In the wake of the FTX collapse in late 2022 and subsequent crypto contraction, The Atlantic boldly published a think piece titled “You Can Forget About Crypto Now.” Sure enough, the doom and gloom outlook on digital assets was palpable for more than a year thereafter

Meanwhile, AC Ventures Founding Partner Pandu Sjahrir asserted on an episode of Indonesia Digital Deconstructed that crypto “remains intact as an asset class.” Fast forward 15 months. Jesse Choi of the Indonesian crypto exchange Reku, backed by ACV, recently joined the podcast to report that his company has become profitable.

“I’m pleased to share that the first quarter of 2024 has been our strongest in the last two and a half years, both in terms of trading volume and financial outcomes. Not only was it our best quarter for volume, but it was also exceptionally profitable. Our profit margins exceeded 50 per cent, which marks a significant achievement for us. We are incredibly pleased with these results,” said Choi, who co-founded the exchange and serves as co-CEO. 

Scheduled halving and the BlackRock effect

The significant resurgence in the crypto market in 2024, particularly with Bitcoin reaching all-time highs, can be primarily attributed to two major factors: the Bitcoin halving event and the legitimisation of the crypto sector at large via the introduction of BlackRock’s Bitcoin ETF.

The Bitcoin halving, a scheduled event that reduces the reward for mining new blocks by half, occurred earlier in the year. This reduction in the rate at which new Bitcoins are introduced led to an increase in price, as the reduced supply with steady or increasing demand tends to push prices higher. The market has closely watched this halving and is seen as a bullish event for Bitcoin’s value.

In parallel, the launch of BlackRock’s Bitcoin ETF has played a critical role in legitimising crypto within the institutional financial landscape. The ETF allows for more institutional and retail investment exposure, increasing Bitcoin’s liquidity and integrating it into the broader financial market. 

Also Read: 5 dimensions of responsible AI: Enhancing societal needs with blockchain

BlackRock’s move has been particularly potent due to its stature as the world’s largest asset manager, adding a layer of credibility and stability to the crypto market that was previously perceived as too volatile and risky for most investors. The ETF not only simplifies investment in Bitcoin but also promises more accurate price tracking and potentially lower fees relative to other investment methods.

These developments have collectively spurred a bullish sentiment across global crypto markets, leading to increased adoption and investment, both from institutional investors and retail traders, thereby driving the price of Bitcoin to new heights.

When asked what these things mean for exchanges like Reku, Choi said, “Significant price movements in Bitcoin often lead to increased overall market activity, which is generally positive for us at Reku. This has been particularly evident in the last two quarters—Q1 of 2024 and Q4 of 2023—where we experienced some of the highest trading volumes in our history. As an exchange operating on a volume-based revenue model, these periods of heightened activity have contributed substantially to our financial performance, making these quarters very successful.”

Regulatory and institutional legitimisation

Choi went on to address regulatory trends in the digital assets market, highlighting the evolving landscape across various jurisdictions, with a particular focus on Southeast Asia. He noted that while the US tends to lead in the formulation and implementation of digital asset regulations, other regions are also making strides. According to Choi, most countries are moving toward more positive regulatory frameworks, which not only foster adoption but also further enhance the legitimacy of the crypto space.

He specifically mentioned Hong Kong’s proactive efforts to establish itself as an Asian crypto hub, which is indicative of the region’s forward-thinking regulatory approach. Meanwhile, in Indonesia, regulatory responsibilities are soon transitioning from the Commodity Futures Trading Regulatory Agency (BAPPEBTI) to the Financial Services Authority (OJK). This shift signals a recognition of crypto as a legitimate financial instrument in the archipelago and indicates a move toward stricter regulation – which Choi confirms is a good thing for Reku.

Also Read: To leverage Web3 technologies, Web2 companies may start by building the right culture

The move is part of a broader trend where governments are increasingly affirming their stance on digital assets, often with a collaborative and open approach to regulation and innovation. For instance, the inauguration of Indonesia’s “Crypto Literacy Month” by the government, featuring prominent figures from the community, underscores the market’s commitment to educating the public and integrating digital assets into the mainstream financial ecosystem.

