Dear reader,

The reported victory of Prabowo Subianto in Indonesia’s presidential election signals potential shifts in economic policies, particularly in the realm of startups and the digital economy.

Subianto’s proposed loan scheme for tech businesses, drawing from government funds, reflects a commitment to fostering innovation and entrepreneurship. However, the success of this initiative will hinge on careful scrutiny to ensure equitable distribution and effective utilisation of resources.

Moreover, the emphasis on attracting foreign investment through regulatory simplification and incentives underscores Indonesia’s desire to enhance its position in the global market. By addressing concerns such as the need for parent entities in neighbouring countries, the government aims to create a more conducive environment for domestic startups to thrive.

The continuity of certain policies, such as the ban on direct social media transactions and the prioritisation of electric vehicles, indicates a strategic alignment with ongoing trends and challenges, emphasising sustainability and technological advancement.

Overall, Subianto’s presidency holds promise for driving economic growth and innovation in Indonesia. However, the successful execution of these plans will depend not only on policy implementation but also on adaptability to evolving economic landscapes and the effective management of resources and partnerships.

Sainul,
Editor.

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NEWS

What Prabowo Subianto has in store for Indonesia’s startups and tech industry
One planned programme is a loan scheme for tech and innovation-based businesses; This would follow the Merah Putih Fund launched by the Jokowi administration in September 2023; Foreign investment will also be a key focus for the new government.

Qoo10 to acquire US e-commerce platform Wish’s assets, liabilities for US$173M
This marks a considerable discount to the previous valuation of Wish, whose parent ContextLogic raised US$1.1B in its IPO in 2020 at a US$14.1B valuation
Wish faced massive competition from Temu and Shein, forcing it to sell its assets.

GoTo denies rumours on potential Grab merger deal
Grab and Gojek previously held initial discussions on such a deal roughly four years ago, but a concrete plan did not materialise. Instead, Gojek merged with e-commerce platform Tokopedia to form GoTo.

Indian agency seeks overseas transaction details from Paytm Payments Bank
The central bank RBI has ordered Paytm Payments Bank, an associate of Paytm, to open a new tab to stop accepting fresh deposits in its accounts or popular wallet from March, citing persistent and serious supervisory concerns.

Singtel Innov8 sells entire stake in Vizzio to embattled founder
The VC arm of Singtel has sold all of its 80 preference shares in Vizzio to Jon Lee; The transaction also removes the S$1 million (US$740,000) in paid-up share capital that Singtel Innov8 injected into Vizzio – an amount now shouldered by Lee.

Filipino EV logistics startup Mober raises US$2M seed financing
RT Heptagon Holdings is the investor; Mober has developed a Transport Management System to optimise delivery efficiency and track the CO2 savings achieved through EVs; It has a fleet of 60 EVs.

Ex-MD of Temasek accelerator TAL Sang Han joins East Ventures Korea
Han will manage the operations of East Ventures South Korea, a US$100M fund formed in partnership with SV Investment in October 2023; Han played a pivotal role in nurturing the growth of startups, notably during his tenure as the MD of TAL.

Green COP secures investment to launch a pilot biofuels plant
Ken Energy is the investor; Green COP produces sustainable biofuels derived from biowaste, strategically focusing on fostering a circular economy in the maritime and transportation sectors.

Carousell co-founder Lucas Ngoo to step down
The decision to step away from Carousell is a personal one, with Ngoo looking to take a break to learn new things, such as AI in biotech, healthcare, and climate tech, among others.

SEC clears Trump’s social media deal worth as much as US$10B
The valuation is about half that of Elon Musk’s much more popular social media company X and follows two years of setbacks in the Trump company’s quest to complete a stock market listing.

OpenAI introduces AI model that turns text into video
The software, called Sora, is currently available for red teaming, which helps identify flaws in the AI system, as well as for use by visual artists, designers and filmmakers to gain feedback on the model.

Crypto exchange Coinbase posts first profit in two years on robust trading
Investor enthusiasm for crypto was rekindled in recent months by the US SEC highly anticipated approval of the first spot bitcoin exchange-traded funds (ETFs); Coinbase’s transaction revenue jumped 64% to US$529.3M in Q4.

