Hong Kong Science and Technology Parks Corporation (HKSTP) has announced the 71 finalists that will demonstrate at its annual global Elevator Pitch Competition (EPiC) on April 26. Of these, 80 per cent are semi-international finalists and 20 per cent from Hong Kong.

The top startups were selected by judges from the regional semi-finals in Silicon Valley, Stuttgart, Singapore, and Hong Kong. They will battle for a chance to target the US$45 million investment to be arranged, up to US$5 million in HKSTP venture funding, US$240,000 in cash prizes, plus partnership opportunities.

Also Read: Elevator Pitch Competition (EPiC) accelerates startups from SEA to the world

Below are the brief descriptions of the ten finalists from Southeast Asia.

Bizbaz (Singapore)

BizBaz is a technology company specialising in advanced AI, data analytics, and behavioural science solutions. It claims to have successfully transformed industries by leveraging cutting-edge technology to unlock valuable insights and intelligence.

Boost Capital (Singapore)

Boost is a white-labelled SaaS platform that allows banks to onboard customers via chat on WhatsApp/Facebook Messenger in five to ten minutes (no app download!). Chat offers a funnel for new clients to apply for loans, savings and other products.

Meson (Singapore)

Meson provides a comprehensive SDK/API suite (https://meson.to) for on-chain dApps to interoperate with users and digital assets from any chain, minimise the complexity of liquidity management, and maximise user outreach.

MoneyMatch (Malaysia)

MoneyMatch is a fintech firm specialising in cross-border payments. It claims to have processed over US$3.03 billion in cross-border trade (B2B) payments and individual (B2B2C) remittances across 121 countries, encompassing a diverse spectrum of 40+ currencies. At present, MoneyMatch operates in Malaysia, Brunei, and Australia.

Rey (Indonesia)

Rey is an integrated health insurtech firm that provides end-to-end health care in one subscription. Its platform combines health coverage with healthcare delivery — from preventive, curative, to rehabilitative– into a seamless experience. Launched in Indonesia in July 2022, it has acquired 10K+ paying members and generates US$1 million of ARR.

Smile API (Singapore)

Smile API provides user-authorised access to recent, comprehensive, verified employment data that is accessible in real-time from employment documents, HR and payroll systems, gig economy platforms, and social security systems through a single API.

Mushroom Material (Singapore)

It has developed a biodegradable, sustainable and compostable alternative to expanded polystyrene/Styrofoam. Its product provides the same protective properties as traditional Polystyrene, but it is 100 per cent home-compostable, meaning it can naturally degrade within months.

Civils.ai (Singapore)

Civils.ai helps construction companies know everything about their projects using AI agents for document automation. Developers and consultants use its cloud software to save time searching through thousands of their project documents to find information and track changes. Users can upload construction specifications, contracts, drawings and designs to Civils.ai, which can be synced with a document management system like a OneDrive folder, Autodesk construction cloud or Sharepoint. After files are synced, the tasks can be automated.

Also Read: How HKSTP can help international startups in the next stage of their expansion journey

Ultrack Technology (Malaysia)

Ultrack’s flagship property management solution, PropKita, aims to redefine residential living with an app and dashboard. The app encompasses a visitor management system complemented by a guardhouse hardware unit for seamless access control. Beyond this, PropKita offers features, including a panic button for emergency assistance, a direct intercom for swift communication, a real-time noticeboard for updates, and facility booking for convenient amenity reservations.

WaveScan Technologies (Singapore)

WaveScan develops 3D imaging scanner technology that integrates into automated platforms for high-resolution structural inspections. Its total technology comprises hardware and software, providing turnkey solutions for addressing the inspection needs of the Built Environment. It is a spin-off of A*STAR (Singapore’s National Research Agency).

—

The post Meet the 10 Southeast Asian finalists demonstrating at EPiC 2024 in Hong Kong appeared first on e27.

In an era where healthcare accessibility and innovation have never been more crucial, Gobi Partners, a prominent Asian venture capital firm, recently strategically ventured into the Southeast Asian healthtech sector by investing in ORA (Malaysia) and ImmunoCure (Hong Kong)

Through these investments, Gobi seeks to reshape the landscape of healthcare services, particularly catering to the dynamic and youthful Southeast Asian population. 

e27 spoke with Gobi Partners Co-Founder and Chairperson Thomas Tsao about the VC firm’s healthtech entry, goals, and Southeast Asia’s overall healthtech investment space.

Excerpts: 

Can you provide an overview of Gobi Partners’ recent investments in the healthtech sector within the Greater Bay Area and Malaysia?

Gobi Partners’s recent strategic moves in Southeast Asia’s healthtech sector through an investment in ORA is aimed at improving healthcare access in the region. ORA’s unique direct-to-consumer model, tailored for Southeast Asia’s predominantly out-of-pocket healthcare expenditure, focuses on managing chronic conditions, setting the stage for potential disruption in the region.

Hong Kong’s emerging status as an innovation hub and the active role of universities as business incubators influence our investment decisions. Coupled with supportive government policies, these factors make the Greater Bay Area (GBA) and Hong Kong attractive destinations for Gobi Partners’s healthtech investments. 

Also Read: Ethis Group, Gobi Partners to launch Shariah-compliant US$20M seed fund

Currently, most of Gobi’s healthtech investments are concentrated within the GBA, such as Prenetics, Biomed, PanopticAI, ScolioScan, Gense Technologies, and Immuno Cure. 

What specific factors led Gobi Partners to enter the healthtech sector in Southeast Asia, and how does this align with its overall investment strategy?

In Southeast Asia, a rapidly growing and youthful population is displaying an increased focus on health, particularly due to the impact of the COVID-19 pandemic, as indicated by research from the Deloitte Global Millennial and Gen Z Survey. Within this sizeable demographic, there is a strong demand for reliable, medically approved solutions that inspire confidence.

Our new investee ORA is an answer to various “lifestyle” chronic ailments, including issues like hair loss, and notably streamlines access for the younger generation. With a track record of 250,000 consultations conducted, ORA boasts a comprehensive infrastructure and capabilities that encompass:

1. E-pharmacy and clinic services that deliver prescriptions directly.
2. In-house medical professionals offering telehealth consultations.
3. E-medical record functionalities.

The potential within this market is substantial, particularly as ORA endeavours to extend its reach to address other chronic conditions like weight loss and to explore new territories, including regions like the GBA, where Gobi could offer significant value addition.

Could you elaborate on the key criteria Gobi considers when selecting healthtech startups for investment in the region?

We consider (i) what problem they are trying to solve, (ii) how effective the treatments are, where applicable, (iii) the regulatory landscape for the countries they are operating in, (iv) their gross margins and if they have the opportunity to improve over time, and (v) the competitive landscape in the region. Based on these factors, we will determine and pick the industry leader.

What unique challenges and opportunities have you encountered while investing in healthtech in this region?

Healthtech investments are still nascent in the region but have rapidly gained ground with 15 per cent of the private funding value as of H1 2022. 

