In the ever-evolving landscape of the modern world, the race towards automation has picked up pace like never before. The question that stands before us today is not whether automation is coming, but rather, are you leading or lagging in this race?

Automation, once considered a distant dream, has swiftly become a reality that is shaping industries across the globe. From manufacturing and healthcare to finance and customer service, workflow automation makes its presence felt everywhere. But the real game-changer is how individuals and businesses adapt to this paradigm shift.

The race of the century

Imagine a grand race that pits your ability to adapt and innovate against the relentless march of technology. On one side, you have automation armed with efficiency, precision, and tireless endurance. On the other, you stand as a human with your creativity, empathy, and adaptability. It’s a race where the finish line is not a physical point but the future of your career, business, and place in the world.

Leading the pack

Leading in the automation race involves embracing technology as an ally rather than fearing it as a threat. Here are some key ways to ensure you’re at the forefront:

Continuous learning

Automation demands constant upskilling and learning. Whether you’re a business owner or an individual, staying updated with the latest trends and tools is crucial. Consider online courses, workshops, and certifications to keep your skills sharp.

Collaboration with machines

Instead of competing against machines, learn to collaborate with them. Think about how automation can enhance your capabilities. Automation can handle repetitive tasks, allowing you to focus on high-value, creative, and strategic work.

Data-driven decision-making

Automation generates vast amounts of data. Learn to harness this data to make informed decisions. Data-driven insights can provide you with a competitive edge.

Customer-centric approach

Automation can streamline customer interactions, but it’s essential to maintain a human touch. Nurture relationships, understand customer needs, and use automation to enhance customer experiences.

Innovation and creativity

As machines care for routine tasks, humans can devote more time to innovation and creativity. Encourage a culture of innovation in your organisation and tap into your creative potential.

Also Read: Can hyper-personalisation be achieved through automation and AI?

Lagging behind

Falling behind in the automation race can have dire consequences. Here are some signs that you might be lagging:

Resistance to change

Resistance to change is one of the most prominent signs of falling behind in the automation race. This resistance can manifest at both the individual and organisational levels. Individuals unwilling to adapt to new technologies and working methods may struggle to keep up with the demands of the modern workplace. Similarly, organisations that resist automation due to concerns about job security or the perceived complexity of implementation may find themselves at a competitive disadvantage.

Consequences:

• Loss of efficiency: Resistance to automation often means clinging to outdated and inefficient processes. This can result in wasted time, resources, and increased operational costs.
• Missed opportunities: By resisting change, you may miss opportunities to streamline operations, reduce errors, and improve productivity.
• Ineffective resource allocation: Resources that could have been invested in innovation, upskilling, or growth initiatives may be allocated to maintaining outdated systems and processes.

Lack of skills

In the era of automation, skills are currency. Falling behind in acquiring relevant skills can leave individuals and organisations ill-prepared for the challenges of an automated world. This can manifest in several ways:

Consequences:

• Skill gap: Failing to invest in learning and skill development can result in a significant gap between your current skill set and the skills required to thrive in an automated environment.
• Limited career growth: Individuals not updating their skills may find their career growth stunted. They may be passed over for promotions or better job opportunities in favour of those with more relevant skills.
• Competitive disadvantage: Organisations not investing in training and upskilling their workforce may struggle to compete with rivals with a more skilled and adaptable team.

Also Read: How ChatGPT and automation are revolutionising so-called ‘traditional’ industries

Inefficiency

Automation is all about efficiency; those lags often suffer from operational inefficiencies. This could involve a range of issues, including:

Consequences:

• Wasted resources: Manual, repetitive tasks that could be automated lead to wasted time and resources. This inefficiency can impact productivity and profitability.
• Increased errors: Manual processes are prone to errors. Relying on outdated methods can result in costly mistakes, damaging reputation, and the bottom line.
• Inability to scale: Inefficient processes can hinder an organisation’s ability to scale and grow. It becomes challenging to handle increased workloads without incurring higher costs.

Poor customer experience

While automation can enhance customer experiences when implemented correctly, it can have the opposite effect if not handled with care. Those lagging in the automation race may prioritise automation at the expense of human touchpoints, leading to:

Consequences:

• Loss of personalisation: Over-reliance on automation can lead to a loss of personalisation in customer interactions, leaving customers feeling like they are just a number.
• Decreased customer satisfaction: Frustration with automated systems or a lack of human interaction can decrease customer satisfaction and loyalty.
• Missed opportunities for engagement: When used thoughtfully, automation can free up human resources to engage with customers in more meaningful ways. Those lagging may miss out on these opportunities.

Stagnation

In the rapidly evolving landscape of business and technology, standing still is akin to falling behind. Organisations and individuals who do not innovate and adapt risk stagnation.

Consequences:

• Loss of competitiveness: In a dynamic market, more agile and innovative competitors can quickly outpace those who remain stagnant.
• Diminished relevance: Failure to innovate and adapt can lead to a decline in relevance, making it difficult to meet the changing needs of customers and clients.
• Missed growth opportunities: Without a commitment to innovation, you may miss out on new markets, products, or services that could drive growth and success.

