In an interview with e27, Jonathan Savoir, CEO and Co-Founder of Singapore-based enterprise logistics SaaS company Quincus, explains the three components of Artificial Intelligence (AI) that are being implemented in the logistics and supply chain industry today.

The first component is forecasting which the industry has been actively using in the past few years. Aiming to answer questions such as how to predict supply and demand based on historical trends, this component is helpful particularly when the supply chain goes through restraints, such as during challenging times like the COVID-19 pandemic.

The second component that is heavier on the use of machine learning is the effective use of historical data. There is plenty of documentation works around the supply chain, particularly in customs, and Savoir highlights that the company has begun seeing the use of Generative AI (GenAI) in this sector, though it is still in the early stage.

Last but not least, the component of optimisation, an area that Quincus is focusing heavily on.

“Supply chain before was organised around cost service. For example, how fast can I get goods there with this level of quality of service? [This also includes] the actual cost and the capital that go into it, to invest in getting that service up and running,” he says.

“If you think about the post-COVID-19 supply chain, it is not just about cost anymore. It is about resilience, agility, and also about sustainability. Sustainability has obviously become a hot topic; AI can help in each of those three areas. But in particular around agility and resilience. You can make your supply chain a lot more real-time, more dynamic … which is really how the industry works.”

Also Read: 

Tackling the challenges of AI integration

But when it comes to integrating AI into its operations, businesses in the logistics and supply chain sector face several unique challenges.

It related to the fact that logistics and supply chain is an old industry with plenty of legacy technologies being deployed.

“We see very old technologies such as Excel Sheets and emails … the large part of our supply chain is still organised this way,” Savoir explains.

“The problem is that you have very limited data; it is very asynchronous, not organised. It is also very hard to streamline. That is where things like AI can help us get to the next level by upgrading all of these technologies and then optimise them again, boosting productivity and all of that.”

With an industry of this scale, the “lift and shift” method is just not working, as they need to ensure that the operations can continue to run despite the ongoing transformation.

“We will upgrade, but you must keep the operation running. There is a lot of complexity in there. How do you keep operations running while, at the same time, getting better technologies implemented? That is the biggest challenge,” Savoir says.

“The second is that implementation can often take one to two years before it can be fully deployed. As a consequence of that, you also need to train users who are interacting with the systems; systems and technology changes always require some human change as well. [It also includes] some change management.”

Also Read: 

But the good news is that there is a greater awareness about the need for changes.

“That is probably the best proponent to saying, ‘Okay, what is actually our Northstar?’ Because, often, companies do not particularly have a Northstar when it comes to digital transformation. They want to do something … but they do not really know the strategy around that innovation. So, the recommendation is to really solidify the strategy and take it step by step,” Savoir says.

“Let’s say you have a five-year strategy. What does year one look like? What is the Northstar for that?”

With this growing awareness, Savoir notes that there is plenty of opportunities for startups in the sector–especially when considering the size of the industry.

“Many individuals and companies are still figuring out, ‘Where do I fit in?’ We are still very nascent as an industry to really take advantage of AI, to really take advantage of the more advanced technologies out there, even though that is certainly getting better. This looks much better than five years ago … I think that tells me that there is still quite a bit of space.”

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Image Credit: Quincus

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In times of economic downturn, the need for highly skilled developers becomes even more pronounced. While conventional wisdom might suggest that a recession is a time for belt-tightening and cost-cutting, there are compelling reasons why organisations should prioritise the recruitment and retention of top-tier software developers.

In this article, we will delve into why highly skilled developers are indispensable during economic crises.

Technological resilience

One of the primary reasons why highly skilled developers are essential in an economic downturn is their capacity to bolster technological resilience. These experts possess the knowledge and experience to create robust, innovative solutions to help organisations weather the storm of economic uncertainty.

In challenging economic times, businesses must be agile and adaptable to survive. Highly skilled developers can play a pivotal role in enabling this agility. They can automate processes, streamline operations, and develop digital products that cater to rapidly shifting consumer demands.

Consider the example of a retail company facing declining sales due to an economic downturn. A highly skilled development team can swiftly create and implement an e-commerce platform, allowing the company to reach a broader customer base and offset losses from traditional retail channels. Such digital transformations are possible because of skilled developers’ expertise and creativity.

Cost-efficiency

It might seem counterintuitive, but investing in highly skilled developers can lead to cost efficiency during an economic downturn. Professional developers are often more efficient in their coding and problem-solving abilities. They can identify and eliminate bottlenecks, optimise resource utilisation, and ensure that projects are executed precisely.

In contrast, less skilled developers may require more time to complete tasks, increasing labour costs. Moreover, the quality of their work may need to improve, necessitating additional resources for testing and debugging. In times of financial constraint, organisations need help to afford these inefficiencies.

Also Read: Greentech revolution: Catalysing software’s success to drive a sustainable future

By hiring highly skilled developers, businesses can minimise the time and resources required for project completion, ultimately reducing operational costs. This cost-effectiveness can be a game-changer for companies striving to maintain profitability in challenging economic conditions.

