Through a fortunate conversation with an investor, I was able to understand what a startup truly is.

I had the opportunity to drive the founder of a global accelerator (an early-stage investment company for startups) to an event one day. On our drive, he was very busy communicating with venture capitalists, corporate executives, and startup founders on three separate cell phones. I was worried I might not get the time to ask the one question I was really curious about. Luckily, I got that chance when he hung up.

I told him there was a startup which had participated in my startup incubation program whose annual sales had already reached US$400,000 in two years. I had given some advice to the CEO of the startup about aggressively expanding the business, but he didn’t seem to listen to my opinion, so I wanted to ask the founder how I could encourage the CEO to take my advice.

The definition

He answered firmly, “An accelerator like mine would never call such a company a ‘startup’.”

I was surprised. This company had ever-increasing sales at home and abroad. I could not understand why he would feel this way, but he continued.

“Only a company which is growing at a rate of 30 per cent or more per year is called a ‘startup’. We only invest in companies with this potential.”

Also Read: The digital decade in SEA: How the UK plans to embrace it with the local startup ecosystem

My incubation company holds weekly IR pitching sessions to discover startups, and we support more than 100 companies per year through various programs. Even though I was already supporting dozens of startups each year and I worked with startups regularly, I could not come to terms with this simple concept. If it was true, only a few early-stage companies could be called a ‘startup’.

Only a company that will be able to exit (realise profits by selling stocks as an investment) through increasing its corporate value due to rapid growth is a startup. In fact, the term startup was conceptualised by investors who took big risks in a company’s very early stages to create high returns through corporate investments.

Secrets of fast-growing startups

I’d also like to share another conversation that I had with an investor that changed my understanding of startups. I had arranged an investor meeting to introduce a famous accelerator in South Korea to the founder of a promising startup, who had founded his company on his experience as an engineer at a large IT company.

The meeting seemed to go smoothly, but after the meeting, the investor decided not to invest. She simply said: “It’s undoubtedly an impressive company, but the size of the CEO’s vision and goals simply aren’t ambitious enough for us.”

The CEO’s ambition and targets fuel the rapid growth of any startup. Investors meet with many startups every day to identify those with the biggest dreams. However, not many startups have this vision for rapid growth.

According to the ‘2020 Single-Person Startup Company Status Survey’ published by the Ministry of SMEs in South Korea, it takes an average of 2.5 months for a company to generate its first sale. And according to the ‘business operation plan within the next one year’ survey conducted on the same enterprises, 88 per cent of companies said they would maintain their current business operations, and only 6.3 per cent of companies plan need to expand their business.

Also Read: These 15 startups might just be part of this year’s TOP100

Based on my six years of experience, most startups don’t keep breaking the status quo once they reach a certain level; they don’t continue to set bigger and more ambitious goals. If the initial goal was not that high, there is rarely any reason for further expansion. Instead, they prefer a conservative attitude that maintains the current operating profit. Not enough companies reach big enough goals.

As you probably expect, it is companies among this 6.3 per cent that are most likely to become unicorns (enterprises valued over US$1 billion among startups in less than 10 years). I hope you now understand why most startups lack the ambition that is necessary to succeed and why the articles about the investors who discovered these unicorn companies are causing such a buzz.

What size goals was the CEO thinking that you met today? It could result in very different profits from my investment.

–

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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Artificial Intelligence (AI) has the potential to transform the way we approach lending. One particular area where AI is poised to make a significant impact is the area of embedded lending. When combined with generative AI, this type of lending can create more personalised lending experiences for borrowers while providing lenders with more accurate risk assessments.

The age of hyper-personalisation

One significant advantage of generative AI in embedded lending is its ability to create highly personalised lending experiences. By analysing vast amounts of user data and contextual information, generative AI can develop credit solutions tailored to each borrower’s unique financial situation, preferences, and needs.

Imagine an experience that is the same as talking to ChatGPT through which you’ll submit the necessary information, and you’ll get exactly the credit product you need — one that you might’ve not known about even before! This benefits not only borrowers who get more personalised credit options but also lenders who can better manage risk and improve their lending portfolio’s quality.

With the current technology available, it’s probably already possible. Why it’s not is because the truly talented AI specialists aim to work in leading AI tech companies like OpenAI. And ones that also understand the intricacies of lending and risk are even rarer.

