In the ever-evolving world of startups, where the quest for unicorn status — startups valued at over a billion dollars — reigns supreme, a quiet yet significant development is unfolding. In the current investment climate, there is a notable shift away from solely chasing unicorns. Investors and industry leaders have started to focus on startups, prioritising profitability and scalability over unicorn status.

The recent ‘funding winter,’ evident in Southeast Asia’s lowest quarterly funding in five years, has prompted a re-evaluation of how startup growth is measured. The Philippines isn’t insulated from winter, as the country has also seen a 40 per cent decline in funding in 2023.

In this landscape, high-value startups are pondering the question, “What lies beyond achieving unicorn status?” For these companies, the goal extends beyond reaching a US$1 billion valuation; it entails building a resilient, viable, and profitable business model that places a strong emphasis on impact and the tangible benefits it delivers to consumers.

With a growing emphasis on impact, sustainability, and profitability, how will this reshape the startup ecosystem?

It starts and ends with impact

At the core of our business, we believe that startups are created to solve a need. In Southeast Asia, there is rich diversity across the region, but even with the market differences, there are also shared challenges. These include the need to accelerate digitalisation across its populations and various industries in order to foster innovation and continue the region’s growth, according to a January 2023 paper from the International Monetary Fund. 

Also Read: Critical considerations: Address these 5 questions before scaling your tech startup

In addition, the IMF sees digital inclusion as extremely crucial in the region, with nearly half of SMEs face significant barriers in technology adoption and around a quarter of the population still have little-to-no access to digital services.

As part of the Globe Group and the company’s journey from telco to techco, we take these challenges into account to ground our startups on impact-driven insights that will allow us to create opportunities for digital inclusion. We keep this in mind as we work towards building more scalable, profitable, and sustainable businesses.

With how fast the landscape is changing, it’s important for startups to be agile and resilient–to be able to pivot when necessary but still keep impact at the core of every decision. At 917Ventures, this translates to aligning all ventures we build with a singular mission: uplifting the lives of Filipinos–be they individuals, businesses, or communities.

We recognise that impact goes beyond profitability and that true sustainability involves creating businesses that not only endure challenges but actively contribute to a better, more sustainable future.

Venture building vs venture capital

As a venture builder, the funding winter affects us differently–in that, we do not necessarily focus on fundraising, but rather, we channel our efforts towards generating more impactful ideas that can help the industries that we support to be more cost-effective and empowered through our digital solutions products.

We do this alongside conducting thorough assessments on profitability and strategically navigating challenging environments. The 917Ventures mindset centres on crafting digital solutions addressing everyday challenges for Filipinos, emphasising sustainability. With a track record of vetting over 900 ideas, scaling dozens of ventures, and managing a portfolio of 13 startups, our focus extends beyond aspiring to create the next unicorn. 

Being in the industry that we are in, there are times when tough decisions like rejecting ideas or scaling back ventures become necessary. This is an unfortunate cost of innovation—recognising when a venture has already reached saturation point and no longer aligns with market demands.

Also Read: Cracking the code: Key traction metrics early stage investors seek in startups

There is loss incurred, yes, but the lessons we take with us from these tough decisions equip our future strategies and in-house entrepreneurs (venture builders) — many of which are still young–with strengthened skills in resource reallocation and overall business resilience.

Risks are worth taking, especially when they pay off – proven by our startups that have emerged as industry juggernauts—with many on their way to doing so, as well.

GCash, for one, has grown into the Philippines’ only duacorn and has become the vehicle for digital transformation in the country through its inclusive financial solutions to more than 95 million Filipinos around the world. Our fintech solution has given more Filipinos access to banking services, digital payments, and insurance–effectively democratising access to financial services for a country where 30 per cent of adults still do not have formal bank accounts as a July report noted that the Bangko Sentral ng Pilipinas (Philippine Central Bank) predicts that 70 per cent adult Filipinos have formal bank accounts by end-2023.

Several of our other startups have also begun making waves–particularly RUSH and KodeGo, our e-commerce and brand loyalty platform and edutech solution, respectively. RUSH has supported almost 2,000 merchants nationwide in their digital transformation journey, helping their businesses build digital payment gateways and create strong customer relations. 

Meanwhile, KodeGo is on its way to successfully graduating over 2,000 students by the end of December 2023–many of which are women–playing a key role in addressing the advanced digital skills gap in the country with their study-now-pay-later scheme. 

