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

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

In this episode, we feature Izwan Zakaria, Founder of Izwan & Partners, a KL-based law firm aiding startups and tech companies. Joining our community in 2020, he’s contributed 14 articles with over 20,000 views.

Izwan shares his personal and professional journey in this episode of Contributor Spotlight.

The driving force

As a startup lawyer, Izwan often encounters recurring questions from founders, such as when to form a company or how to raise seed rounds. Recognising the challenges, he uses straightforward language and adopts a first-person perspective in his writing to simplify legal complexities. Izwan aims to help founders navigate legal issues and ease their journey through the startup landscape.

“As an introvert, writing allows me to contribute and share my perspectives on legal matters. It is an invaluable and rewarding experience to meet founders at events who tell me how much they’ve benefited from the articles I’ve written. The published articles also serve as a repository that may be found and accessible to other founders who may be finding a solution to the same legal challenge.

Also, the news website e27 has been my go-to resource for technology and startup news, especially in Southeast Asia. When I learned about the Contributor Programme, I knew I had to be part of it. The e27 team has been so supportive in allowing me to share thoughts on legal matters and regulatory trends,” he said candidly. 

Thoughts, goals, and journey

Izwan’s fascination with technology began at seven when his mother invested in his first computer. Despite the potential dismay when he dismantled it to explore the hardware, this experience sparked his interest.

With over a decade of corporate law practice, Izwan witnessed the transformative impact of platforms like Facebook and Twitter. Recognising the potential in the emerging digital economy, he founded Izwan & Partners six years ago in Kuala Lumpur. The law firm focuses on advising technology companies, startups, and investors.

Also Read: Unlocking angel investing: 6 key steps for making your first investment

“As a technology and startup lawyer who frequently deals with new emerging technologies, it is common to see how quickly these technologies advance, often surpassing the pace at which laws and regulations can catch up. For instance, there is so much news about artificial intelligence every day (someone told me you might need to hire a full-time person just to keep track of the daily updates!). The regulator in a jurisdiction may need to decide what the best approach to regulating the new emerging technology is,” he expressed.

In embedded finance, companies can integrate with platform payments or specialised finance services, using API integration to use pre-built solutions from financial partners. Izwan notes the challenge of distinguishing legal liabilities among parties and the varied regulations service providers may encounter based on end users’ locations. Despite entrepreneurs’ anticipation of regulatory clarity, he recognises the slower pace of regulatory changes, driven by the need to balance public protection and innovation promotion.

“In Malaysia, we’re witnessing a slow but notable emergence of new boutique law firms. These firms are usually led by middle-aged practitioners who left established firms to set up their own. They may likely focus on more niche practices. It is an encouraging trend as clients may have a wider range of options when it comes to choosing a lawyer that best serves their needs. The emergence of these young and tech-savvy lawyers also means they are more receptive to new tools, such as the use of generative artificial intelligence (Generative AI) and embracing remote work,” he said.

Advice for budding thought leaders

Izwan expressed, “In 2021, I was engaged by the World Bank as a short-term consultant after they found an article I wrote on the web. I ended up co-authoring a study together with other economists where we assessed Malaysia’s startup financing ecosystem. I’m glad that several recommendations we’ve made were adopted by the government to boost the funding ecosystem. I would not think that I’d have gotten the opportunity to contribute to the World Bank if I had not been writing at the time.”

According to him, writer Anne Lamott said it best: “Almost all good writing begins with terrible first efforts. You need to start somewhere”. 

Juggling too many things?

Izwan maintains a physical diary for meeting notes and uses Google Calendar to organise weekly schedules. He allocates specific times throughout the day for personal activities, ranging from walks to reading.

Also Read: 10 expert tips to safeguard your startup from costly contract disputes

“We all know achieving a work-life balance is tough. You may also have heard that “it isn’t about finding the time, but making the time”. So, the key to fulfilling life balance is about priorities, which may also include saying no more often to things sometimes,” he said.

Staying in the loop

Izwan shares, “An avid debater during my law school days, the reading habit is something that I continued since my university years. The usual reading sources include The Economist, The New York Times, Financial Times and The Edge Malaysia. I enjoy reading (the whole look, feel and smell of a physical book, of course!). I read about pretty much anything that interests me (usually entrepreneurship and technology).”

In scaling startups, Izwan notes the potential legal challenges arising from diverse regulatory frameworks, given the territorial nature of laws. Staying updated on regulatory positions, including neighbouring jurisdictions, is essential for practitioners dealing with the complex landscape of cross-border compliance. He recommends Lexology as a resource for timely regulatory updates authored by major legal providers. He suggests following legal thinkers like Lawrence Lessig and Richard Susskind for insights into emerging legal issues.

“Companies are now larger than people and countries in terms of deploying capital (Apple has more cash than the US and the UK governments) and influence. We are seeing the shift from shareholder capitalism to stakeholder capitalism.

If you just began your entrepreneurial journey, you’re in a unique position to embed your startup’s DNA to address environmental, social, and governance (ESG) issues, unlike large companies that may be tied to legacy issues and have to retrofit their entire culture to solve ESG related issues. If you are building a mobile app, you may also want to think about accessibility issues, like someone who is visually impaired, when designing a mobile app that may also benefit from your product or service,” he concluded.

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

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

The post Izwan Zakaria: Navigating legal frontiers in the startup landscape appeared first on e27.

In the dynamic landscape of Southeast Asia, where technological innovation intertwines with diverse cultures and economies, the rapid ascent of Generative AI sparks a crucial dialogue among 20 leading experts. While everyone, from industry stalwarts to visionary entrepreneurs, is bullish about Generative AI’s transformative potential and impact, they are equally concerned about its potential misuse and ethical and privacy risks.

Peng T Ong of Monk’s Hill Ventures cautions against premature integration into mission-critical applications, emphasising the imperative of understanding what the “talking dog” of AI truly “thinks.” Across the spectrum, concerns voiced by Steve Brotman of Alpha Partners echo a call for thoughtful regulation driven by ethical considerations and a need to prevent potential misuse.

This feature encapsulates the nuanced insights of Southeast Asia’s AI luminaries, shedding light on the region’s stance towards shaping the responsible future of Generative AI amidst an evolving technological landscape.

Peng T Ong, Managing Partner, Monk’s Hill Ventures

The emergence of Generative AI has significantly surpassed a barrier in creating valuable and diverse content, and it does so at a relatively affordable cost. While it is currently unsuitable for many mission-critical applications, the prospect of getting there may be closer than we think.

I look at it this way––the ‘dog’ is ‘talking’. But just because the dog is talking doesn’t mean we should put it behind the wheel of a truck or at the trading desk of a billion-dollar hedge fund. We don’t know what the dog is ‘thinking’. A straitjacket must be put around the AI networks before we let them touch anything near mission-critical.