FEATURES

Transforming military logistics in the Himalayas with heavy-lift aerial vehicles
BonV Aero’s aerial vehicle is capable of carrying 50 kilos over ten kilometres at 10,000 feet in hilly regions; Thanks to its self-flying technology, this innovative vehicle operates autonomously without constant pilot intervention.

With STEPVR, making AI-generated videos is as easy as creating PowerPoint presentation
STEPVR was part of AI Trailblazers, Singapore’s first Generative AI Innovation Sandboxes established to accelerate AI solutions development.

‘SEA founders should connect with global startup hubs’: Unifier Ventures
From day one, the mindset for founders in the EU and SEA must be to ‘win locally but think globally’, which might not be necessary for founders building in mega markets like the US, China, and India.

ARCHIVES

Unlikely mentors: What kids can teach you about entrepreneurship
I distilled some key habits and characteristics that business owners can develop to thrive in a chaotic and competitive business world.

A great back-end tech helped GrabFood dominate SEA’s food delivery market
Its merchant dashboard not only provides a 360-degree view of all incoming orders regardless of the order type but also enables merchants to keep their restaurant information updated, for example, communicating when an item is out of stock and more.

What is keeping founders up at night?
Fundraising is a time-consuming task that can be mentally draining. Some liken it to dating where you need to cast your net far and wide and spend a lot of time getting to know the potential partner on whether it will be a good match.

Ex-Gojek CMO reveals the 3 things that marketers should stop doing today
In this article, Piotr Jakubowski also shares examples of his favourite marketing initiatives by top global companies.

Is Singapore the “Delaware” of Southeast Asia?
Unlike other nations around the world that require founders to be physically present to incorporate their business in the country, setting up your company in Singapore is incredibly swift and seamless.

Know thy customer: The only rule for startups looking to build trust on social media
We explore the social media best practices that startups of all types can use as a guide to drive customer engagement and brand recognition.

CONTRIBUTORY ARTICLES

Why your first angel cheque should be via a syndicate
Writing your first angel cheque is a significant step, and choosing a syndicate can be a strategic move for first-time investors; Syndicates often gain access to premium deal flow that might not be available to individual investors.

New year, new funding strategies: Powering up sustainability tech startups
It should be the responsibility of all startups to prioritise educating different players in the ecosystem about sustainable innovations.

How to select the right PR agency: Key factors to consider
If you’re ready for PR, finding the right agency demands a bit of strategic scrutiny; here are my insights into the nuanced world of selecting a PR agency.

How data can be used to empower mental healthcare in Asia
Temasek-backed mental health startup ThoughtFull revolutionises mental health with real-world, local data for accessible solutions.

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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.

The post Ecosystem Roundup: How will Subianto’s victory impact ID’s startup industry | Qoo10 to acquire Wish for US$173M appeared first on e27.

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

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

In this episode, we feature Karen Kim, CEO of Human Managed, an ASEAN cloud-native data platform that empowers businesses to make smarter decisions and faster actions for cyber, digital and risk outcomes.

Kim shares her personal and professional journey in this episode of Contributor Spotlight.

Thoughts, goals, and journey

Kim’s unconventional tech journey began after graduating from the University of Cambridge with a degree in Politics. For over ten years, she has explored customer-facing roles in industries such as telecommunications (British Telecom), recruitment (Hays), and social networking platforms (LinkedIn). This experience provided firsthand insight into the challenges organisations face and the impact of innovative products coupled with excellent service in driving outcomes.

Taking on the role of CEO of Human Managed in 2018 was a new challenge for Kim. Leading a bootstrapped company was unfamiliar territory, but Kim has always been one to embrace the unknown, following her curiosity and inspiration with purposeful steps.

Kim noted, “The past five years have been marked by tremendous personal and professional growth. I have led the team to define what value means to us intrinsically and to our customers and partners. Everything has flown from there — mission, culture, products. Today, my responsibility in Human Managed is to align its purpose to strategy and strategy to operations.

I enjoy combining my learnings, love for design-thinking, and service-first mindset in various domains, including branding, service design, and business development. I am proud to lead a different kind of company that dares to solve the complex problems of today’s data-flooded world.

Human Managed is consistently delivering value to our customers, trying new things and being able to learn from our mistakes quickly. In doing so, we are building an agile and fearless culture, something I am very proud of.”

