Glints is one of the few companies that raised late-stage investment in the middle of the COVID-19 pandemic. The Singapore-based online career discovery and development platform has since grown fast. However, the current economic situation has brought some new challenges for the talent platform.

In this interview, Glints Co-Founder and CEO Oswald Yeo talks about the new challenges and how the company tackles them, the market, and the learnings the company made.

Excerpts:

How have the past 2-3 years been for Glints from a business growth perspective?

At Glints, we continue to help over 120 million people to grow their careers and to be the leading talent platform in Southeast Asia. We continue to double down on our efforts to grow our employer base globally and talent base in Southeast Asia, while focusing on creating deeper value for professionals and employers with product and talent innovation.

Since 2022, our employer base has grown to 60,000 global and regional startups and enterprise clients including AIA, Ikea, GetGo, KKday, and Gameloft. Our talent base has grown to 5 million.

The company also sees positive contribution margins across all major business units, with Indonesia and Vietnam markets continuing to be the biggest contributors. We have also been hiring (albeit more conservatively) for our product, engineering, and data teams.

Looking at the macros, we continue to be bullish on employers globally hiring talent in Southeast Asia given our strong talent community in the region and to save costs.

We also continue to see employers outside Southeast Asia looking to tap into our strong talent pool. In Hong Kong, China, Australia, and Japan, employers are looking to hire strong business development and tech talent overseas as they expand their business footprint and as the local talent pool becomes more competitive and costly.

This is reflected in encouraging trends in our data. On the demand side, Glints’s revenues have been growing at 88 per cent at a three-year CAGR. And on the supply side, our marketplace job applications are up 98 per cent y-o-y.

Also Read: Non-revenue generating jobs tend to be more affected in the current downturn: Glints CEO

We remain confident in the prospects and opportunities for the technology and human capital industries in Southeast Asia. As employers all around the world look to be more cost-efficient, remote and cross-border teams in Southeast Asia will be increasingly attractive.

Do we see an end to the raise-cash-burn-cash growth model and the emergence of the ‘make profits, sustain & grow’ model?

We certainly see an industry shift towards the ‘make profits, sustain, and grow’ model. The concept of blitz scaling is mostly foregone as VCs (and their LPs) need a clear path to profitability.

At Glints, we continue to stay true to our overall company strategy, though we like many other startups, need to adapt and be more disciplined in our approach. This means being laser-focused on being lean and operationally efficient.

What learnings can early or growth-stage companies make from late-stage companies?

The key learnings are:

1) It’s always who before what. Pay extra attention and time to get the people right at all levels.

2) Be disciplined and stringent in recruiting the right talent for every role at every level. Prioritise culture fit, mission alignment, and resourcefulness. As a startup, they may not check every box but if they demonstrate the ability to adapt and grow, this is more valued.

At Glints, we have a lengthy but highly effective A-Players (i.e. high performers) recruitment process. We also remind ourselves to not give in to urgency bias.

How is the mindset and cultural shift happening internally, since we are in a high-interest rate environment and funding isn’t going to be as easy as before?

Not unique to any startup, we’ve had to make hard decisions that impacted every team member. While we have always believed in persevering through challenges and being resourceful in the face of adversity, we are not immune to the current environment and needed to find ways to adapt our business.

In this process, we remained steadfast and understood the need to be as transparent and communicative to every one of our Glintstars as possible on where the business stands, where we are going, and why we need to make certain decisions.

How are startups tackling talent issues?

Across the board, we are seeing startups being more conservative in who they are bringing onto the team even if they are in a financially strong position. Startups who are looking to stay default alive may expand existing team members’ roles. We’ve also seen founders taking on more operational roles, taking on the responsibility of product or business development officer.

In general, tech roles such as software engineering, product, and data science will continue to be sought-after in Southeast Asia. To fill the gap, we see three trends. One is that while salaries continue to increase, the growth rate will be much lower than in previous years from upwards of 30 per cent to 10-20 per cent per annum. So, for startups that are in a good position, now is a good time to hire strong tech talent.

Second, Singapore-based businesses are building teams to complement a Singaporean or Singapore-based core, usually at the more senior levels, with remote teams built in and around teams. At Glints, for example, we help a lot of employers based in the city-state to tap into both Singapore and the region’s talent pool to build such teams that can have a hub in Singapore supported by developers in Indonesia and Vietnam, customer service, or back-office in the Philippines and so on.

Third, global employers are paying closer attention to Southeast Asia’s tech talent pool, particularly in Hong Kong, China, Australia, and Japan. SMEs are looking to build teams to support digital transformation. We are currently working with employers to fill tech and business development roles as companies shift to the path to profitability.

Chinese companies we have been speaking to look to expand into Southeast Asia and looking to make their first sales and business development hires. The hires are either extensions of their headquarters team or these hires are used to expand regionally or globally.

How does the current global economic slowdown affect your business, and what steps have you taken to mitigate any negative impacts? Have you noticed any changes in customer behaviour or demand, and how have you responded?

At this time, we are confronted with two hard truths:

1) We don’t know when the market slowdown will end and 2) there will be a continued slowdown in hiring in the meantime as economic recovery is uncertain. How this translates is that employers will be more conservative and cautious in making hiring decisions and there is a shift to hiring revenue-generating roles such as business development, sales, and marketing.

At Glints, we are taking the following steps to support our client base.

Also Read: Tech companies lay off, now or never for smaller startup

First, as employers are becoming more cost-conscious, we are helping global and Singapore-based startups and SMEs across the region save costs by building remote teams across Southeast Asia (e.g. Indonesia, Vietnam, and Malaysia).

Second, with digital acceleration due to COVID-19, we see increased demand from SMEs to build tech teams to support in digital transformation.

Third, for Glints, we continue to focus on strengthening our own core fundamentals to better support our clients.

How has your financial strategy changed in light of the current market conditions, and what measures have you taken to ensure long-term sustainability?

As the current market conditions become uncertain, our clients’ demands have been affected. We have become more prudent in our financial strategy with more focus on runway management and operational efficiencies.