According to data from the SEAConomy report by Bain, Google, and Temasek 2022, healthcare costs have also been on the rise, with Singapore and Malaysia surging 9 per cent and 16 per cent, respectively, in 2022, allowing for new entrants to provide innovative solutions that are faster than traditional healthcare players.

The challenges lie in the occasional regulatory hurdles and legacy healthcare infrastructure, which are difficult to penetrate. However, Malaysia is planning to roll out a nationwide electronic medical record initiative to be completed by 2026, which can provide opportunities for startups to collaborate with hospitals and scale downstream solutions.

How does Gobi Partners plan to support the growth and development of the healthtech startups in its portfolio beyond just providing capital?

Gobi connects its entrepreneurs with a diverse network of executives, engineers, academics, industry experts, and other technology ecosystem stakeholders. This external network is an integral part of Gobi’s commitment to accelerating the learning curve for its portfolio companies and aiding them in establishing leading technology firms.

Through our market intelligence platform, Gobi offers vital support to entrepreneurs. This support includes strategic guidance, growth plans, and market adoption strategies. 

Gobi’s global operating teams provide entrepreneurs with expertise and insights covering the entire spectrum of company building. Leveraging its strategic relationships with international conglomerates, Gobi aids its portfolio entrepreneurs in scaling their ventures. This assistance covers critical areas such as customer acquisition, partnerships, mergers and acquisitions, follow-on funding, and geographic expansion.

Also Read: Malaysian recommerce startup CompAsia rakes in Series A funding led by Gobi Partners

As a result of these value-added resources accessible through its global platform, portfolio companies tend to achieve higher operating performance, experience accelerated growth, and realise more successful exits.

Given the diverse cultural, regulatory, and economic landscape in the Southeast Asia region, how does Gobi adapt its investment strategies accordingly?

Operating across 15 strategic locations, including Bangkok, Cairo, Dhaka, Guangzhou, Ho Chi Minh City, Hong Kong, Jakarta, Karachi, Kuala Lumpur, Lahore, Manila, Shanghai, Shenzhen, Singapore, and Surabaya, Gobi’s extensive network underscores its commitment to fostering entrepreneurship amidst diverse cultural landscapes.

Leveraging its international presence, Gobi is capable of:

1. Identifying market parallels and investing in businesses with solutions that address common pain points.
2. Incorporating innovation insights from Northeast Asia, applying lessons and metrics on tech innovation and investment best practices.
3. Providing cross-border value-add to support businesses with market adoption, marketing, localisation, and scaling across ASEAN, South Asia, and MENA.

What are your aspirations and goals for its healthtech investments in terms of both financial success and societal impact?

As a predominantly Asian venture capital firm with US$1.6 billion in assets under management, we have diligently supported entrepreneurs from early to growth stages, focusing on emerging and underserved markets since 2002.

Also Read: HK’s voice AI company Fano Labs nets funding from Gobi Partners-led fund

Gobi’s interests lie in precision and personalised healthcare technologies, covering diagnostics, therapeutic treatments, and long-term care and recovery. These align with Gobi funds’ risk appetite and investment horizons, featuring a clearer path to commercialisation. Pursuing these technologies also offers potential for cross-portfolio synergies and value addition to limited partners’ businesses.

 One of our main areas is Southeast Asia, where we eagerly seek, invest in and nurture the next generation of entrepreneurs. With a presence across 15 locations, notably in the GBA, we perceive significant potential in enhancing portfolio companies’ capabilities across Southeast Asia and tapping into the dynamic Northeast Asian markets for scaling or successful exits.

—

Image Credit: Gobi Partners

This article was first published on September 5, 2023

The post In SEA’s healthcare space, occasional regulatory hurdles, legacy infra are hard to penetrate: Gobi Chief appeared first on e27.

YouApp aims to revolutionise the dating landscape by streamlining the compatibility assessment process. Instead of laboriously consulting experts and sifting through personality tests, the app’s AI swiftly calculates compatibility based on inputs from Chinese, Indian, and Western astrological charts and insights from the Myers-Briggs model.

This amalgamation of ancient wisdom and contemporary psychology enables YouApp to deliver compatibility predictions in seconds, sparing users the time-consuming task of manual evaluation.

Drawing from a vast database and leveraging the expertise of specialists, YouApp’s AI continuously refines its matchmaking algorithms. After learning for over a year from the app’s active user base, which exceeds 20,000 individuals in Asia, the AI incorporates real-world data to enhance its accuracy.

Alongside its sophisticated matchmaking capabilities, YouApp offers a plethora of features, including daily star chart readings covering various facets of life, free daily matches, premium membership perks such as unlimited likes and chat access, stringent identity verification processes to thwart scammers, and multifaceted matching options beyond romantic connections. Additionally, the app facilitates seamless communication with real-time translation support for seven languages and enables users to effortlessly connect via QR codes, enhancing the overall user experience.

The self-funded company is run by a team of 28 in Singapore, Malaysia, Thailand, and Indonesia.

Also Read: A women-centric dating app developed by an ex-diplomat seeks to end Tinder’s dominance in Vietnam

In this interview with e27, Douglas Gan, Founder & CEO of YouApp, explains the background behind the dating app and its features. He also reveals the company’s significant plans for 2024.

Here is an edited excerpt of the conversation:

Can you explain the decision to include astrology, numerology, and MBTI in your matchmaking platform?

First, there is no accurate matchmaking platform in the world today, so YouApp is really in its own category.

Next, we have to understand that these ancient philosophies are actually not much different from the current well-documented philosophies, such as MBTI. The philosophers of the past did not have universities to grant them fancy titles such as Professors or Psychiatrists. The ancient philosophers used what they knew to create what made sense for their time and is hence recognised by the world.

They then studied it by practising it on millions of people to derive their basis and outcomes. This is similar to how philosophers of today, mostly professors, would conduct studies with a much smaller group of people to determine compatibility, e.g., blood type, MBTI, and DiSC.

Metaphysics philosophies is by far the most accurate way to match people for work, play and dates, simply because of the sheer number of studies and practices it has been conducted on. There is no other philosophy methodology that comes close to that. So, using metaphysics philosophies makes the most sense.

Here’s a relatable example: Have you ever met someone for the first time but felt like you have known each other for ages? Metaphysics philosophies can explain this phenomenon. You simply match!

Also Read: Vietnam’s AI-powered female-focused dating app Fika nets US$1.6M led by Swedish investor

The dating app market in SEA is already crowded with local and foreign platforms. How do you plan to set yourself apart? Is there even a demand for another dating app?

The global TFR has more than halved over the past 70 years, from around five children for each female in 1950 to 2.2 children in 2021. Governments worldwide encourage people to give birth every year; the consistent fall in birth rates signals an apparent rising demand for compatibility matching.

If a couple is not compatible, they will never get married and reach the stage to give birth. But the age-old saying “There is someone for everyone” remains steadfast in everyone’s hearts. Some people may believe; some people may doubt. But everyone hopes this sentence is real at some point in their lives.

