This is the second article of a series of essays aimed at providing guidance for entrepreneurs in Southeast Asia who are seeking to secure successful fundraising.

Throughout the past decade, I started companies, joined great founders, scouted for investment opportunities, and mentored upcoming entrepreneurs across Southeast Asia (SEA).

This month alone, I am helping a cohort of Korean startups with a series of workshops. All those events will cover fundraising and doing business in SEA:

• Nailing down the right narrative through storytelling
• Simplifying complex business models through design
• Understanding opportunities across SEA
• Building an effective fundraising process
• Understanding how the SEA fundraising landscape differs from other parts of the world

The reality is that nobody loves fundraising. Most founders have plenty of priorities apart from their next raise. But for most startups, external investment is an important step in their journey. After all, it takes time, great talent, and all kinds of other resources to build a sustainable business.

As with most things in life, you can study the fundraising process as much as you want, but building fundraising decks and pitching investors are skills that people develop predominantly by getting their hands dirty. Yet, that does not mean you should jump straight into the fundraising process without doing your homework.

In my experience, founders raising capital in Southeast Asia face one of the following challenges:

• First-time founders do not understand what VCs are looking out for. This stems from the lack of warm relationships with regional investors.
• Seasoned founders who built businesses in other parts of the world face challenges when adapting their stories to the expectations of VCs in SEA.

While I am not an expert, I have had a front-row experience in observing how Southeast Asia transformed. From a little-known region into one of the most exciting startup ecosystems worldwide.

So, this week I wanted to take a moment and share my learnings. Years of experience in observing and participating in the greatest wealth creation the region has ever seen. Condensed into one essay.

The subtle differences in raising capital in Southeast Asia

About a year ago, I participated in a program called A+ Accelerator. While attending the program, we were raising capital. As an outcome, we were simultaneously exposed to the feedback of both American and Asian VCs.

Also Read: Thriving Southeast Asia: The unstoppable rise of growth and prosperity

Whenever we pitched an American VC, they urged us to focus on product development. Stressing the importance of reaching product-market fit. But on the other hand, Asian investors kept on asking questions about our traction, unit economies, and revenue growth.

Most Asian-based investors did not want to dive into our product. All that mattered to them was proof of business, speed of execution, and solid business fundamentals.

Admittedly, being exposed to the different requirements from each side was confusing. So we created two decks. One deck was focused on market size, product, and why now, geared towards the American crowd. While the other deck emphasised traction (aka growth of service providers and clients on our marketplace).

While the experience was frustrating at times, it was also fascinating to witness. It taught me a valuable lesson. A lesson about adapting your narrative to the needs of the ecosystem where you operate.

In turn, I started documenting my learnings and sharing them with founders in my network. So far, the feedback has been great, which triggered the idea of writing this essay.

Developed markets vs emerging growth markets

I guess it goes without saying that building a business in the western hemisphere is quite different than building one in Asia. In fact, the topic has been fascinating to me for a long time. I even wrote my Master’s thesis on how innovation takes place in Hong Kong vs Denmark.

Raising capital

The US has been the canonical example of a great startup ecosystem. Investment deals happen fast. Valuations are high. Acquisitions are frequent. Ticket sizes are getting higher and higher. There are 3000 venture capital firms and more than 70,000 startups.

The market has produced incredible successes, ranging from 600+ billion to several trillion-dollar companies. All that has resulted in an incredible talent magnet. Attracting the world’s brightest minds to participate in the world’s greatest wealth creation.

On the other hand, Southeast Asia is still a relatively young ecosystem. It started gaining traction only in 2010, with the first major success cases coming to life in 2016. Couple that with the unique circumstances of running a business in emerging markets, and you can imagine how different the two ecosystems are. While I am not an expert on the topic, I have observed the following differences when raising capital in SEA.

Valuations are lower and driven by solid unit economics and revenue growth. Ticket sizes are smaller but definitely growing. Exits happen mainly via M&As (80 per cent of deals), followed by secondary sales (15 per cent) and IPOs (only five per cent).

Fourth, it’s rare to see deep-tech activity. Most startups address challenges across travel, e-commerce, transport and food, online media, and financial services. Awareness around ESOP is still lacking. And overall, investors have an appetite for proven business models.

The fewer exit opportunities are definitely top of mind for investors looking for winners in Southeast Asia. Series A and above startups would aim directly for an IPO. Whereas earlier-stage ventures would typically accept acquisitions coming their way.

