Indonesian and Malaysian startups dominated the VC investments scene in Southeast Asia this week amidst an unfavourable economic climate and funding winter.

Take a look at the top headlines of the week.

Saison Capital rolls out new token fund

Saison Capital, a Singapore-based VC firm, announced the launch of a new token fund Saison Crypto. The average ticket size is between US$200,000 and US$500,000 with follow-on support. Saison Crypto’s first token-only investment is in the pipeline. This builds on top of its 30 existing investments which are primarily a combination of equity and tokens.

Soft Space closes US$31.5M Series B1 round

Soft Space, a Malaysian fintech-as-a-service firm, has closed a US$31.5M Series B1 round. The investors are Southern Capital Group, transcosmos, strategic investor JCB, and Hibiscus Fund. The funds will help expand its global footprint and widen its customer base by accelerating the innovation of its full-stack payments platform while expanding into next-generation technological solutions.

Qmed secures US$1.2M funding

Malaysian healthtech startup Qmed Asia has secured US$1.2M in a pre-Series A funding round through an equity crowdfunding (ECF) campaign on Leet Capital. As many as 110 investors participated in the campaign, including angels, the Malaysia Co-Investment Fund (MyCIF), and 1337 Ventures. The funds will be used to expand its operations into Saudi Arabia and Indonesia.

Hybrid work becoming the status quo in SEA

Hybrid work is becoming the status quo in Southeast Asia, with 45 per cent of companies providing it and only 12 per cent offering remote work options to employees, finds a joint study conducted by Glints and Monk’s Hill Ventures. While in Singapore, about 63 per cent of startups offer hybrid work and 43 per cent full-time office work. In Indonesia, it is 59 per cent (hybrid) and 33 per cent (full-time office work). Vietnam has bucked the trend, with 83 per cent of companies offering full-time office work, while only 11 per cent favour the flexibility of hybrid work.

Sinar Mas subsidiary invests in 01Fintech

01Fintech, a growth-stage fintech private equity (PE) firm founded by ex-Ant Group executive Kenny Man, has received an undisclosed sum in funding from Sinar Mas Financial Services, a subsidiary of Indonesian conglomerate Sinar Mas Group. The PE firm will leverage its market insights, investment experience, and technical and operational expertise to transform and operationalise Sinar Mas Financial’s fintech vision and ambition. At the same time, Sinar Mas Financial will leverage the 01Fintech team’s specialisation to drive synergies amongst the business units and various fintech investments across the entire Sinar Mas Group ecosystem.

ChopValue scores US$7.7M funding

ChopValue, a Canadian and Singaporean startup designing and manufacturing products using an innovative, high-performance material engineered from recycled chopsticks, has closed a US$7.7 million funding round. Two unnamed high-profile technology entrepreneurs with expansion interests in Asia Pacific and Europe led the round. Several corporate VC funds and existing investors (VC funds in the climate-tech space and institutional investors such as EDC and BDC) also participated. The funds will be used to expand ChopValue’s operations, mainly to serve B2B partnerships better. The focus will be on increasing production capacity and developing new product lines.

Fresh Factory nets US$4.15M

Indonesia’s integrated cold chain fulfilment and enabler startup Fresh Factory has raised US$4.15 million in pre-Series A funding led by SBI Ven Capital through its joint fund with Kyobo Securities and NTUitive. Existing backers East Ventures and Trihill Capital and new investor PT Tap Applied Agri Services also participated. Fresh Factory will utilise the funds to scale to over 100 fulfilment centres across 50 Indonesian cities by the end of 2023. The list includes Sumatra, Sulawesi, Kalimantan, and Java.

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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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In the past, most companies tried to increase their profitability by cutting corners, meaning that they strived to optimise their operational efficiency and lower costs.

However, the increasing globalisation meant that when lowering costs, companies were engaged in the race to the bottom, which refers to the notion that a price war would eventually wipe out any profitability and lead to unhealthy competition.

Therefore, companies also realise that they cannot cut costs forever without reducing product quality, and staying in business. It is crucial to generate more value for customers.

The elusive concept of customer values

In the first place, it is important to understand the meaning of customer value. Interestingly, despite the prevalence of the concept, not all public research agreed on a universal definition of customer value, citing the fact that value is highly relative and varies with customers’ life perspectives, cultural beliefs, and priorities.

Also Read: Achieving product-market fit: The ultimate guide to growth, strategy and positioning

Regardless, in general, customer value can be measured as the difference between the perceived benefits that customers derive from the consumption of the products or services and the price that customers had to pay to obtain the products or services. This definition highly underlined the importance of customers whose opinions contributed to the perceived value of the product or services.