The balancing act

Leading in the automation race doesn’t mean replacing humans with machines. It’s about leveraging automation to augment human capabilities.

Automation can handle the mundane, allowing humans to excel in areas that require creativity, critical thinking, and emotional intelligence. Keeping a check on your automation efforts is the only way to succeed in this seemingly bumpy but rewarding route.

The automation race is not a sprint; it’s a marathon. It’s a journey of continuous learning, adaptation, and innovation. Embrace automation as an opportunity, not a threat. Strive to be a leader in this race, for in doing so, you’ll not only secure your place in the future but also shape it for the better.

The choice is yours: lead or lag, but remember, the future belongs to those who keep pace with automation’s relentless march.

—

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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Thai insurtech company Roojai has agreed to acquire motor DirectAsia Group from US-based small business insurer Hiscox for an undisclosed sum.

The transaction is subject to customary conditions and regulatory approvals and is expected to be completed by 2023-end.

Following the acquisition, DirectAsia Thailand will be rebranded into Roojai Thailand, while DirectAsia Singapore will retain its brand.

With this acquisition, Roojai looks to substantially increase its market share with a combined portfolio of over 400,000 vehicles insured in three countries and 300,000 individuals protected with its accident and health insurance products.

Also Read: Thai insurtech firm Roojai bags US$42M in fresh funding

The acquisition will not impact existing policies, claims processes or customer service.

“The consolidation of the two companies into a single group will deliver synergies that will support our further expansion of the Direct Insurance model in Southeast Asia,” said Nicolas Faquet, Founder and Group CEO of Roojai.

Launched in 2016, Roojai sells motor, accident, and health insurance products on a direct-to-consumer model. It will now have operations in Thailand, Singapore, and Indonesia.

The company expanded its business into Indonesia in 2022.

Roojai claims it has 150,000 customers and has grown its premium income by 25 per cent to US$38 million.

In March this year, Roojai secured US$42 million in a financing round led by HDI International, a subsidiary of Germany’s Talanx Group, with participation from existing investor IFC. It previously raised US$20 million from Primary Group, besides a US$7 million Series A round from IFC.

DirectAsia was founded in Singapore in 2010 and launched in Thailand in 2013. Its primary business is motor insurance, which operates through several distribution channels.

In 2022, DirectAsia claims it had gross written premiums of US$52.5 million (under IFRS 4).

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Dear Pro member,

The Indonesian Ministry of Trade’s recent announcement of revised e-commerce regulations has sent ripples through the digital landscape, casting a shadow of uncertainty over the future of TikTok Shop in Indonesia. Trade Minister Zulkifli Hasan’s statement in Jakarta unveiled a one-week grace period for TikTok Shop to either transform into a standalone app or face an imminent shutdown.

The heart of the matter lies in new rules that explicitly forbid social commerce platforms like TikTok from facilitating in-platform transactions and utilizing social media user data for e-commerce endeavours. This regulatory move stems from concerns that TikTok Shop, an integrated feature within the TikTok app, maybe consolidating an unhealthy monopoly in the market.

The Indonesian government’s unease with TikTok isn’t new, with President Jokowi among those voicing criticism. He suggests that platforms like TikTok Shop have played a role in the decline of MSMEs and traditional markets.

TikTok, in response, expresses deep concern about the potential impact on millions of sellers and affiliate creators who rely on TikTok Shop. Launched just over two years ago, TikTok Shop rapidly gained popularity, accounting for a significant portion of the country’s e-commerce landscape.

As Indonesia grapples with the evolving digital commerce landscape, the fate of TikTok Shop remains uncertain, leaving millions of livelihoods hanging in the balance.

Sainul,
Editor.
=======

SME lender Funding Societies nets US$27M debt funding
The investors include AlteriQ Global, Aument Capital Partners, and Orange Bloom
Funding Societies says it has achieved over US$3.2B in business financing, processing over 5M transactions and serving about 100K SMEs.

Thai insurtech company Roojai acquires DirectAsia from Hiscox
Founded in Singapore in 2010, DirectAsia primarily focuses on motor insurance; Following the deal, DirectAsia Thailand will be rebranded into Roojai Thailand, while DirectAsia Singapore will retain its brand.

Singaporean biotech startup Automera secures US$16M Series A
The investors are ALSP, ClavystBio, EDBI, and Xora Innovation; Automera aims to leverage its understanding of autophagy and generative Al-enabled insights to enhance its drug development programmes.

Malaysia’s national carmakers are joining the EV wagon, but hurdles remain
Malaysia has been ramping up its electric vehicle policies ever since the change of government in 2022; These include the import and manufacturing of EVs below US$21,350, the installation of 10K charging ports by 2025.

Temasek-owned True Light Fund secures US$3.3B to invest in Greater China
True Light was established to broaden Temasek’s reach and provide its partners with investment opportunities in structural trends in China; The fund will invest alongside Temasek in opportunities.

