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7 reasons every entrepreneur should be proud of themselves

My partner and I are currently interviewing with schools for our kid’s admission, and in one of these interactions today, a panel of educators on the other end couldn’t stop praising the work I was doing at FlexiBees. On any given day, we speak with folks like ourselves or with folks paid to interact with the likes of us, so appreciation isn’t so forthcoming. 

Of course, there are the occasional testimonials that come from our clients and, more heart-warmingly, our talent, and we do take pause and savour those. Or at least try to (take a pause, that is). 

But today, when a group of completely unalike people went into raptures at what I did for a living, and with my partner having just spoken about his shining career in financial services that they consumed with nary a reaction, I felt proud.

And so for my future self, and perhaps for others like me, I decided to create and keep at hand a buzzfeed style list for the purpose of shooting yourself in the arm with a dose of confidence when you most need it. Read on, you intrepid adventurers!

They manifest something out of thin air

I always find this the most fascinating aspect of entrepreneurship. That what exists now only does so because you made it. Every day as part of multiple entrepreneur groups, I see scores of brands and offerings lovingly created, from product to packaging to experience, none of which existed till you arrived on the scene.

In most established companies, one mostly does only incremental building, and even innovation is inherited for the large part. But Founders start from the ground up, armed with knowledge and, at times, not even that but only the passion for making something better. 

Also Read: Singapore, Berlin and Dubai: Unveiling the unique fabric of global startup ecosystems

 Which brings me to my next point.

They create jobs

In the quest to make things better and make better things, Founders end up creating ecosystems with employees, consultants, agencies, freelancers, and gig workers who help them conceptualise and execute their vision. We don’t often think about the deeper repercussions of hiring new people for our teams, but it is immense. Founders provide people with livelihoods and the ability to lead a better life along with the opportunity to lead a more productive and fulfilled life. 

Even if it is for a small set of people, for them, it’s the world.

They do all this and more without salaries

Now this is crazy, right? Most Founders don’t have salaries when they start out. And this could continue for some time. Most Founders are also driven by the long-term, which could be financial, purpose-driven or innovative for its own sake. Or a combination of all of these. Money is a motivator, and rightly so, but not in the same way that we have been taught all our lives.

They eat rejection for breakfast

All Founders get rejected, even the famous ones. One may enter the world of entrepreneurship thinking they are going to change the world, but first, the world is going to change them. They are going to have to develop a tougher hide and the hardy ability to spring back. And if they are paying attention, they use this rejection to make their product better. But damn, does it hurt. 

So full marks to every Founder who goes to bed hearing “no”s in assorted timbers and inflections, and nevertheless wakes up the next day raring to go. The world didn’t break you, and it made you stronger. 

They carry the responsibility of…everything!

With us, the buck has found its resting place. Whether it be building product or company culture, dealing with competitive pressure or talent churn, who’s going to do it but the Founders?

The revelation here is not that the founders will lead these important things for the company; I mean, that’s obvious. But what many people don’t get is that all these things and more have to be done in the first place.

A company is like a human. Each organ, each cell performs a function. Being a Founder is like constructing the human body organ by organ, with nothing but your bare hands and ingenuity. 

Also Read: Should you take Grab or Gojek? Founders reveal how they scale their business

We then have every right to feel pride when this company of ours totters on its own two feet and walks a few steps. Even if it hasn’t yet learned to run, we know how far it has come and how far it will go.

They, quite simply, defy gravity

Yes, starting up looks very different from gambling. It’s certainly not pure luck — skills, timing, funding, and partners all play significant roles.

But that doesn’t mean that the odds of building a successful company are not low. Building a successful company from scratch is that beautiful miracle where multiple things have to go right, where the Founders need to have guts of steel, and where luck, nevertheless, does play a role. Numerous studies have shown that more than 90 per cent of startups fail. 

But we Founders are unique, aren’t we? We tend to be a little delusional, just the slightest bit illogical. And that’s invaluable. Those who look the longest never leap. Founders look and leap, hoping against all hope that they shall win this battle against gravity. And you know what, sometimes they do.