These are just two of our ventures that we are seeing make headway in truly empowering local entrepreneurs and professionals in their digitisation journey. 

At length, the long-term success of startups is increasingly intertwined with their ability to create positive change. Impact-driven strategies not only boost a startup’s reputation but also cultivate a resilient and adaptable business model. Prioritising impact becomes a strategic imperative as startups navigate the dynamic business landscape, contributing to sustained profitability, growth, and enduring success.

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Anichess, a chess-based online strategy game developed in partnership with Chess.com and five-time World Chess Champion Magnus Carlsen, has completed its US$1.8 million funding round.

Sfermion, a US-based multi-strategy investment firm focused on the immersive internet, and Amber Group, led the round, with participation from Fenbushi Capital, Aspen Digital, SNZ Capital, and others.

Also Read: Animoca subsidiary Anichess closes US$1.5M seed funding round

Anichess will use the fresh capital to fund game development, marketing initiatives, and team expansion.

Anichess is a Web3 gaming project developed in collaboration between Animoca Brands and Chess.com, the leading global online chess platform. It provides a novel tactical twist by implementing spells that open up new strategies and gameplay and require players to rethink traditional chess rules as they uncover the expansive lore within the world of the gameboard.

In 2023, Anichess closed an oversubscribed US$1.5 million seed round. In January 2024, the startup launched its player-versus-environment (PvE) daily chess puzzles. It claims to have secured over 1,000,000 registered players while maintaining an active user base of 150,000 daily active users who have collectively solved over 50 million chess puzzles.

Anichess’s Season 1 leaderboard was launched on 11 March 2024, ranking players based on points accumulated from solving daily puzzles and collecting Orbs of Power obtained through gameplay and participation in social events. Its online player-versus-player (PvP) game mode is expected to launch in Q2 2024.

Also Read: Web3 is going to redefine labour in Asia in a big way: Animoca Brands’s Yat Siu

Dan Patterson, General Partner of Sfermion, said: “The future of gaming is community-driven and player-owned, and we believe that, with Chess.com’s existing community of 150m+ players and Web3 communities such as Mocaverse, Anichess has the potential to onboard tens of millions of players into that future. With the added strategic components and esports-like elements, Anichess aims to keep things fresh by building for the gamers who yearn for the hardest challenges.”

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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.

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My journey in bio-entrepreneurship started for me at a very tender age of seven years old. The experience of going to the hospital and seeing how doctors could heal and save lives seeded an aspiration that drove most of my career choices and decisions later in life.

Today, I am the Founder of Invitrocue, the leading provider of personalised oncology and Bio-Analytics Solutions in the region. It is an exciting time for us as we have just received a breakthrough with Onco-PDO, the first clinical cancer drug screening test in Singapore that looks to personalise cancer treatment by regrowing patients’ own cancer cells in its laboratories, improving clinical outcomes and reducing overall treatment costs and time. Invitrocue is also one the major provider of in-vivo drug testing services for global pharmaceutical and Biotechnology companies.

However, the road to becoming a bio-entrepreneur is not just about launching a business; it’s about fostering innovation, creating solutions, and the advancement of medicine. In other words, the entrepreneurship road in the field of healthcare and biotechnology can be daunting; it requires not only a deep understanding of the sciences but also an entrepreneurial mindset and a deep wellspring of inspiration.

Having been involved in the healthcare and Biotechnology industry since the late 1980s, I have observed and participated in the rapid growth of this industry.  A key driver for this rapid growth was the demographic shift towards an ageing population globally. As we progress in our understanding of chronic diseases such as cancer, our advancement in diagnostic technologies has shifted from mass treatment approaches to tailored, technologically-driven interventions.  

For would-be entrepreneurs looking to enter the biotech sector, these are the three key areas that they will need to consider — the good, the bad, and the possibilities.

The bad: challenges of a bio-entrepreneur

“There is no Gain without Pain” – personal and financial sacrifices are a constant theme in entrepreneurship, especially in the medical and biotechnology field.

As a bio-entrepreneur, some of the biggest challenges you will face include the accessibility and readiness of the market to accept your product or services. This involves overcoming scepticism from stakeholders, reimbursement challenges, and competition from existing solutions. Demonstrating clinical efficacy, safety, and cost-effectiveness is crucial in fostering acceptance among stakeholders. 