Competitive advantage

Surviving an economic downturn is not just about staying afloat; it’s also about positioning your organisation for future success. Skilled developers provide a competitive advantage that can be a lifeline during a recession. They are adept at creating innovative, high-quality digital products and services that set a company apart.

Consider the fiercely competitive smartphone market. Companies like Apple have consistently maintained their market leadership by delivering cutting-edge technology and user experiences. Skilled developers are at the core of this competitive advantage, constantly pushing the envelope to create products that captivate consumers.

In times of economic uncertainty, consumers become more discerning. They seek value, quality, and innovation. Businesses that invest in highly skilled developers are better equipped to meet these expectations and gain an edge over competitors. While others may be cutting corners and compromising on quality, companies with experienced developers can continue to deliver excellence.

Digital transformation

Economic downturns often serve as catalysts for digital transformation. Organisations that were previously hesitant to embrace technology suddenly find themselves compelled to do so to survive and thrive. This transformation requires expertise in software development, making highly skilled developers indispensable.

Digital transformation involves the integration of digital technologies into all aspects of a business. This can encompass everything from adopting cloud computing and data analytics to creating mobile apps and implementing e-commerce platforms. Highly skilled developers are the architects of this transformation, responsible for designing and building the digital infrastructure that supports it.

Consider the example of a traditional brick-and-mortar retailer. Faced with declining foot traffic during an economic downturn, the retailer launched an online store. This transition involves developing a user-friendly website, setting up secure payment gateways, and implementing inventory management systems. Without highly skilled developers, this transformation would be daunting and potentially insurmountable.

Highly skilled developers possess the technical expertise to execute digital transformation projects and the strategic insight to align them with the organisation’s goals. They can identify opportunities for automation, data-driven decision-making, and enhanced customer engagement—all critical elements of successful digital transformation.

Job creation

While the focus of this article has largely been on the benefits of hiring highly skilled developers for businesses, it’s worth highlighting the broader economic impact of this investment: job creation. In times of economic downturn, job losses are a significant concern, and highly skilled developers can play a role in mitigating this challenge.

Also Read: Tomorrow comes today: How jobseekers can take advantage of the rise of XR tech

When businesses invest in skilled developers, they create job opportunities within their organisations and support ancillary roles in IT, marketing, customer service, and more. For every highly-skilled developer hired, several other positions are often created to help their work and the products or services they develop.

Furthermore, skilled developers can contribute to the growth of the broader tech ecosystem in their region. They often engage in knowledge-sharing, mentorship, and collaboration with startups and smaller businesses, helping to nurture a thriving tech community. This, in turn, leads to additional job opportunities and economic growth.

In conclusion, the imperative for more highly skilled developers during an economic downturn cannot be overstated. These professionals are essential for enhancing technological resilience, driving cost-efficiency, gaining a competitive advantage, facilitating digital transformation, and contributing to job creation.

While it may require an initial investment, the long-term benefits of having a skilled development team are substantial. They can be the key to survival and success in turbulent economic times. Organisations that recognise the value of highly skilled developers and prioritise their recruitment and development will be better positioned to navigate the challenges of economic downturns and emerge stronger on the other side.

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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: Canva

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Surge, a rapid scale-up programme run by leading Indian and Southeast Asian VC firm Peak XV Partners (earlier Sequoia Capital), has launched its ninth cohort featuring 32 founders across 13 early-stage startups.

Cohort 09 also marks Surge’s foray into the greater Asia Pacific by including Australia-based startups.

Also Read: Sequoia India & Southeast Asia rebrands as Peak XV Partners

“As we kick start new company-building journeys with our Surge 09 founders, it is clear that we are witnessing the incredible growth of AI and deeptech innovation, as well as the abundant talent in these sectors emerging from Asia,” said Rajan Anandan, Managing Director, Peak XV and Surge.

Below are the brief descriptions of the 13 companies of the cohort-09 of Surge.

A stealth mode startup

An AI platform that helps software teams increase productivity by providing contextual answers for their codebase.

Dozer

Dozer is an open-source data infrastructure platform that helps data scientists and engineers build highly scalable, real-time data APIs in minutes.
Founders: Matteo Pelati and Vivek Gudapuri.

Elivaas

Elivaas is a tech-driven villa and luxury apartment management company that allows owners to monetise, monitor, and maintain their vacation homes in India.
Founders: Karan Miglani and Ritwik Khare.

Ethereal Machines

Ethereal Machines is an advanced manufacturing company that produces precision engineering components through its proprietary multi-axis
computer numerical control (CNC) machines.
Founders: Kaushik Mudda and Navin Jain.

Horizon Quantum Computing

Horizon makes software development tools to unlock the potential of quantum computing hardware.
Founder: Joe Fitzsimons.

Also Read: Tencent, SGInnovate join US$18.1M Series A round of Horizon Quantum Computing

InCore

InCore is a fabless semiconductor startup focusing on building RISC-V-based processor solutions for industries, including industrial automation and consumer electronics.
Founders: Arjun Menon, Gautam Doshi, GS Madhusudan, and Neel Gala.

Mercu

Mercu is an employee engagement platform for companies to hire, train, and engage with their frontline teams.
Founders: Elliott Gibb and Jascha Zittel.

