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Biotech co-working provider NSG BioLabs concludes US$14.5M financing round 

NSG BioLabs, a provider of biotech co-working laboratory and office space in Singapore, has announced completing a US$14.5 million financing round led by Asian private equity firm Celadon Partners.

ClavystBio, a life science investor and venture builder set up by Temasek, also participated in the round.

With the new capital, NSG BioLabs intends to enhance its products and services and introduce additional facilities to meet the growing demands of biotech startups and multinational companies in Singapore and Southeast Asia.

Also Read: How NSG BioLabs aims to nurture biotech innovation in Singapore and beyond

In addition, NSG BioLabs has secured partnerships with government agency Enterprise Singapore and science and technology company Merck to bolster the biotech landscape by providing funding, expertise and networks to advance startup R&D. It has been part of EnterpriseSG’s Startup SG Accelerator since 2019.

Started in 2019, NSG BioLabs develops solutions in the health, biomedical, agrifood, and industrial biotechnology sectors, working in precision medicine, nucleic acids, AI-enabled drug discovery, and synthetic biology.

The co-working space firm provides biotech startups and multinational companies private and shared laboratory spaces, offices, equipment, privileged access to service providers and suppliers, and community engagement.

NSG BioLabs currently houses over 40 innovative companies in its co-working biotech laboratory in Singapore. The residents include several multi-billion-dollar multinationals and promising startups that have achieved key milestones.

In partnership with EnterpriseSG, NSG BioLabs will invest in and nurture more high-potential biotech startups, in particular, expanding support for those with promising innovations in fields such as precision medicine, with the aim of fast-tracking the development and commercialisation of such deep tech solutions.

Also Read: Farquhar, Korea’s S&S Lab collaborate to support biotech, foodtech startups

After its first site opening in November 2019, NSG BioLabs expanded with its second site in August 2021 and recently 2023 with its third site. Now, it has three sites totalling 35,000 square feet.

X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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Gig workers crave traditional benefits enjoyed by their fulltime worker peers. Jod aims to bridge the gap

Last week, Jobs on Demand (Jod), Singapore’s multi-industry flexible on-demand gig work platform, introduced JodRewards, an initiative designed to motivate users to complete tasks on the Jod platform while extending worker benefits to those engaged in the gig economy. The launch followed a local survey among 1,000 Jod Members, revealing that eight out of ten respondents felt deprived of traditional employment benefits as gig workers.

Comprehensively tailored to meet the unique needs of gig workers, JodRewards seeks to elevate the support and security standards within the gig economy by affording gig workers the same benefits full-time employees enjoy. The programme, currently boasting an estimated 60,000 Jod Members, has witnessed over 1,000 active engagements and a redemption of 65,000 points (equivalent to S$$12,755 worth of rewards) since its soft launch in April.

These points, earned based on user tiering and total hours worked per job, can be redeemed for various rewards, including transport, meal, and grocery vouchers, with values of up to S$20 each. Additionally, members can partake in challenges. Nearly 800 members engaged in challenges throughout April, earning points that can be exchanged for benefits such as paid break time and paid annual leave, providing a financial payout for rest days.

“In our inaugural year at Jod, we are targeting to disburse over 1 million JodPoints, translating into more than S$200,000 in cash benefits to our members. This initiative is expected to bolster our platform’s fulfilment rate by 25 per cent while simultaneously reducing no-shows and cancellations by 30 per cent,” says Sebastian San, Country Manager (Singapore) at Jod, in an email to e27.

“Additionally, we are committed to elevating the safety and security of our gig workers. We plan to roll out enhanced protection measures and a broader range of benefits to ensure a safer and more supportive environment for our members very soon.”

Also Read: CreditEase, Plug and Play invest in Smile API, an employment data startup targeting gig workers

San further explains that the company’s user acquisition strategy is designed to be as dynamic and diverse as the gig economy itself and tailored to meet the needs of the particular job in demand and its members.

“We employ a multifaceted approach that includes leveraging digital marketing to reach a broad audience efficiently, implementing referral programmes that incentivise our current users to bring in new members, and forming strategic partnerships with key employers and sectors relevant to our services,” he says.

