The world of Web3 startups is constantly evolving, and it takes more than just a great idea to build a successful company. With so many moving parts, it can be overwhelming to figure out what components are necessary for a thriving Web3 startup. Get ready to unleash the secrets behind building a thriving Web3 startup!

What is Web3, and why it matters to startups?

Web3 startup is a term that has been gaining popularity in recent years. It refers to the next generation of web applications and services built on decentralised technologies such as blockchain. Unlike traditional Web2 startups, Web3 startups are focused on creating more open and transparent systems where users have greater control over their data and online identities.

Web3 represents an evolution from the current centralised internet to one where trust can be established without intermediaries. This shift has significant implications for industries ranging from finance to social media – opening up new possibilities for innovation and disruption.

In conclusion, entrepreneurs looking to enter the world of Web3 must recognise the importance of developing solutions that support decentralisation while also fostering communities around their products or services. By doing so, they will be able to navigate regulatory challenges while scaling their businesses through robust marketing efforts leveraging emerging trends in this rapidly evolving ecosystem.

Understanding the core principles of a successful Web3 startup

Web3 startups are not just about creating a new product or service but also about building a new ecosystem. To succeed in this space, it is important to understand the core principles of a successful Web3 startup.

Also Read: Wonderful world of Web3: What is next for this groundbreaking industry?

User-centricity is one of the key principles that should be at the forefront of any Web3 startup’s strategy. This means that startups should focus on creating solutions that solve real problems for their users and provide value to them.

Another important principle is transparency, which is essential in building trust with users and stakeholders.

Additionally, decentralisation is a fundamental principle of Web3 startups. Decentralisation allows for greater security, privacy, and autonomy for users. It also enables new business models that were not possible before.

Finally, startups should prioritise innovation in order to stay ahead of the curve in this rapidly evolving space. By embracing these core principles, Web3 startups can build sustainable businesses that provide value to their users and contribute to the growth of the Web3 ecosystem.

How to utilise blockchain technology

Blockchain technology is the backbone of Web3 startups. Smart contracts and decentralised applications (dApps) are built on top of blockchain networks, enabling secure and transparent transactions without the need for intermediaries.

Startups can utilise blockchain technology to create unique value propositions for their customers. For instance, a Web3 startup can use blockchain to build a decentralised platform that allows users to own and control their data. This creates trust and transparency, which is crucial in today’s digital world.

Additionally, blockchain technology enables startups to create new business models, such as tokenisation, where users can earn tokens for participating in the network. However, it’s important to note that implementing blockchain technology requires technical expertise and careful consideration of security measures.

The importance of community building

Building a strong community is critical for the success of any Web3 startup. This involves engaging with users, developers, and other stakeholders to create a network effect that will drive adoption and growth.

One effective strategy to build your community is to participate in industry events and hackathons or even sponsor small projects that align with your values.

Another key aspect of community building is creating channels for open communication with your audience.

Incentivising contributions, rewarding early adopters through token distribution programs, or gamifying user engagement are powerful ways to incentivise participation within your ecosystem.

Navigating legal compliance for your blockchain-based solution

When building a Web3 startup, it’s important to ensure that your blockchain-based solution is legally compliant. This includes meeting regulatory requirements and addressing any potential legal issues that may arise.

One of the key areas to focus on is data privacy. As blockchain solutions create immutable records, they can pose challenges in terms of complying with GDPR or other data protection regulations.

Also Read: How to launch collaborations that grow communities: A guide for Web3 founders

Another area to consider is anti-money laundering (AML) and know-your-customer (KYC) regulations. These are critical components of compliance required by most governments and financial institutions around the world when dealing with cryptocurrency transactions.

Working with a compliance firm can help streamline this process for startups looking to implement KYC/AML protocols.

By prioritising legal compliance from the outset, companies can build trust among stakeholders while ensuring long-term viability in this exciting emerging industry.

Scaling strategies for growing your Web3 startup

As your Web3 startup grows, scaling strategies become essential for sustaining the momentum.

One key tactic is to leverage cloud solutions to handle increased traffic and data storage demands.

Another important consideration when scaling your Web3 startup is ensuring network scalability, especially if it involves decentralised applications (dApps).

In addition, make sure to keep a close eye on user feedback and performance metrics while implementing new features or updating existing ones.

Lastly, forming strategic partnerships with other established Web3 startups or organisations can be invaluable in expanding your reach and enhancing brand recognition.