Bright Money rakes in US$62M to help consumers with credit card debt refinancing
The investors include Encina Lender Finance, Alpha Wave, Hummingbird, and PeakXV; Its products also include credit score building, automated debt paydown plans, financial planning, and budget planning tools.

Alibaba logistics unit Cainiao files for HK listing
The company intends to use the net proceeds from the listing to increase its network capacity and coverage, improve its tech, and invest in strategic partnerships and acquisitions.

Ex-Tesla exec’s EV startup charges ahead with US$3M funding
Raptee said it is the first Indian EV startup to opt for the Combined Charging System Type 2 connectors; By integrating both AC and high-power DC charging, the system expedites the charging process.

Indonesia sets one-week deadline for TikTok Shop to become standalone app
The revised e-commerce regulations prohibit social commerce platforms from allowing in-platform transactions and from using social media users’ data for e-commerce purposes.

500 Global backs AI-powered multilingual digital marketing platform NexMind
NexMind’s SEO content generation tools simplify and streamline how brands create multilingual content that ranks on search engines and e-commerce marketplaces.

Malaysia’s on-demand caregiving platform Kiddocare raises funding
The investors include Artem Ventures, Gobi Partners, Asia Fund X, and ScaleUp Malaysia; Kiddocare connects parents with verified childcare providers based on their preferences for time and location.

Gobi, Petronas arm join forces for sustainable innovation in SEA, Greater Bay Area
The Gobi-Petronas MoU includes cross-sharing of deal flow and potential co-investments into promising opportunities in the region.

pitchIN Academy to offer content on alternative financing, investment
pitchIN Academy aims to enhance the communication, education and public awareness outreach of innovative financing and investment in the country.

Binance to sell Russia business to CommEX
Earlier this year, Binance’s VP for Eastern Europe Gleb Kostarev and Vladimir Smerkis ( GM, Russia and CIS) left the company after it hinted at potentially withdrawing its services from Russia due to Western sanctions.

Investors taking 30% of a startup in a round are being short-sighted
Diluting founders too much virtually guarantees that the company won’t yield a significant RoI; If it needs to raise additional funding further down the line, future investors will likely balk at how little ownership is left for the founders.

Southeast Asian Web3 startups shine in 2023: Meet the trailblazers
Southeast Asian Web3 Startups: ZaynFi, Aura Network, DigiFT, Gaspack, Cosmose AI, ONE Championship, and more lead the Web3 revolution in 2023.

SEA’s investors fuel region’s startup ecosystem with strategic investments
Investors such as Petronas and Gobi are fueling the region’s startup ecosystem with strategic investments in sustainability and fintech.

Book Excerpts: How digital goods and services transformed consumer habits in SEA
In its latest e-book, fintech company 2C2P looks at how digital goods and services solutions open new possibilities for businesses.

How BeLive transforms text into shoppable video experiences
BeLive was founded to address the gap in the market for businesses seeking to harness the power of interactive video commerce.

What you can learn about Singapore, Indonesia from this list of top tech startups
As reflected in this list released by LinkedIn, the differences between these two startup ecosystems could not be more obvious.

The fall of multi-billion-dollar unicorns: A warning tale
It is critical for investors, venture capitalists, and people to revisit the stories of failed unicorn ventures to learn their lessons and prevent history from repeating itself.

Meeting the customer where they want to be, in an omnichannel world
Businesses can navigate today’s omni-channel challenges by embracing a customer-centric digital innovation.

In business, stagnation is worse than death
Stagnation is depicted as a threat that can gradually erode creativity, innovation, and overall dynamism.

How to create harmony between work and life as a founder
There are a few things that we need to learn and unlearn if we want to establish harmony between our work and personal life.

Will tech salary overpayments end after the economic crisis?
While tech salary overpayments may have peaked during the crisis, they are unlikely to disappear entirely in its aftermath.

The post Ecosystem Roundup: Funding Societies bags US$27M; Indonesia’s ultimatum for TikTok appeared first on e27.

Marketing, once confined to traditional advertising, has transformed into a dynamic fusion of understanding consumer behaviour, data, and technology. This revolution is fueled by disruptive technologies like Artificial Intelligence (AI) that redefine how businesses engage with their customers.

Flux Series: Marketing Leaders, an initiative led by e27, is set to be the crucible where these groundbreaking concepts come to life. More than just a conference, it offers an immersive experience designed to equip attendees with the strategies and tools needed to drive sustainable growth and profitability for your business.

The importance of roundtable discussions

Roundtable discussions are some of the most conducive platforms for industry leaders and professionals to incubate ideas and ultimately foster growth and innovation across the ecosystem. These intimate gatherings facilitate invaluable exchanges of ideas, insights, and experiences among a diverse group of experts, enabling each participant not only to share best practices but also to learn from each other.

