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10x your results: The blueprint for building high-performing teams

The power of a high-performing team can’t be overstated. It’s the rocket fuel for success. But what’s the secret sauce behind these dynamic teams?

In this article, I’ll share a unique blend of business acumen and neuroscience wisdom, giving you a practical blueprint to build and supercharge your teams.

From the science of collaboration to the art of leadership, let’s unlock your team’s potential and 10X your results.

The neuroscience behind collaboration

Building a high-performing team starts with understanding how our brains work together. Neuroscience tells us that collaboration isn’t just about people working side by side; it’s about brains interacting in a symphony of thought and emotion.

First, let’s talk about neural mirroring. When team members are in sync, their brains can mirror each other’s state, leading to better understanding and collaboration. This is why face-to-face meetings can be so powerful, even in our digital age. They align our neural rhythms, fostering a deeper connection and understanding.

Then, there’s the concept of psychological safety, a crucial element for team success. Neuroscience shows that when people feel safe, their brain’s stress responses diminish, making room for creativity and problem-solving. As a leader, creating an environment where everyone feels heard and valued isn’t just good management; it’s good neuroscience.

Finally, consider the impact of positive reinforcement. Our brains release dopamine, a feel-good neurotransmitter, when we receive positive feedback or achieve goals. This doesn’t just feel good; it reinforces behaviours and paves the way for learning and growth.

By leveraging these neuroscience principles, you set the stage for a team that’s not just functioning but thriving.

Also Read: Neuroscience to the rescue: How startups can dodge burnout

Have you ever wondered what makes some teams excel while others struggle? The secret lies in understanding and leveraging the intricate dynamics of human behaviour and brain function. Drawing from my experience in business and passion for neuroscience, I’ll share insights that can transform your team’s performance exponentially.

The cornerstones of high-performing teams

Three pillars support high-performing teams: trust, communication, and common goals. Trust fostered through transparent interactions is linked to releasing oxytocin, promoting social bonding. Effective communication, essential for collaboration, is enhanced by understanding mirror neurons, which play a role in empathy.

Aligning on common goals ensures everyone is rowing in the same direction, which is crucial for team cohesion and success.

Effective communication is the backbone of any high-performing team. The famed case of NASA’s Mars Climate Orbiter loss due to miscommunication between teams (metric vs. imperial units) highlights its criticality.

On the flip side, I’ve seen a tech team pivot successfully during a crisis by adopting an ‘open mic’ policy, where every team member, regardless of rank, could openly share concerns and solutions. This policy resolved the crisis and led to a more cohesive and agile team culture.

Leadership: The neuroscience of influencing teams

Leadership styles have a profound neurological impact on teams. For example, transformational leaders can activate positive brain patterns that inspire and motivate. Leaders should strive to understand their team’s neural responses to different leadership approaches, using this knowledge to adapt their style for maximum positive impact.

For example, a software development company faced challenges in innovation. The leadership adopted a more participative style, involving team members in decision-making processes. This inclusive approach led to increased activation of the prefrontal cortex in employees, associated with complex thinking and creativity. The team not only developed innovative solutions but also reported higher job satisfaction and a stronger commitment to the company’s goals.

Cultivating a growth mindset in teams

A growth mindset, a belief that abilities can be developed, is closely tied to neuroplasticity. Teams that embrace challenges as opportunities for learning tend to be more innovative and resilient. Encouraging this mindset can lead to a culture where continuous learning and improvement are the norms.

For example, a biotech company was facing stagnation in its research department. The leadership shifted focus from solely valuing successful experiments to also valuing the learning process in failed experiments.

Also Read: 10 essential steps to unlock your neuroscience-backed leadership mindset

By recognising and rewarding effort, strategy, and progress, regardless of the outcome, the team’s mindset shifted. This change led to a surge in innovative ideas and breakthroughs, as team members felt more comfortable taking calculated risks and exploring new avenues.

Leveraging diversity for team innovation

Cognitive diversity, including different ways of thinking and problem-solving, can be a powerhouse for innovation. Diverse perspectives can stimulate new ideas and approaches, leading to groundbreaking solutions. Embracing diversity means tapping into a wealth of creativity and insight.

In a healthcare startup I advised, the team was initially dominated by medical professionals. They included professionals from non-medical backgrounds, such as design, technology, and sociology, to spur innovation.

This cross-disciplinary approach led to great healthcare solutions that were medically effective, user-friendly, and socially relevant. The integration of diverse perspectives was key in developing these holistic solutions.

