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.

–

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 Pro

The post Achieving product-market fit: The ultimate guide to growth, strategy and positioning appeared first on e27.

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?

–

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 Pro

The post Everything you should know about the future of futuristic food technology appeared first on e27.

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”.

–

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 Pro

The post Surviving a recession: How to navigate layoffs and come out stronger appeared first on e27.

Proglix, a B2B e-commerce platform for raw materials procurement and credit financing for Indonesian small and medium enterprises (SMEs), has raised US$1.35 million in seed funding.

The investors participating in the round are 500 Global, Number Capital, Magic Fund, Arkana Ventures, and MDI Arise.

Prominent angel investors, including the founder of Fazz, Evermos, Kenangan, and JIWA, also joined.

The startup  will use the funds to expand its product offerings, increase customer outreach, and grow the team.

Founded in 2022 by Wynn Nathaniel (CEO), Wendy Wijaya (COO), and Prawira Indra (CTO), Proglix aims to be a one-stop shop for high-quality raw materials across multiple industries, including industrial, electrical, construction, and photovoltaic systems.

Also Read: Indonesia is recession-resilient due to its demographic bonus, rich natural resources: MUFG

It connects SMEs with raw materials at competitive prices and delivers them with shorter lead times. According to the firm, this allows SMEs to overcome the challenges of unreliable stock availability, delivery delays, and price fluctuations — the issues B2B businesses face when procuring raw materials through traditional suppliers like traders or wholesalers.

From integrating inventory updates and prices from multiple manufacturers to taking customer orders, tracking deliveries, and facilitating payments, Proglix claims it simplifies the procurement process for SMEs.

Customers can conveniently browse the online product catalogue, place their order with one click, and have it delivered by Proglix to their business address.

Proglix currently focuses on metals, steel, polymers, and electrical supplies.

Within the first year of operation, Proglix claims to have recorded a 66x revenue growth. It has also been accepted into Y Combinator’s winter batch programme from January to March 2023.

—

Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

The post Proglix secures US$1.35M to make raw material procurement easy for Indonesian SMEs appeared first on e27.

NFT communities are dying. But they paved the way for Web3 communities to hypergrow for the past two years, and Web3 marketing and community building tactics are heavily influenced by the marketing META that NFT communities introduced in the space.

But NFT communities aren’t exactly dying. They’re hibernating, and they’re hibernating because the growth of NFT communities are a function of the state of the market. In the long awaited 2021 bull run, NFT sales climbed to an all time high of US$11.6 billion in Q4.

By the end of the year NFT sales had already exceeded US$17 billion, which was 21354.5 per cent more than 2020’s figure of US$82.5 million, a whopping 200x industry explosion.

In bull runs, NFT communities explode. In bear runs, NFT communities wither. That’s just the way it is because the value of NFTs are inherently driven by crypto.

NFT communities paved the way to accelerate Web3 adoption. But NFTs did more than just that; NFTs laid the foundation of Web3 marketing and community building as the forefront of Web3 culture, storytelling, and community building. NFTs basically standardised the way Web3 projects, companies, communities, and builders marketed and grew communities in Web3, it was all about hype, culture, momentum, and exchange of value.

NFT and Web3 marketing in a nutshell

Web3 marketing is different. Marketing in Web2 is defined as the “action or business of promoting and selling products or services, including market research and advertising.”

But in Web3, marketing isn’t meant to promote a product or a service. It’s meant to promote a community (i.e., projects first have to be community backed, creator backed, and investor backed, before people can legitimately trust their product).

NFT marketing is a subset of Web3 marketing, and NFT marketing takes “community promotion” to a whole new level through events, activities, and giveaways.

Also Read: 6 NFT mistakes to avoid for newbies

As a community builder, its also important to note that events, activities, and giveaways aren’t authentic “community building” tactics because they don’t provide inherent value, more than just the hype and momentum.

Contrary to popular belief, a discord server or a Facebook group doesn’t make a community. Just because you have a group of people in a platform doesn’t mean you have a community.