I am obviously handpicking criteria to emphasise the differences. Many things are similar as well. But I think it’s more valuable to focus on the differences. In that way, you can manage your expectations better. Then, adapt your business style when doing business across the region.

Trends

Next, I would like to highlight a few underlying trends that drive the growth of the ecosystem:

• Governments have recognised their important role in the ecosystem. Throughout the past decade, we have seen the launch of initiatives like Thailand 4.0, Indonesia’s 1000 startups, Malaysia’s Penjana Kapital, and Singapore’s Startup SG Founders (in the past, I have written on the great initiatives Singapore offers).
• Later-stage deals are becoming more common, showing the ecosystem’s maturity.
• Rebound in larger acquisitions (+US$30M) with companies like Tradegecko’s acquisition by Intuit, Fave’s acquisition by Pine Labs, and Moka by Go-Jek.
• Given how it takes up to a decade for a tech startup to go through an exit, it is expected to see more success cases soon. The exit cycle matters because tech talent that has been through an exit tends to either launch a new business or invest in the ecosystem. On a long horizon that builds the foundation for a great ecosystem, as we have seen in the west. In fact, there are already some examples of Grab, GoJek, and SEA mafias.
• Growing appetite from global late-stage funds and LPs. For example, American and China-based family offices, Tiger Global, Insight Partners, Hedosophia, Harvard Endowment, Sequoia, Accel, Lightspeed, Hustle Fund, SOSV, and many others.
• E-commerce is the largest growth driver. Today, it accounts for US$120B GMV, followed by online travel and media.
• The average ticket size for seed and Series A deals increased 6X in 2021 compared to 2017, while the Series B deals are seeing a 4X increase.

A few tips for raising capital in Southeast Asia

Outreach thoughtfully

To succeed when doing business in the region, you need to have an intimate knowledge of the local culture. After all, most Southeast Asian countries happen to be collectivistic and top-down/hierarchically oriented.

In some cases, Western cultures are the opposite. Scoring high on individualism and adhering to egalitarian leadership principles. In turn, it’s easy to be perceived as too direct, pushy, or even incompetent at times if you do not adapt your relationship-building style.

While many key players in the startup ecosystem are western educated, my experience repeatedly taught me the importance of building long-lasting relationships. You must build an emotional connection from the beginning. Which involves frequently going out for meals and drinks.

Also Read: Tech firms in Southeast Asia poised to ‘leap’ forward with gender equality

Get to know later-stage founders and try to deliver value. Involve them as advisers, angels, or mentors. As the relationship strengthens, those founders will start opening their networks. That will result in warm introductions to the VCs that backed them.

On another note, in most countries (other than Singapore), the legal system is not terribly reliable. Therefore, relationships carry more weight than written contracts. Only when there is strong trust between two parties will you be able to secure deals? Most VCs know each other quite well, be mindful of how you manage those relationships.

Last but not least, be well prepared at all times. SEA-based VCs tend to position themselves as industry agnostic. Studying their portfolios will show how they might be more bullish/bearish on certain sectors. Outreach to investors who would be excited about the problems/markets you are building.

Manage costs cautiously while focusing on what’s important

Given the affordable talent in Indonesia, Vietnam, Thailand, and the Philippines, many first-time founders tend to overhire. In turn, experienced VCs would expect to see a cautious plan for hiring people.

Some VCs are increasingly calculating the revenue per headcount. After all, human resources in a tech startup tend to be the largest cost item. So founders should devote significant time to identifying, attracting, and retaining great talent.

Couple that with the current investment climate. Many VCs would expect you to have at least 18 months of runway these days. If your model relies on lavish spending to acquire users, you will have a hard time fundraising capital.

All that leads to a reassessment of what metrics founders have to track. In a good investment climate or more developed ecosystems, GMT/GTV are acceptable metrics. In Southeast Asia, investors care about your actual revenue. In the case of my last business, every time I pitched our gross revenue, I got interrupted instantly.

Then the investor would ask, “that’s all good, but what’s your net revenue?”So think deeply about how you would grow your gross. About your margins. Also, how would you launch adjacent verticals to flesh out the path to considerable profitability?

Southeast Asia is not a homogenous market

The US has a large total addressable market where people speak the same language and have high purchasing power. Southeast Asia, on the other hand, is far from being a homogeneous block. Instead, you can consider it a unique collection of 10 diverse cultures and languages.