Building resilience in teams

Resilient teams can weather challenges and emerge stronger. Neuroscience shows that resilience can be developed by reframing challenges into opportunities and fostering a supportive team culture. Teams that cultivate resilience can turn potential setbacks into opportunities for growth.

A non-profit organisation I advised had limited resources but a significant mission. Faced with the challenge of achieving their goals with constrained funding, the team cultivated a resilient mindset. They innovated low-cost solutions and formed strategic partnerships to maximise their impact. This resilience in the face of adversity enabled them to exceed their objectives and expand their reach beyond initial expectations.

Measuring and sustaining performance

To keep a team performing at its peak, measuring and tracking key performance indicators (KPIs) is crucial. However, it’s equally important to focus on continuous learning and adaptability. Regularly reviewing and adjusting strategies based on performance data ensures sustained high performance.

Also Read: The neuroscience of startups: Unlocking the brain’s potential for business success

The scale-up I worked with was experiencing a high turnover rate. They implemented regular employee satisfaction surveys and closely monitored metrics like employee Net Promoter Score (eNPS). The feedback gathered led to targeted improvements in their work environment and management practices. This reduced turnover and increased overall team performance, as employees felt more valued and engaged in their work.

Building a high-performing team isn’t just about having the right people; it’s about understanding and leveraging the complex interplay of neuroscience and human behaviour.

Applying these insights can elevate your team’s performance to new heights.

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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Ecosystem Roundup: TikTok invests US$1.5B in Tokopedia, and this year’s top stories

Dear reader,

TikTok’s buying of a controlling stake in Indonesia’s Tokopedia (owned by GoTo Group) for US$1.5 billion will likely be the last major deal of the year in Southeast Asia. The investment will enable the Chinese entertainment giant to circumvent an Indonesian government ban on TikTok’s e-commerce shop and tap into the Southeast Asian country’s fast-growing e-commerce sector worth multi-billion dollars.

In 2023, the global tech startup ecosystem displayed remarkable resilience and innovation, navigating a complex landscape shaped by challenges and opportunities. Despite the ongoing impact of the COVID-19 pandemic, startups leveraged digital transformation trends, contributing to a robust and dynamic ecosystem. VC investments poured into diverse sectors, such as AI, sustainable technologies, and healthcare (although Southeast Asia witnessed the lowest funding in six years).

The maturation of emerging technologies, including blockchain, AR, and quantum computing, has fuelled groundbreaking solutions and market disruptions. Governments and corporations worldwide increasingly recognise the importance of fostering innovation and supportive environments through regulatory frameworks and incentive programmes. Collaboration between startups and established companies has become a hallmark, fostering synergies that drive progress.

However, challenges persist, including talent shortages, geopolitical uncertainties, and ethical concerns surrounding technology. Startups have also faced heightened scrutiny on issues like data privacy and security. As the ecosystem evolves, emphasis on sustainable and responsible practices has gained traction, aligning with a global push towards ethical tech.

In this special edition, we bring you a list of the top startup stories of 2023.

Sainul,
Editor.

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News

Alibaba pours US$634M into Lazada as competition heats up
The funding comes as Alibaba continues to adjust its strategies amid fierce competition in China from PDD and Tencent; Alibaba has shelved the planned spinoff of its Cloud Intelligence Group, as trade restrictions had hampered the business unit’s growth.

Klinik Pintar bags US$5M to expand its tech-enabled clinics in Indonesia
The investors are Altara Ventures, Infocom, Golden Gate Ventures, Skystar Capital, and Venturra; The startup provides healthcare services, such as doctor consultations, nursing, medicine, laboratory tests, and vaccinations for all ages.

2024 will be the year that redefines Web3 gaming: SKALE co-founder
“The real power of Web3 is that it brings more power, transparency, fairness, and monetisation to players. It extracts power from the big publishers and puts it back in the hands of devs and players,” he argues.

Barca’s BIHUB invests in friendly football matches discovery app CeleBreak
The app offers four modes: women’s, men’s and mixed football, as well as futsal; Users also get the chance to join training sessions, tournaments and leagues; In the last 12 months, 30K+ people have used it to play football.

Top news of 2023

WTF is going on at OpenAI? We have theories
What the hell is happening at the most hyped company in the world?! Here are some totally speculative theories that occurred to us and others around the web.

SVB is largest bank failure since 2008 financial crisis
Startup-focused lender SVB Financial Group (SIVB.O) became the largest bank to fail since the 2008 financial crisis in a sudden collapse that roiled global markets and left billions of dollars belonging to companies and investors stranded.

Binance CEO steps down as part of US$4B settlement with US
The announcement of Changpeng “CZ” Zhao’s stepping down capped yearslong investigations by the Department of Justice and others into anti-money laundering violations and sanctions violations.