They get others to believe in their vision

Not only do they themselves defy gravity, they create their own gravity fields. They make others believe in their vision; they are beacons for change and a better world, pulling people towards them. They are electric and extraordinary. 

Yes, you. You are electric and extraordinary. You took the leap few do and made something of it. Made something great of it, actually: a living, breathing company that wouldn’t have been there without your vision, hard work, persistence and talent. 

So once in a while, let yourself feel the pride.

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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Future-proofing businesses and talent through technology

The pandemic, despite its role in forcing the world into a standstill, acted as a catalyst for change. Amidst the global timeout, remarkable progress was witnessed in the Asia-Pacific region and beyond, marked by the rapid adoption of practices and technologies, such as remote working and project management tools.

This brief era in history has fundamentally shaped how businesses operate and how employees regard their work life and made many re-evaluate the importance of having efficient and effective HR infrastructure in place.

It also brought various business benefits for both employers and employees, including making communication easier with global teams, enhanced flexibility with hybrid working, global recruitment and accessibility to new markets.

Despite recent mass layoffs by large technology companies as traditional businesses increase hiring, Southeast Asian startups are facing a shortage of technology talent, according to a recent study by Glints.

Hence, the need to compete in this post-pandemic landscape has never been more prevalent, especially when more and more technology companies initiate restructuring initiatives to reduce costs as well as to attract and retain talent.  It’s no wonder that Gartner’s latest research has identified HR technology as a top investment priority, as it will offer new ways for businesses to be competitive.

Also Read: Scaling is hard: Here are 7 things Human Resources can do to manage it

One of the key ways HR technologies can help businesses stay competitive is by making global expansion a possibility for many. According to the UOB Business Outlook Study 2023, more than 80 per cent of businesses in Asia are looking to expand internationally for revenue and profit growth in the next three years. HR technology can empower businesses to scale up across borders enabling them to reach new markets and audiences.

Secondly, it plays a pivotal role in international recruitment. In a JobsDB survey across Singapore, Hong Kong, mainland China and Japan, 95 per cent of employers said skills shortages have the potential to hamper the effective operation of their business or department.

International recruitment encourages businesses to tap into a wider talent pool and plug the skills gap with the best and brightest without location being a barrier to access. Furthermore, this method may prove to be far more cost-effective as different regions have varying expectations of salaries and benefits.

While global expansion and international recruitment are interesting prospects, they do, however, come with logistic issues. Firstly, they can be quite costly and complex, as it requires businesses to pay legal and administrative fees and understand various regional compliance law, all while having to navigate the complexities of employment contracts, payroll services, taxes, social security and benefits in each location they hire in.

So how can efficiency-minded businesses reap these benefits without an enormous amount of capital expenditure and leaving themselves vulnerable in the future?

This is where the right technology comes in, particularly an Employer of Record (EOR) platform. An EOR has the most impactful HR innovations all on one platform, such as onboarding new hires, team management, and global payroll – allowing businesses to effectively and efficiently manage international operations.

Fast and flexible expansion in Asia and overseas

EORs help businesses to expand with minimised friction, compliance risks and cost. An EOR service provider manages the legal, HR, tax, and local compliance responsibilities of a company’s employees in any region or country where they don’t have a legal entity.

It acts as the legal employer, hiring employees using its local business entities. As such, the EOR assumes the legal risks of an employer on their behalf while they maintain control over their employees and operations.

An EOR service provider’s responsibilities can include payroll, tax, visa, immigration and work permit sponsorship, local support for employment matters, and advice on required notice periods and termination rules. They can also provide data insights on employment trends in global markets, all of which takes away the lion’s share of work associated with global expansion.

That said, EORs are nothing new. The difference today is that the technology is now in place so businesses can hire employees the world over and manage them from a single platform.

Also Read: Are you a human resource?