A hedge against inflation

This regulatory progression is critical, as it not only shapes the operational landscape for companies like Reku but also affects the broader adoption and integration of crypto into global systems.

Choi reflected on the evolution of Bitcoin’s role and perception in the financial landscape, noting clear shifts in how it is viewed and utilised, suggesting that Bitcoin is now often compared to gold – seen as a hedge against inflation. 

He said, “As we consider the trajectory of Bitcoin, it’s clear that the narrative surrounding its purpose has evolved. Initially regarded as a form of decentralised money, Bitcoin’s role has increasingly come to be defined as a store of value rather than a medium for transactions. With its integration into more formal financial structures, such as the emergence of ETFs, and its broader acceptance by various governments and global institutions, Bitcoin is demonstrating that it can be a resilient and valuable asset class, even in the face of economic fluctuations.”

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Last year, Singapore-based Saison Capital, the early-stage VC arm of Japan’s financial services giant Credit Saison, launched a token fund to accelerate Web3 investments in Southeast Asia and India. The fund, Saison Crypto, follows a unique structure and draws down capital from its Japanese parent.

Saison Crypto prioritises DeFi and Real World Assets (RWA) and has already invested in over 50 projects. We spoke with its Partner, Qin En Looi, about the fund’s philosophy, focus areas, and the Web3 industry.

Edited excerpts:

What inspired Saison Capital to launch Saison Crypto and focus on accelerating Web3 investments in Southeast Asia and India, especially when the Web3 market is down globally?

Saison Capital launched Saison Crypto because we believe the next internet revolution and financial services will be built on the blockchain. Web3, underpinned by the blockchain, presents a radically different way for ownership of digital assets and money movement.

Launching Saison Crypto reflects our beliefs and convictions. Even though Saison Crypto was launched in the funding winter, we know one thing about “seasons”—they come to an end. And through the various seasons, what matters most is our ability to ride through them and emerge stronger.

How does the permanent capital entity structure of Saison Crypto differ from traditional General Partner/Limited Partner structures in terms of investment strategy and flexibility?

Saison Crypto is an evergreen investment entity, meaning we aren’t subject to the usual investment deployment and payback periods like most General Partner/Limited Partner structures. In other words, we are patient capital.

Also Read: Saison Capital rolls out new token fund to accelerate Web3 investments

We are not in a hurry to deploy capital and can be selective about the right investments. Similarly, we are not in a hurry to exit our investments and can be the anchor partner to our portfolio companies through the different seasons.

Can you elaborate on the specific advantages of drawing capital from Credit Saison’s sizeable AUM for your investment activities?

Credit Saison has a deep legacy in traditional finance, but innovation is part of the group’s DNA, and evolution is necessary to keep thriving. As a result, Saison Crypto enjoys the full support of Credit Saison.

Beyond patient, evergreen capital from Credit Saison, we have the opportunity to be a role model for other Asian financial institutions. Talk is cheap. It is common for large institutions to declare their interest in digital assets and then go silent. Saison Crypto is the evidence that we are not “talk-only.”

What types of projects or companies does Saison Crypto prioritise for investments within the Web3 space, and why?

DeFi and Real World Assets (RWA) are the two sectors that we focus on. We believe the financial world is the first to be transformed by Web3.

DeFi remains Web3’s largest use case and has demonstrated its ability to be resilient, inclusive, and efficient. We are always looking for innovative use cases that can create composable money, programmable assets, and trustless transactions.

Real World Assets (RWA) is forecast to hit US$16 trillion by 2030, and we believe that this innovation will be driven by both institutions (like Credit Saison) and startups. RWA is built on the premise that the blockchain presents a radically different way for money to move. We no longer need to rely on the financial infrastructure that has been around for decades but, in line with our company’s mission, play a pivotal role in ensuring the progress and transformation of the financial ecosystem to create more opportunities for business and people,

Could you share more details about the first token-only investment that Saison Crypto is planning to make?

