Dear Pro member,

Is the ChatGPT boom over?

The explosive boom of ChatGPT, once a revolutionary breakthrough in AI-driven conversational technology, has begun to taper off.

Initially hailed for its remarkable ability to generate human-like text and engage in diverse conversations, limitations have come to the forefront. Users have encountered instances of biased, inappropriate, or nonsensical responses, eroding the trust in its reliability.

The initial fascination has also waned as the novelty wore off, revealing the tool’s inability to deliver deep insights or truly understand the context consistently.

Concerns about data privacy and security have also played a role, with users apprehensive about the potential misuse of their interactions.

Moreover, the competitive landscape has evolved, with newer models addressing some of the predecessor’s shortcomings. While ChatGPT remains a valuable tool in various applications, the initial unbridled enthusiasm has transformed into a more balanced view of its capabilities and limitations, marking a shift from an era of unfettered growth to one of refined expectations.

Not just ChatGPT but many other AI projects are also losing their sheen. This is the highlight of today’s Ecosystem Roundup.

We also have many other exciting news and feature articles in today’s edition.

Happy reading.

Sainul,
Editor.

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Is the AI boom already over?
The new AI-powered Bing search hasn’t made a dent in Google’s market share, ChatGPT is losing users for the first time, and the bots are still prone to basic errors that make them impossible to trust.

Indonesian EV maker ALVA raises US$50M Series B
The investors include Horizon Ventures, Indika Energy, and HH-CTBC Partnership; Started in May 2022, ALVA has launched two EV models — ALVA One (motorcycle) and ALVA Cervo.

PropertyGuru to shut down Indonesian business Rumah.com
According to PropertyGuru CEO Hari V. Krishnan, the company made the strategic decision to prioritise its investments on other opportunities; Rumah, acquired by PropertyGuru in 2011, is the second most-visited property portal in Indonesia after 99.co.

Alipay declares live commerce ambitions in pre-IPO growth chase
The fintech giant also announced an updated international version of Alipay that promised to make it easier for foreign visitors to China to use the digital payment service using Visa and Mastercard.

Indonesian regulator wants the VCs to register locally
The regulator OJK is discussing plans to woo VCs to seek licences in the archipelago; It has met venture capital associations to discuss the feasibility of the plan.

Temasek, Touchstone launch climate startup competition in Vietnam
Called Net Zero Challenge 2023, the programme seeks to support climate solutions in Vietnam, which has received less funding compared to other tech sectors, according to a joint statement.

AntsBees sets aside US$860K to support AI-powered tech startups in Malaysia
The AI and robotics automation solutions provider will back startups focusing on the industries of education, healthtech or any field that could contribute to the AI tech ecosystem.

TikTok Shop to capture 13.2% of SEA e-commerce market share: report
The e-commerce arm of TikTok is on course to reach its US$15B GMV target in 2023; This would place TikTok Shop’s market share in the region at the same level as Tokopedia, estimated at 13.9%, and Lazada, estimated at 17.7% this year.

Dubai to attract over 600 new web3 ventures by end of 2023
Dubai’s move to extend heavily subsidised commercial license for enterprises in the AI and Web 3.0 sector is predicted to lead to an immediate spike in web3-centric investments across UAE.

‘We aim to make early cancer detection accessible on a global scale’: Mirxes CEO
Mirxes has developed a miRNA tech platform, which it claims can accurately and reliably measure miRNAs in human blood by increasing detection sensitivity and reproducibility.

‘AI must be used to enhance team members’ expertise, not to sideline them’
To thrive, workers should acquire new skills in AI, data analysis, and customer experience management, says Ravi Dodda of MoEngage.

Is the Philippine real estate market ready for the next wave of proptech?
An overview of the proptech scene in the Philippines in five numbers that provide clues to where the innovation compass is pointed.

Why bootstrapping remains the key to survival in Asia’s funding winter
Bootstrapping gives startups the opportunity to focus on sustainable and organic growth, ensuring they remain profitable.

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The image used in the article is AI-generated.

The post Ecosystem Roundup: PropertyGuru to shutter Rumah.com; Is ChatGPT boom over? appeared first on e27.

