Dear reader,

SoftBank Group faces a challenging financial landscape, reporting a substantial loss of US$4.2 billion from its Vision Funds in the first half of the 2023 fiscal year.

Vision Fund 1 and Vision Fund 2 contributed to the losses, with US$1.7 billion and US$2.5 billion, respectively. Despite a partial offset of over US$300 million from other investments, the overall second-quarter loss stands at US$5.2 billion, a stark contrast to the US$20.4 billion net income recorded in the same period last year.

SoftBank’s recent experiences are symbolic of the unpredictable nature of the investment landscape. While Arm’s market debut fell short of initial expectations, closing at US$54.40 per share, WeWork, a SoftBank-backed venture, filed for bankruptcy, necessitating a significant payment of US$1.5 billion to lenders. The conglomerate’s financial volatility underscores the risks inherent in its diverse investment portfolio, demanding strategic reassessment amid market fluctuations.

Sainul,
Editor.

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SoftBank slips to red as Vision Fund posts US$4.2B in losses
The loss in H1 2023 comes in the wake of a continuous decrease in the values of its portfolio companies; The Japanese investment firm reported a US$5.2 billion loss for Q2 2023, down from the US$20.4 billion in net income it recorded in Q2 last year.

Alibaba to transform into an open tech platform, says CEO
Eddie Wu said the company aims to become an open tech platform serving the whole of society in the AI era; He expects Alibaba to provide infrastructure for AI innovation and transformation in thousands of industries.

Grab registers its first adjusted profit ever
The adjusted EBITDA hit US$29 million in the quarter that ended September 30; It posted US$615 million in revenue for the third quarter of 2023, rising 61% year over year; The losses during the period improved 71% to US$99 million.

Ex-Blackstone exec’s fintech firm LXA bags US$10M
Kishore Moorjani’s LXA provides a platform that sells pools of home loans to parties like asset managers and financial institutions; The company aims to streamline the entire mortgage lifecycle, from loan origination to servicing.

BondbloX secures US$6M Series B to expand bond exchange platform
The investors are Beacon Venture Capital, Citigroup, and MassMutual Ventures; Leveraging DLT, BondbloX empowers investors to trade bonds in increments of US$1,000, a departure from the conventional US$200K denomination through a transparent public exchange.

EU asks TikTok and YouTube for more info on how they’re safeguarding kids
The firms have been given time until November 30 to respond with the data; Regulators will then assess next steps — which could include opening formal investigations; Confirmed breaches of EU’s Digital Services Act can attract fines of up to 6% of global annual turnover.

Airwallex’s Singapore revenue grows 13x in H1 2023
The fintech firm’s total transaction volume also increased 11x in the same period; The unicorn is also looking to expand further in Southeast Asia and Latin America – it acquired Mexico-based payments firm MexPago in October.

Singapore’s quantum software firm Entropica Labs raised US$4.7M
Italian deeptech VC firm Liftt and Wavemaker Partners are the investors; Entropica provides developers and users with tools that can design and run quantum circuits and algorithms that are resilient to errors.

Authentick secures US$4M for wallet-free digital collectible purchases
Menyala is the lead investor; Authentick is the creator of Authentickator, a wallet-free platform for easy browsing, purchasing, and authentication of digital collectibles.

Kyber Network co-founder to launch Web3 venture builder
Caliber, founded by Loi Luu, aims to create crypto consumer apps and infrastructure; The studio plans to work with Web3 founders building services for the “next wave of crypto retail users”.

Volta raises funding to fuel EV market penetration
The investors are Twin Towers Ventures and Rigel Star Fund; The company plans to use the funding to support the expansion of its infrastructure, accelerate product development, and strengthen market penetration.

Smart wearable breast pump startup Perfect Nature raises US$738K
The investors are Peter Tan, founder of Fischer Tech, and Willy Koh, founder of Racer Technology; Perfect Nature aims to create a complete ecosystem of nursing solutions, offering mothers freedom and versatility throughout their breastfeeding journey.