Also Read: How embedded lending will drive healthy growth in credit in Indonesia

But to effectively integrate AI technologies into lending services, we need professionals who can navigate the nuances of risk management. So it might be a case that the resources that can execute still for a long time will be occupied with solving problems in other fields.

Another significant benefit of generative AI in embedded lending is its ability to integrate unique platform data into credit models. With the vast amount of platform data available from social media, e-commerce, and ride-sharing platforms, generative AI can analyse and develop credit models tailored to specific platform data.

This leads to more accurate risk assessments, improved risk management, and higher customer satisfaction. This has been already happening for the past few years and is not getting advanced latest developments in generative AI, rather just good old statistics (which is cooler to call AI lately).

Generative AI in embedded lending can also help address issues of bias and discrimination in lending. Traditional lending models have been criticised for being biased towards certain demographics, such as race or gender, resulting in unfair lending practices. By using generative AI to analyse a broader range of data points and factors, lenders can create more accurate and fairer credit models.

Furthermore, generative AI can help identify any patterns of bias in lending data, allowing lenders to adjust their models accordingly and ensure fairness in their lending practices. As AI technology continues to advance, we can expect to see even more innovative ways of using it to create a more equitable lending landscape for everyone.

Final thoughts

The latest developments in generative AI will bring some significant developments to the lending industry. It holds the potential to make embedded lending especially even more personalised than it already is. Some improvements have already been happening, some will come later, for us all it’ll be a great show of what’s possible.

–

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

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

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Jeffrey Liu is Co-Founder of Jenfi, a fintech company that helps digital native businesses in Asia accelerate their sales velocity through revenue-based financing.

With a solid operational and financial background, he previously co-founded and served as the CEO of GuavaPass and headed corporate development at BeachMint, where he spearheaded its merger with Lucky Magazine.

Before that, he worked in finance as an investment associate at a multi-billion-dollar hedge fund in Chicago and as an investment banking analyst at Lehman Brothers.

Liu holds an MBA from the University of Chicago Booth School of Business and a BS in Industrial Engineering and Economics from Northwestern University.

He regularly contributes articles for e27 (you can read his thought leadership articles here).

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

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

We help online businesses save and grow money as a piggy bank does for you. Sometimes, a company needs more money to do new things, like buying more toys or hiring more people to help them make toys.

That’s where we come in. At Jenfi, we give them the money they need to do these things, and they can pay us back later when they have more money.

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

I have had the opportunity to create two very distinct businesses from scratch.

The first was GuavaPass, which helped people find and enjoy fitness classes. We scaled the business across 12 markets and eventually sold the company to another fitness company called ClassPass.

Now, I’m working on a new business. Jenfi helps digital companies grow by giving them money to help their business grow faster. Our type of service is called revenue-based financing, and we are one of the first companies in Southeast Asia to offer this.

Also Read: We can always earn money, but we can never bring back our youth: Justin Chin of e27

One of the most complex parts of my job at Jenfi is convincing others that our ideas are great. We need to convince new customers to work with us, investors to give us money, and job candidates to join our team. 

But the most important person I need to sell to is myself. I remind myself every day to work hard and do my best.

How do you envision the next five years at Jenfi?

I am excited for the journey that lies ahead in the next five years. While we have made significant progress in building Jenfi, there is still much potential to explore and uncover. 

With the right team in place, I am confident we can continue expanding into new markets and strengthening our presence in existing ones, like Singapore and Vietnam.

We aim to impact various companies, including e-commerce, SaaS, marketplace sellers, and consumer-tech startups. I am dedicated to nurturing our team’s talents and capabilities, which will be crucial to our success as we move forward.

What are some of your favourite work tools?

Slack has always been one of my favourites because of its versatility. With Slack, I can have serious discussions and casual chats with my team, share files seamlessly and even have quick video or voice calls when needed. It’s an all-in-one platform that makes collaborating and staying connected with my team effortless.

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

What might surprise you is that I have lived in five different countries! I have spent time in Hong Kong, the Philippines, Singapore, Taiwan, and the US.

Moving around so much has allowed me to see and experience different cultures and learn more about how people live their lives. It’s helped me become more open-minded and better understand how people see the world around us.

Do you prefer WFH or WFO, or hybrid?

I prefer a hybrid approach to work, meaning I get to spend some days in the office and other days working from home. 