For all the talk about the circular economy, many still operate under the mistaken belief that it’s simply a newfangled term for recycling. While recycling is certainly an important part of the circular model, it’s actually the final stage in the life cycle of a product.

Designing for durability, longevity, and sustainability

In the circular economy, the emphasis is also on the redesign of products for durability, reuse for longevity — and reducing the extraction of precious materials for sustainability.

An economic model with the complementary aims of cutting waste, promoting sustainable consumption and more thoughtful production, circularity is a restorative and regenerative system where materials are looped back for use, extending the lifecycle of a material or a product for its entire economic value, minimising its impact on the environment.

This approach exists in contrast to the traditional linear economy’s “take, make, dispose” model, where products manufactured from raw materials are used perhaps only once — often for just moments — and then discarded as waste, ending up in landfills, burnt or polluting our waterways.

The potential of circular principles for environmental and business benefits

There is inarguably a great deal of room for improvement insofar as recycling goes — currently, only 7.2 per cent of used materials are cycled back into our economies. However, it’s vital that we also focus on the potential for meaningful change via product lifecycle extension, designing products for hardiness, long life and ease of repair, and for sharing or ‘product as a service’ approaches, where consumers make use of products when needed rather than owning something they may utilise once or just a few times.

Greater adoption of circular principles will have myriad benefits for the planet, leading directly to a reduction in waste, environmental pollution and landfill pressure. Resources can be conserved, with longer-lifespan products reducing demand for raw materials and the energy expended in resource extraction, manufacturing, shipping and waste management.

It follows, of course, that through these measures, greenhouse gas emissions will fall — dramatically, in fact. A paper from the Ellen MacArthur Foundation entitled ‘Completing the Picture: How the Circular Economy Tackles Climate Change’ demonstrates that, by 2050, “designing out waste, keeping materials in use, and regenerating farmland can reduce (GHG) emissions by 9.3 billion tonnes. That is equivalent to eliminating current emissions from all forms of transport globally.”

Also Read: The future of food: Tech-enabled, hyper-personalised, and sustainable

From a purely pragmatic, dollar-and-cents perspective, there are also numerous benefits for businesses beyond simply doing their part to help heal the planet (which can have a priceless effect on brand reputation and equity). Reducing material usage, making supply chains more efficient, and lowering waste disposal costs all have a healthy impact on a company’s bottom line.

Adopting circular principles can open up new revenue streams and promote innovation within an organisation, potentially leading to world-changing and hugely profitable inventions.

Furthermore, as ESG compliance becomes increasingly crucial and vital to securing both customers and financing, every business will soon have to report their CO2 emissions, share this information with stakeholders, and demonstrate their efforts to align with net-zero guidelines.

Food is one area where change is urgently needed. According to the WEF, 40 per cent of plastic produced is used for packaging, making it the largest contributor to single-use waste. A great deal of this plastic packaging is used to serve or transport food, and very little of it gets recycled.

Each year, an average individual contributes 16 tonnes of single-use plastic waste. Even a seemingly insignificant item like a small salad container or plastic water bottle can be responsible for emitting 100-400 grams of CO2. When items such as these are discarded and not recycled, it is damaging both ecologically and economically, as nearly all value is lost.

Pressure for change in the food industry is coming in an unavoidable ‘pincer movement’ from consumers and regulators. The Global Sustainability Study 2022 by Simon-Kucher & Partners found that 66 per cent of consumers rank sustainability as one of the top five drivers behind a purchase decision, up from 50 per cent the previous year, and 71 per cent of global consumers are making changes to the way they live and the products they buy in an effort to live more sustainably.

Lawmakers are also taking steps to make circularity compulsory. The EU has put forth minimum reuse targets for packaging, aiming for 20 per cent of takeaway cups by 2030 and 80 per cent by 2040 while also targeting 10 per cent and 50 per cent (by 2030 and 2040) for packaging used in online purchases. In Germany, it is already legislated that every food outlet must provide a reusable option.

Also Read: WasteX helps poultry farms improve productivity, achieve sustainability with biochar solution

Asian countries are following the lead  — under its Zero Waste Masterplan, Singapore aims to reduce the amount of waste sent to its only landfill each day by 30 per cent by 2030.