My concern is that folks behind this AI boom aren’t thinking sufficiently or thoughtfully about fundamental world engineering requirements before connecting these things to the physical world.

One possibility is for straitjackets to be implemented through computationally tractable algorithms — software for which we can deterministically predict behaviour. Rule-based expert systems will return to vogue, or perhaps using knowledge graphs (data representing knowledge) will become more pervasive.

Steve Brotman, Founder and Managing Partner, Alpha Partners

There is a need for thoughtful regulation in this space. The primary reasons for this stem from the potential risks and ethical considerations associated with deploying robust AI systems.

Generative AI can create content and make decisions with a level of sophistication rapidly approaching human-like capabilities. While this presents incredible opportunities for innovation and efficiency, it also raises significant concerns regarding misinformation, privacy, intellectual property rights, and the potential for misuse.

Also Read: ‘Bringing world-class AI talent into Singapore can substantially enrich the industry’

Regulation in this context is not about stifling innovation or curtailing the development of AI technologies. Instead, it’s about ensuring their development and deployment are done responsibly and ethically. Effective regulation can help establish guidelines for the safe use of AI, protect individuals’ rights, and prevent harm that may arise from these technologies’ misuse or unintended consequences.

Rudi Hidayat, Founder and CEO, V2 Indonesia and CIX Summit 2024

Implementing regulations could provide a necessary framework to address various concerns surrounding Generative AI, including ethical use, accountability, and potential misuse. Policymakers aim to establish guidelines that ensure these tools positively contribute to society without causing unintentional harm. It’s essential to strike the right balance in regulation to encourage the responsible development and application of Generative AI. The focus should be on mitigating specific risks rather than imposing overly restrictive measures that impede progress.

It’s crucial to have a platform that brings together professionals, business leaders and AI practitioners. This space would enable education and facilitate conversations, especially on Generative AI and its regulations, to contribute to the broader discourse on the role of AI in shaping the future.

Bharat Buxani, Senior VP – Marketing, 99 Group Indonesia (Rumah123.com and 99.co)

The question of whether Generative AI should be regulated is multifaceted. We acknowledge the pivotal role Generative AI plays in shaping the digital realm, especially within the real estate sector. While recognising the importance of potential regulations, our focus remains on using AI to elevate consumer experiences and address their evolving needs.

The responsible utilisation of Generative AI can catalyse innovation, providing personalised, efficient, and groundbreaking solutions for our users. In navigating this landscape, it is essential to strike a delicate balance, promoting innovation while proactively addressing ethical considerations. By doing so, we aim to maximise the positive impact of Generative AI within the real estate industry and beyond.

Minhyun Kim, CEO of AI Network

Generative AI should be regulated to address the growing ethical concerns, privacy issues, and misinformation risks. Without some form of regulation, we run the risk of generative AI developing in a manner that contradicts the best interests of society. This includes clickworker exploitation, copyright infringement, and training data manipulation. There is also the ever-present threat of sudden mass unemployment. Regulation would help smooth the transition and give societies time to adapt.

The challenge, of course, is how to regulate it. Traditional regulatory processes may be too slow to keep pace with AI’s rapid advancements. Alternative governance mechanisms, such as decentralised autonomous organisations (DAOs), have potential because they are designed to govern open-source software with better agility and responsiveness. They can also bring together more diverse stakeholders with acute knowledge of the technology and its potential impacts.

Hayk Hakobyan, CEO and Co-Founder of Bizbaz

It is best to regulate generative AI to mitigate cases of potential misuse. There are four key areas for regulation:

1. Create/promote harmful content, such as deepfakes or other forms of misinformation. There are several examples of this for celebrities today.
2. Create/promote discriminatory or biased content. For example, a generative AI model that is trained on a dataset of biased news articles could generate text that is also biased. This could hurt people who are marginalized or discriminated against.
3. Create/promote privacy violations. For example, a generative AI model could be used to create fake images or videos of people without their consent. It could also inadvertently share or use private or confidential information of individuals.
4. Initiate complex cyber-attacks, for example, by generating realistic phishing emails or creating fake identities for malicious purposes. Regulation could address these security risks and define standards for deploying generative AI systems.

To solve this, generative AI models should be tested for bias and discrimination, used to respect people’s privacy, labelled as such so that people are aware they are interacting with an AI system, not a human, and established a certification for generative AI models.

Dusan Stojanovic, Founder of True Global Ventures

The AI industry needs to have a more open playfield. Regulation is required as soon as possible and is way more critical than regulating the blockchain industry. AI will have a much more crucial impact on our future than blockchain.

Khos-Erdene Baatarkhuu, Group CEO of AND Global

Generative AI, exemplified by the remarkable rise of ChatGPT, offers a world of promise and complexity. The need for regulation emerges from the duality of AI, where immense potential meets significant challenges.

A comprehensive approach includes establishing AI governance bodies, nurturing public-private collaborations, and investing in AI literacy. Dealing with the technical and ethical aspects requires the collective wisdom of stakeholders from various backgrounds.

Tal Barmeir, Co-Founder and CEO, Blinq.IO

I firmly believe in the necessity of regulating generative AI, with a primary focus on transparency.

As a CEO, I understand the ethical obligations associated with AI deployment. Regulations are a cornerstone for establishing ethical standards, ensuring accountability, and fostering public trust.

Looking at financial services, for example, where AI is integral to risk assessment and decision-making, regulations are crucial. Individuals deserve to know when AI algorithms influence economic outcomes, promoting fairness and ethical use.

Also Read: What will be the key trend in technology next year?

Moreover, in legal and judicial systems, ensuring transparency is paramount. Regulations can set protocols for disclosing AI involvement in evidence or documents, preserving the integrity of legal proceedings and bolstering trust in the justice system.

Finally, regulations can mandate clear disclosure when AI is part of content creation in news and media, where misinformation is a growing concern. This is essential to combat the spread of misinformation and enable the public to distinguish between human-created and AI-generated content.

Kenneth Tan, Co-Founder and CEO of BeLive Technology

I argue against the popular notion that regulation stifles innovation.

For one, there are massively beneficial second-order effects of enforcing safeguards: trust is fostered, and organisations are more likely to accelerate the adoption of AI tools.

This, in turn, encourages more innovation as the ecosystem builds itself around early success stories. Leaders emerge, entrench themselves, and in some cases, establish monopolies. You would then witness the “disruptors” who break the spell of dominance and democratise the use of that technology — with consumers being the ultimate beneficiaries. This simply cannot happen without the trust of organisations and a regulatory body to turn to.

However, regulation cannot be mandated with a broad-stroke, shotgun approach. We should systemically discuss specific AI technologies, understand what problems they are causing, and, most importantly, who these problems affect.

