As one of the most important holidays for millions, the Lunar New Year is a celebration of the arrival of spring, sweeping away any ill fortune and ushering in good luck. For us in present times, the good luck we seek is usually health, longevity, and fortune.

It probably explains why we wish our family and friends “Gong Xi Fa Cai” — which translates to “wishing you prosperity in the coming year” instead of the usual “Happy New Year”. After all, who doesn’t want to be blessed with good fortune? I know I do. 

Most conversations during the Lunar New Year revolve around professional growth and wealth management while partaking in the most quintessential activity of all: gambling. People look forward to testing out their new year fortune through games of blackjack, and several rounds of Mahjong.

However, it is easy to get carried away with the daring sentiments of making (or losing) money during the festivities, especially during this period of increased investment activity. Family and friends may prompt best market tips, get rich quick scheme suggestions or even recommend following ‘successful expert traders’ on social media to grow your wealth. But is it truly that simple? 

Social trading is not new only in recent years, with explosive growth worldwide. According to research conducted by Investment Trends in 2023, social trading in Singapore is on the rise, with every other trader either engaging in social trading or planning to do so within the next 12 months.

The report indicates an uptrend in copy trading, with eight per cent of traders who have never followed social trading in the past plan to engage as a follower and seven per cent planning to engage as an expert trader/investor. Though the numbers for copy trade may seem few, rising accessibility to market insights on social media coupled with these participation indicators hint at an impending surge of interest in copy trading.  

Also Read: ‘Tis the season to be shopping: Can businesses still capitalise on sales events in APAC?

Before getting swept away by the hype, traders must consider the inherent risks and responsible practices associated with social trading. But before diving in, what exactly is social trading, and should it be your compass in the Chinese New Year’s quest for financial fortune?

At its core, social trading is a vibrant ecosystem where investors connect, share insights, and even mimic the trades of others. It democratises access to financial markets, especially for beginners, offering a platform to learn from seasoned traders and potentially replicate their success.

However, within this broad umbrella lie three distinct approaches: 

• Social trading: A bustling marketplace of ideas where discussions, strategies, and market analyses flow freely. This knowledge-sharing empowers individuals to make informed decisions based on their own understanding, not intended to perform blind imitation. 
• Copy trading: This takes things a step further, allowing users to automatically mirror the trades of chosen “signal providers.” Their buy and sell orders are instantly reflected in your own portfolio, offering a hands-off approach with the potential for quick gains.  
• Mirror trading: This is essentially automated asset management. It replicates not just individual trades but the entire portfolio allocation of a chosen trader, placing all your eggs in their proverbial basket. 

The Investment Trends study further reports that social traders are generally younger and trade more often than non-peer-reliant traders. Two in five traders who have never used social trading can be encouraged to start doing so if given sufficient tutorials, risk analysis or (better) assurances of the trustworthiness of ‘top traders’ on the platforms. As social and digital platforms are set to rise with a younger demographic, it is important to understand the benefits and pitfalls of social trading and how to proceed with caution. 

While the allure of copy and mirror trading’s convenience is undeniable, social trading, when done right, stands out as a more empowering option as it would foster education and understanding of market dynamics. However, the path paved with social trading is not without its treacherous potholes.

Blindly following the herd or chasing quick profits, fueled by the “get rich quick” mentality that can sometimes permeate these platforms, can lead to significant losses. One investor lost about 50 per cent of his portfolio.

Also Read: New year, new funding strategies: Powering up sustainability tech startups

Such an instance highlights the importance of approaching this space with caution and a healthy dose of scepticism. Here are some specific pitfalls to be aware of: 

• Downplaying the knowledge gap: While social trading democratises access, critics argue it can downplay the essential knowledge needed to navigate financial markets effectively. Blindly copying trades without understanding the underlying rationale can leave you vulnerable to market movements and unable to adapt your strategy when needed.  
• The illusion of risk-free returns: One of the biggest misconceptions is that social trading somehow eliminates risk. All trading inherently involves risk, and losses are inevitable at some point. Simply trusting a third party’s judgment while shouldering all the potential downsides is a major drawback.  
• Hidden costs: Be mindful of potential hidden costs associated with social trading. Some platforms, particularly those promoting “top traders” with frequent trading activity, may charge hefty commission fees that eat into your returns.  

So, as the Lunar New Year spirit of seeking financial growth takes hold, remember these cautionary tales: 

• The “celebrity trader” trap: Not all that glitters on social media is gold. Some signal providers may be more concerned with building their online persona than delivering genuine investment insights. Be wary of those who boast of unrealistic returns or flaunt lavish lifestyles. Do your due diligence, research their track record, and understand their investment philosophy before blindly trusting their calls. 
• The echo chamber effect: Social trading platforms can create echo chambers where confirmation bias reigns supreme. Surrounding yourself solely with traders who share your existing views can blind you to potential risks and alternative perspectives. Seek out diverse voices, challenge your assumptions, and maintain a critical eye on the information you consume. 
• The emotional rollercoaster: The fast-paced nature of social trading can easily trigger emotional decision-making. Fear of missing out (FOMO) and the lure of quick gains can lead to impulsive trades and disastrous consequences. Remember, sustainable wealth creation is a marathon, not a sprint. Prioritise long-term goals, maintain discipline, and avoid letting emotions cloud your judgment. 

