Dear Pro member,

The Gaza Strip has long been an unexpected tech hub, with an emerging ecosystem of talented tech freelancers, startups, and international collaborations. Despite its economic challenges, the region attracted the attention of global tech giants like Nvidia, which employed hundreds of engineers. The Palestinian tech ecosystem has seen investments of up to US$10 million, with initiatives like Gaza Sky Geeks providing pre-seed investments, training, and resources for entrepreneurs.

However, the recent escalation of hostilities has obliterated much of the progress made in Gaza’s tech sector. The destruction of infrastructure, including ISPs and universities, has left the tech industry in shambles. Electricity and internet access have been cut off, and many fear their safety, with frequent evacuations due to airstrikes.

This situation not only affects Gaza but also has ripple effects on the entire Palestinian tech scene. It’s particularly tragic given the growth and promise the region has shown in recent years, with companies attracting international clients and employment opportunities.

The conflict serves as a stark reminder of the fragile nature of tech ecosystems in conflict zones and the profound human impact when conflicts disrupt lives and the hopes and aspirations of tech workers and entrepreneurs striving for a better future.

It is hoped that peace can be restored, allowing the rebuilding and recovery of Gaza’s tech industry, which holds great potential for innovation, growth, and connectivity.

Sainul,
Editor.

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SG competition watchdog raises concerns over Grab, Trans-cab deal
The CCCS stated that licensed ride-hailing operators in Singapore are prohibited from imposing exclusive arrangements’; Based on third-party feedback, it found that the deal may discourage Trans-cab drivers from using rival ride-hailing platforms.

MoneyHero cuts loss by 56% in H1 ahead of SPAC listing
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Philippine HR tech firm Sprout inches closer to profits in 2022
Sprout narrowed its losses before tax to about US$23.5K in 2022; This is a drop from roughly US$48.6K in 2021; Revenue grew 39% year on year to US$7.2M in 2022; The firm claims to have over 1,000 clients, including Lalamove, Foodpanda, and Canva.

MoneySmart hits profitability, eyes IPO by 2025
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Quest Ventures invests in robotic prosthetics startup Vulcan Augmetics
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AMODA secures funding to enhance construction process in Indonesia
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Japan-based Josys takes SaaS solution to Indonesia with new partnerships
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Upbit Singapore secures provisional license for local digital assets biz
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Tokopedia founder offloads US$1.7M in GoTo shares
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Spotify is launching a personalized in-app Merch Hub
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Palestine’s growing tech industry blown apart by Israel-Hamas war
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Decoding technology’s future at She Loves Tech global conference 2023
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Why India needs to improve access to instant healthcare solutions
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The pandemic changed how companies hired — it moved from looking for specific skills rather than proven competencies in a particular industry as companies saw the gap in their skill pool. The pandemic also saw people actively reskilling and upskilling themselves as they realised the need for more tech knowledge and digital know-how, as remote work became a norm.

Consider this: PWC’s The Future of Work report highlights that two out of five people around the world believe that traditional employment won’t be around in the future. Instead, people will have their own ‘brands’ and sell their skills to those who need them. In fact, people are more likely to see themselves as members of a particular skill or professional network than as an employee of a particular company. 

Skill-based hiring vs industry-based hiring

Skill-based hiring looks at a candidate’s holistic skill set, which transcends across verticals and industries. Industry-based hiring, as the name suggests, depends on a particular industry experience, last job title, and the educational or vocational degree of a candidate. 

Ideally, a hire should demonstrate a healthy mix of skills and industry-based learning, but the need also depends on which role you are hiring. For a tech-based job, skills matter more than educational qualification and past experience, but for a creative job, past experience and mettle matter more. 

Employers, increasingly, are leaning towards hiring on the basis of skills and competencies rather than focusing on advanced degree completion as a prerequisite. This has resulted in cross-industry hiring and filling in-demand roles more effectively. However, this has also led to people being unemployed because their experience doesn’t account for much anymore if they don’t have the prerequisite skills. 

Before an employer starts the hiring process, it is imperative to note the pros and cons of both — skill-based hiring and industry-based hiring — to proceed.

Also Read: Why inclusive hiring matters for a startup ecosystem

Do you want a diverse talent pool?