Alvin Toh, CMO of Straits Interactive

On a global level, regulation is already underway. China’s regulations, for instance, address AI-related risks and introduce compliance obligations on entities involved in AI-related business. Three specific laws to regulate AI exist in China — the Algorithm Recommendation Regulation, Deep Synthesis Regulation, and the Generative AI Regulation.

Recently, representatives from 30 countries gathered to discuss the significant opportunities and risks posed by AI as signatories of the Bletchley Park Declaration. Emphasising the need for AI development to prioritise human-centric, trustworthy, and responsible approaches, the declaration acknowledges the transformative potential of AI across various sectors but also highlights the associated risks, particularly in domains like cybersecurity and biotechnology. The declaration stresses the urgency of addressing these risks, especially concerning powerful and potentially harmful AI models at the technology frontier.

The signatories commit to international cooperation, inclusive dialogue, and collaborative research to ensure AI’s safe and responsible deployment, recognising the importance of engagement from diverse stakeholders, including governments, companies, civil society, and academia. The declaration also outlines a comprehensive agenda focusing on risk identification, policy development, transparency, evaluation metrics, and establishing a global scientific research network on frontier AI safety, and the nations pledge to reconvene in 2024 to advance these objectives further.

Thus, it is imperative for firms intending to deploy Generative AI in their products to have a good AI governance structure in place in anticipation of AI regulations currently being considered by governments worldwide. You don’t want to invest huge dollars and be on the wrong side of the international standard guidelines and regulations for this rapidly developing technology.

Mauro Sauco, CTO and Co-Founder, Transparently.AI

On the ethical side of things, there are biases and discrimination in content generation that we want to make sure that we avoid, so regulation could help us prevent content that can hurt other people based on race, gender, or religion.

There are issues with copyrights, especially with generative AI. We know this is one big problem in generative AI: Who owns the material that comes out, given that it is a derivative of all the material that comes? So that’s just some of the considerations.

Also Read: AI will have more impact on our future than blockchain: Dusan Stojanovic

We can prevent many of these issues by putting some regulations around this. Policing the output is one thing, but having these regulations will also impact the machine-learning process of how people are training their AI models to make the work more nuanced. Regulation, in this sense, addresses content generation from a systemic standpoint.

We are for regulations that do not stop or hurt innovation. We are for flexible regulations that can pivot depending on the circumstance.

Apichai Sakulsureeyadej, Founder and CEO, Radiant1

Generative AI needs to be regulated by ethical standards. We need to adhere to the guidelines of the Personal Data Protection Act. It is a good start while combining it with a more comprehensive approach.

Sourabh Chatterjee, Group CTO, Oona Insurance

Generative AI is the world’s fastest-developing technology and offers unparalleled opportunity. Given the beast’s nature, Gen AI will inevitably be regulated, with many policymakers seeking to introduce AI-specific legislation. However, the approach must remain pragmatic as this technology undergoes continuous evolution from where it is today.

Ultimately, striking a delicate balance involves establishing fundamental guardrails without compromising openness, innovation, and the myriad benefits of Gen AI.

Sanjay Uppal, Founder and CEO, finbots.ai

Generative AI’s meteoric rise and its potential impact on our way of living calls for a governance compass that combines Responsible AI practices by developers of AI and regulatory measures that would set a prudent path forward. Transparency isn’t optional; it’s the cornerstone of AI reliance, demanding globally endorsed standards illuminating AI’s inner workings.

However, AI is in its infancy and evolving rapidly. Therein lies the challenge. Just like you would put guardrails for a human child’s safe growth, you equally want to allow space for innovation and self-expression. The development of AI would be no different.

As regulators and governments seek to contain the negative fallout of reckless use of AI, the challenge will remain in identifying how tight or lax these regulations should be.

Lim Sun Sun, Professor of Communication & Technology at SMU

From the perspective of commercial enterprises, from bootstrapped startups to Fortune 500 companies, generative AI offers abundant, powerful tools for streamlining and expediting business processes. Since businesses are always motivated to improve their bottom lines, the efficiencies of digitalisation and AI adoption have tremendous appeal.

Also Read: Transforming customer service: AI’s ‘artificial empathy’ holds the key

However, not all companies will pay equal attention to the risks of leveraging AI, such as algorithmic biases, privacy protections or faulty automated decisions. Regulatory oversight is thus vital for ensuring that businesses adopt AI with the necessary safeguards to ensure ethical and responsible use.

Jerrold Soh, Assistant Professor of Law at SMU

Regulation is typically needed when consumers lack the ability and producers lack incentives to take precautions against a product’s risks. Like mass-produced food, today’s Generative AI systems are made through complex processes involving multiple corporate stakeholders, data inputs, and computational techniques that consumers have little visibility into. Producers have incentives to overstate their nutritional benefits while avoiding questions on ingredient quality.

The speed and scale at which such systems are being developed, deployed, and used ­– including to generate harmful content like pornographic fakes, commercial rip-offs, and political lies – suggests that if left unchecked, generative AI could poison society’s vital information streams. –

Max Del Vita, CPO, MoneySmart Group

Generative AI is still relatively nascent and evolving, making the regulation question nuanced.

On one hand, excessive regulation at this early stage could stifle innovation and slow down the pace of discovery and development. On the other, the technology poses risks, especially regarding the potential for misuse and impersonation.

A middle-ground approach is prudent. Instead of heavy-handed regulation, establishing guiding ethical principles can be the initial framework to ensure generative AI’s responsible use and development. Technologies like blockchain can also play a complementary role by enhancing the trustworthiness of AI-generated content. By providing a tamper-proof, decentralised data record, blockchain can verify and trace the source of AI-generated material, adding a layer of security and reliability that contributes to responsible use and mitigates potential risks.

Francis Lui, CEO of NexMind

As a founder in the space of AI, it is not necessary to regulate Generative AI at this stage; it is too complex to regulate entirely, as regulations at this early stage will likely hinder innovation and growth in this space.

Given the current pace, AI technology will likely change rapidly, making it challenging to create adaptable rules.

Ensuring that Generative AI is developed and used responsibly and ethically is essential. Within the development process of Generative AI, self-regulatory measures can go a long way in ensuring the entire onus of comprehension doesn’t lie with governmental regulators, thus prohibiting growth.

Simon Quirk, Co-Founder Gracenote.ai

AI will have many positive impacts that will benefit businesses, governments and humanity, especially with the right guiding principles. But equally, when used or allowed to act in ways that are not for the greater good, the potential for adverse consequences is great. Therefore, like anything that can be used for good or bad, implementing rules is key to making sure AI usage aligns with societal norms.

Marianne Winslett, Venture Partner at R3i Capital

It’s not too early to ensure that AI software development follows the best practices of software development anywhere, including proper collection and documentation of training data and ample testing using both standard and adversarial scenarios. Along with respect for privacy and data ownership, these practices are also in developers’ best interests if they wish to minimise future litigation. Beyond these points, it’s a bit early for regulations specific to generative AI, which is still in its infancy.