Future trends: What’s next for the future of Web3?

The future of Web3 is exciting and full of possibilities. One of the most significant trends is the emergence of NFTs or non-fungible tokens, which are unique digital assets that can be bought, sold, and traded on blockchain networks.

NFTs have already disrupted the art world and are now being used in the gaming, music, and sports industries.

Another trend to watch out for is the rise of DAOs or decentralised autonomous organisations.

As Web3 continues to evolve, it’s important for startups to stay updated with the latest trends and technologies to remain competitive in this rapidly changing landscape. With determination, creativity, and a willingness to learn, the possibilities for Web3 startups are endless.

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Hello, fellow e27 peeps! Looking to start a healthy habit or looking to try something different?

How about cycling?

Cycling is a fun and healthy way to stay fit, relieve stress, and explore the outdoors. If you’re an entrepreneur looking to start a cycling habit, you’ll be glad to know that it’s not as difficult as it might seem.

Here are some tips to help you get started:

• Set a goal: Start by setting a goal for yourself. Whether it’s to ride for 30 minutes a day, three times a week, or to complete a 50 km ride, having a specific goal in mind will help you stay motivated and focused.
• Get the right gear: Invest in a good quality bike that’s suited for the type of riding you’ll be doing. Consider factors such as the terrain, your fitness level, and your budget. It’s also important to have the right gear, such as a helmet, cycling shoes, and appropriate clothing.
• Start slow: If you’re new to cycling, don’t push yourself too hard in the beginning. Start with shorter rides and gradually increase your distance and intensity as your fitness improves. Remember, it’s not a race, so take your time and enjoy the ride.
• Find a riding partner: Cycling with a friend or a group can be a great way to stay motivated and make the experience more enjoyable. Consider joining a local cycling club or group ride to meet other cyclists and learn from their experiences.
• Create a routine: Make cycling a part of your daily routine. Schedule your rides at a time that works best for you, whether it’s early in the morning or after work. Stick to your routine and make it a priority, just like any other important task.
• Track your progress: Track your progress and celebrate your achievements along the way. Use a fitness tracker or an app to monitor your distance, speed, and calories burned. Seeing your progress can be a great motivator and help you stay on track.

Also Read: How an accident kickstarted my entrepreneurial journey (quite literally)

Starting a cycling habit may seem daunting at first, but with the right mindset, gear, and support, it can be an enjoyable and rewarding experience. So get out there, hit the road, and start pedalling towards a healthier, more active lifestyle!

Why entrepreneurs should start cycling

However, how does it potentially benefit me as an entrepreneur?

Well, cycling can offer a variety of benefits to entrepreneurs, both physically and mentally, that can positively impact their day-to-day lives. Here are some ways cycling can benefit an entrepreneur:

Improved physical health

Cycling is a great, low-impact exercise that can improve cardiovascular health, strengthen muscles, and help with weight management. Improved physical health can lead to increased energy levels, reduced stress, and better overall productivity.

Mental clarity and focus

Cycling can help clear the mind, reduce stress, and improve focus, all of which are important for entrepreneurs who need to make important decisions and stay productive throughout the day.

Networking opportunities

Cycling can provide a unique opportunity to network with other professionals who share a passion for the sport. Joining local cycling clubs or groups can help entrepreneurs meet new people and make valuable connections.

Time management

Cycling can be a great way to manage time effectively. By incorporating cycling into their daily routine, entrepreneurs can set aside specific times for exercise and relaxation, which can improve overall time management skills.

Increased creativity

Cycling can provide a mental break from the stresses of work and allow the mind to wander freely. This can lead to increased creativity and innovation, which can be beneficial for entrepreneurs who need to come up with new ideas and solutions.

Final thoughts

Overall, cycling can offer a variety of physical and mental benefits that can positively impact an entrepreneur’s day-to-day life. From improved physical health to increased creativity, cycling can be a great way for entrepreneurs to stay active, relieve stress, and stay productive.

Considering the lifestyle we live in and our unpredictability of us, habits like these help us out by managing and potentially giving us a new perspective! Who knows, you make get your next billion-dollar idea too.

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The Philippines has one of the highest electricity rates in the world, making sustainability a necessity in architecture. Architects and builders have been prioritising energy efficiency and sustainability in their designs, using renewable energy sources and sustainable materials such as bamboo, reclaimed wood, and recycled steel.