With the evolvement of the product development process and customers’ preferences, it is argued that customers wish to fulfil more than one need when consuming a product/service, looking for more than just one value.

In fact, researchers claimed that customers want to satisfy five different objectives from their consumption, including functional values, social values, emotional values, epistemic values (the new knowledge and wisdom associated with product and service consumption), and conditional values (the difference in utility level between different product consumption).

Another framework to measure customer value consisted of three fundamental dimensions, including product quality (the perceived utility of the product), delivery methods, and the overall experience of the customer at all touchpoints of their consumption journey. Accordingly, while companies can control some aspects of their product’s value to customers, there are many things outside of their control, requiring businesses to look at customer value in its entirety and think of a holistic approach to improving the total experience of the customers.

The central role of customers in determining customer values

Regardless of the definition, central to the customer value concept is the role of the customer, who ultimately determines the value of the products. Therefore, it is vital to learn about the kinds of needs that customers seek to satisfy through product consumption.

There are various theories to uncover customers’ needs; nevertheless, the most established theory is probably Maslow’s Hierarchy of Needs.  According to Maslow’s Hierarchy of Needs, there are five levels of needs that a person might have, and to move up the hierarchy, the lower levels of need must be satisfied first. Specifically, at the very bottom of the hierarchy is the physiological need which can be satisfied by the functional values of the products. The next level of need is safety, including financial safety, healthcare, etc.

Once this level of need is met, customers look to fulfil their social also needs, allowing them to connect with other people in society, gain a sense of belonging and form long-lasting relationships. These two levels of needs can be met with the product’s social and emotional values.

Also Read: Designer product marketplaces on the rise: Is there room for more?

Next, on the higher level, customers hope to have more self-esteem and actualise their full potential, which can correspond with the social, epistemic, and conditional values of the product and service.

Engaging open innovation and customer involvement

Considering the diverse, complex, and fast-changing natures of customers’ values and needs within the current economic and social context, it is crucial for companies to help customers obtain more value and achieve more goals from production consumption.

More significantly, businesses should not just focus on some individuals but strive to serve as many customers as possible. Therefore, they must identify and define some shared values that are common across their vast customer base. To accomplish this goal, businesses must move beyond individual needs to recognise social needs and integrate prevailing social shared values into their customer value creation to motivate social progress through meeting individual needs.

Consequently, one way to do so is to shift from an inside-out idea brainstorming and innovation process to outside-in value creation which invites external stakeholders and engages outside resources in the process. Indeed, open innovation has become the cornerstone of contemporary marketing practices, taking advantage of the massive pool of ideas and data from around the globe to select the most common causes and values for the company to satisfy.

In sum, by understanding the concept of customer values, businesses can better serve their customers, enhance the perception of their products’ worth, and retain their customer satisfaction and loyalty.

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As a startup, it can be tempting to focus solely on developing your product or service and growing your customer base. However, neglecting to address the legal aspects of your business can lead to costly and time-consuming challenges down the line. That’s why seeking legal advice and building a solid legal foundation for your startup is essential.

From choosing the right legal structure for your business to navigating employment law and HR issues, startups face a variety of legal challenges. Failure to comply with labour laws, data privacy regulations, or securities laws can result in lawsuits, fines, and reputational damage. In some cases, legal issues can even threaten the survival of your business.

In the following sections, we’ll explore some of the most common legal challenges faced by startups and provide essential advice and insights to help you navigate these challenges with confidence.

Building a solid legal foundation

Choosing the right legal structure for your business is a crucial decision that can have long-term implications for your company. Factors such as ownership structure, liability, and tax implications should all be carefully considered. Common legal structures for startups include sole proprietorships, partnerships, and corporations.

Once you have chosen the right legal structure for your business, you’ll need to register your business and obtain the necessary licenses. This can vary depending on your location and industry but may include business registration, tax ID numbers, and professional licenses.

Protecting your intellectual property is another critical aspect of building a solid legal foundation. This can include registering trademarks, copyrights, and patents to prevent others from using your intellectual property without permission.

Employment law and HR issues

As your startup grows, you may need to hire employees or contractors to help you run your business. However, navigating employment law and HR issues can be complex. From job postings and interviews to employee handbooks and benefits, there are a variety of legal considerations to keep in mind.

Also Read: Jeffrey Bleich: Law attorney, US Ambassador in Australia, and leader for global expansion

When hiring employees or contractors, it’s important to understand the legal requirements around discrimination, equal pay, and other labour laws. Creating an employee handbook can help you communicate your policies and expectations to your employees and ensure compliance with labour regulations. Additionally, offering competitive benefits can help you attract and retain top talent.