Nelaka Haturusinha, Director at Striders Global Investment

Regulating generative AI is essential to harness its transformative power responsibly, safeguarding against unintended consequences and ensuring ethical boundaries guide innovation.

Michelle Duval, CEO and Founder of Fingerprint for Success

Generative AI groups must unify and work together to be a force for good. The only way this can be achieved is through active collaboration and governance by the world’s most influential people who support both optimistic and pessimistic views on the significant impact AI can and will have on humanity. Through this group, we must work towards regulation.

Kelly Forbes, Exec Director at AI Asia Pacific Institute

In preparation for regulation, Governance mechanisms need to be in place. Sectors such as education and healthcare are priorities where risks could potentially outweigh benefits.

Warren Leow, Group CEO at Inmagine

Generative AI should be self-regulated, with responsible platforms playing a role to ensure creators can be paid or empowered accordingly. It would be difficult for governments to regulate across geographies.

At Inmagine, we believe generative AI is a game changer that would upend many business models. Ultimately, the dust will settle based on what the consumers want.

Hence, our responsibility lies in balancing user expectations and ensuring we empower our community and contributors to earn amidst a changing market.

Gullnaz Baig, Executive Director, Angsana Council

Multidisciplinary collaboration between those with technical prowess and those who understand society is required to build AI that is safe and equitable by design. While this need should be obvious, we should not expect it to come naturally without considerable pressure.

Given the current race to advance in AI development, a multidisciplinary approach, which could slow down the process, is considered cumbersome. Product development sprints do not lend themselves well to the postulations of policy teams. This is as true for the big tech companies racing to get ahead with their own Foundational Models as it is for startups integrating AI into their offerings.

Also Read: AI revolution: Balancing human empathy and robotic efficiency in customer service

So, we are either left with relying on tech leaders to do the right thing, if they can figure it out, or on states to develop punitive regulations to keep AI development in check.

Yet, regulations, even those as robust as the EU AI Act, are only useful as accountability frameworks. While they are the state’s most vital tool to wield against tech companies, they are also weak. They are often reactive and may struggle to keep pace with the rapid advancements in AI technology. In some cases, regulation kicks in only when the harm has been done.

There is a third option. It enables the state to engage with technologists at a more meaningful level. AI can be developed to check other AIs, ensuring the ecosystem is safe overall. An example is Detect GPT, an AI that helps verify where a text is AI-generated. States should view AI development as an ecosystem. Even as they develop regulations to check risks and harms, they should incentivise the development of AI for safety. National AI strategies should include specific provisions to co-invest in safe AI technology development, seed funding research into AIs to check for discrimination, violation of IP rights, etc., and even provide visa and tax incentives for companies that concentrate on building AI for safety to specifically ensure that on balance the ecosystem is a safe one for all.

The post Experts advocate thoughtful regulation for the rapid rise of Generative AI appeared first on e27.

In November 2022, Singapore-based Muuse launched a partnership with Hawker Centre @ Our Tampines Hub, a facility managed by FairPrice Group’s Kopitiam, to provide a closed-loop reusable container system to reduce single-use waste from landfills.

The container rental system has enabled the shift from disposable takeaway packaging for eight hawker stalls that the startup is working with. According to Muuse, over the period of the pilot project, 608 unique users borrowed 9,608 reusable containers, diverting single-use packaging from waste, which otherwise would have ended up in landfill.

“Over the past five years, our commitment to promoting reuse in Singapore has always included the vision of extending this service to hawker centres. These centres hold immense cultural significance, woven into the daily lives of many Singaporeans. If we are serious about addressing the problem of single-use waste, it is imperative to offer reusable packaging solutions in these essential contexts,” says Muuse CEO Jonathan Tostevin in an email interview with e27.

The system works by allowing consumers to borrow reusable containers for free. Each reusable container is tagged with a unique serialised QR code, which customers scan to borrow using the Muuse app.

Customers had 30 days to return their reusable containers to return points in the hawker centre for cleaning and sanitisation. The system also includes specialised return points for halal reusable containers.

Also Read: What is left behind in our conversation on climate change

According to the company, its tracking system shows that 99 per cent of containers were returned throughout the pilot programme. It offers a range of product solutions, including consumer-facing apps (web and mobile), integration with vending machines, third-party apps, and POS systems, enhancing convenience and engaging users in the reuse experience.

In running this project, Muuse receives support from The SG Eco Fund. It expects to launch a full commercial partnership at another hawker centre in 2024 to help Singapore hit its Green Plan target of reducing the amount of waste to landfills per capita per day by 30 per cent by 2030.

Encouraging reusability

Tostevin says that the practice of reusable packaging in the F&B industry is still in its early phases, with ongoing efforts to enhance the overall service experience, especially regarding the convenience of purchase and return.

The team finds that a lean and agile approach is crucial in the product development process of solutions such as Muuse, allowing them to experiment rapidly in real-world business scenarios.

“At Muuse, our approach to product development is deeply rooted in customer centricity. Our team is dedicated to identifying users’ needs, expectations, and pain points in the reuse service experience. Regular user feedback and proactive engagement on the ground play a pivotal role in continually refining and enhancing our service offerings. For instance, at the hawker centre project in Our Tampines Hub, Muuse conducted multiple rounds of surveys and customer interviews with end-users and hawkers to understand their expectations, contributing to the identification of a more convenient and scalable model for reuse at hawker centres in Singapore,” he says.

Also Read: Demystifying the financial impacts of climate change with Intensel

“The Muuse platform focuses on addressing two primary requirements in the reuse space – achieving traceability of packaging in circulation and retaining/growing consumer participation.”

When asked about the platform’s user acquisition strategy, Tostevin says that numerous F&B businesses have approached them to seek sustainable alternatives.

“Many have already begun transitioning from single-use plastics to more expensive disposable options and are now subsequently exploring the possibility of incorporating reuse into their operations. Many of our clients have internal or externally set waste reduction targets, with packaging constituting a significant portion of their waste stream,” he says.

“However, we understand that the shift from disposables to reusable packaging entails more than a straightforward replacement—it requires adjustments to operational processes, staff training, and effective consumer communication. To address this, we aim to simplify the transition by optimising the user and vendor experience, ensuring it is straightforward and convenient. Our pricing is competitive with single-use packaging, and we strive to provide reusable solutions that benefit both consumers and vendors, such as stackable containers.”

Eradicating single-use waste

The journey of Muuse began as an idea by a group of eco-conscious surfers visiting Bali and seeing everyday trash in the seas, which made them question how the items ended up there.

“We have been privately funded thus far and have sufficient resources to sustain our operations until the end of 2024. Throughout 2024, we are focused on hitting our targets of US$1 million in revenue (3x in 2023) and to break even by the end of the year,” Tostevin says.