This shift towards sustainable architecture is also reflected in urban infrastructure design, which includes incorporating green spaces into urban areas and designing public transportation systems that are powered by renewable energy.

Technology is also playing a significant role in the modernisation of architecture. Architects are increasingly using advanced 3D modelling software to design and visualise buildings, which allows them to make changes and modifications more easily.

This technology also enables architects to design buildings that are more efficient, both in terms of energy usage and space utilisation. Data analytics and computational design also help to optimise building performance and reduce energy consumption.

Having been an architect for two decades and counting, pivoting to sustainable architecture was a natural process for me, as I have always been conscious of the impact of human activity on the environment.

Also Read: Achieving a sustainable future by harnessing IoT and data

As a parent, I became even more aware of the world we are leaving behind for future generations. As an architect, I have a responsibility to design buildings that not only serve the needs of the present but also contribute to a sustainable future.

Why sustainable architecture?

The built environment sector is, unfortunately, one of the biggest contributors to greenhouse gas emissions and environmental degradation, accounting for approximately 40 per cent of annual carbon emissions. Buildings consume a significant amount of energy and resources during construction, operation, and demolition.

It is pertinent to pivot to sustainable architecture because it is essential for mitigating the impact of climate change and protecting our planet. Sustainable architecture focuses on reducing energy consumption, water usage, waste generation, and carbon emissions throughout a building’s life cycle. It involves the use of renewable energy sources, sustainable materials, and green building practices that promote energy efficiency, indoor air quality, and occupant health and well-being.

Starting Ecotecture Design Studio was a way for me to incorporate sustainable design elements into my work and promote environmentally conscious design practices. We aim to create buildings that are not only aesthetically pleasing but have a positive impact on the environment and the communities they serve. We strive to minimise the use of non-renewable resources, reduce waste generation, and prioritise the use of sustainable materials in all our projects.

Expanding to Singapore with Ecotecture Design Studio is an opportunity to bring our sustainable design expertise to a new market. Being at the forefront of greening buildings in Southeast Asia, Singapore has set ambitious targets to green 80 per cent of all buildings by 2030.

Also Read: Green and sustainable crypto: Is this the way forward?

Our sustainable design practices align with these goals, and we hope to make a positive impact on the built environment sector in Singapore. Hence this was a natural next step for us.

Interspersing modern design with sustainability as the way forward

Sustainable architecture is a critical aspect of modern design, and we strive to create buildings that are not only beautiful but also promote sustainable living. We plan to work closely with the Singaporean government and other stakeholders to promote sustainable architecture in the city-state.

We also plan to continue our efforts in the Philippines by designing and constructing sustainable buildings that have a positive impact on the environment and promote sustainable living.

Looking ahead, the built environment sector is expected to focus increasingly on sustainable architecture as environmental concerns continue to grow. As the global population increases and urbanisation continues, the demand for sustainable buildings will only increase.

With the increasing use of technology in architecture, we can expect to see more efficient buildings with advanced energy systems, building automation, and smart technologies to optimise energy usage and reduce waste.

Overall, sustainability and technology are driving the modernisation of architecture. As the architecture industry continues to evolve, it will be critical to prioritise sustainability and technology in building design and construction to ensure a more sustainable future for all.

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With its current trajectory, cybercrime will cost the world US$10.5 trillion annually by 2025. One key takeaway is this — cybercrime is big money, and this explains the growing threat of cyberattacks on a scale like never before.

In Singapore alone, organisations are facing an average of 54 security incidents a day, and 62 per cent of cybersecurity professionals in the city-state find it challenging to keep up with the attacks. Cybersecurity organisations such as the Cybersecurity Agency (CSA) have even urged businesses to improve and invest in stronger digital security measures.

These worrying attacks are far from random. Stemming from fully-organised enterprises specialising in cybercrimes, business models like Cybercrime-as-a-Service, Phishing-as-a-Service, and Ransomware-as-a-service are increasingly apparent in the dark web, paving the way for more cyber attackers in the industry.

This essentially means that businesses, no matter the size, should never be complacent with their cybersecurity measures. Known to bring about business closures, cyberattacks are mostly significant and can cause irreparable damage — but understanding their long-lasting effects can paint a realistic picture for business owners and help them initiate intuitive countermeasures.

