So, you are a business owner, a maker, an independent services provider or something else in between? And you are having a rough time, with no access to the market, some company taking some big cut from you by using their services or you are facing fierce competition from the big guy?

This might give you a light at the end of the tunnel. Have faith.

The background

Sometimes ago, I was exploring what kind of education system needed to be related to what world my kids will face in the future. In order to do so, I began to map the shift that I think will happen to the business world of the future.

Then, since I’m following the blockchain ecosystem quite close lately, it is natural for me to see it from a blockchain perspective. I began to draw how the blockchain works and how it will change the way we do business, how the blockchain will change our relationship with others in person or business manner and how the blockchain will change the way we acquired our needs in the future.

I hope that from the pattern, I can predict what kind of work (or jobs) is available for my kids in the future, and prepare their education related to the shift.

But the result is quite interesting to me and I think it is worth sharing. I manage to draw how we as people or as a business will interact with others whenever they are our customers or our business partners, and how we acquired goods and services in the future.

I am using Gojek as an example. If you don’t know Gojek, it is a ride-sharing platform (with many other services served on top of it). It is one of Indonesia’s first unicorn startups with many big guys like Google, Tencent and Sequoia Capital now investing in them.

The present-time Gojek model

What do they do? Basically, Gojek is a localised version of Uber with a twist. It is an app-based ride-hailing/sharing service. But when Uber focuses on cars, Gojek focuses more on motorcycle taxis than cars (although they offer car rides too).

And again, just like Uber, they don’t have any cars or motorcycles. The car and motorcycle are owned by independent drivers and riders.

Also Read: How to use blockchain to fund and create a greener future

Today, Gojek has grown and offered many services on top of the driver and rider partners community they’d built. Services from food delivery, massage, house cleaning, and moving services to payment systems are now available in their app.

Ok, let’s go deeper and see how this will change.

Imagine that you have a motorcycle, and you run your personal motorcycle taxi services, which we call Ojek in Indonesia (Ojek — Gojek, can you see the rhyme here).

We will see your market reach, as an independent motorcycle taxi provider in the past before Gojek, present-day with Gojek and in the future when Gojek (as the middleman) is no longer needed and is replaced by blockchain technology.

The graphic is built to find where the value is in the future and hopefully will reflect valuable future jobs for my kids

In the past, as an Ojek, a motorcycle taxi provider, your market is limited. Your pattern is every day, you wait near a neighbourhood, a market or where people are gathered. If someone needs your services, they will look to you and come to you.

Your market reach is as long as your eyesight. It is small and limited in both reach and what kind of services you can offer.

Now, with Gojek, when someone needs your services, they will open the Gojek app, all you have to do is tap on the app to get the order. Your reach is now wider than eyesight, as long as you are within range of Gojek time to customer algorithm (at least that’s what I think). And, you can even offer different services now, like delivering food, movie ticket or package.

But, as a middleman, Gojek is stood between you and your market. You need them, your customer needs them. They also have or take a bigger value than you. I mean, let’s say that your revenue for each day is around USD 20. Gojek in the meantime is valued at US$3 billion (January 2018) according to Techcrunch. Ok, I know that revenue is different than valuation, but I think you’ve got my point.

What about in the future, when blockchain rules and run everything?

The future with blockchain

One of the promises of the blockchain is, it can provide an infrastructure that enables direct connection between the party. It can be communication, transaction or else. No more middleman needed.

What happens to you now as an Ojek, as a motorcycle taxi provider?

With blockchain technology, you won’t need Gojek anymore. Just like in the past, you will reach your customer directly, but you will have the same wider market you can grab as big as when you use Gojek services.

How is that possible? How can I reach my customer if Gojek is not present? Or will it just be another middleman, but not Gojek?

Let’s see the graphics above, the future part. I think in the future, with blockchain, instead of close, monolithic, vertical integration services owned by one company, a direct connection will be provided by an infrastructure builder and maybe an analytics services provider.

This infrastructure builder is the startup of the future. In the present time, what Gojek do is develop a closed proprietary system where you and I have to enter, harvest our data, process for their benefit and take a big chunk of the value of the ecosystem.

Also Read: ASEAN explores dropping US dollar: A shift towards CBDC and blockchain technology

In the future, the infrastructure builder approach is to build a connection point and smart contract for setting up the transaction for you on top of the public blockchain platform like Ethereum for example.

If you want to use this infrastructure, you will need to pay them (you pay for the computation power used), just like a toll road/paid highway. But the payment is done directly from your customer to you, triggered by a real-time forcible autonomous smart contract. No human is needed, and no company dictated your income. Is all seamless, autonomous done by a smart contract algorithm, again running on top of the blockchain?

Also, the data you generate now can be yours. They say data is the new oil, very valuable and very powerful. In the blockchain future, you can even monetise it by selling your data for some money. With a platform like Streamr, now, we can buy, sell and analyse data.

The difference when you use the current service provider is, first their system decided who can take the order, and they decide the price and how much you can take, in some cases, the payment goes through their payment system, and you’ll get your money later.

And don’t forget, they now possess your valuable data which can be monetised further, and you give it to them for free.

This is how we will interact with our customers of other businesses in the future. It will be a direct connection from you to others through an open infrastructure that is able autonomously to set up a business contract, condition, agreement, and payment for you.

And that can be applied to many things and works both ways (you as a provider or as a customer), from property rent (like Airbnb), buying goods or services to investment, you name it.

If you are a positive thinker, there are many opportunities in this model. But one thing, the business model has to change for sure, you need to find where the value is.

