In times of economic downturn, the need for highly skilled developers becomes even more pronounced. While conventional wisdom might suggest that a recession is a time for belt-tightening and cost-cutting, there are compelling reasons why organisations should prioritise the recruitment and retention of top-tier software developers.

In this article, we will delve into why highly skilled developers are indispensable during economic crises.

Technological resilience

One of the primary reasons why highly skilled developers are essential in an economic downturn is their capacity to bolster technological resilience. These experts possess the knowledge and experience to create robust, innovative solutions to help organisations weather the storm of economic uncertainty.

In challenging economic times, businesses must be agile and adaptable to survive. Highly skilled developers can play a pivotal role in enabling this agility. They can automate processes, streamline operations, and develop digital products that cater to rapidly shifting consumer demands.

Consider the example of a retail company facing declining sales due to an economic downturn. A highly skilled development team can swiftly create and implement an e-commerce platform, allowing the company to reach a broader customer base and offset losses from traditional retail channels. Such digital transformations are possible because of skilled developers’ expertise and creativity.

Cost-efficiency

It might seem counterintuitive, but investing in highly skilled developers can lead to cost efficiency during an economic downturn. Professional developers are often more efficient in their coding and problem-solving abilities. They can identify and eliminate bottlenecks, optimise resource utilisation, and ensure that projects are executed precisely.

In contrast, less skilled developers may require more time to complete tasks, increasing labour costs. Moreover, the quality of their work may need to improve, necessitating additional resources for testing and debugging. In times of financial constraint, organisations need help to afford these inefficiencies.

Also Read: Greentech revolution: Catalysing software’s success to drive a sustainable future

By hiring highly skilled developers, businesses can minimise the time and resources required for project completion, ultimately reducing operational costs. This cost-effectiveness can be a game-changer for companies striving to maintain profitability in challenging economic conditions.

Competitive advantage

Surviving an economic downturn is not just about staying afloat; it’s also about positioning your organisation for future success. Skilled developers provide a competitive advantage that can be a lifeline during a recession. They are adept at creating innovative, high-quality digital products and services that set a company apart.

Consider the fiercely competitive smartphone market. Companies like Apple have consistently maintained their market leadership by delivering cutting-edge technology and user experiences. Skilled developers are at the core of this competitive advantage, constantly pushing the envelope to create products that captivate consumers.

In times of economic uncertainty, consumers become more discerning. They seek value, quality, and innovation. Businesses that invest in highly skilled developers are better equipped to meet these expectations and gain an edge over competitors. While others may be cutting corners and compromising on quality, companies with experienced developers can continue to deliver excellence.

Digital transformation

Economic downturns often serve as catalysts for digital transformation. Organisations that were previously hesitant to embrace technology suddenly find themselves compelled to do so to survive and thrive. This transformation requires expertise in software development, making highly skilled developers indispensable.

Digital transformation involves the integration of digital technologies into all aspects of a business. This can encompass everything from adopting cloud computing and data analytics to creating mobile apps and implementing e-commerce platforms. Highly skilled developers are the architects of this transformation, responsible for designing and building the digital infrastructure that supports it.

Consider the example of a traditional brick-and-mortar retailer. Faced with declining foot traffic during an economic downturn, the retailer launched an online store. This transition involves developing a user-friendly website, setting up secure payment gateways, and implementing inventory management systems. Without highly skilled developers, this transformation would be daunting and potentially insurmountable.

Highly skilled developers possess the technical expertise to execute digital transformation projects and the strategic insight to align them with the organisation’s goals. They can identify opportunities for automation, data-driven decision-making, and enhanced customer engagement—all critical elements of successful digital transformation.

Job creation

While the focus of this article has largely been on the benefits of hiring highly skilled developers for businesses, it’s worth highlighting the broader economic impact of this investment: job creation. In times of economic downturn, job losses are a significant concern, and highly skilled developers can play a role in mitigating this challenge.