We have taken measures from tightening budgets across different functions, reducing the cash proportion in our compensation, and rigorously reducing potential inefficient spending.

Can you speak of any recent fundraising efforts, and how those efforts were impacted by the current economic climate?

We closed our US$50 million Series D round in the middle of the pandemic (from investors such as DCM Ventures, Lavender Hill Capital, Monk’s Hill Ventures, and Fresco Capital), which put us in a strong cash position. However, we continue to take proactive steps to strengthen our core fundamentals and to be adaptable and disciplined in today’s environment.

We will use the capital to deploy more efficiently and strategically toward long-term investments such as product development. We also have more than enough runway to ride the current downturn to allow us to invest in the long term to serve our talent and employer base.

Can you discuss any cost-cutting measures you’ve implemented, and how those measures have impacted your business operations? Did you lay off employees to stay afloat in the market?

In response to the current market environment, we took immediate cost-cutting measures. We froze hiring, reduced perks and expenses and the entire management team took voluntary pay cuts. Yet, this was not enough.

While layoffs were our last resort, we realised that to adapt to the bear market and strengthen the resilience of our business, we must restructure and operate as efficiently and lean as possible.

As such, we conducted a restructuring exercise in December where we reduced our workforce by 18 per cent. This decision was not taken lightly and we have taken all measures to ensure this is a one-time occurrence and that there will not be another restructure shortly. Despite the short-term disruption to the business, our company has remained resilient and has gradually recovered as of today.

Have you adjusted your growth projections or other key performance indicators in light of the current economic climate?

We have adjusted our growth projections to focus more on growing efficiencies and contribution margins this year. We are more focused on efficiency uplift and paving the way to sustainable growth. At the same time, we continue to regularly review and have adjusted our phasing of expected growth given current market conditions. On the other hand, we will continue to invest in our products and diversify our revenue streams. We are also confident in our projections for user acquisition.

Can you speak of any market opportunities that have emerged as a result of the economic downturn, and how your company is capitalising on those opportunities?

We are seeing increased market opportunities from 1) global employers particularly in Hong Kong, Japan, Australia, and China looking to build remote teams in Southeast Asia to save costs and tap into a strong talent pool. These hires are either an extension of their headquarters team or part of the company’s expansion into Southeast Asia or globally, 2) Singapore-based businesses are building teams to complement a Singaporean or Singapore-based core, usually at the more senior levels, with remote teams built in and around teams.

At Glints, for example, we help a lot of Singapore-based employers to tap into both Singapore and the region’s talent pool to build such teams that can have a hub in Singapore supported by developers in Indonesia and Vietnam, customer service or back-office in the Philippines and so on.

We are helping companies in a few ways 1) helping them recruit for roles given our strong Southeast Asia network at 3-5x cost savings 2) our Managed Talent service where we support the onboarding process, administrative and legal requirements, and any other needs in onboarding and managing a remote team.

How do you balance the need for short-term financial stability with the long-term goals of your business?

Our long-term goal is to become the largest talent community and ecosystem in Southeast Asia. To do that, we still have to invest continuously in marketing and product development/innovations to realise our long-term goals. To balance the need for short-term financial stability, we are pacing our investments with care, keeping a close tab on revenue and customer acquisition costs.

Can you discuss any plans you have for diversifying your revenue streams or expanding into new markets in light of the current economic climate?

We have our geographical expansion plan to serve more employers in China, Australia, Japan, and Hong Kong. At the same time, we are also diversifying our revenue streams in Indonesia by expanding our online product suites which allow employers to have better access to our talents on the platform.

We are also diversifying our client base working more closely with SMEs and sectors that have been resilient during this downturn including FMCG and financial services.

How have you been able to maintain a strong company culture and keep your team motivated during these challenging times?

It is mission-critical for the leadership to constantly communicate and reinforce our core values at Glints. We also want to encourage employees at all levels to participate and provide their views on company direction to foster a sense of belonging. We encourage teams to also work from the office to connect and collaborate. We have since implemented a hybrid work-from-office arrangement across all offices. We continue to create more feedback loops and open dialogues to address any cultural shifts.

With this said, we openly share progress, plans, and challenges. At the end of the day, we focus on anchoring the team back to our mission and purpose. We share success stories and stories of the impact we continue to make on the 120 million lives and tens of thousands of employers we currently serve.

Can you speak of any innovation or new product development initiatives your company has undertaken in response to the current economic climate?

A key focus for Glints when it comes to product innovation in the near term is shifting towards a mobile-first, user experience. We’ve seen triple-digit growth in the last quarter alone in our mobile user growth and adoption.

To increase our talent pool, we are rolling out upgrades in candidates’ job search and job recommendation relevancy. We are launching chat-based application features, and also plan to introduce new features including video and interview scheduling on our platform.

For example, a new chat feature we will launch on our mobile app will allow talent to directly reach out to hiring managers, reducing the friction for talent to discover relevant job opportunities and connect with employers.

At the same time, we are ramping up our college partnership programmes in Indonesia, supporting fresh graduates with career discovery and job search tools to navigate the downturn.

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At the recent KSI World Women Economic and Business Summit event, it became evident that Malaysia faces significant challenges in achieving workforce participation and leadership representation for women, despite their constituting nearly half of the population. With a gender gap persisting in the workforce, underrepresentation in leadership positions, and a scarcity of women-owned businesses, it is imperative to address these disparities head-on.

Within this dynamic and ever-evolving landscape of Malaysia’s workforce, tech companies have emerged as visionary leaders, spearheading a powerful movement towards empowerment and inclusivity. These companies have embraced the profound importance of cultivating thriving workplace cultures that transcend traditional gender disparities. Driven by unwavering determination, they are revolutionising the professional landscape for women and reshaping the narrative of gender equality in Malaysia.

The current situation

According to the Malaysian Department of Statistics, women constitute 48 per cent of the population. However, the gender disparity in the workforce persists, with males accounting for 78 per cent of the workforce and women accounting for 51 per cent.