The driving force

Human Managed’s mission is to assist enterprises in organising their data for smarter decisions and faster actions, enhancing cyber, digital, and risk outcomes. Over the past five years, the focus has been on crafting solutions that tackle various complex problems of the digital age, delivering significant value to customers. This year, recognising the need for broader visibility, the team explored e27 as a platform to build brand awareness.

Also Read: Geraldine Pang: Mastering digital success through expert marketing and AI insights

Kim said, “I knew that e27 is very well regarded as a media title that has created a vibrant ecosystem for startups and new technologies.

I am also aware that the e27 readership consists of various decision-makers spanning a range of industries that could benefit from our services. Hence, the Contributor Programme is an excellent opportunity to share our work at Human Managed.

My thought leadership piece published on e27, Data Decisions To Make in 2024 For Businesses To Become AI Native, is at the core of what we deliver to our customers every day.”

 On evolving industry trends

Kim specialises in design thinking for efficient decision-making. With firsthand experience across industries, she understands the complex challenges faced by enterprises. Throughout her career, she has focused on developing products and services to improve decision-making for optimal results, having observed how decisions can lead to costly outcomes if based on irrelevant premises or inadequate processes.

Talking about noteworthy industry trends within her area of expertise, Kim emphasised, “Today, in a data-fuelled world, decision-making for enterprises has become even more complicated. Building on the disruption unleashed by Gen-AI in the past year, the rapid rate of innovation in AI and cloud-native tech solutions will see an explosion in data in the near future. By 2025, global data volume is expected to reach 175 zetabytes. Experts predict that data will be embedded in every decision, interaction and process.

With companies operating in complex data environments with various technologies working independently, it is challenging to achieve scalable digital transformation due to legacy architecture and talent skill gaps. As a result, businesses may use technology solutions without fully understanding their business context or relying on incorrect metrics, eventually leading to information overload. This, in turn, can cause indecisiveness and inaction, exposing companies to potential threats and making it difficult to identify and act on scalable opportunities. Additionally, it can also lead to difficulties in managing risk.”

Advice for budding thought leaders

“Thought leadership is about having a viewpoint that brings readers value,” Kim explains. “It’s less about your product and company and more about how you can solve a problem for the audience by sharing your knowledge and real-world experience. It begins with deep diving into your expertise and developing a set of topics within that field that can showcase your knowledge.”

According to Kim, staying updated on the latest trends in her relevant area of expertise is crucial to providing essential background data and context. Drawing on industry knowledge and personal experience, she highlights the necessity of effectively framing a problem, which acts as the hook to engage the audience. Following this, the focus shifts to developing the flow of the piece, establishing the problem, and ultimately providing the reader with a rewarding solution.

Also Read: Sapna Chadha: Navigating Southeast Asia’s tech landscape and AI trends

“Ultimately, creating a thought leadership piece is a business storytelling exercise. And the more you practise, the better you get at it. So read widely, write authentically and edit with your audience in mind,” she advises.

Juggling too many things?

Kim highlights the intricacies of work-life balance: “Balancing work-life is again about efficient decision-making- knowing what is essential. I don’t believe in making minute-by-minute plans, but I generally focus on two or three big daily tasks I must complete.

Delegating and collaborating are also essential in leveraging collective strengths and expertise at work: we can achieve more while lightening individual workloads. Leading a startup and delivering under tight timelines with limited resources can result in long working days at a time.

However, setting boundaries between work and personal life is crucial. I carve out dedicated time for personal activities, exercises, and self-care. I also appreciate the value of self-reflection and growing inward; whenever possible, I spend time journaling, practising yoga and mindfulness, and walking in the lush gardens of Singapore.”

Staying in the loop

Kim and her team remain attentive to data issues in the cyber, digital, and risk sectors, collaborating closely with customers and partners to understand critical challenges like asset management, posture detection, compliance management, extended detection, and threat management. This firsthand knowledge forms their strategies and product development for enterprises.

She also stays updated on industry developments by attending networking events and conferences and subscribing to various tech publications and platforms.

