Innovations in blockchain technology have opened up opportunities in various industries, including gaming. But how exactly will this revolutionise the technology?

To answer this question, Marc Mercuri, Chief Blockchain Officer at Shrapnel, begins by explaining how players have been purchasing digital assets in games for a while, but there is not much use of these items outside of the game ecosystem itself.

“It’s a really interesting space because people have been buying whatever digital currency [in games] for a while, but that currency has been locked almost exclusively to the game. They bought items that they didn’t really own,” Mercuri explains.

“Sometimes a game would retire them, and players could not use them from version to version, or they have to rebuy them, and things like that. If you had these items, you really just do not have the agency to use them however you would like. That is one challenge from the gamers’ perspective.”

Shrapnel is an AAA first-person extraction shooter with a creator ecosystem that aims to empower players to own their creations and shape the future of the game.

Also Read: iFarmer uses technology as an agricultural game-changer

It is being developed by a BAFTA and Emmy award-winning team of game industry veterans with experience in transmedia, virtual production, gaming-as-a-service, and blockchain production. As a spin-off from HBO Interactive, the team has enjoyed past successes with leading game companies, including Xbox, Electronic Arts, HBO, LucasFilm, Irrational, and Zombie Ent, working on titles such as Halo, Call of Duty, and Star Wars.

From the creators’ perspective, the democratisation of professional game development tools via blockchain is making AAA-level quality accessible to a broader range of creators.

“If you look at what is happening right now in the world, there is a renaissance of user-generated content. What we have seen with our creator tools is that people are just amazingly creative if you give them tools to do that. But there is no great way for creators to make a living off the stuff that they do,” Mercuri says.

He gives an example of a skin or sticker creator within the game, which might be limited to creating assets that can only be used on one platform. But with Shrapnel and its infusion of blockchain technology, creators are even able to tap into “missed opportunities”, such as tracking asset creation and the development of a hierarchical royalty system.

“I can allow someone to incorporate my things into something else; they can create something new with that. So, you have multiple levels of creativity and making sure that people are getting paid. Those are things you are not really seeing in gaming today.”

Also Read: ‘There is strong reaction against the P2E gaming genre’: BITKRAFT Asia Partner Jin Oh

Building with blockchain in mind

Mercuri is not a new face in the tech industry, with 29 years of experience, 26 issues and pending patents, and four published books. Prior to joining Shrapnel, he spent 18 years at Microsoft, where he held senior roles in product, strategy (cloud, architecture, platform), evangelism, innovation, and incubation.

Mercuri led and launched multiple pro code and low code blockchain APIs and developer tools at both Microsoft and ConsenSys.

When asked about developing games that are infused with blockchain technology, he believes that the core of it lies in great storytelling execution and player engagement.

“If you look at gaming in Web3, you have seen lots of games that are not particularly fun to play. They were interesting experiments around technology and patterns and things like that, but they are not fun games. So, I think the key thing for this to move forward is you have to start with a great game,” he stresses.

The game creation process at Shrapnel itself begins with the team discussing about what they want to enable creators and players to do in this game. Mercuri gives an example of implementing skill trees for characters, enabling them to level up their skills. The team will look at how they can infuse blockchain in this aspect of the game.

“The other thing is that, depending on the type of game you have, you have to make sure that you are really cognisant of the regulatory environment,” he says.

“Another challenge is that if you want to do a free-to-play game, that can be really expensive if you want to have heavy interaction with the Blockchain. So what they will do is that … they will only update the NFTs if you ask them to.”

Also Read: The future of gaming is female and mobile

Something for everybody

It is important to note that Mercuri does not see blockchain gaming as a replacement or competitor to the existing AAA titles.

“It is not necessarily about competing with other games out there; it is sort of proving that the model can be done. And it is not just the technical model … the Web3 mechanics have to be incorporated in a way that is intuitive and natural for both players and creators,” he says.

“People who are building AAA games, franchises such as MARVEL and Star Wars, they are making billions of dollars, and they are very protective of their IP–they are not necessarily willing to try out new models with them. They are more than happy to have someone else do that.”

In promoting the game, there is a need to bring different types of players together, both Web3 enthusiasts and those who are there just to have fun. Mercuri finds that transmedia marketing works well for this; in promoting their works, Shrapnel tackles different fronts, from promoting collectible NFTs to live-action game trailers.

“There is a lot of collaboration that we are doing on the Web3 front that is pretty interesting. Then, there is also [the aspect of] just getting it out there and letting people see and play the game and have fun … It is a mixture of traditional and Web3 marketing, and making sure that we talk to each audience about what they care about,” Mercuri closes.