A group of people in a platform only evolves to a community when exchange of value happens on all levels of the organisation, from new comers to the OG’s. In other words, a server or a group is only a community when the members of the platform are contributing or helping each other.

Which is why NFT and Web3 marketing is divided into two approaches: short term and long term marketing.

Short term marketing strategies and campaigns revolve around events, launches, and giveaways that “blow up” the community metrics. These campaigns are meant to give the project a burst or increase in community members and let people in the space know that the project exists. For Web2 marketers and advertisers, think of these as “brand awareness” campaigns.

Long term marketing strategies and campaigns on the other hand, involve weekly development updates, content marketing, and genuine community building events and activities from forums, AMA’s, and conferences that facilitate exchange of value to community members, more than just giveaways.

To simplify, short-term campaigns are the reason why people ape in the project’s ecosystem, while long-term campaigns are the reason why people actually stay, contribute and not just lurk.

How NFT communities play out in Web3 projects

Web3 projects from de-fi, layer 0 platforms, and other projects in the Web3 ecosystem that aren’t part of the NFT craze also adhere to the short term and long term formula which were laid by NFT marketing.

However, these Web3 communities have to focus on the long term approach more than the short term approach, as they have to facilitate real value upfront.

However, NFT communities will play a vital role in the growth of upcoming Web3 projects through collaborations. As such, Web3 founders should actively look for already established NFT communities that fit the vision that they’re building for a long-term collaboration that will grow both communities.

Also Read: Busan Blockchain Week 2022: Trends shaping the future of NFT

Web3 communities will change in the following years as the space will realise that NFT communities aren’t what defines the Web3 space. Though NFT projects will always play a massive role in Web3, in the next three to five years, NFT projects will not anymore be the defining factor of Web3, especially with more Web3 technologies, such as layer 0 projects joining the ecosystem.

The future of Web3 Communities

The future of Web3 communities will revert back to where the space was circa 2018, projects focused on building the grassroots with real communities and builders who are in the space more than just the exclusivity and the flip.

As such, the momentum will swing back from NFT communities to communities of Web3 tech, education, and projects that have real use cases and utilities other than just culture, community, and art.

However, these Web3 communities will be partnering and collaborating with already established NFT communities to reshape the space back to a long term mindset. Which begs the question: Will NFT’s come back again soon?

According to Jiro Reyes, the CEO of Web3 edutech startup Bitskwela, NFT communities are hybernating now, but we’re expecting to see the rise of the billion dollar industry again in the next bull run.

As for when the next bull run will happen again? I’d leave the TA to the technical people in the community. But the good news is, real exchange of value is coming to the space again soon, value that’s above hype, culture, and momentum.

–

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: 123rf-lazartivan

The post The future of Web3 communities: What’s next after the NFT community craze? appeared first on e27.

Dear Pro member,

Last week, I had a casual chat with a startup founder in Myanmar, whose startup ecosystem is in dire straits. The COVID-19 breakout, Feb 2021 coup, and the economic downturn hit startups the hardest. Over 70-80 tech companies have shut down, and the junta is least bothered about startups.

Feeling neglected and with no way out, local startups and even big IT companies moved to neighbouring countries, such as Thailand and Vietnam.

I am gathering more details to write a piece about Myanmar’s many problems. If you know someone who can share some details about the issues faced by the country’s startup industry, please let us know.

Separately, we are working on a new feature series for founders to speak about their failures/failed startups. Some big “fishes” in the region have agreed to talk to us about this. Wanna be part of this series?

In today’s ER edition, we have many funding stories, Echelon 2023-related articles, features, and interviews.

—–

Vietnam Oman Investment (VOI) to fund financial services firm F88
According to sources, the new investment could be at least US$30M; VOI is a JV between the two governments focussed on sectors such as healthcare, education, agri, renewable energy, infra, highways, and clean water plants.

Ex-Ninja Van PH country head Martin Cu joins 500 Global as partner for SEA
It has also boarded Saemin Ahn (Founding Managing Partner at Rakuten Ventures), Shahril Ibrahim (ex-Director of Investments and Head of Khazanah Americas) as partners; Over the past decade, 500 has invested in 340+ firms in SEA.