Steep losses to cover damage control and compensation

Ransomware attacks have increased tremendously over the past year, with the main targets being small and midsize businesses (SMBs) and social media platforms. By holding critical files, systems, apps, and personal data to ransom using the ransomware-as-a-service model, hackers are able to use existing infrastructure to push out ransomware payloads.

Also Read: On threat hunting and cybercrime: How Group-IB is helping the region in cybercrime prevention

Also occurring alongside the loss of data is the fiscal harm which occurs to a business, particularly when there is a risk of highly confidential information being compromised. This risk could open avenues for businesses to be sued by dissatisfied clients, resulting in the need to pay out compensation to clients, legal retainer fees, and even crisis communications.

Eventually, organisations will lose out on significant portions of their revenue — out of 500 cybersecurity decision-makers in Singapore, 80 per cent noted that security breaches in the past 12 months led to losses of up to 10 per cent of their organisation’s revenue.

Crippled productivity and business continuity

By destroying or cutting off valuable company information to businesses, operations have no choice but to be halted until demands are met. Without productivity and progress, companies lose huge amounts of money, time, and ultimately, revenue as hours and days go by.

Nearly every business experiencing a cyberattack has been forced to shut down parts, or all of its operations, until the attack is solved. This particularly impacts SMBs from sectors such as IT and manufacturing, which operate round-the-clock, leaving them precious little time to strengthen breached systems. This also allows ransomware groups to exploit their vulnerabilities to the fullest.

Plunging reputation and broken customer trust

Trust is the essence of every relationship. Hence, in addition to the loss of revenue, businesses affected by cyberattacks will also have to contend with issues such as a loss in client confidence, investor backing, potential losses of contracts and a decreasing brand value. More than the immediate losses, it is the potential losses and accompanying “what if’s” and “maybes” which may further damage a business’s reputation with new potential clients.

As for the public, a cybersecurity breach will be seen as a failure in the mandated company’s role in protecting their customers’ data, leading to feelings of betrayal and loss of confidence. While businesses may have the resources to recover and build up their reputation again, the financial ramifications, as well as the loss of customers and company value, will immensely set the company back.

Costly intellectual property disputes

Multiple major companies have USPs and rely on the confidentiality of this intellectual property for the continuation of their product line. For example, F&B businesses such as KFC, Cadbury Chocolates, and Oreo Cookies are known globally for their iconic recipes.

Also Read: The future of cybersecurity: A plan to fill the workforce gap and protect the world

Even sundry items such as Panadol and Colgate have such a hold on the general public that they are instantly recognised as the default brand, with many often referring to generic versions of the same items by the specific brand names. Should any breach or leakage of these recipes and formulas occur, however, it could spell doom for their entire business.

Forced revamping of operations, regardless of preparation

Albert Einstein defined insanity as doing the same thing over and over again and expecting different results. In this vein, businesses which have been affected by cyberattacks have no choice but to revamp their operations process, be it shoring up or heavily investing in all-new cybersecurity protocols or altering their mode of operations to prevent the occurrence of similar security breaches.

This could also include courses on digital literacy focusing on cybersecurity for staff in order to improve awareness of potential risks online. Businesses may also have to rethink how they collect and store information to ensure that sensitive information isn’t vulnerable (for example, many companies have stopped storing customers’ financial and personal information in a bid to dry out potential data mines for hackers).

What must first be understood by businesses is that cybersecurity is not a one-off purchase — it is a long-term defence which needs to be kept “alive” to provide effective protection against cyberattacks. Some steps to take include partnering with a cybersecurity consultant to provide professional advice on how to strengthen and create an up-to-date cybersecurity infrastructure. Additionally, a company can hire a Chief Technology Officer (CTO) to determine its short and long-term security needs.

Equally important is having a basic grasp of existing cybersecurity risks and how they can be avoided — businesses can achieve this by providing opportunities for employees to learn more about the latest IT security trends and threats.

In addition to improving their awareness on the subject, this also empowers them to make informed decisions in keeping potential threats at bay while helping stop any existing gaps in a business’s IT infrastructure.

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Traditional paper-based processes have been a staple in the workplace for centuries now, as the paper is used for a variety of tasks such as filing, managing documents, signing contracts and more. However, in today’s fast-paced world, these manual processes can now be ineffective and time-consuming.

DocuSign research reveals that employees spend an average of three hours per contract – storing and managing documents. Paper-based processes are also costly, as the costs associated with printing, sending, and storing documents can add up to an average of US$36 per agreement.