Snap confirms small-scale layoffs as part of product team re-org
It is learnt that the layoffs impacted less than 20 roles with Snap’s Product organisation; Snap is a sizable company with some 5,000 employees; The company suggested that its decision was related to focusing resources and speeding things up.

Meet the 10 Thai startups showcasing at AgBioTech Incubation demo day
The programme was organised by the National Innovation Agency and Maejo Agriculture and Food Innovation District; The primary objective was to validate conceptual ideas and product offerings, thereby addressing gaps in consumption guidelines.

Gary Gensler decries crypto industry after Sam Bankman-Fried conviction
The US SEC Chair has called into question the integrity of the cryptocurrency industry, saying it is full of fraudsters and manipulators; The former FTX CEO Bankman-Fried was recently found guilty on seven counts of charges bordering along fraud.

Spotlighting Sunil Nair: Charting a trail of scaling innovative video platforms
With a career marked by diverse leadership roles, Nair remains a vital figure in both the startup ecosystem and the Indian OTT sector.

What stands in the way of fintech growth in Asia?
In the future, fintechs may adapt their business models and build value-based partnerships amid funding challenges and trust-building efforts.

The case for coexistence on the journey to core modernisation
The coexistence approach offers banks the opportunity to blend legacy systems with modern tech for a balanced transition.

In this age of digitalisation, is edutech a bane or boon for educators?
Edutech makes the personalisation of learning attainable in a way that wasn’t possible with physical classes alone.

Mastering the VC pitch: Crafting your winning exit strategy
Crafting a compelling exit strategy is not only about securing investment but also about setting a strong foundation for your business’s future.

Transforming customer service: AI’s ‘artificial empathy’ holds the key
By gradually assigning tasks to AI, customer service specialists can focus on handling more complex scenarios and refining their skills.

The XR revolution: A glimpse into the immersive Metaverse of education and beyond
Beyond our physical world, the metaverse is where possibilities can be extended in a myriad fascinating ways.

How Spark Education is leveraging the rise of edutech in APAC for better primary education
Spark Education differs by using captivating storylines, hands-on experiences, and the CPA approach for engaging learning.

Foodtech transformation in PH: Cloud kitchens, online delivery reshape eating habits
As offline dining shifts online in the Philippines due to COVID-19, cloud kitchens emerge as the growth engine in the foodtech sector.

V-Flow: A promising solution to energy inequity in Africa and SEA
Singapore-based V-Flow is pioneering affordable vanadium redox flow batteries to provide reliable, long-lasting energy storage solutions for emerging markets.

‘Under Malaysia Digital, digital businesses will have more flexibility in fiscal, non-fiscal incentives’
MDEC CEO Mahadhir Aziz explains in detail the plan that Malaysia has in store to support its local startup ecosystem in a post-pandemic world.

For Heartbreak Bear, community is key to the success of their NFT project
Singapore-based Heartbreak Bear says that marketing in the NFT world is “super different” from the real world.

Reports of the death of tech jobs by AI are greatly exaggerated: Glints CEO
AMA with Glints Co-Founder: Insights on achieving product-market fit in Southeast Asia – Ying Cong Seah’s expert advice.

Investree on why strategic collaboration for MSME support is essential to its growth strategy
As per law for loan disbursements, the requirement for legal documents and collaterals can be quite complex for MSMEs; This is the part where MSMEs usually face the issue of their loan application being rejected.

Unlocking green fintech prosperity in Asia: Navigating the top 4 challenges
Despite the ongoing ‘funding winter’ faced by global startups, the trajectory of development for green fintech has shown strong momentum.

Elevandi Exec Director on why crafting AI regulation in SEA demands joint effort
In order for SEA to fully integrate AI in their operations, there are strategies that businesses can implement, starting with regulations, says Pat Patel.

