In this episode of We Live To Build with Sean Weisbrot, we speak to Jeff Mains, the Founder and CEO of Champion Leadership Group, a growth accelerator which helps entrepreneurs scale their business from US$1 to US$10 million.

Mains is also the Founder and CEO of Intelligent Contacts, a SaaS platform that helps hospitals make their billing as great as their bedside manner. Before these two businesses, he previously started and sold four additional businesses that were each grossing over US$10 million annually.

Apart from that, Mains is also the Host of SaaS Fuel, a podcast started almost a year ago that seeks to help founders spark creative thinking on their wild journey of entrepreneurship.

Also Read: AI’s distinction lies in its vast scale and accessibility: Raunak Mehta of Igloo

Some of the points that we will cover include the importance of processes, problem-solving, and delegation, highlighting the power of assembling a complementary team. Furthermore, the discussion touches on understanding one’s strengths and weaknesses as a CEO, building relationships, and effective leadership in team management. The need to validate ideas with revenue and the transition from US$1 million to US$2 million in revenue is discussed, emphasising sustainable business models.

Additionally, the conversation delves into potential pitfalls, such as hiring the wrong individuals and the significance of structured processes for company growth. Cultural fit in hiring processes and leadership growth are explored, underlining the importance of finding the right fit for an organisation. The session concludes by likening entrepreneurship to a marathon rather than a sprint, highlighting the long-term commitment required for business success.

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This article was first published on June 12, 2023. 

AI tools can help boost your productivity at work. But do they also make life easier for cyber attackers? A Salesforce survey of senior IT leaders showed that while two-thirds (67 per cent) are prioritising generative AI for their business in the near future, a similar majority (71 per cent) also believe it will introduce new security risks to data.

Attackers are already using ChatGPT and generative AI to write malicious code (and are boasting about it on developer forums). While ChatGPT advocates may downplay the risk, researchers have found that ChatGPT can be tricked into producing viruses and spyware.

Don’t slam the panic button just yet. These latest “advancements” are not entirely new developments – they are simply accelerating traditional hacker tactics. Likewise, AI tools are agnostic, which can also be leveraged by security teams for defensive tasks – from identifying cybersecurity anomalies to creating evasion codes.

Where to start?

As with any new threat, organisations should be evaluating what potential risks ChatGPT poses to their specific attack surface. That isn’t a call to completely rethink cybersecurity. But companies need to double down on their cyber hygiene to ensure a robust defence.

Also Read: How to unlock new horizons with generative AI

Most organisations are still struggling to identify, prioritise, and remediate the most basic threats. Only 15 per cent are cyber “mature,” according to a recent Cisco study, and more than half are still in the “beginner” or “formative” stages. There are plenty of fundamental security gaps that need to be addressed first before diverting resources to the latest AI threats. Or to put it another way, don’t rush to bake a cake when you’ve been missing the recipe for years.

Headlines would have you believe that generative AI and ChatGPT are radically new forms of cyber threats when, in reality, they’re just magnifying the age-old attack classics. Where AI changes the game is enabling these same attacks at an unprecedented scale. Still, none of that matters if you don’t have the right fundamentals in place.

How can I protect myself?

Zero Trust, which authenticates users in a modern security architecture, is a framework that addresses many of the modern challenges of today’s businesses. It helps secure remote workers, protects hybrid cloud environments, and shields the company from ransomware threats.

Many organisations have adopted some form of Attack Surface Management (ASM) to discover and analyse vulnerabilities and potential attack vectors. Zero Trust likewise looks beyond traditional security perimeters. It’s not sufficient on its own, but it is necessary.

The principle is simple: never assume identity, and implement least privilege access to reduce the attack surface. This applies equally when confronting generative AI.

What’s the right process?

Effective vulnerability management begins with knowing which vulnerabilities you need to prioritise and then automating your team’s remediation workflow to tackle them systematically. Eliminate any blind spots in the cybersecurity perimeters and focus on what matters to your organisation.

To achieve cyber hygiene, intelligent solutions are capable of aggregating data from dozens of siloed security tools that most firms already have in place and analysing more than 200,000 common vulnerabilities and exposures. AI can help with that.

Start with the basics. Conduct analysis to know the critical risks specific to your business and how they translate in terms of your technical assets. You cannot protect what you do not know. Have clear accountability, identify the stakeholders in charge of cybersecurity: from top to bottom and, yes, including the board. Employees can be your first line of defence or your attacker’s point of entry based on your investments.

Also Read: How to stay creative in the age of Generative AI and Web3

Implement a step-by-step approach. Cybersecurity is a journey of continuous improvement. Adopt the 80:20 rule: Start with the 20 per cent of actions that cover 80 per cent of your risks. Secure your quick wins and basic protections, then take your Vulnerability Management program to the next level.

Should we invest more in technology?