Carsharing startup GetGo bags US$15M to bring 10K greener vehicles into SG by 2030
The investor is family-backed investment group Treïs; GetGo operates over 2,100 vehicles across 1,400 locations, serving over 50,000 users and making over 150,000 bookings monthly.

Grab aims to hit adjusted EBITDA breakeven sooner than expected
Grab logged a revenue of US$502M in Q4 2022 – a 310% jump from the same period a year ago; The growth comes on the heels of a comeback in mobility, a reduction in total costs, and the launch of new products.

Alibaba’s net income returns to positive in latest quarterly results
The Chinese e-commerce giant reported a net income of US$6.6B for the quarter ended on December 31, 2022; This represents an increase of 138% from the same quarter in 2022.

Hong Kong earmarks US$6.4M for Web3 expansion
The city-state aims to enable industry players and enterprises to better grasp the frontier development of the Web3 ecosystem and to promote business cooperation across sectors.

Vietnam’s FPT Software acquires US firm Intertec’s IT services unit
The deal’s size was not disclosed; FPT Software will build on Intertec’s delivery centers and operational experience in Costa Rica, Colombia, and Mexico.

FTX Japan to allow withdrawals via local exchange
Account holders of FTX Japan who already have access to Liquid Japan can link their accounts to transfer assets from the former to the latter; Crypto and fiat assets can then be withdrawn from Liquid Japan.

Malaysian SPAC AEI CapForce II files to raise US$100M in US IPO
It intends to focus its search on target business in Asia and SEA, particularly in the ‘new economy’ sectors, including globalisation, IT, and communication revolution.

HK may allow trading of digital tokens on licensed exchanges
Under the new proposal, all centralised virtual asset trading platforms in Hong Kong – or those active in the market – will need to acquire licenses and be regulated by SFC.

Bintang Capital invests in Involve Asia
The investment will support Involve Asia’s expansion across SEA and Australasia; The Malaysian firm provides a platform to help brands market digitally through ads attribution, partner workflow management, and creative distribution.

Proglix secures US$1.35M to make raw material procurement easy for Indonesian SMEs
The investors include 500 Global, Number Capital, Magic Fund, Arkana Ventures, and MDI Arise; The B2B e-commerce startup connects SMEs with raw materials at competitive prices and delivers them with shorter lead times.

Strive raises US$1.3M to transform the way kids learn to code
The investors include Goodwater Capital, President of MasterCard Asia, and the founder of Sequoia India; The edutech startup aims to ignite kids’ passion for coding and pave the way for a career in technology.

Ledgerowl raises pre-seed funding round from Init6, Investible
Ledgerowl’s AI-powered platform leverages machine learning to automate many of the tasks involved in bookkeeping, such as data collection, data entry, reconciliation, and classification of transactions.

We’ll start to see more solo-GP VCs emerge in SEA: Wing Vasiksiri of WV Fund II
The solo-GP VC model has certain advantages, including empathy for founders, speed and transparency, and elimination of the principal agent problem.

Singaporean startup PixCap wants to be the Canva of 3D designs
PixCap lets users tap on 3D assets and templates, from simple to professional, and access everything through a browser-based interface; It recently raised US$2.8M, led by Sequoia and Surge.

‘Venture investing isn’t simply injecting money into a firm hoping to multiply it’
Benedict Tan, an Associate at Vertex Ventures, talks of having a voracious appetite for learning about entrepreneurship and new business models.

Wanted: SEA soonicorns, future change-makers to share their stories at Echelon 2023
For soonicorns, as they are closing in to the much-coveted unicorn status, there might be more that is at stake; The summit will happen from June 14-15 at Singapore EXPO.

6 different ways to explore growth at Echelon Asia Summit 2023
Check out the exciting features we have in store for Echelon Asia Summit 2023 that can help you achieve your business goals.

