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
MoneyHero started trading on the Nasdaq after merging with the SPAC, Bridgetown Holdings; The transaction values MoneyHero at an enterprise value of around US$310M and an equity value of roughly US$283M after reflecting net proceeds from the deal.

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
MoneySmart also said it hit operating profitability for the first half of this year; After aborting a US$161.7M reverse takeover deal to go public late last year, the company said it intends to pursue an IPO within the next two years.

CoinGecko remains profitable in crypto winter
While the crypto company didn’t disclose exact financial figures, it said that its revenue in 2022 was eight-figure and that it aims to hit an annual revenue of US$100M by 2026.

Quest Ventures invests in robotic prosthetics startup Vulcan Augmetics
Vulcan Augmetics makes wearable biosignal sensors and software that digitise the fitting and rehabilitation process for assistive devices; There are an estimated 57M amputees globally, with over 500,000 in Vietnam.

AMODA secures funding to enhance construction process in Indonesia
Lead investors are East Ventures and Living Lab Ventures; The startup uses cloud manufacturing and prefabrication technology to build solutions for individuals and businesses in Indonesia; The firm has a portfolio of over 200 construction assets.

Science Fund, Quest Ventures to bolster Kazakhstan startup ecosystem
Science Fund will leverage the extensive international network of Quest for research commercialisation, while the latter will draw from a deep pool of top scientific talent and ideas.

Japan-based Josys takes SaaS solution to Indonesia with new partnerships
Part of Josys’ service is to help enterprise clients manage the lifecycle of company-owned laptops, mobile phones, and other devices; The partnerships let the company expand this service across APAC; Josys recently raised US$93M in Series B.

Upbit Singapore secures provisional license for local digital assets biz
The approval allows the crypto firm to continue offering regulated digital payment services to both retail and institutional investors in the city-state until it gets the full license.

Tokopedia founder offloads US$1.7M in GoTo shares
William Tanuwijaya sold 332,220,000 series A shares of GoTo Group; The sale cut William Tanuwijaya’s stake in the company from 1.77% to 1.72%, though he remained GoTo Group’s biggest individual shareholder.

Spotify is launching a personalized in-app Merch Hub
Merch Hub provides personalised merch recommendations based on one’s listening habits; Previously, one could purchase artist merch from individual artist profiles and release pages; Now, you can access all artist merch in one dedicated place.

Palestine’s growing tech industry blown apart by Israel-Hamas war
International companies have, for many years, sought out a presence there to collaborate both with talented tech freelancers, and the startups which gradually emerged from the region.

Decoding technology’s future at She Loves Tech global conference 2023
She Loves Tech is a global platform committed to closing the funding gap for women in tech and women-impacted tech solutions.

Why India needs to improve access to instant healthcare solutions
The accelerating need for medical care is steering the country in the right direction in the midst of a Medtech revolution.

Mind the gap: How understanding the brain can help your startup succeed
Unlock the potential of neuroscience as your ally in the startup world and discover how to harness its power for your success.

VC deal-breakers: How anti-dilution clauses could sink your startup
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US Navy Chief Digital Transformation Officer reveals why most transformations fail
When it comes to digital transformation, Dr Patrick O’Connel highlights the importance of having a steady, strong budget.

How these SEA tech companies are using AI to improve their offerings
These two tech companies have used AI to help predict demands during the pandemic and answer customers’ questions about property price.

Diverse startups secure impressive funding this week
A week of noteworthy VC investments saw startups in telehealth, reseller ecosystems, embedded fintech, insurtech, and Web3 securing funds.

How a 10-day silent retreat made me a better investor
Vipassana taught me to focus on my breath and little by little I noticed myself redeveloping a sharp focus I hadn’t experienced in years.

What facilitates the adoption of digital currencies in Southeast Asia?
A number of countries in the region, including Indonesia, Myanmar and Cambodia, are working on digital currencies.

Back to the future: Why VR is the future face of education
This infographic reveals what Southeast Asia can learn from the US on the implementation of VR in e-learning.

Vietnamese delivery app Loship enhances customer experience with unique podcast feature
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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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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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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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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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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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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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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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e27 has been dedicated to nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights.

