Non-fungible tokens sprang out of nowhere in 2021 and quickly amassed about us$41 billion in sales. It’s understandable that NFT leaders would ask if the NFT is a good development opportunity for a young business, given its quick growth and buzzy reputation.

Following the first flurry of interest in NFTs, the market saw a decline in sales volume as the value of Ethereum, the cryptocurrency upon which many NFTs are based, fell. Now that the NFT market is stabilising and there is hope that Ethereum will become cheaper to mine, it is simpler to answer the question of whether or not to invest in NFTs.

Moreover, the market’s severe energy inefficiency is about to be addressed, so removing a potential restraint on development. Thus, it appears that NFTs will remain successful for the foreseeable future. Do they, however, make sense for your young company’s brand?

The potential for success in the NFT sector continues to grow

The development of NFTs is, in many respects, just beginning. As more and more exchanges appear, purchasing NFTs with fiat cash will become standard practice. Players in virtual worlds and video games will soon be able to buy and sell their own unique avatars and virtual goods using NFTs.

Also Read: Sony & UMG join forces with Snowcrash to revive NFTs: Here’s why the digital trend is far from dead

With the correct strategy, you can sell digital products with residual royalties embedded into the blockchain contract to a rising, tech-savvy global audience. But that doesn’t mean every company should rush into the NFT sector.

Contrary to popular belief, NFTs do not generate income at will. It needs marketing just like any other product, a comprehensive business strategy that accounts for all the costs and risks, and a solid team to back it up. It is also important to know how your NFT fits into the bigger picture of your firm before launching it.

As you deliberate, keep the following in mind with regard to NFTs:

Understanding the process: An essential first step

A thorough familiarity with blockchain technology and NFTs is necessary before diving into this field. There is plenty of material to help you master the technique. NFTNow is a great starting point.

You should educate yourself practically after you have learned the theory behind an NFT. Make a token you can “test NFT” on a friend or coworker and sell it to them for a dollar. Test out the full procedure to see if it’s something you and your potential consumers would be interested in doing again.

Whether or not you should get engaged in the NFT area depends on whether or not you have a firm grasp of the process and an understanding of why and how they increase and fall in value.

Evaluating NFT’s potential benefit for your business

The NFT’s meteoric rise in popularity is reminiscent of the smartphone app phenomenon of the past decade in more ways than one. Many people believed to have approached me as a software developer with the idea that they could become the next Mark Zuckerberg with the help of a mobile app.

Most of the time, a mobile browser might serve the same purpose as the intended app, if not better. For many business owners, investing in the development of an app would be a waste of time and resources that would not be appreciated by their target audience. Plenty of today’s business owners are still making this same error.

Also Read: To leverage Web3 technologies, Web2 companies may start by building the right culture

Launch an NFT collection only if you intend to remain in the market for the long haul and if you believe your collection has a unique value that NFT purchasers will emotionally resonate with rather than just to build publicity for your brand. Consider whether you can imagine a third party wishing to resell your NFT to the buyer. If the answer is no, then it shouldn’t be available to the public.

Calculating the initial costs

While it’s possible to mint and advertise an NFT for as little as US$100-US$500, that price may not reflect the full cost of starting a successful NFT.

To appeal to a new, younger audience of NFT aficionados, for example, you may need the assistance of professionals if your current customer base comprises people who adore antique art and collectibles. Just to get started with good brand design, storytelling, and creative direction, this may easily balloon into a marketing spend of up to US$50,000. Make sure you’ve considered all of these expenses before choosing if a launch is worthwhile.

Building an audience before launch

NFTs are not an “if you build it, they will come” kind of technology. It’s crucial that you have a sizable customer base that is interested in purchasing your wares. Since it is still developing, venturing into this new industry is fraught with uncertainty. The good news is that this indicates enormous untapped potential.

While the market for NFTs has largely been focused on art, many other potential uses are just beginning to be investigated. Decentraland is one such platform that is leveraging blockchain technology and NFTs to create a user-owned virtual environment.

The potential of NFTs is enormous, and it will be innovative businesspeople who will help bring that potential to fulfilment. Becoming an entrepreneur, though, requires more than just ambition. A market-reasonable strategy and end goal are essential. Otherwise, you’ll feel the heat in the end.

—

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

The post How can your business benefit from the NFT phenomenon appeared first on e27.

This article was first published on June 9, 2023.

Amidst the challenges of a tough funding climate, e27 is launching an exciting new article series called Angel’s Advocate to provide fresh perspectives on angel funding. In this exclusive series, we sit down with prominent angels to hear their stories and strategies and gain unique insights about the early-stage financing space.

Jeremy Au invests in fellow founders who will transform millions of lives. He also spearheads Monk’s Hill Ventures’s key initiatives, from venture scouts to thought leadership.

Au hosts BRAVE Southeast Asia Tech, a global top 10 per cent podcast interviewing trailblazing founders, investors and rising stars. His mission is to inspire thousands to build the future, learn from our past and stay human.

He is an angel investor in over twenty startups across the USA and Southeast Asia.

Au co-founded CozyKin, an early education marketplace and Conjunct Consulting, an impact consulting platform. He is a public speaker and panellist on entrepreneurship, leadership and community
engagement.

In this edition, Au shares his take on angel funding.

Edited excerpts:

How do you typically approach investing during a funding winter?

Founder leadership takes centre stage during this time. It’s crucial to assess the resilience, adaptability, and strategic vision of founders in navigating these turbulent times.