Start by adopting detection tools and practices to protect your network and endpoints. For smaller enterprises that don’t have the bandwidth and funds to invest in technology, consider managed service providers that can cover an extensive range of security services. From there, ensure those data flows are contributing to the same bigger picture for your security teams.

What we observe is that 80 per cent of breaches still come from a lack of basic cybersecurity hygiene that could have been prevented with steady investments, top-down willingness, and awareness of the risks. Investing in not only people and processes but also the right technologies can make the difference. AI can be a great ally, but only if you get the cyber defence fundamentals right first: gain visibility, secure and protect, monitor, respond, and evaluate.

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The post Stop the doomsday talk: How dangerous is AI for your organisation? appeared first on e27.

In a significant move, Southeast Asia’s super-app giant Grab, has launched a web3 wallet designed specifically for its Singaporean user base.

The technology behind the new feature is provided by Polygon, a platform striving to establish a multi-chain blockchain system compatible with Ethereum.

According to reports initially covered by The Defiant, Grab’s web3 wallet is gaining attention among users in Singapore. The wallet facilitates payments using XSGD, a stablecoin backed by the Singaporean dollar and issued by StraitsX.

Also Read: Driving performance: How Grab develops products that support driver-partners’ productivity

Polygon has described this new offering as a “Polygon-based Web3 Wallet for digital payment vouchers and collectibles.” It aims to showcase the practical application of dedicated funds for commercial payments using StraitsX’s XSGD.

The emergence of Grab’s web3 wallet has garnered additional attention since Circle, the company responsible for the USDC stablecoin, revealed its involvement in providing technology for Grab’s web3 wallet pilot in Singapore on September 14th.

With a substantial user base of 180 million individuals, Grab offers a wide array of services, including banking, food delivery, car rentals, and insurance.

Last week, Circle Internet Financial announced a partnership with Grab to pilot Web3 customer experiences in Singapore by integrating the former’s new Web3 Services platform into the latter’s app.

Grab Web3 Wallet allows them to create a blockchain-powered wallet, accumulate rewards and collectibles, and utilise NFT vouchers. In its initial phase, the wallet enables users to employ SG Pitstop Pack NFT vouchers at well-known establishments and attractions across Singapore, coinciding with the upcoming F1 Singapore Grand Prix.

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GGV Capital to separate China business amid geopolitical tension
GGV Capital was one of the companies under review by a US congressional committee in July that aimed to investigate American firms over their funding of Chinese technology companies, the Wall Street Journal had reported.

Malaysian pension fund KWAP launches US$107M vehicle to invest in startups, VCs
Dana Perintis will allocate 50% of the corpus for direct investments into startups and the other half to invest in funds-of-funds; KWAP seeks to select 10 VCs in total from 38 proposals received earlier this year.

Singapore, India among top countries by number of ‘scaleups’: report
Five Asian countries – China, India, Israel, Singapore, and South Korea – make up half of the top 10 countries with the most scaleups’, a Startup Genome report found; The report defined scaleups as startups valued at or above US$50M.

LeapFrog Investments joins bolttech captable with a US$50M investment
This brings the insurtech company’s Series B round to US$246M; bolttech will use the new capital to grow in emerging markets and expand its technology-enabled ecosystem for protection and insurance for emerging consumers.

Japan’s Terra Drone acquires Indonesian drone services firm Avirtech
Avirtech – which also has offices in Singapore, Malaysia, and Thailand – uses AI to optimise pesticide spraying and map out farms for better crop management; Terra Drone is a Japan-headquartered drone and urban air mobility tech provider.

‘Indonesia needs more female investors willing to back female founders’
Helen Wong of AC Ventures says in Indonesia, women entrepreneurs are not just fulfilling a social role but are driving economic growth; Investing in women-led businesses is not just the right thing to do, it’s the smart thing to do.

Mekong Capital invests US$21M in Vietnamese genetic testing firm
Gene Solutions has developed triSureFirst, a noninvasive prenatal test for detecting abnormalities of chromosome numbers in the fetus.

2C2P records US$15M loss in 2022 as it invests in employees
The reversal came despite a 10.3% year-on-year increase in revenue to US$124.5M; The payments firm’s majority backer is Chinese fintech giant Ant Group.

Peak XV leads US$12M round in startup that simplifies visa applications
Atlys allows users to apply for visas from anywhere in the world through its platform; Aside from unifying the process in one place, the platform helps predict visa processing time while reducing rejection rates.

VinFast delivers 11,315 units in H1 2023
For Q2, the Vietnamese EV maker said 9,535 electric vehicles were delivered, representing an over 5x growth compared to Q1 2023; However, the number appears to be far below its chair Pham Nhat Vuong’s expectation of selling 50K cars this year.

The copyright issues around generative AI aren’t going away anytime soon
Over the past year or so, artists have filed suit against Stability AI, Midjourney and DeviantArt, arguing that models released by the companies infringe on their copyrights by training on the artists’ works and generating outputs in their styles.