The Lunar New Year may be an auspicious time for financial endeavours, but remember, true financial prosperity is built on a foundation of knowledge, discipline, and independent thinking. Remember, financial literacy is still your responsibility, not something magically transferred through copying trades.

Don’t be lulled into a false sense of security, as returns may not be guaranteed. Invest in your own financial education, develop your analytical skills, and cultivate a healthy scepticism towards the hype and promises that may abound.

By navigating the social trading landscape with a discerning eye and a focus on long-term goals, you can transform the Chinese New Year’s investment rush from a perilous gamble to a journey towards sustainable financial well-being. 

Disclaimer: The insights presented in this article are based on Investment Trends 2023 Singapore Leverage Trading Report. For further information or clarification on the research findings, please contact Investment Trends directly at info@investmenttrends.com. 

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ProCredit, a tech-enabled SME lender in the Philippines, has closed a US$4.1 million pre-seed round of financing led by Integra Partners.

Menardo Jimenez Family Office, M Venture Partners (MVP), Cento Ventures, Gobi Partners (Gobi-Core Philippine Fund), and several local angels also co-invested.

Also Read: Founders are pessimistic about Philippines’ funding climate in 2024: study

ProCredit will expand its loan book through organic and inorganic growth and raise additional capital. The company is keen to speak to debt and equity investors, Philippine market participants, borrowers, and potential partners.

ProCredit was started by a founding team that has held senior lending roles at Citigroup, Standard Chartered, ANZ, and the Asian Development Bank. The startup employs credit-first client engagements, a rules-based underwriting and portfolio management architecture, and flexible product offerings incorporating risk-based pricing. It claims to reduce operating costs and expenses while improving customer experience.

The fintech startup is also considering expansion into the banking sector. This will allow ProCredit to offer a fuller suite of lending solutions to its mid-market SME customers.

Also Read: AI is not slowing demand for software developers in the Philippines

Mayank Parekh, Founding Partner at M Venture Partners (MVP), said: Eight in 10 formal loans are channelled to large corporations in the Philippines, leaving 15 million SMEs and workers with little access to traditional finance.”

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When they fail, great leaders always hold onto and believe in their abilities. They acknowledge, learn from mistakes, and encourage their teams to look at mistakes not as the end point, but the starting mark of new growth.

In the era of unprecedented management complexity, getting the best out of people under normal circumstances can be a challenge. Throw in adversity, and things suddenly change! Even achieving the minimum from systems you are used to become a mirage.

In the current high-litigation culture, leaders always get someone to blame when things do not add up. It is easy to place blame on suppliers, partners, managers, or underlings who appear unable to get things done.

While delegating responsibility might be a known and acceptable concept, in times of crisis, a true leader should step in and take matters into their own hand.

The authority-leadership paradox

Every other day, we come across managers lamenting that they do not have authority. However, authority can only be achieved when a leader is able to demonstrate responsibility. Here, you need to appreciate that authority is not simply given by senior executives. Rather, you can only earn it via responsible behaviour.

Peter Drucker, the modern day Aristotle for the business community, argues that management lacks power, but only wields responsibility. He was right in pointing that leaders must demonstrate responsible behaviour for their subordinates and themselves.

Also Read: How do we overcome the low representation of women in leadership roles?

Though our actions determine whether we will earn trust from subordinates or not, the final decision relies on the ability to build trust with our leadership. How can this be achieved? Instead of deflecting issues, take responsibility. Own the problem and address it!

Leaders evaluate themselves before pointing fingers at others

In the realms of corporate competitiveness, the simpler route is covering one’s inadequacies. However, this only buys time and does not go far. A responsible leader has to take a deeper look at every misstep and seek to learn from mistakes as opposed to pointing fingers.

The leader pulls the thumb and asks the hard question: “What should have been done in a different way?” As others see the problem, it is the work of the leader to identify solutions.

The leader privately addresses the issue at hand but takes full responsibility in public. If the problem arose because one of the team members slipped, the leader’s role is to pick them up.

Taking responsibility today maps your race for a better tomorrow

If you obfuscate your involvement by passing blame, it acts like covering a volcano. The team members that you pass the button to will not forget! Next time when an issue arises, the team members will simply follow your lead but cover their back. But why would they do this?

By passing the blame to them, they feel victimised. It does not matter whether they are the ones who messed up things or not. You simply have to own up the work/mistakes of the group.  Because they are afraid that you might hang them when a problem happens, they could even set you up by hiding things from you.