The right technology

At Atlas, we facilitate our EOR services through a centralised Human Experience Management (HMX) platform. For overseas employees, it not only allows them to be hired correctly and get paid in their own currency, on time and in a fully compliant way, but also to access learning and development features, local employment guidance, visa and immigration support, and much more.

For employers, the platform centralises their entire people operations so they can manage onboarding, payroll, benefits admin and more without having to deal with multiple third-party providers or platforms.

Partnering with an EOR service provider greatly reduces the time, costs, and complexities associated with setting up a formal entity in a new country, which helps to simplify the process significantly and reduces cost, making it easier to scale up or down as demand requires.

More importantly, an EOR allows businesses to expand in multiple key markets easily without having to make a full investment in the region.

A solution for today and tomorrow

Lessons from past downturns have taught us that the route to success comes not from brutal cuts but from growth via efficiency. While deep uncertainty remains, Asia as a region has exhibited resilience in the face of this extraordinary shock, providing a multitude of opportunities for companies aspiring to transform, expand, and scale.

The right EOR platform can help businesses master that balance by allowing them to continue to expand in a sustainable and flexible way, putting them in a great position to future-proof their operations and prosper when the dust settles.

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 groupFB community, or like the e27 Facebook page

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Climate tech startups can play a role in helping SMEs bridge sustainability, digital transformation: Paessler

Felix Berndt, Regional Sales Manager of Asia Pacific, Paessler

Paessler, an organisation that specialises in monitoring IT infrastructures and networks, revealed in a recent report that there is a clear disconnect between sustainability and digital transformation initiatives across organisations in Singapore.

While Singapore-based organisations stated sustainability as a topmost business priority at 58 per cent, followed by digital transformation at 55 per cent, only 50 per cent of organisations have a clear sustainability strategy and are acting on it.

With the aim to shed light on the current state of sustainability practices among businesses and deep dives into drivers and barriers in deploying sustainable IT practices, the report revealed the top barriers to adopting sustainability practices in Singapore include:

– Balancing the ESG metrics with growth targets (65 per cent)
– Cost of deployment to business (43 per cent)
– Lack of clarity from government bodies (48 per cent)
– Lack of measuring ROI (53 per cent)

What causes this disconnect between the sustainability agenda and digital transformation? In an email interview with e27, Felix Berndt, Regional Sales Manager of Asia Pacific at Paessler, explains that the major issue lies in the fact that businesses view sustainability and digital transformation in silos and not as intertwined.

“Organisations are working on developing sustainability frameworks and digital transformation strategies in a piecemeal manner. As a result, their resources, whether budgets, time or skills involved, are less effective. They also lack the capabilities and the expertise to develop a sustainability framework and work on it, clearly highlighting a disconnect between the engaged sustainability practices and their digital transformation journeys,” he says.

Also Read: What startups need to know about Claims Code, the new rulebook for making credible climate claims

Berndt further highlights that despite sustainability being one of the top three business priorities for the next three years, it does not even feature as one of the top five challenges for businesses across markets and sectors. He points out that the top reasons businesses adopt a sustainability framework are reputation (45 per cent), adherence to industry standards (36 per cent), and regulatory compliance (24 per cent).

“Similarly, when it comes to digital transformation, organisations are looking to improve efficiency, save costs, and enhance customer experience, amongst others. Hence, at first glance, businesses may find it difficult to understand the direct relationship between the two.”

One might wonder if the pandemic and back-to-back global crises may have a role in this. According to Berndt, while they did accelerate “key shifts in the world economy”, we also have to note that digital transformation is not just the result of the pandemic. It is a general recognition that IT will sustain its fundamental role in driving and enabling significant economic value across every organisation.

“As sustainability takes centre stage, digital transformation can make an essential contribution to sustainable development policies and help showcase the positive impact an organisation can have on the environment in which it functions. Hence there is a clear need for businesses to have a complete coherence between their digital transformation endeavours and their sustainability goals,” he explains.