There are benefits to both arrangements.

Working from home can be great because you have more flexibility and can spend more time with your family. But being in the office can help you collaborate with colleagues, get things done quickly, and feel like you are part of a team.

At the same time, I also believe it’s essential to have some non-work-related social events where everyone can get together and have fun. This can help boost morale and strengthen the relationships between team members, which is essential no matter how much time we spend in the office or at home.

What would you tell your younger self?

If I could go back and talk to my younger self, I would give two pieces of advice.

Also Read: The journey is as enjoyable as the destination: Adrian Chng of Fintonia Group

First, I would tell myself not to be too hard on myself. Everyone makes mistakes, and it’s essential to learn from them and keep moving forward. Being self-critical can be counterproductive and cause unnecessary stress.

Second, I would encourage myself to make work-life balance a priority. When you’re young and starting your career, it’s easy to get caught up in work and put everything else on hold. But it’s important to take care of yourself and make time for the things that matter most, like family, friends, and hobbies. It’s all about finding a healthy balance that allows you to pursue your goals while enjoying life outside of work.

Can you describe yourself in three words?

Adaptable, curious, and proactive.

Adaptable because I can quickly adjust to new situations and challenges, and I’m always looking for ways to improve and learn from my experiences.

Curious because I love to ask questions, explore new ideas, and gain a deeper understanding of the world around me.

And finally, proactive because I take the initiative and strive to make things happen rather than waiting for opportunities to come to me.

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

You will probably find me working out and trying to stay active.

My younger self constantly reminds me that I’m not as fit as I used to be! Exercise is a great way to relieve stress and stay focused. Whether I’m at the gym, going for a run, or playing sports, I always feel more energised and refreshed after a good workout. Plus, it helps me stay disciplined and focused in other areas of my life.

What are you currently reading/listening to/ watching?

I recently pre-ordered the book What’s Our Problem? by one of my favourite writers, known for creating thought-provoking content on Wait But Why.

He recently re-emerged after many years and released this book this month, which I’m excited to dive into. He has a unique talent for breaking down complex ideas into simple, bite-sized thought pieces, and I’m always amazed by the insights he offers.

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During one of his trips to Bangkok, Samir Cherro had trouble finding good hairdressers. It ignited a spark in him.

“This experience led me to think about creating a platform to help people like me easily find and book appointments with quality service providers,” says Cherro.

GoWabi was launched in 2016 by Cherro (CEO), Vadim Eremeev (CTO), and Wipawee Wongsirisak (Chief Commercial Officer). Cherro previously headed Lazada Philippines, Indonesia, and Thailand, while Eremeev worked at Deal.com.sg (acquired by Catcha Group). Wongsirisak earlier held the account management and sales role at Zalora.

Also Read: Thai beauty e-commerce firm Konvy bags US$10M from Insignia Ventures

Soon after launching the platform called GoWabi, the trio noticed many female users were booking barbers through it. Initially, this surprised them since its barbers were not used to servicing female customers.

It led them to realise that there was a more significant problem in the health and wellness services market and that they needed to expand the offerings to address it. So they added more offerings to the platform.

“We also saw similar successful models in the West. Adapting these models to Southeast Asia would help us tap into the region’s growing demand for digital services. This realisation helped us focus on building a platform that would enable users to quickly discover, compare, and book a wide range of health and wellness services, including haircuts, massages, and beauty treatments,” Cherro explains.

In a nutshell, GoWabi is a SaaS platform and a marketplace that connects beauty, health, and wellness providers with potential customers. The app enables providers to easily list and promote their services, manage their calendars, and gather online reviews — all while offering a comprehensive CRM and POS solution.

“Our USP is that we allow our partners to manage their business from one platform, including a calendar management system for real-time availability, a CRM system to store customer info and history, and a POS system to manage sales and accounting,” Cherro shares.

At the same time, users can discover, read reviews, view prices, and book services through its app and earn cashback through the loyalty programme.

The startup also offers marketing support to its partners through its marketplace and GoWabi Ads. In addition, its integration with third-party platforms, such as Google Maps and LINE Messenger, and online shopping platforms, such as Lazada and Shopee, allows its partners to increase their visibility and easily manage bookings from multiple channels.