“Furthermore, we strongly emphasise building a supportive community that benefits both Jod Members and employers, ensuring that we meet the evolving needs of all stakeholders. The expansive data analytics and market insights have also allowed us to refine our strategies, improve job matching accuracy, and ultimately increase fulfilment rates across our platform. Our goal is to not only attract new users but also create a thriving ecosystem where all participants can find value and opportunities.”

Empowering gig workforce

Jod, a mobile-first digital platform, aims to streamline the process for employers to find and manage their workforce efficiently. With a focus on simplicity, flexibility, and accessibility, Jod utilises technology to create user-friendly products.

Established in 2015, the company introduced Southeast Asia’s pioneering gig work platform, JodGig.

Since 2020, Jod has operated as a subsidiary of Janakuasa, a prominent Singaporean energy multinational corporation, as part of its newly launched New Ventures division. As a member of the Janakuasa group, San says that Jod takes pride in aligning with an organisation renowned for its innovation and commitment to sustainability. While Janakuasa focuses on providing sustainable energy solutions, Jod harnesses the spirit of empowerment to support gig workers through innovative platforms and technologies, contributing to the advancement of the gig economy.

Also Read: The future of the gig economy: How to scale your sales workforce

“Leveraging Janakuasa’s expansive pool of resources has allowed Jod to develop robust and extensive research aiming at our target audiences, enabling us to continually enhance our app and services to stay tip-top and relevant. Additionally, this affiliation allows us to reach an established customer base and significantly broadens our market reach. It also lends us credibility and strengthens our position in the market by associating us with Janakuasa, a respected and trusted brand,” San explains.

“These benefits collectively fuel our mission to empower the workforce of tomorrow and drive our growth in the gig economy.”

The Singapore team at Jod comprises 15 dedicated members across various functions, including product development, business development, marketing, operations, and customer and business support.

“We cultivate a culture of collaboration and inclusivity, recognising that every individual’s contributions are integral to our collective success. By fostering an environment where diverse perspectives are valued, we empower our team to innovate, problem-solve, and drive growth effectively,” San says.

Looking forward to 2024, Jod is gearing up for regional expansion into the Philippines, Malaysia, and Vietnam.

“As part of this expansion strategy, we plan to expand our team further, bringing onboard new talent to bolster our capabilities and extend our impact across the region. With a commitment to excellence and a collaborative mindset, we are poised to navigate the challenges and opportunities of our expansion, driving towards our vision of empowering the gig economy and fostering sustainable growth in Southeast Asia.”

Image Credit: Jod

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Singapore’s Earth VC, Tesla co-founder invest in French aerial inspection startup HyLight

The HyLight team

Singapore-based climate-tech investor Earth Venture Captial has co-invested in Paris-based aerial inspection startup HyLight’s EUR3.7 (US$4) million investment round.

Y Combinator, Ring Capital, Kima Ventures, and Collaborative Fund are the other investors.

Tesla co-founder Marc Tarpenning also participated.

Also Read: AI can bring more intelligence and automation into drone industry: Aerodyne CEO

The round will help HyLight conduct its first large-scale operations and expand its network of strategic partnerships. The capital will also support the recruitment of experts in aviation regulation, embedded systems, hydrogen systems, mechanical engineering, industrialisation, and software development. The firm will also use a portion of the money to develop new versions of its airship drones, meeting stringent aeronautical and industrial standards.

“This round of financing is a decisive milestone for HyLight. It allows us to realise our vision of providing large-scale infrastructure inspection in a decarbonised and highly precise manner.”, said Martin Bocken, CEO of HyLight.

Founded in 2022 and located in Brétigny-sur-Orge, HyLight is an aerial inspection company. Its flagship creation, the HyLighter, is a hydrogen-powered airship drone capable of collecting vital data over extensive distances without emitting greenhouse gases.