The article was published on the author’s Medium.

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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

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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The post How you will reach your customer in blockchain future appeared first on e27.

Dear Pro member,

Welcome back from the International Labour Day weekend.

We started off with a Pre-Series A funding announcement by Malaysia-based HOMA2U. The company will also channel the funds to help people amplify their commitment to sustainability through their Yellow Boxes product and online platform.

Mitsubishi and MUFG bank are also set to launch a US$1 billion decarbonisation fund.

Apart from that, we also published a handy list of e27 Connect investors that have been actively investing in the last weeks of April. From Better Bite to Qualgro, almost eight e27 Connect investors were among those that invested in Southeast Asian tech companies.

This is the top story of this edition of Ecosystem Roundup.

Also, take a look at the other major developments in Southeast Asia’s startup industry.

Regards,
Anisa

—

HOMA2U secures US$875K in Pre-Series A funding, eyes regional expansion
HOMA2U will also channel the funds to help people amplify their commitment to sustainability through their Yellow Boxes and online platform.

In 50 words: Mitsubishi, MUFG bank to launch US$1B decarbonisation fund
Mitsubishi Corp., in collaboration with MUFG bank and other partners, plans to launch a US$1 billion decarbonization fund to invest in startups with innovative technology in fields like floating offshore wind turbines and sustainable aviation fuel.

Temasek-backed healthtech startup PharmEasy latest to lay off employees
While the total number of affected employees could not be determined, according to DealstreetAsia, the number could be around 40 per cent of the workforce.

ID e-commerce firm Blibli narrows losses by 17 per cent in Q1
According to Blibli, this growth was particularly driven by its third-party (3P) retail business.

Meet the e27 Connect VCs that invested in April second half
From Better Bite to Qualgro, almost eight e27 Connect investors were among those that invested in Southeast Asian tech companies.

Take a look at the top news stories published this week
From GoTo’s release of Q1 financial results to Selex Motors’s US$3M financing, the region’s startup ecosystem saw many major deals this week

How you will reach your customer in blockchain future
One of the promises of the blockchain is, it can provide an infrastructure that enables direct connection between the party.

‘AIR’ review: 3 lessons for dealmaking and entrepreneurship
Nike has effectively over 70 per cent share in the basketball shoe market; this article summarises three key takeaways for founders and VCs from the movie, AIR

How BNPL can provide lower-income households with new opportunities
BNPL solutions are stimulating economic growth, boosting retail sales, and decreasing debts in tandem for consumers

From human to AI: Embracing change and thriving in the new world of work
It’s time for us to consider the full potential of AI and explore ways to leverage it to enhance our business strategies

How EQ can skyrocket your success as a tech entrepreneur
EQ enables you to lead with empathy, collaborate effectively, make informed decisions, network confidently, and manage stress

In April, we hit the ground running with valuable lessons in entrepreneurship
As we have a better understanding of what our community members need, we come up with a better course of action in April

Throwback: What Choco Up wants you to know about running a revenue-based financing platform in Asia
Choco Up combines the use of technology and human touch in supporting the startup ecosystem. Find out how they do it

Throwback: Pitching 101: Questions that VCs will ask you during a pitch session
Even during the pandemic, opportunities to attend a pitching session with a potential investor remain abundant

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: Jason Goodman on Unsplash

The post Ecosystem Roundup: HOMA2U gets Pre-Series A, a handy list of active e27 Connect investors appeared first on e27.

As the dreary funding winter soars, at e27, we are kickstarting a new article series Line of Hire to understand an organisation’s culture and hiring philosophies to empower tech workers with the right growth tools to enable business owners to attract talent.

Viveka Kalidasan, PhD has been recognised as MIT Technology Review’s 35 Innovator under 35 and also one of the top 100 Women in Technology in Singapore. Kalidasan is a tech agnostic, who believes that impactful technologies empower lives.

She heads the innovation lab of Ultra Clean Holdings Inc., (UCT) in Singapore, called Let-Lab and helps create new ventures out of startups and innovations that solve unmet needs in the semiconductor industry 4.0 space.

Kalidasan is an accomplished innovator and technopreneur who specialises in the development of cutting-edge medical devices that prioritise patient well-being. Her expertise lies in femtech solutions, and she takes a comprehensive approach to the research and development, clinical trials, regulatory compliance, and commercialisation of medtech. In addition, she is committed to driving the creation of sustainable Industry 4.0 innovations, which will have a significant impact on the future of healthcare.

She co-founded The Edify Project to empower deserving talents across the globe through innovative mentorship strategies.

What personality traits/qualities do you look for in potential employees?

Integrity is the key trait I look for in an employee. Alongside, as I build a team, I look for complementary skill sets with me and also with the rest of the team, so that the team is well-rounded. I also ensure that I personally make it a very diverse and inclusive team.

How do they fit into your company culture? Tell us a little more about your company culture.

My company culture is very inclusive and it is easy for anyone to fit in. I was hired to build and head an industry 4.0-focused startup accelerator when I was pregnant. Manufacturing being a hyper male-dominated field, I could gel myself and establish myself within the ecosystem.

How do you foster transparency and encourage achievement in the workplace?

As mentioned earlier, integrity is a key trait I look for in my employees. I definitely do not encourage talking behind the back of another employee, while I’m mindful of giving a safe ‘hearing’ space for hearing employee concerns.

I motivate my team by encouraging them about the outcome and its impact. I bring them out for team dinners and also invite them to my place to give them an at-home feel.

Do you have a mental health policy? What does that look like?