Also Read: #She27: Celebrating 27 women shaping the future of tech

Furthermore, while women make up 52 per cent of university graduates, they are underrepresented in leadership and senior management positions. Women hold only 15 per cent of board seats globally; however, Malaysia outperforms the average with 22 per cent. Nonetheless, this falls short of Europe’s aim of 30 per cent or more.

A study by SME Corp Malaysia revealed that women-owned businesses account for just 20 per cent of micro- and nano-SMEs, despite comprising 97.4 per cent of all businesses in the country. It is clear that women’s potential is not fully realised in the entrepreneurial realm as well.

The need for change

Promoting gender equality in the workplace is not only an issue of fairness but also an economic necessity. Closing the gender gap in labour force participation could contribute significantly to an increase in global GDP. According to the World Bank, eliminating these gaps could boost long-run GDP by up to 20 per cent, resulting in a US$5-6 trillion rise in yearly GDP.

Even in countries like the United States, where women make up over half of the workforce, severe gender disparity continues, resulting in huge economic costs. Increasing women’s workplace equality might add US$2 trillion to the US economy over the next decade.

Contrary to the myth that more women working would crowd out men, evidence suggests that increased female labour force participation brings about greater innovation and economic growth. Studies have shown that companies with more gender-balanced leadership teams outperform their counterparts, demonstrating the importance of diversity and inclusion.

Tech companies: Paving the change

Tech companies in Malaysia have been at the forefront of advancing women’s leadership and championing diversity, inclusion, and equality. Digital companies have shown significant progress, as evidenced by data from Juwai IQI, which indicates that 55 per cent of corporate roles and almost 40 per cent of the agent force are occupied by women.

Moreover, these companies have demonstrated a commitment to equal pay. One contributing factor to their success in fostering diversity and inclusion is the presence of a younger workforce that is more attuned to the importance of gender equality and is driving positive change within their organisations.

The impact of the pandemic

The COVID-19 pandemic has disproportionately affected women in the workforce. Many women have experienced burnout, isolation, and setbacks in their career development. Addressing these challenges requires concerted efforts to create an inclusive and supportive work environment that caters to the specific needs of women, including flexible work arrangements, adequate support systems, and opportunities for professional growth.

Also Read: Women in tech have leaned in enough. This is what we should do instead.

Steps to create a thriving workplace culture

To foster a workplace culture that empowers women, multiple strategies must be implemented.

• Bringing back women who left the workforce: It is essential to provide re-entry programmes, flexible work arrangements, and childcare support to enable women to return to their careers after taking family-related breaks. These initiatives can help women regain their professional footing while balancing their family responsibilities.
• Building a strong pipeline of young women: Encouraging young women to pursue careers in traditionally male-dominated fields through mentorship programmes, scholarships, and awareness campaigns can help dismantle gender stereotypes and expand opportunities for women.
• Retaining women for the long term: Creating a supportive work environment that values diversity and inclusion is vital for retaining women. This involves promoting work-life balance, offering development and growth opportunities, and implementing policies that address gender bias and discrimination.
• Promoting women to leadership positions: Companies should implement gender diversity initiatives, including targeted leadership development programmes, mentoring, and sponsorship opportunities for women. It is crucial to identify and address the barriers that hinder women’s advancement into leadership roles, such as unconscious bias, a lack of representation, and limited access to networks. By actively promoting and empowering women, organisations can create a leadership landscape that reflects the diversity of their workforce and unlocks the full potential of their talent pool.

In conclusion, developing a healthy workplace culture that supports women is not only the right thing to do, but it is also a strategic imperative for Malaysia. The country can generate economic growth, innovation, and social progress by harnessing the skills, expertise, and capabilities of women.

Malaysia can position itself as a beacon of gender equality and inclusivity by narrowing gender inequalities in labour force participation, enhancing representation in leadership roles, and promoting women-owned companies. It is time to embrace change, create an environment that recognises women’s achievements, and envision a future in which all individuals, regardless of gender, can thrive and succeed.

Together, let us build a more inclusive and equitable Malaysia. By empowering women, breaking down barriers, and fostering a supportive and diverse workplace culture, we can unlock the untapped potential of women and create a brighter future for all.

–

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We recently posted a poll on LinkedIn about the one big question that our readers would like to ask a climate tech startup if they have the opportunity to. The result was clear: They would like to know how these companies measure the impact of the work that they are doing.

For startups working in the field, profits are not the only goal that they are after. Especially in a matter as urgent as the climate crisis, startups in this field need to have a parameter to understand the efficacy of their solutions. This will aid them not only in the matter of developing the next versions of their solutions but also in acquiring potential users.

To answer this big question, we reached out to climate tech companies in the Asia Pacific to understand how they do it. The following is an edited excerpt of the interview.

MVGX

In an email interview with e27, Michael Sheren, President and Chief Strategy Officer of MVGX, writes that impact measurement is central to what the team does at MVGX. As a startup in the climate sector, in addition to building solutions for its clients, the company also measures its own carbon footprint and has developed a roadmap that reduces its emissions by making modifications to its business model.

“For our clients, MVGX has developed software tools that allow companies to assess their carbon footprints and more importantly, provide granular directional data on which areas of their business can be improved. Built to encourage ongoing, regular use, our software allows clients to understand their positive impact on the environment based on their emission reductions on a quarterly basis. This makes sustainability reporting easier for our clients, encouraging accountability as they work toward reducing the impact of their carbon footprint to meet their carbon reduction goals,” Sheren explains.

Also Read: How to navigate the investment opportunity in climate tech sector

“Eventually, this ties into our ambitions as a green finance company — we expect to be able to measure the positive climate impact and ESG attributes of all the assets and projects we hope to finance in the future. Measurement, transparency and positive impact are fast becoming the key elements in finance. These elements ensure that financial institutions are not greenwashing and borrowers are gaining access to the lower cost of capital that less-risky green loans and bonds deserve.”

How do you come with it?

“That being said, we have an extraordinary tech team that has been critical to building out our suite of carbon-as-a-service solutions that all tie back to comprehensive matrix parameters that help us identify and measure the outcomes of our work. As with all product development projects, we went through multiple rounds of trial and error to build systems that best capture our impact and address the needs of our customers, especially when it comes to ease of use,” Sheren answers.