As part of our newly introduced ‘Contributor Spotlight’, we shine a weekly spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

In this episode, we showcase Yan Lim, the CEO of iOli Communications, a PR agency she established in 2015 with the mission to empower and inspire female PR practitioners to excel in their careers while balancing their personal goals as women, particularly working mothers.

An esteemed member of our community, Lim debuted in Q2 with an article that skillfully employs metaphorical analogies to highlight the significance of public relations for startups and corporations. She expressed her motivation for becoming an e27 contributor, citing her belief in the value of sharing knowledge and insights.

Lim shares her personal and professional journey in this episode of Contributor Spotlight.

The driving force

Lim stated that her motivation for becoming an e27 contributor stemmed from her belief in the power of sharing knowledge and insights.

“I have always been interested in knowledge-sharing initiatives, whether through speaking opportunities or visiting lectures and, of course, through written words. Contributing to e27 allows me to connect with a wider audience and contribute to the growth of the industry in Malaysia and beyond,” Lim expressed.

Also Read: Barbie-fy your business with the power of PR

Lim’s professional goal entails further expanding iOli Communications’s reach and influence in the industry, while her personal goal is personal growth and well-being.

“I’m a mother of four, and I have dedicated nearly two decades to the hustle and bustle of the PR world. Now, I believe it’s time to strike a balance that allows me to be more present in my children’s lives while continuing to grow iOli Communications to different heights,” added Lim.

How it all began

Lim expressed that she had a profound interest in communication and storytelling from a young age. Her journey into the PR field began nearly two decades ago when she started her career in the customer service department. This initial experience confirmed her passion for communication and set her on a trajectory to explore it further.

“Over the years, I had the privilege of working with several PR agencies, collaborating with some of the industry’s brightest and most innovative minds. This journey has been both challenging and inspiring,” Lim said candidly.

Trust and authenticity in communication

Lim’s area of expertise is strategic communication and reputation management, encompassing female thought leadership.

She commented that there are numerous noteworthy trends in her field. The trend she presently monitors is transparency and authenticity in communication approaches.

Lim stated that building trust remains a cornerstone of reputation management, and authentic communication from leaders, whether in times of crisis or during day-to-day interactions, is becoming increasingly important, and these are valued traits that can enhance reputation.

Also Read: PR’s unchanging essence: Human connections amidst AI and automation

“We’ve been emulating this in our approaches, especially with the female leaders profiling exercises,” she added.

Advice for budding thought leaders

Lim advises aspiring thought leaders and regular contributors seeking to enhance their skills as efficient communicators to prioritise authenticity, conciseness, and consistency in their communication.

“Focus on topics you are passionate about, and always strive for clarity in your writing. Injecting some personal experiences can also differentiate you from others.”

Juggling too many things?

“Balancing work, contributing, and personal life can be challenging, but I manage it by setting clear boundaries, prioritising tasks, and delegating when necessary. I prioritise tasks and focus on what truly matters,” stated Lim.

Her approach involves delegating tasks to free up time for critical decisions, maintaining productivity through establishing clear boundaries and finding equilibrium by engaging in rejuvenating activities, including quality time with family and friends.

Staying in the loop

Discussing her approach to staying informed, Lim shared, “I am an avid reader. I regularly read industry publications and LinkedIn articles. I also follow thought leaders on social media and attend relevant events and conferences. Networking with peers and engaging in discussions also helps me gain insights.”

Lim recommended websites such as PRWeek and PR Daily, along with books like “Trust Me, I’m Lying” by Ryan Holiday and “Contagious” by Jonah Berger.

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Are you ready to be a part of a vibrant community of entrepreneurs and industry experts? Do you have insights, experiences, and knowledge to share?

Join the e27 Contributor Programme and become a valuable voice in our ecosystem. 

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Australian-based Digital Classifieds Group (DCG) has acquired online property marketplace Lamudi’s Indonesia and Philippine businesses from Dubizzle Group.

The deal follows DCG’s acquisition of the leading Bangladeshi portal, Bproperty, in January 2023.