Complying with labour laws and regulations is essential for avoiding costly lawsuits and protecting your business’s reputation. Working with an experienced attorney can help you stay up-to-date on changing regulations and navigate any legal challenges that arise.

Financing and securities law

One of the biggest challenges for startups is securing funding to grow their business. There are several options available, including venture capital, angel investors, crowdfunding, and traditional bank loans. Each funding option comes with its own legal considerations, and it’s important to understand the securities laws and regulations that apply to your funding source.

Securities laws regulate the sale of stocks, bonds, and other financial instruments and aim to protect investors from fraud and misrepresentation. As a startup founder, you’ll need to comply with securities laws when raising capital and selling shares in your company. 

In addition to complying with securities laws, it’s important to protect the rights of your investors. This can include providing regular updates on your business’s progress and ensuring that your investors have a say in major decisions.

Data privacy and cybersecurity

As a startup, you may collect and handle sensitive customer data, such as personal information and payment details. This makes data privacy and cybersecurity a critical concern. In recent years, data breaches and cyber-attacks have become increasingly common and can result in reputational damage, legal liabilities, and financial losses.

To protect your customers’ data and comply with data privacy laws, it’s important to implement strong cybersecurity measures, such as encryption and multi-factor authentication. 

Contracts and agreements

Contracts and agreements are a fundamental part of doing business, and startups are no exception. From drafting and negotiating contracts with vendors and suppliers to creating partnership and collaboration agreements, contracts play a crucial role in protecting your business’s interests.

When drafting contracts, it’s important to ensure that they are legally binding and enforceable. This can involve including specific terms and conditions, such as payment terms and deadlines, and including dispute resolution mechanisms.

Additionally, startups may need to navigate non-disclosure agreements (NDAs) and non-compete agreements. NDAs are designed to protect your business’s confidential information from being shared with third parties, while non-compete agreements can prevent employees or contractors from leaving your company and joining a competitor.

Also Read: Why SEA’s startup ecosystem is making a strong case for legaltech

By working with an experienced attorney, you can ensure that your contracts and agreements are legally sound and protect your business’s interests.

Litigation and dispute resolution

Despite taking proactive steps to avoid legal issues, disputes can still arise in the course of doing business. It’s important for startups to be prepared for potential disputes and have a plan in place to address them.

One approach to resolving disputes is through negotiation and mediation. This involves sitting down with the other party to discuss the issue and try to find a mutually acceptable solution. Mediation can be especially useful in cases where both parties want to preserve their business relationship.

In some cases, litigation may be necessary to resolve a dispute. However, litigation can be time-consuming and expensive and can damage your business’s reputation. As a result, it’s often considered a last resort.

To prepare for potential disputes, startups should ensure that they have proper documentation and records, such as contracts and agreements, in place. Additionally, having a solid understanding of your legal rights and obligations can help you make informed decisions and prevent disputes from arising in the first place.

Final thoughts

Startups face a variety of legal challenges that can be complex and daunting. Building a solid legal foundation, addressing employment law and HR issues, understanding financing and securities law, protecting data privacy and cybersecurity, and navigating contracts and agreements are all essential for startup success.

By working with an experienced attorney, startups can ensure that they are complying with the relevant laws and regulations, protecting their interests, and mitigating legal risks. Ongoing legal support can help startups stay up to date with the latest legal developments and address legal issues as they arise.

Ultimately, investing in legal advice and support is a crucial step for startups that want to succeed in today’s competitive business landscape.

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A few days ago, dispute resolution specialists and former Partners of Rajah & Tann, Danny Ong and Yam Wern-Jhien, launched the boutique law firm Setia Law in Singapore. The firm will handle dispute resolutions, fraud and financial crimes, debt restructurings, and insolvencies.

According to the duo,  as a financial and legal services hub, Singapore is expected to see significant action as it continues to cement itself as the jurisdiction of choice for cross-border financial disputes and debt restructuring.

e27 caught up with Ong and Wern-Jhien to learn about the firm, the process of dispute resolution, the myth around dispute resolution, and some of the cases they handled in the past.

Edited excerpts:

Can you tell us more about the founding of Setia Law and what inspired its focus on dispute resolution, fraud and financial crimes, and debt restructuring and insolvency?

As a financial and legal services hub, Singapore is expected to see significant action as the country continues to cement itself as the jurisdiction of choice for cross-border financial disputes and debt restructuring.