“Our e-voucher and redemption systems minimise the risk of no-shows and fraud for both shops and customers,” Cherro says further. For users, the B2C GoWabi app provides over half a million verified reviews with photos and upvotes, along with discounts and cashback on each transaction. “In summary, our unique suite of tools, integration with multiple channels, and comprehensive e-voucher and redemption systems make GoWabi stand out in the market.”

The opportunity for Gowabi is substantial, with over 30,000 beauty, health and wellness providers in Thailand alone. The market size in Southeast Asia is estimated at around US$16.3 billion, with a projected annual growth rate of 6.5 per cent. Indonesia and Vietnam have about 35,000 service providers.

The COVID-19 pandemic was a challenging time for GoWabi, he admits. “The pandemic significantly impacted our business, as it did for many others in the industry. Due to government regulations and safety concerns, most of our service providers had to be closed down, temporarily affecting our revenue.”

However, the company quickly adapted and implemented new strategies to manage the situation. To support its partners, it presold e-vouchers and provided short-term loans to help them with their cash flow.

“Additionally, we turned our empty clinics into COVID-19 test centres with drive-through services at more affordable rates. We also partnered with hospitals to sell vaccines,” he shares. “Post-pandemic, we have seen significant growth in the market as people are now more focused on their health and wellness.”

GoWabi’s main rivals in Thailand are ClassPass, which primarily focuses on the fitness category, and Klook, a travel platform that also provides health and beauty services. Globally, Booksy, Fresha, and Vagaro are the key players.

“We plan to expand to other markets in Southeast Asia,” he says. Before the pandemic, the company had expanded to Indonesia, but unfortunately, it had to close down operations due to the pandemic. “However, with our recent funding, we are now in the process of expanding again and plan to explore other markets in Southeast Asia.”

In October 2022, the startup raised US$5 million in a Series A investment round led by PTT OR. The money is being used to develop its SaaS solution further and expand its reach in Thailand and the regions.

Also Read: Thai oil firm OR, 500 TukTuks launch US$50M mobility and lifestyle fund ORZON Ventures

It is now expanding its SaaS and marketplace combination in Thailand and Southeast Asia. GoWabi has also ventured into home services, such as home massages.

Additionally, it recently launched a membership programme called ‘Spa Pass’, which allows users to purchase a 5-day spa pass and select any shop that has joined the program to receive a service every day.

“Our ultimate goal is to become the go-to platform for all health and wellness services in Southeast Asia,” Cherro concludes.

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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 Thai startup GoWabi aims to be the go-to platform for all health and wellness services in SEA appeared first on e27.

A recent report by DealStreetAsia and Enterprise SG revealed that, despite the slowdown, Singapore continued to dominate equity funding in Southeast Asia (SEA) throughout 2022. It topped the position with 56.3 per cent of deal volume, followed by Indonesia at 22.4 per cent.

This is certainly good news for startups in these countries, but it also leads to another pressing question: How about the rest?

For startups that are based in SEA countries apart from Singapore and Indonesia, this might feel like a double attack. In addition to figuring out how to build a sustainable business, they also have to deal with the concern that there are not as many funding opportunities available for them.

This is why e27 reaches out to four startups in Malaysia and Thailand to understand how they plan to deal with this situation. We learn about the milestones that these companies have achieved, the strategies that they use to seize opportunities, and the next big thing that they want to achieve.

Here is the edited excerpt of the interviews.

Ryuji Wolf, CFO, Sunday, Thailand

Despite having all its shareholders based in Singapore, insurtech company Sunday started out in Thailand in 2017 before expanding to Indonesia last year. The company focuses on key insurance verticals: Health (being the company’s largest focus, Sunday mostly caters corporations), auto (particularly EVs), and gadgets (as the company is an official insurance partner of telco giant dtac).

Also Read: Thai startup GoWabi aims to be the go-to platform for all health and wellness services in SEA

“hese segments are where we are very focused on even though the markets are challenging right across the board. These are verticals that have continued to grow quite meaningfully,” he explains. “Particularly on the health side, if anything, from our perspective, COVID-19 has only increased awareness right around health insurance. So, we have many corporate clients that are coming to us, and they’ve never had employee benefits or health insurance for their employees before.”

Sunday credits their ability to survive through the challenging time to their timely Series B funding round.

“Some companies are better positioned than others. Now, we did our Series B towards the end of 2021. So, I think we were pretty well-positioned. This was before the markets really started to dry up. A lot of the companies that were able to access the markets before 2022 are probably better positioned through 2022 and going into 2023,” he says.