We have already made over 50 early-stage investments and deployed over US$20 million in the Web3 space. Some of our portfolio companies have recently launched their tokens successfully.

With an average ticket size between US$200,000 and US$500,000, how does Saison Crypto ensure adequate follow-on support for portfolio companies?

As Saison Capital is not a typical fund, we pursue an active fund-of-funds mandate. In addition to direct investments, we are active LPs in several crypto-native funds. This ensures that our portfolio companies have strong follow-on support.

Furthermore, our support is more than just financial. Often, we are the first institutional customer, partner, or liquidity provider in our portfolio companies. For our portfolio companies, being able to show that a US$30 billion AUM financial institution is participating in their products and services speaks volumes.

What are the significant gaps in Web3 infrastructure that Saison Crypto aims to address through its investments, particularly in the context of accelerating mainstream adoption?

Firstly, scalability remains a concern, with current blockchain networks struggling to handle high transaction volumes efficiently. Our investments focus on scalable solutions, including Layer 1 and Layer 2 blockchains and the protocols built atop them.

Also Read: Vietnam’s Web3 revolution: Beyond Axie Infinity, unveiling the rise of diverse crypto startups

Secondly, interoperability between different blockchain platforms and off-chain systems is crucial for seamless user experiences. We look for interoperable protocols and bridges that reduce the friction in exchanging assets and data.

Finally, user experience and accessibility are paramount for mass adoption. We support projects that improve user interfaces, enhance user onboarding processes, and create intuitive experiences that rival centralised alternatives.

How does Saison Crypto identify and partner with experienced founders and operators with long-term views of Web3 innovations?

We embrace the Web3 ethos of openness, collaboration, and transparency, and we seek like-minded partners and changemakers committed to providing greater financial access to more people through web3. As such, we are able to identify founders through our extensive networks of founders, investors, industry leaders and institutions.

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Turno, an Indian EV distribution and financing company, has received US$6 million in extended Series A funding.

British International Investment (BII), Quona Capital, Stellaris Venture Partners, and B Capital co-led the round.

This brings its total funding to US$22.9 million.

Also Read: B Capital closes US$750M Opportunities Fund II, to back later-stage firms in its portfolio

This funding will be used to grow the startup’s existing business and launch new business lines to improve commercial EVs’ access and infrastructure.

“We are committed to democratising EV technology through innovative business models that drive down ownership costs. With this funding, we aim to accelerate the adoption of EVs for a wider audience”. said Hemanth Aluru, co-founder and CEO of Turno.

Set up in April 2022 by former Zoomcar’s C-level executives Hemanth Aluru and Sudhindra Reddy, Bengaluru-based Turno offers financing solutions to SMEs, distributors, logistics firms, and e-commerce operators that plan to buy commercial three-wheeler electric vehicles (EVs).

Buyers can access an array of top original equipment manufacturer (OEM) brands, EV models, and financing solutions on its EV sales platform, which features both online and physical stores.

Turno also provides customers with guaranteed buyback value on used EV batteries. The startup claims it offers the lowest total cost of ownership and a guaranteed buyback within three years.

Also Read: B Capital believes in startups, corporates collaboration to bring decarbonisation efforts forward

Abhinav Sinha, Managing Director and Head of Technology and Telecoms at BII, said: “Backing local entrepreneurs to solve development challenges, including the impact of climate change is a key priority for BII in India. Turno’s innovative business model, lower cost offering and novel efforts at repurposing EV batteries will help attract more people and businesses to adopt commercial EVs.”

The Indian EV market is projected to grow from US$3.21 billion in 2022 to US$113.99 billion in 2029, growing at a compound annual growth rate of 66.52 per cent.

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Disrupt Technology Venture, a startup ecosystem builder in Thailand, has launched a new healthcare fund.

Disrupt Health Impact Fund aims to provide Thailand’s healthcare sector with access to world-class deep-tech solutions and improve healthcare services for the local people.