Singapore’s attractiveness for restructuring and insolvency, thanks to its ever-progressive legal framework, will demand specialist advisors with the experience and track record to service a global clientele and the ability to move quickly.

In 2022, many troubled cryptocurrency platforms turned to Singapore as their restructuring hub, including Zipmex, Vauld, and Holdnaut, following the onset of the crypto winter. There are also important “test” cases and positive outcomes that will likely increase confidence in Singapore as the centre of gravity for Asian restructurings, such as Nam Cheong Limited from Malaysia, PT MNC Investama Holdings from Indonesia, PT Modernland from Indonesia, and Malaysian video streaming service iFlix, which have completed successful debt restructuring exercises via schemes in Singapore.

Against this backdrop, the time was right to launch Setia Law – a firm with a unique mix of specialism including:

• local knowledge and technical specialists that are applicable across multiple jurisdictions,
• a network of leading professional services firms across the world
• the ability to be flexible and fast to respond to client’s needs without the limitations that come with larger firms.

What sets Setia Law apart from other law firms in Singapore that also specialise in dispute resolution and financial law?

We are one of the few legal boutique firms in Singapore with proven experience in cross-border restructuring and insolvencies, complementing our dispute credentials. More recently, we gained proven experience in handling cryptocurrency disputes and distress cases.

Also Read: The regulatory war on cryptocurrency

As Singapore grows into a restructuring hub for the crypto industry, Setia stands out with its market-leading team, which has dealt with high-profile cases to yield positive outcomes.

In addition to our unique mix of specialisms, we have a close network of leading professional services firms across the globe that add to our ability to develop winning strategies for our clients.

Could you walk us through the typical process that clients go through when they approach Setia Law with a financial or legal issue?

Our clients typically look to us within the first 24 to 48 hours of any developing crisis, which could be anything from a cybersecurity breach to financial distress situations to the discovery of fraud. They come to us because they know we can put together an effective response team and strategy in time-sensitive settings, drawing on our lawyers’ formidable regional experience and knowledge, as well as close relationships with leading professional services firms across the globe.

How does Setia Law approach cross-border financial crises, and what unique challenges does this kind of work pose when compared to domestic cases?

Our talented team of expert lawyers has deep expertise in approaching financial crises, having built their experience at a global level. This gives them the unwavering focus needed for dispute resolution and crisis management.

The challenge in cross-border situations lies in jurisdictional issues, where lawyers have to navigate the differences in legal systems to determine which jurisdiction has the authority to adjudicate the dispute and to determine the rules for the burden of proof. There are also barriers to enforcing a judgment, and the complexity of cross-border legal disputes requires a high level of expertise in international law and the agility to balance expectations from multiple jurisdictions.

At Setia, our specialism, coupled with a global network, enables us to be nimble in navigating complex landscapes and pulling together the right partners across different jurisdictions to tailor our approach for each client.

Can you discuss any particularly challenging or noteworthy cases that Setia Law has worked on in the past?

The Setia Law team has been at the forefront of major global crises over the last two decades, including the dot-com bubble, the global financial crisis and the crypto winter. Some of the notable financial and regulatory experience includes:

• Acted in the Lehman Brothers’s liquidation, from being involved in leading the Singapore aspects of the acquisition of the Asian Lehman franchise by Nomura to the complexity of untangling some of the most perplexing legal issues arising from that.
• Acted for B2C2 Ltd, one of the world’s largest market makers in digital currencies, in proceedings before the Singapore International Commercial Court. This was the first action in Singapore involving the algorithmic trading of digital currencies.
• Acted for the liquidators of BSI Bank and separately, a US investment bank, in relation to investigations into alleged laundering and dissipation of some US$700 million purportedly belonging to Malaysia-state owned company, 1MDB, through various channels which have spawned criminal investigations and legal proceedings in Singapore, Switzerland, New Zealand, and the US.
• Acted for Bank JTrust and JTrust Co Ltd in defending claims before the Singapore Court arising from English-law-governed bonds, involving parallel proceedings in New York, Mauritius, and Japan.
• Acted for STMicrolectronics, one of the largest global semi-conductor manufacturers, in a dispute relating to the supply of chips for a US$600 million national identity card project in Southeast Asia, involving parallel proceedings in Singapore and Indonesia.

What kind of clients does Setia Law typically work with, and what industries do they come from?

Setia Law acts for a broad range of clients, including multinational corporations, state-owned entities, financial institutions, and individual clients. Our industry expertise ranges from technology, blockchain, and digital assets to shipping and financial services.

What common misconceptions do people have about dispute resolution, fraud and financial crimes, debt restructuring and insolvency, and how does Setia Law work to dispel those misconceptions?