This shows up as a decision to double down on the fundamentals and focus on unit economics that demonstrates product-market fit. Prioritising efficient resource allocation and sustainable growth helps founders weather the storm and build a strong foundation for long-term success.

What are your typical investment criteria, such as industry, stage, and geographic location?

I focus primarily on Southeast Asia because there are so many exciting opportunities in the region. Staying focused and aligning with my expertise enables me to make informed investment decisions and be helpful to founders after the investment.

Can you describe your investment process from initial contact to closing a deal?

After the initial contact, we will first do a video call to establish the connection and gauge mutual interest. If there is potential alignment, we proceed to follow up with deep dive meetings, explore the data room and answer questions for a thorough understanding of the opportunity. If all goes well, we proceed with closing the deal!

Also Read: Founders should act as custodians of investors’ capital: Jed Ng of Angel School

How do you evaluate a startup’s potential for growth and success?

I look at two key factors when evaluating a startup’s potential for growth and success.

First, I examine the startup’s prior growth trajectory and milestones achieved, as it serves as a strong indicator of its ability to scale. Second, I make it a point to engage in customer and industry calls to gain firsthand insights into the startup’s value proposition and market fit.

How important is the founder’s experience and background when making investment decisions?

The founder’s experience and expertise in the industry they operate in are crucial for demonstrating a strong founder-market fit. The speed at which they acquire knowledge and adapt to the space provides valuable insights into their potential for success. Careful consideration of the founder’s experience and ability to navigate the market help me decide if the investment has a higher likelihood of positive outcomes.

Can you share your successful investment and what made that investment successful?

One of my successful investments was Iterative Scopes, a pioneer in the application of AI-based precision medicine to gastroenterology.

Their success can be attributed to Jonathan Ng, the founder, and his exceptional entrepreneurial spirit combined with his domain expertise and doctor. Secondly, he started building the company years before the timely tailwind of increased market interest by both customers and investors for AI solutions in healthcare.

Jonathan and I discuss his experience on the BRAVE Southeast Asia Tech podcast.

What are some common mistakes that startups make when pitching to angel investors? What are some myths about angel investment?

One common mistake startup founders make is not clearly articulating the problem they are solving. It’s crucial to quantify the pain point being addressed and specify the scale of the problem, whether it’s a US$10 per month issue, US$100, US$1,000, US$10,000, or even US$100,000. This helps investors assess the market potential and the urgency of the problem.

One myth about angel investing is the belief that picking winners is easy. Underestimating the complexity of this task can eventually lead to a humbling experience. Some investors may feel it’s effortless, get overly excited, and invest quickly.

Also Read: Your investors are your number one fan: Tina Di Cicco of Manila Angel Investors Network

It’s important to strike a balance and allocate capital wisely throughout the investing journey. We discuss angel investing best practices over a podcast.

How important is the alignment of values between the investor and the startup founder?

The alignment of values between the investor and the startup founder is paramount. In one out of 40 scenarios of eventual success, we will be working together for 10 years through both ups and downs.

In the other scenarios, we will have to go through some of the toughest times together as we figure out how to land the plane. Shared values become the strong founder of a strong working partnership.

How do you manage risk when investing in startups? Are there any specific metrics or indicators you look for?

I pay close attention to two key areas, especially in the early stages. The first is the high likelihood of cofounder conflict in the early stages, which can significantly impact the success of a venture. The second area is product-market fit, which is crucial for revenue growth.

Addressing these risks head-on and ensuring cofounder alignment and PMF helps the startup team increase their likelihood of eventual success.

Can you share any advice for startups looking to raise funds from angel investors?

My advice is to approach it as a learning process for both parties involved. You have to treat each interaction as an opportunity to showcase your ability to learn and iterate based on feedback. Demonstrating a growth mindset and a willingness to adapt can greatly enhance your chances of securing investment.

Shiyan Koh, managing partner of Hustle Fund, and I discuss how fundraising is not just about the funds, but also about building long-term trust for a serious working partnership in the face of tough odds.

—

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.

The post (Updated) My advice is to approach raising funds as a learning process: Jeremy Au of Monk’s Hill Ventures appeared first on e27.

The article was first published on September 7, 2022. To read about the latest update on the rising popularity of QRIS and e-payment in Indonesia, please refer to this opinion piece. 

Earlier this month, after years of isolation in Singapore due to the pandemic, I finally returned to my home country Indonesia for some work-related matters. My first visit was to Denpasar and Jakarta in June, followed by another one in late August to attend the NXC International Summit.

There are many things about the trips that shook me to the core. But the biggest shock was how much things have changed since I left.

When I started working at e27 as a junior writer in 2015, one of the most popular topics was the country’s dependency on cash and hesitation to embrace digital payments. But everyone I know seems to have a Jenius or Bank Jago app installed on their smartphone; you would also struggle to find an Indonesian who had never used GoPay to pay for anything in their life. The use of QR code for payments have also become familiarised through initiatives such as the QR Code Indonesian Standard (QRIS).

Indonesia also has more unicorns than ever, and these second-generation unicorns are unlike their predecessors. In addition to working in different verticals, these companies are also more open to the idea of international expansion. As if this is not shocking enough, most of them were also born at the height of the COVID-19 pandemic.

These changes alone were enough to convince me that the Indonesian startup ecosystem has changed. But apparently, the transformation runs deeper than that.