I encourage my employees to share their concerns with them and immediately address or take them up to HR if needed.

WFH or WFO, or hybrid?

Hybrid.

How should a tech worker prepare for the funding winter?

Tech space becoming a volatile and unpredictable field, due to layoffs. It is always good to save for rainy days, be updated, be well-connected and stay hungry, always.

How do you measure the performance of your employees?

Based on their willingness to learn and proactiveness. Also, their ability to deliver the results on time.

Will you consider a moderately skilled person with great honesty or a highly skilled person with less honesty when hiring?

Absolutely, a moderately skilled person with great honesty

Do you encourage ‘intrapreneurship’ in your organisation?

As an entrepreneur and intrapreneur myself, I encourage my employees to build their own projects/services/products. I connect them with all the stakeholders and expand their network. I encourage them usually by showing my life and professional journey as an example.

How do you support upskilling for your employees?

Encourage them to attend online and offline courses, stay updated with the latest technologies, and allow them to try new techs and innovations within the project.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

The post Impactful technologies empower lives: Viveka Kalidasan of Let-Lab appeared first on e27.

As funding rounds often make headlines, a first-time founder or investor may find it difficult to understand the complexity behind the letters A, B, C, or D that come with a different amount of money being invested into a firm.

While most startups publicise their financing as a chance to strengthen their brands to customers or attract new investors for the next funding rounds, some decide to remain transaction details undisclosed as it may propose additional threats to their other businesses.

The funding round marks an important milestone for a private business as it usually goes hand in hand with a new valuation of the firm in the market. This demonstrates its success probability, customer base expansion, and proof of concept.

A fundraising process may last from several months to even a year, with involvement of both current shareholders and new investors. The capital is planned to be utilised in a specific period of time from one to two years depending on the business’s strategies and pivots afterwards.

If there are outside investors, founders and investors will negotiate on what amount of capital will be injected in exchange for how many shares and on what terms.

This evaluation process involves pitching and due diligence steps, which require the company to be engaging in how they tell their stories and transparent in business metrics and development plans.

Also Read: Finance your startup: 10 types of investors you should know

If there are several backers, one often takes the lead and secures a seat on the company’s board after sealing the deal. The startup can also decide who they want to become its strategic investor instead of willing to sell their share to any buyers expressing interests. 

1. Self-funding/Pre-seed 
2. Seed
3. Series A
4. Series B
5. Series C
6. Series D
7. Extension round/Bridge round
8. Exit

Self-funding/Pre-seed

Self-funding, also known as pre-seed, is the most common way for new businesses to get started. Self-financing means founders inject the initial capital into the company from their own pockets. The money may come from personal funds and assets, credit cards, or loans.

This stage has fewer complications and documentation requirements compared to later-stage funding rounds.

If a business model requires little initial investment, self-funding or bootstrapping is considered a good option. It allows founders to keep their ownership of the company while avoiding the burden of continuing loan payments in the early stages.

An example of a self-funded company can be seen on e27‘s latest Bootstrapped series, which included interviews with companies such as 99VR.

Funding amount: ~ US$50,000 

Valuation: US$10,000 to US$100,000

Seed

Seed funding is seen as the first official equity funding stage of a startup. This often aids the company in determining and implementing the best course of action for their venture.

Also Read: Exit Strategies: Ways to get your money back besides IPOs and M&A

The funds raised are used to validate the market demands, preferences, and tastes. The startup then builds up the first versions of the product or service that serve these insights.

The potential investors in this stage may include angel investors, micro venture capitals, crowdfunding, friends, and family. Some founders believe that a seed round of fundraising is all they need to get their firm off the ground, whereby these companies decide not to engage in a Series A round or later.

In April 2023, notable seed funding rounds announced by SEA startups included Mito Health, a company founded by Seedly co-founder Tee-Ming Chew and Kenneth Lou.

Funding amount: US$150,000 to US$3 million

Valuation: US$500,000 to US$6 million 

Series A

Series A is the first stage of the venture capital financing round. A firm often raises Series A funding to expand its user base and product offerings after record initial traction, including a stable user base, consistent revenue statistics, or other critical performance indicators.

Accelerators, venture capitalists, and angel investors often join this round.

An example of SEA companies announcing a Series A funding round in April 2023 included Accredify.

Funding amount: US$3 million to US$10 million

Valuation: US$15 million to US$30 million

Series B

Series B rounds are about pushing businesses through the product-market fit phase and into the next growth stages. This funding round allows a firm to scale, gain market share, expand high-quality teams, and foil rivals.

Many of the same investors from the previous round generally lead Series B, including a major anchor investor who helps to attract other investors. The distinction between Series A and Series B is the addition of a new generation of later-stage venture capital companies.

An example of SEA companies announcing a Series B funding round in April 2023 included Oyika.

Funding amount: US$15 million to US$30 million

Valuation: US$30 million to US$60 million

Series C

Series C finance is aimed at scaling the business and ensuring that it grows as swiftly and profitably as possible. These businesses seek more capital to help them create new offerings, grow into new markets, or even buy other businesses.

Also Read: Finance your startup: 10 types of investors you should know

In this stage, the investors sometimes hope to acquire the startup. Meanwhile, many companies utilise Series C capital to increase their valuation in anticipation of an IPO. Companies that net up to hundreds of millions of dollars in funding are also often ready to expand globally.

The founders and the investors are said to be careful about the Series C round as the more investment rounds there are, the less equity the founder owns.

An example of SEA companies announcing a Series C funding round in recently including Travelio.