“We aim to seek external funding in 2024 to help us scale and hit our targets across the America and Asia regions.”

In its mission to eradicate single-use waste, Muuse wants to extend its smart IoT packaging throughout the F&B sector and beyond while developing both its digital and physical infrastructure on a city-wide scale.

“Our ongoing initiative includes introducing Muuse containers to another hawker centre next year, with plans for further expansion. We are dedicated to broadening partnerships, collaborating with brands such as Starbucks and PepsiCo, increasing revenue and clientele across all our markets, and continually enhancing the convenience and effectiveness of our service for both consumers and vendors. By the end of next year, we aim to have diverted one million single-use items from landfills.”

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Image Credit: Muuse

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Companies in the artificial intelligence vertical raised nearly US$50 billion year-to-date globally, according to data compiled by data analytics company AltIndex.com.

This is the second-highest figure in the global market’s history.

The global AI industry has more than doubled in just three years, reaching a US$240 billion value and a quarter of a billion users worldwide. This impressive growth has drawn much attention from VC investors who poured billions of dollars into AI companies and startups. Despite the VC funding slowdown, the strong fundraising activity continued this year, tuning 2023 into the second-best year for fundraising in the AI market’s history after 2021.

Also Read: Experts advocate thoughtful regulation for the rapid rise of Generative AI

According to Crunchbase data, AI companies and startups raised US$78.5 billion in 2021 alone, more than double the amount seen in 2020. After a fantastic 2021, the fundraising activity dropped by 42 per cent year-over-year, but AI companies still raised a massive US$45.2 billion in 2022.

However, statistics show 2023 was even more successful, with companies and startups in this space raising US$4.5 billion more than last year, or US$49.8 billion in total.

Nearly 60 per cent of that value, or US$28.8 billion, was raised in the first half of the year, showing a slight 4 per cent drop compared to last year. But the fundraising activity soared in the year’s second half, with AI companies raising another US$20.9 billion in funding rounds, almost 40 per cent more than in H2 2022.

While the total funding amount increased by US$4.5 billion year-over-year, the number of investments was below 2022 figures, meaning that AI companies managed to raise more fresh capital in fewer funding rounds. Statistics show the AI industry saw 842 VC investments this year, down from 1,101 in 2022.

With nearly US$50 billion raised in funding rounds this year, the cumulative funding amount in the AI space has climbed to an impressive US$333 billion.

Also Read: ‘Bringing world-class AI talent into Singapore can substantially enrich the industry’

Around 55 per cent of that value, or US$189 billion, went to companies from the US, with California as the leading hub. Asian AI companies raised the second-highest value in funding rounds, or over US$96 billion, and European companies followed with US$35.3 billion in total funding.

The post AI companies raised record US$50B in 2023 globally: data shows appeared first on e27.

Embarking on the venture capital journey is like stepping onto a rollercoaster for entrepreneurs. The ride is filled with exhilarating highs, nerve-wracking twists, and unexpected turns.

Amidst these challenges, one obstacle that entrepreneurs frequently encounter is the silence that ensues after a pitch — the notorious VC ghosting. While this can be disheartening, it is crucial to recognise that it is not the end of the road.

In this article, let’s delve into the reality of VC ghosting and equip entrepreneurs with effective strategies to navigate through this challenging phase.

Researching investors: Choosing the right partners

Before immersing oneself in the intricate world of venture capital, entrepreneurs must undertake comprehensive due diligence on potential investors. Venture capitalists are not a homogenous group; each has their unique preferences and communication styles. Some may even be notorious for their tendency to “ghost” entrepreneurs.

Also Read: Navigating VC funding: The crucial role of a well-managed cap table

It is imperative to select partners who not only boast a successful track record but also share a common vision and values with your venture. This alignment not only enhances the likelihood of securing funding but also establishes the groundwork for a sustainable and fruitful long-term collaboration.

Maintaining calm and persistence: A virtue in entrepreneurship

The post-pitch waiting period can be a nerve-wracking experience. It is essential for entrepreneurs to maintain composure and understand that silence is an inherent part of the venture capital process. Persistence is a key virtue in entrepreneurship, and this situation is no exception.

Following up with potential investors in a professional and courteous manner is essential. Losing composure could have repercussions, as the venture capital community is closely connected, and reputations carry significant weight. Remember, entrepreneurship is a journey, and how you navigate setbacks can significantly influence your path to success.

Diversifying outreach: Avoiding the egg-basket syndrome

Relying solely on a single venture capitalist can be a risky strategy. Diversify your outreach by casting a wider net. Approach multiple venture capitalists simultaneously to increase your chances of receiving positive responses.

A diversified approach not only mitigates the impact of potential ghosting but also exposes your business to a variety of perspectives and opportunities. This increases the likelihood of finding the right match for your venture.

Networking: A lifeline for entrepreneurs

Networking is not merely a buzzword; it is a lifeline for entrepreneurs navigating the challenging terrain of VC funding. Building connections with fellow entrepreneurs, industry experts, and mentors is crucial.

These connections can provide valuable advice, share experiences with VC interactions, and even offer introductions to potential investors. A robust network can open doors and help you overcome the setbacks of ghosting, turning challenges into opportunities.

Pitch refinement: Turning setbacks into opportunities

While waiting for responses, use the time to refine your pitch. Analyse feedback received from previous pitches and make necessary adjustments. A stronger, more polished pitch not only increases your chances of capturing the attention of venture capitalists but also demonstrates your ability to adapt and improve — a trait highly valued in the entrepreneurial world.

Also Read: Who is doing what: Understanding the different job titles in a VC firm

Understanding you’re not alone: A rite of passage

It is crucial for entrepreneurs to recognise that VC ghosting is a shared experience. Every successful entrepreneur has faced setbacks in their journey. Instead of viewing it as a roadblock, treat it as a rite of passage on the road to success. This shift in perspective can help maintain a positive mindset, which is crucial for resilience in the face of challenges.

Utilising interim periods: Strategy for productive waiting

While waiting for responses, entrepreneurs can utilise the interim period productively. This includes conducting further market research, fine-tuning business strategies, and exploring potential partnerships. By staying proactive during this waiting period, entrepreneurs can showcase their commitment to continuous improvement and development.

Leveraging technology: Enhancing communication efficiencies

In the digital age, technology can play a pivotal role in improving communication efficiencies. Entrepreneurs can leverage tools and platforms for automated follow-ups, analytics, and collaborative communication. This not only streamlines the communication process but also demonstrates a commitment to utilising technology for business growth.

Final thoughts

In the unpredictable world of venture capital, navigating through the challenges of ghosting requires a combination of strategic thinking, resilience, and a positive mindset.

By conducting thorough research on potential investors, maintaining calm and persistence, diversifying outreach, leveraging networking, refining pitches, understanding that setbacks are part of the entrepreneurial journey, and utilising interim periods productively, entrepreneurs can increase their chances of success.