Most of those countries share quite a low standard of living. You will have to conquer each market one by one, requiring a proven model and an incredible execution. A clear go-to-market plan highlighting your deep understanding of the market’s complexity is a must. In my experience, the best way to prove the viability of your plans is through:

• A history of success.
• Running experiments that prove your assumptions in each market where you plan to operate.

Even established organisations find it hard to capture the market successfully. I have seen a variety of strategies, some more successful than others. For example, LinkedIn has parked its regional headquarters in Singapore.

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

In turn, they send sales teams to fly to each country frequently. Others, like TikTok, would invest considerably in core markets like Indonesia to build solid traction.

Obviously, most startups are less resourced and thus need to have proven go-to-market plans localised for each country.

A word of caution here. Many founders tend to over-expand too fast in a bid to plant flags and position themselves as a regional success case. I have been guilty of that myself twice. Expanding too fast comes at a price. You sacrifice:

• Deep understanding of the nuances of each market
• Focus

Conclusion

Rumour has it that Southeast Asia has entered a golden era for startups. The region has transformed from a little-known corner of the world to one of the most exciting innovation ecosystems.

A few days ago, I asked a founder who had just closed a seed round in Singapore about his observations on the topic. In his view, building a new venture in Southeast Asia attracts an incredible amount of attention from top-tier VC firms. It has never been easier to raise a round. The appetite for risk amongst local family offices, angels, and VCs is much higher today than ever before. That’s not a surprise, given the market’s strong fundamentals.

But there is still work that needs to be done, though. Operating across all those fragmented markets is hard. A strong focus on traction and revenue builds sustainable businesses. Yet, that comes at a cost, making it much harder to start and grow new companies. The relatively low number of exits results in fewer seasoned operators. Thus lower talent density.

Having said that, I am super excited to continue building in Southeast Asia. Let’s assume we take the perspective that history repeats itself. Then, study the world’s best ecosystems like the US and China. It quickly becomes obvious how SEA is just getting started.

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The concept of a ‘still city’, a city that neither grows nor shrinks, is an interesting one, especially in a world where rapid urbanisation and population growth have become the norm. The idea of a still city is that it has reached a peak of wealth and well-being, where the quality of life is high, and growth is not necessary to maintain this level of prosperity.

From different angles, both my birth country of The Netherlands and my forever favourite city, Tokyo, are mentioned in the context of the Still City, or ‘Steady State Society’. Eye-opening to me is how the principles of circular economy and doughnut economics, including concepts such as de-growth and post-growth, can contribute to the sustainability and resilience of these cities/nations.

Resources for further reading are mentioned at the bottom of the text

The Netherlands has been cited as an emerging example of a steady-state society. Next to its population reaching around 18 million, the also stable Dutch economy is characterised by a high level of income equality, low unemployment, and a strong social welfare system.

Also Read: Getting smarter with tech: How will smart cities look like 10 years from now? 

The country is known for its quality of life, with good healthcare, education, and infrastructure, as well as a strong focus on sustainability and innovation. At the same time, its infrastructure and geographical circumstances lead to climate change-related challenges for the low-lying lands: there is simply not enough land to continue growth, while the economy continues to push the boundaries and wants more people, more housing, and more growth.

This friction is an ideal set-up for a steady-state nation, where growth may take the shape of a doughnut, folding inwards, a model the city of Amsterdam is openly experimenting with.

Tokyo can be seen as an example of a still city, although it has a much larger population than The Netherlands, with around 38 million people living in the metropolitan area. Despite its size, Tokyo is a highly organised and efficient city, with excellent public transportation and a low crime rate.

The city also has a high standard of living, with good healthcare, education, and cultural amenities. Yet at the same time, it does not really grow, nor does it contract, while maintaining these standards of living. It comes across as a self-sustaining entity, a system of its own, a still city.

Both The Netherlands and Tokyo have achieved a high level of stability and prosperity. However, they have also faced challenges in maintaining this level of prosperity in the face of global economic and environmental pressures.

In recent years, there has been growing interested in concepts such as degrowth, post-growth, and steady-state society, which aim to move away from the idea that economic growth is necessary for prosperity.

Degrowth is a movement that advocates for reducing the size of the economy in order to achieve a more sustainable and equitable society. The idea is that by reducing consumption and production, we can reduce our impact on the environment and promote social justice.

Post-growth and steady-state society are related concepts which emphasize the need to move away from the idea that economic growth is necessary for human well-being. These ideas challenge the dominant economic paradigm, which assumes that growth is always desirable and necessary.