Mindgrove

Mindgrove designs India’s cost-effective and scalable microprocessor technology for the global semiconductor market. The company designs System-on-Chips (SoCs), integrated circuits combining an electronic device’s elements onto a single chip instead of separate components.
Founders: Sharan Srinivas J and Shashwath T R.

Neurowyzr

Neurowyzr is a healthtech company developing state-of-the-art technologies to mitigate early brain decline.
Founders: Pang Sze Yunn and Navdeep Vij Singh.

Also Read: Healthtech startup specialising in brain health Neurowyzr raises US$2.1M

Newtrace

Newtrace is a climate tech startup that manufactures innovative electrolysers to produce green hydrogen efficiently and affordably.
Founders: Prasanta Sarkar and Rochan Sinha.

Pix.ai

Pix.ai is an AI-powered anime art generator. The platform equips users with a range of tools and character generation templates to create personalised anime art.
Founders: Alvin Li, Raven Gao, and Veronica Liao.

Relevance AI

Relevance AI is a machine learning startup on a mission to help companies build an AI workforce that automates workflows with no code.
Founders: Daniel Vassilev and Jacky Koh.

ZeroK

ZeroK is an AI platform that helps developers troubleshoot production incidents faster. ZeroK is an Observability copilot that intelligently performs checks to guide developers to root causes faster, reducing downtime.
Founders: Mudit Krishna Mathur, Varun Ramamurthy, Samyukktha Thirumeni, Shivam Nagar.

Surge 09 started last week, and the founders are going through a 16-week hybrid programme focused on company building. Past Surge speakers and mentors have included William Tanuwijaya (Tokopedia/GoTo), Siu Rui Quek (Carousell), Patrick Collison (Stripe), Nithin Kamath (Zerodha), Kunal Shah (CRED), Gaurav Munjal (Unacademy), Sanjeev Bikhchandani (Info Edge), Amrish Rau (Pine Labs), Chatri Sityodtong (One Championship), Andre Soelistyo (GoTo), Vidit Aatrey (Meesho), Jaspreet Singh (Druva), Girish Mathrubootham (Freshdesk).

Surge’s curated community of startups now includes over 330 founders and 140 startups across 16-plus sectors, and they have collectively raised over US$2 billion in follow-on funding.

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Image credit: Surge.

The post A sneak peek into Peak XV-run Surge’s cohort 09 startups appeared first on e27.

Licensed and registered in Singapore, Indonesia, Thailand, and Malaysia and operating in Vietnam, Funding Societies (known as Modalku in Indonesia) provides business financing to SMEs. In addition, it offers payments and collections intending to solve SMEs’ cashflow management challenges.

The finance platform claims it has achieved over US$3.2 billion in business financing, processing over 5 million transactions and serving about 100,000 SMEs across Southeast Asia. In late September, the fintech firm announced a US$27 million in debt fundraising led by AlteriQ Global, with participation from Aument Capital Partners and Orange Bloom.

Shortly after the funding announcement, e27 spoke with Funding Societies’s Co-Founder and CEO Kelvin Teo.

Below are the edited excerpts from the interview:

What unique financing solutions do Funding Societies offer to underserved SME segments in its five markets, and how do they address the specific needs of these businesses?

We see many underserved MSMEs/SMEs across our five operating countries, from sole proprietors to small listed companies, including traditional SMEs to startups. Typically, these businesses come to us for their first-time business loan, top-up to bank loans, fast credit approval and flexible financing options.

Also Read: SME lender Funding Societies nets US$27M debt funding

Our financing solutions come in the form of term loans, invoicing financing, and micro-loans ranging from US$500 to US$2 million, catering to businesses of various stages and needs. Many of these businesses use the funds for working capital or as bridge loans to scale their businesses.

Could you provide insights into Funding Societies’s growth and impact in Southeast Asia? For instance, how has the company contributed to the growth of SMEs in the region?

In 2020, we collaborated with the Asian Development Bank (ADB) to survey the social and economic impact of our lending in Singapore, Indonesia and Malaysia. Our regional impact survey found that Funding Societies-backed MSMEs and SMEs contributed US$3.6 billion to gross domestic product (GDP) via the multiplying impact of direct, indirect and induced economic effects, resulting in around 350,000 new jobs.

Funding Societies emphasises its environmental and social management System. Could you explain how this system works and how it benefits both the company and its clients?

We started implementing our environment and social management system (ESMS) in early 2023 across all our markets. The ESMS is a set of processes and procedures that allow us to assess borrowers from an environmental and social risk perspective instead of only from a financial risk perspective. It is a concrete way to integrate ESG considerations into our core business by embedding them in our credit assessment process.

Also Read: Funding Societies enters neobanking space with investment in Indonesia’s Bank Index

Through our added ESG lens, we will be able to increase the ESG exposure to our borrowers, thereby allowing them to stay updated with market developments on ESG. The design of the ESMS was done through technical assistance from one of our debt investors and with the support of PwC Netherlands.

Can you share some success stories or examples of how SMEs have benefited from Funding Societies’s financing and cashflow management solutions?