Also Read: Tomorrow comes today: How jobseekers can take advantage of the rise of XR tech

When businesses invest in skilled developers, they create job opportunities within their organisations and support ancillary roles in IT, marketing, customer service, and more. For every highly-skilled developer hired, several other positions are often created to help their work and the products or services they develop.

Furthermore, skilled developers can contribute to the growth of the broader tech ecosystem in their region. They often engage in knowledge-sharing, mentorship, and collaboration with startups and smaller businesses, helping to nurture a thriving tech community. This, in turn, leads to additional job opportunities and economic growth.

In conclusion, the imperative for more highly skilled developers during an economic downturn cannot be overstated. These professionals are essential for enhancing technological resilience, driving cost-efficiency, gaining a competitive advantage, facilitating digital transformation, and contributing to job creation.

While it may require an initial investment, the long-term benefits of having a skilled development team are substantial. They can be the key to survival and success in turbulent economic times. Organisations that recognise the value of highly skilled developers and prioritise their recruitment and development will be better positioned to navigate the challenges of economic downturns and emerge stronger on the other side.

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Surge, a rapid scale-up programme run by leading Indian and Southeast Asian VC firm Peak XV Partners (earlier Sequoia Capital), has launched its ninth cohort featuring 32 founders across 13 early-stage startups.

Cohort 09 also marks Surge’s foray into the greater Asia Pacific by including Australia-based startups.

Also Read: Sequoia India & Southeast Asia rebrands as Peak XV Partners

“As we kick start new company-building journeys with our Surge 09 founders, it is clear that we are witnessing the incredible growth of AI and deeptech innovation, as well as the abundant talent in these sectors emerging from Asia,” said Rajan Anandan, Managing Director, Peak XV and Surge.

Below are the brief descriptions of the 13 companies of the cohort-09 of Surge.

A stealth mode startup

An AI platform that helps software teams increase productivity by providing contextual answers for their codebase.

Dozer

Dozer is an open-source data infrastructure platform that helps data scientists and engineers build highly scalable, real-time data APIs in minutes.
Founders: Matteo Pelati and Vivek Gudapuri.

Elivaas

Elivaas is a tech-driven villa and luxury apartment management company that allows owners to monetise, monitor, and maintain their vacation homes in India.
Founders: Karan Miglani and Ritwik Khare.

Ethereal Machines

Ethereal Machines is an advanced manufacturing company that produces precision engineering components through its proprietary multi-axis
computer numerical control (CNC) machines.
Founders: Kaushik Mudda and Navin Jain.

Horizon Quantum Computing

Horizon makes software development tools to unlock the potential of quantum computing hardware.
Founder: Joe Fitzsimons.

Also Read: Tencent, SGInnovate join US$18.1M Series A round of Horizon Quantum Computing

InCore

InCore is a fabless semiconductor startup focusing on building RISC-V-based processor solutions for industries, including industrial automation and consumer electronics.
Founders: Arjun Menon, Gautam Doshi, GS Madhusudan, and Neel Gala.

Mercu

Mercu is an employee engagement platform for companies to hire, train, and engage with their frontline teams.
Founders: Elliott Gibb and Jascha Zittel.

Mindgrove

Mindgrove designs India’s cost-effective and scalable microprocessor technology for the global semiconductor market. The company designs System-on-Chips (SoCs), integrated circuits combining an electronic device’s elements onto a single chip instead of separate components.
Founders: Sharan Srinivas J and Shashwath T R.

Neurowyzr

Neurowyzr is a healthtech company developing state-of-the-art technologies to mitigate early brain decline.
Founders: Pang Sze Yunn and Navdeep Vij Singh.

Also Read: Healthtech startup specialising in brain health Neurowyzr raises US$2.1M

Newtrace

Newtrace is a climate tech startup that manufactures innovative electrolysers to produce green hydrogen efficiently and affordably.
Founders: Prasanta Sarkar and Rochan Sinha.

Pix.ai

Pix.ai is an AI-powered anime art generator. The platform equips users with a range of tools and character generation templates to create personalised anime art.
Founders: Alvin Li, Raven Gao, and Veronica Liao.