In the quest for funding, remember that finding the right investor aligned with your vision is as important as securing funding itself. Stay positive, keep pushing forward, and remember that the journey to success is often marked by hurdles that, when overcome, contribute to the growth and resilience of your entrepreneurial endeavour.

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Earlier in December, Singapore-based Evercomm received The COP28 UAE TechSprint award for solutions that aim to address challenges in sustainable finance in the effort to scale up climate action.

In an email interview with e27, Evercomm CEO Chen Chiu-Hao (Ted) explains how winning this “significant achievement” will affect the company in the long run.

“As we set our sights on COP28, this accolade complements our global engagement strategy by boosting our profile on the international stage. It’s not just an endorsement of our work but also an invitation for global stakeholders to take notice of our capabilities beyond Southeast Asia. This award opens up conversations with international players and lays a foundation for strategic partnerships crucial to our expansion goals,” he writes.

“The prestige associated with this award propels us forward with greater confidence. It reaffirms our strategic direction and fuels our commitment to advancing our international expansion. This recognition will facilitate more accessible entry into new markets, attract top-tier talent, and potentially lead to favourable investment opportunities. Ultimately, the award accelerates our mission to drive sustainable change on a global scale.”

Evercomm harnesses smart sensor and machine learning technologies to provide data-based tools for decarbonisation.

Also Read: B Capital believes in startups, corporates collaboration to bring decarbonisation efforts forward

Founded by NTU graduates and headquartered in the NTU Innovation Center, it offers enterprise end-to-end energy management solutions, including energy data collection, data analysis and insights reporting. Beyond collecting data, it also checks its quality, sifting out unreliable information that may distort the authenticity of the report.

“We aim to address the critical issue of greenwashing in carbon-related disclosures, a prevalent problem that undermines climate change mitigation efforts. Our solution leverages advanced digitisation techniques for more accurate and transparent data collection and verification. This approach enhances the reliability of carbon emission disclosures and significantly streamlines the process,” Ted says.

“Our method is faster and more cost-efficient, enabling organisations to achieve internationally validated results in a matter of days, starkly contrasting to the traditional months-long timeframe. This rapid and affordable validation is crucial for organisations striving to meet global climate commitments.”

Taking part in climate action

Prior to founding Evercomm, the team behind the company had been working on analytics for sustainability in areas such as energy efficiency since 2013. It expands its offerings as customers’ requests come flooding in.

“Recognising this as a natural and strategic extension of our services, we embarked on an extensive research and development process. Our goal was to adapt and enhance our existing analytics frameworks to accurately measure and manage carbon footprints. This expansion to include Scope 1, 2, and 3 emissions was critical. It meant we could offer a holistic view of an organisation’s environmental impact, covering direct emissions, indirect emissions from purchased energy, and all other indirect emissions in the value chain,” Ted explains.

“By doing so, we have positioned ourselves to provide more comprehensive and actionable insights, helping clients make informed decisions in their journey towards reduced carbon footprints and greater environmental responsibility.”

Also Read: India and Southeast Asia’s climate tech sector set to reach US$350B by 2030

Evercomm has a user base that spans various sectors, including manufacturing, heavy industry, real estate, transportation and logistics, construction, agriculture, and data centres.

To engage clients from a wide variety of sectors, Evercomm goes beyond visualisation and reporting in its approach.

“We focus on delivering specific compliance reporting to ISO standards, complemented by digital verification, which resonates with the rigorous demands of our clients. Our emission reduction recommendation engine is a cornerstone of our offering, featuring thousands of equipment specifications, more than 50 proven emission reduction technologies, seamless data integration with a multitude of systems and protocols, and a unique thermodynamic/physics validation system for ensuring data accuracy to avoid garbage-in-garbage-out in AI,” Ted elaborates.

In acquiring potential users, Evercomm employs a multifaceted strategy.

“This includes targeted outreach to sectors where our solutions are most applicable, forming partnerships with key industry bodies, actively participating in relevant conferences and seminars, and showcasing our capabilities through detailed case studies and client testimonials,” Ted says.

“For a climate tech startup like ours, it’s crucial to demonstrate not just the technical robustness of our solutions but also their real-world impact and compliance capabilities. The evolving landscape of environmental regulations and the heightened focus on sustainability credentials necessitates a more nuanced and credibility-focused approach to user acquisition, which we continuously adapt and refine in our strategies.”

Also Read: Mandiri Capital, Investible launch climate tech fund for SEA, Oceania markets

The climate in 2024

Evercomm plans to focus on its strategic global expansion plan for the next year.

“The past year has seen us laying the groundwork in key Southeast Asian markets plus Japan and Taiwan, where we’ve identified significant growth opportunities and demand for our decarbonisation solutions,” Ted says.

“In line with this trajectory, the first quarter of next year is set to mark the inauguration of our first European office. This milestone is a testament to our growth and a strategic move to tap into Europe’s progressive climate policies and advanced sustainability markets. By being proximal to our European clients, we aim to offer more tailored services and strengthen our presence in a region pivotal to the global sustainability dialogue.”

In the next stage, by Q1 and Q2, the company will focus more on establishing a presence in the Middle East.

“Given the region’s increasing investment in various sustainability initiatives, the Middle East expansion is fascinating. Given its traditional reliance on fossil fuels, this move is designed to position us advantageously within a market with high potential for decarbonisation projects,” Ted closes.

“These strategic expansions are carefully selected to align with our commitment to providing localised support and services, understanding regional compliance and sustainability challenges, and enhancing our global reach. By executing this plan, we aim to significantly amplify our impact on international decarbonisation efforts.”

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Image Credit: Evercomm

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Indonesia is one of the world’s largest agricultural nations, with the sector accounting for more than 40 per cent of its total employment. As one of the top 3 sectors in Indonesia, contributing 12.4% to their total GDP, agricultural goods account for a gross production value of approximately 106.54 billion U.S. dollars in 2021.

In order to grow sustainably, the industry will need to overcome challenges such as the limited access to cutting-edge technology and a high learning curve for adoption, as most parts of the agricultural supply chain reside in rural areas with inadequate infrastructure.

Bridging a sustainable agricultural supply chain for B2B and B2C markets

Sayurbox is building Indonesia’s fastest-growing supply chain platform with full integration from farm to end consumer. They serve fresh produce from farms directly to enterprise businesses, general trade, modern trade, and Horeca, as well as their direct-to-consumer e-grocery platform. Operating 24 hours a day, 7 days a week, Sayurbox provides overnight and same-day deliveries.

Sayurbox was founded to provide market access to local farmers through the digitalisation of Indonesia’s agri-supply chain. With more than 10,000 farmers spread across Indonesia, Sayurbox aims to create a sustainable and holistic ecosystem. They serve more than 5,000 SKUs of various products and collaborate with both internal delivery partners and third-party logistics partners who are ready to deliver to the designated location.