Funding amount: US$30 million to US$50 million

Valuation: US$100 million to US$120 million

Series D

Series D or Series E round is only used in one-of-a-kind circumstances including a merger or acquisition and is not typical in the venture capital financing progress. An example of a SEA company that has recently announced a Series D included Kredivo in March 2023.

This is also employed when the startup is on track for an IPO, or to reach other business targets that they failed to achieve with previous funding in Series C.

Extension round/Bridge round

Extension financing rounds are seen as an alternative to waiting for a new round or not raising at all. Similarly, a bridge round is an amount of money given to a business to help it get by until the next larger round of investment.

While an extension round may indicate strong interest from the capital market, a bridge round can be considered an emergency situation for entrepreneurs who is in need of cash to run their business.

Traditional funding rounds also have diverse commercial objectives for startups, but a bridge round’s primary aim is to bring the firm to its next financial event.

Depending on considerations such as how much ownership they want to maintain and their repayment outlook, startups might opt to obtain bridge capital through venture loans or equity.

What about pre-Series X round? Occasionally, we might discover news from startups announcing this kind of funding round. Anand Lunia of India Quotient told YourStory, “VCs see Pre-Series A round as seed stage investment. It’s just a new label for startups that secured seed round and failed to convince venture capitalists for a Series-A round.”

While this explanation might sound negative, there is a reason why startups often label their funding round as such. We need to remember that in some markets, the benchmark for a Series A or B funding round can be relatively high, and the Pre-Series X funding can serve as a follow-on funding until a company can raise the expected number for Series A or B.

Exit

An exit allows business owners to raise money for their firms from the public on the stock exchange or another company in an M&A. We published a comprehensive guideline on exit strategies that investors and founders can rely on when they look for a possible payout.

You may have also heard about a pre-IPO funding round which Investopedia defined as the sale of large blocks of stock in a company in advance of its listing on a public exchange. This enables purchasers to get shares at a discount from the IPO price and allows the company to raise funds and offset the risks that IPO is not as successful as it expected.

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The article was first published on December 3, 2021.

Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: dragonimages

 

The post Startup funding rounds: A handbook from seed to exit appeared first on e27.

On April 28, Hong Kong-based startup Skyland Innovation was named the overall 2023 champion of the 7th Elevator Pitch Competition (EPiC) by the Hong Kong Science and Technology Parks Corporation (HKSTP), beating over 610 startups from 55 economies around the world.

In the competition that was held at the sky100 at the top of the International Commerce Centre (ICC) in West Kowloon, the proptech startup won a grand prize of US$ 90,000.

Along with all 50 semi-finalists, it also qualifies to be considered by the HKSTP Venture Fund for additional investment deals. If selected, each company can potentially receive up to a maximum investment of US$5 million.

Skyland Innovation aims to help property owners and contractors to coordinate and communicate seamlessly on construction sites through the use of robotics and AI.

The startup is a spinoff from the Hong Kong Center for Construction Robotics (HKCRC) within the government-backed AIR@InnoHK research cluster located at Hong Kong Science Park.

Also Read: Thai property developer MQDC unveils ‘metta-verse’ to bridge the real and virtual worlds

It offers a data collection system enabled by real-time 3D modelling technology that allows users to record complete 3D information in colour throughout the whole project lifetime, which makes data backtracking for any point possible, including concealed works.

“For example, the current function that we already achieved allows me to take a walk around the room and create a 3D model of the space, directly available on my laptop or my phone. Then I can do measurements on my laptop of, for example, the angle surface or the volume that the platform automatically calculated for me,” explains Jessy Wang of Skyland Innovation at a media briefing that e27 attended.

“The next step of this app’s development is that we want to do some more AI algorithm development of this model.”

Skyland Innovation’s other solutions include self-developed hardware, software and algorithms. Its hardware includes three types of colour 3D scanners –handhold, autonomous robot and tower-crane-mounted versions– that can cover various scenarios in a building’s construction.

“By leveraging technology, we help the industry to record the construction progress, facilitate cooperation and minimise the cost of disputes,” the startup explains.

Also Read: AI-driven property portal MOGUL.sg nets US$6.5M Series A

A young and promising team

At the main event of EPiC 2023, part of the reasons why Skyland Innovation stood out from the rest is the young team that is running the company. Founded in April 2021, its team consists of Hong Kong university students and entrepreneurs.

After winning EPiC 2023, Skyland Innovations hopes to continue expanding its team.

“If we could draw the attention of more VCs, we’ll be able to get more money to turn [students who have actively participated in developing the platform] into our full-time employees, to build a solid team to really go deeper into our AI algorithm development,” Wang explains, adding that the company is also looking forward to acquiring a new office space that can cater the needs of its R&D team.

But Wang also states that the company wants to put a heavy focus on solving industry problem, instead of chasing VC funding.

“Our founding team is a very practical team. We’re saying that we’re not chasing this very hot money. We really want to have a tech that can really solve industry problems. So we are digging into what we find to be where the demand is,” she stresses.

Also Read: Korean VCs, Orzon invest in Series C round of Indonesian proptech group Travelio

Connecting startups to Hong Kong

As the winner of EPiC 2023, Skyland Innovation went through a pitching process that includes having the participants pitched their business in a 60-second elevator ride at ICC, the tallest building in Hong Kong and was the fourth tallest in the world when it was completed in 2010.

Partnered with leading corporations Cathay, HSBC, MTR Lab, and global accelerator Plug & Play, the EPiC 2023 brought a judging panel that consists of the region’s top entrepreneurs, investors and innovation ecosystem leaders.