From businesses’ perspectives, moving toward circular helps shore up sustainable supply chains and operations, stem the tide of ever-rising packaging costs, alleviate supply chain disruptions that cause shortages and delays, and allow for product innovations. Beyond this, adopting circular measures increases brand value and provides a business with additional touchpoints where they can learn more about their customers.

Incorporating reusable food packaging and analysing the data it generates opens up countless opportunities for customer engagement. One of the most exciting developments for F&B companies, businesses will be able to get a better understanding of their customers’ preferences, behaviours and values — in turn allowing businesses to improve products, services, social media and marketing to better cater to their target audience.

Let’s take the simple case of a cinema that operates within a closed system — selling hundreds if not thousands of paper cups, popcorn packaging and other single-use packaging. A transition to reusable packaging with RFID-embedded chips would help the cinema acquire more customers by offering unique incentives, increase consumer engagement by analysing consumer behaviour data, improve operations by assessing hardware analytics and usage — and, oh yes, reduce CO2 emissions by driving circularity.

Transitioning to a circular reusable packaging system should not be viewed as a costly and mandatory shift. Instead, it’s an opportunity to build sustainable operating models, engage with customers in new ways — and do your part in improving the environment. That’s truly closing the circle.

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Global freelancing marketplace Freelancer.com recently released its Fast 50 Q2 2023 report, a quarterly dataset ranking the fastest-growing and falling jobs on the platform. According to this report, the top five fastest-growing jobs on the platform for the quarter were creative writing (58%), user interface design (52%), Twitter marketing (41%), photography (40%), and writing (Microsoft Word) (38%).

What is surging the demand for these jobs? Can AI replace creative jobs in the future? And can AI and human freelancers co-exist?

Marko Zitko, Communications Manager at Freelancer.com, answers these questions in this interview.

Excerpts:

With creative writing and user interface design ranking as the top two fastest-growing jobs on Freelancer.com, what do you think is driving this surge in demand for these skills in the freelance market?

We always see ebbs and flows when it comes to demand for freelance skills, which tend to reflect trends in the world of work. For creative writing, the simple answer is that generative AI can’t replace creative work at this stage. You will understand these limitations if you try to get generative AI to produce high-quality, creative work. This is why we believe there is a sudden surge in these types of jobs on the platform.

The demand surge for user interface design links to the trends we saw in the previous quarter. In the Freelancer.com Fast 50 Q1 2023 report, we saw an increase in projects relating to forming new businesses and ventures. We saw a rise in design, mainly logo design and corporate identity design, and website and e-commerce jobs surge.

Also Read: Why Malaysia is the best choice for freelancers amidst the recession

It’s likely that these entrepreneurs who started these businesses at the beginning of the year are now continually working on and refining their websites and businesses. This is consistent with the other trends we’ve seen in Q2, such as an increase in marketing and sales jobs as well.

According to the Fast 50 Q1 2023 report, Twitter marketing significantly increased job postings. How do you see social media marketing evolving, and what role does freelancing play in meeting this demand?

Social media marketing is significant in marketing any business, particularly with startups. It’s one of the more cost-effective marketing methods compared to traditional marketing, such as taking out a billboard ad, a commercial slot, or organising a promotional event.

The social media marketing space continues to evolve as new platforms spawn, new engagement trends emerge on existing platforms and user behaviour changes. Employing on-demand freelancers is one of the best ways to keep up with the ever-changing nature of social media marketing, as freelancers keep up with existing trends and continually upskill in new tools.

Photography also experienced substantial growth on the platform. How is the rise of freelance photography and videography gigs shaping the creative industry, and what opportunities do you foresee in this domain?

We saw a significant increase in photography and videography job postings on the platform.

Also Read: Levelling the playing field: How AI can transform SME hiring

Two factors influence the rise: 1) employers and businesses are becoming increasingly interested in more photography and videography content, and 2) Freelancer.com has made it easy for employers to hire local freelancers to support them with these projects.

The opportunity here is for local freelancers skilled in photos and videos, as more jobs and projects are available.

The report mentioned growth in business marketing investment. Can you elaborate on how businesses leverage freelancers to bolster their marketing efforts and stay competitive in their respective markets?

