Singapore has positioned itself as a beacon in global startups and venture capital, ranking among the top ten startup ecosystems worldwide alongside major tech hubs like Silicon Valley, New York, and London.

This achievement is particularly noteworthy as Singapore is the sole Southeast Asian representative on this prestigious list, even amidst the challenges of a funding winter in the region. The number of unicorns has surged from 11 to 18, with four exits exceeding US$1 billion, led by Grab’s remarkable US$40 billion exit.

Singapore presents many opportunities for early-stage startups, as it saw a 33 per cent increase in early-stage deals. However, with a robust Singapore startup community, a pertinent question arises: How can early-stage startups distinguish themselves and navigate the competitive landscape to achieve success? This becomes crucial in a landscape where standing out from the crowd is imperative for the survival of emerging ventures. The following strategies can guide these startups toward success.

Understand the market and your target audience

Singapore serves as a gateway to Southeast Asia, a region with varying levels of digital economic maturity. Early-stage startups must set their sights further than Singapore and understand the specific cultural nuances and preferences of each market they plan to enter.

Also Read: Why Singapore’s traditional sectors need a digital makeover

To stand out, startups need to tailor their solutions to the specific conditions of each market they plan to enter. Differences in internet penetration, mobile phone usage, and e-commerce adoption require a nuanced approach. This includes recognising distinctions between urban and rural areas by addressing the digital economic divide faced by consumers outside cities.

Hence, early-stage startups must tailor their services accordingly. For example, a startup developing an e-commerce platform may need to consider offering cash-on-delivery options for rural customers who do not have access to online payment methods.

Building a product that is scalable by leveraging technology

In an increasingly scrutinised funding landscape, scalability is key to attracting interest and securing funding. Private funding in SEA has declined to its lowest level in six years, with 87 per cent of investors finding that fundraising has become more challenging and 88% of investors feeling they are facing a more difficult exit environment.

Early-stage startups should leverage their agility and lack of legacy systems to implement innovative technologies to scale, especially with the rise of AI. Some key considerations include implementing efficient data management, continuously monitoring the performance metrics of products, putting in place automated processes, as well as employing cloud-based solutions.

With these tools, startups can streamline operations, enhance efficiency, and gain a competitive edge, setting the stage for future success in a challenging funding environment.

Tapping into available resources

The dynamic startup ecosystem in SEA has bright spots such as Singapore and Indonesia, which offer robust government and private support, providing startups with essential resources for growth. Early-stage startups should actively seek opportunities, such as engaging with networks of industry experts or participating in programs and competitions organised by local entities.

For instance, in 2021, a logistics startup mentored by organisations like TiE Singapore secured approximately US$30,000 worth of startup resources at an event organised by Enterprise Singapore, a government agency supporting small and medium enterprise development. This success story underscores the tangible benefits of proactive engagement with available resources and the importance of leveraging the support systems embedded in the thriving SEA startup landscape.

Also Read: TiE Global Summit 2023: Connecting Singaporean startups to the world

Building connections and networks

Connections and networks are the lifeblood of early-stage startups, especially in a landscape where resources and recognition are limited.

In the complex terrain of regulatory demands and cultural nuances, actively connecting with local accelerators, incubators, and government agencies is not just advisable for startups — it’s imperative. These connections offer vital support, resources, invaluable market insights, access to distribution channels, and expansive customer networks crucial for growth.

A transformative impact of networking and mentoring is evident in the success story of Playgames 24*7 Pvt Ltd., an online gaming company. The three co-founders initially crossed paths at a TiE seminar, and since then, they have received unwavering support from the TiE community. This collaborative ecosystem has not only served as a foundation for their entrepreneurial journey but has also provided access to a network of experienced leaders in the industry.

The ripple effect of such holistic support is exemplified by how the gaming company now boasts a valuation of US$1.5 billion. These networks provide more than just resources; they offer invaluable benefits like mentorship, shared insights, and a sense of community. This helps propel startups towards success by laying the groundwork for sustained growth and expansion.