Wolf also shares the things that the company has done differently.

“What we’re doing now is … taking a step back or two and looking at our business, each of our operations, each of our entities across the two markets that we are operating in (Thailand, Indonesia). I think we’re being a lot more diligent, thoughtful, and strategic in terms of how we deploy our capital. The great thing is that in the underlying market that we operate in, it’s just continuing to grow,” he explains.

“This is an ongoing exercise that we do and I would hope many companies are doing this as well: Looking at your capital base and identifying ways to further extend the longevity of that capital base. So, what that means is just the continued exercise of optimising your operation. I’m not saying it’s cutting people or getting rid of some of your talent. At Sunday, we haven’t gone through that at all, and we don’t have any plans to get rid of our talent.”

Sharala Devi Balakrishnan, CEO, Center of Applied Data Science (CADS), Malaysia

According to Balakrishnan, the recession is a trying time for entrepreneurs as it can impact businesses in several ways. On the other hand, she also stated that digital business transformation activities have boomed over the years and accelerated even further with the recent pandemic.

Also Read: How GHARAGE leverages resources of its German parent to help Asian startups expand into Europe

“The good news is CADS.AI has been at the forefront of driving digital transformation and accelerated enterprises into Data-Driven Organizations by empowering data-driven decision making, expanding workforce data literacy and enhancing analytics for hiring. While the CADS AI platform can be a valuable tool for businesses during tough economic times, it’s important to note that raising funds for tech companies like CADS is challenging during a recession. Investors are more cautious and averse to investing during uncertain economic downturns,” she says.

“As an entrepreneur, we seek out new funding sources or capital to keep our businesses afloat during a recession. This includes reaching out to investors, exploring government funding programmes, or considering alternative financing options.”

Balakrishnan says that having a strong management team is particularly important. “The CEO ensures the company’s financial health, identifies new growth opportunities and builds relationships with investors and stakeholders. The day-to-day operations and building of the platform must continue without interruption. While they are busy building the business, I am focused on securing funding and participating in programs like 100 Soonicorns to accelerate the company’s growth.”

What opportunities do they plan to seize this year?

“Many tech companies have been forced to make difficult decisions, including laying off employees. In some cases, these layoffs have been significant, with some companies letting go of 10% or more of their workforce,” she says.

“With Asia’s two billion workforces, there is a tremendous opportunity for the CADS AI platform, a SaaS solution, to create a data-literate workforce in this region. Skill mobility and data literacy are two key trends expected to shape the future of the workplace in 2023 and beyond. According to a study by LinkedIn, data-related skills are in high demand, and workers with these skills have an 87 per cent chance of being employed and retaining their jobs in the company. Organisations prioritising skills mobility and data literacy will be better positioned to attract and retain top talent and remain competitive in a rapidly changing business environment.”

Also Read: These 15 startups might just be part of this year’s TOP100

Kuna Kathigesan, Group CEO of the Commerce.Asia Group of Companies, Malaysia

Kathigesan dubs the pandemic as a “shot-in-the-arm” for both the e-commerce industry and the Commerce.Asia Group of Companies.

“Our Commerce.Asia Group, in turn, successfully rode on the e-commerce trend of it becoming mainstream and capitalised on the upward trajectory. Today, we believe that ‘the sky’s the limit’ which is why we are hiring aggressively, investing in R&D and also collaborating with our sibling group Netccentric-Nuffnang for growth marketing, so that we realise another record breaking year for Commerce.Asia. In 2021, we posted group gross merchandise volume (GMV) of US$1.5 billion (MYR6.7 billion) throughout Malaysia, Thailand, and Vietnam through more than over 92,000 active sellers,” he details.

“The reality is that, today, consumers have become more discerning. They are more focused and cautious when buying now, mainly due to being less dependent on online sales unlike during pandemic. Most of them are already working from office and most of consumer products can be bought while they are back from work, or when out shopping with their families. Furthermore, being ‘locked up’ for two years has its psychological impact. People just want to go out and buy their stuff and also window shop. This could be impulsive. In other words, ‘revenge shopping’ has emerged in a big way.”

He predicts that in essence, the growth of online sales will start picking up somewhere in H2 2023, “since we can see month-on-month growth of online sales has started picking up. We saw some categories had a significant drop during the pandemic but is now regaining its momentum.”

