And that’s a wrap for Echelon X! Over the two-day event, we have experienced an incredible journey filled with excitement fueled by our common desire for, innovation, growth, and meaningful connections. We hope you are now feeling rested and amid the post-Echelon blues.

Echelon X brought together a vibrant community of forward-thinkers, industry leaders, and passionate individuals, all eager to share ideas and forge new paths in their respective fields. It was our distinct pleasure to facilitate these interactions and to witness the dynamic connections and collaborations that emerged.

As we reflect on the highlights and memorable moments of Echelon X, we are filled with gratitude for your participation and enthusiasm. Echelon X would not have been possible without our community. Your energy and engagement were key to making this event a standout success. Moreover, we look forward to continuing this journey together, fostering the relationships and innovations that were sparked during the two-day event, and bracing for the challenges of the future together as a community.

Thank you for being a part of Echelon X. Let’s keep the momentum going as we move forward, inspired and ready to embrace the future.

Echelon X by the numbers

With the success of Echelon X, we reflect on some important numbers from the event. The two-day conference was graced by over 7,000 attendees, 35 sponsors, 110 connections forged at the EC Connect, 50 TOP100 startups, 65 exhibitors, 60 partners, 18 panels, 8 keynotes, 8 side rooms, 21 fireside chats, 12 Speakzone sessions, 154 speakers, and 9 startup showcases.

Among its esteemed attendees was Mr Tan Kiat How, Senior Minister of State of the Ministry of Communications and Information of Singapore, who offered passionate words during his opening address at the Future stage held on day 1 where he presented the initiatives and partnerships that Singapore has done to support the tech ecosystem.

“The future is here, and it’s exciting. We want to partner with all of you to grow the ecosystem in Singapore and support the broader growth of the digital economy in the region and beyond,” shared Mr Tan. The senior minister also took time to go around the conference hall, visiting several exhibition booths at the AI Zone, and engaging with different delegates at the e27 Pavilion.

A showcase of government initiatives across SEA

On day 0, participants of the TOP100 Growth Program had the invaluable opportunity to meet and connect with representatives from various government agencies across Southeast Asia. This unique interaction facilitated discussions on market access opportunities and provided insights into the support available for startups looking to expand in the region.

The participating government agencies included prominent organisations such as the National Innovation Agency (NIA) of Thailand, the Sarawak Digital Economy Corporation (SDEC) from Malaysia, the Ministry of Communication and Information Technology (KOMINFO) of Indonesia, and the Department of Trade and Industry (DTI) from the Philippines. These agencies play crucial roles in fostering innovation, digital transformation, and economic development within their respective countries.

Partnerships and future endeavour

Echelon X also offered a glimpse into exciting partnerships and upcoming projects surrounding the APAC tech startup ecosystem, including the announcement of the third edition of Ideathon: 2040 Extended Intelligence, hosted by the Taiwan Government Agency Ministry of Digital Affairs, MODA. Another exciting project on the horizon is the first-ever Echelon Philippines, hosted by e27 in partnership with Brainsparks. Lastly, a Memorandum of Understanding was signed between e27 and the Nippon Telegraph and Telephone (NTT) during Echelon X day 2.

Keynote sessions, fireside chats, and panel discussions

We kicked off with Dr Ayesha Khanna, Co-Founder and CEO of Addo AI, as she walked us through the ways businesses in Southeast Asia are leveraging generative AI technologies to drive digital transformation during her keynote session entitled “Digital Transformation for Southeast Asian Businesses Using Generative AI”, a segment that explores how businesses in Southeast Asia are leveraging generative AI technologies to drive digital transformation. This session will delve into the various applications of generative AI, such as natural language processing, image generation, and creative content production, and how these technologies are revolutionising industries across the region.

“They want to know how to embed Generative AI throughout the organisation. Is this happening already? Ninety-nine per cent of companies don’t do this. So, that’s a huge opportunity. Essentially, our goal and mission is not to compete, but to complement,” shared Dr Ayesha Khanna, Co-Founder and CEO of Addo AI

Echelon X featured thirteen engaging panel discussions spread across three stages, where our expert panelists delved into a variety of pertinent topics such as healthtech, sustainable hustling, and the venture capital landscape in Southeast Asia.

One of the most well-attended sessions was “Sustainable Hustling and Resilience for Startup Entrepreneurs: Tactics Founders Have Implemented to Reduce Burnout and Play the Long Game When Building Their Startups.” This insightful discussion brought together a distinguished group of panellists, including Joan Low, Founder and CEO of Thoughtfull; Jx Lye, Founder and CEO of Acme Technology; Even Heng, Founder and CEO of Zenith Learning Group; and Henry Motte de la Motte, Founder and CEO of EDGE Tutor. The session was expertly moderated by Terence Chia, Co-Founder of Folklory.