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Image Credit: Shrapnel

 

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In an age dominated by digital interactions and the rise of Artificial Intelligence (AI), the world is grappling with a crisis of trust. Trust, a foundational element of any society, has come under siege due to a plethora of fraudulent activities made possible by technological advancements. From deepfake scams that utilise AI-generated images and voices to reseller scams plaguing online marketplaces, the erosion of trust has profound implications for both individuals and organisations.

To that end, digital trust is critical in navigating this evolving landscape. Now, more than ever, data protection and cybersecurity also call for the authentication of digital identities and credentials. This article explores the challenges posed by the crisis of trust, the shifting paradigm of digital trust, and the promising role of verifiable technology in restoring and strengthening trust in our digital interactions.

The crisis of trust

Rise of deepfake scams

One of the most concerning facets of the trust crisis is the worldwide proliferation of deepfake scams. More recently, a fraud syndicate in Hong Kong shocked the world by using AI-generated images of individuals whose identity cards were stolen to obtain bank loans. This marked a watershed moment in the use of deepfake technology for criminal purposes.

Closer to home in Singapore, fraudsters have exploited AI to create fake legal practising licenses, and we continue to observe a rise in reseller scams. In particular, popular platforms like Carousell have become breeding grounds for unscrupulous individuals who sell counterfeit tickets, such as tickets to a Taylor Swift concert.

On unregulated marketplaces such as Instagram, Facebook, and Carousell, fraudulent sellers impersonate official brands and deceive buyers into making payments via mobile transactions. Imposters don’t deliver purchased products, leaving the consumer with empty hands whilst severely undermining the trust in brands and purchasing experiences on such digital platforms.

Digital data exchange and erosion of trust

Reseller scams not only betray the trust of consumers but also tarnish the reputation of legitimate resellers and organisations themselves. The erosion of trust in online marketplaces and interactions with businesses has far-reaching consequences, impacting the willingness of users to engage in digital transactions.

With these incidents being recent occurrences, they highlight the rapid evolution of technology in the realm of fraud and underscore the urgency of addressing the trust deficit in digital transactions. The shift from physical to digital data exchange and social interactions on the internet has created an extensive repository of audio, video, and image rendering for fraudulent activities.

Also Read: The state of cybersecurity in 2023: How APAC organisations can stay ahead of the curve

This has led to an erosion of trust in the authenticity of information exchanged digitally, with individuals and organisations left questioning the veracity of the data they encounter online.

The evolution of digital trust

In response to the crisis of trust, however, a fundamental shift is occurring within the realm of digital trust. Digital trust is no longer confined to safeguarding data and cybersecurity but is now centred around the authenticity of digital identity, transactions, and interactions. The big question now is: how can people and organisations trust that the data they receive digitally is not fake?

The shift towards identity and data verification is also reflected in the budget and effort that businesses are now investing in. According to a McKinsey survey, companies that prioritise establishing trust in their products and experiences are more likely to experience an annual growth rate of at least 10 per cent in their top and bottom lines compared to those that do not. Around US$49 billion a day is spent by organisations globally on discovering and implementing ways to augment digital trust in their systems and brands.

The trade-off between accessibility and security

However, traditional methods of achieving digital trust, including legacy systems and data protection policies, are often cumbersome, expensive, and time-consuming. One of the enduring challenges in the digital trust landscape is the trade-off between accessibility and security.

Enhancing accessibility to personal and organisational data often necessitates relaxing security measures, creating vulnerabilities that malicious actors can exploit. Striking the right balance between accessibility and security has always been a perpetual challenge.

So, how can companies quickly keep up with the growing demand for digital trust now that it is no longer a good-to-have but a must-have in this new era of AI?

Verifiable technology: A solution for the digital trust deficit

In the quest to meet the growing demand for digital trust, emerging technologies are coming to the forefront. Blockchain-driven verifiable technology is positioned as a powerful solution with a cloud-based approach. It offers an additional layer of security that can be seamlessly integrated into an organisation’s existing digital technology infrastructure, making it a quick and affordable solution to adopt.

Accredify’s TrustTech, for example, enables organisations to create and issue instantly verifiable, tamper-proof digital documents and credentials through a simple QR code scan. These verifiable documents carry four key points of verification: they have not been tampered with, they are issued by a recognised institution, they have been issued, and they have not expired or been revoked.

In the process of issuing a document to an individual or organisation, Accredify encrypts all data within the document issued to the blockchain – a process known as hashing. This makes recipients the sole owners of the information within the documents issued to them, creating full data ownership and allowing recipients to become a medium for trusted data distribution.

Applications of verifiable technology are industry-agnostic and are already in use by government bodies in Singapore – a market leader in the adoption and implementation of emerging technologies for digital transformation.

For instance, the Accounting and Corporate Regulatory Authority (ACRA) employs verifiable technology for various purposes. This means that every time a company is created, it is issued a verifiable business certificate and profile that can be traced back to ACRA’s database.