Businesses leverage freelancers to bolster their marketing efforts and stay competitive by focusing heavily on growth and strategy. Freelancers have become an increasingly popular strategy for companies looking to bolster their marketing efforts and maintain a competitive edge. Leveraging freelancers offers several advantages, particularly when it comes to focusing heavily on growth and strategy.

As the world debates the potential impact of AI on job markets, how does Freelancer.com view the coexistence of AI and human freelancers? How do you envision AI and human freelancers working together in the coming years?

AI will enhance freelancers’ overall capabilities and productivity, leading to more efficient workflows, higher-quality outputs, and increased opportunities in specialised areas. Sophisticated generative AI tools will elevate freelancers and move them up the stack, changing the nature of roles from writers and designers to editors and project managers.

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The second image used in this pic is AI-generated.

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The scope of a best-practice Product Manager shows how growth weaves in all the skills and insights needed to best serve customers.

TL;DR: Remember the era of tossing growth ideas randomly and hoping for the best?

The startup landscape has matured. Today, growth is about a strategic blend of intuition, data, and pinpoint focus on product-market fit.

With tools like Amplitude, VWO and Mixpanel, and the guidance of dedicated Growth Teams, we’re not just “hacking” but strategically sculpting our growth trajectory, focusing on specific user segments and strategic differentiators.

Growth teams: Your strategic growth allies

Many leaders recognise the immense value of Growth Teams. These cross-functional squads bring together marketers, data analysts, and product experts, focusing on refining product-market fit. Their expertise helps leaders determine which of the four fits – customer niche, value proposition, channel, and revenue model – need attention, ensuring strategies are not just data-driven but also aligned with the market’s pulse.

Beyond vanity metrics: Data-driven growth decisions

Gone are the days of chasing vanity metrics. Today’s growth is about strategic moves backed by robust analytics. The age of random ideation is over; now, each decision is informed, ensuring every growth initiative is data-backed and market-aligned.

Growth360 in action is how leaders are prioritising and sequencing every initiative in their organisation to optimise effort towards the strongest growth levers.

Guiding the business away from vanity metrics includes the articulate use of crafting a growth equation, so that everyone can understand the “how we grow” and then focus effort on where the business needs it most.

Also Read: How corporate-startup partnerships unlock new opportunities from growth

Tracking, from there, should come from your North Star Metric and a basket of Leading Indicators, and then the data becomes actionable.

North Star Metrics, Leading and Lagging Indicators

Metrics serve as the compass for any growth journey. The ‘North Star Metric’, ‘Leading Indicators’, and ‘Lagging Indicators’ are three pivotal signposts. For those harnessing behavioural analytics and product analytics tools, understanding these is essential.

By leveraging platforms like Amplitude, VWO and Mixpanel, for example, startups can identify, track, and optimise their metrics – be it the guiding North Star, the forward-looking leading indicators, or the retrospective lagging ones. The key is to strike a balance, ensuring growth strategies are data-driven, user-centric, and rooted in genuine value.

North Star Metric

• The North Star Metric captures the core value your product delivers to customers. It’s the essence of your product’s value proposition, pointing towards its long-term growth potential. For instance, ‘Daily Active Users’ is Facebook’s North Star, while Airbnb revolves around ‘Nights Booked’.
• The North Star Metric encapsulates the core value of your product, guiding long-term growth strategies.

Leading Indicators

• These are forward-looking metrics predicting future engagement with your product. They spotlight actions users take, indicating the perceived value and potential return. A music streaming service, for example, might consider the number of playlists created within the first week as a leading indicator.
• Leading indicators are the early signals, helping optimise short-term strategies by offering a glimpse into future user engagement.

• Lagging indicators are retrospective metrics that reflect outcomes. They measure results after the fact. Often, some lagging indicators can be categorised as “vanity metrics” – numbers that look impressive on paper but don’t necessarily translate to genuine value or sustainable growth.
• For instance, total app downloads might seem like a significant number, but if only a small fraction of those users engage with the app regularly, then it’s merely a vanity metric.

What to remember

While lagging indicators provide a historical perspective, it’s crucial to discern between meaningful metrics and vanity metrics. The latter can paint a rosy picture without indicating real product value or growth potential.