The fund is backed by prominent Thai businesses, including Digital Health Ventures, Thana Asset Company Limited, Saha Pathana Inter-Holding Public Company, and Sripatum University.

Also Read: Thai oil firm OR, 500 TukTuks launch US$50M mobility and lifestyle fund ORZON Ventures

Disrupt Health Impact Fund seeks to invest in five key areas: self-care, preventive care, silver age, holistic wellness, and smart hospital. It plans to invest in 15 deep-tech ventures, domestically and internationally, within the next three to five years.

The initial investment typically ranges from US$500,000 to US$2 million per company.

The fund targets world-class innovations that are either in the market commercialisation stage or undergoing clinical trials to seek approval from the Food and Drug Administration (FDA).

In addition to providing investment, the fund aims to support the business expansion of deeptech companies in the healthcare sector by leveraging healthcare expertise from both the public and private sectors. This includes networking opportunities in pharmacy, product distribution, and in-depth research and studies through the Disrupt ecosystem platform.

Disrupt Health Impact Fund is managed by an experienced team that oversees over six leading funds, which have invested in 134 companies across 16 countries.

The global healthtech market is expected to grow by 10 per cent annually, driven by various supportive factors.

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

Krating Poonpol, Chairman of Disrupt Health Impact Fund, 500 TukTuks Fund and ORZON Ventures, said: “Thailand, like many countries, is transitioning to a fully aging society where the number of elderly people surpasses the number of newborns. Meanwhile, global life expectancy continues to increase, boosting the demand for public health services. With its significant potential to become a hub for various industries, including health and public health, Thailand is poised to lead Southeast Asia.”

“Disrupt Health Impact Fund and its partners aim to drive the growth of the HealthTech industry both nationally and globally. It is committed to accelerating the positive impact on health and public health within society, especially in Thailand, through investments and collaborations with joint venture partners in this initial round,” he added.

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In the fast-paced landscape of the economy of Malaysia, the demand for skilled talent is ever-increasing. Yet, the persistent skills gap poses a significant challenge to both companies and individuals striving for success. In such a scenario, the importance of skills training cannot be overemphasised. It’s not merely about acquiring knowledge but about equipping individuals with the capabilities to thrive in a competitive environment and drive innovation.

Understanding the skills gap in Malaysia

Recent research has revealed Malaysia’s continuing skills gap, including studies from prestigious publications such as The Economist and insights from Randstad. Surprisingly, according to the research, approximately 24 per cent of Malaysians do not have access to adequate training opportunities to further their professions. This disparity not only affects individuals but also stifles the nation’s overall economic progress.

Consequences of the skills gap

The consequences of the skills gap extend beyond the immediate challenges faced by businesses. It leads to the underutilisation of talent, where individuals are unable to fully leverage their capabilities due to a lack of relevant skills. This not only stifles individual career growth but also impedes overall economic development.

Moreover, in an era where digital transformation is imperative, companies failing to bridge this gap risk falling behind their competitors.

The role of skills training

Skills training serves as the cornerstone for addressing this challenge. By investing in training programmes, companies empower their workforce with the necessary competencies to excel in their roles. From technical skills to soft skills like communication and problem-solving, comprehensive training ensures holistic development.

Also Read: Artem Ventures: Malaysia is a fantastic starter market, but startups need help to scale internationally

Unlocking potential

Enterprises seeking to bolster their workforce’s skills can explore various options available in the market. While some platforms offer tailored training solutions, the emphasis should be on finding the right fit for the organisation’s needs. Customised training modules designed to address specific skill gaps within an organisation can significantly contribute to bridging the skills divide.

Driving innovation and efficiency

Embracing skills training isn’t merely a reactive measure; it’s a proactive strategy to foster innovation and drive efficiency. Companies that prioritise training create a culture of continuous learning where employees are encouraged to explore new ideas and methodologies. This culture not only fuels innovation but also enhances employee engagement and retention.