According to Metha Trisnawati, Chief Business Officer and Co-Founder of Sayurbox, “We have been focusing our effort in building the end-to-end supply chain infrastructures from the upstream, meaning, we build relationships with and grow our network of farmers and suppliers.”

Also read: The Future of Capitalism: Get the chance to win $5 million worth of investments

The company follows its dedicated social mission with the “Planting Program”, designed to support local farmers and increase the supply of agricultural products. They also implement a Zero Waste program by donating waste (both organic and inorganic) to recipient partners, including Lembang Park Zoo, Taman Safari, Lembang Dairy Farmers, and several others.

The first step to disruption would mean analysing the user segments that empathically profile the existing stakeholders. Thereafter, segmented personalised journeys are orchestrated for precise and tailored communication, enhancing marketing effectiveness through existing customer data.

Through CleverTap’s all-in-one customer engagement platform, Sayurbox is able to monitor the results for different types of communications sent and allow for necessary changes. For example, customers that are not responsive to specific messaging may be retargeted for other forms of marketing communications. Sayurbox can then check which strategies work best to engage customers effectively, By leveraging CleverTap’s segmentation capabilities, Sayurbox could target specific customer groups with tailored promotions, enhancing the overall user experience. This comprehensive solution not only improved customer satisfaction but also contributed to increased retention and conversion rates for Sayurbox, showcasing the power of CleverTap in optimising and maximising the impact of their communication efforts.

“Understanding the right segment has been helping us to improve the retention performance for that segment, and then making sure that we can continuously learn about their behaviour and then tailor into the communication upon switching through the CleverTap platform,” added Metha.

More than numbers

Building the right channels and distribution network is crucial in satisfying the needs of both the B2B and B2C markets. Enhancing click rates and conversions is more than just numbers. It can also create an impact on the customers’ everyday lives. 

For starters, creatively pushing different messaging can become a value-adding experience for those consuming the content they are pushing. For example, households looking for inspiration in meal plans will be able to find a wealth of information through the Sayurbox platform.

CleverTap is making this easier by building easy-to-use, complete and relevant features that are suitable for Sayurbox to manage the different segmentations within the latter’s users. As a result, Sayurbox is able to improve its conversion rate, thereby maximising its influence swiftly.

Metha appreciates this advantage for the Sayurbox team. “The efficient end-to-end setup compared with other platforms has helped us increase productivity during working time.” This helps them serve more farmers’ and clients’ needs and ensures Sayurbox delivers their programs to the right communities.

Also read: Airwallex Singapore in 2023: Growth, partnerships, and talent recognition

A multichannel platform also allows for multiple touchpoints, allowing the company access to helpful customer data and reach its audience from where they are standing. Relying on a single communication channel has never worked to build holistic customer relationships, and Sayurbox understands this on a fundamental level. Metha shared that “Engaging in a multichannel platform has been helpful in defining the journey for each segment. With every hypothesis formed, we onboard them on the first step of the journey, and they are afforded their personal navigation and exploration of the products.”

Metha added, “The ability to have multiple communications to reach our audience has been helpful for us to design and experiment on their effectiveness based on our customers’ lifecycle stage.”

In short, doubling down on personalisation is critical. Businesses must understand that relevant communication is the best way to capture their attention and provide assurance that they are committed to solving their users’ needs. A superior product is crucial, yet effective communication tailored to the customer is transformative.

For more information on how to better engage your customers, visit the CleverTap website. 

To learn more about Sayurbox, visit their website.

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This article is produced by the e27 team, sponsored by CleverTap

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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Neutura, a Jakarta-headquartered carbon removal startup, has secured an undisclosed amount in angel funding for its two biochar projects in 2024.

The names of the investors remain undisclosed.

The announcement was made during the COP28 event in Dubai.

Also Read: Hydrexia enables users to store and transport hydrogen more economically with less space

Founded in 2023, Neutura harnesses the untapped potential of agri-waste to leverage carbon opportunities.

Trees and plants, as biomass, naturally absorb CO2 through photosynthesis yet release it into the atmosphere upon decomposition. Neutura’s mission is to intercept these CO2 emissions by transforming biomass into biochar via pyrolysis, effectively sequestering carbon and preventing its release into the atmosphere.

Biochar is a carbon-rich charcoal produced through pyrolysis. Beyond soil enrichment, it enhances water retention, soil structure, and crop health, reducing reliance on chemical fertilisers for sustainable agriculture.

Neutura biochar serves as a long-lasting carbon-stable material capable of locking carbon for generations. It’s versatile, catering to soil enhancement and construction needs, all while generating carbon credits as an added value.

“We see agricultural waste not as a problem but as a potent solution,” said Laksamana Sakti (Alif), Co-Founder of Neutura. “By converting this waste into biochar, we are tackling multiple challenges–reducing GHG emissions, improving soil health, and creating sustainable farming practices.”

Neutura’s projects aim to transform agricultural waste into valuable resources and reshape the carbon removal landscape by focusing on sustainable waste management in Southeast Asia and Southern Europe.

Also Read: 16 youth ambassadors championing sustainability in e-waste

Neutura’s biochar benefits extend beyond farming, finding uses in metallurgy and cement and improving material properties while reducing environmental impact. The vision is to integrate biochar across industries for a greener planet.

With energy-efficient pyrolysis technology integrated into factories, Neutura’s projects follow a robust, scalable model. It aims for long-term profitability through biochar sales and carbon removal credit generation.

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Singapore’s EDP Renewables APAC secures US$95M from parent firm
It marks the first time the company secured additional backing since Portugal-based renewable energy major EDP Group acquired 91% of Sunseap through its subsidiary EDP Renewables in November 2021.

TikTok partnership reduces GoTo’s burden, pressures Sea: analysts
The e-commerce competition will remain elevated in the next two years. While TikTok and Shopee grapple for market share in Southeast Asia, rivals Shein and Temu could also join the fight.

Patrick Walujo’s Northstar closes SEA early-stage tech fund at US$140M
Northstar Ventures (NSV) I targets consumer internet, fintech, and enterprise software companies that operate in SEA, primarily in Indonesia; It has already backed more than ten startups in the region, such as Gently, Maka Motors, and Locofy.ai.

Delivery Hero trims Berlin workforce, closes Taipei, Istanbul tech hubs
The move is part of the online food delivery company’s plan to boost efficiency; in September, the company was mulling divesting its Southeast Asian business, including Foodpanda.

Biorithm scores US$3.5M for solution that prevents pregnancy complications
Lead investors are Adaptive Capital Partners and SEEDS Capital; Biorithm aims to end preventable pregnancy complications through protocol-based remote monitoring of maternal and fetal biometrics.