In today’s ever-evolving world, organisations are going through a rapid shift in the way they work. The COVID-19 pandemic brought about an unexpected and accelerated shift to remote work protocols, shaking up traditional workflows and amplifying existing inefficiencies.

This has spurred businesses to adopt digital workflows and negate the need for paper-based processes. The pandemic proved that we don’t need paper to get work done – so why are some businesses still holding on to cumbersome paper? What if there was a better way to work?

Here are three reasons why you should ditch paper and make the switch.

Paperless productivity: Faster business, money saved

One advantage that was brought about by the forced transition to digital due to the pandemic is productivity gains. Setting up a digital agreement with e-signature software takes far less time than the traditional method of printing, gathering all parties to sign pen-to-paper and filing documents away in a physical cabinet.

Not to mention, businesses can eliminate most stationary costs and reduce the frequency of manual tasks – saying goodbye to fixing printer jams and sorting through mountains of paper.

Capital C Corporation is a case in point. By using DocuSign’s integration with SingPass to verify client credentials and speed up loan processes, the company managed to reduce its average time to process, sign and approve a loan from two days to four hours.

Also Read: From paper to pixels: Juwai IQI’s transition to a digital workflow

Given the fast pace of the financial services industry, this is critical. Relationship managers can devote more time to client services because of the time saved, allowing the company to more than double its business loan volume since implementation.

Against the backdrop of the shift to hybrid work, a seamless digital ecosystem will also enhance usability and enable greater collaboration among your employees. For example, DocuSign’s integration for Slack allows employees to navigate the full agreement process right from within Slack. This entails pulling up documents for signature to multiple recipients directly where teamwork occurs – no switching apps, no time wasted, and no productivity lost.

Round-the-clock security for greater peace of mind

Paper-based agreements are highly susceptible to human error as documents must physically pass through several people before reaching the intended recipient. For example, an employee can mistakenly leave a sensitive document out in the open or improperly dispose of a paper that can cause a data leak. Furthermore, data stored in these papers are vulnerable to forgery and tampering.

With e-signatures, organisations can have the assurance that their data is secure. E-signature technology is usually supported with multiple layers of security that make them difficult to tamper with, such as authentication methods like SMS or ID verification. Other security processes include tamper-evident seals and certification of completion, which provide information like the associated IP address, timestamp and name of the signer recorded.

As we’ve seen with customers, there is also an excellent opportunity to maintain transparency and greater control over various workflows. This is due to the audit trail that e-signatures typically have, which records when and where a document was signed, as well as by whom.

High security is a necessity for businesses as it reduces compensation, liabilities, and other legal expenses that a company might incur. More importantly, it improves the customer service journey, and customers can rely on your company to collect and securely store their data.

Greener processes for a cleaner future

The lifecycle of paper is not only eating at business productivity but also damaging the environment. As the paper is the fifth largest consumer of energy in the world, it takes a whopping 10 litres of water to make just one piece of regular A4 paper.

By switching to digital solutions, DocuSign customers have collectively saved over 55.8 billion sheets of paper, 5.9 billion gallons of water and over 326 million pounds of waste. Since implementing DocuSign’s eSignature and Sign with Singpass, Capital C Corporation has effectively removed 95 per cent of its physical document handling costs – drastically reducing its paper footprint and, consequently, overall environmental impact.

Also Read: #dltledgers unveils 2023 trends in supply chain digitisation

Now more than ever, consumers are increasingly eco-conscious. A recent PwC survey found that half of all global consumers surveyed have become more conscious of their impact on the environment, which is why businesses should take steps to work towards cultivating responsible operations by digitalising their processes.

Driving digitalisation efforts

All industries can gain a competitive advantage by doing away with paper and digitising. One of the simplest steps to take is to transition from paper-based processes to more cost-effective digital solutions such as e-signatures.

Simply by signing electronically, companies can improve operational efficiency and drive business outcomes, making it an all-around valuable workplace tool. I hope that more traditional businesses use this opportunity to start digitalising their business.

This way, we also eliminate paper – and much of the work – from paperwork.

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qlub, a payment solution that splits restaurant bills between customers, has raised US$25 million in a new funding round, bringing its total fundraising to US$42 million.

The new investors in the round include global investment firm Al Dhabi Capital and major family offices in the UAE.

Existing investors also participated.