For traders in the finance industry, this technology allows them to save on unnecessary expenses associated with buying a new business certificate whenever they have to confirm the shareholders – now, they receive an automatic update whenever the business certificate and profile have been changed. It also allows stakeholders in other countries to perform instant cross-border verification of a business’s information for KYC purposes, further establishing Singapore as a trusted business hub.

Singapore’s Ministry of Health and Ministry of Manpower have also utilised verifiable technology effectively to manage the population’s health during the COVID-19 pandemic when travellers were buying their COVID-19 vaccination certificates off a global black market.

Today, even regulators or the Ministry of Law can adopt the use of verifiable technology to issue verifiable reseller certificates and valid legal practising licenses, vastly minimising and potentially totally preventing any aforementioned issues related to counterfeit documents.

Also Read: Defence is the best offence: Why startups should prioritise cybersecurity even when scaling their business

Another application of verifiable technology is its potential to help unregulated marketplaces such as Facebook and Instagram incorporate verifiable seller certificates into a user’s profile. The process could be as follows: verifiable credentials issued by the seller’s bank provide crucial information, including the seller’s name, social media URL, physical address, as well as payment details.

Sellers can share their verifiable credentials via a unique QR with buyers, allowing consumers to use their banking app to instantly verify the seller’s identity, ensuring a secure transaction process.

Against this backdrop, verifiable data and documents can be seamlessly shared across an organisation’s existing data silos, between entities, and even across international borders. Individuals become the conduits for the exchange and transfer of information, granting them full ownership and data portability. This interconnected web of verifiable data creates a global village where trust is no longer an abstract concept but an inherent attribute of all shared data.

A trustless future and transition to a verifiable data ecosystem

The world needs to embrace the next stage of digital innovation. From physical documents to digital documents, verifiable documents and data represent the upcoming wave of digital transformation. More importantly, the invention of verifiable technology heralds a new normal in the medium by which we exchange information with each other.

But verifiable technology is just an enabler – what is necessary is for all stakeholders such as banks, digital platforms, and individuals, to collaborate and use this technology to restore trust and transparency in online transactions.

In a world besieged by the crisis of trust, the adoption of verifiable technology offers a pathway to a trustless future – one where the concept of trust no longer exists because any data shared between entities is naturally true-to-source and authentic.

Verifiable technology holds the potential to reshape our digital interactions for the better, allowing us to benefit from AI technology whilst maintaining protective measures against their malicious use. By leveraging these technologies for good, we can create a future where trust is a given in our digital landscape, not an elusive aspiration.

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MADCash, a fintech startup focused on providing zero-interest micro funds to women entrepreneurs in Malaysia, has completed its MYR 5 million (US$1.1 million) pre-series A funding round led by Artem Ventures.

MSW Ventures and ScaleUp Founders Fund also co-invested.

The startup will use the funds to enhance its online platform using AI technology, cover operational and marketing expenses, and explore expansion opportunities within Southeast Asia.

In addition, MADCash has also appointed Musyrifah Malek as a Co-Founder in line with this growth. With her extensive legal background, she will be pivotal in advancing the company’s corporate governance policy.

Also Read: BoomGrow: Transforming Malaysia’s food landscape with hyperlocal indoor farming

Based in Kuala Lumpur, MADCash (which stands for Multiply, Assist, Donate cash) funds and grows unbanked and underbanked female entrepreneurs, aiming to create an alternative credit scoring to increase their future bankability.

The company runs on a proprietary technological platform that allows donors to contribute and see whom their funds are helping at any time.

By the end of this year, MADCash is set to have extended its support to over 800 women. Among its partners are Hong Leong Islamic Bank and PayNet.

Tunku Omar Asraf, Principal of Artem Ventures, said: “By offering financial inclusion and capacity building to these groups of women entrepreneurs, MADCash is a platform that helps underserved entrepreneurs to build their credit scoring and sharpen their entrepreneurship skills. MADCash recognises the importance of financial inclusion for closing the gap of poverty and gender inequality, which can lead to better economic growth in the SEA region.”

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GoTo Group has announced that it has received US$150 million from the International Finance Corporation (IFC), a member of the World Bank Group, and private investment firm Franke & Company, to boost financial inclusion and sustainability across Indonesia.

The parties will collaborate on driving financial inclusion in Indonesia, where 97 million adults remain unbanked, and strengthen and refine GoTo’s ESG execution strategy.

The partnership with the IFC also includes non-financial support to help the company transition its fleet of driver-partners and delivery partners to electric vehicles, improving operational efficiency and integrating more sustainable business practices to achieve carbon neutrality.