When speaking about the strategies that the company is using to seize opportunities during this situation, Kathigesan highlights Commerce.Asia’s ‘end-to-end’ e-commerce ecosystem and how it works with each other.

“With the latest digital innovations and technologies, I also aim to take Commerce.Asia to the next level such as through Web 3.0 and blockchain technologies,” he says.

“And with Tik Tok and Social Commerce growing among Gen Z, Commerce.Asia is also in a position of strength through Nuffnang Live Commerce with its 20,000 active influencers. This enables our joint venture with the Nuffnang Group to enable fully integrated and seamless end-to-end live commerce experiences with their experience and strength of social influencer and content marketing. This platform is API integrated with Facebook and Tik Tok to provide a seamless user interface from live video production and streaming to automated order management, online payment and fulfilment.”

Also Read: Successful business models for tech startups in Southeast Asia

It is also working closely with governmental and non-governmental agencies to achieve its goal and agenda.

“The support given by agencies such as MDEC so far is truly overwhelming and we look forward to working longer and closely with them. Not to forget other agencies that we are exploring partnerships and collaborating as well – locally and across the region,” he says.

He also shares more details of the company’s plan for 2023.

“At our end, we are aiming to help them expand their businesses and digital growth to other SEA countries so that our customers continue to grow their businesses regionally and not only confined to the local market while also enabling them with omnichannel capabilities.

We are also fortunate that the Executive Chairman and majority shareholder of Commerce.Asia is Ganesh Kumar Bangah, synonymous with being one of Malaysia’s and the region’s leading ‘serial entrepreneurs’. As a result, we have nurtured a ‘culture of innovation’ within our group – which is why we would continue innovating to help our customers – our ourselves – realise our fullest potential. This includes implementing the latest technologies such as robotics, artificial intelligence, machine learning, advanced analytics and to continue leveraging and capitalising on popular consumer platforms such as TikTok, Facebook, Instagram and others.”

The company also plans to grow its payment gateway (Commerce Asia Payment) and leverage the 20,000 influencers in its network to promote clients’ products.

Also Read: Successful business models for tech startups in Southeast Asia

Keong Chun Chieh, CEO, Ominent Sdn Bhd, Malaysia

Keong Chun Chieh explains IGL Coatings as a brand to a young company that is committed to making a positive impact on the environment and society via our focus on environmental, social and governance principles.

“Our innovative nanotech-based surface modifier coatings for automotive care are designed to not only enhance the aesthetics of vehicles but also reduce their environmental impact by increasing their efficiency and durability,” he says.

For the company, the recession has decreased demands for luxury and non-essential goods, which sadly includes automotive care products.

“This has led to a decrease in sales and revenue for IGL Coatings. In addition to this, supply chain disruption due to the crisis in Ukraine resulted in longer lead times and higher costs for raw materials. These factors have negatively impacted the growth of IGL Coatings,” he explains.

But the CEO is optimistic that the situation will get better.

“When the economic situation is gloomy, the best thing to do is to focus on our foundation and increase collaboration. IGL Coatings will do this by increasing focus on our R&D work to expand into new verticals, improve cost efficiency and explore potential partnerships and collaborations with other companies,” he says.

“During a recession, it is crucial to reach and seek support by asking for help when needed, this is why I decided to participate in the 100 Soonicorns Programs to allow me to learn from peers and challenge my strategy.”

Also Read: Brand new days: How startups can approach growth in a post-pandemic world

What opportunities do they plan to seize this year?

“At IGL Coatings, we strive to expand into new verticals through our focus on R&D. We are proud to announce our exploration into the anti-corrosion market, leveraging our expertise in nanotechnology and dedication to sustainability and ESG principles. The anti-corrosion industry is a rapidly growing market, valued at approximately US$28.7 billion. With our unique nanotech coating, Ecoclear Aegis, we can offer an effective solution for preventing and mitigating corrosion on various surfaces, including metal and concrete. One of our early adopters, Favelle Favco, is among the world’s largest tower crane builders,” he says.

“We are confident that our expansion into the anti-corrosion market will not only contribute to our company’s growth but also create a more sustainable corrosion-resistant world.”

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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: peopleimages12

The post Beyond Singapore and Indonesia, SEA startups are working their way out of global crises appeared first on e27.