Also Read: 7 things to consider when distributing leadership roles among founders

You have a team to lead; take it as a family and use every avenue to correct, mentor and emerge a better unit.

People in your team are smart, but they depend on you

Although it is true that you are the leader, the people in your team are savvy. That is right. They are always observing and taking notes. At any moment, they can easily spot half-truths or attempts to shift blame. So, what does passing blame mean?

To your team members, passing the blame button is like getting thrown down a cliff. They feel insecure and like a drowning person, will hold onto anything to survive. At this point, you must choose to lead them.

It is time to tell your team members that; “Yes, the situation is dire, it is messy but you are going to solve it.” At this point, everyone works harder to help address the situation. With every effort onboard, your responsibility will help you emerge a better leader.

It does not matter whose fault it was!

Well, it is true that for your organisation to get into the current problem, someone must have messed up. But that is it!  You cannot go to the public and say that the company has sunk because a “James” or “Lillian” failed to do a specific task. The shareholders, clients, and every interested person want to hear about the great recovery plan, the progress, and how you plan to make the organisation great again.

Move on! There is a lot of things to do

Now that the mess has happened, it is not the time to wallow in self-pity. Indeed, you need to double or triple your efforts to achieve two things: One, get through the problem and two, set the organisation back on the right track. In light of this, what would a responsible leader do to achieve these two core components?

• Stop reminding yourself and every member of the team about the problem.
• Involve all the team members to craft a winning strategy.
• Bring in more experts to help with addressing the problem.

When you find your organisation, department, or team in a problem, the way you handle it will be a pointer of how responsible you are.

Also Read: A woman among women: 27 female-led startups in SEA that are going places

You know what? That crisis is not there to wreck you! It is time to build a stronger team, strengthen your systems, train your team members and become stronger.

Others before you have gone through fire blazing crises and came out unscathed. David Neeleman of JetBlue took responsibility of the 2007 crisis when the ice storm struck East Coast. For Neeleman, it was not a matter of blaming the storm or his team. He took responsibility, compensated clients for delays and cleared the mess estimated at US$30 million. The results? JetBlue emerged stronger than before!

You too, can succeed now, and any other time, as far as you do not delegate responsibility!

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Image Credit: Jonny Caspari on Unsplash

This post was first published on May 27, 2019

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1Long, a wealth management platform in Vietnam, has received US$500,000 in a pre-seed investment round from Iterative, Monk’s Hill Ventures, R2VP, and Orionis Capital.

The new capital will be channelled into technology development, partnerships with asset managers and financial institutions, and strategic team expansion.

Also Read: ‘Resistance to digital wealth management has almost disappeared in SEA’: Bambu CEO Ned Phillips

Founded by a team of former investment banking and Y Combinator-backed veterans, 1Long enables individuals to start with as little as 10,000 VND (approximately less than US$1).

It offers two principal savings products, 1Safe and 1Term, designed for flexible savings with annual returns of up to 6.6 per cent and the possibility of earning rewards up to 9 per cent for long-term deposits. The platform allows daily transfers and withdrawals without fees, thus removing barriers to accessing funds.

Moving forward, 1Long aims to expand into investment products, including stocks, bonds, real estate, and additional value-added services such as retirement and tax planning. The platform caters to both domestic and international investors interested in the Vietnamese market.

In Southeast Asia, Vietnam’s fintech sector ranks among the top, with one of the highest growth rates, second only to Singapore, as reported by Acclime Vietnam and Decision Lab.

Also Read: Shifting the global paradigm of wealth management with digital assets

“It’s worth noting, according to Motor Intelligence, that the fintech market in Vietnam, while moving at a measured pace, is expected to ultimately surpass US$72 billion by 2029 with a projected 13 per cent compound annual growth rate (CAGR),” said Michael Do, Co-Founder and CEO at 1Long. “This promising trend highlights the vast potential within the sector and aligns perfectly with our mission at 1Long, as we navigate the maturing landscape with optimism and a clear focus on innovation and the financial success of our users.”

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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.

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Singapore-based Green COP, which produces sustainable biofuels derived from biowaste, recently announced the completion of an investment round with Ken Energy and other investors. The money will be used to establish a sustainable biofuels pilot plant with a one-tonne daily production capacity. The deeptech startup also appointed maritime veteran Teo Teng Seng as Chairman.

In this interview, Green COP co-founder Dr Hanson Lee discusses the plans with the newly acquired funds, partnerships, and alcohol-based biofuels industry.

Excerpts:

What is the background of the founding team of Green COP? What motivated the founders to focus on sustainable fuel solutions, and how does it contribute to environmental sustainability?