17LIVE goes public via merger with Vertex’s SPAC
Singapore’s first SPAC, VTAC, was listed in January 2022; The entertainment firm opted to list via a SPAC merger because VTAC was headed by its longtime partner, Vertex.

Qatar firm JTA leads Indonesian MSME lender Investree’s US$231M Series D round
Investree also formed a JV with JTA that will serve as the Middle East hub for the lender to offer digital lending technology solutions.

MetLife, Khazanah join US$196M Series B round of insurtech startup bolttech
bolttech works with insurers, telcos, retailers, banks, e-commerce and digital destinations to embed insurance into the customer journeys at the point of need.

Indonesia’s Investree nets up to US$231M in Series D
Investree has set up the JV with lead investor JTA International; The resulting entity, called JTA Investree Doha Consultancy, will act as the Middle Eastern hub for Investree to offer digital lending services to SMEs.

US court orders SoPa to pay pre-IPO shares to co-founder and ex-CMO
The US court ruled that Thomas O’Connor had “validly exercised his right to purchase 1,148 shares of Society Pass under the terms of the Warrant.

Singaporean Sim Wong Hoo, who sued Apple for patent infringements over iPod, dies
In 1992, Creative Technology founded by Sim Wong Hoo became the first Singaporean company to list shares on the Nasdaq.

Most-read articles of 2023

Starting with a clear culture in mind is vital for companies: Huy Nghiem of Finhay
‘Short-term financial stability is as important as long-term goals; If we cannot meet the former, we can’t meet the long-term goal either’, says the Finhay CEO.

Meet the 25 investors that invested in AI startups in SEA in 2023 so far
With AI fast becoming the most popular tech tool in the new era, we look at the investors that invested in SEA’s AI startups in 2023.

Use Triphie to get highly customised itineraries for your next trip to Malaysia
Users can input their preferences, such as preferred activities, budget, and travel dates, and Triphie’s AI algorithm uses this info to generate customised itineraries.

E-motorcycle adoption in Indonesia: How to tap into this US$19.2B opportunity
In 2022, there were already 25,782 e-motorcycles in Indonesia, with more than 1,500 swapping stations available per Q1 2023.

Exclusive: Proptech company iMyanmarHouse acquires used cars listing portal CarsDB
The collaboration has expanded iMyamarHouse’s user base and catalysed cross-platform interactions, creating a one-stop digital destination for both real estate and automotive enthusiasts.

Top authored articles of the year

100 million inbound travelers in Saudi Arabia to access ChatGPT in Arabic via BuzzAR
Choco Up to provide US$5M funding to fuel BuzzAR’s expansion in Saudi Arabia, serving ChatGPT in Arabic to a targeted 100 million inbound travellers.

Decoding startup journey: Top 5 challenges entrepreneurs encounter
Thriving in the startup ecosystem requires overcoming numerous obstacles, as failure to do so can have dire consequences.

Decoding startup journey: Top 5 challenges entrepreneurs encounter
Thriving in the startup ecosystem requires overcoming numerous obstacles, as failure to do so can have dire consequences.

Discover TikTok Shop: The ultimate shopping-entertainment experience in Vietnam
In a short time, TikTok Shop has shown the special influence of this platform on businesses, sellers, and shoppers across the country.

How to meet your customer expectations fluently with the power of business messaging
The conversational future is here, and businesses need to start exploring how to incorporate business messaging in their marketing strategy.

Unlocking angel investing: 6 key steps for making your first investment
In this article, I hope to share several steps that you should consider before cutting that first cheque as an angel.

What can LKY teach you about identifying and building your first 100 fans
Here’s what Lee Kuan Yew’s documentary on Netflix taught me about how finding your first 100 raving fans can set you up for success.

The future of cybersecurity: A plan to fill the workforce gap and protect the world
As evidenced from the numbers, we are unable to narrow the cybersecurity workforce gap just by hiring from this limited pool of people.

What makes a great customer experience?
Unpredictable markets, hybrid lifestyles, and social responsibility are why customers are rapidly changing.

NCET cracks down on illicit activities in cryptocurrency market
Some experts believe that the US government’s actions signal a coordinated regulatory campaign to stymie the growth of the cryptocurrency industry.

Why live commerce is here to stay in Asia
Here is something to consider: the live commerce market in China alone is now worth more than US$60 billion a year.

Deciphering consumer sentiment: Understanding APAC consumers’ outlook for the year ahead
Brands should hone their messaging around the durability of their items as consumers look to make their money count.