India’s Udaan bags US$340M in Series E money
The investors are M&G Plc, Lightspeed Venture Partners, and DST Global; Udaan lets buyers – which include small businesses such as shopkeepers, restaurants, and street vendors – source from a large selection of products at lower prices.

Udaan sacks at least 100 employees
This comes after the online B2B unicorn raised US$340M in Series E money last week; Last November, the company had fired at least 300 employees days after raising US$120 million.

OpenAI suspends ByteDance’s access to ChatGPT for usage terms violations
It was reported that ByteDance has been secretly using OpenAI’s API to train its own large language model at almost every stage, violating the ChatGPT creator’s business terms that forbid users from developing a rival AI model using ChatGPT outputs.

‘Tens of millions’ to enter Web3 through gaming in 2024: GameFi execs
In the last three months, around 1 million — or more — unique active wallets have played Web3 games daily, according to DappRadar data; The casual Web3 gaming space — including mobile games — is where Animoca’s Yat Siu expects to see the most activity.

Recent data shows AI job losses are rising, but the numbers don’t tell the full story
Layoffs are a reality, but AI tech is also enabling business leaders to restructure and redefine the jobs we do; While positions like research and data analysis are in line for AI automation, companies will still need someone to prompt the AI, make sense of the results and take action.

In good times and bad: An outstanding investor will stand by you
To founders, the greatest margin of safety allowing for a good night’s sleep is knowing that investors will be there through the rainy days.

Navigating cybersecurity: Antivirus vs endpoint protection
As businesses grow, upgrading from antivirus to endpoint protection becomes crucial for a proactive cybersecurity defense.

Why 2024 will be interesting for Malaysia’s funding ecosystem?
Funding announcements by institutional investors like Khazanah and KWAP may attract additional private capital to the Malaysian funding ecosystem.

Security breach hits NFT Trader, resulting in major losses
Among the NFTs stolen in this incident are at least 13 Mutant Ape Yacht Club tokens and 37 Bored Ape tokens; Additionally, NFT Trader reported losses involving VeeFriends and World of Women NFTs, cumulatively valued at nearly US$3M.

The challenges ahead for generative AI
Rightsholder advocates are fighting this case convincingly. The outcome remains far from clear though, and could yet upend the practices of leading Generative AI companies like OpenAI and Stability AI.

Top 10 startup founders in the e27 community shaping the tech industry
This feature highlights our top 10 startup founders, offering valuable insights into their journeys and experiences within the ecosystem.

Funding winter hits startups: Scaling down, survival strategies take centre stage
The sudden scarcity of funds forces startups, even unicorns, to cut back as a global correction impacts valuations, triggering survival strategies and caution from investors.

How LUNO Expeditions aims to support early-stage fintech, crypto entrepreneurs
Led by seasoned global investor Jocelyn Cheng, Luno Expeditions will scale up investments to 200-300 per year.

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2023 has been the year of Gen AI, and Asia Pacific has led the way — with two-thirds of companies already investing in Gen AI or exploring potential use cases. More and more companies are investing in such new technologies as a business priority rather than just something “good to have” as leaders assess how to get the most out of every buck. 

In 2024 and beyond, businesses in Asia-Pacific will continue to embrace and leverage emerging technologies for business benefits and growth.

Some of these upcoming trends will include:

Generative AI hype will move from models to operationalisation

In 2024, organisations will continue to innovate and build Artificial Intelligence (AI) models, but, as with previous AI cycles, businesses will need to increase investment in machine learning (ML) operations. 

How quickly and effectively an AI model can make predictions or decisions will be affected by model optimisations, hardware and software optimisations, including CPU accelerators and data preprocessing. To succeed at making improvements to AI models, I urge businesses to deploy them at the edge.

But work does not stop there, as these models will need to be monitored for data and model drift once they are in action. The challenge for businesses would be to address any changes in the data or model and integrate these deployments into existing governance models.

Also Read: ‘Bringing world-class AI talent into Singapore can substantially enrich the industry‘

By ensuring continuous improvement, businesses will have the potential to surpass previous thresholds of success. Model supply chains, A/B testing, and feature store management frameworks will also need to be developed or integrated. For organisations using multi-cloud services and dealing with various data sources they cannot afford to ignore flexible architectures to avoid cloud concentration risks and lock-in.

Multi-cloud and hybrid cloud adoption will lead to distributed architectures

Enterprises are now diving headfirst into the realm of multi-cloud and hybrid cloud strategies by strategically weaving together the finest offerings from different cloud providers tailored to their business needs. 

This trend is set to continue well into 2024 as organisations embark on a quest to fine-tune their cloud expenditures to elevate the effectiveness and dependability of their applications. As the approach matures, it’s not just about optimising costs — it’s a journey toward technical and operational agility to unlock the full potential of distributed architectures. 

Embracing distributed computing is merely the prelude; the key to success depends on the widespread adoption of distributed databases, which should provide the foundation for developers to create innovative architectural models. The cloud revolution is not just about adoption but a combination of optimisation and architectural evolution.

Compute performance demands will be escalated

Meeting the escalating performance demands of applications has become a formidable challenge for enterprises in the modern landscape. This is a primary concern that revolves around the adverse consequences stemming from subpar user experiences. 

Modern consumers anticipate, and in certain instances demand, flawlessly smooth and highly responsive interactions with applications. Any delays in this regard can lead to dissatisfaction and a decline in trust towards the brand. 

Also Read: The synergy of AI and DeFi: Shaping the future of finance

This challenge will likely evolve in 2024 as enterprises embrace the proliferation of interconnected devices, which are all reliant on real-time data exchange across distributed systems to deliver a satisfactory user experience, ensuring that reliable and efficient communication among machines becomes indispensable.

Immediate demand for expertise to keep up with the cost of compute

As businesses increasingly turn to cloud infrastructure and services, the collective expenses associated with data storage, computing power, and egress bandwidth can swiftly strain financial resources and impact overall profitability. 

Beyond the immediate financial challenges posed by computational costs, concerns with vendor lock-in and reliance on specific cloud providers or proprietary technologies and abstractions can also make transitioning to alternative solutions challenging, resulting in substantial migration expenses or operational disruptions.

Mitigating these challenges demands expertise in cloud technologies, software development, and system administration. Enterprises will need to maintain a skilled workforce capable of effectively managing and optimising their applications to provide the best performance while sustaining a competitive cost structure.   

Looking ahead — not only in 2024 but even beyond — innovation and entrepreneurship in the Asia Pacific are on the rise, making it very important to democratise access to new technology for enterprises, regardless of their size and scale. Cloud platforms will need to remain simple, easy to use, and developer-friendly so that our economy’s engines can enjoy long-term benefits and maximise the advancements of emerging technologies.

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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

Image credit: Mahdis Mousavi on Unsplash

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