Also Read: GoTo Q1 loss narrows 41% to US$265M on higher revenues, lower marketing spend

Patrick Walujo, GoTo Group CEO, said: “This partnership will provide additional support for our business as we seek to improve life for our customers, including consumers, driver partners and merchants, enabling them to achieve their financial goals and dreams.”

In its approach to the ESG issues most material to the company and ecosystem, GoTo has established the Three Zeros commitments – Zero Emissions, Zero Waste, and Zero Barriers by 2030.

As per a press release, significant progress has been made to date, including an ongoing electric vehicle trial in South Jakarta, shifting to renewable energy for its direct operations, reduction in excessive packaging and single-use waste from on-demand and e-commerce services, and initiatives to facilitate financial inclusion and sustainable livelihoods for its driver-partners and merchants, among others.

GoTo Group is one of the largest digital ecosystems in Indonesia. The ecosystem consists of on-demand services (mobility, food delivery, and logistics), e-commerce (third-party marketplaces + official stores, instant commerce, interactive commerce, and rural commerce), fintech (payments, financial services, and technology solutions for merchants) and logistics (fulfilment and delivery) through the Gojek, Tokopedia, GoTo Financial and GoTo Logistics platforms.

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Last week, electric vehicle (EV) logistics startup Mober launched its first charging station in Pasay City, the Philippines. According to the company, this 800-square-meter facility is equipped with the latest OCPP 7kw (kilowatt) chargers compatible with both type 2 and GB/T standards and guarantees brisk charging sessions. Mober invested P2 million (US$35,000) in this charging station.

The company now has grant plans to expand its solutions

In this interview, Mober Co-Founder and CEO Dennis Ng shares about future plans, sustainability, funding, opportunities, and challenges in the Philippines.

Could you elaborate on the features and capabilities of Mober’s EV charging hub in Pasay City?

With an 800 sq. meter area, the charging yard is spacious enough to accommodate many vehicles simultaneously.

While the hub currently draws power from the grid with a carbon footprint of approximately 0.5 kg, there’s a plan to transition to renewable energy sources once a minimum kilowatt threshold is reached. This showcases Mober’s commitment to further reducing its carbon footprint shortly.

Also Read: Mober raises 7-figure funding to provide on-demand logistics service for the Philippines

Mober is making tangible efforts to reduce carbon emissions in the logistics and delivery sector by utilising EVs and planning a shift towards renewable energy sources.

Mober also has formed partnerships with retail giants like IKEA, Nestle, Maersk and Nespresso. How has this impacted your business?

Mober’s partnerships with retail behemoths such as IKEA Philippines, SM Appliance Center, Nestle Philippines, Maersk, and Nespresso have significantly bolstered its standing in the logistics sector.

The Mober-IKEA partnership was initiated in 2021. IKEA, known globally for its flat-pack furniture and home accessories, needed a reliable delivery service for its customers in the Philippines. Mober stepped in with a unique proposition: introducing Electric Vehicles (EVs) as part of their delivery fleet. With the partnership, Mober started with two EVs dedicated to IKEA Philippines deliveries, signalling its commitment to sustainable business practices.

These strategic collaborations have not only facilitated Mober’s business growth but also solidified its commitment to eco-friendly practices. With the “ZERO Emission, ZERO Capex” campaign, Mober is not just making a business statement but is also championing a sustainable shift in the logistics landscape of the Philippines.

Sustainability is a significant focus for Mober. Could you outline the company’s sustainability initiatives and how they are integrated into your day-to-day operations?

Mober has firmly positioned sustainability at the heart of its operations, with initiatives that stretch beyond just environmental concerns to encompass social and economic dimensions. Notably, our commitment to green logistics is exemplified by its fleet of electric vehicles, aiming to reduce carbon emissions significantly.

However, our sustainable approach doesn’t end there. We champion gender equality, evidenced by a more inclusive workplace with initiatives to train female drivers and assemblers.

Furthermore, Mober promotes waste reduction through internal policies that discourage plastic use, emphasise recycling, and advocate for a circular economy model.

Mober’s dedication to sustainability is deeply reflected in how it perceives and labels its workforce. A significant testament to this commitment is the rebranding of their drivers’ roles.

Instead of merely being termed “drivers,” they are designated as “Green Delivery Specialists” (GDS). This title transformation isn’t just semantic; it underscores the importance of their roles in the larger green logistics mission.

By adopting the GDS title, Mober emphasises that these specialists aren’t just delivering goods; they are ambassadors of eco-friendly and sustainable transportation, actively participating in Mober’s vision to reduce the environmental impact of logistics in Southeast Asia.

What are your plans for expanding its electric vans and trucks fleet, and how does this contribute to achieving your goal of becoming the leading green logistics delivery provider?