Shop Patrol is a Singapore-based e-commerce firm for the latest premium quality furniture. It works on a pre-order model and needs occasional working capital to purchase new stocks and meet growing customers when its current customers are late in making payments.

Using Funding Societies’s business expense solution Elevate and credit line, Shop Patrol maintained a steady cash flow for stock purchases and a scalable payments and sales cycle to boost its business by 70 per cent.

How has Funding Societies adapted to the evolving fintech landscape in SEA, and what strategies have you employed to stay competitive and innovative?

Since our inception, we’ve progressively evolved our business annually to build a resilient SME financing platform, as SME credit is a hard business and a big pain point for SMEs. We stay competitive by many lead bullets rather than a silver bullet.

Also Read: Funding Societies acquires payments solution startup CardUp

In 2021-22, we’ve grown from financing to cards, payments, collections and accounts, with the acquisition of payments FinTech CardUp and partnerships. The strategic expansion positions us to be a closer financial partner for SMEs.

Could you elaborate on the role of technology and data analytics in your credit assessment process for SMEs seeking loans?

We’ve used technology and data to improve customer acquisition, operating leverage and credit assessment. Specifically for credit assessment, we combine traditional and alternative data to increase credit approvals using AI, digitalising and simplifying the application process, and offering and deepening our product suites, e.g., Syariah, car dealer financing. This is reflected in our NPS survey, whereby SMEs choose us for our speed, ease of application and flexibility.

Given the significant role of SMEs in SEA’s economy, what long-term vision does Funding Societies have for supporting and empowering these businesses in the region?

Funding Societies’s vision is to empower SMEs and uplift Southeast Asian societies by giving every SME a fair opportunity for growth. The love of money is the root of all evil, but money is key to social mobility, business growth and innovation.

We believe that one day, we’ll move from alternative to mainstream financing. And we can further simplify financing and empower SMEs with financial management, which is being accomplished by our cash flow management platform Elevate.

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Image Credit: Funding Societies.

The post Funding Societies hopes to move from alternative to mainstream financing one day appeared first on e27.

Earlier this year, Samsung Electronics banned its employees from using popular generative artificial intelligence (Gen AI) tools such as ChatGPT after discovering staff uploaded sensitive code to the platform, The Straits Times wrote.

Incidents such as this created an uneasy feeling about the security aspect of popular GenAI tools. But what exactly can businesses do to protect their data?

To answer this big question, e27 spoke to Geoff Thomas, SVP in APJ, at data solutions company Qlik.

“We will not stop the innovation around this kind of model. It is a good thing; we want that. But our position is to help organisations have their data host in order,” he says.

For Qlik, this involves building a data fabric to integrate or unify different data sources, environments, and pipelines to understand the lineage of data and where it comes from. But Thomas explains that the most pressing issue that companies are facing today is finding that balance between protecting their data and maximising the use of innovative tools.

Find out how they can get there in this interview. The following is an edited excerpt of the conversation.

Also Read: 

How exactly can we achieve a balance between innovation and data protection?

They must build a governance model, particularly in organisations in highly regulated environments such as the public sector, banking and financial services. So, they need to build a data framework, a governance model around how they are accessing data, which employees can access data, and how they integrate different data sources.

It needs to be driven by the CFO or CEO. That is why these days, nearly every organisation has a Chief Data Officer who does not report to the CIO; it is no longer considered a technology function. It is a critical business function.

It is nice to be sponsored by the CEO as they need an overall data strategy around it. Because, even if you get all the right technology and bits in place if you have a data-illiterate workforce, then that is going to limit us as well. So, it is all about having a top-down strategy around data governance, a framework for data.

It is no longer the domain of data scientists in white coats, locked away in a cupboard somewhere. Democratisation is probably an overused term, but it gives everyone the benefits.

In Southeast Asia (SEA), is there any aspect of this market that are more urgent for businesses to tackle when it comes to security?

Singapore and SEA are probably our fastest-growing markets; India is another example. It is a vibrant market. [There is a] huge opportunity here with data.

Also Read: 

Qlik is working with [businesses in SEA] to help them have the right platform and strategy in place around data quality. When I started in the industry many decades ago, it was a “garbage in, garbage out” principle. This means you do not have quality data, you do not know where that data came from, how it is being used, or who has access to it.

It is understanding the lineage of the data as you have data coming from multiple sources. It could be operational legacy systems, mainframe systems, or cloud systems. They could be trying to stream that data in real-time into a platform such as Snowflake or their cloud platform of choice. So it is about getting that foundation in place. And that is what we do.

Two of the largest vertical industries we work with here in Singapore are banking and financial services and the public sector. They are heavily regulated industries.

When it comes to the use of GenAI … How do they ensure that they are getting the benefits of those platforms when having a situation like Samsung, where their crown jewels are disappearing into the ether? Again, it goes back to building trust. We are helping these customers build a framework where they can trust the data, where it comes from, and how clean it is.

So we released a set of OpenAI connectors so our customers can use the platform. But if they want to augment that with Gen AI models such as chat GPT, we have connectors for that.

The year 2024 is coming soon. What do you think businesses should prioritise regarding AI and security next year?