The companies, with or without tech at its core, now seek talent that is resourceful, adaptable and resilient, thanks to the advent of COVID-19, which brought with it various business challenges. Tech skills are in demand and easily transferable across sectors and industries, whereas experience in the same industry needs upskilling in most cases.

For HR to evaluate people on their skill sets instead of work experience helps create a diverse pool of talent within an organisation, which leads to better problem-solving in a crisis, bringing and implementing fresh ideas.

Considering people with the same industry experience remains important when seeking top candidates in a company, for they know the pitfalls and how to avoid roadblocks, how to motivate the team members and bring soft skills to the table such as communicating efficiently and quickly, ability to work with various teams, and prioritise.

Do you have the bandwidth to train?

According to an HBR article, JPMorgan Chase added US$350 million to their US$250 million plan to upskill their workforce. Amazon is investing more than US$700 million to provide upskilling training to their employees. PwC is spending US$3 billion to upskill all of its 275,000 employees over the next three to four years.

Digital transformation, tighter budgets, and rising inflation have led companies to cut down drastically on budgets that were earlier kept for training their existing workforce. With the demand to ‘hit the ground running’, HR is looking for people who come with the required skills when joining a company.

However, many organisations are still making an effort to train their existing workforce, for they have the industry know-how and are equipped to translate a crisis into a win-win when equipped with better skills. This also ensures a good career progression for the employees as well, apart from them being loyal to your organisation. 

Also Read: A paradigm shift needed: Hiring within the tech startup ecosystem

Which skills are important for your organisation?

On LinkedIn, one can see an increase of 21 per cent in job postings that now advertise skills and responsibilities rather than just listing out qualifications and industry-specific requirements.

However, the Future of Work Trends 2022 report says that 69 per cent of companies value a person’s curiosity and willingness to learn more than their degree and experience. Though technical know-how is valued more now, it is important to gauge for an organisation whether it wants to hire on the basis of foundational and transferable skills as well. 

While evaluating applicants, companies are now increasingly focusing on degree and industry-based experience as hygiene instead of hiring on the basis of skills and competencies.  

With people increasingly switching from their core industry to unchartered territory, it has become imperative to assess candidates on the basis of skill sets more than ever. While experience trumps the top and middle order, companies are relying on people with the required skills, especially at the junior level. 

Going forward, it is a given that skill-based hiring will overtake industry-based hiring, but it will also lead to more upskilling of the resident talent within a company. 

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India, a rapidly developing nation, has experienced an astounding surge in energy demand in recent years, trailing only behind global giants like the United States and China. With daily consumption reaching five million barrels of oil, it comes as no surprise that India’s appetite for energy is insatiable.

India’s rising oil dependency

However, this voracious demand has its consequences. In the fiscal year 2021-22, India imported a staggering 212.2 million tons of crude oil, a significant increase from the previous year’s 196.5 million tonnes, according to the Petroleum Planning and Analysis Cell (PPAC).

This rising dependence on oil imports, now standing at 86.4 per cent for April 2022-23 compared to 85.9 per cent in the previous year, has both economic and environmental ramifications.

The ever-increasing demand for oil has led to rising prices, adversely impacting India’s macroeconomic parameters. As oil imports swell, so does the country’s vulnerability to international price fluctuations and geopolitical disruptions.

However, the concerns extend beyond economics. Carbon emissions, a consequence of burning fossil fuels like oil, have severe environmental and health implications. With the recent geopolitical challenges affecting global supply chains, India’s reliance on oil imports has become even more precarious.

Biofuels: A sustainable solution

One promising solution to reduce India’s dependence on oil imports is biofuels, specifically biodiesel and bioethanol. These renewable energy sources have the potential to make significant strides in curbing carbon emissions, enhancing energy security, and mitigating forex outflows.

Biofuels, particularly bioethanol and biodiesel, have a unique advantage in the fight against carbon emissions. Unlike fossil fuels, biofuels contribute to a net reduction in carbon emissions. During the growth phase of the raw materials used in biofuel production, a substantial amount of CO2 is absorbed, helping to counterbalance the emissions produced during combustion. This aligns with India’s objectives to address climate change and enhance the overall quality of the environment.