But we think what is even more significant is matching. LinkedIn earns 1.5x more to match professionals (US$9 billion annually, excluding US$5 billion in marketing solutions) than all the major dating platforms combined (which falls at around US$6 billion annually).

So, YouApp is not just a dating app but a matching app. We also differentiate our matching capabilities by matching people for work, play, and dates. Notice that “Play,” which is activity matching, is not a well-documented market segment, but we can see hints of it from Klook, Airbnb Experiences, and other similar types of “Activities” taking shape in the past few years.

We match humans, and that’s what humans do: work, play, date.

What is your revenue model? What is your plan to become a sustainable business?

Our current revenue model is subscriptions, where we charge US$9.90/month or US$99/year. We have identified multiple revenue streams for this business but plan to introduce them to maximise user experience instead of introducing revenue streams to mar the user experience.

Also Read: Why Tinder beats Bumble and the world is still not ready for a feminist dating app

One of the identified revenue streams is to introduce Matching Consultants, Life Coaches, Metaphysics Consultants, and Health Coaches to the platform’s various analyses. It is common for humans to have self-doubt, and thus, having someone to talk to seems to be a natural extension.

Many other revenue streams include commerce, real estate feng shui, and recruitment.

Here is a testament to why user experience is essential: In January, users launched YouApp 1.8x per WEEK and now, just three months later, users launched YouApp 8.2x per DAY, which is approximately 32x more per week than in January.

Can you tell us about the profile of users that you are targeting?

We target people who want to know themselves better, reference what if, improve their lives, grow their wealth and network, and understand the people they work, live, play and date with.

What is your major plan in 2024?

We currently have physical offices in Malaysia, Thailand, and Indonesia.  We plan to expand our physical office presence to Vietnam, Myanmar, Taiwan, Japan and Korea. Currently, our user base are from 11 countries, most of which are in Asia, the US, and Mexico. We plan to increase borderless matching as finding “the one” is so difficult.

We have integrated 12 philosophies and plan to increase it to 30 to enhance our accuracy further.

Also Read: India’s dating app GoGaga selected for Facebook’s FbStart programme

Regarding AI, our GenAI can answer most basic queries, but we are not ready to deploy it for mass use yet. We plan to enable users to chat with our GenAI when we have 30+ philosophies integrated. We are working with various philosophy experts to train the AI to answer any questions and get answers (or predictions) based on 30+ philosophies or an individual philosophy, e.g. you can ask if she will say yes to your proposal based on I Ching or just generally. Or if your boss will give you a promotion, if you should move out of Singapore to be more successful, or if you should make that investment.

We also plan to raise just one round of funding. We plan to be profitable by the end of 2024 and focus all our time on building our product for billions of users instead of fundraising.

—

Image Credit: YouApp

The post Best of both worlds: YouApp, the app that helps users find their match using AI and astrology appeared first on e27.

Visit Echelon X to learn more about the program. Get your tickets here!

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

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

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

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

Let’s meet 48 exhibitors who will be at the forefront of the next wave of tech revolution

1. Remote
   
   Remote is the global leader in building, managing, and supporting globally distributed workforces with its innovative Global HR Platform, empowering companies and individuals to thrive in the global economy.

2. Prudence Foundation
   
   Prudence Foundation is Prudential Asia’s community investment arm dedicated to sustainable impact, focusing on Children, Education, and Disaster Preparedness in collaboration with NGOs and governments for lasting change.

3. NTT
   
   NTT Ltd., part of NTT DATA, is a leading IT infrastructure and services company serving leading global customers, offering tailored, secure, and scalable solutions for a connected future.

4. AppsFlyer
   
   AppsFlyer, the leading mobile app tracking and attribution analytics platform, empowers developers and advertisers with comprehensive insights and optimisation tools for mobile user acquisition.

5. Google Cloud
   
   Google Cloud provided by Google, offers a range of cloud computing services comprising modular solutions for computing, data storage, analytics, machine learning, and management tools.

6. Sinar Mas Land
   
   Sinar Mas Land, part of Sinar Mas Group, is a major Indonesian property developer, boasting extensive land holdings and diverse projects across Asia.

7. raISE
   
   raiSE is a sector developer, supporting social enterprises through advisory services, training, financing, and networking to foster sustainability, share best practices, and promote awareness.

8. Tech JDI
   
   Tech JDI is a Venture Catalyst since 2016, propelling innovation by empowering companies with strategic resources with a focus on disruptive tech and impactful global growth.

9. PRecious Communications
   
   PRecious Communications is a regional consultancy specialising in communication and social media, catering to global companies, brands, and nonprofits with holistic services to catalyse client success.

10. Employment Hero
    
    Employment Hero revolutionises HR management in Australia with its comprehensive platform, offering free, user-friendly software and extensive employee benefits to manage essential employee information and HR processes.

11. Sarawak Digital Economy Corporation
    
    Sarawak is a government-owned Company, entrusted to lead the implementation of Sarawak’s Digital Economy initiatives.

12. Plug and Play
    
    Headquartered in Silicon Valley, Plug and Play is an innovation platform and investor backing over 1,000 startups globally, with offices in 30+ locations, including Singapore, Jakarta, and Bangkok.

13. iScale Solutions
    
    iScale Solutions partners with businesses to offer tailored strategies through strategic collaboration to navigate talent challenges and simplify recruitment for sustainable growth.

14. Moomoo Financial Singapore
    
    Moomoo, a subsidiary of Futu Holdings, provides a digitalised brokerage and wealth management platform, offering market data, news, analytical tools, and social connectivity.

15. Anapi
    
    Anapi streamlines insurance management for businesses, leveraging AI and machine learning for accurate risk pricing and automation, resulting in savings and enhanced risk management.

16. Privacy Ninja
    
    Privacy Ninja offers comprehensive data protection, compliance, and cybersecurity services, including outsourced DPO, penetration testing, and more.

17. WAOHire
    
    WAOHire is a collective of tech recruiters and developers facilitating connections between fast-growing companies and skilled developers using a humanised approach.

18. Protaigé
    
    Protaigé is a GenAI SaaS ecosystem transforming the collaboration between brands and creators by integrating brand-trained AI with creator-trained AI to produce high-quality creative at scale to encompass the full spectrum of commercial creativity.

19. Vida City
    
    Vida City aims to offer not just a space, but a hub fostering sustainability, innovation, and community, transcending borders for a better world.

20. Transitry
    
    Transitry enables carbon governance with Digital MRV to showcase the Integrity & Credibility of carbon projects.

21. Smart Walkie
    
    Smart Walkie offers the first all-in-one device that combines business apps, walkie talkie and messaging for field workers.

22. Beyond Creative Agency
    
    Beyond Creative Agency is a digital design, media, and video production agency offering advertising and media content services with excellent e-marketing solutions that emphasise cultural understanding and client empowerment.