Unlike traditional lectures or presentations, roundtable discussions encourage active participation and collaborative problem-solving. This dynamic interaction empowers participants to tap into a collective pool of knowledge, drawing from each other’s successes and learnings. Through open dialogue, marketing leaders gain fresh perspectives and innovative strategies that may have been overlooked in solitary endeavours. This collaborative ethos not only sparks creativity but also builds a sense of camaraderie, forging lasting professional relationships that extend beyond the confines of the discussion.

Also read: How PriyoShop is revolutionising the B2B procurement process

Moreover, roundtable discussions serve as a platform for addressing industry-specific challenges and emerging trends. In the rapidly evolving landscape of marketing, staying abreast of the latest developments is paramount. These sessions provide an opportunity for professionals to dissect pressing issues, share strategies, and collectively devise forward-thinking solutions.

The diverse array of experiences and perspectives present at a roundtable discussion ensures that the conversation is rich and multifaceted. This breadth of insight allows participants to not only identify potential pitfalls but also capitalise on new opportunities. Ultimately, these exchanges act as incubators for growth, empowering marketing leaders to implement informed, strategic decisions that drive their brands forward in an ever-competitive market.

A focused and guided discussion on marketing

Marketing efforts can be a double-edged sword, with the risk of expenditures not always yielding the desired outcomes. Traditional methods often struggle to provide the precision needed to target the right audience or allocate resources effectively. However, the advent of powerful tools like Artificial Intelligence (AI) has changed the game.

AI’s capability to process vast volumes of data in real-time provides a comprehensive understanding of consumer behaviour, preferences, and demographics. By synthesising this information, businesses can fine-tune their engagement strategies, ensuring they resonate with their target market. This not only enhances customer interactions but also bolsters the overall promotion of one’s business.

Also read: e27’s role in empowering Taiwan startups through the Vision Program

Furthermore, AI’s predictive capabilities are a game-changer for businesses aiming to stay ahead of the curve. By analysing historical data and real-time trends, AI can forecast consumer behaviour and market shifts, providing invaluable insights that enable businesses to adapt their strategies proactively.

While the benefits of integrating AI into marketing efforts are evident, businesses often face a significant hurdle—the knowledge gap. Embracing new marketing technologies requires a shift in skill sets and knowledge within the marketing team. Equipping employees with the proficiency to effectively utilise new tools and systems often necessitates thorough training.

Flux Series addresses this critical knowledge gap, offering a platform for marketers to stay ahead of the curve. Whether it’s decoding the intricacies of AI or understanding the latest trends in marketing technology, Flux Series provides the tools and insights needed to navigate this dynamic terrain.

Actionable insights for growth

Flux Series is a curated, intimate, and focused convergence of top industry leaders designed for active learning sessions. It offers access to in-depth knowledge and actionable insights that can propel sustainable growth and profitability for your brand. This program serves as a dynamic platform for growth-oriented industry leaders to converge, exchange ideas, and explore cutting-edge innovations in key business areas such as marketing, product development, operations, and more.

The inaugural edition of the Flux Series, taking place on November 15 in Jakarta, Indonesia, will bring together key leaders in the world of marketing. They will discuss, ideate, and strategise actionable steps to optimise marketing efforts using AI-driven innovations and technology, with the goal of achieving sustainable growth for your company.

Also read: 5 common challenges marketing professionals face today

Flux Series: Marketing Leaders goes beyond conventional learning environments by providing a curated selection of growth-oriented content stages. These stages serve as dynamic platforms where attendees gain invaluable knowledge on how to leverage disruptive technologies and harness the power of AI to supercharge their marketing efforts. Here, participants get to immerse in active knowledge-sharing guided by industry trailblazers who will be lending their expertise and experiences. From decoding AI-powered tools to unveiling transformative marketing strategies, these content stages are designed to equip marketers with actionable insights that can be seamlessly integrated into their business strategies.

Join Flux Series: Marketing Leaders

For marketing leaders aiming to elevate their company’s marketing goals, Flux Series: Marketing Leaders is a must-attend event. Join us in Jakarta on November 15, 2023, for a day of insightful discussions, interactive workshops, and unparalleled networking opportunities that will reshape the way you approach marketing in the digital age.

Join the Flux Series or become our partner and be a driving force in the AI-powered marketing revolution. To learn more about the event, you may visit the official Flux Series: Marketing Leaders page.

Get ready to embark on a journey that will not only deepen your understanding of AI-driven marketing but also equip you with the actionable insights needed to thrive in the dynamic world of modern marketing.

The post Engage your peers in roundtable discussions at Flux Series appeared first on e27.

At the sixth edition of Unlocking Capital for Sustainability 2023 in Singapore on Thursday, Google Chief Sustainability Officer Kate Brandt spoke about how technology and public-private partnerships can overcome the challenges of energy procurement in Asia.

“Carbon-free energy contracting can be very challenging given the local market dynamics and resource availability in the Asia Pacific region. Transitioning to a carbon-free future will require stronger government policies and partnerships with many organisations, new technologies and structural changes to the broader system that serves the operations in our value chains and those of other companies,” she stressed.