At the heart of HyLight’s technology is a sophisticated blend of artificial intelligence (AI) and computer vision capabilities. The airship drones are equipped with HD cameras and advanced sensors such as LIDAR and thermal infrared that can capture ultra-precise data over large areas, facilitating the early detection of faults and anomalies.

The drones detect previously uncollected data, transmit it securely, and generate detailed reports for preventive measures.

The drones have a flight autonomy of up to 10 hours and a range of 350km.

Also Read: Aerodyne partners with DroneDash for cross-border delivery services between Singapore, Malaysia

In under two years since launching, HyLight has developed seven iterations of its airship drone, logged over 150 hours of flight time, and secured inspection contracts with Enedis, Europe’s largest power line operator, to pilot its innovative aerial inspection solutions.

X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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8 AI startups to showcase cutting-edge solutions at Echelon X

Echelon X

We are 7 days away from Echelon X! Visit Echelon X to learn more about the program. Get your tickets here!

At its core, Echelon serves as a platform dedicated to gathering key innovators with the goal of fostering collaboration among startups, investors, corporates, SMEs, government bodies, and various ecosystem players by offering valuable tools and knowledge.

This annual gathering, attracting top brands and industry figures, grants attendees exclusive access to market insights, growth initiatives, a digital marketplace, market entry strategies, brand enhancement opportunities, and a platform for networking and collaboration among the region’s most promising innovators.

Scheduled for May 15-16, 2024, at Singapore EXPO Hall 2, Echelon X embarks on a mission to fortify the resilience of the tech ecosystem. By fostering deeper collaboration, disseminating cutting-edge knowledge, and propelling collective innovation, this edition promises to be a beacon of transformative change.

A highlight of Echelon X is the Exhibitors feature, showcasing the most innovative products and services from today’s most exciting startups across the region. Participants will have the opportunity to explore groundbreaking solutions, forge strategic partnerships, and chart the course for future success in the dynamic landscape of technology and entrepreneurship.

AI at the forefront of today’s most exciting emerging technologies

AI  stands at the forefront of technological innovation, captivating industries and individuals alike with its transformative potential.

As an emerging technology, AI holds the promise of revolutionising nearly every aspect of human life, from healthcare and transportation to finance and entertainment. Its ability to analyse vast amounts of data, recognise patterns, and make autonomous decisions surpasses human capabilities, offering unprecedented efficiency and accuracy. Moreover, AI’s adaptability and continuous learning capabilities mean that it can evolve and improve over time, constantly pushing the boundaries of what is possible.

The allure of AI lies in its capacity to tackle complex problems and streamline processes in ways that were once unimaginable. By automating routine tasks, AI liberates human labour, allowing individuals to focus on higher-level strategic thinking and creative endeavours. Furthermore, AI-driven insights and predictions empower businesses to make data-driven decisions, optimise operations, and gain a competitive edge in today’s fast-paced world.

Its potential to enhance productivity, drive innovation, and solve some of society’s most pressing challenges make AI one of the most sought-after innovations of our time, promising a future where technology serves as a powerful force for positive change. With that, get to know these exciting AI startups that will be exhibiting their products and services at Echelon X!

8 AI-driven startups to showcase at Echelon X

  1. PixCap is the first to deliver a cloud-based 3D Animation Solution for collaborative 3D animation creation with AI motion capture, drag-n-drop animations, and user-friendly UX.
  2. FinbotsAI offers an AI-powered credit scorecard system, enabling rapid development of high-performance risk models across the credit lifecycle, with intuitive management and accessibility for small lenders.
  3. azgo is an AI-driven travel price comparison app aiming to reshape trip planning with AI-powered price comparison, diverse experiences, and rewards, fuelled by a community of adventurers.
  4. Staple’s deep learning platform allows users to see extracted data, and make edits to continuously improve data capture behaviour — all with a simple point-and-click interface.
  5. DevRev’s OneCRM, purpose-built for the SaaS vertical, comprises three modern CRM apps for support, product, and growth teams. It connects end users, sellers, support, product people, and developers, reducing 9 business apps and converging 6 teams onto a common platform.
  6. Autom8e transforms small businesses globally to thrive by operating efficiently, reducing costs, saving time and achieving scalable profitability using Automa8e’s AI-powered finance and accounting systems.
  7. Inspius helps you headhunt, technically interview, HR-manage, and hire remote software engineers in Vietnam for Singapore & US companies.
  8. Locofy.ai, founded in 2021 by Honey Mittal and Sohaib Muhammad, accelerates development by converting designs to code, enabling faster launch of web and mobile products.