So, what is new in Indonesia?

Plenty of things, really. One of the most noticeable is that the Indonesian government seems to be more startup-friendly than before –at the very least, they are showing a supportive gesture towards the community.

Also Read: Accelerating Indonesia’s rural economy through social commerce

We saw this a few years ago when leading startup founders entered public service by becoming executives at state-owned enterprises, presidential special staff, and even a minister. Not all of these stories have a happy ending, as you may have guessed. Some founders ended up being involved in scandals and becoming public enemies on social media.

But from the government side, there seems to be an acknowledgement of the important role that the local startup ecosystem can play in building the economy, which is in line with changes in the direction that Indonesia is taking in general.

In his presentation on the last day of the NXC International Summit, Coordinating Minister of Maritime and Investment Affairs Luhut Binsar Pandjaitan explained how Indonesia intended to transform its economy to be more efficient, resilient, industrialised, and less dependent on commodities. There are several steps that the government is taking to achieve this, but downstreaming industries and digital transformation are some of the relevant ones to our topic today.

Beyond the government and their policies, I also noticed a wider variety of investors coming into the market. Back in 2017, investors from China were all the rage –I remembered attending media luncheons hosted by some of them, announcing their plans to invest in the market. This year, at NXC International Summit, the Kingdom of Saudi Arabia and Indonesia announced a joint fund to further support the startup ecosystem in the growth journey. For Indonesian startups looking to fundraise (and perhaps enter new, promising market) there are more options available than before.

Another change that I witness is the shift of tech hubs in Indonesia. Back then, the game was all about Jakarta and Jogjakarta –many leading tech companies seem to have at least an office in this city, thanks to its affordable cost and availability of young talents. But today, Bali seems to appear with a fresh face as an upcoming tech hub in Indonesia.

While the province was home to pioneering tech companies such as Tokobagus, lately, we have begun to see it cementing its position as a mecca for crypto enthusiasts.

I asked a Bali-based friend if the use and knowledge of crypto is widespread outside of the ex-pat and tech community in Bali, and her answer was yes. “These people are introducing crypto to their drivers, and so on,” my friend said. “So, at the very least, the locals are aware of it. It is not limited to just one community.”

Also Read: How SWAP Energy aims to promote EV use in Indonesia through the advantages of battery-swapping

How will this affect the future?

Before we can answer that question, the first thing we need to acknowledge is that the Indonesian startup ecosystem has reached a level of maturity. It is becoming a market where startups and the tech solutions that they provide are welcomed; they are even able to start making money from it. Indonesian customers are becoming even more tech-savvy and are finally ready to welcome the next forms of innovation in the market.

This means there are even more opportunities in the market for both startups and investors.

For startups originating from Indonesia, the influx of foreign investors, especially from countries that may have never paid attention to Indonesian startups before, provides new avenues to fundraise and expand into new markets. This is also good news for startups in neighbouring countries; while expanding into a new market will always be challenging, rest assured the Indonesian market today is more receptive to innovation than before.

For investors, this means a whole different array of opportunities. In the current climate, early-stage startup investments might be The Thing, but the rise of soonicorns and unicorns in the market also provides its own unique avenue for later-stage investors.

In the end, back in 2016, I wrote about how my ancestors would roll in their graves every time a startup nonchalantly said they are going to expand to Indonesia. This time, I am confident they can finally rest in peace.

—

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

The post The Indonesian startup ecosystem today is no longer recognisable –and that is a great thing appeared first on e27.

Asia is currently ground zero for one of the biggest advances in the history of food. The need to feed booming populations, the emergence of incredible new food technologies, new ethics around food production and an influx of investor capital have brought together the best minds and ideas in the world.

Innovations such as cultivated, microbial and precision fermented and plant-based meat are just a few of the innovations that will transform how we feed more people with fewer resources in the years ahead.

For food tech startups, there is no better place to be. But it’s a crowded marketplace with intense competition for the attention of investors and potential partners. Creating a strong and compelling profile is key to making your startup stand out from the crowd.

This article will suggest three proven communications strategies that every food tech startup can use to create a strong foundation for success.

Craft the right story for your brand

People are hardwired to remember stories. While science, facts and numbers are vital parts of what you communicate about your business, it’s a compelling story that can truly set you apart.

I’ve spent most of my career creating strong narratives across a range of industries. I’ve seen first-hand just how powerful a rich, well-targeted brand story can be in cutting through the clamour.

A well-crafted story not only addresses a problem and offers a solution but also conveys a company’s purpose and values in an inspiring way. The best brand stories are:

• Authentic
• Focused on the customer
• Clear, simple, colourful and memorable
• Supported by facts and research
• Consistent no matter where it is told
• Reflective of your brand’s personality

The company in which I currently work, Nurasa, recently organised a food tech startup challenge wherein global startups participated, leading the way in sustainable food innovations to unlock growth opportunities.

During one of the learning sessions for the selected startup finalists, the chief growth and branding officers of the world’s leading food tech startups shared first-hand how finding and promoting your brand proposition is more critical than ever as players pile into the market chasing the same share of voice and growth opportunities.

In the area of alternative protein, we see many companies focusing on the amazing new technology in their pipeline when telling their stories.

While technology will always be a big part of their narrative, it’s also important they don’t lose sight of the fact that food is at the heart of what they do, and food isn’t just about science, but quality, taste, goodness, occasions, experiences and memories.