“Given the complex nature of the industry, good communication is critical to ensure seamless understanding across disparate parties — especially when building products and services across varying sectors and disciplines across the green, tech, finance, and business spaces. Additionally, the complexity of creating software for carbon measurement relying on automated functions built from scratch is, in itself, not an easy feat; however, creating new and innovative software is something we proudly develop together as a team.”

IVITECH

IVITECH aims to provide new electric bikes for ride-hailing drivers in Indonesia, a mission that aligns with the government’s policy to have 2.5 million electric vehicle users in the country by 2025. By providing eco-friendly electric bikes, it aims to reduce emissions and improve air quality in Jakarta, where pollution is a growing concern, explains Co-Founder & CEO Artem Moskalev in an email to e27.

There are several parameters that IVITECH uses to measure its impact:

1. It will monitor the number of electric bikes distributed to drivers, as well as the number of drivers who switch from gasoline bikes to electric bikes. “This will give us a clear indication of the adoption rate of our solution. We plan to provide 64,500 new electric bikes to drivers, and we will track the distribution of these bikes over time,” Moskalev explains.

2. It will measure the reduction in greenhouse gas emissions resulting from the switch to electric bikes, as well as the cost savings for drivers who switch to electric bikes. “Based on our analysis, drivers can save up to 80 per cent on their driving costs by using electric bikes instead of gasoline bikes. We will track these savings over time to demonstrate the financial benefits of our solution.”

3. It will monitor public awareness and education about the benefits of electric bikes. This will involve conducting surveys and tracking media coverage to determine the level of awareness and education about its initiative.
“By tracking these parameters, we will be able to measure the success of our initiative and make any necessary adjustments to ensure its long-term impact.”

Also Read: Why these startups focus on informal plastic waste workers in the fight against climate crisis

“Coming up with our initiative to provide new electric bikes for ride-hailing drivers in Indonesia was driven by two key factors. First, the air quality in Jakarta has been a growing concern, and we wanted to provide a solution that could help reduce emissions and improve air quality. Second, we recognised that many drivers in Indonesia face significant challenges due to the outdated and unsafe bikes they use, which can be up to 10 years old and require frequent maintenance,” Moskalev explains.

“We conducted extensive research on the transportation landscape in Indonesia, including the challenges faced by ride-hailing drivers and the environmental impact of gasoline-powered vehicles. From there, we tested various business models. We continue to refine our approach based on feedback from drivers and our own ongoing analysis.”

In implementing this solution, IVITECH has to tackle two challenges: Educating key market players and raising awareness about the benefits of electric bikes and the lack of adequate infrastructure.

“While infrastructure is developing, it is not yet fast enough to support the widespread adoption of electric bikes. We need more charging stations and swap stations to ensure that electric bikes can be charged quickly and easily without causing any disruption to drivers’ operations. These challenges require collaboration between the private and public sectors to overcome, and we are actively working with both to find solutions,” Moskalev stresses.

GAIT Global

GAIT Global’s core is in the deployment of GHG measurement systems for the Monitoring, Reporting and Verification (MRV) of climate action projects. The organisation believes that nature-based climate action has a responsibility to deliver significant social impact beyond just carbon removals.

In an email interview with e27, Alfie Robertson, Head of Strategy at GAIT Global, explains that these nature-based projects include conservation, restoration, and land-management actions that increase carbon storage and avoid greenhouse gas emissions.

Also Read: The key to tackling climate change: Electrify shipping

“We ensure that every carbon reduction project is aligned to sustainable development goals that not only uplift but educate and benefit the local community and Indigenous Peoples within a project’s area and the wider region. At GAIT, we call this the triple bottom line of social, environmental and economic impact, allowing us to meet our commitment of building a world where ethical, sustainable and financial decision-making upholds one another,” he says.

The GAIT System itself fuses machine learning, flux sensors, and spatial data to deliver a method to quantify greenhouse gasses and carbon project metrics. Its proprietary technology catalyses academic research and equipment to improve carbon metrics and advance digital measurement, reporting, and verification (dMRV) for nature-based carbon projects.

“Our technology and approach is an iterative process, we are continuously learning and refining our models to the latest geospatial satellites and technological advances. We believe dMRV is still in its infancy and look forward to continuing to pioneer the space for greater transparency, scalability, and consistency in carbon markets,” Robertson says.

The most difficult challenge for the organisation, as with any technology-led design, is the initial validation of emerging technology.

“Fortunately for GAIT, our scientific foundation and technical principles are well-documented and researched, underpinned by the Eddy Covariance principle and flux sensor technology. Eddy Covariance was first published in 1951 and has undergone extensive research to validate its defensibility and accuracy in directly observing the exchanges of gas, energy, and momentum between ecosystems and the atmosphere,” Robertson says.

“GAIT has enabled Eddy Covariance and flux technologies to be commercially viable through proprietary IoT, Cloud, and AI/ML technologies. The validation journey was expedited via extensive testing and commercial pilots alongside market leaders.”

Also Read: Climate conferences won’t save us: Sparking systems change that benefits us all (Part 3)

Kita

Malaysia-based Kita is a social commerce platform for sustainable fashion that aims to make circular fashion more accessible. In an email interview with e27, a Kita spokesperson expresses the company’s belief that secondhand fashion should be as accessible as fast fashion.

The startup recently made it to the top 10 list of 1337 Ventures’ Alpha Startups Pre-Accelerator, a pre-accelerator programme for early-stage startups.

In measuring the impact of their work, there are two points that Kita is looking at: The number of clothing saved from the landfills on Kita and the number of thrifters at Kita.

“Being sustainable means lengthening the lifespan of an item for as long as it can, and this means saving perfectly reusable pieces from ending up in the landfill. Extending the life of a piece of clothing by an extra nine months reduces its carbon, waste and water footprint by 20-30 per cent. At Kita, we measure the number of clothing we were able to keep in the circular fashion loop, which would have ended up as waste,” the spokesperson says.

“Making the shift to shopping sustainably is a paradigm change of the mindset. We hope that Kita can impact more people to be part of the circular fashion movement, to bring us into a more sustainable future, where fashion does not have to come at the expense of our planet.”

