Cancer, the second leading cause of death, has been recognised as a global health risk, with an estimated 19.3 million new cases in 2020. Asia accounts for half of the world’s cancer burden, with nearly 49.3 per cent of new cases and 58.3 per cent of cancer deaths (2020). Moreover, estimates show its incidence may reach 15.1 million by 2040.

An increase in ageing population and socioeconomic changes play a role in this surge. By 2050, Asia will be home to 1.3 billion people above the age of 60. Lifestyle changes such as poor dietary patterns, use of tobacco and alcohol, physical inactivity, and the greater incidence of metabolic diseases like hypertension and obesity also enhance risk.

Rise of precision oncology

Treatments for cancer seek to kill cells or prevent them from spreading and include surgery, radiation therapy, chemotherapy, or their combinations. However, treatment resistance is often observed and is the leading cause of death.

With advances in technology and genetic mapping/engineering, cancer therapy has shifted to precision medicine which provides treatment tailored to the patient’s profile. Some novel cancer therapies include immunotherapy, targeted therapies, hormonal therapies, and stem cell-based therapy. Since each patient is unique, precision oncology helps in therapy optimisation.

Biotech companies drive innovation

Several innovations in precision oncology come from advances in biotech. This branch of science utilises biological systems to produce beneficial products such as therapeutic proteins and drugs such as monoclonal antibodies.

Also Read: The role of biotech in taking India from developing to developed

Cancer researchers now have a better understanding of the genetics of cancer growth. Cancer biotechnology has led to the discovery of oncogenes, tumour suppressor genes and the development of genome editing tools and biomarkers, all of which have revolutionised cancer detection and treatment. Biomarkers are proteins or other substances produced by a patient that can provide information about cancer and help screen patients for the early detection of cancer. While certain biomarkers help to refine therapy and prognosis, others aid in diagnosis.

This increased understanding has also helped biopharma companies develop more effective interventions. For example, companies such as AUM Biosciences design treatment plans with multi-faceted cancer inhibition strategies to help overcome cancer resistance. AUM also follows the ‘No biomarker, No drug’ strategy to create precise patient care plans.

Asia-specific concerns

With cancer incidence estimated to rise, the introduction of innovative treatments, including precision oncology, is essential in Asia. However, affordability and accessibility to treatment remain difficult, especially in low- and middle-income countries.

Across Asia-Pacific markets, limited access to cancer treatment affects patient outcomes. Moreover, cancer drug development involves years of research and millions of dollars, from identifying the compound to preclinical and clinical data generation.

Furthermore, specialised regulatory policies are needed to accommodate innovative treatment protocols. The resulting high cost of cancer drugs leads to nearly half of the cancer patients from low and middle-income families facing financial crises.

Precision oncology has been mainly studied in Western countries. However, due to regional variations in mutations, precision therapeutics need to be customised for Asian countries. For example, in non-small cell lung cancer, 30 per cent of East Asian patients showed a higher prevalence of a certain mutation versus seven per cent of their Western counterparts. Dedicated research is hence needed to map out Asia-specific modifications to customise treatment.

Also Read: How biotech is changing the global agriculture game for investors

In line with this, Asian biopharma companies are focusing on region-specific research. Japan, China, and Korea have taken the lead in this endeavour. It is estimated that 80 per cent of precision drugs entering the registration phase over the next three to five years will be from these countries.

A peek into the future for biotech companies

Biotech companies are frontiers of innovation in precision oncology. From 2018 to 2019, there was a 16 per cent jump in the number of immune-oncology treatments in development versus a three per cent increase in non-immunological ones.

Also, 16 of the 25 diseases that biopharma companies were working on were different types of cancers. The future of cancer treatment is likely to be biotherapy-based. The Asian precision medicine market was over US$11 billion in 2020 and is estimated to grow by around 12.3 per cent by 2027.

Precision oncology is a platform for the development of treatment modalities that suit the specific needs of those suffering from cancer and offer them a new ray of hope. The goal is to deliver the right medicine at the right time to the right patient at the right dosage.

Understanding the uniqueness of a patient’s tumour and tailoring the treatment plan is a major focus in translational research. With the help of precision medicine, specific tumour mutations are matched with drugs targeting these aberrant pathways. These novel treatment modalities may enhance survival rates and minimise side effects associated with cancer treatment.