The consolidated group now operates real estate portals in five high-growth Asian markets, Indonesia, the Philippines, Bangladesh, Cambodia, and Papua New Guinea and will see its global workforce grow to more than 900 staff.

Also Read: Merchants selling via TikTok could be harming Indonesian economy: AC Ventures

Lamudi was founded in 2013, initially focusing on building dominant property classifieds in frontier markets. Over recent years, Lamudi has shifted from advertising to transaction-based business models to accelerate revenue and growth.

DCG Group CEO Mathew Care said: “Lamudi, under the stewardship of the dubizzle Group and the management team, has created dominant classifieds and transactional property marketplaces in two of Asia’s most exciting markets: Indonesia and the Philippines. Our vision is to build a market-leading classifieds group in Southeast Asia, a region of incredible opportunities, and this acquisition is a catalyst for delivering this vision.”

Also Read: The evolution and regulation of social commerce in Indonesia: The TikTok Shop ban

Southeast Asia is expected to grow strongly in the next five to ten years to become a leading region globally.

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According to Sascha Jochum, Director of Web3 and AMP Labs at Ampverse, there are three notable characteristics in the Southeast Asian (SEA) gaming industry today.

Unlike other markets such as Europe, 80 per cent of gamers in the region are accessing content through mobile devices due to the affordability and accessibility aspects of it. But like in many regions, the industry is moving towards favouring cross-platform and cloud-based gaming.

“Some people want to play with each other on different platforms around the globe. So, it has to be easily accessible. They don’t want to download a game; they don’t want to buy a game first,” explains Jochum in a call with e27.

“Another trend I observed recently is localisation [aspect of content creation]. The big game publishers realised that if they adjust the game slightly for different markets, or even create games for different markets where they consider cultural backgrounds, they tend to get picked up way easier and faster.”

With regards to how the rise of Web3 is going to affect the gaming industry in the region, Jochum highlights some of the challenges gaming companies face, which include the problem of integrating Web3 elements into existing titles.

Also Read: 

“When integrating Web3 elements, your developers need to be able to code in Solidity, for example. If you don’t have that in your team yet, it’s not easy to just hire them and start developing things. So, that will take time,” he says.

“Hiring the right people is just one step. It’s also about deciding what’s the best blockchain for them. There’s a lot of work to do to make it more user-friendly and seamless. Education and user-friendliness go hand-in-hand.”

When asked about the future of Web3 in gaming, Jochum believes in the possibility of all games having Web3 integration, but it will be a while until this vision is realised.

“The audiences are very keen on being part of the game; they want to participate. They want to vote on the next thing to happen, but they also want to earn. You saw the hype about play-to-earn (P2E) in the Philippines and other countries around the globe. That didn’t work out because the tokenomics have not been planned out in a good, sustainable way. But I guess in the next market cycle … I mean, everyone is learning.”

Building in a community

Starting out as a talent management agency, Ampverse has gone through many milestones to become the tech-enabled IP and gaming ecosystem it is today.

Recently, the company announced the acquisition of the technology and IP assets of Championfy, a Singapore-based gaming tech startup. Championfy will bring its cutting-edge technology and invaluable intellectual property assets to Ampverse’s offerings, including its gamification platform, reward system and tournament platform.

Also Read: 

Apart from the acquisition, Ampverse is currently working on its new product called Amp Creds, a game credit distribution platform. The company started building the product a couple of months ago and is currently in the final stage of internal testing.

Once the testing stage is done, Ampverse plans to start campaigning for the product in the Philippines.

“It’s quite exciting times for us because it’s such a great product for our whole ecosystem. Because most people know us first as an awareness campaign company, we’re doing awareness campaigns for all game publishers in the region. But now, with Amp Creds, we can… also sell game credits directly in one campaign. It’s a very powerful tool; all the game publishers working with us are quite excited about that,” Jochum says.

“It’s just a matter of a couple of days or weeks before we can start in the Philippines. We’re working daily with the marketing team down there.”

Jochum also explains why this product will be launched first in the Philippines: The market is very receptive towards new trends in gaming and new products.