23. Trustana
    
    Trustana, supported by Temasek, empowers retailers and brand owners in the evolving global commerce landscape, offering tools to streamline product data management and enhance customer experiences.

24. Mangrove Studio
    
    Mangrove Studio empowers Cambodian creatives, and bridges creativity with business success through innovative marketing solutions.

25. Wallex
    
    Wallex offers cross-border payments at better rates and speeds, plus multi-currency management for strategic planning and transaction management.

26. Cloudsine
    
    Cloudsine specialises in cloud technology, offering expertise in adoption, security, and innovation to empower organisations for the digital future.

27. Auptimate
    
    Auptimate platform offers instant document generation and advisory services for seamless investment vehicle management, streamlining investing by automating tedious tasks, and empowering users to focus on investment strategies.

28. Locofy
    
    Locofy.ai, founded in 2021 by Honey Mittal and Sohaib Muhammad, accelerates development by converting designs to code, enabling faster launch of web and mobile products.

29. Folklory
    
    Folklory, an audio startup, facilitates personal podcasts, fostering deeper connections by capturing memories and stories through remote interviews turned into accessible Folklories.

30. Automa8e
    
    Automa8e empowers small businesses worldwide to thrive with efficient operations, cost reduction, time-saving, and scalable profitability through AI-powered finance and accounting systems.

31. Meiro
    
    Meiro, based in Singapore with R&D in Central Europe, offers a top-performing Customer Data Platform to empower enterprises with data control, privacy, and revenue generation.

32. Startup Terrace
    
    Startup Terrace is a government relations service aiming to bolster venture capital and foster Taiwan’s role as an Asian innovation hub.

33. Hacktiv8
    
    Hacktiv8’s 12-week coding boot camp in Jakarta transforms beginners into full-stack developers, aiming to address the developer shortage and elevate web development standards in Indonesia.

34. TipTip
    
    TipTip is the premier monetisation platform for Southeast Asian communities and micro-creators, offering digital content, live sessions, and native monetisation features to boost the creator economy.

35. Vinova
    
    Vinova embodies values of Customer Focus, Integrity, Teamwork, Personal Excellence, and Challenger Spirit, delivering professional solutions with innovation and dedication.

36. FinbotsAI
    
    FinbotsAI offers an AI-powered credit scorecard system, enabling rapid development of high-performance risk models across the credit lifecycle, with intuitive management and accessibility for small lenders.

37. PixCap
    
    PixCap is the first to deliver a cloud-based 3D Animation Solution for collaborative 3D animation creation with AI motion capture, drag-n-drop animations, and user-friendly UX.

38. Jmem Tek
    
    Jmem Tek pioneers MSOTP memory technology to enhance information security in IoT devices, ensuring safer usage without compromising efficiency.

39. ICEX – INVESTINSPAIN
    
    INVEST IN SPAIN, a branch of ICEX Trade and Investment, facilitates foreign investment in Spain and assists entrepreneurs in establishing businesses in the country.

40. Jenfi
    
    Jenfi is an alternative revenue-based financing company for digital-native businesses and startups for Southeast Asia.

41. GoFluid
    
    GoFluid’s platform addresses B2B payment complexities, enabling suppliers to accept credit terms and providing buyers with purchase financing.

42. WOWS Global
    
    WOWS Global offers digital solutions for private companies, including equity management tools, VC directories, virtual data rooms, and advisory services.

43. TenMax
    
    TenMax leads RTB advertising in Taiwan with expertise in digital ad technology, aiming to dominate Asia’s RTB ecosystem and expand into APEC.

44. Azgo
    
    Azgo is an AI-driven travel price comparison app aiming to reshape trip planning with AI-powered price comparison, diverse experiences, and rewards, fuelled by a community of adventurers.

45. Ocare Health Hub
    
    Ocare Health Hub leverages healthcare technology to unlock the potential of health data, offering meaningful insights to enhance patient outcomes and foster healthcare innovation.

46. TransTRACK
    
    TransTRACK.ID, Indonesia’s pioneering fleet management solution, offers comprehensive services and accident compensation, integrating diverse functionalities to optimise operations, enhance safety, and maximise productivity.

47. Datamotive
    
    Datamotive facilitates seamless workload mobility in hybrid, multi-cloud setups, designed for such environments, offering freedom from on-premise virtualisation platforms and major hyper-scale clouds.

48. Gateway of Asia
    
    Gateway of Asia specialises in essential business services, from accounting to incorporation, aligning with clients’ visions to achieve extraordinary results.

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

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

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

The post Echelon X: Meet the Exhibitors who will showcase their innovations appeared first on e27.

In the digital age, data centres stand as the bedrock of technological advancement, facilitating everything from cloud computing and cryptocurrency to sophisticated artificial intelligence (AI) applications.

Yet, as these infrastructures burgeon, they grapple with the intertwined challenges of skyrocketing energy demands, security (both physical and cyber) vulnerabilities, and the urgent call for sustainability amidst looming climate change.

These challenges unfold against a complex geopolitical backdrop, where the imperatives of energy security and data protection intersect with global sustainability goals.

The surge in energy demands and the sustainability imperative

Recent projections by the International Energy Agency (IEA) have spotlighted an alarming trend: data centres are on course to consume an ever-greater share of global electricity, potentially reaching double-digit percentages by 2030.

This surge is not merely a matter of increased operational costs but signifies a profound pressure on national grids, particularly in regions where data-intensive activities are concentrated. Countries like Singapore, for instance, see data centres accounting for about seven per cent of their total electricity usage—a figure that underscores the significant impact these facilities have on national energy infrastructures.

Also Read: Burning urgency: Why businesses must mobilise against forest fires and climate change

The varied landscape of renewable energy adoption across the globe adds another layer to this challenge. While the European Union strides forward with aggressive renewable energy strategies, other regions lag behind, exacerbating their reliance on non-renewable sources. This discrepancy not only heightens the carbon footprint associated with digital infrastructure but also places energy security at the heart of geopolitical tensions.

Geopolitical and security dimensions in a climate-conscious world

Security concerns surrounding data centres extend beyond cyber threats to include the possibility of kinetic attacks—direct assaults on the physical infrastructure itself. The integration of renewable energy systems, vital for sustainability, introduces additional vulnerabilities. Distributed renewable installations, for instance, may be targeted in sabotage efforts aimed at disrupting data centre operations.

Moreover, the strategic importance of these facilities as repositories of data and as physical assets that could be targeted in geopolitical confrontations necessitates robust protection strategies, where we increasingly see greater disregard for international rules-based engagement. This includes fortified physical security measures, strategic site selection, and international cooperation to mitigate tensions that could lead to direct confrontations.

Navigating business opportunities and impacts

The landscape of challenges and imperatives opens a plethora of opportunities for innovation and strategic growth in the data centre sector, where it is crucial to delineate the pathways through which businesses can innovate and pivot towards sustainability and security in the data centre industry.