Building a talent pipeline

Another key benefit of skills training is its role in building a robust talent pipeline. By investing in the development of their workforce, companies not only retain valuable employees but also attract top talent in the industry. A reputation for prioritising employee growth and development can significantly enhance an organisation’s employer brand, making it a magnet for skilled professionals.

The path forward

As Malaysia continues its journey towards economic prosperity, bridging the skills gap remains a pressing priority. Companies must recognise the importance of investing in their workforce through comprehensive training programs. By partnering with platforms like Goflex Events, which offer customised solutions to address specific skill gaps within an organisation, companies can unlock the full potential of their employees, driving success and innovation in the dynamic Malaysian market.

In conclusion, the significance of skills training cannot be overstated in the context of Malaysia’s evolving economy. By addressing the skills gap head-on, companies not only empower their workforce but also lay the foundation for long-term success and competitiveness on a global scale.

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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.

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Tribe and Digital Industry Singapore (DISG), a joint office of the Economic Development Board, Enterprise Singapore and Info-communications Media Development Authority, has collaborated with global chipmaker NVIDIA to launch a global AI startup accelerator in the island nation.

Called Ignition AI Accelerator, the initiative will focus on enhancing AI value discovery, creating a vibrant ecosystem for AI startups and pushing the boundaries of AI’s capabilities.

Also Read: AVPN, Google.org launch US$15M fund to equip workers in APAC with AI skills

With an initial combined investment of US$3 million, the four-month programme will launch with a cohort of 15 high-potential startups. It has been designed to prepare participating startups with the foundational capabilities to ensure their AI projects are launch-ready.

As part of Ignition AI Accelerator, NVIDIA and Tribe will collaborate with Enterprise Singapore to offer qualified AI startups funding support through the Startup SG Tech scheme. This collaboration will tap into Tribe and NVIDIA’s expertise to expediently assess selected high-quality AI startups that can leverage Startup SG Tech funding for technology development and business growth.

In addition, the initiative will provide a series of training workshops to help startups enhance their core AI-building capability. These workshops will cover the full AI stack, from GPU to application-layer development framework.

The programme will also provide opportunities to bridge the gap between startups and potential investors, including corporations, VCs, and private investors.

Additionally, NVIDIA and Tribe will assist them through the IMDA accreditation process to help them establish credentials and position themselves as qualified contenders for government projects and large enterprise contracts, ultimately accelerating their global market access.

Applications to the Ignition AI Accelerator are open for founders of new startups and for AI leads of existing startups.

Ng Yiming, CEO of Tribe, said: “The current surge in AI adoption reflects a strategic imperative for businesses across industries. Companies are leveraging AI to achieve operational excellence, reduce capital expenditures, and unlock new growth avenues. However, a proactive approach to fostering ground-up innovation becomes crucial to fully capitalise on these benefits and remain resilient in a volatile economic climate. Tribe is excited to embark on this journey with NVIDIA and DISG. Together, we believe we can channel resources to startups, accelerating the development of AI solutions and fostering deeper industry integration throughout the process.”

Also Read: From Amazon to AI: How GenAI Fund fuels innovation in SEA through a unique model

The AI market in Singapore is poised for significant growth, with projections indicating it will surpass US$1 billion by year-end 2024. This momentum is expected to continue, with a CAGR of 28.1 per cent, translating to a market volume of US$4.6 billion by 20301. The accelerator will capitalise on immense global opportunities within the AI landscape.

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Last year, the global lending industry incurred approximately US$800 billion in losses due to bad consumer loans. To put it in context, this is more than the GDP of many countries combined.

This incident indicates there are severe chinks in the armour of the traditional credit scoring models adopted by banks and other lenders.

“Traditional credit scoring models are not effective as they look only at the past transactions of the loan seeker, such as whether he defaulted on a loan or credit card payment 15-20 years ago. These models don’t take into account the individuals’ current situation,” says Vincent Choy, co-founder and Chief Business Development Officer of BizBaz. “We have developed a predictive AI solution that could effectively assess the creditworthiness of an individual and save banks from bad loans.”