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

Equally important is Market Readiness. If the venture goes to market too early, the risk is that bigger or better-resourced companies may take advantage of it. If you go to market too late, competition will be high, and margins can be low. In the case of Invitrocue, significant efforts were invested in assessing and quantifying Market Readiness above all else.

Beyond this, I also had to consider factors such as the scientific complexity of my research, the regulatory compliance, as well as the technological and capital risks associated with any med tech business will need to be anticipated.

Take the launch of Onco-PDO for example. The scientific pursuit was marked by intricate complexities, including the need for robust research, extensive experimentation, validation and regulatory processes. Negotiating this complex terrain involves approvals, licences, and safety assessments and they are time-consuming and resource-intensive. From research and development (R&D) to clinical trials and commercialisation, the journey from concept to market-ready product demands substantial financial investment. 

To navigate this, we had to work closely with leading researchers and institutions. We also sought to protect our technology and Intellectual Property via legal experts and continual monitoring of competitor activities. The company invested well over 7 years to be able to offer a validated clinical service. Today, this service is available commercially in Asia and Europe and covered by selected public healthcare insurance.

The good: Overcoming challenges

So when faced with such a daunting set of challenges, how do bio-entrepreneurs like myself navigate the risks of starting a nascent biotechnology company? This can be best summarised in the following lessons.

Talent acquisition and innovation

The key consideration in talent acquisition and development for biotech startups is to understand that different talents are needed for different stages of growth. For example, for biotech companies in the very early stage, talents are usually more experimental and higher risk takers. Conversely, for late-stage growth biotech companies, strategy compliance and fewer risk-takers are needed.

Recruiting and retaining top talent is critical for driving innovation and growth in biotech startups. Fostering a culture of innovation and adaptability is essential for navigating the dynamic biotech landscape. Encouraging creativity, collaboration, and experimentation empowers employees to think outside the box and pursue novel solutions to complex challenges.

Also Read: Beyond apps and telehealth: The power of the Village approach for mental well-being

Embracing a growth mindset and remaining agile in the face of setbacks enables startups to pivot, iterate, and evolve their strategies in response to changing market dynamics and scientific breakthroughs.

Leverage collaborative partnerships

Collaborating with academic institutions, research organisations, and established industry players can provide valuable resources, expertise, and infrastructure to overcome scientific and technological challenges. By forging strategic partnerships, startups can access specialised knowledge, shared facilities, and funding opportunities, accelerating the pace of research and development.

Secure diverse funding sources

Diversifying funding sources is crucial for mitigating the financial risks associated with biotech startups. In addition to traditional venture capital funding, entrepreneurs can explore alternative financing options, such as government grants, angel investors, crowdfunding, and strategic partnerships.

Leveraging non-dilutive funding opportunities and milestone-based financing structures can provide greater flexibility and sustainability in the early stages of development.

Adopt strong regulatory compliance

Proactively addressing regulatory compliance is paramount for navigating the path from research to commercialisation. Engaging with regulatory experts and consultants can help startups understand and navigate the complex regulatory landscape, including FDA approvals, clinical trial requirements, and product labelling regulations.

By integrating regulatory considerations into the product development process from inception, startups can minimise delays and compliance-related risks.

The possibilities: Future of biotech innovation

There has never been a better time in human history to be a bio-entrepreneur than today; we are entering the golden age of biotech innovation. 

Mankind is now witnessing a significant cadence in the rate of new medical discoveries and cures, driven by technological advancements such as Quantum Computing, Synthetic Biology and Gene Editing. The convergence of these technologies, along with advancements in Artificial Intelligence, machine learning, and nanotechnology, is enabling scientists to design more sophisticated therapies and biomedical solutions with unprecedented precision and efficiency.

Advancements in genomics, proteomics, epigenetics and data analytics are also paving the way for personalised medicine tailored to individual genetic makeup, lifestyle factors, and disease profiles. In the future, healthcare will also shift towards preventive and personalised approaches, leveraging genetic and phenotypic disease modelling to predict disease susceptibility, customise treatment regimens, and optimise patient outcomes.

As a species, we now possess the necessary technological know-how to determine and overcome our biological conditioning. Such an event can only drive the leap in our own evolution. Whenever someone chooses to be a bio-entrepreneur or invest in biotech, I sincerely look forward to their pursuit, with the greatest hopes that it will further mankind’s future well-being. 