H3 Dynamics decarbonises global aviation industry with multiple aerial mobility products
The startup has 4 business units in real estate maintenance management, robotics, hydrogen refuelling, and hydrogen propulsion; H3 was the winner of Echelon 2019.

How to navigate layoffs and come out stronger
Surviving a recession and layoffs requires a combination of financial preparedness, adaptability, and a positive mindset, says Vaibhav Aggarwal of Coinbase.

Everything you should know about the future of futuristic food tech
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.

—

Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

The post Ecosystem Roundup: Vietnam-Oman JV to invest in F88; GetGo scores US$15M; 500 SEA gets 3 new Partners appeared first on e27.

As the dreary funding winter continues to soar, at e27, we are kickstarting a new article series called: Line of Hire to understand an organisation’s culture and hiring philosophies to empower tech workers with the right growth tools and enable business owners to attract talent.

Richard Yan is the Vice President, Global Head of Talent and Organisational Development at Airwallex. In this role, he is responsible for building a global talent management ecosystem that includes attracting top talent, fostering professional development, and developing teams.

Yan joined Airwallex from Agoda, where he led several People and Talent teams and drove the company’s global growth 4x to more than 6,000 globally. He has had the opportunity to wear multiple career hats, from working in M&A and as an investor to launching products for companies with successful exits and now as a talent/HR leader.

He has experience working across Singapore, Bangkok, San Francisco, and New York.

Yan discusses his company’s culture and hiring philosophies in this candid interview.

What personality traits/qualities do you look for in potential employees?

One of the key reasons I joined Airwallex in late 2022 was the people I met throughout my interview process, and I’m glad it holds true, as I’ve met many others since I started. We have individuals from so many backgrounds, cultures, and identities across our 10+ global hubs; with that, one of the most consistent parts I’ve found is the people.

One of the key reasons why I joined Airwallex is the people. They care deeply about what they do and take pride in their work. Two of the company’s values are “Craftsmanship” and “Make Impact”.

Since joining, I have seen the people at Airwallex live by those values every day worldwide. The great thing is that on top of the drive each person has, there is a genuine sense that we are having fun and are in it together.

Another thing is that we could succeed as a global business because of the different views, perspectives and ideas that people bring. And this is because the team Airwallex has built combines individuals from different backgrounds, cultures, and identities. 

If you are open to a fun and challenging environment and want to be part of the Airwallex journey, we are always open for a chat!

How do they fit into your company culture? Tell us a little more about your company culture at Airwallex.

Our culture is embodied by six core values that shape the way we work:

• Customers First
• Intellectual Honesty
• Obsessive Curiosity
• Craftsmanship
• Inspire and Be Inspired
• Make Impact.

However, what is different about our culture is how we encourage our teams to apply it and implement those values daily. This is what we call our winning mindset and differentiates ourselves as a company as we continue to grow and be competent in the market.

How do you foster transparency and encourage achievement at Airwallex?

Transparency is a two-way engagement. There needs to be a constant flow of conversations about where we are, where we’re going, and how we will get there. This two-way engagement is even more heightened and necessary in a global business like Airwallex.

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

At Airwallex, we are a globally distributed team but quite connected. Working across borders is part of the company’s DNA. Our customer value proposition is built on our ability to support businesses anytime and anywhere worldwide.

I also see how seamlessly our teams work and exchange ideas with colleagues from different offices. From regular, global all-hands meeting with management and fireside chats featuring various leaders to team meetings and 1:1s, whether virtual or in-person, there’s a huge appetite and eagerness to learn from other colleagues, connect, and connect and be a part of an international team.

In Singapore, we host our monthly town halls (called Singapore Symposium). I love hearing about our wins and new member intros (often happening as we continue to grow!). I recently learned we have a serious crossword (Sunday NY Times difficulty) player in our Singapore team and some triathletes in training!

Do you have a mental health policy? What does that look like?

As we grow, we are finding ways to support employees the best we can. That includes empowering our managers, people partners, and health and wellness service partners to support their teams.

WFH or WFO, or hybrid?

We are a rapidly growing company in a very dynamic business, so as we resume normal with various aspects of our lives, we’re predominantly in a work-from-office arrangement.