Alternative protein startup INSEACT acquired by Karang Foodie
INSEACT specialises in producing sustainable insect protein for aquaculture, starting with shrimp feed; It uses waste from palm oil operations as a raw material to feed the insects.

Startup Genome reveals how local and global connections drive startup scalability
Despite the importance of connectedness on a global level, this did not mean that local connectedness did not play a role.

Chinese video games generate US$17B revenue in overseas markets in 2022
In 2022, the US, Japan, South Korea, and Germany were key destinations for China’s mobile game exports, with the US, Japan and South Korea collectively accounting for over 56% of the total revenue, a report says.

Recharge Capital implements thematic-first strategy to empower women’s health industry
It has appointed Margaret Wang to spearhead operations in the APAC region; In June, Recharge Capital launched a US$200M women’s health fund backed by the likes of Peter Thiel, The Disney Family, The Olayan Family, and Ian Osbourne.

SC Ventures launches fintech platform addax.
It is designed to empower banks and financial institutions to accelerate their digital transformation, deliver new business models, serve new customer segments and derive new revenue streams.

We see prevalence of robotics, IoT solutions across the globe: SIMPPLE CEO
SIMPPLE, which recently listed on the Nasdaq, IoT devices and robotics to empower facility owners to streamline their operations.

Is it possible to regulate artificial intelligence?
The issue of whether AI should be regulated, and to what extent, heated up this summer when UN Secretary General António Guterres convened the first ever UN Security Council meeting to discuss its potential dangers specifically.

‘Semiconductor making nations set for growth as AI takes center stage’
In this interview, Alpha Intelligence Capital CEO Antoine Blondeau also discusses the hurdles that large enterprises may face in adopting AI successfully.

20 global investors fuelling Southeast Asia fintech boom in 2023
International investment powerhouses drive Southeast Asia’s fintech revolution, backing innovative startups in 2023’s dynamic market expansion.

How Grab develops products that support driver-partners’ productivity
Once the first version of the solutions is built, Grab will invite driver- and delivery partners to test it in real-life situations.

BasisAI co-founder steps down from Aicadium
Liu Feng Yuan’s BasisAI was acquired by Temasek subsidiary Aicadium in 2021; This news comes months after Aicadium investigated Liu because of a whistleblower complaint involving staff departures at BasisAI.

TikTok vs Shopee EC war in SEA: How can startups leverage the competition?
In this piece, we spotlight startups capitalising on the TikTok vs. Shopee battle in Southeast Asia’s social and live commerce scene.

The future of Indonesia’s payment services: 3 predictions for the advancement of direct debit
The accessibility and adoption of diverse digital payment methods have experienced a significant surge throughout Indonesia.

Why inclusive hiring matters for a startup ecosystem
A truly inclusive workplace is one where Persons with Intellectual Disabilities (PWIDs) are able to learn, thrive and be respected.

Post-pandemic education: Why edutech remains a game-changer
It is an exciting time for the world of edutech as we are now presented with the unique opportunity to push boundaries and reinvent ourselves.

Striking the balance: AI, leadership, and the modern workplace
Leaders should embrace transparency, include staff in AI-related decisions, and offer thorough training to overcome reluctance.

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The image used in this article is AI-generated.

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Singapore- and Vietnam-based early-stage investment platform CrossFund has raised US$1.5 million in fresh funding from undisclosed investors at a US$47 million valuation.

The fintech startup will use the funds to expand its presence in EMEA (Europe, the Middle East, and Africa), where 40 per cent of its 15,000 accredited investors are based.

Founded in 2021 by Ben Cardarelli and Davide Cali, CrossFund is an equity financing tool for early-stage startups in Southeast Asia and Africa. Investors can own equity in international startups with as little as US$5,000.

CrossFund leverages data to match its investors with startups based on sector, stage, geography, areas of expertise, and other more granular factors. The platform also accepts investments in crypto, leveraging third-party providers. It is soon launching a secondary market to foster liquidity for investors and founders.

Also Read: 26 fintech startups that raised funding in 2023 so far

The firm claims over US$40 million was raised across 80 investments. Its portfolio also includes Clever (APAC), Vulcan (Vietnam), Lipa Later (Kenya), Styched (India), beU (Ethiopia), and Swag Kicks (Pakistan).

CrossFund also has an exit to its credit (Hong Kong-based Edugo, which raised a funding round led by CrossFund, was acquired in June by Nasdaq-listed Docebo).

“Having spent the past ten years in Asia, SEA was our natural birthplace and we quickly built a strong base of investors and startups here,” said Cardarelli.

“Demographically, these markets we are in – like Indonesia, India, Vietnam, and Philippines – have extremely large populations, a young, tech-savvy workforce, low labor costs, and an emerging middle class. Entrepreneurship and angel investing is still at its nascent stage in many of these markets, but on the rise. Our vision has always been to invest early in local founders and give people access to valuable startup equity in the economies of the future,” he added.

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The image used in this article is AI-generated.

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