As with many legal cases, there is an assumption that they will go to court. In reality, many alternatives for dispute resolution can be quicker and more aligned with a company’s business objectives.

In the case of debt restructuring and insolvency, companies often assume that it is only undertaken to save themselves from the brink of retirement. However, it also applies to any organisation that may have debt but is still profitable. It is not always about liquidation but also about looking at tightening key areas of the business.

Also Read: Why Liminal sees compliance as the way to go for the crypto industry

At Setia Law, we aim to dispel misunderstandings through a tailored approach guided by a culture of respect, resilience, and reliability. This means that we are always available to answer questions and clarify doubts that clients may have about the litigation process.

I understand Setia has handled some high-profile cases, such as Vauld’s. Can you talk about this particular case? Do you see an increasing trend of crypto companies doing insolvency in the coming months?

To clarify, the Vauld case was handled by our lawyers in their previous law firm. Therefore, they are unable to provide any comment on the case.

More generally, amidst the challenging crypto landscape, we anticipate further downturns and more firms, both local and from other jurisdictions, requiring debt restructuring and insolvency services. Many of these firms will likely turn to Singapore as the jurisdiction of choice due to its ever-progressive laws and deep bench of expertise.

Is there a trend of VCs approaching your company for insolvency, etc? In such cases, what will happen to companies that have raised money from them?

Yes, we at Setia Law get a fair amount of VCs approaching us concerning investments that are about to or have gone into default. There are various ways in which the VCs can protect their interests in their investment in such situations, including possible private or court-sanctioned restructuring, or where there are corporate governance concerns or fraud involved, judicial management.

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Dear Pro member,

While insurtech is one of the hottest industries in Indonesia, it is facing a unique challenge in the form of insurance accessibility. While affordability is often seen as the main barrier to insurance adoption, in Indonesia it is the lack of accessibility that is hindering the growth of the insurance industry, according to Harshet Lunani, the CEO of Qoala. Despite being an important financial tool, insurance is still lagging behind other financial services in the region, such as payments and credit.

To address this issue, Lunani emphasises the need for collective efforts to create awareness and dispel misconceptions about insurance in Southeast Asia. While a single company can do its part to promote insurance, it will take a collaborative effort from the entire industry to help people understand the importance of insurance and how it can benefit them.

This insight highlights an important challenge facing insurtech startups in Southeast Asia. While the region presents significant opportunities for growth, companies need to address the unique challenges of each market they operate in. By focusing on accessibility, rather than just affordability, insurtechs can tailor their products and services to better meet the needs of their target customers, and ultimately drive greater adoption of insurance in the region.

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

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The gist: Saison Capital rolls out new token fund to accelerate Web3 investments
The details: Saison Capital and Saison Crypto can collectively deploy US$150M, with additional support readily available from Credit Saison’s US$30B AUM; The cheque size is US$200K-US$500K per startup.

The gist: Malaysian fintech Soft Space closes US$31.5M Series B1
The investors: Southern Capital Group, transcosmos, JCB, and Hibiscus Fund
The plans: Soft Space will use the new funds to expand its global footprint and widen the customer base.

The gist: Sinar Mas subsidiary invests in growth-stage PE firm 01Fintech
The plans: 01Fintech will leverage its market insights and expertise to transform and operationalise Sinar Mas Financial’s fintech vision and ambition.

The gist: SG biotech firm SCG Cell Therapy secures US$8.1M
The investor: Smartech Investment Holdings (lead)
The product: SCG Cell Therapy primarily develops immunotherapies for infections such as hepatitis B and human papillomavirus and their associated cancers.

The gist: ChopValue scores US$7.7M to recycle chopsticks into furniture
The investors: Two unnamed high-profile technology entrepreneurs, EDC, and BDC.
The details: The ChopValue has recycled around 10 million chopsticks in Singapore alone since the opening of its first local micro-factory in 2021.

The gist: SG API firm Dozer raises US$3M funding
The investors: Surge, Gradient Ventures, January Capital
The product: Dozer offers a plug-and-play data infrastructure backend that simplifies the creation of real-time APIs.

The gist: Malaysian healthtech startup Qmed secures US$1.2M crowdfunding
The investors: Angels, the Malaysia Co-Investment Fund (MyCIF), and 1337 Ventures.
The product: Qmed Asia provides a telehealth kiosk for workplaces offering teleconsultations and remote patient monitoring run by local general practitioners.