In Asia, where accessibility and affordability of cancer care are key issues, biotech companies can apply these innovative techniques to develop tailored treatment plans and offer better patient outcomes.

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As K-pop fans like me know, buying a physical album is not just about the music. Otherwise, they could just stream the songs on Spotify or download them from iTunes. While, yes, they also purchase the digital songs, buying the physical album is more important because it’s a way to show their support for their favorite artists while also collecting the bundled photo books, photo cards, posters, and other merchandise.

The success of this K-pop strategy, fueled by the devotion of K-pop fans, can be seen in the huge revenues generated by South Korea’s K-pop merchandise sales, which, based on 2019 figures released by the Korea Creative Content Agency, reached US$132 million. 

From K-pop to other forms of entertainment, I believe fandom culture will become one of the main drivers behind mainstream acceptance of Web3. 

Turning superfans into NFT collectors

After all, imagine what would happen if celebrities and content creators could mint non-fungible tokens (NFTs) just as easily as they upload photos and videos to their social networks?

Also Read: How NFTs are surviving and prospering in the bear market

This is exactly what Philippine Web3 startup Stanible allows them to do through its app. Taking its name from the term stan, which is used as both a noun and a verb for a “superfan”, Stanible greatly simplifies the NFT process. 

All celebrities and content creators have to do is upload their photos and videos on the app. Stanible then automatically mints these into NFTs – or, as they are more popularly called these days, digital collectibles.

Moreover, the fans of these celebrities and content creators don’t even need to own cryptocurrency because Stanible offers common modes of payment, including credit cards and e-wallets.

“We’re also stans, so we know how thrilling it is for superfans to gain unique, closer-than-ever access to their faves,” said Stanible Co-Founder and CEO Mel Lozano-Alcaraz.

Among the celebrities that attended the Stanible launch event were Miss Universe Philippines Celeste Cortesi, content creator Macoy Dubs, comedy and podcast group TheKoolPals, and “Drag Race Philippines” alumna Turing. Not only did they attend, but also they minted their own digital collectibles, joining celebrities such as Gabbi Garcia, Khalil Ramos, Bianca Umali, Arci Muñoz, and Basti Artadi on the platform.

Making Web3 as easy as 123

As I’ve said previously, the key to making Web3 mainstream is to make it disappear. Stanible is an example of this. Celebrities, content creators, and their fans don’t need to become NFT experts, or understand blockchain technology. Web3 just disappears into the background and becomes part of their normal interaction while enabling new fan experiences.

“We’re getting rid of the steep learning curve so that celebrities, content creators, and their fans can take advantage of NFT technology without the complexity and high costs,” said Stanible Co-Founder and CMO Harry Santos. 

Also Read: What caused the NFT market to plummet in 2022?

This is similar to how Starbucks is leveraging its highly successful Starbucks Rewards loyalty program to embrace Web3 with Starbucks Odyssey. Again, Web3 is invisible to Starbucks customers, who are enjoying the gamified experience and happily collecting digital stamps, which they can even sell to other Starbucks Odyssey users for a profit.

What’s great about Web3 projects like Stanible is that they not only empower established celebrities, but can also help lesser-known content creators connect with their fans and reach out to a bigger audience.

“Content creators can have more control and ownership over the work they produce. Imagine, even the secondary market sales will still give them royalties that can further support their craft,” Santos said.

In fact, Web3 is expected to revolutionise the creator economy, dramatically transforming the way we produce and consume content.

“The creator economy represents a secular shift. In a creator economy, creators do not require a parent company to act as an employer; they are able to work when they want, produce whatever content they please, and have full autonomy over how they monetise their content. This new ownership structure is symbolic of a greater power shift in the employer-employee dynamic.”

At the end of the day, just like the original Web, Web3 will dramatically change the way we work and play.

Now that’s a future I really stan.

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Product-market fit is the holy grail of startups and launching innovation. It is when you are creating value for a profitable customer segment. It is the point at which your product meets the needs of your target market, creating a unique value proposition that drives growth. But achieving product-market fit is easier said than done.

In this guide, we will explore the key levers for growth and provide insights into the various signals and tools to help you achieve product-market fit.

Defining product-market fit

Product-market fit is the alignment between your product and your target market. It is the point at which your product solves a real problem for your target market, creating a unique value proposition that differentiates it from the competition.