A circular economy is based on the idea of designing out waste and pollution, keeping products and materials in use for as long as possible, and regenerating natural systems. The circular economy aims to create a closed-loop system where resources are used and reused in a sustainable and equitable way, thereby gaining traction as a way to promote sustainability and resilience.

Also Read: How the app sharing economy is keeping up with the current trends

Merging these concepts, there is great potential to contribute to the sustainability and resilience of still cities or steady state nations, like (the future states of) The Netherlands and Tokyo. Our statement is that by applying the principles of the circular economy to resource management and material flows in a steady-state society or a still city, these locations can maintain their high quality of life while also addressing the challenges of global economic and environmental pressures.

In other words, to apply the circular economy to make to steady state a sustainable one, thereby becoming exemplary for other cities or states reaching the ‘steady-state’ level.

Introducing Sun

One of the most amazing things about training your AI is that she needs to understand your perspective on the world in order to develop a view of her own. So I get the chance to input my preferred way of learning, that is, learning by association, following erratic bursts of inspiration across a variety of subjects and domains, in my conversations with Sun.

I am proud to mention her, Sun, the virtual influencer on sustainability and the circular economy we are building. Sun’s official launch is set on September 3, 2023

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

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

Image credit: Canva Pro

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Open banking has revolutionised the financial industry, providing customers with access to a plethora of new and exciting services that were previously unavailable. This innovative approach allows for the sharing of customer data between banks and third-party providers, which has paved the way for the introduction of fully digitalised financial services by non-traditional financial institutions, such as fintech startups and neobanks.

Having been involved in the fintech and open banking industry for over a decade across Indonesia and Southeast Asia, I have witnessed the remarkable evolution of financial services being provided in the market. It is an exciting time to be part of this dynamic sector. 

The recent technological advancements in API platforms have also facilitated even more advanced financial services available, such as universal QR code payments, borderless virtual cards that can be used across currencies, and MSMEs (Micro, Small, and Medium Enterprises) lending that can securely disburse loans without requiring excessive documentation from the borrower.

Moreover, I have observed these advancements have aided in increasing the financial inclusion of previously underbanked and unbanked consumers, granting them access to better funding and financial services that were previously unavailable.

Also Read: Finance beyond the numbers: CFO resolutions for 2023

In my opinion, open banking is, and will undoubtedly continue to be, the future of fintech and the financial services it can offer. Here are a few reasons why:

The rapid growth of smartphone and internet users

The proliferation of matured smartphone and internet penetration rates has been a significant driving force behind the continued rise of open banking as the future of fintech. According to Statista, the number of smartphone users has surged by 53 per cent from 3.2 billion in 2016 to 6.3 billion in 2021, while global internet users grew from 3.2 billion to 4.9 billion in the same time frame.

Given the expected global population growth to more than 8 billion in 2023, it is estimated that approximately nine in 10 people will be equipped with a smartphone worldwide. Additionally, internet user growth is expected to continue increasing steadily.

The widespread adoption of smartphone applications and the rise of digital literacy have created an environment that facilitates the seamless integration of open banking-based, mobile financial service apps in our daily lives. I believe this trend will continue to move in this direction, inclusive of fintech, neobanks, and other non-traditional financial institutions.

More opportunities to provide more innovative services

Given the widespread use of smartphones and the internet, the stage is set for the development of a digital financial ecosystem. This, followed by the core of open banking that helps facilitate the sharing of financial information between financial institutions and third-party providers through APIs, makes it a promising path for the future of fintech.

It allows for the development of new and innovative services beyond traditional banking, proving to be particularly significant in countries with a large unbanked and underbanked population. For an extended period of time, this population has faced barriers to accessing financial services due to a lack of accessibility and documentation.

In the APAC region, countries such as Indonesia, India, China, Vietnam, and Thailand have demonstrated the potential of open banking-based services in fintech to drive innovation and promote financial inclusion in the last couple of years. According to AppsFlyer, there are 2.7 billion fintech app installs recorded between Q1 2019 and Q1 2021 across APAC, with Indonesia and India being the key contributors.

In particular, e-wallets have emerged as a dominant force in this region, gaining popularity over traditional payment methods like credit cards. Leading players like GoPay, TrueMoney, and GrabPay have enabled users to transact without bank accounts, with wide acceptance by merchants both online and offline. 