Ultimately, the story should resonate with consumers, evoke something on an emotional level and explain how your innovations translate into a quality dining experience.

Industries such as alternative proteins are in their infancy. Huge strides have been made in recent years in scaling solutions, building awareness and highlighting the ethical and nutritional benefits. But it is all just getting started.

As well as promoting your brand, your story should also seek to advance knowledge and understanding of alternative protein to help ensure your customer base is ready to grow when you are.

Humanise the business

People relate to people. Putting faces behind the business immediately creates a relatable and authentic connection with your audiences.

This is important in a crowded marketplace. All other things being equal, potential partners, investors and customers are more likely to gravitate to the business they feel they know and trust – and personal connections are the way to achieve this.

The faces of your startup are most likely to be those of the founding team. But what matters as much as their journey and their vision is the experience of the end user.

People want to know if the product delivers on its promise. Telling the stories of those who have been uplifted by the business, who have enjoyed the product and who can’t wait to tell others is a powerful and effective way to build a trustworthy and authentic brand.

A great example is my colleague, Nurasa’s Head of Business Development, Jolene Lum. She was key to raising the profile of Urban Tiller, an agritech start-up she founded in 2020.

Also Read: Continue to push boundaries and create value: Jolene Lum of Nurasa

While working with local farmers as a co-founder of an education venture, she gained an understanding of the challenges farmers faced maintaining their operations and way of life in land-constrained Singapore. This led her to create Urban Tiller, where she worked with farmers as a distributor and used their stories to raise awareness about the value local produce brought to Singapore’s food security.

Her work gave the farmers a voice and brought their lives into focus for a wide audience. This emotional connection compelled audiences to answer the call and support farmers’ livelihoods.

Network, network, network

Networking is essential for any business, but particularly so for startups. Businesses grow and flourish on a diet of connections. The more people who know about you, the larger the pool of people who can help – as partners, investors, key contacts, your biggest fans and even staff.

But many startups stumble at the how – they don’t know where to find the right platforms for networking.

One of the most exhilarating and fulfilling aspects of my current role has been discovering that the impact of communications extends beyond my company’s target audience, contributing to the growth and dynamism of the overall ecosystem in which our business operates.

Alongside my colleagues Jolene and Andrew Chee, Programme Manager for Nurasa’s Food Tech Innovation Centre [FTIC], we have been appointed as FoodHack Singapore Ambassadors by FoodHack, an influential global, Swiss-based community-driven platform for the food tech and climate tech ecosystem.

As Ambassadors, we have been organising exciting, fun, yet educational MeetUps for Singapore’s food tech community in the FTIC, providing opportunities for founders and funders to network and socialise in an informal setting.

In February and again in June this year, we’ve had an amazing turnout for our first and second FoodHack Singapore Meetups for the local food tech community. We brought in industry experts, including the Good Food Institute’s (GFI) President and Founder, Bruce Friedrich, GFI Vice President – Science and Technology Liz Specht, GFI APAC Managing Director Mirte Gosker, Esco Aster Pte Ltd CEO Xiangliang (XL) Lin, ScaleUp Bio CEO Francisco M. Codoñer, and Next Gen Foods COO Alex Ward, for fireside chats to unpack timely topics such as the region’s challenges and opportunities in pilot-scale manufacturing for alternative proteins, or the impact of science and technology in accelerating consumer acceptance of alternative proteins.

We’ve received overwhelmingly positive feedback from attendees, who’ve enjoyed opportunities to network with a room of people relevant to their business and their vision.

For this, I’m immensely humbled and grateful to be in a position to help build and engage our ecosystem as we begin to expand our partner network and welcome more start-ups to our Food Tech Innovation Centre (FTIC), and look forward to organising regular networking events. These events will, hopefully, facilitate mutually beneficial connections that will advance the sector as a whole.

Also Read: Everything you should know about the future of futuristic food technology

Empowering startups’ stories in riding the wave of transformation

Food tech in Asia is an incredible story of a transformation in full swing.

Last year saw funding for alternative proteins across Asia-Pacific increase by 43 per cent as soaring demand for protein, increased climate disruption, and water and land scarcity placed further pressure on conventional animal agriculture.

Regional startups have been going from strength to strength, and governments are throwing in their support. The technology continues to advance at speed.

It is clear that the way forward will not be easy, but success will rely in large part on being able to stand out from the crowd and communicate a better and more sustainable future. Getting noticed, building partnerships and changing attitudes will be key to alternative protein’s growth story. There is no better time to seize the opportunity to turn innovation into a successful commercial reality, feed the world and shape the future.

What a story, hey?

All the elements for an enthralling narrative are in place: the struggles and failures, the tension and drama, a purpose-driven, world-changing vision propelling a global cast of vivid and colourful characters, the successes, triumphs and celebrations. And I’m one of the lucky ones who’ve managed to nab a prime front-row seat and get a chance to tell these stories.

So, tell me: what’s your start-up story?

—

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: Adobe Firefly

The post Feeding the future: Innovation, entrepreneurship, and the rise of food tech in Asia appeared first on e27.

Indonesia-based climate tech startup Rekosistem announced that it had secured a US$5 million (IDR75 billion) funding round led by Skystar Capital and supported by East Ventures, Provident, and other investors.

In a press statement, the Jakarta-based startup said that it is committed to scaling up the capacity of its waste management to more than 20,000 metric tons of waste per month in the next two years.