Achieving product-market fit requires a deep understanding of your customers, their pain points, and the competitive landscape.

Key concepts and confusions

The terms product-market fit, product/market fit, and PMF are often used interchangeably. They all refer to the same concept: the alignment between your product and your target market. Other synonyms for product-market fit include customer fit, market fit, and problem-solution fit.

One common confusion is the relationship between product-market fit and traction. Traction is a signal your business is growing. Traction is a prerequisite for achieving product-market fit. Traction goals are often described as (for example) first 10,000 customers in B2C, or first 500 customers in B2B.

Product-market fit is a much higher bar. It is not a static milestone, and it is something you can lose. For signs of momentum and accurately gaugubg signals of product-market fit, benchmark your business against the checklist below.

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

Without product-market fit, your growth will be limited, no matter how effective your marketing and sales efforts are. Many try to scale up before they have achieved it; they stop deepening their understanding of what will drive customer value and thus retain customers. This leads to startups, even good, funded teams, to fail at achieving a sustainable business model.

Key levers for growth

There are four key levers for growth: acquisition, engagement, retention, and monetisation.

Acquisition is the process of acquiring new customers. This can be achieved through various channels, such as SEO, paid advertising, content marketing, and social media.

Engagement is the process of keeping your customers engaged with your product. This can be achieved through various tactics such as gamification, personalisation, and social proof. If data is captured correctly, it is a powerful signal of potential retention.

Retention is the process of keeping your customers coming back. This can be achieved through various tactics such as loyalty programmes, customer support, and product updates. Retention is a sign of true product-market fit. It is a sign of the depth of your product relevance and the path to sustainable competitive advantage.

Monetisation is the process of generating revenue from your customers. This can be achieved through various business models such as subscription, freemium, and one-time purchase. As your product grows, upsells, cross-sells, and new value exchange is created. At this stage, key risks do not understand what segments you are most profitably acquiring, and using that to guide the optimum product-roadmap.

Positioning and top of funnel (TOFU) churn

Positioning is the process of defining your unique value proposition and communicating it effectively to your target market. Top of funnel churn, or churn at the acquisition stage, is often a result of poor positioning or ineffective messaging.

To reduce churn at the top of the funnel, you need to ensure that your messaging resonates with your target market and communicates your unique value proposition effectively.

Churn after registration and poor monetisation

Middle (MOFU) and bottom of funnel (BOFU) churn are signals that your ideal user segment has not yet deeply perceived value or deeply experienced value. This requires a rethink of using experience design and journey mapping to improve acquisition and resurrection marketing or exploration of your product roadmap and priorities to deepen value exchange.

Signals of product-market fit

There are several signals that indicate that you have achieved product-market fit. These include:

• High engagement and customer satisfaction
• High customer retention and low churn
• Strong organic growth and traffic via customer referrals, word-of-mouth and good SEO performance
• Positive reviews and feedback
• Sustainable revenue growth

Tools for achieving product-market fit

There are several tools that can help you achieve product-market fit. Two of the most important are cohort analysis and product analytics.

Cohort analysis is the process of analysing groups of customers who share a common characteristic, such as month of acquisition by a specifically designed acquisition campaign. This can help you identify patterns and trends in customer behavior, such as more specificity in which value proposition profitably acquires new users. This can inform your product development and marketing strategies.

Also Read: How Moom taps into the power of community in product development, user acquisition

Product analytics is the process of analysing customer data to gain insights into how customers are using your product. This can help you identify areas for improvement and inform your product development and marketing strategies. Well set up analytics can help you steer towards higher engagement and eventually retention.

Insights from well hypothesised acquisition campaigns combined with well run product analytics create a powerful iterative synergy that builds strong unit economics.

PMF at launch vs slipping PMF

Product-market fit is not a one-time milestone. It is an ongoing business state that requires continuous monitoring and adjustment. PMF at launch is the initial alignment between your product and your target market.

Slipping PMF is the gradual misalignment between your product and your target market over time, as shown by smaller monthly user growth from both paid and organic strategies, falling key engagement metrics and falling return on advertising spend (ROAS).

PMF, the business model canvas and the four fits

Brian Balfour, a growth expert and founder of Reforge, has identified four fits that are essential for achieving product-market fit. These fits are problem-solution fit, product-market fit, channel-market fit, and model-market fit.