Another factor that makes biofuels an attractive option is their compatibility with a wide range of vehicles. Flex Fuel Vehicles (FFVs) are designed to run on various fuel combinations, including 100 per cent ethanol, petrol, or a mix of both, with E85 (85 per cent ethanol and 15 per cent petrol) being a preferred choice.

Biodiesel, on the other hand, blends seamlessly with conventional diesel, typically in ratios like B5 and B20. Even petrol vehicles can accommodate low-level ethanol blends like E10 (10 per cent ethanol and 90 per cent petrol). This versatility encourages a smooth transition to biofuels across different vehicle types, promoting their widespread adoption.

Biofuels also offer economic advantages. Currently, they are priced between 10 per cent to 20 per cent lower than fossil fuels, shielding consumers from the volatility of international fossil fuel prices.

Moreover, biofuels are entirely produced within India, eliminating the vulnerability to forex currency fluctuations that import-dependent fossil fuels face. This stability ensures more predictable and affordable costs for consumers, highlighting the advantages of domestically manufactured biofuels.

The Indian government has shown commitment to reducing oil import dependence and promoting biofuels. Initiatives like the Ethanol Blending Programme (EBP) aim to cut carbon emissions, boost farmers’ incomes, and reduce crude oil imports. Notably, the target for 20 per cent ethanol blending in petrol (E20) has been accelerated to 2025 from the initial target of 2030.

The current regulatory environment in India is favourable for biofuels. Over the last five to six years, policies have mandated the use of biofuels across various industries, driving up demand and adoption.

To further accelerate the adoption of biofuels among petrol consumers, greater transparency is needed in the retailing of biodiesel, bioethanol, and bio-CNG. This transparency will foster increased confidence and facilitate the widespread adoption of biofuels on a larger scale.

As India grapples with its ever-increasing energy demand and the economic and environmental challenges posed by oil imports, biofuels emerge as a viable and sustainable alternative. These renewable energy sources offer economic stability, carbon emission reduction, and flexibility in fuel choices.

Through government initiatives and a favourable regulatory landscape, India has the opportunity to significantly reduce its dependence on oil imports, enhance energy security, and combat climate change. The path to energy independence is clear, and biofuels are the key to unlocking India’s energy future.

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Talent acquisition has become a competitive sport in today’s fast-paced job market. Recruiters and hiring managers constantly seek top-notch professionals who can bring value to their organisations.

Many have turned to talent marketplaces, platforms designed to connect employers with potential candidates to achieve this. While these marketplaces have their merits, they also face a significant challenge: the dichotomy between active and passive job seekers.

The challenges of talent marketplaces: The active-only conundrum

Talent marketplaces have traditionally focused on active job seekers. These individuals actively search for new career opportunities, update their resumes, and apply for job openings. They are the low-hanging fruit of recruitment, easily accessible and readily available. However, here lies the issue: active job seekers make up only a fraction of the talent pool.

The elusive software engineer

Nowhere is this more evident than in the tech industry, where software engineers are in high demand. These professionals possess specialised skills and knowledge vital in the digital age.

Yet, the number of active software engineer job seekers is disproportionately low. They often receive multiple offers and are constantly fielding inquiries from headhunters. This need for more active software engineers exacerbates the fierce competition among recruiters.

LinkedIn’s unique position

LinkedIn, the world’s largest professional network, has carved out a unique space in this landscape. It functions as a hub for both active and passive job seekers. Unlike traditional talent marketplaces, LinkedIn allows individuals to maintain profiles and professional networks even when not actively job hunting. This means that recruiters can tap into a broader pool of potential candidates.

Also Read: Are you a human resource?

The one-source dilemma

However, despite LinkedIn’s versatility, it, too, faces a common challenge shared with traditional talent marketplaces: reliance on a single source of candidates. While LinkedIn offers a vast network of professionals, it’s still just one platform. Relying solely on LinkedIn can limit a recruiter’s access to diverse talent, potentially leading to a talent shortage.

The balancing act

So, how do we strike a balance? How can we tap into the most significant talent pool while focusing on specific, high-demand groups like technology engineers?