I think some of the biggest priorities [include] having a robust data strategy. Data privacy is still going to be very, very important, particularly in some of the heavily regulated industries. We know what the ramifications can be if sensitive customer data gets out … so security will continue to be really important.

Also Read: 

The hallucination rate of GenAI models is around 15 to 20 per cent. So, 80 per cent of the time, they give useful feedback and information, but 20 per cent of the time, they are making a guess.

I have been around long enough in this industry to know that it is not going to stop; what will accelerate is the pace of innovation. Everyone is talking about ChatGPT, for example, but it will be something else tomorrow. These things are going to continue to be refined. So, it is harnessing the power of that to help them drive innovation without creating potential security issues. Another [trend] around GenAI will be, what is the business use case where they can get benefits?

If you read the CIO Survey, you will see investment growing in data and cybersecurity. These two are obviously intertwined and will continue to be big focuses.

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Image Credit: Qlik

The post Leadership is key in promoting data literacy, governance in organisations: Qlik’s Geoff Thomas appeared first on e27.

Singapore-based electric vehicle (EV) charging operator Charge+ has secured an undisclosed sum in a Series A financing round led by TRIVE Venture Capital.

The battery startup will use the funds to accelerate the expansion of its charging infrastructure locally and regionally.

Also Read: Is ‘shadow charging’ the answer to the many challenges faced by existing EV charging stations?

The funds raised will support two key priorities. Firstly, Charge+ will fulfil an ongoing tender contract awarded by the Singapore Land Transport Authority (LTA) to provide approximately 4,000 EV charging points in HDB public housing car parks.

Secondly, it will implement a 5,000km EV charging highway across five Southeast Asian countries.

Charge+ is an integrated EV charging solution provider serving Singapore and Southeast Asia. Its solutions include a proprietary ultra-slim charger, smart charging software, and innovative business models.

Also Read: NEU Battery Materials scores US$3.7M for sustainable recycling of Li-ion batteries

The firm has installed over 1,000 EV charging points in public housing, condominiums, shopping malls, commercial buildings and industrial facilities. Its slim design and dual-connector configuration allow for increased utilisation. It aims to achieve 30,000 points globally by 2030.

It also operates in Malaysia, Thailand, Vietnam, Indonesia and Cambodia.

The Singapore government has announced a target of 60,000 EV charging points by 2030. Additionally, research from Power Technology Research indicates the Southeast Asian region is expected to install about 202,000 EV charging points by 2026.

Also Read: ‘Singapore isn’t ready for mass adoption of EVs yet; hybrid may be better for the present’

In addition to building its own infrastructure, the firm will partner with other regional EV charging operators to leverage its proprietary mobile application and expand the network. Such roaming arrangements had been signed with Malaysia’s Tenaga Nasional Berhad (TNB), Thailand’s Electricity Generating Authority of Thailand (EGAT) and Indonesia’s PT PLN so that Charge+ app users can conveniently access a wider pool of EV chargers in the respective countries.

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Image Credit: Charge+

The post TRIVE VC leads Series A round of EV charging operator Charge+ appeared first on e27.

Dear Pro member,

The Gaza Strip has long been an unexpected tech hub, with an emerging ecosystem of talented tech freelancers, startups, and international collaborations. Despite its economic challenges, the region attracted the attention of global tech giants like Nvidia, which employed hundreds of engineers. The Palestinian tech ecosystem has seen investments of up to US$10 million, with initiatives like Gaza Sky Geeks providing pre-seed investments, training, and resources for entrepreneurs.

However, the recent escalation of hostilities has obliterated much of the progress made in Gaza’s tech sector. The destruction of infrastructure, including ISPs and universities, has left the tech industry in shambles. Electricity and internet access have been cut off, and many fear their safety, with frequent evacuations due to airstrikes.

This situation not only affects Gaza but also has ripple effects on the entire Palestinian tech scene. It’s particularly tragic given the growth and promise the region has shown in recent years, with companies attracting international clients and employment opportunities.

The conflict serves as a stark reminder of the fragile nature of tech ecosystems in conflict zones and the profound human impact when conflicts disrupt lives and the hopes and aspirations of tech workers and entrepreneurs striving for a better future.

It is hoped that peace can be restored, allowing the rebuilding and recovery of Gaza’s tech industry, which holds great potential for innovation, growth, and connectivity.

Sainul,
Editor.

================

SG competition watchdog raises concerns over Grab, Trans-cab deal
The CCCS stated that licensed ride-hailing operators in Singapore are prohibited from imposing exclusive arrangements’; Based on third-party feedback, it found that the deal may discourage Trans-cab drivers from using rival ride-hailing platforms.

MoneyHero cuts loss by 56% in H1 ahead of SPAC listing
MoneyHero started trading on the Nasdaq after merging with the SPAC, Bridgetown Holdings; The transaction values MoneyHero at an enterprise value of around US$310M and an equity value of roughly US$283M after reflecting net proceeds from the deal.

Philippine HR tech firm Sprout inches closer to profits in 2022
Sprout narrowed its losses before tax to about US$23.5K in 2022; This is a drop from roughly US$48.6K in 2021; Revenue grew 39% year on year to US$7.2M in 2022; The firm claims to have over 1,000 clients, including Lalamove, Foodpanda, and Canva.