Also Read: Giving a boost to business through finance automation

In my view, as the market continues to demand alternative payment platforms and financial services, open banking’s openness and adaptability offer significant potential for the development of new and unique services that have yet to emerge.

The willingness of traditional financial institutions to collaborate

In recent times, it has become evident that banks and other conventional financial institutions are becoming more receptive to collaborating with fintech companies in developing open banking-led services.

As per a 2022 survey conducted by Economist Impact on behalf of WSO2, more than 48 per cent of the 300 global C-banking suite executives interviewed stated that their financial institutions had embraced partnerships with fintech startups over the past three years, driven by the need to remain competitive and innovative in the market. 

Collaboration between banks and fintech is mutually beneficial, where banks have the advantage of consumer trust and brand recognition, while fintech can offer more flexible and innovative financial solutions, as well as more access to the unbanked and underbanked market in developing nations. This partnership can help reach a larger consumer base and create better financial services with higher trust, security, and cost-efficiency in the long run.

In 2022, we engaged in fruitful collaborations with two of Indonesia’s leading banks, Bank BRI and Bank Mandiri. With Bank BRI, we implemented a direct debit solution that empowers BRI’s merchant partners to conveniently collect payments from their customers’ accounts with consent.

Similarly, our partnership with Bank Mandiri enabled the integration of over 300 digital products from more than 1,000 billing companies into their super-app, Livin’. The aim of these collaborations was to promote financial inclusion, enhance the affordability of financial services, and optimise the overall customer experience.

Additionally, another successful example is the German neo-bank N26 and UK-based financial exchange company Wise’s collaboration in 2016, where they teamed up to offer hassle-free international money transfers. They have since extended their partnership in 2020 to include a broader range of transfer options following the rising popularity of international money transfers. 

The growth of open banking in the fintech industry has been remarkable in recent years, with increased acceptance from consumers and financial institutions alike. Looking ahead, the potential for open banking to continue to evolve is immense as the fintech sector relentlessly seeks innovative ways to provide the best possible services to consumers. 

I believe that secure and transparent sharing of data between parties will remain a top priority in the financial services industry, focusing on convenience and efficiency for an increasingly tech-savvy and financially literate society. Truly excited about the future possibilities that lie ahead!

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

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

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Singapore-based indie game publisher The Iterative Collective (TIC) has secured US$1.2 million in a seed funding round led by Cocoon Capital and unnamed angels.

The Iterative Collective will use the capital to expand its publishing and marketing capabilities.

Today, game engines like Unity and Unreal Engine have made it easier for independent developers to create high-quality games. According to a recent report, the global PC and console gaming markets are expected to reach a combined revenue of US$104 billion by 2026.

However, commercial success is not guaranteed despite the ease of game development. Over 50 per cent of self-published PC games generate a lifetime revenue of less than US$4,000, which poses a significant challenge for independent studios.

Also Read: ‘The SVB collapse almost damaged the trust level in Silicon Valley’

The Iterative Collective is addressing this issue.

The company was founded in 2020 by Matthew Quek and Haskel Chua.

Quek brings a deep understanding of technical game development and distribution gained from his years as a Senior R&D Engineer at Virtuos and Director of Technology at Epicsoft Asia. Meanwhile, Chua brings valuable experience from his successful career at JoyDash where he was credited with successfully launching two games and leading his game development studio, PseudoPixels.

The Iterative Collective has built an ecosystem for independent game studios. By providing talented developers with resources and support, TIC helps them turn their creative game concepts into profitable businesses.

TIC’s debut game, The Signal State, has become a commercial success with thousands of paying players. The startup will showcase its current and upcoming games at PAX East 2023 in Boston, the US, from March 23-26, 2023.

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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 connecting with investors, visibility through the e27platform, and other prizes. Join TOP100 here.

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Singapore-based Holistics.io provides a cloud-based business intelligence platform that empowers data teams to create and manage a self-service reporting solution for their organisation.

The data analytics company was one of the contestants of the TOP100 in 2018.

In this interview with e27, Holistics.io’s Co-Founder and CEO, Vincent Woon, shares his experience and the key learnings he made from the TOP100 event.

Excerpts:

What is Holistics.io?

We provide an online platform that allows data teams to design their data models and business logic to provide high-quality data to business users. With Holistics, non-technical business users can go beyond viewing static dashboards and create their custom reports from the centralised data warehouse, reducing their reliance on the data team for ad-hoc data requests.