The gist: Hybrid work becoming the status quo in SEA except in Vietnam
The details: In Vietnam, 83% of companies prefer full-time office work, while only 11 per cent favour hybrid work environment, finds a joint study conducted by Glints and Monk’s Hill Ventures.

The gist: SG’s Eleos Labs, Grab join forces to combat Web3 cyber threats
The details: GrabDefence, Grab’s anti-fraud solution, will assist Eleos Labs in deploying services that protect users from the theft of private keys, hacking of smart contracts, and misuse of ERC-20 approvals.

The gist: Thai hospitality startup Hoteliers Guru raises funding
The investor: South Korea-based Onda
The product: Hoteliers Guru offers its booking management tech to hotels and resorts across the country.

The gist: VN startup Prep scores US$1M for borderless language education
The investors: East Ventures, Cercano Management
The product: Prep equips teachers with AI-enabled exercises, videos, and personal sessions to help them form a well-rounded curriculum.

Features and authored articles

‘In ID, the problem is lack of insurance accessibility, not affordability’
Qoala Founder Harshet Lunani said although insurance is part of a financial tool, it is far behind other financial services such as payments and credit.

Fracton Ventures on why Japan is the future hotspot for Web3
Despite challenges such as the language barrier and the lack of a crypto investor ecosystem, Fracton Ventures sees great potential in Japan.

Human-machine relationships: Exploring the future and its implications for businesses
Uncover the implications of human-machine relationships for businesses and stay ahead with the latest insights and trends in the age of AI.

Exploring the evolving VC landscape: An insightful outlook on venture funding in 2023
The venture capital industry is at an exciting state right now with huge dry powder, high levels of entrepreneurship and accelerating technology innovations.

Unleashing Singapore’s smart city potential: A gateway to limitless opportunities
With plans to ensure that measures are economically sustainable, Singapore’s smart city strategies prioritise building on economic capabilities amongst the private and public sectors.

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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 e27platform, and other prizes. Join TOP100 here.

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This article was first published on January 6, 2015.

When you’re starting a business as a young entrepreneur, it seems like there are an infinite number of tasks to juggle. That’s why it’s so important to stay on top of the details, no matter how tiny or tedious. Small changes, like reducing the amount of time you spend each day managing email or your remote team, can quickly add up, meaning you can spend your time growing your business instead of your to-do list.

Managing time wasters
One of the most insidious time sucks in the modern workplace is at your fingertips every day, and worse, it’s legitimately work-related. Ask almost anyone what they spend the most time on while at work, and the answer is bound to be email. Email is the basis of communication in the 21st century workforce. Why not make sure you’re being as efficient as possible when you’re doing something so important?

Also Read: Taipei’s Jessyfrup is boosting customer retention rates for local businesses

Professional email etiquette is just as crucial as efficiency, and it’s more than just good manners; it’s good management. For instance, knowing how to start and end a professional email takes a lot of the guesswork out of communicating with co-workers, clients and customers. A professional greeting lets the recipient know that the topic is business, and a cordial and appropriate sign-off can eliminate the need for unnecessary responses as well as the need to go back and read them.

Knowing when to CC or BCC someone can also go a long way in saving time on email distribution. Create folders to keep all emails of a certain type together, and regularly archive emails that you have handled but that still contain information you may need to refer to later. Email search will also save you tons of time when tracking down old emails, so make regular use of this feature even if your inbox is completely organised.

Checking your email the right way can also help keep you on task. A good way to do this is to set aside certain points of the day to check your email, and check it at only those times — if that’s realistic for your situation. Try setting your email program to only check for messages at your decided times if self-control isn’t enough to keep you from clicking that envelope.

Developing good habits
Structuring your day and managing your workflow are the two pillars of any successful productivity strategy. Tasks should be outlined at the beginning of every day or at the end of the previous day, and nobody in the office should ever be unsure of what they are supposed to be doing. Setting productivity goals at the start of each day gives both you and your employees concrete objectives to work toward instead of an endless procession of menial tasks.

Also Read: Real-time interactivity is changing consumer engagement with businesses

Good physical habits are often an underrated part of an entrepreneur’s success. As clichéd as it may sound, a good diet, moderate exercise and the appropriate amount of sleep will actually help you feel better and miss work less often, maximising your potential as a leader and decision-maker. Work habits are important as well, and business owners in particular must evaluate their methods on a regular basis to ensure they’re still best for the business. A clean physical and digital workspace minimises distractions and promotes clarity of mind, allowing you to focus on the task at hand.

Putting your business in the best position for success means managing your resources wisely, and time is the most valuable and irreplaceable asset a business has. Time truly is money, and making sure not to waste either in the early stages of growth can make a difference for your company.

