NFTs stormed the art world with sales and headlines, but they’re now facing a major correction. The ongoing economic downturn caused a significant loss of market value, with 75 per cent of the market value disappearing at one point.

However, experts believe the NFT market will persist and play a crucial role in shaping a decentralised, equitable, and creative economy.

Snowcrash, an NFT trading platform formed in partnership with Sony Music Entertainment and Universal Music Group, is one such effort that aims to empower artists and collectors to create and trade unique digital assets on the blockchain. The firm was founded in 2022 by Walter De Brouwer, Chief Scientific Officer at Sharecare and an adjunct professor at Stanford University School; Jesse Dylan, Founder and CEO of Wondros; and Jeff Rosen, President of the Bob Dylan Music Company. 

By using cutting-edge technology, Snowcrash seeks to push the boundaries of the NFT world while also fostering a vibrant community of creators and supporters. Its infrastructure is based on a secure, environmentally responsible Solana blockchain with easy, consumer-friendly, green methods for acquiring and interacting with NFT art.

Recently, Snowcrash announced the launch of National Geographic’s Genesis NFT Collection, GM: Daybreak Around the World in a blind drop. This is expected to attract collectors and investors alike, eager to own a piece of National Geographic’s stunning visuals in the form of NFTs.

In this interview, De Brouwer speaks about the current state of the rapidly-evolving NFT space, his dynamic leadership approach at Snowcrash, and the cutting-edge digital innovations that are on the horizon.

Edited excerpts:

How do you see NFTs changing the art and collectibles markets?

I believe that NFTs have already brought about significant changes. However, as we are currently in a bear market, we may see some people attempting to manipulate the system until regulations are put in place, and the real market emerges.

NFTs are not only about collectibles and art; they represent a larger movement towards tokenisation. This involves placing physical and digital assets on the blockchain, including pictures, movies, money, and even houses. By tokenising these assets, we are creating an Internet-native payment realm that transcends the legacy structures of traditional finance and payment rails.

As the world becomes increasingly digital and virtual, we require a new infrastructure to enable frictionless transactions of currencies, properties, and even identities. Some refer to this as the metaverse, but I believe it is more accurately described as a new infrastructure that facilitates seamless transactions across various asset classes.

How does Snowcrash ensure the authenticity and uniqueness of NFTs, and what measures do you take to prevent fraud or plagiarism?

Our investors, Sony and Universal, have the expertise to help us with copyright management. They have established copyright systems, and we work with their intellectual property. We are already utilising zero-knowledge proofs in our systems, which is poised to revolutionise the entire on-chain movement.

Can you walk us through the process of creating and selling an NFT on your platform, and how do you regulate pricing, royalties, and ownership rights?

Our approach depends on our clients’ needs. They tell us their requirements, such as KYC/AML compliance and the use of specific currencies. We then create a white-label solution tailored to their specifications, allowing them to conduct their business seamlessly. 

We cater to a diverse range of clients, from those who require complete freedom to those who prefer walled gardens. Our clients are primarily large corporations in the media industry.

How do you balance the desire for decentralisation and democratisation of NFTs with the need for regulation in the industry?

I believe that everyone desires regulation, but it’s important to strike a balance between centralisation and decentralisation. Both extremes are not ideal, and we need to move towards the middle of that spectrum. 

In the evolution of technology, we cannot simply adopt a one-size-fits-all approach of either centralisation or decentralisation. It takes time to strike the right balance.

If I could create an ideal world, it would be decentralised, open-source, and peaceful. Unfortunately, we have to work with the reality we have.

If Snowcrash is an invite-only platform, doesn’t it make it exclusive and not democratic?

I don’t think our platform is invite-only. Some clients may prefer to make their NFTs invite-only, and we accommodate their requests.

The media and entertainment industry is vast and complex, with Hollywood, Bollywood, and many others. Our company is just a small part of that industry, serving our clients. We’ve noticed that most of our clients are moving in the same direction, which is exciting. I believe that 2024 and 2025 will be good years for our industry. 

Currently, we’re focusing on building our platform, and as someone with a background in AI, I’m thrilled to see that we can integrate AI into the blockchain and use cutting-edge technologies like zero-knowledge proofs.

There’s no lack of innovation in our industry. Like many things, there was a hype cycle in the beginning, and now we’re at a point where the tourists are leaving, and things are settling down. However, the underlying potential is still there.

Your profile says Snowcrash is working on the Web3 strategies of Sony Music and UMG. Could you please tell me more about it?

Sony and Universal are our investors, and we work closely with them to navigate the ever-changing landscape of the entertainment industry. Hollywood is a bit like a cowboy trail, where someone may shoot in the air to signal a change, but it takes time before someone takes out their gun and shoots. These are large corporations that move slowly but surely they are adapting to new technologies and trends. 

The nice thing about Hollywood is that when they do take action, they do so quickly and decisively.

I came across an article that says your company will release NFTs for Bob Dylan and Miles Davis as its initial offerings in 2022. What’s the status of that?

We’re still waiting! Working for large corporations means going through a lot of meetings with innovation groups, product groups, artist managers, artists, and legal teams. It takes patience to navigate these processes. 

As I’ve gotten older, I’ve learned to be more patient, even with my students who all have their own journeys. Sometimes it takes two or three years of work before something finally comes to fruition. Success is not just luck — it’s a result of hard work and persistence.

This year is not a good time to launch new products; not much is selling in the market. Others are waiting for next year to focus on building more dynamic NFTs, streaming NFTs, community identity, and soul power tokens. Everyone is just working hard to build for the future.

The industry seems to be in a period of building and innovation, with many large corporations moving slowly but surely towards new developments such as dynamic NFTs, streaming NFTs, community identity, and soul power tokens. 

While it may not be a good year for launching, there is a sense of anticipation for what the future holds and many are focused on building for the year to come.

What happens when an artist releases an NFT of their song? Could you explain this using an example of a Bob Dylan song or album? Does a user on your platform get to own the publishing rights to Blowin’ In The Wind?

Well, Dylan has already done that. He made a special version of Blowing In The Wind and sold it for US$1.77 million as a collectible. While everyone can listen to it, only one person can own it. 

As someone from a time when we owned physical music, I think there will be a market for owning music as an alternative asset category. People used to discover new music in stores and take ownership of that discovery, and I think something like that could happen again. There may be a market for owning music beyond top hits. 

There will be changes in the music industry, such as dynamic NFTs and streaming NFTs, and community identity. After Soul Power tokens, everyone is working to build for the future. There will be new forms of music, such as generative music created by AI, and derivative songs will become even easier to make.

When The Matrix movie was being made, the directors asked every actor to read a French book called ‘Simulacra and Simulation.’ The book introduces the concept of simulacra, which refers to a copy with no original. In contrast, a simulation represents something else, like a photograph of a book. 