NFTapir is onboarding Malaysian artists to its NFT marketplace. Here is how they do things differently
NFTapir recognises the issues that can prevent artists from giving NFTs a try, from price fluctuations to complex onboarding journey.

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Image Credit: SoftBank

The post Ecosystem Roundup: Vision Fund posts US$4.2B in losses; Grab posts first adjusted profit ever; Alibaba to transform into an open tech platform appeared first on e27.

Singapore-based wellness startup Evo has been making waves lately. In a statement, the company states that its flagship product Bounceback has grown 30 per cent month-on-month since its debut in 2021, serving up to 10,000 customers globally.

If you have never heard of the product, Bounceback is a pill that helps users combat the effect of hangovers such as headache, nausea, and redness. The Bounceback hangover supplement pill was made with 100 per cent natural ingredients and has twice the dose of Dihydromyricetin (DHM) found in regular anti-hangover pills to increase liver protection and boost the speed of alcohol metabolism. The concept of a hangover supplement pill itself may not be an entirely new innovation, but as a locally developed direct-to-consumer (DTC) brand, Evo aims to differentiate itself by offering the same solution for a lower price and easier accessibility.

Like many startups, the development of this company’s product was inspired by the founder’s own personal experience. Back when Evo Co-Founder and CEO Roy Ang was working with Grab, as someone who did not even drink alcohol, he did struggle with keeping up with entertaining customers and clients.

“My job requires me to deal with customers and partners three to four times weekly, and the next day, I just struggle to function in the daily grind. Fortunately, I have some Japanese friends who introduced me to Japanese hangover supplements. [After taking it] I did not have any headaches and can still function throughout the day,” Ang explains.

“[The product] is very big in Japan and Korea, but it is really hard to buy in other markets outside of it, and the prices tend to go up due to supply chain and logistics process … I thought, hey, there is actually a market for this hangover supplement. So we dive a bit deeper and find a lab in Singapore to formulate our ingredients. We started selling about a year ago, and it has been really good.”

In this interview with e27, we dig deeper into the company and how the co-founders’ past experience with the startup ecosystem helped them to kickstart the business.

Also Read: How to foster mental wellness in the workplace and boost performance

The key ingredients to a successful business

Evo was co-founded by Ang and COO Teoh Ming Hao. Both co-founders used to work at Southeast Asian tech giant Grab, with Ang having experience working at notable platforms such as Tech In Asia and e27. During his time at Grab, Ang was part of the founding team that established the Grab Financial Group, running both merchant solutions and GrabPay regionally.

When asked about his inspiration to get into entrepreneurship, Ang cited his father –who worked as a karang guni, collecting scraps and recyclables to support his family– as the person he looked up to the most. But he was also inspired by the fellow entrepreneurs he met throughout his career.

“During my time at Tech In Asia and e27, I interacted with many tech startup founders. Their stories, how they hustle, and the best practices they have done … it inevitably shaped what we do today when we are running out own startups. So, these two chapters were extremely important,” Ang begins.

“When I left to work with Grab, it gave a whole new perspective on how hypergrowth, venture-funded tech companies grow their business, particularly on how to grow from zero to unicorn. It gave the perspective that all of this can be a reality if you work hard and do it right,” he concludes.

He likens the process to enrolling on an MBA programme, where he learns first-hand how to validate a product’s problem statement, launch the product itself, to introduce it to a different market. All of this involved a wide array of skills that included brands and team building. “These are the lessons of the past 10 years that we have been lucky to acquire,” Ang stresses.

Like many other startups, Evo also had to go through various forms of its business before finding its current business model. The company actually started out as a live-streaming platform, but after two months of operations, the co-founders realised that the market size for such a business was just too small. So Ang and Teoh opted to pivot the business.

They timed the launch of Bounceback to be in line with the opening of borders as the pandemic situation improves in Southeast Asia. “We spent six months completing the R&D process and setting up the operations.”