Relevance AI

Relevance AI is a machine learning startup on a mission to help companies build an AI workforce that automates workflows with no code.
Founders: Daniel Vassilev and Jacky Koh.

ZeroK

ZeroK is an AI platform that helps developers troubleshoot production incidents faster. ZeroK is an Observability copilot that intelligently performs checks to guide developers to root causes faster, reducing downtime.
Founders: Mudit Krishna Mathur, Varun Ramamurthy, Samyukktha Thirumeni, Shivam Nagar.

Surge 09 started last week, and the founders are going through a 16-week hybrid programme focused on company building. Past Surge speakers and mentors have included William Tanuwijaya (Tokopedia/GoTo), Siu Rui Quek (Carousell), Patrick Collison (Stripe), Nithin Kamath (Zerodha), Kunal Shah (CRED), Gaurav Munjal (Unacademy), Sanjeev Bikhchandani (Info Edge), Amrish Rau (Pine Labs), Chatri Sityodtong (One Championship), Andre Soelistyo (GoTo), Vidit Aatrey (Meesho), Jaspreet Singh (Druva), Girish Mathrubootham (Freshdesk).

Surge’s curated community of startups now includes over 330 founders and 140 startups across 16-plus sectors, and they have collectively raised over US$2 billion in follow-on funding.

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Image credit: Surge.

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Licensed and registered in Singapore, Indonesia, Thailand, and Malaysia and operating in Vietnam, Funding Societies (known as Modalku in Indonesia) provides business financing to SMEs. In addition, it offers payments and collections intending to solve SMEs’ cashflow management challenges.

The finance platform claims it has achieved over US$3.2 billion in business financing, processing over 5 million transactions and serving about 100,000 SMEs across Southeast Asia. In late September, the fintech firm announced a US$27 million in debt fundraising led by AlteriQ Global, with participation from Aument Capital Partners and Orange Bloom.

Shortly after the funding announcement, e27 spoke with Funding Societies’s Co-Founder and CEO Kelvin Teo.

Below are the edited excerpts from the interview:

What unique financing solutions do Funding Societies offer to underserved SME segments in its five markets, and how do they address the specific needs of these businesses?

We see many underserved MSMEs/SMEs across our five operating countries, from sole proprietors to small listed companies, including traditional SMEs to startups. Typically, these businesses come to us for their first-time business loan, top-up to bank loans, fast credit approval and flexible financing options.

Also Read: SME lender Funding Societies nets US$27M debt funding

Our financing solutions come in the form of term loans, invoicing financing, and micro-loans ranging from US$500 to US$2 million, catering to businesses of various stages and needs. Many of these businesses use the funds for working capital or as bridge loans to scale their businesses.

Could you provide insights into Funding Societies’s growth and impact in Southeast Asia? For instance, how has the company contributed to the growth of SMEs in the region?

In 2020, we collaborated with the Asian Development Bank (ADB) to survey the social and economic impact of our lending in Singapore, Indonesia and Malaysia. Our regional impact survey found that Funding Societies-backed MSMEs and SMEs contributed US$3.6 billion to gross domestic product (GDP) via the multiplying impact of direct, indirect and induced economic effects, resulting in around 350,000 new jobs.

Funding Societies emphasises its environmental and social management System. Could you explain how this system works and how it benefits both the company and its clients?

We started implementing our environment and social management system (ESMS) in early 2023 across all our markets. The ESMS is a set of processes and procedures that allow us to assess borrowers from an environmental and social risk perspective instead of only from a financial risk perspective. It is a concrete way to integrate ESG considerations into our core business by embedding them in our credit assessment process.

Also Read: Funding Societies enters neobanking space with investment in Indonesia’s Bank Index

Through our added ESG lens, we will be able to increase the ESG exposure to our borrowers, thereby allowing them to stay updated with market developments on ESG. The design of the ESMS was done through technical assistance from one of our debt investors and with the support of PwC Netherlands.

Can you share some success stories or examples of how SMEs have benefited from Funding Societies’s financing and cashflow management solutions?