Mober’s strategic investments in expanding its electric vehicle fleet underscore a clear vision for its future in the logistics industry. The recent order of four electric three-wheelers showcases an interest in versatile, nimble vehicles, ideal for navigating city streets and making quicker, smaller deliveries.

The upcoming acquisition of three tractor-head EVs early next year indicates a commitment to larger-scale transportation suitable for bulk deliveries and long-haul routes.

These expansions serve dual purposes. Firstly, they directly contribute to Mober’s mission of promoting green logistics. Each electric vehicle added to the fleet reduces the company’s carbon footprint, making a tangible impact on environmental conservation.

Also Read: Exponent Energy unlocks a zero to 100 per cent 15-min rapid charge for electric vehicles

As these EVs replace traditional gasoline-powered vehicles, the reduction in emissions will be significant, solidifying Mober’s reputation as a sustainable delivery provider.

Secondly, by increasing the fleet size and diversifying the types of vehicles available, Mober can cater to a broader range of client needs. Whether small-scale deliveries in urban settings using three-wheelers or large consignments using tractor-head EVs, Mober is positioning itself to offer comprehensive logistical solutions. This adaptability is crucial for attracting and retaining clients, especially in a competitive market.

As the company continues to grow and evolve, what are the most significant challenges and opportunities in the delivery service industry, especially in sustainability and green practices?

Navigating the evolving landscape of the delivery service industry, Mober faces distinct challenges, particularly in promoting green logistics in the Philippines. A significant hurdle is altering the perception regarding the cost dynamics of EVs compared to traditional internal combustion engines (ICE).

While EVs offer long-term operational savings, their higher initial acquisition cost can be off-putting for potential adopters. This challenge is compounded by the lack of commercial backing for EVs in the country; private banks currently hesitate to finance commercial EVs, largely due to unfamiliarity with the technology.

However, these challenges are counterbalanced by promising opportunities. Mober’s “Zero Emission, Zero Capex” programme addresses the cost dilemma, offering an enticing proposition that makes the switch to green logistics financially attractive, even in the face of the high initial costs of EVs. The global trend toward sustainability means there’s a growing demand for environmentally-friendly services, and Mober, with its green logistics services, is well-positioned to cater to this demand.

Who is funding the company now? Can you share the names of your investors? Do you have plans to raise funding in the future?

Mober secured US$2 million in April and is on the brink of closing another round of funding in the US$3-5 million range. The specific names of the investors have not been disclosed yet, but an official announcement will be made once everything is finalised.

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In this 2020 article, The Guardian posed an important question that best describes the matter of the eco gender gap: Why is saving the planet seen as women’s work?

The article describes how, nowadays, in the market, you can find all sorts of products that are meant to help consumers tackle the impact of climate change, from shopping bags to menstrual cups. But as you may have noticed, many of these products are addressed towards customers identifying as women.

“There is an obvious (and depressing) reason for this: women are not only more powerful consumers but also disproportionately responsible, still, for the domestic sphere,” the article writes.

“In a 2018 report by Mintel on the subject, Jack Duckett, a senior consumer lifestyles analyst, said women ‘still tend to take charge of the running of the household’, with laundry, cleaning and recycling falling under that banner. But ‘with eco-friendly campaigns and product claims largely aimed at female audiences’, advertisers run the risk of communicating the message that sustainability is women’s work.”

This is considered a harmful idea as it puts the burden of caring for the Earth disproportionately on women while alienating men from the cause at the same time. In a moment where we are under pressure to work together to tackle the impacts of climate change, even in the limited ways we have as consumers, this is not something we can afford to face.

Also Read: 

What businesses should do about eco gender gap

Now that we have an understanding of the eco gender gap, what should we do about it as players in the Southeast Asian tech startup ecosystem?

I see that there are two ways to approach this problem:

– Go with the flow
– Swim against the current

This might remind you of salmons, but it is the best way to describe it.

When you choose to go with the flow, you look at what is happening around you and decide based on it. You do not intend to make any changes. You focus on developing and executing a plan that works with the situation.

In the context of the eco gender gap, knowing that women are the primary target customers for solutions related to environmental sustainability, you focus on creating a product that works for women and promoting it to them.

But if you go against the current, you go far beyond creating a product. You choose to change the situation at hand. This means you tackle the problem of the eco gender gap from its root. Instead of accepting that women are more invested in environmental sustainability, you figure out ways to encourage men to participate. It can look like creating a product that caters for their needs and interests or working with organisations in the field of gender equality, learning how they perform outreach.

Also Read: 

So which one should you go with? Both are just as good as a solution. One might say we must be brave and go against the current, but I think we also need to be mindful of resources—and time. When it comes to tackling the impacts of climate change, we are racing against time.

Sometimes, the easy way out is not so bad after all. We focus on achieving results.