Here are some examples and strategies that companies can adopt:

AI-driven energy optimisation

• Smart cooling and predictive maintenance solutions: Companies can develop AI algorithms that dynamically adjust cooling systems based on real-time data centre heat loads, as well as failure prediction for hardware. For instance, utilising machine learning to analyse patterns in server usage and environmental conditions can optimise cooling distribution, significantly reducing energy consumption.
• Undersea data centres: A more radical opportunity (which may inadvertantly contribute to ocean acidification and temperature increase) will include strategically locating/ storing data centres in colder climates, such as when Microsoft did it underwater. Other companies have tried replicating it with success as well.

Renewable energy solutions

• Solar and wind energy integrations: Businesses can innovate by integrating solar panels and wind turbines with data centres. For example, a startup could develop modular solar panel systems specifically designed for the spatial and architectural constraints of data centres, enabling them to harness solar energy more effectively.

Also Read: The climate change and gender equality connection: How to support underfunded women-owned business

• Energy storage innovations: To overcome the intermittency of renewable energy sources, companies can focus on advanced battery storage technologies or kinetic energy storage systems. These solutions allow data centres to store excess energy generated during peak production times for use during periods of low generation, ensuring a constant, renewable energy supply.

Holistic security solutions

• Integrated security systems: Given the dual threat of cyber and kinetic attacks, businesses can offer comprehensive security packages that integrate physical security measures, such as surveillance drones equipped with AI for anomaly detection, with cybersecurity solutions. This holistic approach ensures that data centres are fortified against a spectrum of threats, and could be expanded as well to protect other key critical installations.
• Security consulting for renewable systems: As data centres transition to renewable energy sources, there’s a niche for security consulting firms specialising in protecting these new systems. These firms could offer services ranging from vulnerability assessments of solar arrays and wind turbines to the development of response strategies for potential sabotage attempts.

Innovations in cooling technologies

• Liquid immersion cooling: Startups can explore innovations in liquid immersion cooling technology, which involves submerging servers in a non-conductive liquid to cool them more efficiently than traditional air cooling. By focusing on eco-friendly coolants and systems designed for easy integration with existing data centre infrastructure, companies can significantly reduce the energy consumption associated with cooling.
• Phase Change Materials (PCMs): Another area ripe for innovation is the use of PCMs in data centre cooling systems. Companies can develop PCM-based solutions that absorb and store excess heat during peak times and release it when temperatures drop, maintaining optimal operating conditions with reduced energy usage.

The road ahead: Sustainable and resilient data centres

As the data centre industry stands at a crossroads, the call to action is clear: it’s time for entrepreneurs to spearhead the transformation towards sustainability and resilience. This pivotal moment demands not only a reimagining of operations to integrate renewable energy and energy-efficient designs but also a steadfast commitment to robust security measures.

For entrepreneurs and innovators, the challenge spells opportunity. The sector is ripe for disruptive technologies that promise greener, more secure data handling capabilities. This is a clarion call to venture into uncharted territories with innovations that can redefine data storage and processing—prioritising not just efficiency but sustainability and security at their core.

Investors, too, play a crucial role in this transformative journey. The burgeoning need for sustainable data centres positions this niche as a promising growth area, offering compelling investment prospects. It’s an invitation to place bets on companies and startups that are not only driving technological advancements but are also aligning with global sustainability goals. Investing in this space is not just a financial decision; it’s a vote for a sustainable future.

The synergy of pioneering entrepreneurship and strategic investment can catalyze a revolution in the data centre industry, setting a benchmark for how technology infrastructures can operate harmoniously within our environmental limits.

The industry’s potential to lead in the fight against climate change is immense—harnessing green energy, deploying innovative cooling technologies, and fortifying security can significantly mitigate its environmental impact while bolstering the digital backbone of our global economy.

Let’s seize this moment to shape a future where data centres are paragons of environmental stewardship and technological excellence.

—

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

Join our e27 Telegram group, FB community, or like the e27 Facebook page.

Image credit: Canva.

Credits for insights from Build Our World: Data Centres: Energy, Security, and Global Sustainability Nexus; Indo-Pacific Power Shift: Japan, France, and India Dynamics.

The post From silicon to sustainability: Data centres in a warming world appeared first on e27.

Asia’s governments are beginning to tackle greenwashing, hitting fraudulent eco-conscious projects with hefty fines. These stories are making headlines from South Korea to Singapore, so budding companies will want to do everything possible to prevent them from becoming the next media target.

Startups have an opportunity veteran businesses did not leverage — they can be pilots in a world focused on climate change by implementing environmental, social and governance (ESG) initiatives from the beginning. How does this help them establish a competitive advantage?

Meeting ESG requirements

Legislation regarding ESG standards is becoming increasingly aggressive worldwide. Singapore has the Taskforce on Climate-Related Financial Disclosures. The International Sustainability Standards Board has influenced businesses in Japan and China, and others will follow. Other frameworks will arise, regulating everything from Scope 3 emissions to auditing.

Startups that put money and time into eco-friendliness early will not have to deal with the headache of shifting their operations later. Eventually, sustainability documentation and adherence will be a requirement, so the best practice for abiding consistently is starting now.

Banking long-term cost savings

Revising a startup’s entire strategy by incorporating ESG mandates is a surefire way to waste budgets and labour. Committing to the planet during the visionary phase of a startup promises additional savings down the road. What blooming organisation does not want to bank on the projected US$5 trillion Asian market size for green businesses in 2030?

It prevents repurchasing adequately performing equipment. There is no point in buying expensive diesel generators for power backups when solar-powered options are on the market. This example demonstrates a path toward energy independence and savings by leveraging clean power and reducing fuel and electronic waste.

Also Read: Beyond disposal: How businesses can embrace sustainable IT practices in Malaysia

Climate plans also save startups’ mental and practical stress from branding. Publicising eco-awareness early in development means pushing the ideology onto an established clientele is more organic and eliminates buy-in resistance.

Getting certified

Any startup may have an office building or physical products for sale, so the company will want to seek environmental certifications. In Asia, most of these revolve around energy-efficient, eco-sensitive and smart buildings, such as the Green Mark Scheme.

Many diverse options are available, which vary depending on the sector. Some include:

• Ecomark, India: Marks eco-friendly products.
• GoodWeave: It certifies that there is no child labour in the carpet industry in South Asia.
• Green Choice, Philippines: Promotes eco-conscious policies and practices.
• CNET Asian Green Tag: Identifies tech products with two eco-labels.
• Energy Label, Taiwan: Rewards Taiwanese energy-efficient products to manufacturers.

Startups in China have even more choices, including the Energy Label, Water Conservation Certification and Organic Food China. Regardless of where the brand is, getting a head start on certifications solidifies early authority and thought leadership.

Saving the planet

The most apparent boon for investing early in climate change business practices is helping reverse the crisis and reducing carbon emissions. Corporate social responsibility is a hot topic worldwide and startups are not exempt from scrutiny, especially on social media platforms from younger buyers. Around 85 per cent of students believe it’s important for institutions to embrace sustainability.