Singapore’s rise as a top global startup and venture capital hub underscores its resilience in the face of regional funding challenges. With an increase in unicorns and exits, the city-state provides a promising landscape for early-stage startups.

Success hinges on understanding diverse markets, demonstrating scalability, accessing available resources, and building strategic networks. By leveraging innovative technologies and fostering key connections, startups can navigate the competitive landscape and ensure their success in SEA’s dynamic startup ecosystem.

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While working in the hydrogen industry in China, Alex Fang realised that the real bottlenecks limiting the scale of hydrogen application are the safety and costs in the storage and transportation chain. He thought technology could drive down costs and enhance safety.

“However, I could not create technology from scratch. So, we conducted in-depth research with a couple of my business partners, searching extensively globally for application cases that had attempted to use magnesium alloy. In April 2023, we officially rolled out our magnesium-based solid-state technology for storage and transportation,” he recalls.

That was the beginning of Hydrexia.

Also Read: On the precipice of energy transition

Founded in 2016, Hydrexia provides solutions for hydrogen production, storage, transportation, and end-use applications. Based in China with offices in Singapore, Malaysia, and Australia, it enables users to store hydrogen more economically with less space and weight, at much-reduced pressure and with increased safety.

Magnesium-based hydride’s non-flammable and non-explosive properties allow for ambient pressure and temperature transportation without leakage or evaporation concerns. This ensures secure hydrogen storage and transport, even in densely populated areas.

“Our solution outperforms conventional industry approaches in safety, storage density, ease of use, sustainability, and cost-effectiveness. It is designed to mitigate the limitations of the conventional hydrogen storage methods,” claims Fang.

“In addition, our storage technology can effectively eliminate impurities such as carbon monoxide (CO) and hydrogen sulfide (H2S), resulting in an improved purity level of hydrogen. The hydrogen released from magnesium-based hydride meets stringent purity requirements for various industrial uses, including fuel cell applications,” he adds.

The startup serves customers across the entire industry value chain, covering hydrogen purification, storage and transportation, and end-use applications (upstream, middle stream, and downstream).

Fang claims Hydrexia has built a solid customer base, including Fortune 500 companies across China, Southeast Asia, Australia, Europe, and the US.

According to Fang, Hydrexia has faced many obstacles in the different phases of its development, particularly in the early stages, including finding a proper testing facility for its R&D and lack of funding.

The company has thus far completed four rounds of private equity financing, raising RMB500 million (US$70 million). It is now raising a strategic financing round, which is expected to be closed by the end of January 2024.

Also Read: How to navigate the investment opportunity in climate tech sector

The money will be used for R&D and to improve the current magnesium-based solid-state technology.

In October, Hydrexia became one of the 25 Asian companies graduating from the PETRONAS FutureTech 3.0 programme.

“Our mission is to empower the transition to sustainable green energy. As a technology-driven company, we will continue to embark on the path of technological innovations to serve hydrogen storage and transportation needs,” he concludes.

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In the dynamic e27 community, diverse voices actively shape discussions on emerging technologies and innovation. This feature spotlights our top 10 contributors, all distinguished investors, whose strategic insights and financial acumen significantly impact the startup landscape. Their nuanced perspectives within their respective domains offer a valuable glimpse into their experiences and provide insights for those navigating the intricate pathways of the ever-evolving startup ecosystem.

Jayne Chan

Chan leads StartmeupHK at Invest Hong Kong (InvestHK), an initiative supporting overseas founders of innovative startups in setting up or expanding in Hong Kong. The services include providing information on the local startup ecosystem, connecting individuals to the startup community, hosting events, and fostering a conducive environment for startup growth.

“With global attention on climate issues and the critical need for action to secure a livable future, the transformative power of technology can be pivotal. We expect to see more greentech companies coming out of Asia, poised to tackle the specific challenges that prevail here.”