Problem-solution fit is the first fit and refers to the alignment between the problem your target market is experiencing and the solution your product provides. Without this fit, it is unlikely that you will be able to achieve product-market fit.

Product-market fit is the second fit and refers to the alignment between your product and your target market. This is the traditional definition of product-market fit and is the focus of this article.

Channel-market fit is the third fit and refers to the alignment between your distribution channels and your target market. This fit is critical for ensuring that you are reaching your target market effectively and efficiently.

Model-market fit is the fourth fit and refers to the alignment between your business model and your target market. This fit is essential for ensuring that you are generating revenue and building a sustainable business.

Achieving all four fits is essential for achieving sustainable growth and building a successful business. Each fit builds upon the previous one, and together they create a strong foundation for growth.

TL;DR

Product-market fit is essential for achieving growth and and fundraising success on the way there.

Focus on the key levers for growth, including acquisition, engagement, retention, and monetisation, and ensure that your positioning and messaging resonate with your target market.

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Ever heard the expression everyone wants to be a rock star, but nobody wants to learn to be a musician? That’s the biggest problem with analysing the futuristic technologies in most industries, especially in a fiercely competitive marketplace like Food and Beverages.

Every now and then, a piece of tech arises as the next big thing, only to fizzle out soon. But don’t worry. We’ve done the hard work for you, picking out the top technologies that are likely to create an impact in the world of food in the future.

So, let’s get into the meat of the matter and see just how brightly the future of food tech may shine.

Power of AI and data analytics

AI and data analytics are making giant inroads into the Food and Beverages industry. However, they have barely reached their potential as a majority of their impact is currently limited to reactive measures.

In the future, predictive analytics will emerge stronger, given its possible widespread impact, from predicting market disruptions and managing surplus inventories to facilitating faster food deliveries. A strong reason for their emergence can be attributed to the increase in the number of applications and systems that collect valuable data.

Hence, predictive AI and analytics will be in a position to deliver a two-pronged impact, accelerating back-end operations and making them more seamless while ensuring outstanding customer-centric experiences.

Gen-next online food delivery

The online food delivery system has helped evolve the business, but its capacity for innovation has been stagnating for years. Think about it, when was the last time you were wowed by virtualised food delivery?

Also Read: F&B’s growing appetite for technology solutions and how it leads to success

However, the future holds promises of cutting-edge innovation, considering how much of a role is being played by data in customer experience customisation. So, be prepared for online delivery systems to become more intuitive to unique food preferences.

Furthermore, another key evolutionary aspect could be multi-engagement delivery through which customers can order via social media, chatbots, smart devices, car systems, etc., without any disruptions

Real-time feedback management

As indicated in the previous point, data is about to be the dark horse of the F&B world. Its propensity for personalisation holds a special place in the hearts of restaurants and hotels. Why? They get to act on information that directly creates a positive impact in real time.

In the case of collecting and acting on feedback, this could be a pivotal moment in turning regular customers into loyal brand advocates. In a sense, it may be the next step in the evolution of customer engagement, i.e., listening to customers before giving them what they want. It makes sense, doesn’t it?

Is it a chef? Is it a robot? It’s both

As kitchens become more automated, robotic chefs seem inevitable, don’t they? As of today – chefs aren’t going anywhere. Many believe that robot chefs would lack extremely important qualities like finesse and spontaneity, native to humans. In truth, great human chefs play a vital role in developing such advanced systems.

Much like how AI algorithms are taught to perform tasks in an exact way, these robot cooks are built to accurately follow the instructions of chefs. Today, they have already begun to display a lot of efficiency in preparing dishes like pizza and sandwiches.

Now, let’s quickly run through a few more futuristic food technologies:

• Proactive customer engagement platforms powered by real-time feedback data
• Digital smart tracking systems to manage food waste
• Autonomous food service robots with sensor-led navigation
• Deeper online customisation of online food deliveries

What do you think?

We hope you got some insights about where the future of food tech is heading. Now, you tell us. What are some of the futuristic food technologies bound to trigger a large-scale impact in the Food and Beverages industry?

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It’s early 2023! After chatGPT, layoffs is probably the next top trending word today in the professional social networks.

But wait! It is the top trending search term according to Google search trends. The term “layoffs” bags a score of 100 represents, and it is the most popular search term during that time (January Mid).