We just moved into a new office space in the heart of Tanjong Pagar with plenty of meeting rooms and many activities planned to bring people together to nurture our “Singapore team” culture. That’s how I discovered we have a world-class ping-pong player in our ranks. I wouldn’t have known if we didn’t have our office ping pong tournament!

After years of COVID-19 and WFH, people are yearning for that connection, and it’s inspiring to see our Singapore team bond and proactively find ways to engage with each other, which now include weekly after-work run clubs and spinning sessions.

How should a tech worker prepare for the funding winter?

In one of my past professional lives, I worked as an investor in New York during the Global Financial Crisis. Many friends who worked in various industries, storied banks, law firms, and consulting firms were impacted.

They worked hard and were intelligent, but the situation was beyond their control. So I feel for many of those now whose jobs were impacted. What is happening now in the tech space is not something new, and I can assure you that it is not personal, and you will rebound.

Individually, I think about what one can control and encourage everyone to think about embracing new skills and challenges. It’s up to us to keep learning, challenging ourselves and to keep looking ahead.

Also Read: No achievement is too small, no individual is too junior to be highlighted: Zelia Leong of PraisePal

Another angle I think about is to think like an owner, and as an owner, you sometimes need to make tough decisions to last another day/month/year. 

I find the book The Hard Thing About Hard Things by Ben Horowitz relevant now.

I think this can apply to our personal lives and the companies we may be working at. These cycles happen across different industries occasionally, so it’s up to us to keep learning, growing, and building relationships.

How do you measure the performance of your employees?

To avoid going into specifics, I ensure we are aligned on where we are going and what we want to achieve. The objective and key results (OKR) movement has permeated tech, and we employ them across the company. This ensures we are all focused towards achieving the same goals.

The OKR model might not be something every person is familiar with — I’ve been in organisations where we’ve shifted into the OKR mode, and it had caused some to feel unsettled and a bit scary. But that’s a healthy feeling when we’re trying to achieve new and exciting goals.

When hiring, will you consider a moderately skilled person with great honesty or a highly skilled person with less honesty?

This is an easy one, and I can’t compromise on this when it comes to talent — great honesty and highly skilled. We work in fintech, and there is no room for evil behaviour.

Airwallex deal with our customers’ funds, and they trust us to do what we say we will do, so there is a clear standard. We have to be trustworthy to succeed in this space, not to mention the regulatory and compliance considerations we must meet.

Do you encourage ‘intrapreneurship’ in your organisation?

Yes! It’s a given that being part of a growing organisation presents many opportunities to innovate, whether externally or internally. One of our key values is “Inspire and Be Inspired”, and because we are so diverse and multicultural, we only flourish through the ingenuity of our people.

What we’re doing is innovative, and I’ve seen a lot of great innovation for our internal tools, from our tech teams to being resourceful in driving our customer growth, finding new customers, and building our global hubs.

How do you support upskilling for your employees?

Given our growth and journey — and I think this is similar to many companies in our stage — upskilling and growth occur naturally through one’s journey here. Airwallex is growing rapidly, and I think upskilling happens by being resourceful and identifying voids one can fill.

I’ll admit that we’re early in our journey of building out a learning & development capability, but we have a lot of bright people who help coach and teach daily.

—

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

The post Keep learning and building relationships during funding winter: Richard Yan of Airwallex appeared first on e27.

Malaysia-based affiliate marketing platform Involve Asia has raised over US$10 million.

Bintang Capital Partners, the PE arm of Affin Hwang Asset Management Berhad, led the round. 500 Global, Orbit Capital Malaysia, and Monumental Productions also participated.

Involve will use the new funds to acquire complementary tech companies and invest in enhancing its platform and team across the region. 

The company plans to deploy solutions to increase the avenues for advertisers to leverage influencers and their highly engaged audience.

Also Read: Proglix secures US$1.35M to make raw material procurement easy for Indonesian SMEs

Founded in 2014, Involve Asia provides a platform for advertisers to measure, manage and scale their marketing partnerships by automating workflows and giving attribution to marketing campaigns.