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Image Credit: RunwayML

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Vertex Technology Acquisition Corporation (VTAC), a blank-cheque company owned by leading Singaporean VC firm Vertex Ventures, has inked a conditional sale and purchase agreement with live-streaming entertainment company 17LIVE Holding.

The combined entity will be listed on the Singapore Exchange Securities Trading (SGX-ST). VTAC will be renamed 17LIVE Group Limited after the proposed business combination.

Pursuant to the agreement, VTAC will acquire the entire issued and paid-up share capital of 17LIVE Holding for S$925.1 (US$676) million.

Also Read: How 5-year-old live-streaming app 17LIVE acquired 60M users globally

The proposed merger is expected to close before January 2024, subject to regulatory and shareholder approval.

Public listing on SGX-ST will fuel the live-streaming firm’s expansion into high-growth markets such as Southeast Asia and the US.

17LIVE Holding operates 17LIVE, a pure-play live-streaming platform in Japan and Taiwan with a presence in Hong Kong, Singapore, the US, the Philippines, India, and Malaysia. It connects users with live streamers who generate content of interest through AI-powered personalised search and recommendation.

According to Frost & Sullivan, 17LIVE commanded a market share (by revenue) of 20.8 per cent in Japan and 26.9 per cent in Taiwan as of 2022.

The firm reportedly generated a positive EBITDA of US$15 million in 2022 and has reportedly been profitable. Due to revaluation (loss/gain) on the financial liabilities at fair value through profit or loss (comprising preferred shares and warrants), its profit in 2021 was US$109.5 million, and the loss in 2022 was US$51 million.

For the first half of FY2023, 17LIVE had average monthly active users (MAU) of approximately 550,000 and 87,000 live streamers.

VTAC Executive Director and CEO Jiang Hong Hui said: “17LIVE has displayed synergies through its core capabilities and presents strong growth potential in both its core live streaming businesses and the new V-Liver business, and it has been profitable since FY2020. We see 17LIVE as a company at its inflexion point, backed by a strong management bench whose professional expertise and vision will help it navigate the dynamic ecosystem.”

Also Read: ‘SEA’s podcast market is ripe for adoption; we just need to educate the public’: Joseph Phua of M17

17LIVE Chairman and Co-Founder Joseph Phua added: “As a technology-driven live social entertainment platform, 17LIVE has made the extensive investment to enhance its R&D capabilities and scalable technology stacks in order to effectively innovate its product offerings and ensure content and data security. We have over time refined our core capabilities whilst harnessing the vision of a live streaming ecosystem to better connect people anytime, anywhere. VTAC, with their strong expertise in technology, has today, validated this vision as we take another step towards solidifying 17LIVE’s position as an innovative leader in the space. Listing on SGX-ST will allow 17LIVE to grow its businesses in Southeast Asia and globally.”

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At the recent Unlocking Capital for Sustainability 2023 event in Singapore last week, Richard Mattison, Vice Chair at S&P Global Trustcon, stressed that there are reasons to be optimistic about the prospect of energy transition from fossil fuel to a more sustainable alternative as part of an effort to curb the impact of the climate crisis.

“What I would say is that, in our best-case scenario, I would tell you that greenhouse gas emissions will fall by 25 per cent in 2050. This is not enough … but there are reasons to be optimistic. We are looking at huge increases in investment in renewables,” he said.

But as discussions surrounding energy transition become more intense, some questions remain: How exactly can we realise this transition from fossil fuel to renewable energy? How do we turn the promise into reality?

But before we can get into that, we must look at the hurdle that we are facing in the process.

According to Triple Pundit, some of the challenges for energy and industrial technology shifts include capital, development period, and the lack of history of “attractive” investment returns that are “traditionally produced” by other verticals.

However, “This limited history of attractive returns has shown some signs of improvement over the last few years. Climate tech exits reached at least US$114 billion in 2021 — with 104 US companies exiting, a 70 per cent year-over-year increase,” wrote Bill Lese.

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

SPACs are seen as a good alternative for climate tech companies to secure resources, but it is not without limits.

“SPACs did unfortunately become part of an over-hyped cycle which resulted in multiple companies trading at unsustainable valuations and, ultimately, leading to significant losses. However, on the positive side, capital continues to flow in at all levels in support of climate tech companies,” Lese said.

With that, he acknowledged that there is no quick answer to the question of how to promote energy transition. In fact, there is an exhaustive list of the steps that we need to take here, starting from getting the technical roadmap right to developing multiple exit strategies.

How SEA should approach climate tech investment

With the need to approach climate tech investment through a long-term lens, this might lead us to a different question: How should the Southeast Asian (SEA) tech startup ecosystem look at the problem?

Having observed the ecosystem for close to a decade, I learned that it might be best for the ecosystem to look at it the same way as deep tech investment.