Since the pivot, Evo says that it was able to grow by 700 per cent with the brands being featured on Changi Recommends and GrabMart.

Also Read: How ZaZaZu aims to empower women by starting conversation about sexual wellness

“Predominantly, we do digital marketing. Our entire revenue base right now are all 100 per cent online,” And explains. “We work with influencers to create thought-provoking content, then we AB-tested the content. We double down on the ones that work and cut off the ones that do not.”

After the hangover

In terms of funding, Evo recently completed a US$600,000 seed funding round led by East Ventures and is on track to rack in another eight-figure funding in their upcoming Series A round. Participating investors in the seed funding round include Carro CEO Aaron Tan, Prism+ Founder and Managing Director Jonathan Tan, and Shopback Co-Founder Joel Leong.

For the time being, Evo is focusing on the Southeast Asian and European markets. It is also working on its new products, which include hair loss supplement products.

“The aspiration is to build an all-encompassing health and wellness platform, but we are really, really early in the stage [of doing it]. From a product perspective, we look at some of the things that our existing customers are using. What can we build up from?” Ang says.

“This year, I think we are definitely looking into [selling our products] offline. We see ourselves as a consumer packaged goods company. So, you know, online as a channel has been extremely good for us, has been working well. But offline is something that we want to explore as well. We are AB testing in the Singapore market and looking into other markets as we go,” he closes.

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Image Credit: Evo

The article was first published on September 13, 2022.

The post Through their new company Evo, these ex-Grab executives want to help you deal with hangover better appeared first on e27.

In this week’s Southeast Asia startup news, Singapore-based Earth VC invests in Finnish earth observation startup Kuva Space, leveraging a €16.6 (US$17.8) million) million funding round.

Meanwhile, Singtel Group’s Future Makers 2023 recognises innovative tech solutions addressing social and environmental issues, awarding grants to startups like Virtual Psychologist and GEPP.

Thailand’s AgBioTech Incubation introduces ten agtech startups after a rigorous incubation program. Indonesian EV startup Volta secures strategic investment for infrastructure expansion, and Singapore’s Perfect Nature receives S$1 million in seed funding for its smart wearable breast pumps.

Additionally, Authentick, the creator of Authentickator, raises US$4 million in a seed round, and Singapore’s BondbloX secures US$6 million in a Series B round for digitalising bond markets.

Earth VC backs Finnish startup Kuva Space

Singapore-based global impact investor Earth VC participated in Finnish earth observation company Kuva Space‘s €16.6 (US$17.8) million funding round.

Kuva Space’s commercial microsatellite, equipped with a patented hyperspectral camera, can distinguish nearly any material on the earth and its condition through its distinct spectral signature. This means the company can monitor crop types, plant health and biomass, biodiversity, soil conditions, seaweed growth, algae blooms, and marine chemical pollutants at scale.

By leveraging its AI-driven analytics platform, Kuva Space automatically transforms the collected data into actionable insights, empowering customers to monitor, identify, and forecast changes and their impact in near real-time.

Singtel unviels Future Makers 2023

Singtel Group Future Makers (SGFM) 2023 awarded six startups for their innovative technology solutions addressing social and environmental issues, such as eldercare, waste management, and mental health.

The top awards, Platinum and Gold, which include US$40,000 and US$30,000 in grants, went to Virtual Psychologist and GEPP, respectively.

All six winners will receive support from Singtel Group through mentorship, access to a customer base of over 770 million mobile users, and grants of up to US$40,000 to undertake business development regionally.

The startups are Virtual Psychologist, GEPP, SoundEye, Tictag, MyEco, and Aqilliz.

AgBioTech Incubation unveils 10 Thai startups

Thailand’s AgBioTech Incubation 2023 unveiled the startups showcasing on the demo day.