The idea of simulacra is relevant to our world today, as we increasingly rely on models and simulations to create reality. Instead of basing our understanding of the world on an original, we first create a model and then use it as a reference for reality. This way, we are moving towards a simulacra first world. I have seen several pictures of people during my journey at Midjourney, and they seem to look at me as if they want to live. However, they don’t exist as originals, only as simulacra. This highlights the growing importance of simulacra in our modern world.

The film industry will also be affected. We’re moving towards a world of simulacra, where we first make the models and then create the reality. Software like Midjourney and Runway allows people to make their own video productions from scratch. 

Hollywood’s production sets and bureaucracy will disappear, and all the locations, sets, and clothes will become digital repositories. Actors might act against a screen, and faces can even be deeply faked onto them. These changes will revolutionise the industry, and it’s exciting to witness it all.

I can understand people wanting to buy a Bob Dylan song, but why would someone be interested in buying the NFTs of a debut album or a single from an artist who’s just getting started?

It’s true that there are many music lovers out there who enjoy discovering new music and discussing it with others. While you may not be an expert in music, you still have an appreciation for it and understand that others may use different techniques and tools to create their music.

In terms of investing, people are always searching for alternative assets that can potentially provide a return on their investment. Wine and sneakers are examples of alternative asset categories that have become popular among investors. It’s important to take risks, but it’s crucial to combine them with something that you are truly passionate about and enjoy. Otherwise, the risk can become tedious and unfulfilling, and you may end up losing in the end.

What is your approach to community building and user engagement?

This is a difficult one! Some clients come to us without an existing community and ask us to create one for them. However, we cannot pretend to be the artists themselves who are responsible for creating their own community. It’s important for artists to continuously engage with their fans and be in conversation with them. 

This is where Web3 comes in. It offers a more fluid conversation with fans and allows for a deeper investment in getting to know the artist. For example, fans can buy an artist’s book, songs, and even tickets to their next event all in one place. Ultimately, we all invest in things we like and share those stories with others, which makes us feel special in our own way.

About your partnership with Nat Geo, NFTs have been receiving a lot of flak from purists. In the end, isn’t a buyer only paying for bragging rights to signify ownership?

It’s bragging power! It’s understandable that owning rare or valuable items can provide a sense of pride and status. Additionally, discussing and sharing opinions on art and collectibles can be a social activity and a way to connect with others who share similar interests. As for investing in art, art can indeed be a valuable asset category, with prices often increasing over time. And owning NFTs, including digital art such as Apes, is becoming increasingly popular in the art world.

There are many reports that crypto is dead in America. What does the crypto winter mean for the NFT space? When do you think the market will kick off again?

We have been in a bear market since 2010, experiencing one winter after another. We’ve weathered many seasons, and even though my focus is on AI now, I’ve made a joke about it, saying that when I was in the summer of my life, I lived in the winter of AI, and now that I’m in the winter of my life, I live in the summer of AI. 

But the truth is, everything is cyclical, and people will eventually start focusing on something else. As AI becomes more centralised, people will need decentralisation, provenance, and more. Crypto is not dead, but not every coin will survive. 

As a shameless Bitcoin maximalist, I believe that Bitcoin is the future, and I think that the upcoming Bitcoin halving next year will make it even scarcer. In addition, there will be presidential elections in 2025, which will be a great year for Bitcoin.

How is Snowcrash positioning itself to navigate the current bearish trend in the NFT market and emerge stronger in the long run?

We have a great team, a low burn rate, and fantastic investors, so I believe we can weather a few winters while building and developing our platform.

It’s true that the younger generations will inherit the world that we leave behind for them. And it’s exciting to think about what innovations and advancements they will bring to the table. The convergence of AI, blockchain, and the Metaverse could indeed create some fascinating new possibilities.

However, it’s important to remember that these technologies also have their potential risks and challenges, and it’s up to all of us to ensure that they are developed and used responsibly. As for the ageing of previous generations, it’s a natural part of life and hopefully, we can leave behind a world that is better for future generations than the one we inherited.

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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 platform, and other prizes. Join TOP100 here.

Image credit: © TEDx Brussels/Scorpix

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The Sony World Photography Awards had an unusual winner in April 2023. Photographer Boris Eldagsen won it with a photo called “Pseudomnesia: The Electrician” which was fully AI-generated. This happened just a few months after artist Jason M. Allen won the Colorado State Fair’s annual art competition in August 2022 with a painting called “Space Opera Theater” which he created using a text prompt on the generative AI tool Midjourney.

The Bored Ape Yacht Club NFT art series, a collection of 10,000 apes drawn in a quirky way, reached a new milestone in January 2023 when a Bored Ape fetched 800 Ethereum cryptocurrency, equivalent to almost US$1 million. This happened at a time of a “crypto winter” or waning interest in cryptocurrencies and crypto art, and after the peak hype cycle of Bored Ape Yacht Club had passed.

The first is an example of Generative AI and the second is an example of Web3, but given the avalanche of technology news related to creative industries, it’s understandable if all of it blurs in our minds. It feels like we are living through an unprecedented era of technology in creativity and we’re often afraid of being left behind.

The intersection of technology and creativity: Embracing the power of human ingenuity

Amidst all this change, there’s one thing that has not changed. That’s the role of creativity in unleashing the power of all the tools available to us. As I discuss at length in my new book The Creative Human, the logic of Generative AI, Web3 and Data needs to be married with the magic of creativity.

Also Read: Get creative in your customer retention strategies with these insights!

Let me bring this to life with an example of the creative use of data. A few years ago, Spotify leveraged its data to uncover unique anecdotes and used them as the basis for a series of billboards. Some of these billboards were, “Dear person who played ‘Sorry’ 42 times on Valentine’s Day, what did you do?”, “Be as loving as the person who put 48 Ed Sheeran songs on their ‘I Love Gingers’ playlist.”, “Exercise more conventionally than the 46 people who put ‘Slow Hands’ on their running playlists.”, and “To the person in NoLIta who started listening to holiday music way back in June, you really jingle all the way, huh?”

Just like data, AI offers creatives incredible new tools. Turkish artist Refik Anadol specialises in a creative medium he calls Machine Hallucinations. He feeds data of various forms into AI and lets it create trippy visualisations.

In May 2022, he placed sensors around the iconic Barcelona building Casa Batlló to pick up real-time environmental data and fed this into AI to create otherworldly machine hallucinations projected onto the building’s façade. This then became a dynamic NFT sold for a whopping US$1.38 million.

While technology was critical to both of these impressive works of creativity, they wouldn’t have been possible without human ingenuity.

As we take our creativity into the future, armed with exciting new tools, it’s vital to remember that these tools are great instruments for our orchestra, but the human brain continues to be the conductor of this orchestra.

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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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The COVID-19 pandemic had multiple ramifications, not just on people in their personal lives but also their relationships with their jobs.

Company culture matters

Previously, many people stayed at a job just for the sake of staying. However, the pandemic brought about a special kind of uncertainty that led many to question the way they live and the way they work. More employees are looking for jobs that offer better pay, work-life balance, or just flexibility in which they can have the autonomy to choose where to work out from.