Jimmy Ng

Ng, a VC at Gobi Partners GBA, sources, selects and supports startups in Hong Kong and GBA. Embracing Gobi’s core mindset, borrowed from Thomas Tsao, is that great entrepreneurial talent is evenly distributed around the world, but access to opportunity is not.

“Founders, there will always be some parts of your startup operating in a ‘duct tape’ mode where things are being done improperly, barely manageable, and unscalable.

Prioritise fixing duct tapes in critical areas, including:

• Founding team dynamics and morale
• Burn rate/runway
• Product-market fit/sales.

Without these three, everything else is meaningless in this market.”

Liu Genping

Genping is a Partner at Vertex Ventures Southeast Asia & India, with a keen interest in tech and startup investments. He focuses on early-stage TMT sectors in Southeast Asia, particularly in internet/mobile and enabling technologies.

Also Read: Top 10 contributors in communications and marketing excellence

Looi Qin En

Looi, a Partner at Saison Capital, actively leads pre-seed and seed investments in fintech, B2B commerce, and Web3 startups.

“The convergence of fintech and blockchain is the seismic shift that will reach its defining moment in the coming year. Despite US$100 billion+ invested in fintech to date, we still face many challenges – it still remains expensive, slow and inefficient to move money across borders. With the blockchain’s transparent and tamper-proof ledger, 2024 might just herald a new era where money isn’t just transferred; it’s transformed.”

Michael Proman

Proman serves as the Managing Director and Partner at Scrum Ventures, contributing to the growth of the Bay Area-based firm and the establishment of their first vertically-focused fund in sports and entertainment.

“Now is a prime time for entrepreneurs, but funding is becoming more selective, emphasising the need to attract and retain fans while leveraging new technologies for growth. In the sports industry, innovation is crucial, yet it tends to lag behind. Startups often focus on specific solutions, overlooking the transformative potential of technology for the holistic fan experience. Drawing insights from industries like travel, which has tackled similar challenges, can provide valuable guidance for staying ahead of the curve.”

Michelle Ng

Michelle Ng serves as the Head of Environmental, Social, and Governance at Quest Ventures. In this role, she collaborates closely with startups, overseeing their growth acceleration through a blend of incubation services and programs while also taking charge of key markets in Southeast Asia and emerging Asia.

Also Read: Top 10 contributors steering innovation in the tech community

“The silver economy’s full potential is yet to be harnessed by investors and entrepreneurs. Longevity serves as a macro tailwind, driving the digitalisation of healthcare, caregiving consolidation, and the rise of technologies like blockchain. Investors increasingly focus on key areas within the senior-centric healthcare sector, such as telemedicine, wearable devices, and patient analytics.

Early-stage social enterprises in Singapore are entering a rapidly evolving tech-enabled silver marketplace, providing a testing ground for innovative ideas before potential expansion into larger markets like Japan and China. With the right funding at the right stage, startups in the silver economy can optimise their business models for a growing consumer class and capitalise on the maturing silver market.”

Nicko Widjaja

Nicko Widjaja, Founding CEO of BRI Ventures, leads the corporate VC initiative backed by Bank Rakyat Indonesia in Jakarta. With over a decade in venture capital, corporate transformation, and the startup ecosystem, Widjaja was previously the Founding CEO of MDI Ventures, a Telkom Indonesia-backed venture capital firm with investments spanning over 10 countries.

“It goes without saying that venture capital in Indonesia is an exceedingly risky and competitive business. With high stakes, we in the corporate venture space tend not to get too excited when startups show us their ‘magnum opus’ or various forms of get-rich-quick schemes that come with their budding companies. Instead, we’re looking for plays that can help us satisfy a more nuanced double bottom line.”

Olena Petrosyuk

Olena Petrosyuk, Partner at Waveup, advises global firms on market entry, valuation, and fundraising. She has secured over US$1 billion in funding, facilitating rounds ranging from US$1 million to US$100 million for startups across sectors from Brazil to China, including B2B SaaS, healthtech, and Web3.

