Will you trust your own money and invest in the business because you and your founders are the right people to pull this business off? Do you have unfair insights, expertise or advantage to make this happen for the world?

Final thoughts

If I had to sum up my advice to many, the simple answer if people should go full-time all comes down to timing.  Timing of your readiness as an individual to mentally, emotionally and financially go towards this path, and timing of the market to accept the idea that you have. 

Even if this seems gloomy, starting a company and seeing how much impact it has given to hundreds of thousands of individuals has been one of the most rewarding feelings I have had in my lifetime, and I will never regret the day I decided to pack up my suit, and traded it for my startup hoodie.

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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