The programme was organised by Thailand’s National Innovation Agency (NIA) in collaboration with the Maejo Agriculture and Food Innovation District, the Institute of Agricultural Innovation for Industry, the Federation of Thai Industries, and the SynBio Consortium.

The ten agtech startups embarked on a comprehensive incubation programme designed to cultivate their expertise in various agricultural technology domains over a rigorous four-month training and demonstration period. The primary objective was to validate conceptual ideas and product offerings, thereby addressing gaps in consumption guidelines.

The companies are SoMush, MYCO GARDEN HOME, MaxBoost, PurePlus, Sentech Plus, Bio Solution, Gen-A-Tech, PLANTBIO, EverFresh, and Happy Plant.

Ev maker Volta raises funding

Indonesia-based electric vehicle startup PT Energi Selalu Baru or Volta raised an undisclosed strategic investment round from Twin Towers Ventures (TTV), which is the investment arm of PETRONAS Ventures, and Rigel Star Fund LP.

Abraham Theofilus, Managing Director of NFC Indonesia, the parent company of Volta, said in a press statement that the company plans to use the funding to support the expansion of its infrastructure, accelerate product development, and strengthen market penetration.

Apart from the investment, TTV and Rigel also provided Volta with the expertise and network to help actualise their plans.

PT NFC Indonesia Tbk (IDX: NFCX) is a subsidiary of Grup MCASH, one of the earliest Indonesian tech companies listed on the Indonesia Stock Exchange (IDX).

Perfect Nature bags US$738K seed funding

Singapore-based healthcare and lifestyle company Perfect Nature secured S$1 million (US$738,000) in a seed funding round for its subsidiary brand Snuugo which produces smart wearable breast pumps.

The funding round was led by angel investors Peter Tan, founder and former CEO of Fischer Tech Ltd, and Willy Koh, founder of Racer Technology Pte Ltd.

Perfect Nature will officially launch Snuugo in Singapore at the Babyland event on December 1-3, followed by expansion into Southeast Asia in mid-2024 and China. The company aims to create a complete ecosystem of nursing solutions, offering mothers freedom and versatility throughout their breastfeeding journey.

Authentick attracts US$4M

Authentick, the creator of Authentickator, a wallet-free platform for easy browsing, purchasing, and authentication of digital collectibles, received a US$4 million seed round, with Menyala as the lead investor.

The fresh funds will be used to execute the company’s roadmap, which encompasses expanding the marketplace, fostering collaborations with brands and creators, enhancing services, and advancing the product roadmap.

Authentickator also announced partnerships with Southeast Asia’s leading e-commerce platform Lazada, social media giant TikTok, and Shopify to enable select users to easily purchase digital collectibles directly from each platform using traditional payment methods.

BondbloX rakes in US$6M Series B

Singapore-based fintech firm BondbloX, specialising in digitising bond markets, bagged US$6 million in a Series B round.

Beacon Venture Capital, the corporate VC arm of Thailand’s Kasikornbank, joined the round along with existing investors Citigroup and MassMutual Ventures.

Potato Productions, led by entrepreneur Lee Han Shih, and Octava, a Singapore-based family office, also participated.

The new funding will enable BondbloX to expand BondbloX Bond Exchange (BBX), its digital platform for trading both fractional and full-size bonds, and support its international growth, including the recent launch in Gujarat International Finance Tec-City (GIFT City) in India.

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The post SEA startup roundup: Earth VC backs Kuva Space, Singtel Future Makers, AgBioTech incubation, Volta’s funding appeared first on e27.

Flux Series: Marketing Leaders is happening at the St. Regis in Jakarta, Indonesia, on 15 November 2023. Are you working in the field of marketing? Don’t miss out on this focused and curated event designed especially for marketing professionals!

Visit Flux Series: Marketing Leaders for more information! Read on to get discounted tickets.