Also Read: Climate conferences won’t save us: Building your own climate solution (Part 2)

In developing their solutions, Kita faces several challenges.

“Secondhand is a spontaneous and untamed market; our vision to make it as convenient as fast fashion would require a lot of deliberate designing to make this happen. Besides, educating and bringing awareness about circular fashion to the public is a result that will take effort and time to cultivate,” the spokesperson says.

“Above all, our biggest challenge comes in uncertainties. Uncertainty in our market, in our decisions, uncertainty in uncertainties.”

The company also points out that Malaysia happens to be “extremely deprived” of the data on thrifted product market conditions.

“There are only a sparse amount of credible publications covering informative thrifting scenes around here, let alone statistical surveys. We can only observe empirically by ourselves. Without the luxury of solid statistical information, this makes decision-making processes be based a lot on benchmarked oversea model case studies, assumptions of future projections, and yes, unfortunately, gut feelings,” they say.

Archireef

Hong Kong-based Archireef utilises 3D printing and proprietary algorithms to print reef tiles made from natural materials with the purpose of restoring degraded marine ecosystems. It creates artificial habitats that aim to help the endangered marine ecosystem to recover from the effects of pollution and other threats.

The company has an ongoing project in Hong Kong’s Hoi Ha Wan Marine Park and has recently expanded to Abu Dhabi.

In the Elevator Pitch Competition (EPiC) by the Hong Kong Science and Technology Parks Corporation (HKSTP), e27 sits down with Archireef Co-Founder & CEO Vriko Yu to understand more about their work.

Also Read: Climate conferences won’t save us: How to start taking action all year round (Part 1)

“When it comes to environmental tech and climate tech specifically, most of the standards right now … is to achieve net zero and carbon neutrality. But we are seeing a stronger trend in achieving nature positivity,” Yu explains.

“This means that in addition to reducing the negative impacts, reducing our carbon emission, we are also enhancing our [positive] impacts on the environment. This one, in particular, focuses on biodiversity. That is one area that we are actively focused on.”

In measuring its impact to biodiversity, Archireef is doing it by tracking the environmental DNA of organisms that have lived in an area for some time. In the case of marine ecosystems, the company tracks the environmental DNA by taking water or sediment samples.

“Then we can amplify the DNA trace and footprint in the environmental sample to track what animals live in it fully. That really captured the full spectrum of the biodiversity, and they quantified and standardised way,” Yu says.

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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.

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Singapore-based insurtech startup bolttech has closed its Series B financing round at US$196 million, led by existing shareholder Japanese insurance holding company Tokio Marine.

Other key investors include global life insurance giant MetLife through its subsidiary MetLife Next Gen Ventures, Malaysia’s sovereign wealth fund Khazanah Nasional, and new and existing shareholders.

Also Read: iPhone co-inventor-backed insurtech unicorn bolttech adds US$30M to Series A

This funding takes the company’s valuation to US$1.6 billion and comes exactly seven months after Tokio Marine led the first tranche of bolttech’s Series B round.

The insurtech firm will use the new capital to further fuel its organic growth, including investments in proprietary technology, digital capabilities for business partners and end consumers and across its 30-plus markets.

In addition, the funds will be used to explore inorganic opportunities to accelerate international growth.

Launched in 2020, bolttech aims to make connections between insurers, distributors and customers easier and more efficient to buy and sell insurance and protection products. It works with insurers, telcos, retailers, banks, e-commerce and digital destinations to embed insurance into their customer journeys at the point of need.

It has licenses to operate throughout Asia, Europe and all 50 US states.

The firm claims it now quotes approximately US$55 billion worth of annualised premiums. Globally, its ecosystem connects 700 distribution partners with more than 230 insurance providers and offers over 6,000 product variations.

Also Read: The future of insurance isn’t just digital — it’s efficiently digital

In October last year, the startup announced the completion of its acquisition of a majority shareholding in Indonesian insurance broker Axle Asia. This followed bolltech’s strategic investment in UK-based digital insurance advisory Sherpa.

In 2021, bolttech secured US$247 million in its Series A round via multiple rounds.

The company’s other backers are BRV Capital Management, EDBI, Spanish firm Alma Mundi, Tony Fadell (Principal at Future Shape, inventor of iPod, and co-inventor of iPhone), Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital, and Tarsadia Investments.

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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.

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Also read: Echelon: Strategies for growth equity according to industry experts

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How these partners are helping us give you the best Echelon experience ever

Sponsors play a critical role in ensuring the success of the Echelon Asia Summit 2023 in several ways. Firstly, they provide various forms of support and coverage for the various activities and features that make the summit such an exciting and meaningful experience for attendees.

Moreover, sponsors bring their expertise and experience to the table, providing attendees with unique perks. By leveraging their networks and marketing channels, sponsors also help bridge the event to wider audiences, enabling access to valuable insights for different demographics.

Also read: Six exhibitors to wow you at the 2023 Echelon Asia Summit

One of the key roles of sponsors is also their presence at the actual Echelon Asia Summit. This provides attendees with the opportunity to network with them and get to know their products and services, which is an essential aspect of Echelon’s purpose as an ecosystem enabler that connects all stakeholders together. By supporting the Echelon Asia Summit 2023, founders can connect with other professionals, investors, and startups in the tech industry, forging new partnerships and collaborations that can drive business growth and success.

As such, e27 is proud to announce GHARAGE as one of its sponsors for the 2023 edition of the Echelon Asia Summit!

Meet GHARAGE at Echelon Asia Summit 2023!

GHARAGE, backed by leading global travel retailer and wholesaler Gebr. Heinemann, builds and invests in startups within the travel and retail spaces. The company operates with the mission to turn travel time into valuable time for global travellers. GHARAGE currently has a portfolio of diverse ventures, including an on-demand airport delivery platform, a web3 community for whisky collectibles, and a new luxury retail experience for airports.