Green COP was founded by Dr Hanson Lee (an expert in biomass pre-treatment), Low Wang Chang (an MSc in Management of Technology), Sng Yee Ching (Chemical Engineer) and Prof Yang Kun-Lin (an expert in green catalysts). It started with research to give value to biowaste. After coming together with like-minded co-founders who are dedicated to environmental sustainability and the circular economy, it drives Green COP’s innovation in the biofuel sector, paving the way for cleaner energy solutions and a more sustainable future.

How does the partnership with Ken Energy help you in the long term? What is the mutual synergy here?

The partnership with Ken Energy provides mutual benefits in the long term. Ken Energy specialises in developing and implementing green energy solutions, focusing on advancing the use of renewable energy and alternative fuels to reduce emissions and promote a greener environment.

Also Read: Green COP secures investment to launch a pilot biofuels plant

This aligns perfectly with Green COP’s mission to drive sustainable fuel solutions. By joining forces, we aim to leverage Ken Energy’s expertise and resources to accelerate the adoption of our innovative biofuel technologies. Together, we aim to drive innovation and accelerate the adoption of sustainable fuel solutions in the region.

Could you provide more details on Green COP’s strategic collaboration with a leading global integrated palm oil player and how it will enhance the company’s capabilities in sustainable practices? Do you have any other partnerships in the pipeline?

Green COP’s strategic collaboration with a leading global integrated palm oil player enhances our supply chain resilience and sustainability efforts. This partnership provides us with a secure and sustainable source of feedstock for our biofuel production.

By leveraging our partner’s expertise in the palm oil industry and their commitment to sustainable practices, we can ensure responsible sourcing of raw materials. This collaboration strengthens our supply chain while reinforcing our mutual goal of driving positive environmental impact and promoting sustainable biofuel industry development.

As for potential future partnerships, while we cannot disclose specific details at this time, we remain committed to forging partnerships that align with our mission and values.

Can you explain Green COP’s patented pre-treatment and fermentation technology and how it enables the production of more efficient drop-in fuels?

Green COP’s patented pre-treatment process is non-energy intensive and at least 50 per cent faster than current industrial pre-treatment processes. This efficient process significantly reduces energy consumption while maintaining high yields.

Additionally, our patented fermentation technology utilises a co-culture system without the need for removing oxygen and aeration, minimising energy consumption and enhancing process efficiency. By optimising both pre-treatment and fermentation processes, Green COP achieves higher productivity and cost-effectiveness compared to traditional methods.

How do Green COP’s alcohol-based biofuels differ from traditional fuels in terms of shelf life and emissions reduction, and what impact do they have on environmental sustainability?

Green COP’s alcohol-based biofuels offer several advantages over traditional fuels. Green COP’s biofuels are drop-in fuels with a longer shelf life (more than 24 months). They contribute to a significant 30 per cent reduction in Nitrogen Oxide (NOx) emissions, making them a cleaner and more environmentally friendly alternative.

Also Read: Fostering sustainability through education

Besides, our biofuels significantly reduce greenhouse gas emissions compared to conventional fuels, contributing to improved air quality and mitigating climate change. By promoting the adoption of biofuels, we aim to drive the transition to a more sustainable energy future.

How does Green COP plan to leverage the newly acquired funds to establish a sustainable biofuels pilot plant, and what are the expected outcomes of this initiative? When and where do you plan to open the plant?

With the newly acquired funds, Green COP plans to establish a sustainable biofuels pilot plant with a capacity of 1 ton per day. This initiative will allow us to scale up production and test the viability of our technology on a larger scale.

The pilot plant will serve as a crucial milestone in our journey towards commercialisation, enabling us to refine our processes and optimise production efficiency. We plan to open the pilot plant this year at a location that will be revealed at a later date. Our goal is to demonstrate the feasibility and scalability of our sustainable biofuel solutions, driving innovation and sustainability in the energy sector.

In what ways does Green COP aim to foster a sustainable economy within the maritime and transportation sectors through its initiatives and technologies?

Green COP aims to foster a sustainable economy within the maritime and transportation sectors through our initiatives and technologies by providing clean and renewable fuel alternatives; we reduce the environmental impact of transportation activities, particularly in the maritime sector, which is a significant contributor to global emissions.

Our sustainable fuel solutions reduce carbon emissions and promote resource efficiency and circularity, contributing to a more sustainable and resilient economy.

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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.

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Prefer, a bean-free coffee startup in Singapore, has raised US$2 million in seed funding led by Forge Ventures.

500 Global, A*ccelerate, Better Bite Ventures, Sopoong Ventures, SEEDS Capital, Entrepreneur First, and Pickup Coffee also participated in the round.

The capital allows Prefer to make significant investments in growing the capacity of its production facility, expanding its ground coffee and ready-to-drink bottled beverages across Asia Pacific, starting with Singapore and the Philippines.