She also spoke about the tech giant’s experience in using AI to help reduce the impact of environmental crises by providing early warnings of natural disasters and improving emergency response times.

“I truly believe that AI can also be a transformational technology that provides compelling as well as helpful benefits to people in society when developed. It can also help accelerate solutions by providing better information, integrated individuals, operational optimization for organisations, and improved prediction and forecasting,” she says.

“For example, in 2022, we launched Flood, which allows local governments and organisations to identify when riverine floods will occur up to seven days in advance, and we’ve been able to use this tool to identify in advance who needs to be warned of the danger and more importantly, where they can go and be safe. We now work with local governments, including in India, Bangladesh, and Sri Lanka, to deliver emergency flood alerts, which are protecting nearly 500 million people living in affected areas.”

Also Read: How Third Derivative assesses the impact of a potential climate tech investment

Google is working with companies like L’Oreal and Pepsi to reduce emissions through carbon footprint tools.

Bringing environment agenda to the board room

Organised by Eco-Business in partnership with the United Nations Environment Programme Finance Initiative (UNEP FI), this annual flagship event on sustainable finance for Asia Pacific brought together high-level decision-makers to discuss and commit to actionable initiatives that can mobilise capital markets for sustainable development.

One session at the event discusses the role of the board of a company in bringing change, starting with bringing in directors who possess the necessary skills to champion sustainable development initiatives, particularly in the areas of ESG and climate governance.

Shai Ganu, Managing Director, Willis Tower Watson, stressed the need for directors to upskill themselves in areas such as climate literacy and human rights.

“Boards make decisions collectively. And the more connected ecosystems are, the better we can learn from each other to make more considered decisions,” he explained.

“Directors need to upskill themselves around issues on our planet with [knowledge of] science, human rights, and the entire spectrum of the ESG. Directors are not supposed to be climate scientists … but you need to be at least climate literate so that you know what questions to ask.”

Also Read: Preference for green jobs is the “most exciting” climate tech development: Lightspeed

Goh Swee Chen, Chairman of the National Arts Council, and former Chairman of Shell Companies in Singapore, reflects on her experience as a director on an energy board.

“Do realise that businesses cannot prosper when communities and society are under severe strain, and we’ve seen that through the COVID-19 pandemic. I find that, in the past, when I was actively employed full-time, crises tended to come one at a time. But I feel like today crises do not take turns; they all lump together.”

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Image Credit: Eco-Business

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In this edition of We Live To Build, we talk about why, as a visionary, stagnation can be worse than death. Stagnation is depicted as a threat that can gradually erode creativity, innovation, and overall dynamism, potentially harming businesses and personal growth.

To combat stagnation, we suggest changing routines to strike a balance between stability and flexibility. This approach allows for long-term stability while fostering short-term adaptability. We share personal examples of how to diversify daily routines, incorporating variations in waking times, meditation practices, workout locations, and work environments. This shift in approach has made their life more interesting and enjoyable.

Additionally, we also propose an extreme method to combat mental cobwebs and stimulate change: travelling to another country.

Also Read: Taking a six-week mental break: A personal journey

We would like to highlight the benefits of immersing ourselves in different cultures and environments to awaken the mind and find solutions to new challenges. Our extensive travels in 2023 are an example of how this approach has enriched life and provided fresh perspectives.

Ultimately, the text leaves readers with a thought-provoking question: Would you rather adhere rigidly to routine and risk stagnation or embrace change and flexibility to lead a more dynamic and fulfilling life?

—

This content was first published by We Live To Build. Subscribe to the newsletter here.

Listen to the podcast on YouTube, iTunes, and Spotify.

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Being valued at over US$4.1 billion at the time of its much-hyped IPO in 2021, Babylon Health was once hailed as a pioneering force behind the revolution of the healthcare sector, applying artificial intelligence and deep learning to facilitate diagnosis and triage.

Consequently, in 2023, the news that the company was filing for bankruptcy shocked the world, and one of its core businesses was sold for less than a million dollars. Babylon is not the first unicorn to fail and is certainly not the last one.

Hence, it is critical for investors, venture capitalists, and people to revisit the stories of failed unicorn ventures to learn their lessons and prevent history from repeating itself.

Powa Technologies

Powa Technologies, an e-commerce startup, was valued at US$2.7 billion in 2016 and went public shortly after. It quickly established offices in the most expensive locations around the world, such as London and New York, but unfortunately failed to acquire any major customers and never became profitable. This led to Powa Technologies missing payments to employees and contractors, eventually forcing the unicorn into bankruptcy.

The rapid expansion of Powa Technologies may have been a contributing factor to their downfall; they were unable to keep up with the high costs while also managing their financial obligations. Moreover, with the lavish funding from its investors, Powa Technologies’ management was known to throw luxurious parties at prime locations and pay big salary checks for its executives while failing to develop and deliver its promised products.