Competitors were split across the fintech and proptech categories with FinCrime Dynamics from the UK named the overall fintech category winner, and Skyland Innovation named the overall proptech winner from Hong Kong.

Hong Kong-based startup Canvasland was also voted by the public as the favourite pitch winner.

The competition attracted over 610 entries from 55 countries and cities across five continents. Over 75 per cent of contestants come from overseas, which the organiser stated as a record high proportion of overseas contestants and economies participation since 2016.

Startups joining EPiC 2023 can fully leverage the largest I&T ecosystem in Hong Kong and HKSTP’s direct connections to over 1,000 investors and more than 300 corporate partners.

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

The post Following EPiC 2023 victory, Skyland Innovation aims to make a difference in construction industry appeared first on e27.

At a trade fair in Germany, Joko Widodo urged investors to invest in Indonesia’s electric vehicles sector, according to a Nikkei Asia report. 

The call comes at a time Indonesia plans to become a major player in the global EV market. To attract investments, the government recently reduced the value-added tax on sales of battery-based EVs from 11 per cent to 1 per cent. Last month, the government also introduced a US$110 million subsidy programme to increase EVS’ sales and usage.

The archipelago has an advantage: it has the world’s largest reserves of nickel, which is used in EV batteries. In 2022, US car-maker Tesla signed a US$5 billion contract to buy materials for their batteries from nickel processing companies in Indonesia.

EV makers from neighbouring Singapore, such as ION Mobility and Oyika, have already established a presence in Indonesia.

Overall, Indonesia has making great strides in the EV space. This is the highlight of this week’s Ecosystem Roundup.

Let’s also look at the other major developments in the region.

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eFishery in talks to raise US$100M led by UAE’s 42XFund
The aquatech firm is exploring markets outside Indonesia; eFishery’s last major round was closed in January 2022 when it raised US$90M in Series C co-led by Temasek, SoftBank, and Sequoia India.

Indonesia’s Jokowi urges investors to join EV push
To promote EV adoption, Indonesia recently reduced the value-added tax on sales of battery-based EVs from 11% to 1%, focusing on vehicles whose components are at least 40% locally manufactured.

SG’s Cosmose AI raises funding at US$500M valuation
The investos is Near Foundation; Using smartphone data, Cosmose AI analyses foot traffic and engages consumers online, providing insights into offline shopping habits and driving footfall across 20M venues in Asia.

Vietnamese EV maker Selex Motors raises US$3M funding
The investors are ADB Ventures and Touchstone Partners; Selex Motors produces electric two-wheelers and swappable battery packs that are purpose-built for last-mile cargo delivery; Its clients include regional delivery aggregators such as Lazada and Grab.

Battery swapping service for EVs Oyika scores Series B financing
BPIN Investment is the lead investor; Oyika works with existing e-motorbike/scooter manufacturers and transforms their ICE models into smart bikes by bundling them with its portable swap batteries, network of swap stations and mobile app.

Programmable synthetic data company Betterdata raises US$1.65M
The investors are Investible, Franklin Templeton, Xcel Next, Plug and Play, and Entrepreneur First; Betterdata makes data sharing instant with Generative AI and Privacy Engineering by converting real data into limitless synthetic data that looks, feels, and behaves just like your real datasets.

Global Brain invests in biodiversity monitoring, conservation app
Biome aims to build a platform for environmental conservation using big data on the distribution of organisms worldwide; The company has developed AI that identifies plant and animal species from images.

SG launches new initiative to support Asia’s net-zero transition
The Finance for Net Zero Action Plan by the MAS covers transition finance, which funds projects or activities that reduce carbon emissions in sectors such as power generation, buildings, and transportation.

Validate the problem before building a solution: Surasit Sachdev of Hungry Hub
‘A lot of startups go to friends for feedback on their product rather than potential target customers about the problem,’ says Hungry Hub CEO.

After growth and profitability, this is what Beam is looking to achieve in 2023
Co-Founder and CEO Alan Jiang says the micro-mobility company focuses on continuing its profitable growth trajectory in 2023 by investing in more vehicle deployments into all eight of our markets in APAC.

How to out-position the competition in a downturn
In an economic downturn, pressures will mount on your customers to do more with less or to cut costs in your category of goods or services.

Should people be more wary of AI or is AI more threatened by human misuse?
This article explores whether people should fear AI or if AI is at greater risk from human misuse, discussing the potential threats posed by both.

ASEAN explores dropping US dollar: A shift towards CBDC and blockchain technology
By adopting blockchain-based systems, ASEAN countries can enhance the efficiency and security of their financial transactions.

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The post Ecosystem Roundup: eFishery in talks for US$100M funding; Jokowi calls for EV push in Indonesia appeared first on e27.

As an aspiring tech entrepreneur, you may have a killer idea for the next big startup, a user-friendly app, impressive investors, and the best developers. But wait! Have you considered a factor that could make or break your entrepreneurial rocket ship? That factor is emotional intelligence (EQ).

EQ is not just a buzzword but an essential ingredient for any tech entrepreneur’s recipe to success. It refers to your ability to perceive, understand, manage, and use emotions effectively in yourself and others. It’s like having an emotional toolkit that helps you navigate the unpredictable waves of entrepreneurship with style and grace while maintaining a highly fun work environment.

Let’s talk about why EQ is crucial for tech entrepreneurs and how it can help you lead, collaborate, make informed decisions, network, and manage stress.