During this panel, the speakers shared their personal experiences and strategies for maintaining resilience while building successful startups. They discussed practical tactics for reducing burnout, such as implementing effective time management practices, prioritising mental health, and fostering supportive workplace cultures. The panellists also emphasised the importance of sustainable growth, advocating for a balanced approach that considers both business expansion and the well-being of team members.

Echelon X featured seven captivating fireside chats, where moderators engaged with speakers to ask the burning questions on everyone’s minds. These intimate conversations offered a deep dive into the journeys, challenges, and thought processes behind some of the most inspiring startup stories in the industry.

One standout session entitled, “Global Market Expansion: A Spotlight on Patsnap’s AI Story,” which featured Guan Dian, Co-Founder, APAC General Manager, and CMO of PatSnap, in conversation with Caela Tanjanco, Director of Endeavor Catalyst. Together, they explored PatSnap’s remarkable journey from its humble beginnings to its current status as a global market leader in innovation, research, and development.

During this session, Guan Dian shared the origins of PatSnap, detailing how the company identified a significant gap in the market for accessible and comprehensive intellectual property and R&D intelligence. He discussed the initial challenges faced by the founding team, including securing funding, developing a robust technological platform, and establishing a foothold in a competitive industry.

This fireside chat, like the others, provided attendees with a rare glimpse into the inner workings of a successful startup, revealing the perseverance, creativity, and strategic thinking required to achieve global leadership. The session was not only informative but also deeply inspirational, offering valuable takeaways for aspiring entrepreneurs and established business leaders alike.

A strong showing at the TOP100 Growth Program

From hundreds of applications, fifty exceptional startups were selected to participate on stage. The competition was intense, but ultimately, the top 10 startups of the TOP100 Growth Program were announced at the Pitch Stage.

Following the awards ceremony, the spotlight turned to the top 10: AltoTech Global, Edge Tutor, HeyMax, MFast, Nirog Street, NonPublic, Pharmint, Priyo Shop, Shoppable Business, and Spacely AI. Each of these innovative companies took to the stage to present and showcase their groundbreaking solutions, highlighting the unique value they bring to their respective industries.

A great big thank you to our partners and sponsors

Last but certainly not least, as mentioned, none of this would have been possible without the community we have built and nurtured, and a big part of that community is the partnerships we have forged with those who share our mission to empower today’s entrepreneurs. As such, we would like to thank the following partners and sponsors for their undying support.

We look forward to joining you all on your journey towards growth and innovation, and we are excited to see what you have in store. With much love, the e27 team.

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In my conversations with several senior partners and ESG officers, there is a certain fatigue or confusion for the number of ESG frameworks and standards that exist today. Having navigated these complexities myself, I’ve created a concise guide, together with useful links, to help demystify these concepts specifically for private markets. Just to note these may differ slightly for public markets.

Step 1: Distinguishing frameworks from standards

• “Standards” are the specific granularity, reliability, and comparability of topics in ESG reporting. They are technically oriented and supported by the world’s leading standards bodies.
• Frameworks provide guidance based on a set of principles. It defines the direction of information but not the methodology, collection nor reporting itself. It is more focused on the bigger picture of how information should be structured.

Step 2: Standards deep-dive

For this post, I’ll focus on standards, saving a detailed discussion on frameworks and regulations for future posts.

GRI standards

GRI offers a robust suite of metrics applicable across all industries. These standards help organisations report on a wide range of sustainability issues—from environmental impact to social and economic performance. Notably, about 75 per cent of the world’s largest 250 companies use GRI for their annual sustainability reports, which speaks volumes about its applicability and credibility.

GRI has three components:

• Universal standards
• Sector standards
• Topic standards

(You select them based on what is material to your business) GRI is widely recognised for its detailed and extensive criteria which can be adapted by organisations worldwide.

SASB industry-specific standards

(Pronounced as SASS-BEE) Tailored to address the unique needs of different industries, SASB standards guide businesses in reporting financial material sustainability information. This specificity helps companies communicate effectively with investors about sustainability factors likely to impact financial conditions.

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

The key aspect of SASB is its emphasis on standards that are relevant, consistent, and comparable within industries.

IFRS sustainability disclosure standards (S1+S2)

These standards facilitate the disclosure of sustainability-related risks and opportunities for investor use. Supported by international bodies like the G7 and G20, IFRS standards are gearing up for broader mandatory adoption, reflecting their growing importance in the global financial landscape. You would have heard of IFRS standards through the ISSB standards. The ISSB, under the umbrella of the IFRS Foundation, is working on creating a global baseline of high-quality sustainability disclosure standards that focus on investor needs. The goal is to produce standards that provide critical information on sustainability-related risks and opportunities.