Looming recession (or are we in it already?) is creating only more anxiety for further elimination or roles and companies going into hiring freeze for the foreseeable future. This is not fun! This affects not only the talented folks who unfortunately got laid off, but also folks who are employed and are living in fear, uncertainty and doubt.

In this article, I want to offer tips on navigating this recession environment if you get laid off or are worried about getting laid off. 

If you got laid off

Step one: Understanding the why

• There are several reasons why someone might get laid off, like company or organisation restructuring, cost cutting, role elimination due to impact, economic downturn, or performance. 
• While you may not get all the answers depending on the situation, it is critical to understand generally why you were laid off.
• Understanding the why will help you make better choices on improving performance, choosing a certain industry over others and so on.

Step two: Taking time off before acting

• Everyone has a different situation and cannot afford the luxury of taking time off. Depending on your situation, your time off could be a weeknd or six weeks or six months. But please take it. More often than not, this is a blessing in disguise to give you a break from current patterns of thinking and processing. It is a hard break, surely, but an important one that might open doors and opportunities that you would not take otherwise.
•  Connect with friends, with nature and with yourself to look at things with a fresh lens rather than fear.
• Be empathetic to yourself as you would be to someone else who got laid off. Sometimes it is just out of your control and not related to anything you did or did not do.

Also Read: A tech worker should be all about improving customer experience: Kim Nguyen of Recruitery

• Develop new hobbies or pickup older ones, this will help you balance and build resilience.

Step three: Creating a plan and crushing it

• The most common action plan would be to just non-stop apply to jobs online. It might work, but wouldn’t it be better to try something a lot better?
• Consider spending time on gaining additional skills that would increase breadth and depth and help get you a role relatively better than your previous one. Do projects and share online. 
• Consider learning skills to enter a new domain for different or better roles. It could be a higher paying job, a career or a company that you would enjoy more, a role that will help you find the right balance between work and life and so on.
• Don’t apply alone . Tap into your network. Reach out to connections from school and previous workplaces. Ask your connections if they have someone they know at the company you are looking at and get a referral.
• Brush your resume and make sure you have several versions of cover letters. If you are not hearing back, review your resume and test different versions. Get feedback on your resume from connections. 
• Cold message recruiters and hiring managers and follow up.
• This might be an opportunity, if your situation allows you, to build a startup, or side hustles/passive income streams. This is probably the best opportunity, you don’t have much to lose right now.
• Once you have a plan, turn it into a project. Diligently act on things and track them.
• Keep learning and iterating from what’s working and what’s not working.
• Focus on your learning and deep work tasks earlier in the morning. Use rest of the day for networking, applying, and also disconnecting with finding new jobs.

Resources on finding new jobs

• Opportunities and Open Roles – Hiring Now (Responses)
• https://blog.pragmaticengineer.com/who-is-hiring-2022/
• Startup Job Boards
• Social tips after a layoff

Found on internet, credit to citizens of internet.

If you are afraid about getting laid off amidst the recession

Step one: Yes, again, it’s about understanding

• Understand why you are afraid or feeling this way? Have you received any performance feedback? How do you think you are performing, looking 6-12 months back?

Also Read: A tech worker’s 2023 recession game plan

• Are you seeing signs in meetings or metrics that things are not looking good? Are you hearing rumors? Ask questions, attend team/company all hands to understand the state of affairs.
• Connect with your manager and your teammates to share how you are feeling and gather more information from them.

Step two: Focusing on what matters and what is in your control

• Embrace the fact that if this is an industry wide trend, this may not be in your control.
• Clearly identify what things are in your control: 
  • Your hard work and execution.
  • Your decisions on what to work and what not to work on (not so straightforward, but the idea is to have an opinion and try to change as needed).
  • Getting ready for whatever may come.
• Be so good at things you can control, so it improves the odds at things you can’t control.
• Never stop learning.

Step three: Execute

• Keep performing. Continue doing your best work you can from a place of confidence and not out of fear. Ensure you are not working in the background. Work with your manager and team to create visibility for the work and impact you are driving.
• Keep your network active and warm. Update your resume, just in case.
• Financial planning. Save money and prepare yourself.
• If you do happen to be in an unfortunate situation within thousands of variables and do get laid off, scroll up and read the first section on “If you get laid off”.

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