Lowering planetary impact takes countless forms, and it is a lifelong mission for startups and century-old enterprises alike. Setting practical, achievable goals within the startup’s parameters is the best way to implement small, impactful choices that gradually lead to more significant sustainability implementations.

These could include installing LED lights and instituting office-wide composting and recycling. Here are the planet-saving benefits a new enterprise will gain from an Earth-focused strategy:

• Using innovative, carbon-neutral eco-technologies
• Gathering data about sustainability improvements
• Reducing waste production
• Lowering water consumption
• Eliminating food waste
• Electrifying transportation
• Capturing carbon

Tempting investors

Startups need early funding to realise their ideas, and many are shifting their millions into impact investing, a new way to allocate money with a net-zero mindset. Organisations promoting their ESG initiatives are more likely to get these funds from stakeholders with aligned values. This increases the likelihood that repeated investments will keep flowing.

Also Read: Adopting electric construction machinery for a sustainable future in Singapore

This is critical for scaling. Startups may only innovate with the backing of passionate, like-minded investors. Investing in eco-consciousness improves corporate foundations, performance and stability, allowing visionaries to take risks without fear.

Solidifying reputation

The new hub for Asian startups in the sustainability niche has to be in the aptly named Silicon Bali in Indonesia. Like its American counterpart, corporations garner certain connotations if they thrive there. It is an example of how focusing on green initiatives garners startups a specific reputation, and it is almost always a positive one.

Investing in sustainability attracts intentional, forward-thinking clientele, no matter where the company resides. People associate the business with eco-friendly decision-making, socially responsible employees and transparent communications. How green startups make climate objectives part of their collaborations and sales dissolves the negative connotations associated with marketing. People feel more at peace, becoming loyal to planet-focused brands.

Setting new startup precedents

Asian startups must buy into climate awareness in their business practices from inception instead of waiting. Doing so yields happier customers, more fulfilled employees and enhanced resilience to ensure the dream does not die while it is still in the startup phase.

—

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

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva

The post 6 reasons why startups should invest in sustainability appeared first on e27.

Early this month, talent platform NodeFlair released its 2024 Tech Salary Report. The report, which drew from over 422,000 salary data points across various roles and countries, sheds light on the tech industry’s response to the rising trend in Generative AI while fending off challenges such as layoffs and hiring freezes.

In this interview, NodeFlair co-founder and CEO Ethan Ang discusses the key findings, the rise of AI and its impact on the job market, and the shifting priorities of job seekers in Asia.

Edited excerpts:

How did NodeFlair collect and analyse the 2024 Tech Salary Report data, and what were the key insights revealed by the report?

Our compensation data use user-submitted payslips, offer letters, and job listings.

Some key insights are:

• Huge pay gap: Among software engineers, the salary discrepancy between the 10th and 90th percentiles can extend up to three times.
• Regional talent distribution: Mid-senior talent percentages are higher in Singapore (62.7 per cent) and India (79.3 per cent) compared to Vietnam (36.9 per cent) and Indonesia (49.6 per cent).
• Software engineer salaries dip 0.99 per cent: Tech’s pivot for innovation from Blockchain to AI.
• Job seekers increasingly prioritise stability and higher salaries over perks.

In a statement, you mentioned a shift in the tech industry’s talent challenges amidst the rise of generative AI and financial prudence. Can you elaborate on how these factors have influenced the salary trends outlined in the report?

Tech companies now prioritise sustainable growth over rapid expansion, and there’s a notable shift from revenue-centric approaches to prioritising profitability. This shift impacts salary trends as firms focus on prudent hiring practices and cost-efficient hiring strategies.

Also Read: Blockchain engineering salaries in Asia see 5.41% drop: report

Generative AI enhances workforce efficiency, reducing the need for extensive hiring. Some roles are becoming redundant due to automation, leading to layoffs and reshaping salary dynamics. For example, IBM will stop hiring humans for jobs AI can do, says a Forbes.com report.

The NodeFlair report highlights a decrease in overall salaries for various tech positions in Singapore. Could you discuss the factors contributing to this decrease and its implications for the tech industry?

The decrease in tech salaries in Singapore is likely due to a downturn in funding across the Southeast Asian tech ecosystem, hitting a five-year low in Q3 2023 per Traxcn.

However, it’s worth noting that salaries still exceed those from two years ago, indicating a shift toward a more balanced compensation model rather than a concerning trend.

What strategies can companies adopt to navigate the global talent pool and embrace flexible hiring strategies in light of the evolving tech hiring landscape?

Companies can leverage remote work options by prioritising skills over location. They can also prioritise rewarding high-performing employees to retain them. Retaining high performers is often more cost-effective than hiring new ones.

The NodeFlair report mentions a decline in blockchain engineer salaries but a significant increase in data scientist salaries. What are the factors driving these contrasting trends in salary adjustments?

The downturn in the cryptocurrency market, highlighted by events such as the collapse of FTX and regulatory challenges faced by platforms like Binance, has resulted in a decline in demand for blockchain engineers. As a result, companies operating in the blockchain space may be shutting down, scaling back their hiring efforts or restructuring their teams, leading to a stagnation or decline in salaries for blockchain roles.

On the other hand, there has been a surge in demand for data scientists fuelled by the exponential growth of AI applications across various industries. The heightened interest in AI has attracted significant funding from VC firms, allowing companies to offer more competitive salaries.

This is further fuelled by the rapid pace of innovation in AI and intense competition for skilled talent, especially with a limited pool of talent.

How have job seeker priorities shifted in terms of career stability and salary expectations, as indicated by the findings in the report?

While job seekers value company culture, the emphasis is now on financial stability, evidenced by a willingness to overlook imperfect cultures for competitive compensation. Ten of the top 15 searched companies now pay 20 per cent above the market median, up from six out of 15 last year.

Also Read: Tech salary is escalating: How can companies survive the talent war?

Talents are becoming more willing to overlook imperfect company cultures if their salary meets expectations. Last year, 13 out of 15 companies surpassed a median Glassdoor rating, but now only nine out of 15 maintain this level.

Could you provide examples of companies offering competitive salaries and unwavering financial stability, as highlighted in the report?

Though offering competitive salaries, companies such as Bytedance/TikTok (2nd most popular) and Shopee (third most popular) have below-median Glassdoor ratings.

NodeFlair mentions the growing interest in AI-driven innovation in tech hiring trends for 2024. Can you discuss the role of AI tools in recruitment workflows and candidate evaluation?

• Reach out and engage with potential candidates in a more personalised approach. Using AI, companies can tailor their communication to match each candidate’s interests, skills, and preferences, increasing the likelihood of successful engagement.
• Traditional applicant tracking systems (ATS) often rely heavily on keyword matching, which may overlook qualified candidates who don’t have the exact keywords in their resumes. On the other hand, AI-driven approaches analyse various data points beyond keywords, such as past experiences and skills, to assess whether a candidate is a good fit for the role. This leads to more accurate and comprehensive candidate evaluations.
• Companies have adopted AI-driven video calls as a component of their screening process, typically managed by a human HR. This approach, though subject to its own set of advantages and disadvantages, significantly streamlines business operations and saves company costs, particularly during periods of mass recruitment and financial prudence.