In 2015, the company was already reported to have trouble with cash and was unable to pay its debt. However, being carried away by greed and illusions, investors continued to pay for Powa Technologies’ losses until the company eventually filed for bankruptcy.

Solar manufacturer Solyndra

Solyndra was a solar panel manufacturer based in Fremont, California, that went bankrupt in 2011. The company had received US$535 million of federal loan guarantees from the Obama administration to support its operations and expansion plans. Solyndra’s failure is often cited as an example of costly government intervention in the private sector and has been used by opponents of renewable energy subsidies to argue against such policies.

The primary reasons for Solyndra’s demise were price shifts in polysilicon, which made their panels more expensive than competitors; the inability of their panels to work with residential roofing systems or large solar farms (a key part of the market); and increasing competition more cost-effective products offered by Chinese or Taiwanese manufacturers.

Also Read: What to do when your unicorn loses its sheen

The consequences associated with these events have been far-reaching both politically as well as economically: On top of being an embarrassing example illustrating some potential flaws within Obama administration economic policies regarding investment incentives into green technologies, the US taxpayers are now left footing the bill totalling over half-billion dollars.

Babylon Health

Babylon Health, founded in 2013, was once a highly valued unicorn startup that provided an integrated primary care model leveraging remote patient monitoring to intervene and treat sooner. It also offered a healthcare app for AI-powered diagnosis and video appointments with its Babylon 360 value-based care platform. Unfortunately, the company filed for bankruptcy in 2021 due to several factors leading up to this decision.

Firstly, Babylon Health acquired bad assets such as Meritage Medical Network and First Choice Medical Group, which proved costly in terms of both finances and reputation damage when it came time for repayment. Additionally, the company failed to deliver on some of its promised technologies while spending beyond what it could afford without proper accountability or oversight from investors or board members alike. This unchecked spending further contributed towards their financial woes, resulting in a bankruptcy filing in 2023.

In sum, the downfall of such unicorns as Powa Technologies, Solyndra, and Babylon Health serves as a cautionary tale about how startups should be managed responsibly with proper planning ahead before taking any major decisions like acquisitions, etc., especially during times when many companies are struggling financially.

By learning from their mistakes, we can ensure similar situations do not occur again by being more mindful of our investments in new ventures going forward.

—

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

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With an ever-changing and crowded social media landscape today, businesses could struggle to build a seamless omni-channel experience for their customers.

Threads, BeReal, and Bondee are some examples of modern platforms that rapidly emerged but waned in popularity just as quickly. Finding the perfect cross-cutting platform is even harder considering that region-specific channels like Douyin and Xiaohongshu are mainly popular in China and less so in other countries.

AIA, which has a presence in 18 Asia Pacific markets, has experience navigating the omni-channel landscape. The insurance provider is more than 100 years old but has evolved its customer engagement strategies to stay relevant. Three years ago, AIA embarked on another ambitious transformation journey via its Technology, Digital and Analytics (TDA) programme.

The learnings from the TDA journey unearthed valuable advice for businesses keen to overcome the omni-channel complexity – which is to build an experience that meets the customer where they want to be.

Expanding the perspective

The first principle to meeting the customer is to be digitally led. This means moving beyond a one or two-platform mindset and considering every platform where the customer could be. An elevated multi-channel experience is formed when businesses expand their perspective and curate a powerful ecosystem that plays to each platform’s strengths.

Social media is one scalable way to connect meaningfully with customers, making it a go-to platform for any business keen to uplift its omni-channel strategy. Better yet, social media’s scope of interactions is ever-expanding with the rise of super-apps in countries like Indonesia, South Korea, and China.

AIA China noticed this trend, where super app WeChat is used by everyone to chat, order food, make payments, and play video games, among other features. Although social-focused platforms like Xiaohongshu might seem a more popular choice to ground an omni-channel strategy, a digitally-led approach expanded AIA’s perspective and led to a WeChat integration with the AIA+ Super App, bringing two super apps together via an approach called One Experience.

Having WeChat in One Experience helped AIA build an integrated service ecosystem that harnesses the combined interactive experiences and user traffic of two super-apps. Customers have easier access to the AIA+ app to make service requests, submit claims, and even check their health and well-being.

Also Read: Unlocking growth and retention: Harnessing the power of omnichannel communication strategies

Through gamification, users can receive content relevant to their needs. One Experience contributed to 4.2 million users, 200,000 daily active users, and an average 4.5 rating on the app store for the AIA+ Super App (by December 2022), which is a testament to the success of this approach.

Putting the customers’ needs first

Meeting the customer means choosing platforms that meet their needs and not banking on trendy platforms. Using a platform with millions of users can achieve high reach for your business but lack customer relevance. Instead, a platform that offers convenience and relevant content will create long-term value by consistently bringing them back to your product.

Ideally, a chosen platform should be able to deliver personalised content that can reliably meet customers’ needs. This requires a setup where data analytics and customer experiences come together to ensure different audiences using the same application receive personalised content.