Get to know these startups and more at Echelon X!

Meet some of the most exciting startups from across the Southeast Asian region at Echelon X. Joining them are industry leaders, visionary entrepreneurs, and groundbreaking startups from all corners of the region who will be gathering together for two packed days. Echelon X will feature dedicated content stages, exhibitions, panel discussions, and more — all to support and empower the tech startup ecosystem with actionable insights through a series of knowledge-sharing activities.

Whether you’re eager to expand your knowledge, network with key players from the tech startup scene, or showcase your innovative ideas, Echelon X offers an unparalleled experience. Join us as a participant or an official partner by securing your spot now on our official page. Together, let’s embark on a journey to shape the future and create a lasting impact.

Join us at Echelon 2024, where innovation knows no limits, and the possibilities are endless!

– –

Photo by cottonbro studio via Pexels

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From gold rush jeans to digital skills: Edutech’s Levi Strauss moment

When we examine the trajectory of fast-growing sectors such as fintech and crypto, it’s evident that these industries have harnessed the power of momentum markets to achieve exponential growth. For edutech companies looking to replicate this success, there’s much to learn from the strategies employed by these sectors.

Drawing inspiration from the Levi Strauss approach, which involved selling jeans to gold miners during the gold rush, edutech companies can similarly position themselves by focusing on upskilling individuals in booming industries like AI and Web3.

Understanding momentum markets

Momentum markets are characterised by rapid growth, high investor interest, and significant consumer demand. In these markets, products and services often experience accelerated adoption rates. Fintech and crypto are prime examples, having transformed financial services through innovative technologies like blockchain, digital currencies, and mobile banking. The key lesson for edutech companies is the importance of aligning with sectors that possess strong growth potential and are on the cusp of widespread adoption.

Levi Strauss’s strategy was brilliantly simple: instead of searching for gold himself, he sold durable jeans to those who were mining for gold, thus capitalising on the gold rush in a unique and profitable way. edutech companies can adopt a similar approach by providing educational products and services tailored to individuals seeking to enter or advance in high-growth industries such as AI and Web3. By doing so, they can create a valuable niche for themselves, catering to a market with a high demand for specialised skills.

Also Read: Bold moves: Capitalising on market dips in edutech

Spotlight on innovation

Two tech companies that have adeptly capitalised on the fintech and crypto wave are Stripe and Coinbase. Stripe, a fintech giant, simplified online payments, making it easier for businesses to accept payments from anywhere in the world. Their platform democratised e-commerce for small businesses, aligning perfectly with the ethos of accessibility and innovation. On the other hand, Coinbase, a leading cryptocurrency exchange platform, has made buying, selling, and holding cryptocurrencies more accessible to the general public, further fueling the crypto boom.

Both companies exemplify how understanding and leveraging momentum markets can lead to exponential growth. For edutech, these examples serve as a beacon, highlighting the importance of innovation and the strategic foresight to tap into emerging trends.

AI and Web3 represent two of the most promising areas for future growth. As these technologies continue to evolve, there’s a burgeoning demand for skilled professionals who can navigate these complex fields. edutech companies can seize this opportunity by offering courses, certifications, and training programs specifically designed to equip learners with the skills needed to excel in these industries. This not only benefits individuals looking to advance their careers but also addresses the talent shortages faced by companies operating in these sectors.

To truly learn from fintech and crypto, edutech companies must also embrace innovative learning models that reflect the dynamism of these sectors. This could include leveraging blockchain to issue verifiable digital credentials, employing AI to personalise learning experiences, or creating immersive learning environments using virtual reality. By integrating cutting-edge technologies into their offerings, edutech companies can enhance the effectiveness of their educational programs and appeal to a tech-savvy audience.