Also Read: Retrenched and dejected, this entrepreneur proved that a lot can happen over coffee

Co-founded in 2022 by Jake Berber (CEO) and Tan Ding Jie (CTO), Prefer makes coffee without coffee beans to ensure coffee is delicious, affordable, and sustainable. The company’s proprietary fermentation technology upcycles surplus bread, soy pulp, and spent grain to create a coffee substitute that offers the same aroma, taste, and brewing experience as traditional coffee.

Coffee, one of the world’s most popular beverages, is being threatened by climate change; it is forecast that by 2050, 50 per cent of coffee farmland will no longer be suitable for use. Shrinking coffee bean supply coupled with rising demand is leading to coffee bean prices soaring to unprecedented highs, and the team promises always to be the more affordable coffee option.

“As climate change erodes coffee farmlands, erratic weather puts crops at risk, and demand continues to rise, coffee bean prices will skyrocket. That’s where Prefer comes in to ensure the production and price of coffee become sustainable and stable in the long run,” said Jake Berber, Co-Founder and CEO of Prefer.

The company provides ground coffee compatible with standard espresso machines to its B2B customers, including cafes, coffee chains, distributors, and flavour houses, who seek a more affordable and sustainable coffee supply. It also offers ready-to-drink bottled coffee for quick-service food businesses, events, and retail shelves.

Also Read: Coffeefrom: Brewing sustainability from bean to product

For brands with sustainability goals, Prefer helps them slash their carbon footprint. It claims to produce an estimated 10x less carbon dioxide than traditional coffee beans, making it a beacon for a more sustainable coffee industry.

Prefer is available at 12 locations across Singapore, including 2023 Barista Championships winner Dough, Foreword Coffee Roasters, and select SaladStop! outlets. Household name partnerships are brewing and will be announced in 2024.

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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.

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Productivity is a big topic for startups and startup founders. Between products to develop, investors to impress and clients to find, there is a lot to do. Pressure adds up, and day after day tasks replace each other so that the only thing we do is run after time.

As a business adviser, my job is to support CEOs week after week and to help with making sure that every resource is allocated in a way that makes sense. In a startup environment, the interesting is however that while the focus is very commonly on increasing productivity, people focus on the wrong elements.

They try to do more. They try to be everywhere. They try all they can, just in case. And they usually end up with a feeling of dissatisfaction because, well, he who goes everywhere doesn’t go anywhere.

The question which usually comes next is this one: how do we do it? And when that happens, my experience with business coaching tells me that things will as always points in one precise direction: strategic and Impact thinking (or the lack of).

In most cases, startup founders look for a quick fix, but in reality, the roots of the problem are so deep that the only way for them to become more productive is to completely review the way they approach things. Whether that’s the work they do, their methods, and their goals.

My point is very straightforward here: startup productivity is not just about trying to do more, it is about focusing on what really matters – and that usually requires to start with business basics.

Also Read: Is technology killing workspace productivity ? how to switch that around

Now, if you’re reading this article chances are that you are looking for practical tips as to what you could do, so let’s dig into the topic with three tips borrowed from business coaching and productivity methodologies.

Tip 1: Set goals

A key aspect of my job as a business adviser is to help entrepreneurs, startup CEOs and founding teams to realize that to obtain better results the starting point is always to set very clear goals.

The point probably sounds silly to you right now. And that’s fine. Like it or not, investing some time in defining precise goals is the only way to set an agenda, to implement that agenda, and to assess whether things go in the right direction every now and then. The question is, are your goals clear?

Think about it. When was the last time you took some time to write down your goals for the next three years? For next year? For the next three months? In my experience, most people never do that because they are too busy with “getting shit done”. Yet sooner or later they end-up facing issues.

Here is a fact: long-term goals give you a direction and they give you a framework for defining reasonable and assessable KPIs. It’s a bit like a GPS, in reality. Those who don’t have one can take a lot more time to get to their final destination.

In sum? My first actionable tip when it comes to startups productivity is this one: invest a little bit of time on defining what really matters. Get the direction right and define what the priorities are, the rest will be easier.

Tip 2: Reconsider the way you use time

The second startup productivity tip which comes to my mind is that startup CEOs and founding teams should reconsider the way they use time. At the end of the day, the point is not to produce quantity but to deliver on the strategic bits which really (really) matter – and that kind of re-focused focus makes a massive difference.

Look critically at your typical week agenda and see for yourself. How many hours a week do you spend on to-do lists? How many times a week do you work on admin and invoicing? How many hours a week do you spend on simply answering emails?

The point often looks silly to clients, but once they start to play along, they all realize their time is not used properly. Routines are the wrong ones, and the outcome of all the time, energy and money spent are usually the desired one.

Also Read: Scale up your productivity, scale up your business

As silly as it is, this little exercise will also make you realize that multitasking is not always productive, and in many cases, this simple realization has made an enormous difference. Just saying…

Tip 3: Allocate time and resources on strategy

My third startup productivity tip is that startup CEOs and founding teams should allocate more time and resources on strategy development.