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

With deep tech investment, there is a common understanding that returns do not happen overnight. At least, it’s not as quick as investment in other consumer-facing verticals. There is also a heavy emphasis on research and development in the process of building climate tech solutions and the need for a deep technical understanding of the matters of climate science and related aspects.

This might give a solution that investing in climate tech is not everyone.

And that is okay.

As the regional startup ecosystem, we are slowly recovering from a bad habit of burning money and acting based on FOMO, hurriedly searching from one trending vertical to the next. Perhaps this long-term approach is what it takes for us to be more meticulous and to be more considerate in our decision-making process. This might give an image that the lucrative sector is not open for everyone, but considering the importance of tackling the climate crisis, perhaps it is best to leave it to the hands of the selected few.

After all, not everyone gets to be a hero.

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Image Credit: RunwayML

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Gobi Partners has made an undisclosed investment in agritech startup BoomGrow’s as part its pre-Series A funding round.

The investment has been made through the Khazanah Nasional Berhad-backed Gobi Dana Impak Ventures (GDIV) fund.

With this latest funding round, BoomGrow aims to expand operations across Southeast Asia.

Founded by Murali Krishnamurthy, Jay Desan and Shan Palani in 2015, BoomGrow aims to bring healthy, nutritious food within reach by focusing on densely populated urban areas where traditional farming is scarce and affected by long supply chains.

The startup has turned repurposed shipping containers into what it calls ‘machine farms,’ where they can be located in situ, growing pesticide-free vegetables with a significantly reduced carbon footprint.

Also Read: BoomGrow has converted old containers to ‘machine farms’ to grow pesticide-free vegetables in Malaysia

A key feature of the machine farm is the ability to grow close to consumers as well as serve remote areas. Compared to traditional outdoor farms, these farms use 95 per cent less land, water and labour. This capability is pivotal in areas with limited access to fresh, clean and traceable produce.

BoomGrow also offers Farm OS, a remote management platform that integrates hardware and software. It uses machine vision and machine learning to optimise operations and performance across all farms based on data.

Currently, BoomGrow can produce a wide range of leafy greens, microgreens, and herbs. It also plans to expand into a wider range of produce like fruiting and vine crops.

The company mainly supplies hotels, restaurants and grocers and offers additional subscription packages for direct-to-home delivery through their website.

CEO Krishnamurthy said: “BoomGrow is enabling access to better-quality fresh food by focusing on our ESG principles. Our commercial-scale solutions are backed by a data-driven approach which is key to resilience and agile decision-making. Ultimately, we are unlocking the future of food whilst having a transformative impact on the environment and our communities.”

BoomGrow operates Machine Farms in Malaysia and is in the process of expanding. It recently expanded into Manila, the Philippines.

The startup’s initial grant came from SME Corp, US-based Big Sky Capital, and angels.

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Royston Tay co-founded Zopim in Singapore in 2007 with Wenxiang Wu, Yang Bin Kwok, Qing Ru Lim, and Julian Low, who all met while studying abroad at Stanford University through the National University of Singapore Overseas College program.

Having caught the entrepreneurial bug, they worked on several ideas before settling on their most promising one, Zopim, a Live Chat product for the many small businesses just coming online. After graduating, they lived a Spartan lifestyle for more than two years, subsisting on US$410 per month as they tried to develop the product. When the co-founders decided to switch to a freemium model, they were surprised by how many of their existing customers converted to the paid product. Within a few years, Zopim was used by 120,000 websites in over 100 countries.

In April of 2014, Zendesk acquired Zopim for US$29.8 million, partially in cash and the rest in common stock. Tay was absorbed into Zendesk as general manager of Chat, and Zendesk had an initial public offering on the New York Stock Exchange just one month after the acquisition in May of 2014. Tay worked at Zendesk for more than three years before leaving in late 2017. Today, he’s an active angel investor and startup mentor in the Southeast Asia startup scene.

Gracy Fernandez: You happened to meet your co-founders during the NUS Overseas College Program. What formative experiences did you have together while abroad that would later inform your thinking around Zopim?

Royston Tay: The NUS Overseas Colleges [NOC] program has created a steady stream of entrepreneurs who went on to create household names, like Carousell, Shopback, 99.co, and MoneySmart. It’s no exaggeration to say this program changed all our life trajectories from ordinary undergraduates to passionate, determined entrepreneurs.

Also Read: UangTeman raises first tranche of US$10M Series B led by Tim Draper’s fund; to acquire a P2P startup

Zopim’s story is no different. Before NOC, I was en route to graduating with honors in engineering, before joining my friends in engineering or consulting jobs. In 2005, I was accepted into NOC and headed out to Silicon Valley for a year. It started off badly. I interned at a decent startup, but my job as QA engineer was dead boring. I did get really good at playing ping-pong. I signed up for extra classes at Stanford, which I was neither hard-working nor clever enough to excel in.