Also Read: Unlocking the future of lending with risk-based pricing

Launched in 2020 by Choy and Hayk Hakobyan (CEO), BizBaz offers a SaaS solution to help lenders with credit scoring, especially for the unbanked and underbanked. It uses voice analytics to help establish a person’s creditworthiness based on behavioural patterns and claims it can predict his risk behaviour with 80 per cent accuracy.

Credit scoring depends heavily on transactional data. Unfortunately, about 2.4 billion people in the world don’t have transactional data or credit scores because they’re excluded from all forms of financial transactions. This means traditional models cannot be used to assess the creditworthiness of an unbanked individual.

“Unlike traditional credit scoring solutions, BizBaz can determine an individual’s creditworthiness from his 50-second speech or interview. Our proprietary AI solution can analyse whether an individual is genuine, emotionally and mentally stable, impulsive, conscientious, and worthy of a loan. We can then extract physiological biomarkers and biometric information from that voice to predict his behaviour,” he adds. “It means BizBaz can create creditworthiness for almost everyone, whether unbanked, underbanked or banked. ”

BizBaz works with banks, financial institutions, and buy-now-pay-later companies. The fintech startup has 22 clients in 10 countries, mostly in Asia and Southeast Asia, including Singapore. “With more than seven out of ten of Southeast Asia’s 680 million population unbanked and a huge 67 per cent mobile phone penetration rate, we can empower financial services providers by offering them comprehensive customer intelligence and risk assessment solutions and thus enabling them to acquire and serve unbanked and underbanked populations in the region whilst also allowing them to reduce their costs, Choy says.

BizBaz doesn’t restrict itself to the financial services industry. It also works with HR and recruitment companies to help them understand the psychometric analysis of a person being hired. The firm also looks for more use cases in matchmaking, mental wellness and monitoring industries.

In September 2022, BizBaz secured US$4 million in a seed funding round led by HSBC Asset Management, the investment arm of Britain’s HSBC Group. Vynn Capital, SOSV, and existing and new angel investors also participated.

The company is currently looking to raise pre-Series A funding for expansion. This year, BizBaz looks to foray into the Philippines and Indonesian markets. It also sees opportunities in Thailand, Vietnam, and Cambodia. “We will also enter the Latin America and African markets in the near future,” he says.

Also Read: Accelerating financial inclusion with AI: Unleashing potential with prudence

BizBaz was the winner in the fintech category at the Elevator Pitch Competition (EPiC) organised by the Hong Kong Science and Technology Parks Corporation (HKSTP) last month.

The significant losses faced by the global lending industry due to bad consumer loans underscore the critical need for more advanced and accurate credit scoring models. BizBaz, with its innovative AI-driven solution, offers a promising alternative to traditional methods by evaluating creditworthiness through voice analytics and behavioural patterns. This approach not only helps lenders make more informed decisions but also opens financial opportunities for the unbanked and underbanked populations worldwide.

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At the Asia Tech x Singapore (ATxSG) 2024 event today, Senior Minister of State for Communications and Information Tan Kiat How announced the Digital Enterprise Blueprint (DEB) aimed to accelerate digital transformation and empower Singaporean enterprises by leveraging emerging technologies such as Artificial Intelligence (AI).

According to a press statement, the DEB charts the next chapter in Singapore’s enterprise digitalisation journey amidst a rapidly evolving technological landscape and fast-growing digital economy.

“To establish the Republic as a nation of empowered enterprises and to elevate businesses and workers in the age of AI, the Blueprint will facilitate an environment for experimentation, encourage Small and Medium-sized Enterprises (SMEs) to harness technology to optimise the way they work, and strengthen digital resilience and cybersecurity across the ecosystem,” it stated.