It has a presence across Southeast Asia — Malaysia, Indonesia, Philippines, Singapore, Thailand, and Vietnam.

“We’ve been growing revenue at 132 per cent CAGR since inception while staying profitable. Despite the recent economic headwinds facing global markets and the tech sector, there is still room for growth in digital advertising across APAC, especially with our performance-led approach,” said Jimmy How, CEO and Co-Founder of Involve.

—

Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

The post Malaysian affiliate marketing firm Involve Asia raises over US$10M for SEA expansion appeared first on e27.

Treasury management is a crucial aspect of any financial management strategy as it plays a vital role in ensuring the financial stability, longevity and success of a project or organisation.

In the ever-changing and volatile crypto market, treasury management can prove to be a lifesaving strategy for crypto projects, enabling them to navigate through bear markets and maintain their financial stability. However, this solution is often neglected as many do not consider treasury management seriously.

Failure to properly manage treasury operations can lead to cash flow problems, exposure to foreign exchange risk, and decreased returns on investments, all of which can have significant negative impacts on a project’s financial health.

An efficient treasury management involves proactively managing a range of financial risks and liquidity, and involves activities such as cash management, foreign exchange management, debt management, and investment management. The proper management of these areas helps to mitigate potential financial risks, ensure sufficient cash flow, and maximise returns on investments.

Efficient management of cash flow

By closely monitoring cash inflows and outflows, projects can make informed decisions about when to spend and when to save. This helps to maintain a positive cash flow and provides a buffer against economic uncertainty. Moreover, maintaining sufficient cash reserves is critical for crypto projects, especially during uncertain economic times.

Treasury management helps to ensure that a project has adequate cash reserves to meet its financial obligations or any potential financial shocks, maintain stability, ensuring financial strategy meets business strategy. Sometimes also raising capital for the business if needed.

Also Read: Why it’s better for Web3 to just disappear

This helps to avoid running out of funds, which can have serious consequences for a project’s long-term success.

Risk management of foreign exchange

Foreign exchange risk is a significant challenge for crypto projects that operate in multiple countries or deal with customers or suppliers in different currencies. Treasury management can help mitigate this risk by hedging against currency fluctuations.

This helps to reduce the impact of currency fluctuations on the project’s financial performance and provide stability during times of economic uncertainty.

By implementing effective foreign exchange management strategies, crypto projects can ensure that they are protected against currency fluctuations and maintain their financial steadiness. This is particularly important during periods of economic uncertainty, when currency fluctuations can have a major impact on a project’s financial performance.

Strategising investments

Projects that have invested in digital assets such as Bitcoin or Ethereum need to be able to effectively monitor and manage these investments to maximise their returns. Treasury management can help with this by providing tools and strategies for effectively monitoring the performance of digital asset investments and maximising yield.

This helps to minimise the risks associated with these investments and ensure that the project is maximising its returns. By utilising investment management strategies, crypto projects can ensure that they are making informed decisions about their investments and are able to maximise their returns in the long run.

Advantages of working with an experienced institution 

Working with an experienced and licensed institution is crucial for crypto projects looking to manage their financial risks and maintain liquidity in uncertain times. Such institutions are reputable and reliable and provide assurance to projects that their financial needs are in good hands. They also help crypto projects navigate the bear market and maintain stability during economic turbulence.

When it comes to asset management, not all institutions are suitable for working with crypto projects. In order to manage their treasury effectively, crypto projects need fund managers who understand the complexities of the crypto ecosystem and can bridge the gap between traditional finance and digital assets.

The bridging of the gap also enables crypto projects to diversify into better risk free investments, especially since short-term US treasuries are currently yielding 4.9 per cent p.a.

Licensed institutions that specialise in digital assets offer a range of financial management solutions for crypto projects, including portfolio and asset management, bespoke yield generation strategies, cash flow planning, and fiat liquidity management solutions. These institutions can provide the expertise and experience necessary to minimise investment risks and maximise returns.