In Thailand, AIA’s super app, ALive, is using data analytics to provide an enhanced level of personalisation. Research into customer demographics and psychographics identified young couples and families as key customer segments, while physical, emotional, and financial issues were identified as their biggest areas of dissatisfaction.

The app was developed with relevant, personalised content to meet their needs. ALive is an example of an omni-channel experience that is personalised and effectively sustains interest from the customer, and it’s now been extended to more customer segments.

Another angle is to match the customer’s lifestyle and communication preferences to the platform available to them. Mobile platforms like WhatsApp are increasingly popular in industries like retail, banking, and insurance as businesses cater to individuals who want instant messaging while on the go.

In Indonesia, AIA customers can use ANYA to effortlessly tap into automated insurance offerings via WhatsApp, which is the most popular social media channel in Indonesia. According to a 2022 study by Kantar, seven out of ten Indonesians prefer business messaging services as compared to using a phone or email.

Also Read: Is omnichannel commerce a fairy tale for SMEs in Singapore?

Capitalising on this behaviour, AIA allowed customers to seamlessly access vital information and initiate self-service features like filing claims and modifying payment preferences on the app. Similarly, in the Philippines, BPI AIA Pamilya Protect uses Facebook Messenger to offer customers a simple and intuitive process of covering pre-qualification, purchasing, payment, and submitting e-contracts.

The new frontier for omnichannel experiences

Technology is rapidly changing, which further complicates the landscape but also creates new opportunities. Businesses must stay tuned to new technologies to test, learn, and discover innovative ways of meeting the customer.

The emergence of Generative Artificial Intelligence (AI) is a technology for businesses to take note of as it can transform the intelligence of the omni-channel ecosystem and create hyper-personalised customer-facing content.

AIA is exploring more Generative AI use cases in the next phase of its transformation journey. Today, AI already powers AIA’s social media prospecting tool (SIM), which generates customer-facing content across different platforms for agents to craft more personalised customer messages.

AI-powered personalised marketing helped AIA’s agents deliver more than US$280 million in annualised new premiums through digitally generated customer sales in 2022 and could potentially be boosted with the adoption of new Generative AI models.

Meeting the customer

Existing platforms are evolving, and new ones will emerge. Against this landscape, businesses can overcome the modern omni-channel crowd, uncertainty, and confusion by adopting a customer-centric and digitally-driven approach while embracing innovation.

By following these principles, businesses will be guided by the right perspectives and motivations, giving them the confidence to build experiences that meet customers on any channel they choose, with personalised value at every stage of their journey or lifecycle.

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Southeast Asian investors are taking significant steps to bolster the region’s startup ecosystem through strategic investments in innovative companies. Among the key players, Petronas Ventures, the corporate VC arm of Malaysia’s Petronas, is collaborating with Twin Towers Ventures and Gobi Partners to support sustainable innovation in Southeast Asia and China’s Greater Bay Area.

With US$1.6 billion in assets, Gobi Partners continues to nurture startups, while Artem Ventures partners with Google for sustainable development. Other firms like Asia Fund X, ScaleUp Malaysia, and 500 Global are also actively driving growth in the startup landscape.

Here is the list of investors that invested in the region’s startups this week:

Petronas Ventures

Petronas Ventures is the corporate venture capital arm of Petronas, Malaysia’s global energy and solutions company. It invests in visionary entrepreneurs with breakthrough technologies and innovative business models supporting the parent company’s business growth and sustainability agenda.

It also aims to be the growth accelerator partner in Malaysia to influence the technology-driven startup ecosystem while serving PETRONAS business needs. PTV International Ventures, based in Kuala Lumpur, Malaysia, manages its direct investments in Asia and indirect investments into VC funds.

This week, Petronas Ventures’s investment arm Twin Towers Ventures (TTV) and VC firm Gobi Partners announced the collaboration to invest in the ecosystem of sustainable innovation within Southeast Asia and the Greater Bay Area in China.

Gobi Partners

Gobi Partners is a pan-Asian VC investor with US$1.6 billion in assets under management. Headquartered in Kuala Lumpur and Hong Kong, the VC firm supports entrepreneurs from the early to growth stages and focuses on emerging and underserved markets.

Founded in 2002, Gobi has raised 17 funds, invested in over 380 startups and nurtured ten unicorns. Gobi has grown to 15 locations across key markets in Bangkok, Cairo, Dhaka, Guangzhou, Ho Chi Minh City, Hong Kong, Jakarta, Karachi, Kuala Lumpur, Lahore, Manila, Shanghai, Shenzhen, Singapore and Surabaya.

This week, Gobi invested in Kiddocare, an on-demand caregiving platform in Malaysia.

Artem Ventures

Artem Ventures is a venture capital firm based in Malaysia. It currently manages TIM Ventures, a fund that invests in early-stage fintech and insurtech firms. The fund has invested in 12 companies. Artem also actively engages with the venture capital ecosystem as a member of the Malaysian Venture Capital & Private Equity Association. As part of a global initiative to support high-impact and sustainable startups, Artem partnered with Google for their Startups for Sustainable Development programme.