MoneySmart hits profitability, eyes IPO by 2025
MoneySmart also said it hit operating profitability for the first half of this year; After aborting a US$161.7M reverse takeover deal to go public late last year, the company said it intends to pursue an IPO within the next two years.

CoinGecko remains profitable in crypto winter
While the crypto company didn’t disclose exact financial figures, it said that its revenue in 2022 was eight-figure and that it aims to hit an annual revenue of US$100M by 2026.

Quest Ventures invests in robotic prosthetics startup Vulcan Augmetics
Vulcan Augmetics makes wearable biosignal sensors and software that digitise the fitting and rehabilitation process for assistive devices; There are an estimated 57M amputees globally, with over 500,000 in Vietnam.

AMODA secures funding to enhance construction process in Indonesia
Lead investors are East Ventures and Living Lab Ventures; The startup uses cloud manufacturing and prefabrication technology to build solutions for individuals and businesses in Indonesia; The firm has a portfolio of over 200 construction assets.

Science Fund, Quest Ventures to bolster Kazakhstan startup ecosystem
Science Fund will leverage the extensive international network of Quest for research commercialisation, while the latter will draw from a deep pool of top scientific talent and ideas.

Japan-based Josys takes SaaS solution to Indonesia with new partnerships
Part of Josys’ service is to help enterprise clients manage the lifecycle of company-owned laptops, mobile phones, and other devices; The partnerships let the company expand this service across APAC; Josys recently raised US$93M in Series B.

Upbit Singapore secures provisional license for local digital assets biz
The approval allows the crypto firm to continue offering regulated digital payment services to both retail and institutional investors in the city-state until it gets the full license.

Tokopedia founder offloads US$1.7M in GoTo shares
William Tanuwijaya sold 332,220,000 series A shares of GoTo Group; The sale cut William Tanuwijaya’s stake in the company from 1.77% to 1.72%, though he remained GoTo Group’s biggest individual shareholder.

Spotify is launching a personalized in-app Merch Hub
Merch Hub provides personalised merch recommendations based on one’s listening habits; Previously, one could purchase artist merch from individual artist profiles and release pages; Now, you can access all artist merch in one dedicated place.

Palestine’s growing tech industry blown apart by Israel-Hamas war
International companies have, for many years, sought out a presence there to collaborate both with talented tech freelancers, and the startups which gradually emerged from the region.

Decoding technology’s future at She Loves Tech global conference 2023
She Loves Tech is a global platform committed to closing the funding gap for women in tech and women-impacted tech solutions.

Why India needs to improve access to instant healthcare solutions
The accelerating need for medical care is steering the country in the right direction in the midst of a Medtech revolution.

Mind the gap: How understanding the brain can help your startup succeed
Unlock the potential of neuroscience as your ally in the startup world and discover how to harness its power for your success.

VC deal-breakers: How anti-dilution clauses could sink your startup
Every term sheet is negotiable, and it’s in your best interest to seek legal counsel to ensure your startup’s future remains secure.

US Navy Chief Digital Transformation Officer reveals why most transformations fail
When it comes to digital transformation, Dr Patrick O’Connel highlights the importance of having a steady, strong budget.

How these SEA tech companies are using AI to improve their offerings
These two tech companies have used AI to help predict demands during the pandemic and answer customers’ questions about property price.

Diverse startups secure impressive funding this week
A week of noteworthy VC investments saw startups in telehealth, reseller ecosystems, embedded fintech, insurtech, and Web3 securing funds.

How a 10-day silent retreat made me a better investor
Vipassana taught me to focus on my breath and little by little I noticed myself redeveloping a sharp focus I hadn’t experienced in years.

What facilitates the adoption of digital currencies in Southeast Asia?
A number of countries in the region, including Indonesia, Myanmar and Cambodia, are working on digital currencies.

Back to the future: Why VR is the future face of education
This infographic reveals what Southeast Asia can learn from the US on the implementation of VR in e-learning.

Vietnamese delivery app Loship enhances customer experience with unique podcast feature
Loship introduces a novel podcast feature for customers, attracting over 100K listeners monthly and setting itself apart in the food delivery market.

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The pandemic changed how companies hired — it moved from looking for specific skills rather than proven competencies in a particular industry as companies saw the gap in their skill pool. The pandemic also saw people actively reskilling and upskilling themselves as they realised the need for more tech knowledge and digital know-how, as remote work became a norm.

Consider this: PWC’s The Future of Work report highlights that two out of five people around the world believe that traditional employment won’t be around in the future. Instead, people will have their own ‘brands’ and sell their skills to those who need them. In fact, people are more likely to see themselves as members of a particular skill or professional network than as an employee of a particular company. 

Skill-based hiring vs industry-based hiring

Skill-based hiring looks at a candidate’s holistic skill set, which transcends across verticals and industries. Industry-based hiring, as the name suggests, depends on a particular industry experience, last job title, and the educational or vocational degree of a candidate. 