“After all, the former will support organisations in making sustainable investment decisions as well as developing environmental, social, and governance (ESG) data sets in a disciplined manner.”

Bridging sustainability agenda and digital transformation

The good news is that there are steps that businesses can take to bridge between sustainability and digital transformation, and according to Berndt, it begins with an understanding that sustainability and digital transformation can “inherently be mutually beneficial.”

Also Read: The Radical Fund hits first close of US$40M climate tech fund, targets early stage SEA startups

“On the one hand, the implementation of digital technology further promotes sustainable behaviour by simultaneously improving efficiency and reducing environmental impact and by enabling new products and models that are more sustainable in the long run. On the other hand, implementing a sustainability framework gives organisations a chance to innovate and differentiate themselves, creating new opportunities for digital transformation,” he says.

He adds that one of the many ways organisations can actively bridge this gap is by complementing their IT strategy with a comprehensive IT monitoring structure. ​

Berndt also recognises that as awareness of the importance of sustainability increases amongst business players, they would also need applicable environmental insights to meet their sustainability goals.

“Unfortunately, the current methods tend to be complex, necessitating exhaustive manual labour, personnel with climate and data science skill sets and computing power to fully utilise their data. Nevertheless, digital transformation can enable organisations to stay resilient, adaptive, and profitable in this post-pandemic era,” he says.

“This is where creating a robust infrastructure via digital transformation can help meet sustainability goals. For instance, artificial intelligence (AI)-powered remote monitoring tools can help organisations predict and avert issues while also carrying out condition-based maintenance that is based on operational data and analytics, thus reducing downtime and maintenance costs.”

As for climate tech startups–those who provide solutions for other companies to improve the environmental aspect of their operations–this opens a new opportunity to contribute.

“Whether it is through energy-efficient appliances or sustainable packaging solutions, startups can play an important role in making sustainability more accessible and affordable for small and medium-sized enterprises (SMEs) and individuals,” Berndt closes.

“By highlighting the economic benefits of sustainability, startups can also help further change overall perspectives on environmentalism, whether it’s through investing in clean energy or other sustainable practices that can save money in the long run.”

Image Credit: Paessler

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Meet the 55 finalists vying for prizes worth US$1.9M at SMU’s LKYGBPC competition in Singapore

A pic from one of LKYGBPC’s previous editions

Singapore Management University’s (SMU) Institute of Innovation and Entrepreneurship (IIE) has unveiled the 55 finalists selected for the Finals Week (known as BLAZE) of the Lee Kuan Yew Global Business Plan Competition (LKYGBPC).

The 55 finalists will showcase their innovations before a panel of judges at the university campus from September 11-15, 2023. The grand finalists stand to win prizes worth S$2.5 (US$1.9) million.

LKYGBPC is one of Asia’s largest university-led bi-annual startup competitions, focussing on deep-tech innovators solving urgent global challenges of the 21st century.

Also Read: Unleashing the power: The fierce talent battle in deeptech innovations

The 11th edition of LKYGBPC received 1,000 submissions from 1,100 universities — including ETH Zurich (Switzerland), Harvard University (US), Imperial College London (UK), and MIT (US) — across 77 countries.

Of the total submissions, 26 per cent came from America, 22 per cent from Southeast Asia, 24 per cent from the rest of Asia, 22 per cent from Europe, and 6 per cent from Oceania.

LKYGBPC focuses on five key areas: Urban Solutions & Sustainability, Manufacturing, Trade & Connectivity, Human Health and Potential, Smart Nation and Digital Economy, and Media & Entertainment. Overall, the Urban Solutions & Sustainability category received the highest submissions (35 per cent), followed by Smart Nation & Digital Economy (28 per cent) and Human Health & Potential (22 per cent). The Urban Solutions & Sustainability category has the largest representation (25 out of 55) among the finalists.

Some of these innovators are leveraging cutting-edge technology to drive environmental change, from converting plastic waste into construction materials through circularity solutions to developing next-generation smart windows for energy reduction and creating resource-efficient materials using bio-based approaches.