Artem invested in Kiddocare, an on-demand caregiving platform in Malaysia this week.

Asia Fund X

Asia Fund X (AFX) is an opportunity fund. It invests in promising startups in the digital economies of Southeast Asia, particularly in data tech, enterprise tech, sustainability, food tech and agritech, with established product-market fit and experienced founders.

Asia Fund X invested in Kiddocare, an on-demand caregiving platform in Malaysia this week.

ScaleUp Malaysia

Launched in October 2019, ScaleUp Malaysia is a startup accelerator that helps companies raise their next round. Its philosophy is building businesses with high revenue growth and a path to profitability.

ScaleUp invested in Kiddocare, an on-demand caregiving platform in Malaysia this week.

500 Global

500 Global is a VC firm with US$2.4 billion in assets under management that invests in founders building fast-growing technology companies. It focuses on markets where technology, innovation, and capital can unlock long-term value and drive economic growth.

It invests far and wide across sectors and geographies, including 35+ companies valued at US$1 billion+ and 160+ companies valued at more than US$100 million.

This week, 500 Global invested in NexMind, an AI-powered multilingual digital marketing platform.

pitchIN

pitchIN is a digital platform for investing and fundraising that connects entrepreneurs with potential investors. pitchIN started its journey in crowdfunding, firstly as a reward crowdfunding platform in 2012.

Its platform allows entrepreneurs to create profiles, share their business plans, and connect with potential investors. It also offers resources and tools to help entrepreneurs improve their pitch and increase their chances of success.

This week, pitchIN launched pitchIN Academy to offer practical and easy-to-understand educational programmes, activities and content on alternative financing and investment.

AlteriQ Global

AlteriQ is an Asia-focused private credit strategy with a strong edge in Southeast Asia. It builds a fully integrated financing ecosystem as a capital partner with a regional presence, proprietary network of relationships, and risk management expertise.

Aument Capital Partners

Aument Capital Partners is a multi-family office geared towards entrepreneurs, offering family office services from investment management, reporting, consolidation, cashflow planning and access to its venture partner programme.

Orange Bloom

Orange Bloom was started in 2012 as a ship-recycling consultancy and provider of turn-key solutions for ship owners’ ship decommissioning requirements within Southeast Asia. It recently set up The Orange Bloom Sustainability Fund to provide financial support to individuals/SMEs working on projects that counter climate change, advance environmental sustainability and involve the communities in Asia. Orange Bloom also assists SMEs in transitioning to a low-carbon economy.

This week, AlteriQ, Aument, and Orange Bloom invested in the Southeast Asian SME digital finance platform Funding Societies (known as Modalku in Indonesia).

Peak XV Partners

Formerly Sequoia Capital India & SEA, Peak XV is a VC and growth investing firm investing across India, Southeast Asia and beyond. Over the last 17 years of its operations in the region, Peak XV has grown to manage over US$9 billion in capital across 13 funds and invested in over 400 companies. It works from five offices – Bangalore, Mumbai, Delhi, Singapore, and Dubai.

This week, PeakXV backed Bright Money, a fintech company helping users get out of debt using AI and credit products.

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Singapore-based biotechnology startup Automera has secured US$16 million in a Series A round of investment co-led by early-stage life science accelerator and investment firm Accelerator Life Science Partners (ALSP) and Temasek-backed venture builder ClavystBio.

EDBI, Xora Innovation, and other undisclosed investors also participated.

Automera was established by Associate Professor Michael Lazarou, Loong Wang, and Taiyang Zhang at Talo Labs in collaboration with ALSP.

It is an early-stage company focused on developing a novel therapeutic approach via autophagy-based targeted protein degradation. The biotech startup aims to leverage its understanding of autophagy, drug development capabilities, access to quantum chemistry, and generative Al-enabled insights to enhance its drug development programmes. Automera’s autophagy-targeting chimaera small molecules (AUTAC) platform has broad potential across cancer and other disease areas, with oncology being the initial lead programme.

Also Read: ‘We aim to make early cancer detection accessible on a global scale’: Mirxes CEO

The AUTAC platform is a next-generation approach to realising the potential of targeted protein degradation (TPD) as a therapeutic modality. TPD, an emerging field of novel therapeutics, catalyses the degradation of disease-related proteins while retaining the benefits of small molecules.

“Automera was founded on the premise that improving health outcomes for people with serious diseases requires new technologies that make it easier, faster, and less expensive to develop safe and effective medicines,” said Loong Wang, Co-Founder of Automera. “We believe that our AUTAC platform is one such technology, with broad potential across multiple disease indications that are difficult to treat with current therapeutic approaches.”

Alice Chen, Executive VP at ALSP and Automera board member, said: “We plan to leverage ALSP’s unique company-building capabilities in Singapore, and we look forward to working with the broader Singapore community to enhance the platform technologies and early-stage therapeutic programmes that Automera will develop.”

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