Leadership

You need expertise in code or design and people skills to captain your brave new technological venture. A high EQ allows you to empathise with your team members’ concerns, communicate effectively, and adapt to evolving situations with flair. In short, an emotionally intelligent leader equals happy teams who boldly go where no one has before.

A leader who lacks EQ may struggle with team morale, causing conflicts and potentially losing valuable employees. However, an emotionally intelligent leader can foster a collaborative and supportive work environment, increasing job satisfaction, employee retention, and productivity.

Collaboration

In a world where collaboration is paramount, harnessing the power of various perspectives can help you innovate faster than ever before. When you tap into your EQ, you unlock your ability to listen and engage in open dialogue with team members actively. This fosters creative collaboration that fuels leaps in ingenuity.

Collaboration requires effective communication, active listening, and a willingness to understand others’ perspectives. Using EQ, you can foster an environment that encourages open communication and diverse perspectives, leading to more innovative solutions.

Also Read: The 5-part agile leadership guide that will make you a better business leader

Decision-making

The fate of your cutting-edge tech endeavour will involve making countless high-stakes decisions. With your handy-dandy EQ, you can make informed and unbiased choices considering multiple factors, data points, and human emotions. Being in tune with your emotions and those of others will help you summon the courage to take calculated risks and know when to pivot.

When making decisions, it’s important to consider the potential impact on others and the business. EQ allows you to navigate complex situations with empathy, understanding, and strategic thinking, leading to better decision-making.

Networking

Your connections can propel your tech venture into the stratosphere. Emotional Intelligence helps you interact with others confidently and build genuine relationships that yield invaluable opportunities, resources, and partnerships.

Networking requires more than just handing out business cards and pitching your idea. It involves building rapport, establishing trust, and developing meaningful relationships. EQ enables you to connect with others deeper, leading to more fruitful networking opportunities.

Stress management

Buckle up because entrepreneurship can be a wild ride! Your EQ will help you manage stress and prevent burnout amidst the whirlwind of running a tech business. This means preserving your mental well-being and fostering a sustainable work-life balance for yourself and your team.

Stress is a natural part of entrepreneurship, but it can quickly become overwhelming and lead to burnout. EQ enables you to recognise and manage stress effectively, leading to a healthier work environment and improved productivity.

Final thoughts

EQ is critical to a tech entrepreneur’s success. It enables you to lead with empathy, collaborate effectively, make informed decisions, network confidently, and manage stress. By harnessing the power of emotional intelligence, you can take your innovative empire to new heights. So gear up, future tech titan: it’s time to power up your EQ and watch your startup soar!

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It is heartening to see venture capital investors — local and foreign —  coming forward to invest in Southeast Asian startups amidst a challenging investment climate. Last week, some of e27’s verified investors (e27 Connect) were involved in many investment deals in the region.

Below is the brief profile of each of them.

Better Bite Ventures

Founded by Michal Klar and Simon Newstead, Singapore-based Better Bite invests in alternative protein startups in Asia Pacific across founding, pre-seed, and seed stages. It invests in startups using plant-based and cellular agriculture technologies to create climate-friendly meat, dairy, egg and seafood alternatives that are better for people, animals and planet.

It provides up to US$50K per startup. Last week, it invested in four alt-protein startups – Allium Bio, Cultivaer, EatKinda, and Klevermeat.

Touchstone Partners

Touchstone Partners is a Vietnam-focused VC firm. Its current investment areas include fintech, real estate, health technology, and edutech and technology initiatives that improve the efficiency of the value chains of important industries such as production and agriculture.

Last week, it joined the US$3 million funding round of Selex Motors, a Vietnamese maker of electric two-wheelers and battery packs, along with ADB Ventures and two foreign investment funds.

Investible

With offices in Sydney and Singapore, Investible is an Asia-Pacific-based early-stage VC firm that provides high-potential founders with financial, human and intellectual capital.

Also Read: Meet the e27 Connect investors that invested in SEA in April first half

The VC firm invests between US$200,000 and US$1 million in seed, pre-Series A and Series A startups.

On April 21, Investible led the US$1.65 million round of Singapore-based programmable synthetic data company Betterdata.

Xcel Next Ventures

Launched in Nov 2021, Xcel Next is an early-stage VC firm with a presence in Taipei, Singapore and Silicon Valley. With its extensive network and global resources, it adopts a high-touch approach to help early-stage founders accelerate their venture-building process.

Xcel mainly invests in seed to Series A startups through its fund X-TECH, cheque size starts from US$100,000 up to US$1 million per investment. ​

Its areas of interest include AI, 5G applications, edge computing, mobility, healthtech, smart manufacturing, fintech, blockchain/Web3, VR/AR/XR, metaverse, and next-generation technologies.

It invested in Betterdata along with Investible.

iGlobe Partners

Established in December 1999, iGlobe Partners is a cross-border VC firm that invests globally in early growth companies (pre-Series A to Series D) focusing on smart Cities, fintech, and synthetic biology. It identifies companies in early growth stages with emerging technologies and innovations that will become game-changers.

It sources startups from Silicon Valley and brings them through Singapore as a gateway to Asia.

On April 20, it participated in Accredify’s US$7 million Series A round.

Qualgro

Qualgro (quality & growth) is a VC firm based in Singapore, investing in tech companies in B2B, data/AI and software across Southeast Asia, primarily at Series A & B.

Its cheque size ranges from US$10,000 to US$10 million.

It co-invested along with iGlobe in Accredify’s US$7 million Series A round.