Two members of each finalist team will travel to Singapore for BLAZE, a week-long event bringing inter-generational networking, panel discussions, site visits, and mentorship sessions that form an environment which fosters learning, collaboration, and growth. The event will also open doors to business opportunities in Singapore, where the headquarters of numerous multinational corporations are located.

Singapore-based startups can leverage VC Office Hours (VCOH), a gathering of senior VCs, to accelerate professional development and grow their ventures. More than 50 senior VCs who collectively manage more than S$2.5 billion of assets will be in attendance.

Also Read: Unlocking deeptech for sustainable development: SDTA launches revamped venture building programme

The 55 startups are:

Active Surfaces (US), BioWerkz (Switzerland), Bloom Alert (Chile), CBE Eco-Solutions (Singapore), Colipi (Germany), ElectricFish (US), Greencoat (Australia), JJ Innovative Materials (US), Ki Hydrogen (UK), LEAFYPOLYMER (China), LiQidium (US), Magorium (Singapore), NEU Battery Materials (Singapore), Node Bio (UK), Nona Technologies (US), Ozonebio (Canada), PEELSPHERE (Geramany), Plastalyst (UK), PlasticFri (Garmany), RELEAFPAPER (Ukraine), Super Nova (China), SusMaX (US), Sylvarum (Argentina), Team Algrow (UK), Tianjin Hermos Technology Co. (UK), Adravision (Singapore), Castomize (Singapore), Cauchy Analytics (Canada), EmerStat (Singapore), InGel Therapeutic (US), IsiTwin (France), Karla Bionics (Indonesia), Medea Biopharma (Geramany), MessengerBio (Australia), MirZyme Therapeutics (UK), NeuroWeav (France), Pangaea Data (UK), Pic-A-Talk (Philippines), Savyn (Singapore), Shanghai Nian Tong Intelligence Inc. (China), Vibrosurgery (China), Virtetic (Australia), YaBEZ (Thailand), Zhi Yin (China), Aliena (Singapore), Fishyu (Thailand), Huaxia Semiconductor (Hong Kong), MassPrint Technology (Singapore), VOMMA (China), Voyawave Optics (Germany), Finful (Vietnam), FLock.io (UK), PLEXUS (South Korea), Adaptop (Norway), and MitoWorld (Malaysia).

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East Ventures backs immersive game-based learning platform SoLeLands

SoLeLands, an immersive game-based learning platform to support kids’ self-discovery,  has raised undisclosed funding led by East Ventures.

SMDV also participated.

The Indonesian startup will use the money for capacity building and product development in preparation for the soft launch in Q4 2023.

SoLeLands was founded in 2022 by Jonathan Prathama (CEO) and Adhi Paisoseputra (COO), inspired by the current state of parenting. The duo realised that children in today’s generations are growing up in a technology-driven society. Thus parents should equip their children with the necessary skills and values to thrive and adapt in an ever-changing landscape.

Also Read: 7 trends changing the reality of immersive gaming

According to them, SoLeLands ensures the right exposure and simulation to groom digital-native children. The platform focuses on two main objectives: discover kids’ passions and prepare them for future challenges.

In achieving those objectives, the edu gaming startup applies the game-first approach in supporting all parents and educators in preparing their children’s required skills and values.

SoLeLands emphasises the importance of children’s development across various areas like life skills, virtues, intelligence, and competencies. Its Talent Manager Tool gives parents visibility regarding the kids’ passion and talent. These insights will empower parents to guide their children’s development while prioritising their independence and safety, building their love for learning and equipping them with lifelong curiosity.

SoLeLands takes a massively multiplayer online role-playing game (MMO RPG) genre to provide a unique and engaging learning experience through hyper-localised settings and impartial tools for discovering true passions. It presents learning in synthetic environments with familiar landmarks, with users having the option of assuming the roles of inventors, biologists, and archaeologists.

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