By leveraging platforms like Amplitude, VWO and Mixpanel, for example, startups can identify, track, and optimise their metrics – be it the guiding North Star, the forward-looking leading indicators, or the retrospective lagging ones. The key is to strike a balance, ensuring growth strategies are data-driven, user-centric, and rooted in genuine value.

Deciphering growth: Rigor in prioritisation and sequencing

The journey of a startup is rarely linear. The challenge is in determining which routes to pursue and in what sequence. With behavioural analytics, startups can make informed decisions, understand cause and effect, establish correlations, and ensure strategies are executed in optimal sequences.

Also Read: Tap into the potential of your location data to boost business growth

Growth insights from the thought leaders

Sean Ellis

Coined the term “growth hacking” and is the founder of GrowthHackers.com. Ellis emphasises sustainable, data-driven growth and states:

A growth hacker is a person whose true north is growth. Everything they do is scrutinised by its potential impact on scalable growth.

Key Point: Growth, in Ellis’s perspective, isn’t just a metric but a guiding principle. Scalability is key.

Are you counting the number of times ‘growth’ was used in that quote? Well, let’s just say it makes its point clear. Scalability is the name of the game.

Andrew Chen

A General Partner at Andreessen Horowitz previously led growth teams at Uber, a LinkedIn Top Voice. Chen stands firm on the interplay of product and marketing, highlighting:

Growth is a system, not a bag of tricks.

Key Point: He reiterates that genuine growth is systematic and goes beyond surface-level tactics.

In a world filled with quick fixes, Chen reminds us that growth isn’t a magician pulling a rabbit out of a hat. It’s more like a master chef meticulously crafting a recipe. Systems over gimmicks, always.

Brian Balfour

CEO at Reforge, previously VP of Growth at HubSpot. Balfour’s approach to growth is holistic, emphasising:

Growth is about the interconnectedness of product, marketing, and data. They don’t exist in silos.

Balfour paints a picture of growth as an ensemble act where various facets work in harmony. Thinking of product, marketing, and data as isolated silos? It’s the orchestra that creates the magic, not just the violin.

How can you act on this?

The wisdom from these thought leaders underscores the importance of a holistic, interconnected approach to growth. It’s a shift from the tactical mindset of early “growth hacking” towards a comprehensive, system-oriented perspective.

If we’re still debating this? Well, let’s just say some of us might still be trying to fit a square peg in a round hole.

The evolution of growth: From hacking to holistic strategies

Startups today are sculpting their success stories with precision, leveraging analytics tools, and grounding their efforts in a deep understanding of the market. The transformation from “growth hacking” to holistic growth strategies has been profound, with an emphasis on product-market fit and strategic differentiation.

The essence of growth in today’s startup world is insight, precision, and a generous dash of data magic.

Embracing the analytical approach, guided by dedicated Growth Teams, ensures businesses not only grow but thrive in alignment with market demands.

These thought leaders have consistently shed light on the essence of growth, moving far beyond the tactical mindset of early “growth hacking.” Their insights underscore the importance of a comprehensive, system-oriented approach.

And if we’re still debating this, well, it’s like questioning the tastiness of a perfectly baked pie. Come on, who doesn’t love pie?

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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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The post Data-driven growth: The evolution of growth hacking in 2023 appeared first on e27.

This article was first published on September 6, 2022. Ever since then, igloo has increased its Series B funding round and introduced new products and partnerships to the markets. 

Data by the Indonesian Financial Services Authority (OJK) revealed that the country has the lowest insurance penetration rate in Southeast Asia at just 1.9 per cent. As if this was not challenging enough, the pandemic has also affected insurance sales by 40 per cent as sales intermediaries are pushed to digitalise their works in such a short time.

This situation provides plenty of opportunities for insurtech companies to showcase their innovation –something that Singapore-based Igloo is trying to do.

Recently, the company launched its new AI platform Ignite by Igloo, introduced to enhance sales intermediaries’ productivity and enable a faster sales cycle. Offering various insurance products on a single platform, Ignite allows easy comparability and supports partners in improved customer engagement and product management.

Following the launch of this platform in Vietnam, in August, Igloo finally introduced the platform to Indonesia as its second market, offering motor and personal accident insurance by eight insurers in Indonesia. The company is looking forward to launching travel and property insurance products on the platform soon, as they are seizing opportunities in the market.