Way too often, startups pitch great solutions which end-up soling no real problem, which means that from the beginning their work has not been productive. Yes, they have done a lot (and effectively produced a lot), but if the results don’t create value what is the productivity gain?

The logic is simple here. Productivity is a matter of organizing yourself to reach qualitative benchmarks and milestones, beyond just quantity. Hence, your ability to allocate some times to figure out what works and what doesn’t work from a strategic perspective is key.

Hence the third actionable tip here is this one: invest three hours a week discussing your Impact 101 strategy with your co-founders or with a trusted adviser of your liking, and make sure that everything you do actually makes sense from a long-term perspective.

Or, said differently, make sure that everything you do now gets you closer to the goals you have defined for the next year and for the next three years. It’s as simple as that, really.

Bottom line: Realize that startup productivity isn’t about quantity

These 3 tips are actionable, and in my experience,  have a major impact on those who work on them. Give it a try and see for yourself.

We always say that ultimately Business Karma will decide, but it doesn’t mean that you can’t work on influencing what comes next. Right?

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Image Credit: Isaac Smith

This post was first published on December 3, 2019

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Once upon a time, there was an over-enthusiastic startup founder who had a massive amount of fuel of burning passion and desire to do something big. The fire was so intense that the “individual” approached multiple investors with few showing interests but yet not failing to give up.

Every day, the startup founder would listen to “Whatever it takes” by Imagine Dragons or “Remember the name” by Fort Minor, both of which are extremely motivational music while trying to get on board and get rejected by “possible” employees left and right.

Despite making a fool of himself/herself with investors and other people, when they asked for the business model or in other words “ how will you make money? The competition is massive”, everything else was just perfect!

Then after a few years, that startup lost more money than it would ever make.

That hilarious startup founder was me.

During my years in university, I was a bored but very enthusiastic individual. Without having any knowledge about mobile apps (or how the world works), I jumped into planning the launch of the most perfect mobile app the industry had ever known.

Also Read: Why trust is the biggest barrier to entrepreneurship and innovation

A recipe for the perfect disaster, some would say. Yet I would not trade the experience for a million dollars.

Here are the 3 things I learnt from my failure that I would like to share with every aspiring entrepreneur.

1. Anger management

Anger has many forms. It is not limited to an angry face or a series of rants. It can be frustration; it can be silence or it can be a sharp mouth; it can be anything.

As an entrepreneur, it is incredibly important to remain calm, no matter how tough the circumstances are. Anger only distorts perception and moves focus away from the bigger picture.

If you are someone who is constantly angry and gets easily frustrated, do not be an entrepreneur.

Really, being a successful entrepreneur requires tremendous patience and calmness.

Because of lack of anger management, I managed to lose the trust of the few people who decided to join me. I was quick to jump into conclusions and lose the trust of the people who were loyal to the idea.

2. Lack of knowledge

If you want to start a mobile app company, know everything about mobile apps. If you don’t think that you know enough, then get a co-founder who does. This rule applies to all fields.

Also Read:Digital entertainment startup POPS Worldwide snags US$30M in funding, launching its free premium content apps

I had little knowledge about apps. Therefore, when developers faced problems, I would not know how to advise them or suggest them solutions –which made me look like a fool. The mobile app took longer than ever to build.

If you do not know the ins-and-outs of the business you are trying to get into, never do it simply for the money or any other reason that you may have. It will only end badly. If you do not believe me, read about Facebook. If the guys only knew how to code and programme, they could have done it themselves without the help of Mark Zuckerberg. They lacked the knowledge and it clearly did not end well for them.

Some will say, “No, you simply need to learn how to judge people right. You don’t need to know everything. Hire smart people.”

To them, I would say, “If I had enough money, yes, I would hire the right people. But you do not have this privilege when you are starting from scratch.”

3. Having a good business model

My business model was “ads”, that’s all the mind of a 19-year-old could contemplate at that time.

Some would say that it was because due to the influence of media and the digital age, and I’m not going to argue about it.

Also Read: New Antler-NUS initiative to nurture deeptech talents, to invest in 30 startups annually

But it is important to know how you will generate cash and how much money you will spend on your business. It is a simple point but its really about organising and good money management. If you do not have a good business model, you will end up like me, or even worse.

Conclusion

Eventually, I decided that I did not have the right self-awareness to become an entrepreneur. I decided to grow emotionally and spiritually before I began my next quest.

Personal development is very important for founders, as some say that founders are the new generation of “kings/queens waiting to expand their empire.”

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Image Credit: Element5 Digital on Unsplash

This post was first published on November 10, 2019

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The power of social media nowadays is incredibly useful when it comes to your business. You can easily reach and connect with like-minded people. 

Many users rely on social media for entertainment, building relationships and for useful information. Social media could really help your business grow; use these 6 tips to make sure your business is using social media effectively.