Also Read: In this age of digitalisation, is edutech a bane or boon for educators?

Strategies for edutech growth

To harness the potential of momentum markets, edutech companies must adopt a multifaceted approach:

  • Tailored upskilling programs: Just as Levi Strauss provided the gold miners with what they needed most, edutech firms should focus on offering specialised courses that cater to the burgeoning demand for AI and Web3 expertise. This involves not just teaching technical skills but also providing insights into industry trends, regulatory environments, and emerging technologies.
  • Embrace cutting-edge technologies: Incorporating advanced technologies such as blockchain for secure certifications, AI for personalised learning experiences, and VR for immersive learning environments can significantly enhance the value proposition of edutech offerings.
  • Cultivate communities and ecosystems: Building vibrant online communities where learners can collaborate, share insights, and network can mimic the communal and networking strengths of the fintech and crypto sectors. These communities can serve as a support system, fostering a sense of belonging and mutual growth.
  • Forge strategic alliances: Partnerships with industry leaders in AI and Web3 can provide edutech students with invaluable real-world experience and exposure. These alliances can bridge the gap between theoretical knowledge and practical application, making the learning experience more robust and industry-relevant.
  • Innovative marketing: Drawing from the fintech and crypto playbook, edutech companies should craft compelling narratives around their courses, highlighting how they can catapult individuals into high-growth career paths. Success stories and alumni testimonials can play a pivotal role in illustrating the tangible benefits of their educational programs.

Looking forward

By observing and integrating the successful strategies of fintech and crypto companies like Stripe and Coinbase, edutech firms can navigate the momentum markets with confidence. The key lies in offering tailored educational services that meet the current demand for specialised skills in AI and Web3, leveraging technology to enhance learning experiences, and building a supportive community that fosters growth and innovation. 

Through these concerted efforts, edutech companies can not only contribute to shaping the workforce of tomorrow but also secure their place in the rapidly evolving educational landscape.

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 groupFB community, or like the e27 Facebook page.

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How Doxa cuts through the carbon chaos: Simplifying embodied carbon calculations

In today’s interconnected world, environmental sustainability stands as a cornerstone for organisations striving to balance growth with responsible stewardship. Yet, many companies are overwhelmed by the challenge presented by this balancing act.

We recognise the challenges these companies face. This article delves into how Doxa can be a part of solving these challenges faced by many companies.

At Doxa, environmental sustainability isn’t just a buzzword; it’s a guiding principle ingrained in our operations. Leveraging digitalisation and data management, we streamline processes to minimise our environmental footprint. By embracing digital workflows, we reduce paper consumption and enhance efficiency, demonstrating our commitment to sustainability through action.

Doxa Connex is a platform that we offer to companies to practically put environmental sustainability into action and not just words.

A big part of environmental sustainability in the built environment sector is the Embodied Carbon calculation. In fact, governments around the world are pushing for this calculation and making it mandatory reporting to be effective as early as 2025, as evident in the EU Taxonomy. The complex calculation is even more daunting when you consider the amount of data and effort required to perform them effectively.

With Doxa Connex, working with Razer’s Restorify, we believe the best approach forward is by taking the life cycle approach towards measuring carbon footprint.

Also Read: 11 easy strategies that are important for every startup to succeed

Doxa Connex automates the calculations of Embodied Carbon, enabling real-time tracking and reporting of carbon emissions associated with purchased goods. When the procurer and suppliers key into the required datasets, Doxa Connex applies an activity-based approach to modelling what the emissions are like for our customers. Through such initiatives, we strive to set new benchmarks for environmental stewardship.

Our first use case will be within the construction industry. By using Doxa Connex for your procurement workflow, starting from purchase requests through goods receipts, embodied carbon calculation happens automatically and is allocated to the right categories under your organisation’s Scope 3 reporting standard.

With a measurable life-cycle approach, partners have a dependable platform to ensure quantifiable reporting instead of vague claims running into the risks of greenwashing.