GHARAGE will look to facilitate potential partnership discussions with their parent company depending on the needs of both parties. They thoroughly understand the difficulties and challenges of startups trying to navigate partnership discussions with large corporates and of corporates trying to work with startups. GHARAGE can function as an enabler to help accelerate adoption and the resultant growth in such cases.

Also read: The first 15 startups that made it to this year’s TOP100

“We are participating in Echelon to meet partners in the Southeast Asian ecosystem, as well as founders who are looking to build the future of retail and travel,” shared Darren Soh, Head of GHARAGE APAC.

Their participation at this year’s Echelon Asia Summit is going to entail potential collaborations and networking opportunities with the goal of creating a collective impact in the travel and retail space. GHARAGE hopes to support startups that are currently working within these verticals to help bolster their efforts and empower them as they pursue growth plans.

Join Echelon Asia Summit 2023

Get to know GHARAGE and more at this year’s Echelon!

Echelon Asia Summit 2023 is happening on 14-15 June, at the Singapore Expo. Featuring a slew of speakers, exhibitors, business matching sessions, pitching stages, and more, the event enables participants to connect, network, and engage with the larger tech startup ecosystem.

To learn more about Echelon Asia Summit 2023 and sign up for the event, visit the official page here.

The post See how GHARAGE is empowering travel and retail at Echelon appeared first on e27.

There are so many horror stories about renewing rents in Singapore in 2022 and 2023 that it’s clear how painful the process is. Here is the latest.

At Casa Mia, we are both landlords to our members and tenants to our property owners. So how have we been managing renewals?

The landlord’s point of view

We love our members, so we do not gouge them. However, periodically we need to increase our rates. The goal is to raise the rents in line with the market so that when it’s time to discuss renewals with our property owners, we are ready.

In the last months of January, February and March, we sent 21 renewal requests, with a 10 per cent increase, on average. Some members got a five per cent price adjustment and some 15 per cent. We sent these requests one and a half to two months in advance, to give our members time to consider and decide. 80 per cent of them came back within hours with, “Yes, thank you!” The remainder 20 per cent took a bit longer, but 100 per cent of them accepted the increase.

Is 10 per cent on average too low in the current environment? Maybe, but the new members get market rates, at about 15-20 per cent more than last year. The typical rent in Singapore is two years, so these annual adjustments translate to about a 30-35 per cent increase over the duration of a typical Singapore lease.

According to the SRX price index, that was more than the two-year change in rental rates for the central region of Singapore until the end of September 2022, but it’s been below market since October 2022.

Time to increase our rates faster? I don’t think so. Let’s look at the tenant’s point of view to explain why.

The tenant’s point of view

As a coliving operator, we rent homes long term from property owners, and then we sublet them fully furnished to our members. In the last six months, we had 67 rooms up for renewal, across 17 apartments. How did we do on the renewal of our own homes? It depends.

Also Read: Casa Mia, a Singapore coliving startup’s success story

First, in terms of renewal prices, we did okay. We never paid more than a 30 per cent increase on the previous contract, which, based on the SPI above, is great.

Second, in terms of our success in renewing, things are quite different between last year and this year.

• Overall, we renewed 35 rooms (out of those 67), with only 52 per cent successful renewals
• In September-December 2022, the renewal success rate was 84 per cent
• Of the 32 rooms we lost, 26 were lost in January-March 2023
• The January-March 2023 renewal success rate dropped to 13 per cent

This seems to be in line with the SPI picture above, that there has been an acceleration in price increases since October 2022. Therefore, unless we are willing to pay much more than our 30 per cent limit, we would not be successful in renewing.

However, at the same time, since October 2022, Casa Mia Coliving has been consistently adding more than 20 rooms per month. As a point of reference, we were only able to add five rooms per month in the previous nine months.

There was a huge crunch in rental inventory in 2022, which only eased after the summer. The ease in inventory should have resulted in prices flattening, not spiking.

My takeaway

So, what is really influencing the renewal prices and success rates? Perhaps the sensational media coverage has convinced landlords that they need to ask for 50 per cent more. Perhaps the increase in interest rates has convinced some landlords that they need to ask for more. Whichever the reason, the increase in supply will offset this soon.

My take? If a landlord wants more than the last transactions in a condo, walk away. Unlike last year, there are plenty of good alternatives right now. I guess we will see what happens to the SPI in a few months!

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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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In this episode, we are excited to welcome Freddy Marcos, Founder of Rentbrella, the world’s largest and most successful umbrella-sharing company. Today, Rentbrella has 800 stations with hubs present in the biggest urban centers of the world such as Sao Paolo, New York, and London.

Marcos began his career as Finance Director and Consultant, then as an investment banker at Merrill Lynch. Before he launched Rentbrella in 2018, he lead the operations and developed business strategy as the Chief Operating Officer of Ezconet.

Here, we discuss why it is important to start with a global mindset from day one, how to build feedback loops and two-way innovation across teams, tips for building a successful career in international business, and strategies for localising the business to fit the local market while staying true to company principles.

Also Read: Nestia launches umbrella-sharing service

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 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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The content was first published by Global Class.

Image Credit: Global Class

The post How Rentbrella is making it rain dollars in global markets appeared first on e27.

It’s easy to dismiss the success of someone by saying they have an innate ability. Whether it is sales, tech, writing or managerial—there will always be people who stand in the limelight, their talent seemingly undeniable. This dismissal explains everything: quick promotions, compliments from leaders, the reason they seem to grasp everything so easily. 

Most highly successful people have a similar enterprising spirit, a keen motivation to excel and a penchant for hustling. These traits might seem innate, coming naturally to them. But there is one factor that even successful people must build upon from scratch: catalytic learning. 

Catalytic learning is defined as ‘enduring learning that objectively prepares the learner to continue to learn and implement new knowledge, positioning the learner for future self-directed learning.’ In other words: learning how to learn. 

The concept is an explicit learning-based schema built over time. Adult education, educational psychology and cognitive science have long documented what works to promote learning in various fields. If one can learn how to learn effectively, how complex a subject matter becomes less important. 