Launched in 2021, Rekosistem builds an integrated waste management system using the Internet of Things (IoT) and Machine Learning (ML) to simplify and improve waste collection efficiency by 49 per cent.

Their products Reko Waste Station and Reko Hub serve as collection points and material recovery facilities that process mixed waste into high-quality raw materials. These facilities are equipped with IoT sensors, which enable real-time data collection and monitoring. Integration with ML technology improves system analysis and optimisation.

Rekosistem aims to expand the capacity of its waste management system through a series of strategic steps. It starts with developing a waste management system, expanding the application of IoT and ML technology, allocating resources for the development of recycling technology, and improving material recovery facilities (Reko Waste Station and Reko Hub).

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

The goal is to process more waste into recycled materials and renewable resources, expand waste management coverage to more cities and provide an Extended Producer Responsibility programme that encourages business owners to take responsibility for their business impact on the environment.

To achieve these goals, Rekosistem said that it plans to engage at least 5,000 workers and business partners in its digital ecosystem.

“At Rekosistem, we are determined to build a business adept at facing the three biggest challenges facing businesses in the current generation, which are the 3Ps, namely profit, people, and planet. Through circular economy implementation in the existing waste supply chain, our products and services aim to make responsible production and consumption accessible to everyone,” said CEO and Co-Founder Ernest Layman.

Rekosistem uses B2B and B2B2C business models to reach businesses and end consumers through mobile and web applications. The app offers responsible waste management services for residences, buildings, and local governments in partnership with the stakeholders in waste management, be it individuals or business sectors.

Through Rekosistem, waste can be efficiently collected and transported to processing centres to be processed into valuable materials and resources in factories, reducing the accumulation of waste in landfills.

“In addressing the waste problem in Indonesia, the B2B business model is the appropriate approach because the waste supply chain issue in Indonesia is systematic in nature. This business model allows us to transform the currently fragmented waste supply chain into a more circular ecosystem in the most efficient and optimal way, together with all our business partners,” explained COO and Co-Founder Joshua Valentino.

Also Read: How Circular can help to reduce e-waste through its device subscription service

In the first half of 2023, Rekosistem said that it has increased waste productivity to 523 per cent for recycling, upcycling, and waste-to-energy while also increasing waste workers’ income by 117 per cent.

Currently, it has 300+ waste workers and business partners, 10 Reko Hubs, and 33 Reko Waste Stations in Indonesia.

—

Image Credit: Rekosistem

The post Rekosistem raises US$5M in funding to scale up its IoT-enabled waste management system appeared first on e27.

Singapore-based fintech company, Endowus, has secured US$35 million in its latest funding round from Citi Ventures and MUFG Innovation Partners, along with four prominent families from Asia involved in diverse sectors ranging from banking to real estate.

Existing investors such as UBS Next, EDBI, Prosus Ventures, Lightspeed Venture Partners, Singtel Innov8, and Endowus employees also participated in this round.

The firm plans to utilise the fresh funds to further expand within its primary markets of Singapore and Hong Kong, aiming to offer unbiased, fee-only wealth management to a larger audience.

Founded in 2017, Endowus is a digital wealth platform in Asia. Licensed by the Monetary Authority of Singapore and the Securities and Futures Commission of Hong Kong, Endowus offers services that cover personal savings, private wealth, and public pensions (such as CPF & SRS in Singapore)through a personalised digital wealth experience.

Also Read: Endowus acquires Hong Kong multi-family office Carret Private Investments

Amid challenging financial market conditions, Endowus reported growth, with group assets surpassing US$5 billion. In 2022, the firm claims it saw an organic revenue increase of 80 per cent and tripled its group revenue following the acquisition of Asia-based multi-family office, Carret Private.

“As Asia looks to take over as the biggest wealth market globally, embracing technology and artificial intelligence is critical in providing clients with consistent, transparent, better, and more efficient advice at scale. Endowus remains resolute in helping every individual take control of their wealth goals and achieve better outcomes by systematically fixing misaligned incentives and lack of transparency as a true fiduciary and fee-only advisor,” Gregory Van, Co-Founder and CEO of Endowus.

Endowus recently received the World Economic Forum Technology Pioneer title. The firm was also awarded Best Digital Wealth Management at The Asset Triple A Digital Awards 2023 and recognised at Asia Asset Management’s Best of the Best Awards 2023.

Endowus has secured funding totalling US$95 million.

—

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

The post Endowus secures US$35M, boosting Asian wealth management with a total of US$95M raised appeared first on e27.

Indonesia-based fractional property marketplace platform GORO has secured US$1 million in a pre-seed round led by early-stage venture capital firm Iterative.

XA Network, StashAway’s Angel Investing Program, and Indonesian property expert Mike Broomell from Colliers Indonesia also participated in the funding round.

GORO intends to allocate the new funds towards team expansion and strengthening its regional user acquisition approach.

Goro enables individuals to buy high-yielding Indonesian properties with no minimum purchase. The platform delivers monthly rental returns and capital gains, facilitating users in cultivating a lucrative property portfolio. Since its launch in early 2023, the startup claims to have been growing its user base at 15 per cent per week.

Also Read: Is co-living a good opportunity for property owners?

On GORO’s platform, users can own a share of a property starting at just US$0.7 (IDR10,000), gaining from appealing monthly rental returns and capital growth upon sale. At present, GORO’s varied portfolio offers its users an 11 per cent net annualised rental yield.