“We want to test the market, see how the people respond, how high the sales are, then improve on a daily or weekly basis,” Jochum says when asked about the company’s target with the launch.

“There are a couple of players already in the market. We are not the first one to do a game distribution platform. But we are the first one to come in with our talent network, our experience, and our connection to game publishers, and we believe in combining awareness campaigns with selling game credits … This is super powerful.”

Ampverse might also explore something with Web3 elements next year, but according to Jochum, everything depends on the market situation.

“The game credit distribution platform is just the start; there is more in the pipeline,” Jochum closes.

“We know gamification is a huge trend. So we are working on different gamification tools for our endemic and non-endemic clients.”

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Image Credit: Ampverse

The post Ampverse Web3 lead: Web3 integration in gaming is inevitable, yet challenges persist appeared first on e27.

In the last decade, Asia Pacific has become a hub for innovation, fostering a diverse network of startups across its economies. With a rich talent pool and supportive government initiatives, the region has piqued the interest of global investors eager to nurture this growing ecosystem.

Singapore, for example, offers attractive tax benefits, strategic access to the rest of the region, and a business-friendly regulatory environment with inclusive immigration policies. The city-state made its maiden entry in the global top 10 list of best startup ecosystems last year, climbing to eighth place from 18th in the previous year, according to a report by insights firm Startup Genome.

Recently, however, the region has seen increased volatility. The impact of the COVID-19 pandemic and supply chain shocks, further exacerbated by heightened inflation and interest rates, caused many Asian economies to suffer an economic slowdown. This, in turn, caused a slowdown in deal flows, said Baring Private Equity Asia (BPEA) EQT partner and head of Southeast Asia Janice Leow.

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Based on data from Crunchbase, startup funding in Asia in 1H2023 dropped 50% from the previous year to US$36.3 billion ($49.7 billion) from US$73 billion in 1H2023. On the other hand, deal volume dropped 40% y-o-y to 3,237.

Despite the short-term volatility amid the market corrections, there are still a lot of long-term thematic trends that will continue to support the region’s startup ecosystem, especially in Southeast Asia, said Leow. This includes positive demographic trends, a growing middle class, and the region’s growing role as a supply chain re-risking hub.

She highlights that Southeast Asia has also leapfrogged many economies in terms of having a digitally savvy population. “Due to the rapid penetration of the Internet coupled with the adoption of new technologies, a large percentage of the population are digital-first, not needing to go through the hassle of traditional offline channels. This provides an effective landscape for high-growth, digital-focused companies to execute their vision,” said Leow.

Continued optimism

The strong fundamentals in the region over the years have translated to more quality deals — notably, there has been substantial advancement in corporate standards and professionalism, Leow shared. Enterprises in Southeast Asia are becoming more refined and are proactively investing in strategies that promote long-term sustainability, she explains.

Additionally, founders are increasingly willing to collaborate with their investors to tap into their expertise to create value. “I also feel that the region’s deal quality has accelerated over recent years due to the increase in local champions. It is encouraging to see many homegrown companies scale beyond a single market into becoming a regional leader, inspiring many others to replicate the success,” explained Leow.

As a private equity firm, EQT continues to be bullish on Southeast Asia and Asia as a whole as it seeks to deploy more capital in the region. The firm has a strong regional footprint, especially following its combination with BPEA, completed in October last year.

Before the transaction completion, BPEA closed the Baring Asia Private Equity Fund VIII at US$11.2 billion, making it one of the largest private equity funds ever raised in Asia. Thus far, the fund has been deployed to companies such as specialist backend services firm IGT Solutions, healthcare technology provider Sagility and business services firm Tricor.

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“We have been quite successful and active in deploying capital despite the general market slowdown. We will continue to look for interesting deals in the region,” said Leow.

Being a thematic investor, Leow shared that the firm always looks for opportunities from a sectoral perspective instead of a geographical one, partly due to the diverse and fragmented nature of the economies within the Asia Pacific region. The four key sectors EQT’s Asian private equity teams focus on are services, software, healthcare and industrial technologies.