Also Read: How to fortify yourself against the risky unknown

Catalytic learning can be especially beneficial for leaders to understand. As technology evolves—and so society and the workplace with it—it’s more important for people to know how to learn, rather than what to learn. Leaders can help to prepare their colleagues and workforce against this frenetic pace of change, not with technical expertise, but with catalytic learning. 

As the old adage goes: If you give a man a fish, you feed him for a day. If you teach a man to fish, you feed him for a lifetime. 

Understanding metacognition

In order to harness catalytic learning, understanding metacognition is key. It is known to comprise one’s thinking about thinking—including what one knows about oneself and how one learns best, strategies to set specific goals, and tailor-made ways to achieve these goals. 

The importance lies in what the National Research Council calls the role of transfer, which is the ability to use what one has learned in new settings—in an environment and context that is different from those in which the subject was learned. 

Leaders and teachers must understand this in order to bring out the full potential of colleagues and students. Catalytic learning is more of a behaviour than anything else: it requires one to behave actively, instead of simply learning and absorbing passively. 

Self-awareness as a journey

At the crux of catalytic learning is self-reflection and self-awareness—to be able to understand who you are and the kind of learner you are will be invaluable in your learning journey. 

With self-awareness comes an understanding of your strengths, weaknesses and what makes you thrive. According to research, we are more confident and creative when we’re self-aware, we’re more effective leaders with more satisfied employees, and even better workers who get more promotions. 

Self-awareness is a tricky, balancing act. Most people think they are self-aware; according to research by Tasha Eurich, 95 per cent think they are self-aware, but only about 10 to 15 per cent actually are. And sometimes, reality doesn’t line up.

Also Read: From gigabytes to zettabytes: How to develop a data-driven mindset

Further research shows that experience can lead to a false sense of confidence and overconfidence about our self-knowledge and that the more power a leader has, the more likely they are to overestimate their skills and abilities. 

Asking what, not why

A common misconception about self-awareness is that it is closely linked to introspection. But according to the same research, the opposite is true. People who introspect are less self-aware and report worse job satisfaction and well-being. The problem is that people are introspective in the wrong ways. 

Asking yourself “Why?”—for example, “Why do I like employee A more than employee B?”—is an ineffective self-awareness question. Research has shown that we do not have access to many of the unconscious thoughts, feelings and motives that we need, so we invent answers that feel right. 

“Why” is inherently subjective—it requires emotion, contemplation and self-judgement. Instead, Tasha Eurich posits that we should ask ourselves “What?”—“What did employee A do that was better than employee B?”, or “What are the steps I need to take to do a better job?” While “Why” is subjective, “What” is objective, asking a more impersonal, detached question. 

This is why catalytic learning isn’t something one just picks up as a convenient skill. It’s a behaviour to be nurtured through time and intention, through exercises of self-awareness.

In conclusion, an important process to becoming highly successful is through catalytic learning—the art of learning to learn—by understanding metacognition in order to unlock self-awareness and achieving self-awareness to rely on objectiveness rather than subjectiveness. In this, one learns how to fish, and feeds themselves for a lifetime. 

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

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

Image credit: Canva Pro

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

The bureaucratic environment of working in a corporate world and the urge to take on something new and challenging drove Michelle Lam, a highly paid regional account director at a leading advertising firm, to start her own marketing communications company, The Little Black Book (TLBB).

TLBB is a home-grown uptrend motion graphics company reputed for its engaging digital campaigns and strong social media track record. It has accumulated a wealth of experience and gained extensive expertise with a wide-ranging portfolio of projects from private sector companies to government constituencies, covering brands from beauty to technology, lifestyle to public service.

In this episode, Lam shares his organisation’s culture and hiring philosophies.

Excerpts:

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

In the process of recruiting new employees, I prioritise identifying an individual’s unique “X” factor beyond their formal education and relevant work experience. This involves considering the current team dynamics and discerning which personality traits and skill sets are absent from the existing mix. To accomplish this, it is crucial to have a thorough understanding of the team on both a professional and personal level in order to identify the ideal candidate.

My approach to recruitment follows a straightforward guideline that revolves around two key questions: Does the candidate possess the relevant skills, and can they be envisioned as part of the team? By focusing on these questions, I can more effectively determine a candidate’s compatibility with the team and the role.

During interviews, I closely examine the questions candidates pose to gain insight into their personalities. If appropriate, I inquire about past challenges they have faced and the strategies they employed to overcome them. This information helps me draw inferences about the candidate’s character and ultimately assess their suitability for the position.

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

In the corporate landscape, it is essential for organisations to cultivate a sense of purpose and fulfilment in their work. At our company, our culture is built upon four key principles, collectively known as the four Cs: carefree, commitment, caring, and curiosity. These principles guide our daily operations and interactions.

Being carefree encompasses a balanced approach to work and play, ensuring that we maintain a strong work ethic while also finding time to unwind. Caring signifies the importance of treating each team member with respect, as they contribute to our collective happiness and success at work. Commitment involves dedicating ourselves to our tasks and ensuring that we see them through to completion.

Lastly, curiosity is a value we instil in every aspect of our work, from client meetings and research to our thought processes and problem-solving strategies. By fostering an environment that encourages curiosity, we promote a culture of continuous learning and innovation.

Also Read: Our company culture is driven by communication: Terng Shing Chen of SYNC

Because of our culture, we are able to earn the trust of each other. The trust serves as the bedrock of our team dynamic, and we have experienced the transformative power of teamwork during challenging times. For example, on two separate occasions, our team successfully navigated the delivery of high-priority projects. One such instance involved the production of 17 videos within a week, which demanded unwavering dedication and a seamless operational flow. Accomplishing this feat without additional resources necessitated an all-hands-on-deck approach and a shared commitment to success.

The second situation presented a unique challenge, as it involved an ongoing event that was beyond our control. In response, our team quickly assembled team B to manage crowd control and oversee manual tasks at the event while the client’s software issue was being resolved. Despite the immense stress, our team’s professionalism and dedication shone through, demonstrating the strength of our collaborative spirit.

As a leader, I am proud of our team’s achievements and remain steadfast in my commitment to supporting their ongoing growth and development. Our hiring process seeks candidates who resonate with our core values and display a willingness to work collaboratively, even in the face of adversity.