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Cyberwatch 2024: A startup’s guide to a secure future

As we approach the end of 2023, startups find themselves at a critical juncture where they must not only reflect on their business achievements but also fortify their digital defences.

In an era dominated by rapid technological advancements, the significance of cybersecurity cannot be overstated. As the threat landscape evolves, it is imperative for startups to prioritise their security posture alongside business growth.

In this article, we will delve into the key considerations that startups should take into account to secure their organisations before entering 2024.

Comprehensive security assessment

The first step in shoring up digital defences is a comprehensive security assessment. Startups should conduct a thorough evaluation of their current security posture, identifying vulnerabilities and potential weak points.

This includes scrutinising network infrastructure, data storage, access controls, and third-party integrations. By understanding their existing vulnerabilities, startups can formulate a targeted strategy to address potential threats.

Also Read: The business edge: Why prioritising employee cybersecurity is a smart investment

Update and patch management

The digital landscape is dynamic, and so are cyber threats. Regularly updating software, applications, and systems is fundamental to reducing the risk of exploitation. Startups should establish a robust patch management system to ensure that all software and systems are up-to-date with the latest security patches. Outdated software can serve as a gateway for cybercriminals, making consistent updates a crucial aspect of cybersecurity hygiene.

Employee training and awareness

Human error remains a significant factor in security breaches. Therefore, startups must invest in ongoing cybersecurity training for their employees. By fostering a culture of security awareness, employees become the first line of defence against phishing attempts, social engineering, and other cyber threats. Regular training sessions and simulated phishing exercises can significantly enhance the overall security posture of a startup.

Implement Multi-Factor Authentication (MFA)

Passwords alone are no longer sufficient to protect sensitive information. Multi-Factor Authentication (MFA) adds an additional layer of security by requiring users to verify their identity through multiple means. Startups should implement MFA across their systems and applications to add an extra barrier against unauthorised access, reducing the risk of compromised accounts.

Also Read: Two decades of digital defence: Why cybersecurity must remain a top concern for everyone

Data encryption

Data is a valuable asset, and its protection is paramount. Startups should implement robust encryption protocols for both data in transit and at rest. This ensures that even if data is intercepted, it remains unreadable without the proper decryption keys. Encryption adds a critical layer of defence, especially for sensitive customer information and proprietary business data.

Incident response plan

No system is completely immune to cyber threats. Startups should establish a well-defined incident response plan to mitigate the impact of a security breach. This plan should include clear protocols for identifying, containing, eradicating, recovering from, and analysing security incidents. Regularly testing and updating the incident response plan ensures that the startup is well-prepared to handle security incidents effectively.

In conclusion, as startups prepare to usher in the new year, they must recognise that a robust digital security strategy is as crucial as business expansion. By conducting a thorough security assessment, staying vigilant with updates, investing in employee training, implementing multi-factor authentication, encrypting data, and establishing an incident response plan, startups can fortify their defences against the ever-evolving threat landscape.

Prioritising cybersecurity in tandem with business growth will not only safeguard sensitive information but also foster trust among customers, partners, and stakeholders, positioning the startup for long-term success in 2024 and beyond.

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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Decoding cybercrime: Unraveling motivations for a resilient digital defense

In the ever-evolving landscape of the digital age, cybersecurity stands as a battleground where good actors and bad actors engage in a relentless war.

To emerge victorious in this conflict, it is essential to heed the ancient wisdom of Sun Tzu, who famously stated in The Art of War, “If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained, you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”

Understanding the motivations of cyber criminals is a crucial step toward strengthening our defences and securing the digital realm.

The six motivations of cybercriminals

  • Financial gain: At the forefront of cybercrime motivations is the pursuit of financial gain. Hackers and criminal organizations target individuals, businesses, and even governments to extract valuable information, demand ransoms, or steal financial assets. The lure of quick and anonymous wealth continues to drive a significant portion of cybercriminal activities.
  • Political motivation: Cyber attacks are often motivated by political agendas, with state-sponsored actors seeking to compromise the security of rival nations or influence geopolitical events. These attacks can range from espionage to disrupting critical infrastructure, highlighting the interplay between cybercrime and international politics.
  • State actors: Governments worldwide engage in cyber activities for strategic purposes. State-sponsored cyber attacks are designed to gather intelligence, disrupt adversaries’ operations, or even wage a form of digital warfare. The sophistication and resources of state actors pose a formidable challenge to cybersecurity efforts.