Also Read: Into the metaverse: When Web3 and virtual worlds collide

The process of working with an experienced institution typically starts with a deep dive into the company structure, business model, and financial drivers of the crypto project. This helps the institution to understand the client’s financial and operational requirements, as well as regulatory, tax, accounting, and legal needs.

Based on this information, the institution will propose a bespoke financial management strategy and asset allocation. The client can then leverage the institution’s solutions and network of institutional counterparties, including custodians, exchanges, market makers, and selected DeFi solutions. Crypto projects may also leverage on the institution’s balance sheet to lower their trade execution costs.

Regular reporting, analysis, and quarterly strategy reviews and adjustments ensure that the solution evolves with the client’s needs as the business grows. By working with a licensed institution, crypto projects can benefit from the expertise and experience of seasoned professionals, as well as the assurance of a strong partner who can grow with the business.

Consequences of neglecting treasury management

Neglecting treasury management can have serious consequences for crypto projects. Poor treasury management can result in increased financial risks, such as the risk of running out of cash, exposure to currency fluctuations, and unprofitable investments.

A project that does not maintain adequate cash reserves may face liquidity problems and difficulty meeting its financial obligations. Additionally, without effective investment management, a project may make poor investment decisions that result in low returns or significant losses.

The negative impact on the project’s reputation can also lead to difficulty attracting investment and retaining customers. It is essential for crypto projects to manage their finances effectively and stay on top of their treasury management to minimise these risks and ensure their success.

Engaging an experienced fund manager for treasury management can help make the process much easier. Not only will they bring the expertise and experience necessary to manage your finances effectively, but they can also provide peace of mind knowing that your financial needs are in good hands.

Additionally, an experienced fund manager can help you navigate the complex and ever-changing world of digital assets, making sure that you are making informed decisions about your investments. They can also provide access to a network of institutional counterparties, including custodians, exchanges, market makers, and selected DeFi solutions, giving you a comprehensive financial management solution.

–

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 Pro

The post What is treasury management? appeared first on e27.

Indonesia-based fintech Ledgerowl today announced the successful completion of its pre-seed funding round, led by Init6 and Investible, for an undisclosed amount.

The investment will allow Ledgerowl to further develop its product and accelerate growth.

“We are grateful for the support of both investors and the confidence they have shown in our team and technology,” said Ledgerowl CTO & Co-Founder Adrian Yasin. “With their guidance and funding, we can now accelerate our growth and accelerate our products to market faster. We’re excited to work with our new investors and look forward to helping SMBs across Southeast Asia add efficiency to their back-office operations.”

The company said that since its inception, it has been bootstrapping and reinvesting profits into the company and technology. During the pandemic, the number of customers grew significantly as the demand for more flexible accounting and remote services soared. 

“While we’ve successfully bootstrapped to date, we realised how an injection of capital will add fuel to scale and grab this fast-growing market,” said Ledgerowl CEO & Co-Founder Rey Kamal.

Also Read: How Vietnam is climbing to the throne of fintech among Asia Pacific countries

Ledgerowl’s AI-powered platform leverages machine learning to automate many of the tasks involved in bookkeeping, such as data collection, data entry, reconciliation, and classification of transactions. The startup aims to empower business owners to maintain accurate financial information, reducing the need for hiring internal accounting staff, reducing the cost of bookkeeping, and improving their financial decision-making.

In a statement, Ledgerowl explains that it was born out of a passion when Co-Founder Rey Kamal began managing bookkeeping for his friend’s small business as a side hustle. Late nights crunching numbers and generating financial reports made him realise that much of the process was repetitive and could benefit from automation.

Co-Founder Adrian Yasin later joined and the brand was officially launched in 2019.

In 2020, Ledgerowl welcomed its first strategic partner, Umawar Investment Group. According to the startup, the family group supercharged Ledgerowl’s growth leveraging their vast ecosystems, experience, and business contacts to help validate the idea.

—
Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: Ledgerowl

 

 

 

 

 

The post Ledgerowl raises pre-seed funding round from Init6, Investible appeared first on e27.