Kim recommends the following resources:

• Book: Machine, Platform, Crowd by Andrew McAfee and Erik Brynjolfsson explores how the collective intelligence of human and machine minds, product and platform dynamics, and core and crowd interactions will shape the digital-native future.
• Website: GZERO AI, a valuable resource for insights into AI and its impact on global affairs.
• Resources: Farnam Street, offering articles and blogs on decision-making and clear thinking.

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

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

The post Karen Kim: Leveraging design thinking for efficient decision-making in data management appeared first on e27.

Southeast Asia’s tech startup sector kicked off 2024 with a bang, securing over US$439 million in venture funding across 31 rounds in January. From pioneering chiplet design to AI automation and neo-rural banking, this wave of investments highlights the region’s growing innovation and global potential.

Below are the top deals of January 2024:

Silicon Box (Singapore)

Funding: US$200 million
Round: Series B
Investors: BRV Capital, Event Horizon Capital, Maverick Capital, Prasedium Capital, Tata Electronics, TDK Ventures, UMC Capital

Bio: Silicon Box is an advanced semiconductor packaging company specialising in cutting-edge chiplet integration services. Founded in 2021 by semiconductor design and packaging industry titans Dr Sehat Sutardja and Weili Dai and CEO Dr Byung Joon Han, Silicon Box aims to bring affordable, high-performance, power-optimised, scalable solutions that enable next-gen large language models (LLM), generative AI, automotive, data centres and mobile computing.

The startup enables chiplet architecture, allowing chip designers freedom from the constraints of a single, monolithic chip for processing. By leveraging multiple smaller chips interconnected in a single package, chip designers can create the equivalent of a “system-on-a-chip” (SoC) in a package.

Sygnum (Singapore)

Funding: US$40 million
Round: Strategic growth
Investors: Azimut Holding (lead)

Bio: Sygnum is a global digital asset banking group, founded on Swiss and Singapore heritage. It empowers professional and institutional investors, banks, corporate, and DLT foundations to invest in digital assets with complete trust.

In Switzerland, Sygnum holds a banking licence and has CMS and Major Payment Institution Licences in Singapore.

Be Group (Vietnam)

Funding: US$30 million
Round: Not specified
Investors: VPBank Securities
Be Group is the Vietnamese startup behind the multi-service consumer platform ‘Be’. Started around five years ago, Be Group has worked with over 300,000 drivers. In 2023 alone, the company facilitated over 120 million rides, maintaining a dominant 35 per cent market share in the ride-hailing sector across 40 cities and provinces in Vietnam.

The platform currently offers more than 15 services, including multimodal transportation, express delivery, food delivery, insurance, and telecommunications.

GDMC (Singapore)

Funding: US$21 million
Round: Series A
Investors: Celadon Partners, WI Harper Group, SEEDS Capital, NSG Ventures

Bio: Genetic Design and Manufacturing Corporation (GDMC) is a design and manufacturing organisation focusing on next-generation advanced genetic therapies. Established in 2021, GDMC focuses on manufacturing advanced therapy modalities, including customised mRNA, plasmid DNA, AAV and Lentiviral Vectors. It has developed a Partnership for Drug Manufacturing Organisation model, offering support to companies, including startups, from drug design to being the one-stop shop for innovators from design and manufacturing to quality assurance and regulatory support for eventual market entry.

Bluesheets (Singapore)

Funding: US$6.5 million
Round: Series A
Investors: Illuminate Financial, 1982 Ventures, Insignia Ventures Partners, Antler Elevate Fund

Bio: Bluesheets is an AI automation software company. It leverages financial data points to train AI models for process automation across various industries. It aims to help businesses process unstructured data in multiple formats, languages, currencies, and from both digital and physical sources.

The company has a client base across Asia Pacific, the US, and Europe, which includes Mitsui Sumitomo Insurance Group (MSIG), SCG, Teckwah, Gamuda Berhad, Leong Hup International and Commonwealth Capital.

Komunal (Indonesia)

Funding: US$5.5 million
Round: Series A+
Investors: Sumitomo Corporation Equity Asia, Jafco Asia, Skystar Capital, Sovereign Capital, Gobi Partners

Bio: Komunal is a fintech company offering neo-rural bank services in Indonesia. Launched in 2019, Komunal digitises rural banks by combining funding access and hyperlocal lending to support economic growth in Indonesia. It provides financial services to the underbanked population through its unique partnership with the rural banks in Indonesia. The firm’s vision is to elevate rural banks and SMEs in the archipelago to serve their local community better.