Also Read: Top 10 startup founders in the e27 community shaping the tech industry

Rachel Lau

Rachel Lau is Managing Partner at RHL Ventures, a private investment firm focusing on growth capital investments in Southeast Asia and the US region.

“AI hardware chips will likely be the driving force as the innovation cycle becomes shorter each year!”

Sophie Chiu

Sophie Chiu is Principal at AppWorks, a startup accelerator and early-stage VC firm in Greater Southeast Asia. The six-month AppWorks Accelerator admits 20-30 startups per batch, boasting over 500 active startups and 1,500+ founders in its extensive alumni network. With a total AUM of US$400 million, AppWorks is dedicated to supporting founders in Greater Southeast Asia.

“Tough markets make great founders outshine more. Don’t lose hope, and keep up the good fight.”

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In my post last week, I wrote about the highlights of this year’s regulatory updates. This time around, this article will focus more on several notable news in the funding space, especially by local institutions that may be interesting for startups. 

Khazanah is Malaysia’s sovereign wealth fund responsible for managing and preserving the nation’s wealth. It is also in charge of making “strategic investments” for the country. In 2021, Khazanah announced the Dana Impak fund (impact fund), an RM6 billion (US$1.2 billion) fund to be deployed over five years in six areas ranging from digital society, health, education, social mobility, food and energy security to climate-related startups. 

In March, Khazanah announced its partnerships with two global VCs, 500 Global and Gobi Partners, to get more investments into Malaysian startups. 

Note that Khazanah as a fund also invests in startups, usually in larger ticket sizes. This year saw several startups, notably insurtech startup PolicyStreet as its lead investor in the RM67 million (US$15.3 million) and agritech startup BoomGrow via Khazanah’s backed Gobi Dana Impak Ventures (GDIV) fund for an undisclosed sum.

More institutional funding in the startup ecosystem?

In September, Kumpulan Wang Persaraan (KWAP) (‘Retirement Fund (Incorporated)’, a public pension fund for civil servants, announced an RM500 million (US$107 million) Dana Perintis (‘pioneer fund’).

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

The fund will be deployed by KWAP directly in direct investment into startups and via ‘fund on the fund’ to identified VCs and accelerators within the next “18 to 24 months”. In 2017, KWAP invested in Uber on its Series G round for the sum of RM170 million (US$30 million). KWAP is one of the several government-linked investment companies in the country. 

Consolidation of the government’s funding agencies under Khazanah

The prime minister announced this year that two government funding agencies, Penjana Kapital and Mavcap, will now be placed under Khazanah’s purview. To summarise, both of these entities invest in local VC fund managers via the ‘fund of fund’ structure. Fund managers may be keen to hear updates in the coming months, perhaps on its new funding direction.

In a World Bank study on Malaysia’s funding ecosystem, which I co-authored in 2022, one of the policy recommendations that we’ve suggested to address the funding gap was for the government to act as the anchor investor to crowd in more private capital into startups. 

More corporate ventures and “innovation centres” via the Future Malaysia Programme

I anticipate more companies embarking on new corporate venture capital (CVC) and “innovation centres” activities, especially involving publicly listed companies. 

To date, CelcomDigi and Sime Darby Plantations, both Khazanah’s portfolio companies, have announced their own type of “innovation centres” to promote innovation and entrepreneurship together with Plug and Play APAC, a global innovation platform. 

Also Read: A year in review: 2023 regulatory updates impacting startups in Malaysia

Another new entrant in the ecosystem is Antler, a global VC fund that may also lead to new startup creation and new deal flow. The news reported that Antler had completed its first cohort and is now inviting aspiring founders to apply for the second cohort. 

These partnerships came from Khazanah’s “Future Malaysia Programme”, an RM180 million (US$38 million) initiative by Khazanah to partner with local and foreign ecosystem enablers to grow the startup ecosystem. 