Our company places a premium on perseverance and the determination to see projects through to completion, ensuring that we consistently deliver on our commitments to both our clients and each other.

How do you foster transparency and encourage achievement in the workplace?

I make an effort to keep my employees updated on my plans and goals. By sharing these details and explaining the reasons behind my choices, I hope to remove any obstacles that might get in their way. While this method may not convince some of my employees to open up more, it does create a smoother and trusting work environment.

I make sure everyone on our team knows what they’re responsible for and how their success is measured. I’m open and honest about my hopes and goals for everyone. When someone achieves their objectives, I like to shine a light on their success and give them the reward I had in mind. I always try to keep my promises and trust that others will do the same.

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

While we do not have a formal mental health policy, we deeply care about our colleagues’ well-being and are attentive to changes in their behaviour. If we notice anything concerning, we make a point to check in with them and offer support.

We have also published a self-development book titled “Life is Meaningless,” which focuses on finding one’s purpose in life. By publishing this book, we aim to embody the principles we discuss and ensure that our team members feel supported and understood.

We do our best to be sensitive to each other’s needs and provide space when necessary. For example, one of our staff members lost her mother shortly after joining the company. As a result, we make a conscious effort to be mindful of this during occasions like Mother’s Day, avoiding excessive discussions that might be distressing. While these gestures might seem small, they contribute to a work environment that fosters motivation, safety, and well-being for our team members.

WFH or WFO, or hybrid?

WFH. Based on recent conversations with friends employed by large corporations, I have heard that some organisations are considering discontinuing the hybrid work model. As you know, when one company adopts a particular approach, others are likely to follow suit. Personally, I find this decision disheartening. The COVID-19 pandemic provided us with an opportunity to explore the potential of working from home. Admittedly, it does require significant adjustments and dedication to make it work effectively.

It is worth noting that some supervisors and managers may prefer the ease of face-to-face management. While I understand that certain jobs cannot be performed remotely due to the nature of their industries, I firmly believe that for most knowledge workers, working from home offers a better work-life balance. It allows employees to be productive while simultaneously managing their personal time more efficiently.

How should a tech worker prepare for the funding winter?

Focusing on ideas that have the potential to generate income is imperative. Start by prioritising the generation of revenue with limited investment, then construct a sturdy product and present the foundation to prospective investors.

Also Read: Impactful technologies empower lives: Viveka Kalidasan of Let-Lab

This displays the probability of success when there is a steady flow of income (even if it is little). Nevertheless, it is important to avoid over-reliance on funding as it may give the misleading notion that financial resources can substitute for the core components of marketing and revenue generation.

How do you measure the performance of your employees?

I utilise Key Performance Indicators (KPIs) as a means of evaluating the performance of my employees. These KPIs are clear, quantifiable and have a specific timeframe for achievement. I schedule an annual performance review with each employee, during which they first self-assess and then receive feedback from their immediate supervisor. After both evaluations are completed, we then have a discussion to review the results.

Will you consider a moderately skilled person with great honesty or a highly skilled person with less honesty when hiring?

When it comes to hiring for my company, I prioritise honesty and moderate skill level over pure technical expertise. While it is typical to aim for highly skilled individuals in a corporate setting, the nature of my small business requires a different approach. In my company, a team of individuals who possess a strong sense of integrity and moderate proficiency is preferred.

Do you encourage ‘intrapreneurship’ in your organisation?

I consistently encourage my staff to explore intrapreneurship. However, from my perspective, this largely depends on personal drive rather than organisational support. We independently authored, produced, priced, and managed the promotion and marketing of our book. Consequently, each individual has the chance to engage in similar ventures. As we are also investing internally in a SaaS company, it’s crucial for the team members involved to exhibit a certain level of entrepreneurial spirit in one way or another.

How do you support upskilling for your employees?

In the past, we enrolled our team members in coding courses (some of them created a meal cost-sharing app) and provided subscriptions to various e-learning platforms such as Lynda. However, I noticed that not many were particularly interested.

Consequently, I now make an effort to empower team members by directly inquiring about their preferences, and if desired, I am more than willing to provide the necessary resources or support. This approach seems more logical to me, although I acknowledge that we have not yet achieved a breakthrough in this area.

I recognise that the daily workload for my team can be significant, leaving little time for upskilling. Additionally, not everyone is inclined to engage in formal upskilling. To address these challenges, I now focus on incorporating a diverse range of projects with varying scales and requirements, ensuring that my clients and my expectations are met.

By doing so, team members can learn and upskill naturally while on the job. I have observed improvements in their output using this approach, and thus, I believe these two methods will coexist for the foreseeable future.

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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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Singapore-headquartered telehealth platform ORA has raised US$10 million in a Series A funding round co-led by TNB Aura and Antler.

Gobi Partners, Kairous Capital, and GMA Ventures also joined the round, bringing ORA’s total funding to date to above US$17 million.

With this new round of funding, ORA will seek to expand its presence into new territories, both geographically and with new offerings.

Founded by former Zalora CMO Elias Pour, ORA is a house of healthcare brands powered by a vertically integrated telehealth platform. It currently operates in Singapore, Malaysia, and the Philippines with additional markets being launched during the rest of 2023.

Also Read: Gobi Superseed II Fund invests in Durioo+, Lapasar, Paywatch, pitchIN

Its portfolio of healthcare brands includes Modules (prescription skincare), OVA (women’s health) and andSons (men’s health).

Later this year ORA’s brands will arrive in retail across 1,300 tier-one stores bringing its accessible, medically-backed range of products to shelves. Looking at different geographies there are opportunities to expand into regions like the GCC.

CEO Elias Pour said: “We have the high growth potential of DTC, with a very high percentage of healthcare expenditure in our region being out of pocket. This is powered by an underlying SaaS type of recurring revenue, with subscriptions counting for more than 70 per cent of our revenue and our retention is better than Netflix with 10x the monthly order value. We achieved post-marketing breakeven at the end of last year on a group level after just 20 months of going live and have a very clear and believable path to profitability that is imminently ahead of us.”

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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.

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