It has so far partnered with 376 rural banks and channels productive loans to MSMEs predominantly based in tier 2 and 3 cities. Through its digital-based DepositoBPR offering, Indonesians can deposit funds in hundreds of rural banks, eliminating the conventional need for face-to-face processes. These deposits also offer higher interest rates than deposits offered by commercial banks.

Semaai (Indonesia)

Funding: US$4.7 million
Round: Equity and debt financing
Investors: CyberAgent Capital, Sumitomo Corporation Equity Asia, Ruvento, MyAsiaVC, Heracles Ventures, Peak XV’s Surge, Accion Venture Lab, Beenext

Bio: Semaai is a ‘farmer-first’ company building full-stack agritech solutions to help farmers and rural MSMEs such as toko tanis in Indonesia maximise their earning potential and access better financing, services and new markets.

Mesh Bio (Singapore)

Funding: US$3.5 million
Round: Series A
Investors: East Ventures, Elev8, Seed Capital

Bio: Mesh Bio is a chronic disease management startup. Founded in 2018 by Wu and Arsen Batagov (CTO), Mesh Bio delivers digital solutions to help healthcare providers with patient management. Its solutions offer patient data and predictive analytics that equip doctors with information and intelligence about their patients and the diseases they live with.

The company develops clinical decision support analytics and automation solutions for managing chronic diseases such as cardiovascular disease. Its DARA Health Intelligence Platform enables data-driven care delivery, which improves patient engagement and health outcomes. It has been used by more than 120 medical centres across Singapore, Malaysia, and Indonesia for preventive health screening.

Meiro (Singapore)

Funding: US$3 million
Round: Pre-Series A
Investors: Wavemaker Partners, Angel Central, angels

Bio: Meiro is a customer data platform. Founded in 2018 by Pavel Bulowski, Jana Marlé-Zizková, and Vojtěch Kurka, Meiro’s Customer Data Platform (CDP) empowers brands to better understand customer preferences and behaviours across various touchpoints. Through Meiro, brands can use data to improve customer experience and marketing campaign performance, ultimately maximising customer satisfaction and business profitability.

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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.

The post SEA’s startups shine in Jan funding boom: Chiplets, AI, rural banking lead the charge appeared first on e27.

Mocaverse, a membership network project by Animoca Brands, has formed strategic partnerships with major Web3 wallets — OKX Wallet, Crypto.com DeFi Wallet, and Halo Wallet.

The collaborations aim to bridge the gap between Centralised Finance (CeFi) and the on-chain cultural economy.

Through its recently launched decentralised identity, Moca ID, Mocaverse will foster user growth by integrating with the aforementioned leading self-custodial wallets. Moca ID will serve as the gateway for users to explore various Web3 cultural experiences, including PointFi, GameFi, and SocialFi, and simplify the onboarding process to the Mocaverse ecosystem.

Also Read: Animoca Brands nets US$20M in new round for its ‘Mocaverse’ project

OKX Wallet, Crypto.com DeFi Wallet, and Halo Wallet users will soon be able to claim their unique Moca IDs in-app to enter the Mocaverse ecosystem and access various rewarding culture and entertainment experiences. Moca ID holders can earn Realm Points through participation and active engagement in partner ecosystems and experiences and redeem the points to receive exclusive access to real-life benefits and rewards provided by Mocaverse and Animoca Brands.

Kenneth Shek, project lead of Mocaverse: “This partnership encompasses the values and mission we set out when we envisioned Moca ID, which is to make interoperability a new standard to onboard new users and redefine the Web3 network effect through the Mocaverse Partner Network.”

Jason Lau, chief innovation officer of OKX, added: “OKX Wallet is the best way to discover and explore the growing realm of Web3 gaming, culture, and entertainment experiences. Our collaboration with Mocaverse to support Moca ID gives our users the seamless experience and interoperability they’ve come to expect from OKX Wallet.”

Mocaverse is Animoca’s ambitious project to bring together the company’s portfolio projects, subsidiaries, joint ventures, and partners through a unique NFT collection. Mocaverse features 8,888 Mocas, which are NFT profile pictures (PFPs) that serve as a membership pass for Animoca Brands team members, investors, partners, and certain token holders.