Shop Patrol is a Singapore-based e-commerce firm for the latest premium quality furniture. It works on a pre-order model and needs occasional working capital to purchase new stocks and meet growing customers when its current customers are late in making payments.

Using Funding Societies’s business expense solution Elevate and credit line, Shop Patrol maintained a steady cash flow for stock purchases and a scalable payments and sales cycle to boost its business by 70 per cent.

How has Funding Societies adapted to the evolving fintech landscape in SEA, and what strategies have you employed to stay competitive and innovative?

Since our inception, we’ve progressively evolved our business annually to build a resilient SME financing platform, as SME credit is a hard business and a big pain point for SMEs. We stay competitive by many lead bullets rather than a silver bullet.

Also Read: Funding Societies acquires payments solution startup CardUp

In 2021-22, we’ve grown from financing to cards, payments, collections and accounts, with the acquisition of payments FinTech CardUp and partnerships. The strategic expansion positions us to be a closer financial partner for SMEs.

Could you elaborate on the role of technology and data analytics in your credit assessment process for SMEs seeking loans?

We’ve used technology and data to improve customer acquisition, operating leverage and credit assessment. Specifically for credit assessment, we combine traditional and alternative data to increase credit approvals using AI, digitalising and simplifying the application process, and offering and deepening our product suites, e.g., Syariah, car dealer financing. This is reflected in our NPS survey, whereby SMEs choose us for our speed, ease of application and flexibility.

Given the significant role of SMEs in SEA’s economy, what long-term vision does Funding Societies have for supporting and empowering these businesses in the region?

Funding Societies’s vision is to empower SMEs and uplift Southeast Asian societies by giving every SME a fair opportunity for growth. The love of money is the root of all evil, but money is key to social mobility, business growth and innovation.

We believe that one day, we’ll move from alternative to mainstream financing. And we can further simplify financing and empower SMEs with financial management, which is being accomplished by our cash flow management platform Elevate.

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Image Credit: Funding Societies.

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Earlier this year, Samsung Electronics banned its employees from using popular generative artificial intelligence (Gen AI) tools such as ChatGPT after discovering staff uploaded sensitive code to the platform, The Straits Times wrote.

Incidents such as this created an uneasy feeling about the security aspect of popular GenAI tools. But what exactly can businesses do to protect their data?

To answer this big question, e27 spoke to Geoff Thomas, SVP in APJ, at data solutions company Qlik.

“We will not stop the innovation around this kind of model. It is a good thing; we want that. But our position is to help organisations have their data host in order,” he says.

For Qlik, this involves building a data fabric to integrate or unify different data sources, environments, and pipelines to understand the lineage of data and where it comes from. But Thomas explains that the most pressing issue that companies are facing today is finding that balance between protecting their data and maximising the use of innovative tools.

Find out how they can get there in this interview. The following is an edited excerpt of the conversation.

Also Read: 

How exactly can we achieve a balance between innovation and data protection?

They must build a governance model, particularly in organisations in highly regulated environments such as the public sector, banking and financial services. So, they need to build a data framework, a governance model around how they are accessing data, which employees can access data, and how they integrate different data sources.

It needs to be driven by the CFO or CEO. That is why these days, nearly every organisation has a Chief Data Officer who does not report to the CIO; it is no longer considered a technology function. It is a critical business function.

It is nice to be sponsored by the CEO as they need an overall data strategy around it. Because, even if you get all the right technology and bits in place if you have a data-illiterate workforce, then that is going to limit us as well. So, it is all about having a top-down strategy around data governance, a framework for data.

It is no longer the domain of data scientists in white coats, locked away in a cupboard somewhere. Democratisation is probably an overused term, but it gives everyone the benefits.

In Southeast Asia (SEA), is there any aspect of this market that are more urgent for businesses to tackle when it comes to security?

Singapore and SEA are probably our fastest-growing markets; India is another example. It is a vibrant market. [There is a] huge opportunity here with data.