GHG emissions – Greenhouse gas protocol

Comprising seven standards and 11 guidance documents, the GHG Protocol supports the detailed measurement and management of GHG emissions across industries, ensuring transparent and credible reporting.

European Sustainability Reporting Standards (ESRS)

European Sustainability Reporting Standards (ESRS) are a set of guidelines and frameworks established by the European Union to standardise the reporting of sustainability-related information by organisations. This is used by companies subjected to the regulation, CSRD (see below).

Frameworks and regulations: A list for quick reference

• Task Force on Climate-related Financial Disclosures (TCFD): Focuses on the financial impacts of climate risk.**
• ESG Data Convergence Initiative (EDCI): Aims to standardise key ESG metrics to enhance comparability across investments, crucial for private equity firms.
• Invest Europe Framework: The Invest Europe Framework provides comprehensive guidelines for ESG reporting and due diligence in the private equity sector, aiming to standardise practices and improve data quality across Europe. These guidelines facilitate transparency and accountability in ESG practices, ensuring that private equity firms align with international standards and reduce the reporting burden.
• Integrated Disclosure Project (IDP): The Integrated Disclosure Project (IDP) is an industry initiative aimed at improving transparency and accountability in private credit and syndicated loan markets. It promotes the harmonisation and consistency of key ESG indicator disclosures by borrowers through a standardised reporting tool, the ESG IDP Template. This template is designed to provide a global baseline of information, making it easier for lenders to assess and compare ESG performance across companies.
• Impact Reporting and Investment Standards (IRIS+): Provides a common language for describing, assessing, and comparing impact.
• ESG VC Framework: Tailored for venture capitals to integrate ESG considerations.

Also Read: The future of finance: ESG integration in tokenised funding

Regulations

• Corporate Sustainability Reporting Directive (CSRD): Expands the Non-Financial Reporting Directive (NFRD’s) scope, aiming to create more comprehensive sustainability reporting.
• Sustainable Finance Disclosure Regulation (SFDR): European regulation focusing on transparency in the sustainability of investment products.
• U.S. SEC Proposed ESG Disclosures for Investors: Indicates upcoming standardised reporting requirements for public companies.
• California Regulations: Includes specific state-level disclosures and requirements around sustainability.

Incorporating Principles for Responsible Investment (PRI)

It’s also essential to consider the Principles for Responsible Investment (PRI), a pivotal framework promoting responsible investment practices globally. PRI doesn’t dictate reporting standards but encourages investors to consider ESG factors comprehensively, enhancing overall sustainability impacts.

**Please be aware that by October 2023, the Task Force on Climate-related Financial Disclosures (TCFD) was officially disbanded after achieving its goal of developing a comprehensive climate reporting framework that has been widely adopted. The oversight of corporate TCFD disclosures has now been assumed by the International Financial Reporting Standards (IFRS) Foundation.

Hope this cheatsheet was helpful and of course, everything is accurate at time of writing. This may change as things continue to evolve and I aim to update them whenever possible. I will continue to discuss more on frameworks, and regulations in subsequent posts.

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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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PopChill, a luxury resale marketplace in Taiwan and Hong Kong, has secured US$3.1 million in a pre-Series A extension funding round.

The investors include Top Taiwan Venture Capital, 500 Global, Acorn Pacific, ITIC, AVA Angels Fund, Acorn Pacific Ventures, and Darwin Ventures.

Also Read: Lack of pitching skills is a major problem Hong Kong-based startups face: HKSTP’s Derek Chim

The funding takes PopChill’s total investment to US$6.2 million.

The startup plans to use the fresh capital to reach break-even in Taiwan by the end of this year and expedite growth in the Hong Kong market. It also plans to expand into a new market, with Singapore as the primary target, within this year.

The global resale luxury market has doubled over the past four years. According to estimates from Bain & Company, approximately US$49.3 billion worth of second-hand luxury products were sold worldwide in 2023. Taiwan and Hong Kong are among the world’s highest per capita spenders on luxury goods. The estimated value of luxury personal goods is US$8.1 billion in Taiwan and US$3.2-5.4 billion in Hong Kong.

PopChill, a marketplace for authentic second-hand fashion luxury items, aims to tap into this massive opportunity. The marketplace features over 100,000 items in partnership with three of the top ten luxury resellers in Japan and suppliers from Taiwan and Hong Kong.