Indeed, co-working spaces grew in popularity across Southeast Asia during the pandemic. But they were driven by movement restrictions, which forced traditional companies to follow tech startups’ lead, and offer hybrid work arrangements (if not outright work-from-home ones).

Now that restrictions have been lifted, however, the flexibility factor seems to be sticking. A questionnaire conducted by US nonprofit Center for Creative Leadership in late 2022 found that just 13 per cent of over 2,000 Asian companies surveyed expected their staff to work full-time in an office.

In short, this means that if companies from any industry across regions want to retain their talent, they would need to adapt. Of course, there are “hard” factors like compensation, which reliably move the needle when convincing an employee to stay. However, they’re not always the best long-term strategy.

Also Read: Gen Zs, Millennials, and Baby Boomers: When are they most productive at work?

The more abstract concept of corporate culture comes into play. Flexibility plays a big role here, and it’s more than just about where the work is conducted. As a McKinsey and Company study found, when and how an employee’s work can be done is also part of the package.

 Establishing a new culture for a hybrid workplace

Building corporate culture has never been easy, and establishing a new workplace culture considering the current extenuating factors, has its own challenges. Many are gaining a new sense of self-awareness and worth, and they will not easily forget if they have felt undervalued, especially in an environment with less physical visibility, as occurs with more remote work, and where it can feel much more difficult to be seen.

People are motivated when they believe they are valued and have an impact (and commensurate pay is part of that equation). People, it turns out, want recognition, growth opportunities, and to feel valued, trusted, and empowered.

The epoch of the employment contract, in which a worker provided services solely for monetary compensation, has passed. While monetary compensation is necessary for survival, deeper relationships, a strong sense of community, and purpose-driven work are required for thriving. This is the value that employees expect from their employers.

Research already proves that recognition is fundamental to engaging and retaining top talent (and, ultimately, making profits). Recognising their efforts and thus rewarding them accordingly is also a relatively seamless and frictionless way to keep employees feeling validated amid times of macroeconomic troubles, where organisations from any industry are resorting to cost-cutting.

But much like how apps like Zoom and Slack became commonplace as everyone started working out of different places. However, the way companies give out rewards and recognition also has to evolve digitally.

For instance, in a Singapore-headquartered company with over 2,000 employees across the Asia Pacific, its Chief People Officer, who sits at the HQ, wants to ensure that every single employee gets rewarded with US$50 on their birthday, complete with a personalised message from the CEO.

How should you go about this? Do you send physical gifts to everyone, which is costly and impractical? Do you do a soulless, impersonal bank transfer? 

Going digital

The above were some of the issues that encapsulated the thinking of digital platforms for employee rewards and recognition.

Also Read: How AnyMind Group achieved profitability through its approach to human resource and leadership

A digital platform can help build team bonding and camaraderie for a hybrid workforce. Employees can receive instant recognition and appreciation on the app from their colleagues, which everyone else in the organisation can see.

Using a recognition platform powered by the latest AI technology, such as GPT-3, companies can eliminate the friction involved in appreciating colleagues. Expressing gratitude can be challenging, especially when finding the right words. However, GPT-3 can help resolve this issue effortlessly by generating beautifully written messages of appreciation.

Having a digital platform could also allow employees to choose their own benefits. It’s simply impractical for a company to cater to employees’ varying preferences, that would mean piling up thousands of different vouchers or products.

Usually, companies give out money or buy one product in bulk, say a gold coin or a pen for a long service award, and give it out annually. While employees won’t necessarily decline these gifts, details matter if you want your employees to feel genuine appreciation.

For example, instead of a free lunch for a job well done, an employee can choose a daily transport voucher instead. It’s a win-win: the company still spends the same amount it would have previously, while it leaves an impression on the employee, as they get what they actually want or need.

To sum up, what’s clear is that a balanced hard-soft approach matters when it comes to employee rewards and recognition, which facilitates the creation of everyday moments of joy, a very easy and simple thing that a company can do, but enough to make a difference. Making an employee feel seen, and that their effort matters.

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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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LiveIn, which provides “affordable” long-stay rental solutions in Malaysia and Thailand, has acquired KT Management, a student accommodation and long-term rental solutions provider in Malaysia’s northern region.

The details of the transaction haven’t been disclosed.

According to a press release, this merger aims to provide LiveIn’s flexible community living solutions and a better online-to-offline (O2O) experience for KT Management’s thousands of tenants. This means that after students graduate, they will be able to have access to any accommodation within LiveIn.

“Malaysia and Thailand are key markets for us. The market conditions in Southeast Asia are perfect for LiveIn with its young people population, massive numbers of young professionals moving to the cities and the huge property overhang. We are now aggressively pursuing acquisition opportunities there and around the region,” said Keek Wen Khai (Khai), Co-Founder and CEO of LiveIn.com.

Also Read: ‘Introducing the concept of co-living was the biggest challenge for us’: LiveIn CEO Keek Wen Khai

“This (deal) means a lot to us as a company. By ensuring our tenants stay with us in different stages of their student and professional lives and in different cities, we ensure a level of continuity that is rare in the rental market. We learn so much from them. We earn a higher level of brand loyalty. And we enjoy a much higher life time value (LTV) from each and every one of tenants,” Khai added.

Formerly known as Hostel Hunting, LiveIn focuses on addressing the urgent issues of young people’s living needs in the central cities in Southeast Asia by transforming existing properties into affordable rental homes via its O2O-managed platform.

The company was started in 2015 as an online marketplace for property owners and potential tenants to match and pivoted to a long-stay rental solutions provider in 2018. Since launching, it has raised about US$4.5 million from Jungle Ventures, Wavemaker Partners, Aucfan Co, KK Fund, Incubate Fund, and Cradle Fund.

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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 platform, and other prizes. Join TOP100 here.

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In the global startup ecosystem, the struggle that female founders had to go through to secure funding is well-documented. Even in late 2022, various reports–including one by Nikkei Asia–highlighted that women-run startups raise staggeringly less funding at lower valuations, despite the high returns.

Harriet, a platform that aims to empower female founders to secure external capital and accelerate their business growth, was founded in 2022 with this issue as the background.

The platform facilitates strategic connections between female-founded companies and venture capital funds, with a focus on bridging the gender gap in the industry. There are two key components on the platform: Connecting Harriet, which offers female founders access to essential tools and resources to support their growth, and Funding Harriet, which serves as a bridge between leading venture funds and female-founded companies.

It was founded by Tanya Rolfe and Anna Pearson who had been actively investing in female founders for a number of years. The platform is the third collaboration between the two co-founders and the first they founded.

In starting Harriet, Rolfe and Pearson conversed with various female founders from around the world and discovered the universality of the problem.

Also Read: Don’t be the noise, be the value: Kavita Gupta of Delta Blockchain Fund to aspiring female VCs

“It was just obvious to us that they needed a space, a way to connect, a community. And they reached out to us primarily because, in many instances, there is no one else,” Pearson says.