Securities Commission of Malaysia via Capital Markets Malaysia, its affiliate arm, is also actively promoting more publicly listed companies to get involved in corporate venture capital programmes. So, we may hear more news from the corporate sector in the coming months.

These initiatives may likely increase the number of new startups in the coming months in the ecosystem. The accelerator and incubator may also increase the chances for the startups to survive and get funding as the founders get access to experts and mentors in the programme.

In the recent article, I wrote about the regulatory updates, including the extension of the current tax incentives for angels and VC funds and additional funding in the equity crowdfunding and peer-to-peer (P2P) financing space. These efforts may help in ensuring continuity to get more private capital in the ecosystem.

As always, the devil is in the execution. Ease of doing business is a major issue that policymakers need to address as we strive to create a more vibrant funding landscape for Malaysia. As a startup lawyer who regularly deals with the ecosystem, I am hopeful to see more Malaysian startups get funded in 2024. 

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In the ever-evolving landscape of cybersecurity, businesses are confronted with a dynamic array of threats that demand more sophisticated defence mechanisms. While traditional antivirus software has long been a stalwart guardian against known malware, the growing complexity of cyber threats necessitates a shift towards a more comprehensive solution — endpoint protection.

In this article, we will delve into the differences between antivirus and endpoint protection, outlining when and why businesses should consider upgrading to the latter.

Coverage

Traditionally, antivirus solutions focus on individual files or the entire system. While endpoint protection encompasses the entire endpoint environment, this solution extends coverage to include a broader range of security measures.

Adaptability

Antivirus relies on predefined and known signatures. Antivirus solutions will struggle with newer, unknown threats and are generally more reactive in nature. Meanwhile, endpoint protection incorporates advanced features like behavioural analysis, heuristics, sandboxing, and machine learning, making it more proactive and adaptable to emerging threats.

Management and control

Antivirus is often standalone with limited centralised management capabilities. Endpoint Protection is designed for centralised management, enabling administrators to monitor and control security measures across multiple devices within an organisation.

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

When should businesses consider upgrading?

As businesses grow and face more sophisticated threats, the scalability and advanced features of endpoint protection become crucial for effective defence.

Here are a few questions businesses should ask themselves:

• Am I dealing with more than just known malware? Have we encountered emerging and unknown threats like targeted phishing attacks, ransomware, and Advanced Persistent Threats (APTs)? As a benchmark, businesses with less than US$1 million in annual revenue are less likely to attract advanced attackers. Hence, they would be considered in the low-risk bracket. Businesses with US$1 million to US$10 million revenue would be considered medium risk, and any business with more than US$10 million revenue would be at high risk.
• Is my IT team struggling to keep up with security concerns? Do they require more centralised management over security control? As a benchmark, businesses with less than 10 employees would have a low priority. Businesses with 10 to 100 employees would have a medium priority, and it becomes a significant pain point for businesses with over 100 employees.
• Is my business dealing with sensitive data, intellectual property, or customer information that could be attractive to cyber threat actors?

Final thoughts

The cybersecurity landscape demands a proactive and adaptive defence strategy, making the shift from antivirus to endpoint protection a logical and imperative step for businesses as they grow.

As the threats continue to evolve, endpoint protection provides a broader set of tools and features to safeguard not only against traditional malware but also the multifaceted challenges posed by the modern cyber landscape.

By understanding the differences and recognising the need for a more comprehensive solution, businesses can fortify their defences and navigate the digital frontier with greater confidence and resilience.

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01Fintech, a growth-stage private equity firm founded by a former Ant-Group executive, has invested US$20 million in Validus, a small-and-medium-enterprises (SME) supply-chain financing platform with operations in Indonesia, Singapore, Thailand and Vietnam.

The investment will enable Validus to accelerate its expansion plans in fast-growing markets like Indonesia and enhance its technology innovation.