“Everyone aspires to invest in property, but the obstacles of financial entry barriers and complex procedures deter many individuals. GORO aims to address these challenges and enable anyone, regardless of their location, to build a high-yielding property portfolio,” said Robert Hoving, Co-Founder and CEO of GORO. 

Hoving also revealed that the startup has plans to introduce a secondary market for enhanced user liquidity and anticipated expansion into cities beyond Jakarta and Bali, along with exploring other asset classes.

Despite macroeconomic challenges and inflation, property as an asset portfolio stands out, offering stable returns given its inherent low volatility.

GORO’s portfolio features Bali villas and Jakarta residences, serving users from more than 20 countries.

—

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

The post GORO raises US$1M to democratise Indonesian property investment amidst economic challenges appeared first on e27.

During the COVID-19 epidemic, large technology companies have benefited “hugely” from the boom in online spending and remote working. But in 2023, many of these businesses report disappointing growth rates. Leaders of technology companies say that they are expanding too quickly and are looking for ways to cut costs in the context of a risky economic situation.

In January, a series of technology “giants”, in turn, announced the reduction of tens of thousands of employees. As Alphabet – the parent company of Google, announced it would lay off 12,000 employees, or six per cent of the global workforce. 11,000 employees of Meta, the parent company of Facebook, were also laid off. Microsoft, Amazon, and IBM laid off tens of thousands of employees in total.

Asia’s other tech firms are not exempt from this wave either. In the past few months, the staff of GoTo Group (Indonesia), Carousell, Foodpanda (Singapore), Kakao, and Naver (Korea) have been drastically reduced.

Information technology (IT) engineers claim that the majority of tech enterprises in Vietnam outsource their work. Therefore, many domestic enterprises are more or less impacted as well when global technology corporations “have problems”.

Mr. D.T., a 30-year-old IT engineer from Bac Ninh, Vietnam, just lost his job. He was very surprised by this because Mr. T. spent three years working for a well-known Vietnamese e-commerce company. Entering 2023, many domestic enterprises are affected by the world economic crisis. Forcing them to restructure and shrink some parts. And the department of Mr. T. was also cut.

According to this IT engineer, years ago, the information technology industry was dubbed the “king” compared to many professions. Always “thirst” for personnel and attract people with income much higher than the average salary.

After leaving his job, Mr. T. continued to apply for a leading technology company in Vietnam. Through grasping, he realised that many of his friends were in the same situation. Even many people spent two months looking for a job but still had not found a “stop”.

Also Read: Is remote work the answer to tech’s layoffs?

If before, after the interview, Mr. T. was always accepted to work very quickly, now each vacancy has many competitive candidates. “Through my journey of applying for a job, I have met many people in the same situation who have been streamlined like me and have also been more competitive when applying for jobs. However, job opportunities with human resources in this industry are always open if you have the skills,” Mr. T. shared. 

A needle in a haystack image applies to finding qualified IT personnel

A company that offers human resource recruitment services in Vietnam, Navigos Group, observed that e-commerce businesses grew popular during the Covid-19 pandemic. During this time, there is a huge need for human resources in the technological sector. Because of this, Navigos Group has forecasted that there will be layoffs starting at the end of 2022 when the previous massive hiring volume causes the number of technology engineers to become too high.

However, throughout the first few months of the year, this unit found little evidence of company layoffs, particularly in the e-commerce sector.

Assessing the IT staffing needs of businesses today, according to Navigos Group, all industries in Vietnam need to apply information technology and digital transformation, so there is still a need to recruit technology staff.

Vietnamese technology personnel before the wave of layoffs in the world

The Operational Director of Outsourcing and Labor Outsourcing Services in the South (Manpower Group Vietnam) Nguyen Xuan Son, said that, under the impact of the wave of technological layoffs taking place in developed countries, the market Vietnamese recruitment schools are also affected.

But in reality, the technology industry is very broad, being concerned with the research, development, and/or distribution of technology-based goods and services. It also includes businesses that revolve around the manufacture of electronic equipment, the manufacture of software, computers, or information technology-related products and services.

According to Mr. Son, currently, many businesses and industries in Vietnam are increasing the application of information technology and digital transformation after the pandemic, while high-quality technology human resources are scarce.

Therefore, the domestic technology recruitment market, in contrast to the world, is active and highly competitive. ManpowerGroup VN is still receiving many orders to recruit personnel to build the information technology development apparatus.

“For the time being, domestic tech workers are still highly sought after and sought after. But to avoid rejection or changing recruitment trends in the future (which is currently witnessed in major countries) In the world), IT workers not only need to continuously hone and update their professional knowledge and skills but also have to foster soft skills, said Mr. Son.

Also Read: A tech worker’s 2023 recession game plan

According to this position, only in this way will they have good job opportunities, be employed for a long time, and keep their jobs when the market narrows the recruitment demand.

Does layoff offer a challenge or opportunity?

Indeed, the wave of layoffs presents both opportunities and challenges for workers in particular and the Vietnamese labour market in general.

Vietnam, in recent years, has always been considered a “fatty” investment market to optimise/save costs. Therefore, a series of foreign enterprises, including Japan, have been actively expanding their scale in Vietnam. Therefore, this is an opportunity for workers shortly.

By definition, the cause of layoffs is not a performance issue but rather a problem with the internal hiring plan. This leads to redundancy of personnel, waste of resources, and company costs.