When it comes to digital marketing, achieving sustainable growth requires a keen understanding of emerging trends. At the forefront of this evolution lies mobile attribution, a pivotal element in comprehending user behaviour and refining marketing strategies. As technology advances, the latest innovations in mobile attribution are reshaping the approach businesses take towards growth.

Mobile attribution is the process of identifying and analysing the origins of app installs or user actions on mobile devices. It offers businesses the capability to attribute conversions to specific marketing channels, campaigns, or advertisements, providing a vital guide for resource allocation.

Traditional attribution models, reliant on last-click attribution, are proving inadequate in the intricate mobile ecosystem. With multiple touchpoints across diverse channels, the industry has shifted towards more sophisticated attribution methods such as Multi-Touch Attribution, Algorithmic Attribution, Probabilistic Attribution, and more.

The role of mobile attribution in company growth

Mobile attribution plays an important role in optimising and economising ad spend, allowing businesses to identify the most effective marketing channels without having to spend more than they should. By understanding the ROI of each channel, marketers can refine and perfect their ad spend for maximum efficiency and effectiveness.

Also read: Learn how to implement AI technologies on the spot at Flux

Enhancing the user experience is another key aspect. Through a comprehensive understanding of user journeys, businesses can tailor strategies to improve the overall user experience. This includes personalised messaging, targeted campaigns, and enhanced user interfaces, contributing to increased customer satisfaction and retention.

Data-driven decision-making is empowered by the latest mobile attribution models, providing marketers with rich, granular data. This goes beyond simple click-through rates, enabling businesses to make informed decisions based on real-time information and market trends.

Challenges in the mobile attribution space

Navigating the mobile attribution space presents businesses with a myriad of challenges, and a notable hurdle is the persistent knowledge gap. The rapid evolution of technology and the ever-changing landscape of digital marketing contribute to a significant disparity in understanding and implementing effective mobile attribution strategies.

This knowledge gap exists at various levels, from small businesses grappling with the basics of attribution models to larger enterprises struggling to keep pace with emerging technologies. As a consequence, many organisations find themselves unable to leverage the full potential of mobile attribution, leading to suboptimal resource allocation, misinformed decision-making, and missed growth opportunities.

Get discounted tickets today!

The dynamic nature of mobile platforms and the continuous introduction of new devices and channels further compound the challenges within this space. Marketers often struggle to stay updated on the latest attribution methodologies and technologies, hampering their ability to make informed decisions. Bridging this knowledge gap requires concerted efforts in education and awareness, ensuring that businesses of all sizes have access to the insights needed to navigate the complexities of mobile attribution effectively.

As the industry continues to evolve, addressing this knowledge gap becomes paramount for organisations seeking to harness the true power of mobile attribution in their pursuit of sustainable growth.

Revolutionising growth: Harnessing the latest in mobile attribution

With the goal of helping bridge this gap and shed light on the different practical strategies needed to harness the full potential of mobile attribution among other disruptive technologies surrounding the world of marketing, e27 is launching Flux Series: Marketing Leaders.

With its keen focus on empowering today’s marketing leaders with AI-powered tools and technologies, Flux Series: Marketing Leaders serves as a curated, intimate, and focused gathering of top industry leaders to engage in active learning sessions, enabling access to in-depth knowledge and actionable insights that can propel sustainable growth and profitability for your brand.

Also read: Explore how AI is changing the way we market at Flux

Happening on November 15, 2023, at the St. Regis Jakarta, one of the conference’s most exciting features is a practical, growth-oriented, hands-on workshop on “Revolutionizing Growth: Harnessing the Latest in Mobile Attribution,” where participants will be able to access knowledge-based resources that they can apply on the spot.

Get to know this industry leader from Adjust

The workshop will be facilitated by no other than Tanya Sirikallaya Kongsawat, the Growth Lead for Indonesia & Thailand at Adjust, a leading mobile measurement platform. Tanya’s mission revolves around empowering marketers and app companies to gauge the impact of their marketing endeavours. She is dedicated to providing them with actionable insights derived from informed data, enabling them to make strategic decisions and foster effective business growth.