Also Read: Validus, TTC Group, Do Ventures form JV to boost SME lending in Vietnam

Founded in 2015, Validus drives financial inclusion and prosperity for small businesses by leveraging data and AI to drive growth financing to the under-served SME sector. Its offerings include loans, business accounts, corporate cards, payments and expense management.

To date, Validus claims to have disbursed more than US$3 billion in loans to small businesses across Southeast Asia.

Validus is headquartered in Singapore and has a presence in Indonesia, Singapore, Thailand, and Vietnam.

Validus’s other backers are Vertex Ventures Southeast Asia and India, Vertex Growth, FMO, and several major East Asian financial institutions, including NorinChukin Bank and NongHyup Financial Group.

Southeast Asia represents a tremendous US$490 billion SME financing gap opportunity for specialised digital lenders with strong credit assessment capabilities. The Asian Development Bank estimates that SMEs make up 97 per cent (71 million) of all regional enterprises (71 million), employ 69 per cent of the labour force and contribute significantly to 42 per cent of the GDP.

Also Read: Validus teams up with Nafoods to provide business financing to farmers, distributors in Vietnam

Still, most SMEs do not have access to sufficient credit and liquidity required for their daily working capital needs. Over 60 per cent of these private enterprises cannot get loans when needed; operators and their employees are forced to live cash-in-hand, creating a bottleneck for growth.

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Biorithm, a Singapore- and US-based company developing cutting-edge solutions for personalised connected maternity care, has secured US$3.5 million in Series A funding.

The round was co-led by Adaptive Capital Partners and SEEDS Capital.

The funding will be utilised to double down on expanding the reach of Biorithm’s connected pregnancy management solutions across Southeast Asia and the US. A portion of the capital will go into R&D.

Also Read: Revolutionising Singapore’s healthcare amidst demographic shifts and economic demands

The medtech firm will use the capital to fortify its US market entry and growth strategy and pursue breakthrough research.

Biorithm aims to end preventable pregnancy complications (which result in mortality for 800 women daily) through protocol-based remote monitoring of maternal and fetal biometrics.

Its Femom technology facilitates patient monitoring, accessibility of personalised guidance, and integration of predictive analytics that help clinicians identify early signs of complications.

“There is a collapse of maternal care driven by socio-economic factors and limitation of current monitoring technologies in many regions across the world, and we are hard at work to solve this problem in partnership with the wider health ecosystems at play,” said Amrish Nair, Founder and CEO, Biorithm.

Also Read: Decoding digital preferences: A glimpse into the future of health tech ecosystem in SEA

Having completed clinical trials with healthcare institutions in Singapore and the UK, Biorithm will expand its clinical trial footprint to more priority markets. To strengthen the women’s health ecosystem, it will chart out and foster key partnerships with various stakeholders globally to improve maternal and baby health through data and personalised and accessible care.

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

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

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

The neuroscience behind collaboration

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

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

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

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

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

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

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

The cornerstones of high-performing teams

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

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

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

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

Leadership: The neuroscience of influencing teams

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

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

Cultivating a growth mindset in teams

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

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

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

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

Leveraging diversity for team innovation

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

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

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

Building resilience in teams

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

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

Measuring and sustaining performance

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

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

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

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

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

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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Dear reader,

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

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

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

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

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

Sainul,
Editor.

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News

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

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

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

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

Top news of 2023

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

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

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

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

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

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

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

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

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

Most-read articles of 2023

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

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

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

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

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

Top authored articles of the year

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

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

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

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

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

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

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

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

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

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

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

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

The post Ecosystem Roundup: TikTok invests US$1.5B in Tokopedia, and this year’s top stories appeared first on e27.

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

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

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

Comprehensive security assessment

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

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

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

Update and patch management

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

Employee training and awareness

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

Implement Multi-Factor Authentication (MFA)

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

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

Data encryption

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

Incident response plan

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

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

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

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The post Cyberwatch 2024: A startup’s guide to a secure future appeared first on e27.