Our solution is validated as we are an official partner with SGTraDex in its green and sustainable trade finance. With SGTraDex, Doxa Connex is able to push data seamlessly to all participating financial institutions.

We are seeking future independent audits for our solution and will be moving towards supporting a net zero vision for our built environment sector. By using the activity-based approach, we endeavour to encourage our partners to set ambitious goals and utilise dashboards to track progress transparently.  Sustainability is a collective movement requiring collaboration across stakeholders.

As such, we are working closely with multiple market leaders to not only provide a technological solution but also provide incentives in the area of green trade financing.

Through strategic alliances with financial institutions, we facilitate green financing and sustainable trade finance, fostering a culture of environmental stewardship beyond organisational boundaries.

In conclusion, Doxa hopes to be your preferred partner in the collective efforts of every company to make a move to net zero a success. It may be a chore for many, but we can help in making it less painful.

Let us help you and your companies in this journey to drive a positive impact on our world. We invite you to join us in this collective pursuit of a greener, more sustainable world.

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 groupFB community, or like the e27 Facebook page.

Image credit: Canva

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One-stop matching platform for home renovation TWdecoman lands strategic financing round

TWdecoman, a one-stop matching platform for interior designers and renovation companies in Taiwan, has completed a strategic investment round from Jan Cheng Lighting, the owner of LED lighting brand DANCELiGHT.

The capital will enable TWdecoman to expand its renovation matching business actively.

TWdecoman, a unit of Hong Kong-headquartered Decoman Group that entered Taiwan in 2022, helps homeowners find and match with the most suitable interior designers and renovation companies. It utilises AI and big data to “accurately analyse data through an algorithm, thereby matching up homeowners with the most suitable interior design or renovation companies”. In addition, it provides do-it-yourself (DIY) home repair courses.

Also Read: Bridging Taiwan and Southeast Asia through innovation and tech

Currently, TWdecoman provides services in Taipei, Hsinchu, Taichung, Tainan, and Kaohsiung. It now plans to expand in Q2 this year and will launch in the Tainan area.

At the same time, its DIY home repair courses are currently available in five major counties/cities of Taiwan, attracting over 250 students monthly, totalling over 1,500 students.

Benny Liu, Founder of Decoman, said: “Over the past year or so, not only have we achieved results in online media and offline operations, but we have also made great efforts in our local AI system and database. Now we can further deepen our big data analytics through Jan Cheng Lighting’s expertise, years of rich experience and available relevant info of the Taiwan market, while embarking on the Tainan market through Jan Cheng Lighting’s strong business networks in the southern region. Consequently, both our groups can reach supply chain synergy, creating a more flexible and resilient ecosystem structure.”

Also Read: e27’s role in empowering Taiwan startups through the Vision Program

Decoman also operates in several markets, including Singapore and South Korea. It is actively preparing to expand its business to the Australian market.

X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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Beyond the Hype: How startups can scale sustainably through compelling communications strategies

Startups

In the current entrepreneurial landscape, achieving sustainable growth is paramount. While rapid expansion can be alluring, prioritising long-term viability over short-term gains is critical for true success. This approach, anchored in effective marketing and communication strategies, fosters a loyal customer base and a resilient business model.

Establishing a Foundation for Enduring Success

  • Product-Market Fit: Before scaling your operations, ensure a robust product-market fit. Conduct rigorous market research and leverage customer feedback mechanisms like surveys and user testing. Utilise this data to refine your product or service until it demonstrably addresses a specific customer need. This reduces customer acquisition costs in the long run and lays the groundwork for organic customer acquisition through positive word-of-mouth.
  • Brand Identity Development: Craft a clear and consistent brand narrative that effectively communicates your value proposition. This narrative should resonate deeply with your target audience and guide all marketing and communication efforts. Invest in building a compelling brand story that showcases your purpose and core values. A strong brand identity attracts the ideal clientele, those more likely to become loyal brand advocates.