“They will reach out to us for support on their business, growth and development, and also on their fundraising. So the product development came just from extensive conversations with these female founders about what they want.”

Rolfe further explains the gravity of the problem that Harriet aims to tackle with its solutions. Back when she and Pearson worked at a venture fund and had to raise funds for female entrepreneurs in Southeast Asia (SEA), the challenges that she faced were “quite shocking”.

“It was also quite ironic that there I was, trying to raise capital to help female entrepreneurs overcome the challenges of fundraising, but I was also facing those very same challenges as a female fund manager,” she says.

“Furthermore, all of my investors, the LPS that were coming forward were men. There were almost no women. So, one of the big issues and challenges in securing funding for female entrepreneurs is that we just don’t have enough women investors.”

This is crucial as investors tend to put trust—and eventually, invest in—founders that “look and sound like them.”

“Everything hinges on convincing people that this is also a great financial opportunity. We have not even spoken about the outperforming investment returns of female entrepreneurs,” Rolfe says.

Also Read: How can female founders become the new normal in Asia?

Bringing female founders onto the platform

Harriet has a wide variety of female founders on board the platform, from their ages to the industries that they are working on.

Since the company is based in Singapore, there is a strong Asia Pacific lens in its reach with these founders operating in Southeast Asian countries and Australia.

When asked about the strategy that Harriet uses to acquire users, Pearson states that the process has been completely organic since the platform was introduced–about a few weeks before the interview was done.

“We have about 45 different female-founded companies who reached out to us and wanted to join the platform and have been waiting for it to go live. We are planning to add between four or five companies a week; that is really just bandwidth at the moment,” she explains.

The co-founders see this enthusiastic response as proof of the urgency of the solution that Harriet provides. “If we advertise [this platform] tomorrow, we will be completely inundated.”

This year, Harriet aims to focus on growing the platform, especially in its two main areas of focus. For its Funding Harriet feature, the company wants to push for the number of companies securing the investment and to showcase these companies in their Female Founder showcase series, with the goal of featuring three companies in a quarter. They would also like to further expand the community within Connecting Harriet.

“The idea is to just to create that brand awareness and credibility in the market in terms of the quality and calibre of the founders … But, at the end of the day, it has to translate into people writing checks. So, the main focus for the rest of the year will be on Funding Harriet. We will probably run another Female Founder series in Singapore and Hong Kong. We have also been asked to run them in Australia,” says Pearson.

But the focus of the company’s work goes beyond pushing for numbers.

“To change mindsets and get people to invest in female entrepreneurs are really the number one focus for us this year, where we are going to see change come about. And that is not easy. That is probably our biggest challenge,” Pearson stresses.

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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: Harriet

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Culture evolves every day on social media, from rising trends to widespread movements. Facebook started off as a forum for college students almost 20 years ago and is now a platform with two billion daily active users.

People are using Facebook for more than connecting with friends, family and groups, but also to discover what’s new and what’s next. People’s interests extend from groups on specialised topics to social impact and everything in between.

In the latest edition of Culture Rising 2023, Meta Foresight shares our unique understanding of what matters to more than 3.7 billion people who use Meta technologies around the world. Over four million trending conversation topics on Facebook and Instagram (countries represented in the Asia Pacific include: India, Indonesia, Thailand and Vietnam), and learnings from a global survey of 21,000 people (including people from South Korea and Vietnam), which have been distilled into 20 key trends.

These trends cover a range of important topics and have been mapped into four overarching themes: exploratory identities, refined relationships, assertive aspirations and lived values.

Exploratory identities

The way we see ourselves defines how we see and engage with the world.  And, our research tells us that identity is increasingly about the journey. People are exploring identity as they discuss bodily integrity, embrace fluidity across cultures and demonstrate how food can connect us. 71 per cent of people surveyed globally are seeking to understand cultures beyond their own.

As people explore and expand their sense of self, brands can also ensure people feel seen, represented and supported. Often the most powerful moves a brand can make is to go beyond campaigns and look to solve real-world problems and unlock new opportunities.

Also Read: The secret sauce of how brands and creators use video for growth and success

Refined relationships

People’s relationships are the very core (if not the definition) of happiness. While this truth remains eternal, the types, shapes and ways we connect are always in flux.

In a global survey, two in three people said relationships with close friends and family have a positive impact on their overall wellness. People are showing a growing appreciation for events and moments of all kinds. Other trending areas include a 631 per cent growth in conversations about Chinese astrology on Facebook.

Another facet of relationships is the one with pets. #AnimalMemes are increasingly serving as a relatable and safe way to talk about mental health. We have seen a year-on-year growth of more than 2,744 per cent in conversations on pet adoption and companion dogs.

As brands look to reach new audiences, develop an innovative AR experience or dial up their authenticity factor, they should consider diverse creators — being sure to give them the creative freedom to do what they do best.

Assertive aspirations

Globally, we are asserting (and often acting on) new aspirations around mental wellness, meaningful work, home improvements, nonstop fitness, money matters and more.  People surveyed now report that their mental/emotional health is equally important as—if not more important than—physical health.

Conversations on Facebook and Instagram reveal the breadth of therapeutic approaches people are discussing: They’re seeking ways to regulate or balance their thoughts and feelings (metacognition and mindfulness), embracing #neurodivergence, finding moments of self-reflection, exploring ecopsychology and even looking to shimmy their troubles away while deepening their self-awareness (dance therapy and biodanza). And on Facebook, people are not just talking about mental wellness but banding together to maintain it.

People are also embracing that knowledge is power — especially in money matters. Some 91 per cent of people surveyed globally express concern about the economy and 54 per cent report that financial resources are the biggest barrier to being able to achieve their life goals. People are starting to take it upon themselves to learn about financial literacy and invest in their own financial intelligence.

That’s leading many to take matters into their own hands, with 20 per cent of people surveyed globally saying that they have taken it upon themselves to learn about financial literacy – a trend especially pronounced in Vietnam here in the Asia Pacific.

Just look at the new wave of creators emerging around this topic, like Tuệ Nghi and so many more. An important part of our work on AI-powered recommendations to connect you to people you want to know or should know is fueling creator discovery on Facebook. People on Facebook will now find highly relevant content from public Groups in their Feed — without them having to do any searching or depending on word of mouth to uncover a Group.

Also Read: How to meet your customer expectations fluently with the power of business messaging

Lived values

People’s values are evolving, along with the dedication to living them. People are getting serious about how they’re discussing issues like climate change. Millennials are more aware of the impact of climate change on their personal lives with nearly 50 per cent wishing they had less impact.

To that end, it’s not surprising that there are large numbers of conversations around electric potential, green vehicles and biodegradable waste happening on Facebook and Instagram. Globally, 74 per cent of consumers report that finding renewable/sustainable energy sources is important to them – making it a potential rallying cry to all get behind. 