Earth Venture Capital

Earth VC is a global VC firm investing in climate-tech solutions, with a focus on the Southeast Asia region. The firm invests in seed to Series A startups in AI, Machine Learning, robotics, new materials, new energy, and the IoT that serve the goals of switching to renewable energy, abandoning fossil fuel, and increasing the level of carbon storage.

It writes a cheque size of US$500,000 to US$1 million in pre-seed, seed, pre-Series A, and Series A startups.

A few days ago, it invested in Israeli startup ITC.

Forge Ventures

Forge Ventures was established in 2021 by Tiang Lim Foo and Kaspar Hidayat in partnership with Alto Partners, an Asia-focused multi-family office. A sector-agnostic fund, it intends to back founders developing the next generation of category-defining firms at the seed stage. It is also paying close attention to fintech startups in the region.

It has an average cheque size of US$750,000.

The firm recently led Mito Health’s US$1.3 million funding.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

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Have you ever found yourself wondering if robots will one day take over our jobs? The future is already here, and the rise of Artificial Intelligence (AI) is changing the job market in ways we never imagined.

From manufacturing to customer service, AI is making tasks faster, easier, and more efficient. It’s not just blue-collar jobs that are at risk; white-collar jobs are also feeling the heat as AI technology continues to advance and disrupt the job market.

So, buckle up and get ready for a wild ride as we dive into the fascinating world of AI taking over jobs.

Artificial Intelligence follows the general guidelines set by humans, but it also has the ability to chart its own course. AI can analyse customer data, anticipate customer behaviour, and even automate certain marketing tasks.

Our agency has been experimenting with OpenAI’s ChatGPT and has been blown away by AI’s progression. ChatGPT is trained in conversational engagement and can handle tasks such as solving mathematical problems, coding, creating content, summarising information, correcting errors, disputing false claims, and more. It’s time for us to consider the full potential of AI and explore ways to leverage it to enhance our business strategies and marketing efforts.

Moreover, AI not only has the potential to create new jobs but can also automate existing tasks performed by people. Instead of ignoring it, it’s important for people to start figuring out how to use it and implement it in their workflows to fulfil tasks faster and more efficiently. Staying ahead of the curve is crucial!

How we have optimised our standard operating procedures to utilise AI

Training AI based on providing detailed prompts on what is successful

We have begun to curate a content library of successful campaigns, articles, and social media posts to use as a point of reference for AI. This helps AI understand what works best for our clients and their target audiences. Following that, we can further train it with custom data to produce more relevant and successful campaigns for different industries and niches.

Also Read: How business leaders can utilise generative AI in employee communications

Experimenting and A/B testing different content frameworks

We use AI to create content based on various frameworks, such as storytelling, problem-solution, and benefits-driven approaches, and tailor it to our clients’ business needs. These frameworks range from AIDA (Attention, Interest, Desire, Action), PAS (Problem, Agitate, Solve), USP (Unique Selling Point), to Brand Story Arch framework and more.

Testing different content frameworks with AI also enables us to quickly create more engaging, relevant, and effective content that caters to the unique needs of different target audiences, ultimately leading to better marketing results and a competitive edge.

Drafting designs

Images are universally understood, making them an effective means of communication across different platforms, devices, and user interfaces. Additionally, AI art can produce any designs you want in a fraction of the time it would take a designer to complete them.

I am an avid user of Midjourney and have been using it to draw inspiration for design work. There is a bit of a learning curve, as you will need to familiarise yourself with the commands used to create images like changing the settings on quality, saturation, size, stylised values, and more. Once you master these, the possibilities are endless.

With Midjourney, you can also upload images as a part of a prompt to create emotional resonance and more relevant and accurate visual outcomes. This enables you to enhance complex ideas, emotions, and scenarios with greater ease and clarity.

It is exciting to learn about new innovations and market trends and I am looking forward to technological developments that can improve the way my agency operates. 

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Still reeling from the countless geopolitical challenges of the past several years, the global economy continues in its attempt to return to some semblance of normality. Many of the world’s lower-income individuals and households continue to struggle as the lingering effects of the COVID-19 pandemic and the war in Ukraine have exponentiated the cost-of-living crisis.

However, emerging from financial instability and uncertainty has been the rapid evolution of digital financial tools that are providing those on lower incomes with more spending opportunities. Chief among them is the Buy Now, Pay Later (BNPL) model that has made particularly significant strides in some of the world’s emerging markets.

A recent report from Coherent Market Insights predicts that the global market value of BNPL is expected to rise by 21.2 per cent by 2027, with countries in the Asia Pacific region experiencing the fastest share of the growth.

But what is BNPL and how does it work? In short, BNPL is a form of short-term financing that enables customers to make a purchase today and pay for it later, typically in monthly instalments.

In the midst of the continuing and unrelenting global cost of living crisis, BNPL is allowing customers, including those who are earning at the lower end of the pay scale, to pay in increments for a variety of necessities including health, education, travel, and a multitude of other services. 

Geopolitical situation

According to a report from the World Bank, the East Asia and Pacific (EAP) region’s economic recovery has been hampered significantly by the global pandemic, the war in Ukraine, the structural slowdown in China, and the fiscal tightening in the United States.

The report has also warned that households in the region that fell back into poverty during the pandemic will see real incomes shrink further as living expenses continue to rise. Russia’s invasion of Ukraine in 2022 and the war that has ensued have put several countries beyond their capacity to navigate the cost of living crisis effectively and efficiently.

Also Read: Why BNPL will change the payment landscape in Vietnam?