Also read: Solos: Breaking barriers for innovative eyewear technology

Beyond the Bottom Line: Building on Loyalty for Growth

  • Optimising Customer Lifetime Value (CLTV): Customer retention is demonstrably more cost-effective than new customer acquisition. Implement strategies to cultivate customer loyalty and encourage upselling or cross-selling opportunities. This might encompass loyalty programs, exceptional customer service experiences, or exclusive content offerings for existing customers. By prioritising CLTV, you cultivate a more profitable customer base.
  • Data-Driven Marketing Decisions: Marketing initiatives should be guided by data, not intuition. Closely track key metrics such as customer acquisition cost (CAC) and return on investment (ROI) for all marketing campaigns. Analyse these metrics to identify the most effective channels for reaching your target audience and optimise campaigns for superior performance. A/B testing various marketing approaches allows for continuous refinement of your strategy.
  • Content Marketing as a Cornerstone: Develop high-quality, informative content that educates and engages your target audience. This establishes your brand as a thought leader in your industry and fosters trust with potential customers. Content marketing attracts organic traffic, improves search engine ranking, and nurtures leads through the sales funnel.

Effective Communication for Sustainable Growth

  • Transparency as a Core Value: Maintain an open and honest dialogue with your customers throughout your growth journey. Communicate your goals, challenges, and milestones transparently. This fosters trust and strengthens the sense of community surrounding your brand.
  • Cultivating a Customer Community: Create a platform for your customers to connect with each other and with your brand. This could be through social media communities, online forums, or even in-person events. A thriving customer community fosters loyalty, provides valuable feedback for product development, and serves as an organic marketing channel through word-of-mouth promotion.

Also read: Zoho: Powering businesses of all sizes through digitalisation

Strategic Exit Planning for Long-Term Value Creation

  • Financial Performance Monitoring: Continuously monitor key financial metrics like profitability, cash flow, and burn rate. Be prepared to adapt your operations, or even consider a strategic exit, if the business model demonstrates long-term un-viability. Data-driven decision-making is crucial for safeguarding the interests of all stakeholders.
  • Market Saturation Considerations: Should your market become saturated with competitors, explore strategic pivots. Consider partnerships, mergers, or acquisitions to expand your reach or access new resources. Sustainable growth is a strategic endeavour, not a fleeting pursuit. By focusing on building a robust foundation, taking calculated risks, and prioritising long-term customer value, you can position your startup for enduring success. By combining these marketing and communication strategies with a data-driven approach, you’ll be well on your way to achieving sustainable growth and creating a brand that resonates deeply with your target market.

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This article is produced by PRecious Communications

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

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Surge leads self-service customer support platform Brainfish’s US$2.5M seed round

(L-R) Brainfish founders Ajain Vivek and Daniel Kimber

Brainfish, an AI-powered self-service customer support platform for businesses, has raised US$2.5 million in seed funding.

The latest round was led by Peak XV’s Surge, with participation from Macdoch Ventures, Black Sheep Capital, existing angel Justus Hammer (CEO MadPaws), and new angels.

This brings its total capital to US$3.3 million.

Brainfish will use the new funds to double down on product innovation and accelerate international expansion.

Also Read: From chatbots to therapists: How AI breaks ground in bridging the mental health care divide

For online businesses today, customer service is based on the premise of helping people understand how a product works. Customers do not want to sift through numerous help articles or go through a chatbot workflow just to get through to a human to answer their questions. They just want their question answered instantly.

Brainfish is an AI product expert who helps customers understand a product and helps businesses understand their customers. The Brainfish AI search function combines a company’s knowledge documents and contextual understanding of the user to deliver instant, real-time answers that are personalised to the specific customer scenario.

“Customer support has not changed much in decades. The tooling might be better today, but primarily people want to speak to a human when they have a problem because human support is armed with institutional knowledge of a product. We’re turning this on its head at Brainfish. We aggregate complex data to create one digital source of truth, eliminating 90 per cent of the need for humans to support and interact with the customer and saving companies countless hours,” said Daniel Kimber, CEO and Co-founder of Brainfish.

AI has emerged as a transformative force in the customer service market and is poised to reach US$7.08 billion by 2030. Businesses have begun to leverage machine learning and automation to streamline customer interactions, optimise efficiency, and develop personalised experiences to revolutionise customer experience (CX) for the future.