For the layoffs that are going strong in 2023, being prepared for and facing a potential layoff wave is an important step in minimising the negative impact on yourself.

While challenging, layoffs can also be seen as an opportunity to seek growth and advancement in your career. It is important to stay positive, flexible, and ready to adapt to changes.

Also, always keep in mind that support from family, friends, and other resources is important to get through this difficult time.

—

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

The post The wave of layoffs in 2023 and the Vietnamese market appeared first on e27.

In the relentless thrum of our globalised world, the issues of mental health quietly weave an intricate, often invisible web. They stretch out across continents, from the skyscraper-shadowed streets of New York to the sun-drenched villages of rural country. Mental health challenges are profoundly universal.

In fact, the World Health Organisation (WHO) estimates that globally, one out of every four people will be impacted by poor mental health or mental illness at some point in their lives. Moreover, around 350 million people worldwide suffer from depression, a number equal to roughly the entire population of the United States.

Yet, their struggles, whether it’s the banker in a metro city or the farmer in a village, aren’t bound by geographical or socioeconomic boundaries. Instead, they share a common struggle—a desperate need for accessible mental health care.

Understanding the global mental health care gap

Now, imagine, for a moment, that you require mental health support. Where do you turn? If you’re in a bustling urban centre with access to professional mental health care, you might have various options. But what if you’re in a remote village with no therapists for hundreds of miles? That’s where the global mental health care gap bites the hardest.

Disparities across the globe

In many Western nations, therapy sessions are just an appointment away. But in underprivileged areas, they might be a distant dream. Mental health issues profoundly burden our world, and yet they rank among the leading causes of ill-health and disability worldwide, affecting one in four people at some point in their lives.

Barriers to access

This inequality in mental health support stems from multiple barriers:

• Distance: Many regions lack mental health facilities entirely, leaving individuals isolated from the care they need.
• Cost: Even when services are available, they can be prohibitively expensive. Therapy is often seen as a luxury rather than a necessity, especially in low-income communities.
• Stigma: Cultural factors can play a significant role. In some societies, seeking mental health support is seen as a sign of weakness, further discouraging individuals from seeking help.
• Lack of trained professionals: A dearth of trained therapists and psychiatrists often leads to a lack of access, especially in areas that need it most.

These barriers aren’t just numbers and bullet points; they translate into real-life suffering.

As information indicates, untreated mental health conditions have far-reaching effects: “escalating incarceration rates, economic costs reaching up to four per cent of global GDP, and more.”

Effects of the gap

And what of the individual caught in this gap? The effects are debilitating. Untreated mental health issues can lead to a reduced quality of life, increased unemployment rates, and a higher risk of physical health problems.

So, where do we go from here?

Also Read: Data driven healing: The potential of analytics and AI in advancing mental health

The problem is identified, and the stakes are clear. Now it’s time to explore solutions. The next frontier in mental health care could very well lie in technology, as it offers a novel way to bridge this gap. But how?

Let’s delve into how innovative minds are working to create more accessible, empathetic, and effective mental health care for all.

The emergence of AI therapists

AI’s entry into mental health began on a humble note, tracing its roots back to modest applications that analysed troves of health data to detect patterns and foresee mental health crises. Simple, yes, but at the same time, revolutionary, sowing the seeds of change.

As technology evolved, so did its utility.

The advent of AI therapists, a paradigm shift in mental health care, emerged from this continual refinement. If we peer under the hood of an AI therapist, we discover an intricate network of complex algorithms and machine-learning techniques designed to simulate human conversation, offering mental health support in a unique, responsive manner.

“The beauty of AI therapy is its ability to listen, process, respond, and learn from each interaction, akin to human therapists,” explains Ricardo Luz, Founder of Mind-r.ai.

Amid the growing field of AI therapists, one name stands out: Mind-r.ai’s Solace. It’s an AI-driven, voice-based platform offering personalised and immersive therapy experiences. Solace’s uniqueness lies in its ability to demolish the barriers of time, language, and geography.

Harnessing the power of AI and advanced algorithms, Solace curates individualised therapy experiences, aligning with user preferences. After each session, Solace generates a summary and practical actions, equipping individuals with actionable insights and empowering them on their mental health journey.

Also Read: Why Khailee Ng puts mental healthcare support as key to successful founders-investors relationship

The potential benefits of AI therapists like Solace are multifold. Firstly, they bring unparalleled accessibility to the table. Available round the clock, unencumbered by geographical limitations or language barriers, Solace is a constant presence.

Secondly, AI therapists significantly decrease therapy costs, democratising mental health care and making it accessible to a broader population. Finally, they offer a secure, private space for those wrestling with the stigma surrounding mental health.

The future of mental health care, it seems, will witness a harmonious fusion of the human touch and AI technology. With new-age tools like Solace leading the charge, we inch closer to a reality where mental health care is not a privilege but a universally accessible right.

The future of AI therapists: Hopes and challenges

While the promise of AI therapists shines bright, it does not come without its set of complexities. As we stand at the cusp of this revolutionary intersection of technology and mental health care, it’s crucial to acknowledge and address these challenges.

One of the most pressing concerns is the ability of AI to empathise at the same depth as a human therapist. Empathy, after all, is a distinctly human trait, one that’s critical in therapy. Can a machine truly understand the subtleties of human emotions and react accordingly?

“Empathy is indeed a challenging aspect to replicate,” says Luz. “However, we strive to design our AI, Solace, to be as understanding and responsive as possible. The goal isn’t to replace human therapists but to provide immediate, accessible support when needed.”