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In his written piece for Forbes, author and futurist Bernard Marr stresses that marketing is one of the areas of business operations where it is widely predicted that Artificial Intelligence (AI) will drive enormous change.

“The chances that there are people out there doing marketing today and not using AI in any shape or form is somewhat unlikely. This is simply because there are so many tools with AI features that we are used to using without even thinking about it,” Marr says.

“The most frequently used social and search engine advertising solutions, email marketing platforms, e-commerce solutions, and tools designed to assist with content creation all provide functionality that taps into what we refer to as ‘AI’ in business today.”

Next month, at Echelon X, there will be four major conference themes that the attendees will get to dive deep into: Agile Business Practices, Sustainability & Responsibility, Collaborative Ecosystems, and Fostering Creativity. The use of AI in various aspects of business operations–and its role in digital transformation–will be one of the topics that we will touch. Marketing analytics will certainly be part of this.

This is why companies that are working to provide marketing analytics services play an essential role in the ever-evolving landscape of business. As data becomes increasingly abundant and complex, these companies offer indispensable insights into consumer behaviour, market trends, and campaign effectiveness. Leveraging advanced analytics tools and techniques, they empower businesses to make informed decisions, optimize strategies, and maximize returns on investment.

Also Read: Mobile marketing analytics startup AppsFlyer secures US$210M from General Atlantic, opens office in Indonesia

In this listicle, we examine the five marketing analytics companies that have led the field and will continue to do so.

ADA Asia

With 12 offices across Asia and boasting a workforce of around 1,400 professionals, ADA maintains a formidable presence in the region, with dual headquarters in Singapore and Malaysia.

Offering a comprehensive array of services, ADA empowers enterprises and brands to enhance their data transformation, digital marketing, and sales strategies across Asia. The company recently unveiled a case study elucidating how data can elevate the retail experience, showcasing its commitment to driving innovation and excellence in the industry.

Nielsen

As a global leader in audience insights, data, and analytics, Nielsen shapes the landscape of media and content worldwide. Operating in over 55 countries, Nielsen empowers clients with independent and actionable intelligence, enabling them to connect and engage with their audiences effectively now and in the future.

Recently, Nielsen released its sixth Annual Marketing Report, based on a survey of nearly 2,000 global marketers, uncovering insights into their priorities and strategies to enhance ROI in 2024 and beyond. The report highlights the continued significance of social media, search, and online/mobile video and displays them as effective marketing channels. It also emphasizes the importance of a cross-media strategy to capitalize on potential revenue opportunities.

Also Read: How Shopee uses AI, data to build a marketing strategy that suits changes in user behaviour

Semrush

Semrush, a leading online visibility management SaaS platform, has revolutionised digital marketing for over a decade. Starting in 2008 with a small team of SEO and IT specialists, Semrush aimed to level the online playing field by providing fair and transparent competition opportunities. Now serving over 10,000,000 digital marketers globally, Semrush has evolved into an all-in-one marketing suite featuring 55+ products, tools, and add-ons, streamlining companies’ online marketing efforts.

Their vision extends to becoming the ultimate digital marketing tool, optimising results, fostering seamless team collaboration, and saving time on repetitive tasks. As a trusted data provider, Semrush’s insights into online behaviour are relied upon by major media outlets worldwide, including Bloomberg, The Washington Post, and Reuters.

Brandwatch

Bringing together consumer intelligence and social media management, Brandwatch facilitates seamless customer interaction at the pace of social media trends. By amalgamating consumer insights with robust social media tools, they empower businesses to react swiftly to relevant trends, collaborate on data-driven content, safeguard their brand reputation, and efficiently manage multiple social media channels. Their offerings include consumer intelligence to comprehend market dynamics, social media management for effective customer engagement, and influencer management for comprehensive campaign oversight.

With tailored product packaging, they ensure businesses are equipped with the precise tools and features necessary to meet their unique needs and objectives.

Similar Web

Listed on NYSE as #SMWB, Similar Web powers businesses with unparalleled digital data. It is driven by a mission to equip every enterprise with the most accurate and actionable insights to dominate their respective markets. Recognizing the paramount importance of digital channels in driving growth and profitability, Similarweb offers a comprehensive platform that provides customers, including some of the world’s leading brands, a holistic view of digital activities across customers, prospects, partners, and competitors.