But there was this other group of NOC students who barely talked about work or school. Every night, instead of heading home, they were out there attending events and meetups, and networking, organizing, pitching their startup ideas, and pretending to be startup founders. “That’s better than pretending to be a QA engineer,” I thought.

I joined the group’s leadership team. Everyone got fancy titles. I was the VP of Mentorship. Armed with our fancy personas, we hosted events and meetups where established founders or early employees of red-hot startups like Facebook and YouTube shared their experiences with us wannabe entrepreneurs. It was intoxicating to finally feel part of the hallowed scene. NOC also gifted me my co-founders, who were already brilliant coders and hustlers. I was the least accomplished of the lot. Somehow we clicked and spent weekends dreaming up ideas and developing prototypes. We would pitch them and invariably get shot down. Upon returning to Singapore, it seemed natural that we would continue doing that together. Of all the mostly crappy ideas we had, only one didn’t get shot down as much. That was how Zopim started.

On reflection, one lesson stood out—entrepreneurs aren’t made overnight. Unlike many other professions, there isn’t a career ladder leading there. Especially for young inexperienced founders, pretending to be an entrepreneur while finishing up a degree, or working a second job to keep the lights on is a necessary rite of passage. It’s tiring, exhausting, and demoralizing to have ideas and prototypes ridiculed by others. But if you can’t stomach that, or somehow see the sadistic thrill of it, you won’t be able to embrace all the crazier challenges that comes after.

Fernandez: Can you share the experience of doing a literal “elevator pitch” to famed venture capitalist Tim Draper?

Tay: Tim happened to be in Singapore, and someone organized a closed-door pitching session for him. We weren’t cool enough to be invited, but we were shameless enough to show up. He was larger than life, living up to his reputation by breaking out into an impromptu rendition of a song he wrote for startups. Thankfully, he’s much better at his actual day job as a VC.

Also Read: Online investment platform CapBridge raises US$2.9M from SGX, Tim Draper

The pitch was in a speed-dating format, a handful of entrepreneurs had about five minutes to pitch their ideas to him before another group was rotated in. It was Tinder on steroids, if he liked the idea, we could follow up for the next date. There were two of us at that event—Wenxiang, one of my co-founders, and me. We had several ideas at that point, so to maximize our chances, he pitched Zopim, and I pitched something else. I don’t recall Tim listening much to the other pitches, but he really liked Zopim and wanted to see our prototype. We had written exactly zero lines of code at that point but confidently promised to show him something “soon.” A couple of emails later with his PA, our second date was set two months later.

Fernandez: How did you and your co-founders manage to build a prototype in as little as two months? What did Zopim look like at this time? What features did it have, and which did it lack?

Tay: Right from day one, we wanted Zopim to be an easy way for anyone with a website to easily chat with customers on it. “Why would you not want to chat with every hot lead?” was the thinking.

It wasn’t a new idea. “Live chat” had been around for a while, but it was very expensive and complicated to set up. Only Fortune 500 companies with large IT and support teams could afford to use it. Riding on the wave of emerging web technologies at that time, we believed two radical improvements would disrupt the industry, making “live chat” available to all.

Firstly, we believed it was possible to build a chat widget that anyone with no coding knowledge could install on any website. Secondly, it was possible to build a fully web-based chat application, so businesses no longer had to download any software. They could chat with customers on any computer with a web browser.

Today, these are industry standards, but back in 2007, these were big technical challenges. A good chunk of the two months went into deep research, showing up for end-of-semester exams and general procrastination.

Also Read: Tim Draper took his first Go-Jek ride as Indonesia leapfrogs into innovation

Two weeks before, we finally holed ourselves in a dark dingy room to code day and night. Being engineers, our first eureka! moment was when we finally managed to send the first message from our experimental widget to our experimental web application, and back.

We had cracked huge technical challenges under the hood, but other than that, Zopim had none of the features that eventually made it commercially successful. It was also ugly as hell. We spent our last few days frantically slapping lipstick on the proverbial pig, coding up till minutes before our second date with Tim. Junliang —another co-founder, who was still in Silicon Valley— was waiting outside Tim’s office when we finally released the demo to him.

Needless to say, we bombed it. Tim politely spent fifteen minutes with us and said, “Come back when you have more traction.”

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This story has been excerpted by courtesy of the publisher from Asian Founders at Work by Ezra Ferraz and Gracy Fernandez (Apress, 2020).

To purchase the book, please visit Amazon.

Image Credit: Thomas Drouault on Unsplash

The article was first published on January 22, 2020.

The post Book Excerpt: How I survived an elevator pitch session with Tim Draper appeared first on e27.