What are the implications of the shift towards remote hiring and cross-border talent acquisition for companies in the tech industry?

Pros: 1) Access to global talents, 2) reduced expenses on office space and associated overheads, and 3) both employers and employees benefit from remote work arrangements.

Cons: 1) Communication challenges due to time zones, language barriers, and cultural differences; 2) Compliance issues related to employment laws and taxation; 3) Need for understanding and navigating diverse cultural norms; and 4) Lack of face-to-face interaction affects team cohesion and creativity.

—

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 ‘Talents tend to overlook imperfect company cultures if salary meets their expectations’ appeared first on e27.

NinjaVentures, the venture arm of Walmart-backed Indian agritech major Ninjacart, has made an undisclosed strategic investment in Philippine B2B agritech startup Mayani.

The partnership will identify and address global food supply gaps, leveraging cross-border opportunities to amplify Mayani’s market presence. The Filipino firm will integrate Ninjacart’s advanced technology, source traceability, and inventory management solutions to achieve inter-operability, hyper-efficiency, and predictive modelling and to enhance its supply chain efficiency.

Also Read: Philippine agri-fisheries startup Mayani nets US$1.7M in AgFunder-led round

The Indian company will also support Mayani’s expansion efforts and jointly establish an integrated Asian agri-food supply chain.

Mayani is an impact-driven agri-fisheries platform aiming to empower the Philippines’ over 10 million smallholder farmers and fisherfolk by providing them sustainable pathways to market, improving yield and climate resilience through quality inputs, and alternative credit to drive financial inclusion. It boasts a vast grassroots network of over 144,000 organised smallholder farmers and fisherfolk across the Philippine archipelago. The firm’s multi-point value chain platform optimises supply chain dynamics, connecting fragmented supply with B2B market demand.

Moreover, Mayani’s agro-services empower smallholders, enhancing yield and climate resilience through quality agricultural inputs and facilitating rural financial inclusion.

Ochie San Juan, co-founder and Chief Farmer at Mayani, stated: “The deal strengthens the locus of our business, which is tech-enabled output market linkage, that further reinforces our upstream interventions on climate-positive inputs and rural financing.”

Kartheeswaran KK, co-founder and CEO of Ninjacart, said: “By bridging the expertise of two agricultural powerhouses, India and the Philippines, we aim to create a transformative impact and unlock new opportunities in the Asian agri-commerce landscape and beyond.”

Also Read: Southeast Asia’s key VC players: Investing in Innovation

In January 2023, Mayani secured US$1.7 million funding round led by AgFunder. Its other backers are ADB, Plug and Play Ventures, Ocean Impact, and Atlas Ventures.

—

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 Walmart-backed Ninjacart invests in Philippine agritech startup Mayani appeared first on e27.

Business success now hinges on more than just profit margins and market share; it thrives on vibrant ecosystems and cultures of empowerment. Mastering the workforce of independent driver-partners fueling on-demand services demands keen understanding and thoughtful management.

The flexibility of working for platform businesses

Managing an on-demand workforce needs ongoing commitment to empathy and constant open communication. The diverse schedules, motivations, and commitments of driver-partners require a nuanced approach to flexibility.

The platform business industry has evolved over time, leading to a more mature understanding among driver-partners regarding both the advantages and obstacles associated with their role. This knowledge is often acquired through referrals and word of mouth, contributing to a smoother experience during their onboarding, significantly shortening the time needed to activate their accounts, and lowering their barriers to entry.

This further lends a hand to the flexibility they need, which is the cornerstone of any approach when it comes to managing driver-partners. It’s important from the start to recognise that each driver-partner brings a unique set of circumstances to the table. In turn, on-demand platforms should offer choices and flexibility in daily operations, providing autonomy tailored to individual needs.

This isn’t a one-size-fits-all solution but an acknowledgement that driver-partners may be pursuing on-demand work as a side hustle or as a full-time role. For some, the value of flexibility is a higher consideration than income alone. Take Juliana Jorimi, a mother of four with a love for driving. She left the traditional logistics industry and joined us two years ago, as she can align her deliveries with her children’s schedules and effectively balance both work and parental duties.

Leveraging strategic technology implementation to provide efficiency

Technology is more than just a tool but is a strategic enabler for any business. As businesses that run on technology platforms, it is also important to make sure there are features that support every driver-partner. Aside from providing communication channels, features such as district filters empower driver-partners to choose pick-up locations, giving them greater control over when and where they work.

Also Read: Consumer acceptance, industrialisation are critical to the success of cultivated seafood: Umami CEO

This is more than just about convenience – it’s about maximising income and efficiency. Kalyana Sundaram, a driver-partner with a lorry and a fruit stall in Little India he runs with his older brother, strategically plans his deliveries by accepting orders in the neighbourhoods where he is already located. This elevates the technology to more than just a feature but as a means to empower driver-partners to make strategic choices that benefit both them and the company.

Product enhancements are necessary to provide the best experience to customers, but at the same time, daily process improvements to ensure efficiency and productivity for driver-partners cannot be overlooked, as they are customer-facing and key to customer satisfaction.

The nature of the job also means driver-partners are always on the go, so leveraging technology, such as email submissions and in-app chat features, provides direct communication channels and valuable feedback opportunities. Real-time updates through platforms like Telegram broadcast channels keep driver-partners informed about surcharges and traffic situations, fostering a sense of connectivity that aids them in their deliveries.

The support systems in place for driver-partners

The first line of support is transparency concerning fair compensation. To show the value of contributions that on-demand workers get, fair compensation needs to be more than just a policy. Access to clear and comprehensive information about total earnings is non-negotiable and needs to be achieved from the start.

But it goes beyond information provision. The implementation of new processes and features aimed at dynamic operation is also crucial. Dynamic surcharges, for example, give driver-partners the chance to earn extra income, enhancing their passion for taking on more orders. This goes above just paying them but also recognising their efforts and creating a compensation structure that aligns with their dedication.

A robust suite of training programs is also crucial to the success of all driver-partners. With insights gained through daily operational observations, more comprehensive training programs can be curated, equipping driver-partners with the skills necessary for an evolving future.

An algorithm identifies the most relevant training materials, allowing drivers to refresh their skills and enhance delivery performance. This creates a win-win scenario for them and the company, empowering driver-partners to excel in their roles and achieve their delivery targets and overall goals.

Moreover, on-demand workers need to feel the commitment companies have to their long-term success, and strategic partnerships are part of ensuring that. Alleviating costs associated with deliveries through fuel discounts, lower rental rates on vehicles, optimal vehicle servicing rates, and mobile plans at preferred rates is a benefit but also part of a tangible support system.