“These are sectors with good track records and where EQT has operational expertise. Therefore, when we engage with a company based in Vietnam, Indonesia or Singapore, we can leverage our track record and best practices developed over the years to work with them seamlessly. We can also help open doors for them in multiple geographies because of our strong global presence,” shared Leow.

She adds that the firm can also help upgrade the companies’ operations, especially in digital transformation and environmental, social and governance initiatives. “This is as we tend to partner with companies over the long term, with a typical horizon of five to 10 years,” said Leow.

Providing more support

Against the current challenging business backdrop, Leow pointed out that many startups may face difficulty in securing capital. The challenges could be further amplified among purpose-driven small enterprises, as they tend to have less of a track record and may need more time for proof of concept.

As these companies are typically still in the early-stage phases, they may need more help in terms of business operations and management, said Leow. This is especially true as they are responsible for including impact and sustainability in their key performance indicators (KPIs).

Leow said the newly unveiled EQT Impact Challenge seeks to address this gap. Organised in partnership with The Edge Singapore and Asia’s largest tech media platform E27, the EQT Impact Challenge aims to provide an avenue for early-stage startups within the areas of planet and humanity to showcase their breakthrough solutions or innovation. Aside from clinching investment from EQT Foundation, the challenge winner will also enjoy access to EQT’s knowledge, operational assistance, and strategic planning and business development consultation from a professional services firm.

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Leow believes many founders in the region are determined to make a positive impact with their innovative ideas and eager to find the right resources to catalyse their entrepreneurial journey. This is particularly true as the region is home to enthusiastic young entrepreneurs who aspire to replicate the successes observed in other parts of the world.

“I think it is important to support these companies and provide them with better chances to prove their value. Hopefully, we can attract more resources into this space — once a few unicorns are built to become successful examples, more players and investors will be keen on the space. I believe it is a positive cycle that needs some initial push,” added Leow.

For more information on the EQT Impact Challenge, visit https://e27.co/eqt-impact-challenge/

Application period: Sept 12 to Oct 22

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The article was produced by and first published on The Edge Singapore

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Stilt Studios, a manufacturer of sustainable, modular homes based in Bali, Indonesia, has announced the closing of its US$10 million financing (debt and equity) round from investors, including Christian Hymer, the former owner of Hymer, Germany’s market leader in motor homes.

The startup will use the capital for international expansion, investing in the platform, AI, and smart home capabilities, and developing its first full-scale residential project.

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The Australia expansion is underway, with a first build starting late this year. Various other projects abroad are also in advanced planning.

The firm said most of Stilt Studio’s nearly 1,000 ongoing inquiries come from Europe, Australia, and the US, besides Indonesia.

Founded in 2019 by German serial entrepreneur Florian Holm, Stilt Studios makes it possible to configure a variety of cabins, studios, and multi-storey family homes out of standard components; it’s comparable to stacking Lego bricks. High-quality teak and bengkirai wood are used as the main building material.

The system reduces installation time to one to two months per house instead of a year or longer for conventional buildings.

The houses have an embedded carbon footprint (total carbon emissions from materials and the building process) — at least 50 per cent smaller than a comparable conventional building. Due to the elevated design, ground sealing is reduced by at least 90 per cent.

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It also significantly reduces the noise disturbance. “Only the foundation is the noisy part of our building process,” said Holm.

The homes are ideal for resort developers or residential building developers. Other types of applications are also possible, for example, commercial spaces.

To date, the startup has built over 50 houses, 80 per cent of which were completed in the past 12 months. Its largest project is the Family Village Canggu, a residential development spanning 25 family villas.

The company has been profitable since 2022.

Its next goal is to upgrade its customer-facing platform, which includes embedding AI into the customer experience.

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“AI-generated walk-throughs, which let you configure and virtually explore your dream home or resort are a realistic scenario in the near future. And we have the scalable platform behind it to build these designs,” shared Holm. “Bringing AI into the design process and combining it with efficient, modular production will make high-quality homes much more affordable. I truly believe that some decades from now, we will look back at today’s building market like we do today at the car industry at the start of the 20th century.”

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Image Credit: Stilt Studio.

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