The startup plans to use the new capital to accelerate growth, expand to new markets, and build new value-added services for restaurants and customers on the qlub platform.

qlub enables customers to pay their restaurant bills in various options — as a group, splitting, or tipping — without needing an app or registration. All it takes is the scan of a QR code at their table, with customers being given the flexibility of paying with Apple Pay, Google Pay, credit cards, and local payment schemes.

Also Read: ‘Singapore’s dine-in experience hasn’t evolved much despite many F&B outlets’: qlub COO

Currently, qlub operates in four continents, with a significant presence in Australia, Saudi Arabia, Singapore and the UAE. In these countries, qlub powers over 2,000 restaurants, including Singapore’s Merci Marcel, Deelish Brands (Fatburger & Buffalo’s, 800 Degrees), Ayam Penyet President, and Morganfield’s.

“We want to transform the payment experience for F&B players in Singapore and other key markets by partnering with leading industry players, such as restaurant point-of-sale solution providers and global payment partners, to offer the best-integrated solution for restaurant owners,” says Ramy Omar, Co-Founder and Chief Business Officer of qlub.

In 2022, qlub secured a US$17 million seed round co-led by Cherry Ventures and Point Nine.

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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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Kredivo Holdings (formerly FinAccel), the parent company of Kredivo and Krom Bank Indonesia, has closed its Series D equity round of funding at ~US$270 million.

Japanese global bank Mizuho Bank led the round. Existing investors, including Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners, and Openspace Ventures, also participated.

Akshay Garg, CEO of Kredivo Holdings, said: “The upcoming expansion into digital banking is deeply synergistic with the existing Kredivo product and also opens up a very promising channel for us to become the digital financial services platform of choice for tens of millions of consumers in Southeast Asia.”

Also Read: Kredivo scores US$100M more in debt funding to further grow its BNPL platform

Daisuke Horiuchi, Group Executive Officer Deputy Head of Retail & Business Banking Company of Mizuho, said, “Kredivo has a stellar track record in Southeast Asia, leveraging its deep data partnerships to promote financial inclusion within Indonesia and Southeast Asia while maintaining bank-like risk metrics and building a capital efficient business model.”

Founded in 2016, Kredivo is a leading player in the digital financial services industry. It provides customers with instant credit financing for e-commerce and offline purchases and personal loans based on proprietary, AI-enabled real-time decisions. The products include online and offline Buy Now, Pay Later, personal loans, credit cards (physical and virtual) and neobank Krom.

Also Read: Kredivo bags US$100M from US investor to provide instant credit financing to 10M new users in Indonesia

In 2021, Kredivo announced its plans to merge with VPC Impact Acquisition Holdings II (VPCB), a special purpose acquisition company (SPAC) sponsored by Victory Park Capital (VPC), to go public in the US. However, the plans were cancelled a year later.

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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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In this episode, we are excited to welcome Sébastien Marotte, the President of Box Europe, the Middle East, and Africa (EMEA). Box is a Cloud Content Management company that empowers more than 87,000 businesses globally by revolutionising how they work.

In Marotte’s 30+ year career, he has held executive roles at high-profile software companies such as Google, Hyperion, and Oracle. He led Google Cloud’s EMEA Channels as Vice President, having also served as Vice President of Google Cloud EMEA for almost a decade. As an early leader at Google Cloud, Marotte was responsible for much of the foundational growth and development across EMEA, including the launch of G Suite (now Google Workspace).

In our conversation, Marotte talks about the importance of diversity in building international teams, strategies in balancing corporate strategy and localisation, why customer engagement is everything in business, how digitalisation changed the way we innovate, work, and hire and why there are more opportunities for global businesses now more than ever.

Also Read: Breaking barriers: My journey with Airwallex this International Women’s Day

This episode is sponsored by our partner ZEDRA. Learn more about how the ZEDRA team can support you in expanding to new markets here.

Listen, subscribe, and leave a review now on Apple, Spotify, or your favorite podcast platform.

Find our entire podcast episode library here.

Get your copy of our Wall Street Journal Bestselling Book, Global Class, a playbook on how to build a successful global business.

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This content was first published by Global Class.

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Wonder why some products have a loyal following? The Social+ business model taps into our desire to connect and collaborate, changing the game for companies worldwide. Kitcod has been at the forefront of this social revolution in Singapore.