With billions of people on Earth doing interesting things at any given time, we’re working on opening up that world for more people by showing you content you’re likely interested in. We aim to give everyone tools to express themselves in the format that works best for them: whether it’s text, photo or video.

And we make it easy for people to share with the audience what matters most to them. Sometimes that’s with friends, sometimes with a group, and increasingly many people want to share publicly.

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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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Bill Gates, one of the world’s richest men and founder of Microsoft, is often quoted as saying if he were down to the last dollar of his marketing budget, he’d spend it on public relations. He was both right and wrong.

Public relations is an essential part of any company’s marketing strategies and success. PR is what builds and maintains a positive image of a business among its stakeholders, as well as the media, customers, investors, and the public. 

If a company is down to its last dollar, it really should spend it on PR. But the best effort for public relations should be done even before a company launches a product. As a matter of fact, a business’ first dollar should be spent on PR. 

I mean this without exaggeration. Why? Reputation and brand building — a good one, at that — determines whether a business gets to move forward. Through effective PR, a business can communicate its unique value proposition, highlight its strengths, and differentiate itself from competitors. PR centers the public attention on the business, making its story valuable and impactful enough for the audience to care.

This is especially true in the cutthroat world of tech startups, where success often depends on more than just having a great idea. A well-equipped team with effective PR strategies can help a startup’s story reverberate far beyond the initial pitch.

I’ve been working closely with startup founders over the past years, and they ask almost exactly the same question: When is the best time to do PR? 

Here’s a simple answer: PR should be part of every stage of the tech startup journey.

Also Read: 7 lessons from building a 7-figure SaaS business with just 1 engineer

Public relations is the best way to tell your story and amplify your voice as a trusted enterprise amidst a sea of competition. It helps build brand love and trust. And believe me, you don’t build these overnight. Starting PR early on allows your audience to see your humble beginnings and journey with as you grow and triumph.

Pre-launch

This is the stage where a startup is still in the process of developing its product or service and preparing for its launch. It’s a good time to start building relationships with journalists, bloggers, and influencers in the relevant industry. Reach out to them, share your story, and generate excitement among potential customers, investors, and the wider public. This can lead to brand awareness and a larger customer base right from the start.

Receiving initial feedback about your product can be extremely beneficial in refining your strategies. In addition to offering product samples, startup founders can generate buzz by collaborating with respected media organisations on editorial content.

Launch

This is the most critical stage for a startup’s PR efforts. It’s the time when the company officially introduces its products and services to the market. A grand or intimate product launch, press conference or media briefing are crucial platforms to meet with the media and officially introduce the product, the team and the vision and mission of the startup.

Make sure to have a well-crafted press release afterwards. This can help build credibility and establish the startup as a credible new player in the market, which can help attract future investors and build valuable partnerships. 

Growth stage

Once a startup has gained some traction and is growing, it’s time to focus on PR efforts that help to build the brand’s presence and establish it as a thought leader in the industry. This can help maintain and increase brand awareness, ensure continued customer engagement and loyalty, and build partnerships with key industry players.

Also Read: Level up your startup credibility: Join the e27 Contributor Programme and stand out amongst the rest

PR efforts at this stage involve media interviews, editorials, and speaking engagements. A strategic PR at this stage is also key to communicating growth milestones, such as new product releases, and partnerships, as well as building employer branding to attract the best talents.

Funding round

Announcing a funding round is a crucial PR moment for any startup. It is an opportunity to generate positive publicity, build credibility, and attract new investors. A well-written announcement should highlight the startup’s achievements and growth potential. It should also provide details about the funding round, such as the amount raised, the investors involved, and the plans for the future. 

A successful funding round can be seen as a vote of confidence in the startup’s business model, product, and team, cementing its position in the industry. This can be further amplified by building thought leadership. Emphasizing the startup and its founder’s vision and mindset and capability to lead the company to even greater heights can create more opportunities for continued success.

Maturity 

At this stage, the startup has established itself as a successful company with a solid reputation. The focus of PR efforts shifts to maintaining its relevance in the market amidst the emergence of new competition and keeping it on top of the mind of customers and investors.

This is also where PR efforts are used to emphasize the startup as a legacy to the industry and further establish its competitive edge and contributions to the wider community. Beyond amplifying their voice, effective communication strategies help maintain a favourable public image of the organisation, its leadership, products or political decisions.  

PR activities must already be directly aligned with marketing and business plans to create a unified strategy for growth. PR is crucial in sustaining a strong connection between the startup and its customers, investors, partners, and employees. Hosting Appreciation Nights, media luncheons, or private gatherings with stakeholders provides a valuable opportunity for face-to-face interaction, where startups can celebrate milestones, show gratitude for contributions, and cultivate meaningful relationships for future victories.

PR is like a trusty sidekick for startups, providing essential support and guidance throughout every stage of the adventure. Whether navigating uncharted waters or scaling new heights, a well-crafted PR strategy can help light the way to success. Don’t underestimate the power of PR — start strong and tell the world your story.

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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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Indonesia’s UangTeman under scrutiny over alleged tax evasion
The tax authorities have contacted its shareholders, including Alpha JWC, for the investigation; According to a source, UangTeman hasn’t paid its income tax since 2020.

VinFast to list in US through SPAC deal
The Vietnamese automobile manufacturer will merge with Black Spade Acquisition Co; The business combination values VinFast at an enterprise valuation of ~US$72B and an equity value of ~US$23B.

Comma3 Ventures makes US$20M first close of US$45M Web3 fund
Comma3 aims to become a research-driven Web3 investment firm; It writes a ticket size of US$250,000 to US$1M and aims to invest in about 80-100 projects.

AnyMind Group agrees to acquire Indonesian e-commerce enabler DDI
DDI provides a range of services across the e-commerce value chain to enterprises in Indonesia, with a focus on consumer goods brands; This is the first acquisition agreement by AnyMind since its public listing in Japan’s stock market.

Singapore AI firm Locofy raises US$4.3M funding
The investors include Northstar Ventures and Golden Gate; Locofy helps designers automate front-end code directly from their designs and integrate them with existing workflows, leveraging AI to convert designs into coding languages to save time.

Binance to exit Canada amid regulatory challenges
Earlier this year, Canada prohibited certain crypto trading platforms from “permitting Canadian clients to enter into crypto contracts to buy and sell any crypto asset” that is considered a security or a derivative.

Olympic gold medalist Greysia Polii invests in Ayo Indonesia
The lead investor is Alpha Momentum Indonesia; Ayo is a Jakarta-based sport-tech company that enables users to book sports venues and find opponents or teammates via its online platform.

Blibli to issue 4B (3.38%) shares as compensation to management, staff
As of April 30, 83.68% of the company’s shares were held by Global Investama Andalan, an affiliate of local conglomerate Djarum Group, while the rest belonged to the public.

P2P lender Danamart officially pivots to crowdfunding
With the latest permit, it can provide SMEs with business capital of up to US$677,700; It is now a sustainability-driven crowdfunding platform, with debts as its financing instrument.