50,000 SMEs are expected to benefit over the next five years from the new DEB through four key focus areas:

1. Empower enterprises to be smarter by adopting AI-enabled solutions
2. Enable enterprises to scale faster through cloud-based and integrated solutions
3. Equip enterprises to be safer through improved cyber resilience
4. Support enterprises to upskill workers to make full use of digital capabilities

Also Read: Tribe, DISG, NVIDIA join forces to launch AI accelerator in Singapore

Seven partners have already come on board to pledge their commitment to the DEB, including Singapore Business Federation (SBF), Singapore Computer Society (SCS), SGTech, Amazon Web Services (AWS), Google, Microsoft and Salesforce.

As part of DEB efforts to empower SMEs to be smarter by adopting AI, IMDA has worked with sector leads to co-develop Industry Digital Plans (IDPs), a roadmap for enterprises that highlights solutions that meet the sector’s specific needs.

ATxSummit, organised by the Infocomm Media Development Authority of Singapore, will occur from May 30 to 31 at Capella Singapore. This apex event of ATxSG comprises an invitation-only Plenary conference covering a range of topics, including Artificial Intelligence, Governance and Safety, Quantum Computing, Sustainability, and Compute.

ATxSummit also features the ATxAI and Women and Youth in Tech conferences, alongside exclusive G2G events for government officials to address common digital concerns and G2B closed-door roundtables to facilitate closer partnerships between the public sector and the digital industry.

The event also saw the launch of SGTech Apprenticeship, the Tech Apprenticeship Programme (TAP) to expand the career pathways of graduates by providing access to industry apprenticeships; the signing of an MOU between IMDA and the Singapore Academy of Law (SAL) to co-develop GPT-Legal; and the announcement Ignition AI Accelerator by Tribe and Digital Industry Singapore (DISG).

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The Innovate UK Global Incubator Programme, which aims to foster collaborations between UK companies and Singapore’s vibrant startup ecosystem, has returned to Singapore.

This year, the programme’s focus is sustainability and cleantech.

Innovate UK Global Incubator Programme is an initiative between Singapore Deep Tech Alliance (SDTA), Better Earth Ventures (BEV), and Innovate UK.

Also Read: Tribe, DISG, NVIDIA join forces to launch AI accelerator in Singapore

Eight UK-based startups have been selected for the programme. The 8-month incubation will feature two immersion visits to Singapore, one-on-one coaching, mentoring, and expert sessions focused on their product development and go-to-market strategy.

The participating startups will also get an opportunity to leverage SDTA’s and BEV’s professional networks and resources.

Jon Hazell, Partnership Manager – Global Incubator at Innovate UK, remarked: “As a hub of sustainability and innovation, Singapore offers a fertile ground for global ventures seeking to make a difference. Understanding the intricacies of the local business landscape is key to navigating not just Singapore but the broader ASEAN markets. Our collaboration with SDTA and BEV marks a pivotal milestone for UK deep-tech companies, facilitating a deeper understanding of Southeast Asia’s unique dynamics and fostering collaboration & innovation with fellow industry pioneers to drive impactful solutions and enrich the regional ecosystem.”

Below are the brief bios of the eight startups:

Compact Syngas Solution (CSS): A company that has developed a modular gasification technology for the production of hydrogen, power and heat from waste. CSS caters to waste management companies to help them reduce waste and convert waste into new valuable resources.

Molymem: A company that has developed a range of new nanofiltration ceramic products for water and wastewater applications through its proprietary coating technology.

FloatSync: FloatSync is developing a disruptive plastic recycling system that can process material. Its systems can be deployed at any location around the world, fitting a 20-foot shipping container tackling six plastic types.

Waterwhelm: Forward Osmosis technology water reuse and desalination, cutting electricity consumption by 80 per cent and capital costs by 35 per cent.

Persium: Air pollution analytics, simulation and solutions with IoT sensors, analysis platform, and global consultancy.

BioBright LTD: Merging monitoring tech with algae cultivation for real-time environmental monitoring and efficient carbon dioxide sequestration.

Water Offsets Ltd: Delivers circular water economies by integrating AI, smart water monitoring, water reuse and climate forecasting.