Also Read: The business edge: Why prioritising employee cybersecurity is a smart investment

  • Recognition: Some cybercriminals are driven by a desire for recognition within their communities. Hacking groups and individuals may carry out high-profile attacks to showcase their skills, leaving behind digital signatures as a testament to their prowess. The pursuit of notoriety can be a powerful motivator in the world of cybercrime.
  • Insider sabotage: Not all threats come from external sources. Insider threats, whether disgruntled employees or collaborators, pose a significant risk to organizations. Motivations for insider sabotage can range from personal grievances to financial gain, emphasizing the importance of internal security measures.
  • Corporate espionage: Among the motivations, corporate espionage often flies under the radar. Companies are frequently targeted by cybercriminals seeking to steal trade secrets, intellectual property, or user data. This stolen information can be sold on the dark web or handed over to competitors, resulting in severe consequences for the targeted organization.

Corporate espionage: The overlooked threat

While financial gain and state-sponsored attacks often take centre stage in discussions on cybercrime motivations, corporate espionage remains a hidden menace. Trade secrets and sensitive data are stolen with alarming frequency, leaving organizations unaware of the breach until it’s too late. The covert nature of corporate espionage underscores the need for heightened cybersecurity measures that go beyond traditional defences.

Final thoughts

To secure the digital realm, organizations must acknowledge the multifaceted motivations that drive cybercriminals. A comprehensive cybersecurity strategy employing a layered approach that safeguards networks, devices, and applications is imperative.

By understanding the enemy’s motivations and adopting proactive measures, we can fortify our defences in this ongoing digital war, ensuring a safer and more resilient cyberspace for all.

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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Equity, flexibility, recognition: The future of startup compensation in SEA

The startup ecosystem in Southeast Asia, home to trailblazers like Grab, Gojek, and Glints, is rapidly evolving. In this landscape, startups need to adopt a holistic approach to compensation. This means going beyond traditional salary structures to include equity, bonuses, and other non-monetary benefits.

Embracing a holistic compensation strategy

Startups should realise that in today’s competitive market, cash is often king. However, the allure of equity can’t be ignored, especially when dealing with long-term, committed employees. Equity offers team members a sense of ownership and aligns their interests with the company’s success.

For instance, companies like Grab have been known to offer comprehensive benefits, including equity, which not only attracts talent but also fosters a sense of belonging and loyalty​​.

But it’s not just about financial rewards. In a downturn market, employees are valuing flexibility more than ever. Remote work options, flexible hours, and attention to work-life balance are becoming key factors in employee retention and satisfaction. Startups should look towards companies like Gojek, which have adapted to these trends and offer flexible working arrangements alongside competitive compensation packages​.

Also Read: Balancing revenue, impact remains the top challenges faced by social impact startups

Recognising the value of diverse talent

In a region as diverse as Southeast Asia, understanding and appreciating the varied talent pool is crucial. Startups must recognise the unique contributions of their team members and compensate them accordingly.

Technical roles, such as those in engineering and data science, continue to be in high demand, with companies willing to pay a premium for these skills. For example, technical roles in startups can earn up to 54 per cent more than non-technical roles, underscoring their value in the tech-driven marketplace.

Startups need to offer competitive salaries to attract and retain such talent, but they should also explore other forms of compensation. Bonuses, performance incentives, and opportunities for professional development can go a long way in acknowledging the contributions of these skilled professionals.

It’s also important to consider regional variations. Salary trends in Vietnam, for instance, indicate a high growth potential, especially in technical roles. Startups in different Southeast Asian countries should tailor their compensation strategies to reflect these regional dynamics, ensuring that they remain competitive and equitable.

Building a culture of transparency and recognition

Finally, the key to a successful compensation strategy lies in transparency and recognition. Startups need to communicate clearly how compensation packages are structured and how performance is evaluated. This transparency builds trust and ensures that team members feel valued and understood.

Creating a culture of recognition goes beyond financial compensation. Public acknowledgement, awards, and even simple expressions of gratitude can significantly impact employee morale and loyalty. Startups should aim to recognise the hard work and achievements of their team members, fostering a positive and inclusive company culture.

Also Read: Startups making waves in Southeast Asia this week

For instance, companies like Glints have set standards in the region by not just offering competitive salaries but also by nurturing a culture that values and recognises each employee’s contribution. This approach helps not only retain talent but also build a motivated and dedicated workforce.

Looking forward

As startups in Southeast Asia navigate through bear market realities, rethinking compensation is more important than ever. It’s about striking a balance between financial rewards and creating an environment where employees feel valued, motivated, and part of the company’s journey.

By taking a holistic approach to compensation, startups can retain their most loyal team members and attract the talent needed to drive future growth and success. This approach ensures that startups not only survive the challenges of today but also thrive in the years to come.

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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