Also Read: 

Qlik is working with [businesses in SEA] to help them have the right platform and strategy in place around data quality. When I started in the industry many decades ago, it was a “garbage in, garbage out” principle. This means you do not have quality data, you do not know where that data came from, how it is being used, or who has access to it.

It is understanding the lineage of the data as you have data coming from multiple sources. It could be operational legacy systems, mainframe systems, or cloud systems. They could be trying to stream that data in real-time into a platform such as Snowflake or their cloud platform of choice. So it is about getting that foundation in place. And that is what we do.

Two of the largest vertical industries we work with here in Singapore are banking and financial services and the public sector. They are heavily regulated industries.

When it comes to the use of GenAI … How do they ensure that they are getting the benefits of those platforms when having a situation like Samsung, where their crown jewels are disappearing into the ether? Again, it goes back to building trust. We are helping these customers build a framework where they can trust the data, where it comes from, and how clean it is.

So we released a set of OpenAI connectors so our customers can use the platform. But if they want to augment that with Gen AI models such as chat GPT, we have connectors for that.

The year 2024 is coming soon. What do you think businesses should prioritise regarding AI and security next year?

I think some of the biggest priorities [include] having a robust data strategy. Data privacy is still going to be very, very important, particularly in some of the heavily regulated industries. We know what the ramifications can be if sensitive customer data gets out … so security will continue to be really important.

Also Read: 

The hallucination rate of GenAI models is around 15 to 20 per cent. So, 80 per cent of the time, they give useful feedback and information, but 20 per cent of the time, they are making a guess.

I have been around long enough in this industry to know that it is not going to stop; what will accelerate is the pace of innovation. Everyone is talking about ChatGPT, for example, but it will be something else tomorrow. These things are going to continue to be refined. So, it is harnessing the power of that to help them drive innovation without creating potential security issues. Another [trend] around GenAI will be, what is the business use case where they can get benefits?

If you read the CIO Survey, you will see investment growing in data and cybersecurity. These two are obviously intertwined and will continue to be big focuses.

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Image Credit: Qlik

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Singapore-based electric vehicle (EV) charging operator Charge+ has secured an undisclosed sum in a Series A financing round led by TRIVE Venture Capital.

The battery startup will use the funds to accelerate the expansion of its charging infrastructure locally and regionally.

Also Read: Is ‘shadow charging’ the answer to the many challenges faced by existing EV charging stations?

The funds raised will support two key priorities. Firstly, Charge+ will fulfil an ongoing tender contract awarded by the Singapore Land Transport Authority (LTA) to provide approximately 4,000 EV charging points in HDB public housing car parks.

Secondly, it will implement a 5,000km EV charging highway across five Southeast Asian countries.

Charge+ is an integrated EV charging solution provider serving Singapore and Southeast Asia. Its solutions include a proprietary ultra-slim charger, smart charging software, and innovative business models.

Also Read: NEU Battery Materials scores US$3.7M for sustainable recycling of Li-ion batteries

The firm has installed over 1,000 EV charging points in public housing, condominiums, shopping malls, commercial buildings and industrial facilities. Its slim design and dual-connector configuration allow for increased utilisation. It aims to achieve 30,000 points globally by 2030.

It also operates in Malaysia, Thailand, Vietnam, Indonesia and Cambodia.

The Singapore government has announced a target of 60,000 EV charging points by 2030. Additionally, research from Power Technology Research indicates the Southeast Asian region is expected to install about 202,000 EV charging points by 2026.

Also Read: ‘Singapore isn’t ready for mass adoption of EVs yet; hybrid may be better for the present’

In addition to building its own infrastructure, the firm will partner with other regional EV charging operators to leverage its proprietary mobile application and expand the network. Such roaming arrangements had been signed with Malaysia’s Tenaga Nasional Berhad (TNB), Thailand’s Electricity Generating Authority of Thailand (EGAT) and Indonesia’s PT PLN so that Charge+ app users can conveniently access a wider pool of EV chargers in the respective countries.

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Image Credit: Charge+

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