In this article, I’ll shares insights on the power of Social+, going beyond transactions to foster collaboration and community, creating products that satisfy and delight customers, and building a loyal following. 

So, let’s dive in and discover how Social+ can take your business to the next level.

This article offers deep insights into how consumer tech startups can take advantage of the latest advancements in in-app communities and AI to create more engaging, personalised, and user-friendly products.

By examining the latest trends and best practices in this space, this article provides valuable guidance on how to build Social+ business models that are more effective, efficient, and innovative. Whether you’re a seasoned entrepreneur or a first-time founder, these topics are sure to inspire and inform your approach to consumer tech innovation.

What is Social+ and how did it start?

The term was coined by D’Arcy Coolican and referred to companies that combine the community and network of a social product with a specific category, form factor, or experience. Groupon and LivingSocial were among the first major Social+ companies, and China became a breeding ground for such companies in recent years.

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

With many examples of apps like Pinduoduo (which offers users major discounts via group buying) and Douyin (a social video platform known internationally as TikTok), which makes more than 60 per cent of its revenue through social commerce. Many companies and VCs in the west are now eying the Social+ trend, with a16z creating an entire series dedicated to this phenomenon.

What are the top criteria that make a Social+ company?

Did you know that in-app community and P2P engagement can significantly impact user engagement and retention in consumer apps?

According to a report by CleverTap, apps with an in-app solid community engagement experience a 39 per cent increase in user retention rates. Furthermore, a survey by Apptentive found that 75 per cent of consumers prefer in-app messaging for customer support and engagement.

This is where ChatGPT can add significant value to consumer apps. With its advanced natural language processing capabilities, ChatGPT can power chat and in-app feeds to provide personalised recommendations and support to users. This can lead to more meaningful P2P engagement and foster a sense of community within the app.

They own their Social Graph, and it’s customised to their product

Many companies leverage existing social graphs of big social platforms such as Instagram or TikTok, and that’s great, but it has its limitations. At Kitcod, we believe that owning your social graph is necessary to build a strong community, as existing social platforms can limit your control over it.

Comparing the Fortnite community to those built on Facebook shows the benefits of owning your community, but it’s still possible to use other networks as a starting point.

Their social graph is inseparable from the product

Being a Social+ company means having a social graph that’s critical to the business, not just a marketing tactic. Many companies add social elements to their apps, but it can often negatively impact the user experience.

Simply adding sharing or commenting functionality doesn’t make a company Social+. Twitter’s social graph is inseparable from its product, unlike online news platforms that allow sharing and commenting.

P2P engagement is part of the product itself

It’s easy to mistake a user base for a community. To truly benefit from Social+, an app needs P2P social engagement baked into its DNA. For social trading platforms like eToro and Robinhood, authentic user engagement is key to reaping the benefits of being Social+. eToro stands out by enabling users to follow and copy successful traders, as well as share trades and views with others.

Categories that have gone Social+

Social+ companies have higher user retention rates: According to a study by McKinsey, social engagement is a key driver of customer retention. In fact, companies with the highest social engagement rates have an average retention rate of 96 per cent, compared to 71 per cent for companies with the lowest engagement rates.

Also Read: Move over social commerce: The conversational commerce renaissance is here

Social+ companies can achieve faster user growth: A report by TechCrunch found that social apps grew on average 37 per cent faster than non-social apps in terms of daily active users. This highlights the importance of social features in driving user growth.

Social+ companies have higher user engagement: A study by Appboy found that social features such as in-app messaging and sharing can increase user engagement by up to 400 per cent. This demonstrates the potential of social features to keep users engaged with an app.

Social+ companies can lower customer acquisition costs: According to a study by Bain & Company, acquiring a new customer can be up to 25 times more expensive than retaining an existing one. By fostering a strong in-app community, Social+ companies can reduce customer churn and lower their overall customer acquisition costs.

2023, the year of real-time personalisation and recommendation

• Social: Drive the lifeblood of social networks, communities and the events industry – meaningful user engagement. TikTok is winning: 1.5 hours of average US daily usage.
• Media: Give users the content they want within the first user session, and they will come back. Deliver views to your top creators. Youtube is winning:  70 per cent of watch time from recommendations.
• Marketplaces: Capture the user’s attention through relevant content and products on your website, app and email. Amazon is winning: 35 per cent of purchases from recommendations.