Ideally, a hire should demonstrate a healthy mix of skills and industry-based learning, but the need also depends on which role you are hiring. For a tech-based job, skills matter more than educational qualification and past experience, but for a creative job, past experience and mettle matter more. 

Employers, increasingly, are leaning towards hiring on the basis of skills and competencies rather than focusing on advanced degree completion as a prerequisite. This has resulted in cross-industry hiring and filling in-demand roles more effectively. However, this has also led to people being unemployed because their experience doesn’t account for much anymore if they don’t have the prerequisite skills. 

Before an employer starts the hiring process, it is imperative to note the pros and cons of both — skill-based hiring and industry-based hiring — to proceed.

Also Read: Why inclusive hiring matters for a startup ecosystem

Do you want a diverse talent pool?

The companies, with or without tech at its core, now seek talent that is resourceful, adaptable and resilient, thanks to the advent of COVID-19, which brought with it various business challenges. Tech skills are in demand and easily transferable across sectors and industries, whereas experience in the same industry needs upskilling in most cases.

For HR to evaluate people on their skill sets instead of work experience helps create a diverse pool of talent within an organisation, which leads to better problem-solving in a crisis, bringing and implementing fresh ideas.

Considering people with the same industry experience remains important when seeking top candidates in a company, for they know the pitfalls and how to avoid roadblocks, how to motivate the team members and bring soft skills to the table such as communicating efficiently and quickly, ability to work with various teams, and prioritise.

Do you have the bandwidth to train?

According to an HBR article, JPMorgan Chase added US$350 million to their US$250 million plan to upskill their workforce. Amazon is investing more than US$700 million to provide upskilling training to their employees. PwC is spending US$3 billion to upskill all of its 275,000 employees over the next three to four years.

Digital transformation, tighter budgets, and rising inflation have led companies to cut down drastically on budgets that were earlier kept for training their existing workforce. With the demand to ‘hit the ground running’, HR is looking for people who come with the required skills when joining a company.

However, many organisations are still making an effort to train their existing workforce, for they have the industry know-how and are equipped to translate a crisis into a win-win when equipped with better skills. This also ensures a good career progression for the employees as well, apart from them being loyal to your organisation. 

Also Read: A paradigm shift needed: Hiring within the tech startup ecosystem

Which skills are important for your organisation?

On LinkedIn, one can see an increase of 21 per cent in job postings that now advertise skills and responsibilities rather than just listing out qualifications and industry-specific requirements.

However, the Future of Work Trends 2022 report says that 69 per cent of companies value a person’s curiosity and willingness to learn more than their degree and experience. Though technical know-how is valued more now, it is important to gauge for an organisation whether it wants to hire on the basis of foundational and transferable skills as well. 

While evaluating applicants, companies are now increasingly focusing on degree and industry-based experience as hygiene instead of hiring on the basis of skills and competencies.  

With people increasingly switching from their core industry to unchartered territory, it has become imperative to assess candidates on the basis of skill sets more than ever. While experience trumps the top and middle order, companies are relying on people with the required skills, especially at the junior level. 

Going forward, it is a given that skill-based hiring will overtake industry-based hiring, but it will also lead to more upskilling of the resident talent within a company. 

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India, a rapidly developing nation, has experienced an astounding surge in energy demand in recent years, trailing only behind global giants like the United States and China. With daily consumption reaching five million barrels of oil, it comes as no surprise that India’s appetite for energy is insatiable.

India’s rising oil dependency

However, this voracious demand has its consequences. In the fiscal year 2021-22, India imported a staggering 212.2 million tons of crude oil, a significant increase from the previous year’s 196.5 million tonnes, according to the Petroleum Planning and Analysis Cell (PPAC).

This rising dependence on oil imports, now standing at 86.4 per cent for April 2022-23 compared to 85.9 per cent in the previous year, has both economic and environmental ramifications.

The ever-increasing demand for oil has led to rising prices, adversely impacting India’s macroeconomic parameters. As oil imports swell, so does the country’s vulnerability to international price fluctuations and geopolitical disruptions.

However, the concerns extend beyond economics. Carbon emissions, a consequence of burning fossil fuels like oil, have severe environmental and health implications. With the recent geopolitical challenges affecting global supply chains, India’s reliance on oil imports has become even more precarious.

Biofuels: A sustainable solution

One promising solution to reduce India’s dependence on oil imports is biofuels, specifically biodiesel and bioethanol. These renewable energy sources have the potential to make significant strides in curbing carbon emissions, enhancing energy security, and mitigating forex outflows.

Biofuels, particularly bioethanol and biodiesel, have a unique advantage in the fight against carbon emissions. Unlike fossil fuels, biofuels contribute to a net reduction in carbon emissions. During the growth phase of the raw materials used in biofuel production, a substantial amount of CO2 is absorbed, helping to counterbalance the emissions produced during combustion. This aligns with India’s objectives to address climate change and enhance the overall quality of the environment.

Another factor that makes biofuels an attractive option is their compatibility with a wide range of vehicles. Flex Fuel Vehicles (FFVs) are designed to run on various fuel combinations, including 100 per cent ethanol, petrol, or a mix of both, with E85 (85 per cent ethanol and 15 per cent petrol) being a preferred choice.