Its most popular brands are Chanel, LV, and Hermes and they contribute to 60 per cent of the total revenues. Handbags constitute 80 per cent of sales, and PopChill plans to diversify into watches and jewelry in the next six to 12 months.

Also Read: Taipei City government hosts ‘Rock’n Taipei’, showcasing Taiwan’s vibrant startup ecosystem in Manila

“The potential for luxury resale in Asia is tremendous and largely untapped, with no clear leader outside China. The key to success is security, and we are reacting to this by constantly improving our authentication processes,” said Andy Kuo, co-founder of PopChill. “We are confident in our potential to succeed in new markets because not only can we bring our technology and know-how, but also our thousands of sellers who can ship cross-border.”

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On the second day of Echelon X at Singapore Expo, May 16, BRI Ventures CEO Nicko Widjaja discussed the concept of Great Reset, which he elaborated on in his recent book Chasing Unicorns: In Search of Fool’s Gold (Gramedia, 2023).

“I took that line [about the Great Reset] from the World Economic Forum in 2021. And it is happening in our industry right now, where the space is not expanding, but rather contracting,” he said.

“If we look at the amount of money coming to Southeast Asia, particularly Indonesia, it was contracting down to almost 50 per cent in 2023. It means that, as a region, we are not producing enough excitement anymore. It is no longer ‘alive’ like back in 2010.”

He further explains that while entrepreneurs continue to emerge from the market, trying to build the next big thing, investors are still avoiding uncertainties.

“In markets such as Southeast Asia, liquidity is becoming increasingly expensive. When money becomes more expensive, many investors can look for other exciting spaces with more yield. So, I guess we peaked in 2021 when Indonesia produced at least 11 unicorns. Meanwhile, 2022 was about a sanity check: Are some of these companies worth the punch?”

Also Read: ‘GovTech Edu wants to become a thinking partner of Indonesian government, not a feature factory’

How will this impact Indonesia in the long run?

“Startups will keep coming out; the government is also giving more incentives to entrepreneurs, incubators, accelerators, and grants. But without the inflow of capital from venture capital firms from the US, China, and Singapore, I do not think it will go as big as the past 10 years,” he answered.

“Most of these companies will eventually try to save as much money as possible, which will compensate for their growth. So, we won’t see the next Traveloka with enormous growth over a short period. Instead, we are looking at a slower-paced type of startup.”

Widjaja is also cautious about the idea that the startup ecosystem is returning to the “traditional” way of doing business. “It is almost impossible to imagine the VC industry going into that idea fully.”

Big in Indonesia

As the market went halfway through 2024, Widjaja shared notable trends that he observed in Indonesia. He saw that consumer-facing verticals would remain popular in the country, followed by the rising popularity of verticals such as Web3.

“Especially since BlackRock announced [the debut of its tokenised fund in March this year], I guess it will finally happen, especially with regulators deciding to focus on running sandbox initiatives,” he said. “I know some of the companies we work with already have Web3 initiatives in place.”

Also Read: After 17 years, DOKU aims to maintain relevance in the Indonesian fintech landscape

Responding to an audience question about the chance for B2B or B2C companies to thrive in Indonesia, Widjaja further stressed the strength of B2C companies in the Indonesian market. He pointed out that Indonesia’s unicorns are mostly B2C companies and that there is only a limited number of wildly successful B2B companies in the country.

For him, Mekari, being the result of a merger and acquisition between several different SaaS startups, was a great example, but they are the exception and not the rule.

Ultimately, Widjaja reminded the audience that success will not happen instantly, and bringing back the Indonesian tech startup ecosystem to its former glory will take time and patience.

“I recently learned that it takes 10 years for a durian tree to bear fruit; that is why it is called the king of fruits. Success is not going to happen instantly,” he said. “This is only the first cycle of the Indonesian startup ecosystem’s history; the US has gone through five to six cycles already.”

Widjaja leads BRI Ventures, a Bank Rakyat Indonesia venture arm (BBRI), the country’s largest bank focusing on micro and small-medium businesses. His career in the startup ecosystem, venture capital, and corporate transformation spans over 10 years.

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I’m still alive. In fact, I’m here now, writing from my Antler Vietnam residency in Ho Chi Minh City. I’ve been in Vietnam for about two years now, working with and running startups.

Startups are great; there’s freedom, and there’s room to grow. But every day is a hustle, a fight for survival — internally and externally. Internally, you’re trying to ensure everyone is aligned with a common vision, and you might even have to micromanage. Externally, you’re fighting for market share, getting pummeled by fluctuating prices, and trying to convince investors to fund your vision and buy runway. No one really talks about the dirty underbelly of building a startup.