Also Read: Leveraging AI and ML in supply chain management for smarter decision making

It is also recognised that the distortions of industry balance can occur through the capture of market shares via unrealistic incentives and coupons. This should be avoided as it creates a false reality for both users and driver-partners. Partnerships should be about reducing operational costs and enhancing the overall experience of driver-partners, reinforcing the idea that the company is genuinely invested in their success.

What’s next for us looking to the future

Platform businesses navigate diverse countries with their unique cultures and business norms. These are key factors for business success if companies want to understand and be relevant in their markets.

The expectations of on-demand workers are dynamic. Recognising the importance of managing them not as employees but as partners collaborating with us to foster efficiency within the industry is crucial. Beyond the scope of work in Singapore, companies’ commitments must extend to educating them on matters such as financial literacy and mental well-being, ensuring the cultivation of enduring and mutually beneficial partnerships.

It’s important to recognise and acknowledge the dedication and hard work of all on-demand workers. By engaging in ongoing efforts to understand their unique challenges and aspirations, companies can better reinforce commitments to collaborative journeys toward success.

Leading an on-demand delivery platform which has close relationships with its on-demand workers, these insights and strategies are lessons learned through real-world experiences of a changing workforce landscape. They reflect a journey of understanding, adapting, and empowering individuals who form the crux of our operations, ensuring not just their success but the success of the company as a whole.

—

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

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva

The post The art of managing a predominantly on-demand company appeared first on e27.

Diversity and inclusion (D&I) practices are pivotal in developing a real estate team or agency in Vietnam due to the high turnover rate in the sector. Talentnet survey shows that the turnover rate was the second highest after the retail sector, at 18.8 per cent in 2017 and 12.7 per cent in 2022, respectively, even when the property market was growing. It was abnormally high at 70 per cent in 2023 when the market fell off, another survey reports.

Retaining salespeople in a real estate company itself is a vital mission, and it would be more challenging when the market is downtrending. Real estate companies are recruiting salespeople all year. You can see their recruitment ads very often on social media channels, especially when a new project is open for sale or a new year begins.

Salespeople in a realty agency usually leave their jobs for two main reasons: no sales and no momentum. They are disqualified from not satisfying sales KPIs or making no sales in a given time, like two or three months, for the first reason.

Unfair commission shares, bad support and personnel inclusion policies may cause salespeople to leave their jobs, even some of whom made a few sales for the latter one. In some cases, the  “no momentum” working environment of the latter may result in “no sales” of the former.

Therefore, a tailor-made diversity and inclusion strategy can help improve the turnover rate and sales in real estate agencies or teams.

Realising D&I practices in real estate agency

Diversity and inclusion generally mean realising differences and recognising the achievement of personnel to maximise their capabilities toward business growth goals. The practice is useful for companies in all sectors, but it is extremely needed in real estate.

Also Read: Leading with diversity: Why DEI is essential for success in the digital age

Most personnel in a property agency are salespeople. Unless they are dynamic, proactive and knowledgeable, sales or commission can not come. They must prove their capabilities, which always differ from others, so that they may succeed in acquiring customers and winning deals. So gender differences, generation gap, religion and region variety, etc., play an important role in a real estate company. If you respect the difference, you will find best sellers.

Meanwhile, the achievement of different personnel should be assessed and rewarded in the proper way, which improves the quality of the working environment in property companies. Inclusion activities such as welcoming, training, outings and encouragement should be carried out thoroughly in the company.

As far as I have experienced from the real estate sector or my own business, gender balance, regional and age differences or generation gaps create a dynamic working environment rather than a lagged one. Benefits from gender balance can be found when staff help each other.

The old generation staff can quickly learn new tools, channels, even new slang from social media, and new digital marketing strategies or tools to acquire new customers from the young generation, while young staff can get help and learn selling experience of real estate projects and properties, especially skills to win deals with customers from the old generation.

In regards to inclusion practices, training is one of the vital practices that help our business build a powerful and stable sales force. There are often double-tiered training activities for salespeople, corporate training and property specialised training.

The human resource department delivers or hires experts to offer the first training, while the sales department or team leaders provide the latter training. This inclusion indicates that all staff are equally equipped with knowledge and skills to develop their career.

It appears important for a professional diversity and inclusion strategy to be applied to real estate agencies to make stable and financially effective growth.

How should the D&I strategy be applied in real estate agencies in Vietnam?

Provided that D&I strategies are properly applied to real estate agencies, they would develop more effectively and sustainably in the long run.

The majority of small and medium realty companies in Vietnam appear to manage their sales teams with hands-on experience. The business owners often originate from successful agencies or have experience in developing and managing sales teams. Now, they set up and run their own real estate business, so they tend to apply hands-on personnel management experience from their previous employer and other agencies with some typical achievements to their business.

As usual, to build up the sales teams, they often hire a multi-tasking personnel executive who will take care of all tasks from recruitment and personnel management to training and development. This may save cost, but it works effectively within a short time and in small business sizes.

I did the same thing a few years ago when I was managing a real estate agency with approximately 200 salespeople with a focus on middle to high-end property trading. Although we had developed the business with our own advantages, we still looked for practices and achievements of other agencies to apply to our current operations.

Also Read: A paradigm shift on the Z axis: How Gen Z is shaping the new work culture

Instead of a paid recruitment campaign, like other agencies, we focused on seeking experienced sales managers who always have their own following staff. As long as we had the managers onboard, we would have their following staff join our teams.

Moreover, in witnessing other companies successfully retain salespeople by offering rewarding programs for best sellers and frequently organising outing activities, we did the same and got good results because these activities could connect and build momentum for sales staff and managers in our company. It is clear that the practical personnel experience was really helpful case by case, but in the end, I found that all the activities should be implemented in a strategic way to make the business work effectively in the long run.

My understanding of the D&I strategy has greatly facilitated my management tasks in my new model real estate business. We are a complete real estate trade platform where we build core sales experts to help members win deals while developing networks of sales affiliates and partners. So, the D&I practices are really helpful.

The real estate salespeople are young and dynamic, so I consider their creativity in marketing and sales, as well as their diversity in ages and genders. I suggest they bring new ideas and input to the marketing work, such as building YouTube or TikTok channels with their own style to acquire customers.

Even though I prefer hiring Gen Z staff, I still invite older staff to join our team to diversify the working environment and key results. Moreover, in order to connect and activate affiliates and partners, we have carried out different inclusion practices like direction training, skill training, outing activities, rewarding programs and compensation packages.

These practices are implemented by both back office departments and front office managers to help sales affiliates and partners feel fairly inclusive when working with us. This way can enable us to expand our networks of members with ease.

Generally speaking, to build a successful real estate agency in Vietnam, we not only focus on sourcing quality property inventories of a great variety, but we also understand the importance of D&I strategies and apply them to the business in the right way. This helps us recruit, retain, and activate the best sellers so as to keep the business growing effectively and sustainably.

—

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

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image courtesy of the author

The post The D&I advantage: How inclusion fuels growth in Vietnamese real estate appeared first on e27.