The answer lies in diversifying recruitment strategies. LinkedIn is a powerful tool, but it should be just part of a comprehensive recruitment approach. Here are some strategies to consider:

• Leverage multiple platforms: Explore other job boards, industry-specific forums, and social networks to find active and passive candidates.
• Employee referrals: Encourage current employees to refer potential candidates. They may have connections to passive job seekers who are an excellent fit for your organisation.
• Networking events: Attend industry events, conferences, and meetups to connect with professionals in your field. These gatherings are excellent opportunities to identify both active and passive job seekers.
• Recruitment agencies: Partner with specialised recruitment agencies with access to niche talent pools.
• Online communities: To identify potential candidates, participate in online communities, such as forums and discussion groups related to your industry.
• Proactive talent pools: Build and maintain your talent pool of passive candidates for future hiring needs.

Talent acquisition in the digital age requires a nuanced approach. While talent marketplaces have their place, they should not be the sole source of candidates. Balancing the needs of active and passive job seekers, especially in high-demand fields like technology, demands a multifaceted strategy.

By diversifying your recruitment efforts and exploring various channels, you can access a broader range of talent and increase your chances of finding the right fit for your organisation. Ultimately, it’s about creating a harmonious blend of active and passive talent to thrive in today’s competitive job market.

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Eight participating companies from the UK graduated from the Innovate UK Global Incubator Programme Singapore and pitched their businesses to selected investors and business partners at the Technology Showcase Day in Singapore.

Hosted by the Singapore Deep-Tech Alliance (SDTA) and Innovate UK, the day witnessed the eight startups showcasing their solutions and technologies spread across additive manufacturing, industrial IoT, advanced sensors, digital transformation, robotics, AI, and VR.

The participating companies are currently seeking local partnership and funding opportunities in ASEAN, from seed to series A stages.

Also Read: SDTA revamps venture building programme for deep-tech startups in Singapore

Over the past eight months, the SDTA offered mentorship opportunities and business growth resources to the eight companies from its network. In addition, it allowed access to experienced deep-tech entrepreneurs in Singapore and sector experts from institutions, such as the Agency for Science, Technology and Research (A*STAR), Enterprise Singapore, and Nanyang Technological University.

“Throughout the course of the Innovate UK Global Incubator Programme Singapore, the eight companies have exceeded our expectations time and time again. This showcase was a big opportunity for this year’s cohort to present their solutions and gain attention from key industry stakeholders,” said Clara Chen, Co-Founding Managing Partner of SDTA.

Also Read: Temasek, NUS, NTU to invest US$55M in deeptech startups in Singapore

“Through the Innovate UK Global Incubator Programme Singapore, we hope to have inspired collaborations between large corporates and UK-based startups, which are vital to the development of relevant, cutting-edge innovations that have potential for commercialisation
and impact,” said Jon Hazell, Partnership Manager, Global Incubator, Innovate UK.

The eight companies are:

dRISK

AI company revolutionising AV efficiency and safety by training AVs to avoid unexpected real-world scenarios.

JIVA

Making AI easy using our No-Code Multimodal AI Platform.

New Wave Biotech

Developing integrated hardware and software solutions using machine learning to facilitate precision fermentation-based alternative proteins.

Vision Intelligence

Enhances productivity for manufacturers through continuous real-time insights on manual production operations.

Evo Software

Cloud-based software platforms and app developer.

Synthotech

Developing innovative engineering solutions for the global utility market.

MESTEC

Manufacturing SaaS company focused on improving operational
manufacturing performance.

Synbiosys

An AI software tool that accelerates the mass adoption of new and emerging manufacturing processes and materials.

The SDTA partners with founders to rapidly build, validate, and scale climate-tech startups from technologies designed for the energy, healthcare, manufacturing, and semiconductor industries through a public-private partnership with corporates, investors, research institutions, and government and regulatory agencies.

Also Read: We see prevalence of robotics, IoT solutions across the globe: SIMPPLE CEO

Innovate UK is a national innovation agency supporting business-led innovation in all sectors, technologies and UK regions. It helps businesses grow through the development and commercialisation of new products, processes, and services, supported by an outstanding
innovation ecosystem that is agile, inclusive, and easy to navigate.

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