1. Always be consistent

If you haven’t known already, social media never sleeps – it’s an ongoing matter, 24 hours, 7 days a week; therefore it’s essential you keep consistency in mind. Start off by making a plan on what you are posting, how often you’re going to post and what’s the best time to post on social media, and stick with it.

Also read: A guide to wading through the organic reach demise on social media

You should ideally be posting at least 2 to 3 times a day, depending on your goals and your following. You can’t get away with posting 5 times a day to once a week – you will surely see a decrease in followers with no engagement.

2. Utilise Hashtags

When posting on pages like Instagram or Twitter; don’t forget to hashtag. Hashtags are a great way to reach like-minded people who are also using the same hashtag.

You can mix it up with generic and popular hashtags, but you should also include hashtags that are more specific to your niche. You can easily research this on Google, read hashtag guides or even on Instagram to figure out what hashtags you should be using.

3. Engage with Your Audience

Don’t just sit there, post content and expect to get it in return. Social media is a two-way street; you have to do the work to receive results back.

Not only should you be responding to comments on your page but another great way to approach this is to ask your customers to share their thoughts, questions, and ideas to get to know them better the next time you Tweet, or update your status. Open-ended questions definitely are a great start to see some conversation flowing.

4. Be personable and transparent

Social media is a great way to connect with your customers, so don’t be afraid to show some personality. It can get pretty boring just seeing generic “picture-perfect” posts daily; switch it up by showing behind-the-scenes shots or even just by responding to comments you receive on your page – this all just shows how approachable, genuine and trustworthy you are as a brand and can drive in more customers.

5. Make sure your content aligns with your message

Sit down and actually brainstorm and plan what content you will be posting – it’s absolutely necessary to make sure everything fits within your brand identity.

Also read: Growing traffic through social media marketing for small business owners

For instance, if you’re a small interior design brand, you might want to start posting content for not only the products you sell but also content related to interior design. It’s important to match your brand identity in order to achieve promoting what it is that you’re trying to say to the world.

6. Host facebook lives or utilise video

Video marketing is significantly becoming popular in recent years – it’s a way to connect with your audience in real-time. Many social media platforms include video now so it’s time to take full use of it.

Start by posting fun and personable videos on your Instagram stories or let your followers know about a Facebook Live you may be hosting related to your brand – such as a live interview or talking about interesting and educational topics. 

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Image Credit: S O C I A L . C U T

This post was first published on October 30, 2019

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In recent years, sustainable development and sustainability have become increasingly significant components in universities’ degree programmes and curricula. With the impacts of accelerating climate change and the move to advance the 17 United Nations’ Sustainable Development Goals (SDGs) by the year 2030, our educational landscape has set the trajectory for our young people to take the lead in co-creating solutions for a better world. 

With the push of the Singapore Green Plan 2030 and various industry regulations, such as the increasing carbon tax, there is a greater demand for knowledge and skill sets in environmental sustainability within the workforce. Southeast Asia could have as many as 30 million sustainability-linked jobs by 2030, with the region’s green economy projected to provide up to US$1 trillion (S$1.36 trillion) in annual economic opportunities. However, the challenge is getting the right talent for these green jobs, given the fledgling nature of the environmental impact, social issues, and corporate governance (ESG) industry in Singapore.

The number of job seekers who aspire to enter the green economy has grown disproportionately, resulting in a significant skill shortage. Therefore, it is crucial to develop a comprehensive approach, especially in education, tracking, and standardisation, to address environmental sustainability needs. 

To equip students and the existing workforce with relevant skills for the green economy, educational institutions are increasingly integrating sustainability principles into their curricula, utilising experiential learning and digital platforms, and collaborating with institutions and businesses to develop practical training programmes. 

Driving sustainable development with SIT

The Singapore Institute of Technology (SIT) catalyses sustainable development in Singapore and beyond by producing skilled professionals equipped to tackle contemporary sustainability challenges. Its mission revolves around integrating academia with industry, fostering applied learning, and cultivating a sustainability mindset. With this ethos in mind, SIT embraces transformative education and empowers students to contribute to sustainable solutions.

Baseline sustainability education is compulsory for all undergraduates in SIT and joint degree programmes. This micro-module introduces students to key sustainability concepts, including the definition, importance, multi-disciplinary nature and actions of sustainable development.  Students learn about the key challenges in Singapore and hear from industry insiders sharing their experiences and industry needs on sustainability.

“The roles of education, apart from delivering it, include the curation of a structure of knowledge and skill sets that can be segmented and packaged to accurately meet the different areas and levels of needs on the ground,” shared Associate Professor Ethan Chong, Head of Sustainability for Education and Research at SIT.

A/Prof Chong added, “SIT is working on this, and developing courses based on a structure. Academia plays the role of connecting research and practice, and this connection is important in developing the structure. The outcome is ideally a set of sustainability curriculum that is rigorous and practical.”