Also Read: Microsoft to empower 2.5M Southeast Asians with AI skills by 2025

While businesses are predominantly using AI for customer support, it has yet to trigger a significant decline in the number of human agents required2. Brainfish addresses this issue by deflecting queries from a human interaction altogether and has recorded the highest deflection rate of any AI self-service solution on the market.

X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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How product growth helps both you and your users succeed

It may be idealistic, but I have always believed that the right digital product has the power to deliver tangible change in the world. A digital banking app can increase financial accessibility, and an IoT agritech ecosystem that helps farmers increase their yields.

However, change cannot happen unless people can use these products to successfully solve their problems.

It can be frustrating to see great ideas never reach their full potential, but this can be avoided when companies prioritise user success through product growth.

What is product growth?

Product growth is the process undertaken to increase a product’s value, identify new ways to satisfy users, attract new customers, and boost revenue. There are 6 different aspects of the product growth process which together drive business success.

SP_Expert Spotlight_Product Engine Diagram

Attracting new customers is just the first step

Of the 6 stages of product growth, the acquisition is arguably the most similar to traditional digital marketing. The goal of the acquisition is to drive product awareness and acquire new users and involves familiar marketing tools like technical SEO, app store optimisation, paid ads, and engaging content.

However, simply attracting users to your product or service doesn’t set them up for success or foster customer loyalty. It’s important to optimise every stage of the product growth engine to ensure that customers are able to successfully use your product or service. After all, a successful product helps its users succeed.

Also Read: 7 ways to optimise your product page to attract more sales

A real-life example of a product that drives user success is video games. Video games ensure that the player (i.e. the user) understands the game’s controls and tools to help them achieve as many goals as possible.

As players progress through the game, they continue to receive introductions to new features or skills so that they can adopt them into gameplay. If a player gets stuck, they’re able to access tips from the game and other players on how to proceed to the next level.

A new release doesn’t guarantee ROI

Product growth and funnel optimisation are more valuable for your business than feature releases. Rather than spending resources and time developing a brand-new feature based on a gut feeling, it can be more effective to identify where your users drop off.

An insurance app might discover that several users fail to fill out an in-app request for insurance quotations. 

One reason for the drop-off might be that users need to submit their license plate number, which many users don’t have on hand. This issue can cost the insurance app valuable leads. However, by separating the form into separate steps, the insurer can collect a customer’s contact details and collect the license number later. This increases the user’s experience, satisfaction, and product revenue and avoids having to release a new feature.

Successful funnel conversion of your users is fundamental to your business success. Aim for the completion of user journeys — whether it’s to learn something new or to upsell a paid subscription. This drives business value and impact, both for your business and within the product itself.

SP_Expert Spotlight_Product Funnel (1)Even a modest improvement is a substantial return on investment. A small percentage of improvement in drop-off rates increases your conversion rate massively and contributes to your bottom line.

Plan for continued user success

Here are some ways you can plan for product growth success:

  • Reach optimistic goals by planning like a pessimist. Think about all the ways things might go wrong. Consider whether or not users can complete jobs and why they might fail to make transactions on your app.

Also Read: How to hack product growth and user acquisition in Thailand

  • Make data-driven decisions that improve the customer journey. Go beyond initial research and don’t rely solely on feelings or hunches. Perform AB testing and optimise your user onboarding.
  • Set KPIs  based on your company’s core objectives. Revenue and number of users may seem like a good benchmark, but if these metrics don’t align with your company mission and vision, then your product growth process will not deliver the results that your stakeholders are looking for.

The top benefit of product growth

From my experience, successful product growth converts your users into loyal product advocates.

When a customer becomes a product advocate, they aren’t just able to use your product to its full potential but love it enough to build a community of other product advocates and recommend it to others.

An example of this is the Figma community, Friends of Figma. This group isn’t an official platform run by the company but is run independently by a group of users who love Figma and use the forum as a place to share experiences, tips, and tricks on how to best use Figma to achieve their day-to-day tasks.

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