AirAsia taps Foodpanda for food delivery
Foodpanda will handle the travel app’s food delivery business as both sides embark on a strategic partnership; This means that AirAsia’s food offerings will transition to a dine-in model.

AI can bring more intelligence and automation into drones industry: Aerodyne CEO
AI can automate the process of extracting intelligence from data, which can make a significant impact on the industry, says Aerodyne’s CEO.

PasarPolis: selling insurance in a country that considered purchasing insurance a ‘loss’
Thus far, the company claims to have issued over one billion policies; in 2022 alone, it issued 500 million policies; It provides microinsurance or low-priced coverage solutions for any type of risk (from broken gadgets to accidents).

Unleashing AI’s potential: The vital role of human guidance in AI’s growth and learning
Artificial intelligence and humans have the potential to become invaluable partners in our pursuit of knowledge, growth, and innovation.

Gen Zs, Millennials, and Baby Boomers: When are they most productive at work?
Understanding the needs of a modern, intergenerational work environment is essential for attracting and retaining talented employees.

Meta culture rising: Game-changing trends shaping identity and values in 2023 and beyond
Meta Foresight shares its unique understanding of what matters to more than 3.7 billion people who use Meta technologies around the world.

Six exhibitors to wow you at the 2023 Echelon Asia Summit
Check out the exciting innovations of Anapi, Buyandship, fewStones, INK IDÉE, Parlon, WAOHire and more at Echelon!

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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 the e27 platform, and other prizes. Join TOP100 here.

The post Ecosystem Roundup: UangTeman under probe for tax evasion, VinFast to list in US via SPAC deal appeared first on e27.

Only in exceptional circumstances is fundraising a joy ride —-quick and painless. More often, it is an arduous journey with twists and turns so saddle up and get ready.

This post aims to demystify the fundraising process and arm you as a founder with practical knowledge which will give you endless options and advantages through the fundraising process.

Sections are sequenced in alphabetical order (for no overarching purpose other than the author’s satisfaction) and split into two parts, A to L (Part 1) and M to Z (Part 2).

I would advise you to read through each of the sections eventually but I am aware we live in a “TLDR” world, so feel free to skip to sections that are most important to you in the first instance.

It is a precarious enterprise to simplify the intricacies of fundraising in one post but we must proceed anyway.

Business-as-usual. Who is in charge when you are not?

Even with all the help in the world, fundraising can be quite time-consuming for a founder. Amongst many other things, investors expect quite a bit of face time with you (and rightly so).

We understand that you believe you can do everything and all at once, otherwise, you would not be foolish enough to be a startup founder, but despite all your superpowers even the best gets tested during a fundraising process, especially a prolonged one, like most of them are.

Also Read: Exploring the evolving VC landscape: An insightful outlook on venture funding in 2023

You are always walking a tight rope of running your company, delivering on business targets and trying to secure funding to keep delivering on said targets; one does not work without the other.

To keep walking the proverbial rope, a business continuity plan needs to be put in place with your co-founder(s) or senior team outlining the fundraising objective and the expected time you will be (sort of) out of action.

As a broad rule, when you are engaged in a fundraising process you will need to devote perhaps 30–50 per cent of your time to it, and when you are in the peak period of advanced investor discussions, due diligence and negotiating a term sheet this could easily take up 80 per cent of your time.

Assign one person as your proxy when you’re not present — be clear about what they can and cannot sign off on, the latter being only major life and death decisions.

Since you can’t be out completely, perhaps allotting certain days in the week to focus on the business is useful but of course, you will have to be flexible to external requests.

Capital structure

The capital structure of a startup evolves through its lifetime.

• You start off with ordinary shares for yourself and your early employees along with some stock options (converted to ordinary shares in due course);
• As investors start coming in, they ask for preferred shares with certain preferential rights attached to them;
• Sometimes, the path to preferred equity might go via a convertible note, effectively an interest-carrying debt instrument which is either paid back at the maturity date or can be converted to preference shares either at the time of investors’ choosing or at the next priced round at an agreed discount and/or a valuation cap;
• You might even do (YC-pioneered) Simple Agreement for Future Equity (SAFE) which is a simplified version of a convertible note — it will get converted to preference shares at a discount and/or cap tagged to the next round but is not a debt instrument;
• Venture debt is another increasingly popular form of funding with different types emerging out of the woodwork, the “OG” venture debt was a simple term loan with an equity kicker (e.g. warrants) but now you can get venture debt secured against revenue, inventory or your own shares and might come with a personal (founder) guarantee ask.

The idea is to set the right foundation (precedence) and consistent structures as you move through subsequent fundraising rounds.

Also Read: ChopValue scores US$7.7M funding to recycle chopsticks into furniture, home elements

More of this is in the Term Sheet section.

Due diligence and data room: The must-haves, the should-haves, and the nice-to-haves

The due diligence process and requisite information vary subject to funding stage, type of investor, and geography.

However, our aim is to slightly over prepare for the “median investor”— keeping in mind that no investor would complain about the data room being too comprehensive and answers being readily available but being well prepared might just save you weeks in the back-and-forth.

Here is a standard checklist of key documents you should have in the data room. For ease, items have been assigned a priority tier from one to three —-one being essential, three is a bonus while two is everything in between; and a phase either one or two — one to be provided before and phase two to be provided after the Term Sheet is signed.

Treat it as a guide rather than a strict framework to allow variability.

In terms of hosting the documents, I highly recommend you use a specialised virtual data room (VDR) provider versus a Google Drive/Dropbox.

Now, this is not a must for early-stage fundraisings but does help to build a cadence. More of this is in the Resources and Tech Tools section.

Also Read: GlobalCare bags funding from VinaCapital to provide insurtech solutions to Vietnamese insurance firms, agents

Employee Stock Option Pool (ESOP)

Employee Stock Option Pool (ESOP) allows your employees to become shareholders in the company and participate in the upside.

When done right, it is one of the most important tools to hire, incentivise and retain great talent. An ESOP’s fundamental purpose is to align the interests of employees and shareholders.

You should carve out about 10–15 per cent for the option pool at the time of your first fundraising round. Incoming investors may have differing preferences for the following rounds but if up to you, you should maintain this ESOP level at least until Series B.

One to two per cent for key senior hires and less than 0.25 per cent for junior hires adjusted based on the need of a particular skill set (e.g. you may prioritise engineering over marketing).

The traditional schedule is four years vesting with a one-year cliff —-employee gets 25 per cent immediately after a year then proportionately until year four either on a monthly or quarterly basis.

Some of the alternative schedules which promote retention and performance are back-loaded vesting — granting a higher proportion in later years and performance-based vesting — granting shares based on achieving certain performance targets.

Performance-based vesting usually complements the time-based vesting schedules (either, front-loaded or back-loaded).

Also Read: Mobee launches crypto exchange in Indonesia, secures funding

Financial model

There are many variations of a financial model and most of them get the job done in terms of investor evaluation and due diligence. Below is a checklist of items that are essential to any variant of a financial model.