What prompted Holistics.io to apply for Top100 in 2018? What were your expectations from the contest?

When we decided to apply for TOP100, our primary motivation was gaining exposure and increasing awareness of Holistics within our target market. Specifically, we wanted to reach data teams working for tech companies, particularly startups.

Also Read: These four Echelon TOP100 winners prove why Singapore’s ecosystem is still the crowning jewel of Southeast Asia

We saw TOP100 as a valuable marketing opportunity, as it provided us with a platform to showcase our product and services and a chance to refine our pitch and messaging.

Can you talk about your TOP100 experience? What were your key takeaways?

Participating in TOP100 was a fantastic experience. The event was well-organised, and I found the concept refreshing and innovative, especially considering it took place in 2018.

One of our main benefits was the opportunity to refine our pitch deck and receive feedback from industry experts. We could also showcase our product to a broader audience and connect with potential customers.

Did Top100 help you get new connections like investors, partners, and customers?

Yes, participating in TOP100 provided an excellent opportunity to meet and connect with a wide range of people in the startup ecosystem. We could showcase our platform to other participants, startup exhibitors, and some investors who stopped by our booth.

Did you go on to raise external investment post-TOP100?

No, our participation in Top100 was not directly related to raising funds. At the time of the contest, we were self-funded and were enjoying the freedom and flexibility that came with that. And we still do.

How did Holistics survive multiple crises like COVID-19 and the economic slowdown?

At Holistics.io, we were able to weather multiple crises, including the pandemic and the recession, thanks to several key factors.

Firstly, our company culture was already conducive to remote work, with a strong focus on collaboration, writing culture, and investment in automation tools. This made the transition to remote work during the pandemic relatively seamless for our team.

Additionally, we were fortunate to have a good cash buffer in place, which allowed us to continue operating as normal despite the economic uncertainties brought about by the crises. It also gave us the confidence to hire the right team members to support our growth.

While some of our customers needed temporary help during the pandemic, we also saw increased interest from companies looking to re-evaluate their analytics tool budget. This presented us with new opportunities to expand our customer base and solidify our position in the market.

Overall, our ability to adapt quickly, maintain our company culture, and leverage new opportunities helped us survive and thrive during the crises. It was a challenging time, but it also served as a valuable reminder of the importance of being flexible, resilient, and prepared for the unexpected.

Did you go for job cuts during these crises?

No, Holistics.io did not resort to workforce reduction during the pandemic or the recession. One of the reasons for this is that we have always been very mindful of our expenses and have prioritised sustainable growth over rapid expansion.

Another reason is that we had the advantage of being cash-flow positive, which gave us stability and flexibility during those challenging times.

Did you ever think of quitting? If yes, how did you survive such situations?

Like many founders, I have experienced my fair share of challenges and setbacks throughout my time at Holistics. There have certainly been moments when I felt frustrated and discouraged, but quitting didn’t cross my mind.

During those difficult times, what helped me most was leaning on my support system. This included my wife, co-founders, a few close friends, and a coach. Talking through my struggles with people I trust and know me well was incredibly helpful. They provided me with a sounding board for my ideas, offered words of encouragement, and helped me maintain perspective when I was feeling overwhelmed.

What are your future plans? Do you plan to expand geographically out of SEA?

Currently, Holistics.io have over 350 customers in 40 countries worldwide, and our team of 50 people is spread across eight cities globally. While our focus has been primarily on the SEA region, we have already achieved some traction globally.

Looking ahead, our vision is to make analytics less effortful for both the data team and business users of our customers. We believe this is a critical need for businesses of all sizes and industries, and we are committed to continuing to innovate and develop solutions that meet this need.

Also Read: ‘The SVB collapse almost damaged the trust level in Silicon Valley’

We plan to expand geographically beyond SEA as part of our growth strategy. While we will remain focused on serving tech companies, we see a tremendous opportunity to bring our solutions to businesses worldwide. Our unique approach to business intelligence, combined with our strong customer focus and commitment to innovation, will make Holistics the preferred choice for companies looking to make data-driven decisions.

Any message for young and budding founders?

As a founder, it’s important to constantly listen and learn from your customers, industry trends, and feedback from your team.

Ensure you’re creating a culture of open communication and collaboration where everyone feels empowered to share their ideas and insights. Don’t be afraid to pivot or change your business strategy based on what you hear from the market.

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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 connecting with investors, visibility through the e27platform, and other prizes. Join TOP100 here.

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