“Timing, perseverance, and ten years of trying will eventually make you look like an overnight success.” — Biz Stone, Co-Founder of Twitter (X)

Before I joined Antler’s sixth Vietnamese residency, I took a two-month mental and physical break back home in Australia. Before that, I was Chief of Staff at a Vietnamese B2B startup in the traditional retail space, covering all the above aspects for the previous startup I worked for. Everyone who has worked in Vietnam’s traditional retail market, especially as a startup, will know it’s tough. I can spend hours sharing war stories. In fact, I did, with some fellow industry peers in my Antler cohort.

Anyway, TL;DR — while transitioning out of my full-time role, I went back to Australia (my home, Brisbane, to be exact) to celebrate Chinese New Year with my family and take a break from the startup bustle of Southeast Asia. (To clarify, I still worked remotely for a bit.)

Also Read: How burnout changes founder’s ability for risk-taking

Here are some things I came to realize while being back in Australia, ‘peacing’ out:

It’s okay to be burnt out

You’re only human. I like to think that even a machine running at high speed and efficiency needs cooling and maintenance to prevent malfunction or systematic errors. In fact, machines like our computers overheat. And what happens when these machines overheat? Rhetorical.

“Give up on the delusion that burnout is the inevitable cost of success.” — Arianna Huffington, CEO & Founder of Thrive Global

It’s okay to peace out

Don’t be pressured by societal dogma requiring ‘no gaps’ in your CV. I’ve seen many profiles today where the person themselves is a very capable person having taken ‘personal/career’ breaks or sabbaticals. At the end of the day, it’s honestly what you make of it yourself, i.e., knowing your personal goals and how you want your branding to be perceived.

I know managers and engineer friends who took a year off to travel in South America, got out of their comfort zones, tried new things, explored new ventures in life, and returned finding either similar-level roles as they were in previously or new positions in a different industry they figured out a new interest for. If you’re worried you’ll become un-hireable after taking a break, don’t. There are always ways. You just need to manage your expectations and know what you are after.

Keep yourself active only with priority tasks

Okay, I said I ‘peace-d out’; that doesn’t mean I completely stopped working. While I rested, I was still actively but passively working only on priority tasks that drove high value for the startups I was involved in. In the very first place, I burnt out trying to do so much, so the first step was to be very conscious about how much I was going to continue doing.

Besides these realizations, here are three (really sticking to the Rule of 3 here) of my go-to micro-activities to actually execute when I’m feeling burnt or stuck in the mud:

Box breathing

Box breathing is a super helpful and proven technique that can chill you out, improve your focus, and boost your overall well-being. It’s also known as “square breathing” or “four-square breathing”, and it’s based on an ancient Indian practice called “Pranayama”. Even the US Navy SEALs — some of the toughest people out there — use it to stay calm under pressure!

This is actually an exercise I educate my teams on, and I do short well-being sessions like this every now and then.

Running

Running is literally like a brain detox. The repetitive motion of running can be meditative, allowing your mind to wander and make new connections (cognitively). Research shows that it clears your mind and improves focus. Science has shown that running boosts the growth of new brain cells in the hippocampus, which helps with learning and memory. It also changes the frontal lobe, which helps with emotional regulation, planning, and focus. Besides the cardio workout and losing a few kgs, running has always helped me recover from emotional stress. I recall Jamie Lin, the CEO of AppWorks, telling us during our time in their accelerator program: “Run three times a week.”

Also Read: Neuroscience to the rescue: How startups can dodge burnout

Writing

Writing drives clarity of thought and ideas (actually the reason why I’m writing this article now). Many business leaders like Andy Grove, former CEO of Intel, claims that writing (or reporting, in his case specifically) is “more of a medium of self-discipline than a way to communicate information,” whilst Jeff Bezos of Amazon has instilled a strong writing culture in Amazon.

“Writing is thinking. To write well is to think clearly. That’s why it’s so hard.” — David McCullough, 2-times Pulitzer Prize winner.

Writing isn’t just good for clearing your head — it can also help you chill out and deal with stress! Research shows that putting your thoughts and feelings down on paper can help you process and overcome tough experiences. By writing about the bad stuff, you can gain perspective and focus on the good stuff.

Plus, writing can improve your memory and help prevent burnout. And if you’re struggling with worries and anxieties, expressive journaling can be a game-changer. It helps you make sense of your emotions, identify patterns and thoughts that might be bringing you down, and develop a better understanding of your mental state.

Look, there’s probably nothing new here, and it’s definitely not rocket science — but these are simply the realizations and activities that helped me get through my burnout period. I hope these can provide you with some food for thought and motivation to keep moving forward.

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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.

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

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