Volador Energy: Immersion-cooled battery tech, with a modular design and weld-free construction, enhances performance and efficiency by up to 40 per cent.

 

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In recent years, the startup ecosystem has captivated professionals from various industries, drawing them away from the comfort and stability of established corporations. The allure lies in the promise of innovation, the thrill of building something new, and the opportunity to make a tangible impact or disrupt the norm, they say.

This was precisely what drove me to join Hackuity, a burgeoning player in the cybersecurity space, after spending decades in large corporations like NCS, Singtel, Fortinet, and Thales.

Taking the leap: Motivation and background

Crossing into my mid-40s, I realised that if I ever wanted to experience the dynamic world of startups, the time was now. I had heard countless stories about the challenges and rewards of startup life, but I needed to experience it firsthand.

The desire to break free from the structured environment of big corporations and the urge to test my mettle in a more fluid and flexible setting were compelling reasons. Joining Hackuity allowed me to transition from a structured environment to a fluid greenfield with a fresh perspective.

Embracing flexibility and facing challenges

One of the most striking aspects of working in a startup is that you won’t always have resources at your beck and call. For example, I now have to plan our marketing efforts with a cost-conscious mindset as compared to previous jobs to ensure every investment we make has a business impact.

Also Read: Women and AI: How startups can prevent gender bias and promote responsible use of the tech

I have to read through legal documents when engaging with potential customers. Yes, we do have some flexibility in our working operations. However, this flexibility comes with its own set of challenges. The absence of a fixed structure meant that mistakes were inevitable, but each mistake was a learning opportunity to refine our operational process.

Additionally, without customer references in this region, every sales call was an uphill battle compared to my previous roles.

One great perk was that, being headquartered in France, Hackuity fully embraced the French work culture, valuing rest and respecting vacations and weekends. This approach not only fostered a healthy work-life balance but also instilled a sense of trust and autonomy among team members. Yet, when an urgent need arises, everyone still has their hands on the deck.

A day in the life: Responsibilities and roles

Running the Singapore operations meant heading up business development, expanding channel partners, and managing accounts. My primary focus was building new sales pipelines, developing channel partners to sell our SaaS platform, and driving business growth in APJ. This multifaceted role required a blend of strategic planning, relationship building, and hands-on execution.

Learning and growing: Key takeaways

Nearly two years into my journey with Hackuity, I have gained invaluable insights. Working in a startup means wearing multiple hats and being prepared to pivot as needed. I have learned the importance of asking for help from industry peers and accepting that making mistakes is part of the growth process.

Adapting our pitch and positioning to meet diverse customer challenges has been crucial, and practising active listening has proven to be the best way to engage potential clients. Maintaining transparency and effective communication with both teammates and headquarters in a different time zone has been vital in navigating the complexities of startup life.

Team dynamics and culture

Our APJ team, though small, is inclusive and collaborative. We share our workload and support one another while maintaining strong relationships with our colleagues at headquarters back in France through regular Slack communication and monthly meetings.

Also Read: How to build deep tech startups across borders

This close-knit environment has fostered a culture where we work hard and play hard. Organising social activities like eat-out sessions and KTV singing outings helps us relax and bond outside the pressures of work.

Advice for aspiring startup professionals

For anyone considering a startup, it’s essential to weigh the financial risks. Startups are inherently challenging, with the initial phase often requiring immense effort to build branding and credibility. The first ten accounts or opportunities in each region are critical and will take time to develop.

Patience is key. Leveraging your network to open doors is crucial, and maintaining good business relationships over the years can provide invaluable support. Ultimately, success in a startup depends on your dedication, adaptability, and willingness to learn and grow.

Conclusion: The future of startups

The startup ecosystem continues to thrive, offering unparalleled opportunities for innovation and personal growth. My journey with Hackuity has been a testament to the transformative power of startups. For those willing to embrace the challenges, the rewards are immense, both professionally and personally. As the startup landscape evolves, I remain optimistic about the future and excited about the possibilities that lie ahead.

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