Biodiesel, on the other hand, blends seamlessly with conventional diesel, typically in ratios like B5 and B20. Even petrol vehicles can accommodate low-level ethanol blends like E10 (10 per cent ethanol and 90 per cent petrol). This versatility encourages a smooth transition to biofuels across different vehicle types, promoting their widespread adoption.

Biofuels also offer economic advantages. Currently, they are priced between 10 per cent to 20 per cent lower than fossil fuels, shielding consumers from the volatility of international fossil fuel prices.

Moreover, biofuels are entirely produced within India, eliminating the vulnerability to forex currency fluctuations that import-dependent fossil fuels face. This stability ensures more predictable and affordable costs for consumers, highlighting the advantages of domestically manufactured biofuels.

The Indian government has shown commitment to reducing oil import dependence and promoting biofuels. Initiatives like the Ethanol Blending Programme (EBP) aim to cut carbon emissions, boost farmers’ incomes, and reduce crude oil imports. Notably, the target for 20 per cent ethanol blending in petrol (E20) has been accelerated to 2025 from the initial target of 2030.

The current regulatory environment in India is favourable for biofuels. Over the last five to six years, policies have mandated the use of biofuels across various industries, driving up demand and adoption.

To further accelerate the adoption of biofuels among petrol consumers, greater transparency is needed in the retailing of biodiesel, bioethanol, and bio-CNG. This transparency will foster increased confidence and facilitate the widespread adoption of biofuels on a larger scale.

As India grapples with its ever-increasing energy demand and the economic and environmental challenges posed by oil imports, biofuels emerge as a viable and sustainable alternative. These renewable energy sources offer economic stability, carbon emission reduction, and flexibility in fuel choices.

Through government initiatives and a favourable regulatory landscape, India has the opportunity to significantly reduce its dependence on oil imports, enhance energy security, and combat climate change. The path to energy independence is clear, and biofuels are the key to unlocking India’s energy future.

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Talent acquisition has become a competitive sport in today’s fast-paced job market. Recruiters and hiring managers constantly seek top-notch professionals who can bring value to their organisations.

Many have turned to talent marketplaces, platforms designed to connect employers with potential candidates to achieve this. While these marketplaces have their merits, they also face a significant challenge: the dichotomy between active and passive job seekers.

The challenges of talent marketplaces: The active-only conundrum

Talent marketplaces have traditionally focused on active job seekers. These individuals actively search for new career opportunities, update their resumes, and apply for job openings. They are the low-hanging fruit of recruitment, easily accessible and readily available. However, here lies the issue: active job seekers make up only a fraction of the talent pool.

The elusive software engineer

Nowhere is this more evident than in the tech industry, where software engineers are in high demand. These professionals possess specialised skills and knowledge vital in the digital age.

Yet, the number of active software engineer job seekers is disproportionately low. They often receive multiple offers and are constantly fielding inquiries from headhunters. This need for more active software engineers exacerbates the fierce competition among recruiters.

LinkedIn’s unique position

LinkedIn, the world’s largest professional network, has carved out a unique space in this landscape. It functions as a hub for both active and passive job seekers. Unlike traditional talent marketplaces, LinkedIn allows individuals to maintain profiles and professional networks even when not actively job hunting. This means that recruiters can tap into a broader pool of potential candidates.

Also Read: Are you a human resource?

The one-source dilemma

However, despite LinkedIn’s versatility, it, too, faces a common challenge shared with traditional talent marketplaces: reliance on a single source of candidates. While LinkedIn offers a vast network of professionals, it’s still just one platform. Relying solely on LinkedIn can limit a recruiter’s access to diverse talent, potentially leading to a talent shortage.

The balancing act

So, how do we strike a balance? How can we tap into the most significant talent pool while focusing on specific, high-demand groups like technology engineers?

The answer lies in diversifying recruitment strategies. LinkedIn is a powerful tool, but it should be just part of a comprehensive recruitment approach. Here are some strategies to consider:

• Leverage multiple platforms: Explore other job boards, industry-specific forums, and social networks to find active and passive candidates.
• Employee referrals: Encourage current employees to refer potential candidates. They may have connections to passive job seekers who are an excellent fit for your organisation.
• Networking events: Attend industry events, conferences, and meetups to connect with professionals in your field. These gatherings are excellent opportunities to identify both active and passive job seekers.
• Recruitment agencies: Partner with specialised recruitment agencies with access to niche talent pools.
• Online communities: To identify potential candidates, participate in online communities, such as forums and discussion groups related to your industry.
• Proactive talent pools: Build and maintain your talent pool of passive candidates for future hiring needs.

Talent acquisition in the digital age requires a nuanced approach. While talent marketplaces have their place, they should not be the sole source of candidates. Balancing the needs of active and passive job seekers, especially in high-demand fields like technology, demands a multifaceted strategy.

By diversifying your recruitment efforts and exploring various channels, you can access a broader range of talent and increase your chances of finding the right fit for your organisation. Ultimately, it’s about creating a harmonious blend of active and passive talent to thrive in today’s competitive job market.

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