With nearly a decade of experience in the realms of online marketing, martech, and SaaS, she has had the privilege of collaborating with clients across diverse industries. Her enduring passion lies in exploring innovative solutions to address businesses’ challenges, fueling my drive to contribute meaningfully to their success.

Also read: This tech solutions provider is humanising AI through its unique approach

Of course, there is no better person to help facilitate this knowledge sharing than a representative from Adjust, an AppLovin (NASDAQ: APP) company, trusted by marketers around the world to measure and grow their apps across platforms, from mobile to CTV and beyond. Adjust works with companies at every stage of the app marketing journey, from fast-growing digital brands to brick-and-mortar companies launching their first apps. Adjust’s powerful measurement and analytics suite provides visibility, insights and essential tools that drive better results.

Join Flux Series: Marketing Leaders

Join Tanya Sirikallaya Kongsawat and other industry leaders at the Flux Series and be a driving force in the AI-powered marketing revolution. To learn more about the event, you may visit the official Flux Series: Marketing Leaders page.

Get ready to embark on a journey that will not only deepen your understanding of AI-driven marketing but also equip you with the actionable insights needed to thrive in the dynamic world of modern marketing.

Join Flux Series: Marketing Leaders with discounted tickets here.

The post Gain practical knowledge on mobile attribution with experts at Flux appeared first on e27.

Indonesian startup Plana, which specialises in upcycling plastic waste into eco-wood and eco-bricks, has won the first rank and a cash prize of US$5,000 at the 4th KOREA-ASEAN Business Model Competition for SDGs 2023, an international startup competition dedicated to advancing sustainable development goals.

The runner-up title was claimed by South Korea-based LabSD, which develops digital ophthalmoscopes and teleophthalmology tools and systems to diagnose eye diseases. The startup received a cash prize of US$3,000.

Also Read: SEA startup roundup: Earth VC backs Kuva Space, Singtel Future Makers, AgBioTech incubation, Volta’s funding

Malaysian startup Entomal Biotech, which manages food waste using black soldier flies, won the third spot and received a cash prize of US$1,000.

The three startups were unveiled during the Demo Day in Jakarta, which was held in a hybrid format, blending online and offline participation.

A total of ten startup finalists presented their final pitches at the Demo Day.  These finalists received certificates of recognition from the Ministry of Cooperatives and SMEs of Indonesia. They were also awarded the opportunity to use co-working space at Green Business Center Jakarta, Indonesia, free of charge for a minimum of one year.

This year’s competition saw participation from 259 startups and SMEs hailing from Korea and ASEAN member states, all committed to addressing SDGs. The selection process involved two rounds of evaluations, which narrowed the field to 42 participants, consisting of regular registrants and 12 Ecothon winners from Indonesia, Malaysia, the Philippines, and Lao PDR.

The 4th KOREA-ASEAN Business Model Competition for SDGs 2023 was hosted by the Ministry of SMEs and Startups of the Republic of Korea (MSS) and the Ministry of Cooperatives and SMEs of the Republic of Indonesia (KemenkopUKM RI). The competition was co-organised by the ASEM SMEs Eco-innovation Center (ASEIC) and ASEAN-ROK S&T Cooperation Center (AKSTCC).

Also Read: Why SEA and India would take centre stage in startup and VC world in the next decade

Lee Seung Chan, Secretary-General of ASEM SMEs Eco-innovation Center (ASEIC), said: “These startups are more than just businesses; they are the engines of innovation, the frontline of sustainability, and the embodiment of hope. Therefore, KOREA-ASEAN Business Model Competition for SDGs or in short, BMC, serves as a meeting point for these individuals who share a common vision for a better, more sustainable future. BMC connects innovators with mentors, investors, and like-minded partners who can help turn their brilliant ideas into more impactful, scalable solutions.”

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