The issue of data privacy and confidentiality also comes to the fore. In an era of data breaches and cyber threats, ensuring user confidentiality is paramount. Addressing these concerns, Luz states, “All interactions on our platform are confidential and user-centric. We hold a deep respect for user privacy and are committed to maintaining it.”

As AI continues to forge its path in mental health care, the question of regulation and ethics also arises. How do we ensure that AI therapy adheres to the stringent ethical standards set for human therapy? Luz acknowledges this challenge, noting that “continuous monitoring, refining, and stringent regulations will be key to maintaining ethical standards in AI therapy.”

Indeed, the road ahead for AI in mental health care is filled with potential pitfalls and hurdles. But if history has taught us anything, it’s that challenges often serve as catalysts for innovation. As we grapple with these issues, they’ll only spur us towards developing better, more robust AI therapy solutions.

In the grand scheme of mental health care, AI therapists are just the tip of the iceberg. We’re at the precipice of what could be a seismic shift in how we understand and address mental health. As we move forward, let’s not forget the ultimate goal: a world where mental health care is not just accessible for some but achievable for all.

—

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

The post From chatbots to therapists: How AI break ground in bridging the mental health care divide appeared first on e27.

Joseph Phua needs no introduction.

An active entrepreneur-turned-investor, Phua has built Southeast Asia’s leading dating platform Paktor and live-streaming entertainment unicorn 17LIVE Inc. before assuming the Chairman of his single-family office Turn Capital. Over these years, he raised over US$200 million for his ventures from 50-plus investors. He also invested in and processed various M&As throughout his years in the industry.

Phua believes that investors, including VC and venture debt, play a crucial role in keeping the startup ecosystem. By investing in a company, they create value for all the stakeholders — startups, founders, and even employees, besides themselves. Their advice and involvement give confidence and courage to the founders to experiment and scale greater heights.

Phua was the guest in the second episode of e27‘s LinkedIn #AskMeAnything series. He answered LinkedIn users’ questions about investors’ role in creating value for the ecosystem.

Also Read: ‘Companies shut down not because of crises but only when founders give up’: Joseph Phua of M17

Darl Chung, BD Director at JDI: While operating Paktor and 17LIVE, what was your biggest challenge in expanding beyond domestic shores into new markets, and how did you overcome the challenge?

Phua: Product market fit was the biggest challenge. A product that works in one market won’t necessarily work in another. Hire a local team to work with headquarters, try, try and try. Hiring an excellent local team is another challenge in itself.

Darl Chung: Paktor and 17Live are mainly B2C businesses. What is your view on B2B opportunities in emerging Southeast Asia, and will Turn Capital invest in companies operating in this space?

Joseph Phua: We’re primarily focused on B2C consumer tech but have a few B2B businesses in our portfolio, most with a consumer angle (e.g. Zuvio education SaaS). So, we will invest in B2B opportunities as well.

Enricko Lukman, COO at ContentGrow: How often did you ping your investors for help back in those days? Can you mention one of the biggest supports you got from investors besides funding?

Joseph Phua: I ping my investors like Kee Lock Chua, Joo Hock Chua and Akio T. frequently for guidance, even today, to bounce ideas and thoughts and get their advice in areas where they’re much more experienced than I am.

My relationships with them over the last ten years have been crucial in overcoming obstacles in my journey. It is hard to pinpoint one specific instance since there are many.

Sidhant Gupta, Founder, Clearbot: Are good old-school incumbent businesses in Asia open to M&A opportunities with startups? How mature are the corporate VCs in opening up market opportunities/supporting startups?

Joseph Phua: I have seen the treatment of startups by incumbents in the region evolve in the last decade. In addition, corporate investment strategies have become more aggressive and mature over time, which also speaks to the maturing of the whole ecosystem.

Also Read: ‘We want to create a news media outlet that embraces tech in its true form’: Joseph Phua on Apple Daily Taiwan’s assets acquisition

‘Ain Omar Aid, Co-Founder & Managing Partner, AINAID: What is your perspective on the organic growth strategies in startups and the role of marketing and communications in them?

As startups evolve and scale, it is critical to ensure their marketing and comms strategies adapt and grow with them. Based on your experience, how have you evolved those strategies to maintain organic growth? Budget constraints are also a common struggle for startups, especially when it comes to marketing in the early stages. Do you have any advice for startups on maximising their marketing budget for sustained organic growth?

Joseph Phua: Organic growth strategies for different products would look very different. E.g. organic growth strategies for consumer apps would be different from a core tech B2B solution. At the crux of it, though, is communication. Unfortunately, there is no ‘one-size-fits-all’ solution.

You can’t go wrong if the focus is relentless communication with the high-value target audience.

Anisa Menur, Editor, e27: There’s an opinion that M&As are a much preferred/recommended exit in Southeast Asia compared to IPOs. What are your thoughts about this?

Joseph Phua: It depends; this is all relative. If the M&A offer is fair value, it should be equally attractive compared to a listing. The question then really is what is fair, which becomes a question of who is the receiver of the offer.

Some of our portfolio firms received M&A offers in the past—some we rejected and have been glad about it, while others we regretted later. One thing is for sure, always speak to as many people as possible, gather as much information as possible, then make a call and don’t look back.

—

The post Corporate investment strategies have become more mature, aggressive over time: Joseph Phua appeared first on e27.