So, what is the story behind the launch of this new product? What are the thought processes behind product development? How does Igloo plan to acquire users for this product? In an email interview with e27, Raunak Mehta, Co-Founder and CEO of Igloo, gives all the answers, giving us a glimpse into how the company work.

Also Read: SG’s smart lock maker igloocompany banks US$12M Series B1 to expand its footprint in US, Europe

The following is an edited excerpt of the interview.

Can you tell us about the product development process behind this product?

Insurance is largely an offline play in Southeast Asia, with a digital insurance penetration rate of two per cent and most insurance sales being facilitated by agents and brokers. Despite the accelerated adoption of digital lifestyles, especially during the pandemic, and 75 per cent of users in the region having access to basic data on their smartphones, accessibility to insurance still remains very low.

We saw a huge opportunity to address this issue by providing a digital solution for agents and sales intermediaries to improve efficiency, increase their reach and optimise their opportunities to convert into sales. Ignite by Igloo is exactly this solution that enables them to sell anywhere, anytime to enhance their productivity.

Ignite shows up multiple insurance products on a single platform and allows easy comparability, enabling agents to grow and engage their customers with more products in one place. They can also recommend the most suited insurance plan for them.

Business reconciliation is another challenge for agents, with manual or offline processes susceptible to errors. By unifying sales and customer data in one place, Ignite reduces manual and inefficient paperwork for insurance sales intermediaries. It allows real-time customer updates and timely notification on claims, settlements and policy renewals. They can also transfer and receive commissions straight into their bank account.

So for the sales intermediary, there are huge benefits on Ignite – from product discovery, plan and benefits comparison to seamless customer relationship management and real-time policy activation, which is a very powerful feature that can shorten the sales cycle since the policy can be generated in a few minutes.

What are the lessons that you have learned from your launch in Vietnam? Is there anything that you applied to your launch in Indonesia? Is there any specific reason why you chose to go to Vietnam first?

Indonesia and Vietnam have low insurance penetration rates at 1.5 per cent and 3.3 per cent, respectively. There is great potential to increase insurance sales.

In Vietnam, general insurance is still largely sold via offline channels that are highly fragmented. So, we took that window of opportunity and introduced Ignite first in Vietnam. That also gave us a headstart in the market as few players currently provide the solutions Ignite does.

Also Read: The power of insurtech: Reshaping the insurance industry in 2022

In Indonesia, the combination of its compelling macro backdrop and fast-growing digital economy is a massive opportunity for us to scale quickly.

We also adapt learnings from each country and modify our platform to fit our chosen target market better. For instance, one feature available exclusively to the Indonesian market is FastQuote. It is a feature that shortens the purchase flow by calculating premiums and generating quotes within seconds. Sales intermediaries can benefit from the quick and convenient user flow where they calculate premiums, generate and send e-quotes to the customer and complete the purchase cycle.

We are also focused on further improving the app experience for the users in Indonesia, providing dedicated training and materials for sales intermediaries to use in both online and offline approaches.

What will be your target for this product in Indonesia?

Over 1,000 sales intermediaries in Indonesia are already using Ignite to maximise their performance, and the network continues to expand further.

What is your user acquisition strategy?

There are a couple of sales intermediary segments that we look at:

Life insurance agents who have prior experience and established customer networks to whom they can sell general insurance products such as personal accidents and motor insurance, among others.

Adjacent sales intermediaries, for instance – financial advisors and auto dealers who provide more value to their customers by offering relevant insurance protection.

Gig economy workers who want to supplement their income with Ignite. For this segment, Ignite also provides training and onboarding that helps them get acquainted and start easily on their insurance sales journey.

What do you think will be the main challenges for your launch in Indonesia, and how do you plan to deal with them?

In Indonesia, there are already players in this same space. Our challenge is to iterate on our proposition and product features based on what our users, as well as the data, is telling us to improve our offering more quickly and in ways better than our competition. Secondly, there is also a geographical aspect to consider, as Indonesia and Vietnam are vast areas to cover.

What is your next market after Indonesia?

Igloo is a regional player that operates in eight markets across Southeast Asia, and our future expansion plans will be based on our assessments of where and how Ignite can suitably address challenges for agents and sales intermediaries.

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Image Credit: igloo

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