Trusted by renowned figures such as Jimmy Kimmel, Similarweb’s insights give businesses a distinct digital advantage, enabling them to outperform competitors and emerge victorious in their markets.

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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 two 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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Studies have shown significant wait times of one to five years for treatment for individuals with developmental disabilities such as autism, who might be struggling with a high-level of anxiety and sensory challenges. This underscores a critical challenge in the field: a heavy reliance on human resources, which can limit access to timely care for those who need it most.

A South Korean social venture aims to address this challenge with a unique product. Dolbomdream has developed the HUGgy vest, designed to improve the quality of life. The vest utilises Deep Touch Pressure (DTP) to provide the calming effect of a hug for individuals with developmental disabilities. This aims to alleviate stress and anxiety, potentially contributing to a new paradigm in mental healthcare.

The inspiration: Founder’s journey

Raised in an environment where entrepreneurship thrived — his father owned a business — Kim Jihun, Founder and CEO of Dolbomdream, was naturally drawn to starting his own venture.

“During my postgraduate studies at KAIST’s Department of Business and Technology Management, a course on startup convergence introduced me to the concept of social entrepreneurship. This notion deeply resonated with me — the idea of addressing societal issues while maintaining a sustainable business model,” he said.

While volunteering at a welfare centre, he observed the use of weight vests to soothe children with developmental disabilities. Recognising the potential to improve this method, he envisioned an inflatable alternative gentler on growing skeletal systems. “Additionally, witnessing the prolonged wait times for treatment among individuals with developmental disabilities, I saw an opportunity to introduce a technology-driven solution to bridge this gap. Thus, the concept of the HUGgy vest was born,” said Jihun.

How the HUGgy vest works

Dolbomdream specialises in mental healthcare solutions, offering the HUGgy smart care vest to address sensory challenges. Utilising DTP technology, the vest mimics the calming effects of a hug, fostering psychological stability. Equipped with inflatable technology and biometric sensors, the vest can monitor the user’s psychological state.

The HUGgy vest provides a lightweight alternative to traditional weighted vests, enhancing comfort and mobility. It benefits autistic individuals and has potential applications in supporting seniors and sleep disorder patients.

The vest features non-contact biometric sensors for heart rate monitoring, relaying data to caregivers through a dedicated app for real-time analysis.

Dolbomdream is also developing a centralised platform for administrators to oversee multiple users simultaneously.

Also Read: How mental health startup Intellect’s founder catalysed his personal battle with anxiety

“There’s a growing demand for remote healthcare solutions, particularly those catering to vulnerable populations, such as the elderly and infants. Our remote biometric monitoring technology, boasting over 95 per cent accuracy in measuring vital signs through Ballistocardiogram (BCG), positions us strategically to address these emerging needs. By leveraging this technology, we aim to expand our offerings beyond developmental disabilities to serve a broader spectrum of healthcare requirements,” shared Jihun.

Navigating revenue models and overcoming challenges

Dolbomdream’s primary revenue streams are derived from the sale and rental of HUGgy vests. The company is considering a subscription mode for its institutional monitoring platform to diversify its revenue streams. The subscription fee is priced at around US$300 per month per user.

Addressing the hurdles encountered during product development, Jihun remarked, “A significant challenge has been the iterative process of refining our product to meet customer demands, particularly as it involved venturing into unfamiliar territory like apparel manufacturing. This journey entailed numerous cycles of trial and error, resulting in considerable time and cost investments. However, the team’s commitment to continuous improvement, coupled with positive feedback on the final product, has validated our efforts and fueled our resolve to overcome challenges.”

Dolbomdream’s funding journey and future plans

In February 2024, Dolbomdream received undisclosed seed funding from Quest Ventures, advancing its goal to become the top mental healthcare provider by 2030. To achieve this, it is focused on developing an integrated management system that harnesses biometric data to enhance treatment outcomes for disabled individuals.

“Unlike conventional healthcare settings reliant on manual records, our platform offers a systematic approach to monitoring and intervention, paving the way for transformative advancements in mental healthcare delivery,” Jihun noted.

Dolbomdream’s HUGgy vest offers a promising solution for improving access to mental healthcare, leveraging technology to bridge the gap in treatment. With a focus on expanding applications and data-driven care, the startup positions itself for a future of positive impact.

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Image credit: Dolbomdream

This article was first published on March 7, 2024

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