Also read: The first 27 key innovation leaders who will speak at Echelon X

To allow students to gain hands-on experience, SIT works with partners such as ENGIE and Singapore Power to train sustainability talents. For instance, the district cooling system facility within SIT’s new Punggol Campus, designed and built by ENGIE, will be a teaching and training ground for students to learn about the district cooling system and aspects of maintenance and energy efficiency in real-world conditions.

Through SIT’s collaboration with Singapore Power, faculty from the Electrical Power Engineering programme will train students on smart grid technologies by leveraging the Multi-Energy Microgrid. They can pick up much-needed skill sets such as data-driven optimisation, district cooling system decarbonisation and predictive maintenance learning, and conceptualisation of distributed energy systems.

“More than before, companies need to consider new sustainability-related factors in making decisions and choices. Sustainable development education and training should not only be about the teaching of theories and case examples. It should also cover the application aspects.  SIT aims to bridge the gap between classroom and industry so that learners may find what they have learned useful for their workplace,” explained A/Prof Chong.

Enhancing sustainability-focused education

To help tackle sustainability competency issues, SIT offers several programmes. These include the Specialist Certificate in Environmental Sustainability Measurement and Management, a Continuing Education and Training (CET) course for working professionals. The 12-month course covers measuring, managing and reporting techniques and guides learners in their respective sustainability-related tasks at work. 

Climate change currently affects many aspects of people’s lives and offers many challenges as well as professional opportunities. To develop sustainably, an articulation of the definition and measurement of sustainability is required to track and implement solutions. Hence, this certification course introduces the quantification of sustainable development with an emphasis on environmental sustainability.

Measurement methods including carbon accounting, life cycle assessment, and management approaches such as circular economy modelling are covered. Since greenwashing is a potential reputational risk for many organisations, the programme helps organisations articulate and report credibly, meeting sustainability reporting standards and frameworks and measuring progress to manage sustainability initiatives.

A/Prof Chong said, “In our CET courses, we often use learners’ actual work problems and cases. This is so they can almost immediately apply their sustainability knowledge and skill sets learned during the courses.”

Learners who use these skill sets over time in the industry can develop into sustainability professionals in their respective sectors and progress in their careers. The inaugural intake of the Specialist Certificate starts in May 2024.

Industry-focused sustainability education

In anticipation of the transformation in the agri-food sector and the growing global demand for green talent, SIT is also launching an Agritech and Aquaculture Specialisation in its Sustainable Built Environment (SBE) degree programme in the academic year 2024.

With growing emphasis on food security, farms in Singapore are increasingly focused on technological improvements to sustainably boost productivity in urban farming and aquaculture. The new specialisation will cover a wide range of topics, including agritech systems and aquaculture economics, aiming to train learners in this field of study holistically. Graduates can expect employment opportunities across various sectors, including agri-food, aquaculture, marine research, and government sectors.

Also read: How data can be used to empower mental healthcare in Asia

Associate Professor An Hui, Programme Leader for the SBE degree programme, shared, “The Agritech and Aquaculture industries play crucial roles in addressing global challenges related to environmental sustainability and food security. Smart farming technologies enable better management of resources, leading to increased efficiency in land use, water consumption, and energy use. This contributes to sustainability by minimising waste and environmental degradation.”

With this new specialisation, the SBE degree programme will have three distinct specialisation baskets — Integrated Facilities Management, Green Building Design, and Agritech and Aquaculture. The SBE programme focuses on nurturing mechanical engineers to be competent in solving complex engineering issues in the Built Environment with critical thinking and skill sets in Sustainability and Integrated Digital Technologies.

“As the world and Singapore focus on achieving the target of the sustainability movement, the new specialisation in Agritech and Aquaculture, the emphasis on sustainable practices, technological innovation, and responsible resource management aligns with the broader goals of the SDGs. These specialisations contribute to developing resilient and sustainable food systems while addressing environmental, social, and economic dimensions of global development,” A/Prof An added.

The increasingly important role of education in sustainable development

The role of education, exemplified by SIT, is pivotal in shaping a sustainable future. As we navigate intricate environmental challenges, education serves as the cornerstone for fostering awareness, innovation, and a collective commitment to sustainability. SIT’s dedication to instilling a sustainability ethos and promoting applied learning underscores the transformative power of education in creating a sustainable future.

Also read: Nagoya University transforming from Singapore beyond Six Nobel Laureates

“Education of sustainable development is evolving and maturing as we speak. We must be agile to account for new scientific findings, policies, technologies, and the changing job landscape. It is also important to learn and collaborate across national and institutional boundaries. Singapore values collaboration, and I believe that we can do more together,” shared A/Prof Chong.

Learn more about SIT’s initiatives in Sustainability Talent Development.

This article first appeared on e27.

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This article is produced by the e27 team, sponsored by the Singapore Institute of Technology

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