Jeff Fernandez is the Co-founder and CEO of Grovo, a learning platform which is closing the growing digital skills gap with highly engaging, 60-second videos. Grovo’s microlearning method is the best and fastest way to learn the digital skills you need to perform better at work.

The Young Entrepreneur Council (YEC) is an invite-only organisation comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship programme that helps millions of entrepreneurs start and grow businesses.

The post The small habits that improve your business appeared first on e27.

The history of humans is a history of innovation, starting from fire and wheel to mobility and artificial intelligence.

In modern times, the world has journeyed through four distinctive phases of innovation, starting from the industrial revolution of the 1800s, followed by electricity and assembly lines in the early 1900s. The third phase started in the 1970s with electronics and computers, and now we are in phase four, industry 4.0, driven by digital technologies, artificial intelligence and robotics.

There is no doubt that the fifth phase will also commence within a few decades. Technology advancement has now become an undeniable truth, and the pace of advancement is only accelerating.

The VC landscape: There is no looking back

The innovations and afterwards the adoption and commercialisation of innovations have always required capital. Prior to the first world war, it was the domain of governments and wealthy families. The innovation of automobiles and aviation started venture capitalism which expanded significantly after the second world war.

In 1926, Daniel Guggenheim created a US$2.5 million fund to promote “the whole art and science of aeronautics and aviation”. Laurance S. Rockefeller did multiple VC-like investments during the great depression in aviation, including military aviation, which became immensely profitable during the years of the second world war.

The second world war resulted in an accelerated advance in technology, and by its end in 1945, the investor’s interest in technology-led opportunities was at an all-time high. This gave birth to the modern venture capital industry eventually, when the electronics revolution arrived, the VC industry was all set to bankroll it.

Between 1968 and 1975, VC firms invested US$747 million, which increased to US$1 billion in a single year in 1980 and US$3.9 billion in a single year in 1987. In 2021, the global VC investment reached US$681 billion.

Although it declined in 2022, it was still at US$445 billion. The electronics and computer-led innovations were built through VC funding, and the digital and robotics revolution of current times is also being built through VC funding.

It is critical to understand this history before looking at the yearly landscape of VC funding. Venture capital and innovation are highly correlated and may also be called synonymous. The VC investment numbers in one particular year may go up or down, but structurally the pace of innovations has never been so fast in human history and therefore venture capital investments are also set to continue soaring.

Given the unhindered march of technology innovation, the current challenges driven by high inflation, increasing interest rates and geopolitical uncertainty may cause a short-term investment deacceleration, but in no way can it result in the reversal of a trend that is extremely structural and ingrained in the civilisational level.

As far as 2022 goes, it was a year of stabilisation after the trailblazer year of 2021. The global VC funding remained in the range of US$300, US$320 billion between 2018 and 2022, and then it soared to US$ 681 billion in 2021.

The US$445 billion global VC investment size of 2022 was still significantly higher than any of the years prior to 2021, confirming that the investment trendline remains in a significant upward trajectory. The VC industry is also sitting at a record-high dry powder of US$580 billion and continues to raise new capital of more than US$150 billion. Just to put this in context, this dry powder is like what VCs had at the beginning of 2021.

Singapore continues to remain extremely resilient, even in the wake of the global decline in 2022. Singapore has been ranked seventh in Global Innovation Index, and this has improved in the recent ranking. It is a major innovation hub, and it is consistently increasing its share of VC investments.

The total VC funding in Singapore in 2021 increased to US$11.3 billion from just US$4.1 billion in 2020, and in 2022, the VC funding again clocked a value of US$11 billion, almost like in 2021. Singapore’s focus on creating the best-in-class ecosystem for startups, especially in deep tech, will continue to result in relatively higher growth in comparison to the world.

AI and the future

In the recent past, the top technologies which have attracted the highest amount of VC funding include fintech, mobility tech, e-commerce, health tech, cloud infrastructure and clean tech. The fintech revolution across the world is still being catapulted by VC investments along with mobility and e-commerce, and these top three areas have accounted for more than 70 per cent of total VC investments in the recent past.

But now, the attention is shifting to newer areas as well, especially the application of artificial intelligence, machine learning, robotics and blockchains across industries. In terms of industries, healthcare and green energy are likely to increase their relative share vis – a – vis fintech mobility and e-commerce. The new investments in 2023 are likely to catapult health tech and green energy into the top three.

Today, the technology advancement has brought us to a stage where we have a credible chance to solve our biggest challenges, such as food availability, universal access to healthcare, climate change and disaster relief. The venture capital investments are likely to also mirror the efforts to solve these long-standing problems and increasing investments in health tech and green energy is a testimony of that.