Combined with the relentless developing pace of climate change and the lingering effects of the pandemic, the United Nations has labelled this period of time as being the highest cost of the living crisis of the twenty-first century, as food and fuel prices continue to rise, debt distress escalates, and financial circumstances for millions continue to tighten.

Despite the crisis being global in nature, higher prices are frequently having a greater impact in lower-income countries, for families and individuals in many of the world’s emerging economies, food and gasoline make up a higher portion of their budget, which have been amplified greatly by the effects of price hikes on necessary amenities and products.

Many of these nations’ governments are working with dwindling and restrictive budgets to try to support and sustain the poorest of their citizens. According to a study conducted by GeoPoll, 75 per cent of respondents have identified rising food, utility, transportation, clothing, and housing prices have reduced their family’s standard of living.

Fortunately, consumers today have greater access to financial products and services, including BNPL, which makes it easier to save and manage money. 

Uptake in digital technologies 

Spurred on by geopolitical events, the rise of digital transformation in the Asia-Pacific region has increased exponentially in recent years.

According to an e-Conomy SEA report, the area is forecast to be the fastest-growing region in the world when it comes to internet adoption, with 400 million consumers taking their first tentative steps online in 2020 alone. Influenced by this, the BNPL model has become one of the fastest-growing segments in consumer finance, particularly in some of the world’s emerging markets.

A study conducted by Research and Markets highlighted that the BNPL Gross Merchandise Value in Indonesia alone is expected to grow from US$2,777 million in 2021 to US$25,338 million in 2028. The emerging youth population in South and Southeast Asia has led to a boom in digital consumption, and with an ever-increasing mobile phone penetration in the region, consumers are both depending on and spending more and more on e-commerce and social media sites to purchase products and services.

According to McKinsey & Company, the proportion of digital payments in Asia will be at 65 per cent in 2024, compared to an average of 52 per cent globally, ensuring the Asia continent is the driving force behind global spending growth.

Ultimately, this is contributing to an emergence of a population who are more consumer savvy, and who are able to use payment services, including BNPL, to navigate the continuing and ensuing geopolitical tribulations. 

Opportunities for lower-income households

The rise in digital consumption by many in the South and Southeast Asia region has allowed many of those earning lower incomes to manoeuvre through the unrelenting cost of living crisis more efficiently, with BNPL being an option many are turning to. This type of payment option is on the rise for several reasons; sellers are not required to conduct hard credit searches, and an individual’s credit score is unaffected by engaging in such a service, once

they have paid off what they owe. In comparison to obtaining a credit card, this credit is much easier to access. The payment plans offered to consumers allow them to pay back what they owe in instalments, appealing to many customers as it means that they can spread out or postpone the expense of products without incurring any damaging interest.

Increasingly, BNPL is becoming the preferred payment option for younger generations who are warier about the hidden and interest fees of traditional financial products like credit cards.

A significant reason for this uptake is that the revenue model of credit cards and BNPL is starkly different. Credit card companies primarily make their money through the collection of annual fees, late fees, and interest fees. In direct contrast to this, the BNPL model makes money from the fees collected from merchants who use and accept their payment solution and doesn’t charge any fees from users.

Through using the BNPL service, lower-income households are gaining access to products and services that they may not be able to afford otherwise. The flexibility the BNPL payment option grants provides lower-income households with financial adaptability by allowing them to spread the cost of a purchase over an extended period of time and allowing them to manage their budget and cash flow more effectively.

Also Read: How du-it aims to empower SMEs with its Shariah-based BNPL platform

In many emerging markets where credit card penetration is low, lower-income households have the choice to buy quality goods and services without borrowing money from family or friends or instant lending apps.

Owing to the limited access to traditional credit options many lower-income families encounter, these households were dependent on high-interest loans to make ends meet. This now no longer needs to be the case, with BNPL options providing individuals with a more flexible alternative to high-interest loans. 

Benefits of BNPL for the wider economic community

BNPL solutions are stimulating economic growth, boosting retail sales, and decreasing debts in tandem with improving financial inclusion for consumers. While the benefits of the service for individuals living on a lower income are apparent, there is also a multitude of benefits for the businesses, both small and large, that choose to adopt a BNPL option at their checkouts.

The payment instalment service allows the customer to overcome any hesitation they may have about making a purchase, resulting in a higher sales volume for the e-commerce business. It also boosts customer loyalty and increases a shopper’s average cart total value.

While the tool is extremely advantageous for those supporting themselves and their families on lower incomes, there is also scope for consumers to purchase airline tickets and cars, all on interest-free instalments when using BNPL. 

The BNPL industry is currently booming in the Asia region, with the top BNPL companies in the world having a presence in Singapore, Indonesia, Malaysia, Australia, India, and China. According to a report from The Australian Finance Industry Association, BNPL made a significant increase to GDP and jobs in Australia and contributed US$14.3 billion to the Australian GDP in the 2021 financial year.

The report also disclosed that the employees and suppliers of businesses offering BNPL also benefit, ultimately resulting in a favourable knock-on effect on the economy as a whole. Stemming from this knock-on, or multiplier effect, BNPL’s overall economic impact surpasses the amount of direct revenue explicitly attributable to BNPL.

Significantly, this ensures that while lower-income individuals can avail of BNPL services, the businesses that offer this staggered payment method are contributing to the broader strengthening of the economic community, minimising the impact of the cost of living crisis at a larger scale. 

As economies continue to navigate an ever-uncertain world, BNPL payment options provide much-needed certainty and reassurance for many lower-income households, wherever they are located, that food and other essential goods can be purchased when necessary.

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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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