Mocaverse aims to unite the Web3 community through shared purpose and values by allowing holders to exchange ideas, learn, connect, play games, and build the future of Web3.

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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.

The post Mocaverse partners with Web3 wallets to expand Moca ID ecosystem appeared first on e27.

On February 16, Singapore’s Deputy Prime Minister and Finance Minister Lawrence Wong delivered the country’s 2024 budget in Parliament.

As quoted by the Straits Times, Budget 2024 aims to “keep Singapore moving forward” and “equip our citizens to realise their fullest potential and give more assurance to our families and seniors amid a more troubled world.”

As the global political and economic situation challenges local startups, e27 spoke to several tech companies in Singapore to understand their aspirations for the Singapore Budget 2024 and how the government can further support the startup ecosystem.

Several notable themes surfaced in our email interview with founders and executives from Human Managed, Payoneer, and Qashier.

Talents in the ecosystem

Talents are a crucial part of a tech startup ecosystem, and there is an urgency for support that helps them keep up with market changes.

According to Human Managed CEO Karen Kim, academic courses and industry certifications for developing talent should be boosted.

Also Read: Uncovering the rise and challenges faced by deep tech startups in Singapore

But this is not the only dimension of talent development that the government needs to consider.

According to Christopher Choo, Co-founder & CEO of Qashier, “Shortage of manpower, especially in industries with high turnover rates, can pose a challenge for many startups. This is because they may not have as deep pockets as large enterprises to hire extensively.”

“As such, technology plays a key role in automating processing and streamlining operations, allowing startups to operate more efficiently with limited manpower,” he stresses.

Funding and international expansion

Another key challenge that supports in Singapore are facing includes securing capital and maintaining healthy cash flow, according to Choo.

“Grants from public and private sectors are essential for startups and SMEs to scale their operations. Qashier is also constantly finding ways to support SMEs through various efforts such as Qashier Support Package (QSP), an initiative designed to help SMEs digitalise their operations without breaking the bank,” he says.

This funding is crucial in supporting tech companies in their expansion plan, which remains a popular option for Singapore-based startups.

“It’s crucial to grasp the significance of businesses venturing into new markets. At the crux of it, building scale improves the productivity of any business, and unlocking cross-border capabilities will undeniably help businesses become more efficient. It is also part of Singapore’s DNA and identity as a financial hub to help business realise their full potential. While internationalisation efforts are no longer solely the domain of large corporations, it also implies a greater need for support,” says Nagesh Devata, the SVP and President of APAC for Payoneer.

Also Read: Is Singapore the “Delaware” of Southeast Asia?

As a platform that works closely with SMEs, Payoneer notes the challenges that SMEs can face in their international expansion effort.

“Global expansion is undoubtedly challenging for businesses of all sizes, much less SMEs. While many SMEs have achieved remarkable success through global expansion, venturing into new markets can be daunting with unique risks and complexities, and many don’t know how. Launching a business in new countries is one of the most salient areas in which SMBs surveyed in our recent SMB Barometer Report believe they have the weakest performance. That said, it is not an unsurmountable feat,” says Devata.

On supporting innovation

Apart from challenges related to talent and funding for expansion, Kim also highlights the importance of building an ecosystem that supports innovation.

“While Singapore has a vast number of innovations, with NTU and NUS reporting a combined amount of 4,000 inventions and disclosures, Singapore lacks a venture-building ecosystem. The Singapore Budget 2024 should prioritise initiatives that promote the integration of cutting-edge technologies such as AI, alongside investments in robust cybersecurity infrastructure, regulatory frameworks, and educational programs,” she says.

According to Kim, these endeavours are essential for fostering trust among citizens, businesses, and investors while improving transparency, accountability, and the ethical handling of data.

“Increased support for collaborative endeavours involving the government, private sector and academia would be welcome. Corporations looking to adopt new technologies should have access to grants to get started. Pre-qualified startups in Singapore would benefit from introductions to potential corporate clients and VCs.”

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Image Credit: Swapnil Bapat on Unsplash

The post Singapore Budget 2024: For startups, talents and funding remain key challenges this year appeared first on e27.