• The Big 3: Profit & Loss (P&L), Balance Sheet and Cash Flow —-all three integrated with each other, i.e. when a line item moves in one, it moves in the other.
• Financial forecast covering at least three years ahead on a monthly basis, five is even better (following two years can be on a quarterly or even yearly basis).
• Historical accounts in a similar format to the forecasts, going back since inception, which provides unit economics evidence for forecasts and is readily reconcilable with the company’s management accounts or audited statements.
• Revenue build sheet with robust drivers either built from bottom-up (better option) or top-down, bonus if you can build from bottom-up and validate from top-down. From a bottom-up point of view, what is most important is to be able to see the drivers of revenue growth, e.g. X number of customers buying Y volume of products at Z price. This is generally referred to as “unit economics”, and depending on your stage of growth will be a topic investors will want to deeply understand, along with the cost of acquiring those customers.
• Cost build sheet with high-level assumptions for general operating expenses and detailed assumptions for key cost buckets (e.g. marketing, tech) tagged to revenue where applicable; common pitfall — understatement of the forecasted cost structure vis-à-vis forecasted revenue resulting in an overstatement of margins and early breakeven.
• Some of the Balance Sheet items should be tagged to items in the P&L or Cash Flow Statement e.g., accounts receivables from revenue and cash in the bank from closing cash respectively.
• Similarly, some Cash Flow Statement items should be connected to the P&L items (e.g., net profit) and Balance Sheet items (e.g. accounts payable).
• Use of funds should be driven from operating expenses, working capital and capital expenditure in the P&L and/or Cash Flow Statement. Remember to adjust for funds from operations (gross profit), external financing for working capital (if any) and interest expenses.

Also Read: Tackling misinformation and creating a safer internet through blockchain amidst Asia’s lockdowns

Financial Advisor. Not every company needs one

The decision to hire a financial advisor should be based on certain factors such as funding stage, due diligence sophistication, team bandwidth, sector, shareholder base, founder’s network and fundraising experience.

• Stage.A company raising a typical Seed or Pre-Series A round does not need to hire a financial advisor — your target audience (Early-Stage VCs, Accelerators, Individuals, Family Offices) do not expect to be dealing with a financial advisor, don’t need the sophistication in terms of DD or materials and expect it to be a founder-led raise.
• Due diligence sophistication. Will you pass the litmus test of investor due diligence? Refer to DD and Data Room section to check if you have everything in place. Then ask yourself; do I need to hire an advisor to do this or is this easily done in-house?
• Team bandwidth. How built out is your finance and corporate development function particularly in the context of a fundraising campaign — do they have time for (and experience in) managing a fundraise while doing their day jobs? If you are not sure — consider hiring an advisor.
• Sector and investor appetite. Do you operate in a niche or emerging sector where the number of deals is fairly low and the investor universe is relatively limited? Hire an advisor with an established track record and investor network in the space. There are several boutique advisors which specialise and have deep expertise in certain sectors —-find yours.
• Established shareholder base. If an established VC with proactive portfolio management and a fully built-out team (e.g. East Ventures) holds a significant stake in your company —-you will probably get sufficient help from them in terms of preparing for a transaction and investor introductions. Shareholder support combined with in-house expertise may be enough not to hire a financial advisor.
• Founder network and fundraising experience. In the fundraising context, there are two types of founders, the superstar fundraisers and the rest. If you are a second- or third-time founder on the back of successes or “good failures” — chances are you have a universe of investors who will back you at least for the first two rounds or even if as a first-time founder you have managed to raise a bumper first round, the second one is a relative cakewalk. However, if this does not apply to you — consider hiring a “well-connected” financial advisor
• Market perception. Bankers sometimes have a bad name (a few bad apples, as they say) and we often hear that having an advisor representing you in an early stage fundraising is considered a red flag and turns off investors. I say, you decide for yourself by commensurately factoring in the “perception risk” along with other (arguably) more important considerations mentioned here — no serious investor should pass on a good opportunity because of this reason.

Governance and reporting. But aren’t startups exempted?

As an early-stage startup, you will get a lot of leeways but as a relatively mature startup, there are certain things that you are expected to have in place by institutional investors. Why not start early?

• Board oversight. Quarterly board meetings to set clear objectives and KPIs (OKRs, sorry) for the company and senior team and monitor progress with the maintenance of proper records.
• Shareholder reporting.All shareholders should be invited to Annual General Meetings (AGMs) and receive materials in order to update them on annual performance and future plans.
• Employee morale and wellness is the single biggest asset of a growing start-up. Hire an expert (internally if you can) to put a scalable program in place and personally monitor its effectiveness.
• Impact evaluation is not easy for private markets as there is no standard framework. However, VCs in Southeast Asia are now taking a more proactive approach in understanding and developing frameworks, perhaps with a little push from their own investors (LPs) which means it will eventually become an essential ask for you. IIX Values provides a simple self-assessment tool for you to get started.
• Some other items you may want to consider is the additional insurance coverage (e.g. director’s insurance), tight employment agreements (e.g. IP assignment, see Telio) and proper treatment/disclosure of related party transactions (e.g. if founder has an interest in a key supplier, see WeWork).

Also Read: Tackling misinformation and creating a safer internet through blockchain amidst Asia’s lockdowns

 Holding company

If you run a startup in Southeast Asia, Singapore is the go-to destination to domicile your holding company. The Singapore Government and its agencies such as the EDB have made a concentrated effort to make it so.

A supportive regulatory framework, low tax rates, friendly treaties with most countries, access to world-class professional services and talent — some of the reasons why investors and founders alike prefer a Singapore-based Holding Company, even if the operations are elsewhere.

It is of course easier if you have this from the start but fret not, it is quite common to do it (corporate restructure) later when you start picking up more traction (and money).

Investment notes

Increasingly, investors have started to release their investment notes outlining the thesis and investment rationale after making an investment. Think of it as a “public appropriate” version of the investment committee paper.

The basic format is as follows —-the major problem being solved/opportunity being addressed, the dollar value of the market opportunity, how is the company uniquely placed to succeed, what are the future growth engines, traction to-date and in the future, valuation justification (if public).

I would ask you to put yourself in the investor’s shoes and write one yourself in addition to asking your major shareholders to share their “investment note” from the time they made the investments (if they didn’t have one, request them to create one)

Several reasons to do this —

• To a certain extent, you are doing the work for the investors, making their jobs easier and allowing them to move faster.
• You are gaining a different view of your company, from the other side of the table — force yourself to be unbiased.
• It shows your shareholders’ conviction of the business and covers some potential blind spots which you didn’t cover in this or your marketing materials.

I really like how Chamath Palihapitiya does it — simple as it can get. If you want VC specific examples — check out some notes released by B Capital and Square Peg Capital.