A Community Platform, Plug-and-play Social API

With millions of apps being launched daily, it’s challenging to grab users’ attention and loyalty. Many apps are adding social features to improve engagement and retention, but building in-app social experiences can take six-eight months and cost over US$100,000 with limited API solutions available. That’s where platforms like Kitcod come in.

With Kitcod, you can leverage the power of AI to quickly and easily add powerful social features like newsfeeds, groups, chat, and video to your app in just a matter of hours. Our AI-powered algorithms allow for personalised content delivery, making the user experience more engaging and relevant. In fact, according to a study by Deloitte, personalised content can increase user engagement by up to four times.

By utilising Kitcod’s advanced AI capabilities, you can improve your in-app community engagement and retention without worrying about the scalability, maintenance, and reliability of a complicated social infrastructure.

Our plug-and-play social API infrastructure platform allows app owners and developers to seamlessly integrate social elements at a flexible monthly cost. In fact, a survey by IBM found that 62 per cent of companies are planning to use AI to improve customer experience and engagement.

Kitcod provides a cost-effective alternative to in-house teams, utilising AI and machine learning technologies to deliver personalised experiences at scale in real-time. Build powerful in-app newsfeeds, groups, chat and video in hours. Make your app social and boost your community engagement without worrying about the scalability, maintenance and reliability of a complicated social infrastructure.

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In recent years, Southeast Asia has become a hub for startups due to its growing economy and the presence of a large pool of tech talent. As more and more startups are born in Southeast Asia, they are also increasingly adopting remote work as a way of scaling and accessing a larger talent pool.

However, working with remote teams from different regions of the world can be challenging, especially if the team is culturally diverse. In this article, we’ll explore how startups from Southeast Asia that have remote teams can work with people from Northern Europeans, Southern Europeans, Americans, and how they can be successful in doing so.

Communication is key

The first and most important aspect to consider when working with remote teams from different parts of the world is communication. Communication is not only about the language used but also about cultural nuances, which can vary widely.

For example, while people from Northern Europe tend to be very direct in their communication, people from Southern Europe tend to be more indirect, preferring to use more subtle language.

One way to improve communication is by using online collaboration tools. These tools make it easier to share information and collaborate on projects, regardless of geographic location. It’s also a good idea to schedule regular check-ins to discuss progress and ensure that everyone is on the same page.

Cultural awareness

Cultural awareness is also important when working with remote teams from different regions. This includes understanding the cultural differences that can affect communication and work styles. For example, people from Northern Europe tend to value punctuality and efficiency, while people from Southern Europe may have a more relaxed approach to timekeeping.

Also Read: Being a first-class listener will serve you best: Jon Howard of Bud Communications

To avoid misunderstandings, it’s important to be aware of these cultural differences and adapt accordingly. This can involve being more flexible in terms of schedules and deadlines or adjusting communication styles to match cultural norms.

Case study: Grab

One company that has successfully navigated cultural differences in remote teams is Grab, a ride-hailing platform based in Singapore. Grab operates in Southeast Asia, but it has remote teams in the United States and India. The company has been successful in part because it has been able to foster a culture of openness and transparency that allows its teams to work effectively together, despite their different backgrounds.

One of the ways Grab has done this is by encouraging open communication and feedback. For example, the company uses a tool called Peakon to collect feedback from employees and identify areas for improvement. This allows the company to address any cultural differences or other issues that may be affecting its teams’ productivity and morale.

Another key factor in Grab’s success has been its focus on diversity and inclusion. By prioritising diversity, the company has been able to build teams that are more resilient and better able to adapt to changing circumstances.

Tips for success

Here are some tips for working with remote teams from different regions:

• Use online collaboration tools to make it easier to share information and collaborate on projects.
• Schedule regular check-ins to discuss progress and ensure that everyone is on the same page.
• Be aware of cultural differences that can affect communication and work styles, and be flexible in adapting to these differences.
• Foster a culture of openness and transparency that encourages feedback and allows teams to work effectively together.
• Prioritise diversity and inclusion to build teams that are more resilient and adaptable.

Working with remote teams from different regions can be challenging, but it’s also an opportunity to build diverse and resilient teams that can adapt to changing circumstances.

By prioritising communication, cultural awareness, and diversity, startups from Southeast Asia can successfully work with people from Northern Europeans, Southern Europeans, Americans, and beyond. The case of Grab demonstrates that with the right approach, it’s possible to build a successful remote team that transcends cultural differences and achieves great things.

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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

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