Developing technologies to reduce carbon emissions across industries is another frontier that is likely to be scaled through VC funding. There is also likely to be higher capital allocation to solve agricultural production and supply chain challenges which are termed agritech and supply tech. So overall, this portfolio shift is likely to start in 2023 and accelerate in the coming years.

Final thoughts

The venture capital industry is at an exciting state right now with huge dry powder, high levels of entrepreneurship and accelerating technology innovations. We expect 2023 and this decade to be the most impactful in terms of innovations, and venture capital will play an extremely critical role in not only enabling the innovations but also ensuring the adoption of such innovations, solving problems, and increasing our standards of living.

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Soft Space, a fintech-as-a-service company in Malaysia, has completed its Series B extension round at US$31.5 million led by Southern Capital Group.

Returning investor transcosmos, strategic investor JCB, and Hibiscus Fund (jointly managed by RHL Ventures and South Korea’s KB Investment) also participated.

“Building on our strong momentum, the new funds will help expand our global footprint and widen our customer base by accelerating the innovation of our full-stack payments platform while expanding into next-generation technological solutions,” said Soft Space CEO Joel Tay.

“Our company is in a unique position in the global fintech industry, serving global giants from Malaysia and expanding our services into new markets by still basing ourselves in SEA. We are already in many markets for example in Australia, Europe, the Americas and Japan. As we are strategically invested by our Japanese investors, we would like to partner with them in countries where they find value,” said Chris Leong, Chief Strategy Officer of Soft Space.

Also Read: Japan’s JCB injects US$5M into Malaysian fintech firm Soft Space

Founded in 2012, Soft Space simplifies the complexity of financial infrastructure and creates value-added features for businesses to expand their business growth. The startup claims over 70 financial institutions and partners across 23 global markets are adopting its payment solutions, including in Japan, Europe, Oceania, and Americas.

The Kuala Lumpur-headquartered firm claims its revenue almost doubled in the last two years.

It is also supported by MDEC’s Global Acceleration and Innovative Network (GAIN) programme and received financial support through MIDA’s Domestic Investment Strategic Fund in 2022.

In January last year, the fintech company announced a strategic partnership with Japan’s international payment brand JCB Co. As part of that deal, JCB injected US$5 million into Soft Space.

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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 Malaysian fintech-as-a-service firm Soft Space closes US$31.5M Series B1 round appeared first on e27.

This article was originally published on January 9, 2015.

TSG Consumer Partners’ Senior Managing Director Hadley Mullin shared his magic steps to effectively raise funding for your startup and foster its expansion onward. He averred that the best time to start fundraising is when you have yet to find the necessity of doing so.

When money is the last thing founders look to think about, they tend to make much wiser and more rational calls. In contrast, those who are desperately in need of money tend to make rushy decisions, which result in a less engaging proposal for investors.

Here are Mullin’s strategies:

Don’t underestimate the power of networking
It’s just normal to see founders focusing too much on their own business and putting networking activity as the least priority on their list. This is what Mullin damned. He encouraged entrepreneurs to regard networking as one of the most important agendas, as experienced businessmen are fond of establishing the next generations.

Also Read: Time to quit spreadsheets for tracking biz leads? ClinchPad says yes

“They tend to give efficient directions. You need information and perspectives, and experts are the perfect sources,” he mentioned.

Start investing in talents from the very beginning
In Mullin’s opinion, a common mistake found among the founders is being reluctant to spend big on talents from the very beginning. They tend to hire less skilled employees to save more and spend less.

Whereas, he claimed that it is fundamental to have a solid team right from the start, thus hiring skilled employees and experts. Yes, it is expensive, but it will smoothen the startup’s pitching activities in the future. “When we evaluate your startup, we will have a view of your team. If you have reputable experts among the team, we’ll be more likely to invest.”

Always have a list of potential ideal partners
Running a business requires loads of flowing capital. Don’t hesitate, as Mullin ensured that there are countless money and selection of investors out there today.

Mullin suggested that finding investors is not enough. It’s much better to include them in the team as board members to create a solid bond, making them willing to share their time, skills, and knowledge. Thus, he is of the belief that it’s wiser to approach investors who have certain expertise.

Also Read: Not a pipeline problem: Pocket Sun of SoGal Ventures warns against ‘purple-washing’ startup investment

According to him, managing the funding is much more challenging than obtaining it. Hence, he suggested that finding investors who share the same vision as you and are willing to get involved in the startup’s operational activities would be really priceless.

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