Also Read: Singaporean rocket company Equatorial Space secures US$1.5M seed funding

Lawyers. Run…

Lawyers are often underrated actors in fundraising drama. However, having a good lawyer by your side is absolutely essential for so many reasons (some of which you might not want to learn about first-hand).

What you have got to remember is that investors belt out term sheets for a living, you don’t. They know all the ins and outs which you are expected to not know about.

A good lawyer will really focus you on what to negotiate hard on and what to let go of — this will save you a lot of pain while negotiating but much more in the future.

An inexperienced lawyer (from a fundraising standpoint) could not only be out-negotiated but might frustrate your future shareholder (or board member) by focusing on minor issues which don’t matter, not to mention drive up costs for both sides.

You need a lawyer who has done has done multiple fundraising transactions in your sector and someone you can completely trust (no, your litigator friend from poker night does not qualify for the former) — so if you don’t know a good lawyer, please get a warm introduction here.

Bonus if you can get someone who has experience working for both sides.

I am acutely aware that you need to be cost-effective and not squander away cash before you’ve even got it.

The good news is that there is a suitable fit lawyer for every budget and stage. From a Singapore standpoint, early-stage fundraises will cost you about S$5,000 – S$30,000 while the growth stage can cost you about S$30,000 – S$100,000.

Also Read: Meet the 4 tech startups participating in the WE Rise women-focussed accelerator programme

The big range is really a result of the complexity of the transaction, the time required to close and brand/size of the firm.

You will get charged by the hour (on “discounted” rates, of course) and typically have a fee cap. You must get a fee cap.

If you want to know more and can’t wait for the sequel — you don’t have to.

Refer to Part 2 (M to Z) here where I cover off topics such as marketing materials, outreach strategy, term sheet and valuation amongst other things.

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This first appeared on LinkedIn

The article was first published on e27 on September 15, 2021.

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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The post SEA tech founders playbook: A to Z of becoming a fundraising legend (Part 1) appeared first on e27.

As we celebrate World Password Day this month, it’s a great reminder that having strong passwords is not the only way to protect ourselves from cybercriminals. We also need to be careful about what we share on social media.

I mean, we all love social media, right? It’s a great way to connect with friends and family, share our experiences, and stay up-to-date with the latest trends. But here’s the thing, sometimes we don’t realise that we often overshare our personal information on social media, and that can be dangerous. When we post too much personal stuff, we’re basically giving cybercriminals a roadmap to hack into our accounts or steal our identity.

So, in this article, let’s talk about how oversharing on social media can put us at risk and how we can protect ourselves. We’ll explore how cybercriminals can use the information we share to their advantage and compromise our online security. We’ll also discuss some simple ways we can safeguard our online presence, such as using strong passwords and being mindful of what we share on social media.

Real-life cases of cyberattacks due to oversharing on social media

There are plenty of cases where people have been hacked, scammed, or blackmailed because they shared too much personal info online. And it’s not just celebrities – regular folks like you and me are at risk too.

From identity theft to financial scams and everything in between, these cyberattacks can be seriously bad news. So it’s important to be mindful of what you’re sharing on social media and take steps to protect yourself and your personal information.

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

If you still don’t believe me, here are a few cases that happen because of social media oversharing:

• In 2020, a woman in Malaysia lost over $6,000 after falling for a scam on Facebook. The woman received a message from someone posing as a bank employee, who convinced her to share her bank account details and other personal information. The scammers then used the information to steal her money.
• In 2019, an Indonesian woman was scammed out of her life savings after she shared her personal information on social media. The woman was contacted by scammers who posed as bank employees and convinced her to give them her bank account details and personal information. The scammers then used the information to steal her money.
• In 2018, a man in Thailand lost over $300,000 after falling for a phone scam. The scammers convinced him to provide his bank account details and other personal information. The scammers then used the information to transfer money out of his account.
• In 2017, former FBI Director James Comey was the victim of a phishing attack. The attackers gained access to his personal Gmail account, which contained sensitive information about ongoing investigations.
• In 2014, Jennifer Lawrence’s iCloud account was hacked by a group of hackers who gained access to her private photos. The photos were then distributed online.

Those stories prove that you have to be super careful about what personal info you put out there on social media. It’s a prime target for cybercriminals, and they’re always looking for a way in. So, make sure you use strong passwords, turn on two-factor authentication, and be extra cautious about suspicious emails or messages. Protect yourself and your personal data!

How cybercriminals use information to carry out attacks

So, you might be thinking, “Why would anyone want to hack into my social media? I’m not famous or anything.” But hold up! Your personal data is actually super important, not just for yourself, but for your loved ones too. Cybercriminals can take that info and use it to pull all sorts of sneaky moves. Here are a few ways they can do it:

• Phishing: Scammers can use the info you post on social media to create fake messages that seem to come from trusted sources. They can use your personal details to make the message look like it’s from your bank, a social media platform, or another trusted entity. If you click on the link or enter your login details, they can steal your sensitive information or infect your device with malware.
• Social engineering: Cyber crooks can use the details you share on social media to build a profile of you and gain your trust. For example, they may pretend to be interested in your hobbies or chat with you about your interests. Once you trust them, they may ask for personal info or try to make you download malware.
• Physical attacks: Cyberattackers can use the location data they share on social media to track their movements and plan physical attacks such as robbery or kidnapping. They can also use your routine and habits to plan an attack.
• Identity theft: Scammers can use your personal details shared on social media to steal your identity and do fraudulent activities such as opening credit card accounts or applying for loans in your name.

And again, we need to always be careful about what we share on our social media. You can also read about Vanity Award Scams that came across your social media.

Also Read: How the need to survive pushed this founder into the depths of cybersecurity

Best practices to stay secure on social media

Alright, listen up! If you wanna keep your personal information safe on social media, there are some best practices you gotta follow. Don’t worry, it’s not rocket science or anything, but you gotta be careful. Here are some tips to help you out:

• Be careful what you post: Think twice before posting personal info on social media, and make sure it won’t cause any trouble. Don’t share sensitive info like your address, phone number, or bank details.
• Choose strong passwords: Use strong, unique passwords for your social media accounts, and if you’re struggling to remember them all, consider using a password manager.
• Double up on security: Turn on two-factor authentication on your social media accounts to make it harder for hackers to get in.
• Control who sees your stuff: Use privacy settings to choose who can see your posts and profile details. Don’t accept friend requests from random people you don’t know.
• Be wary of apps: Be careful about giving third-party apps access to your social media accounts. Only allow apps that you know and trust.
• Keep your stuff up to date: Update your devices and social media apps regularly to stay protected against known security risks.
• Watch out for scams: Be cautious of messages asking you to click on links or enter your login info. Always check if the message is legit before doing anything.
• Keep an eye on your accounts: Regularly check your social media accounts for anything unusual, such as logins from unknown devices or changes to your profile.

So, if you wanna avoid being a victim of cyberattacks on social media, follow these best practices and keep your personal info on lockdown! Trust me, it’s not worth the risk. Stay safe out there!

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