As a Gen Z undergrad, I’ve noticed an intriguing trend among my peers: a preference for starting businesses over continuing formal education. For instance, look at this article by Forbes about How Future Entrepreneurs Can Create Companies Without A Degree.

Phrases like “Why study when I can start my own business?” are becoming common, suggesting that entrepreneurship is perceived as an easy path to success. But is this shift a genuine change in mindset, or just a fleeting “teenage” rebellion?

While scrolling through social media, dodging memes and cat videos, I stumbled upon a Business Insider article discussing why Gen Z is veering away from traditional career paths.

It makes a note that many Gen Zers view entrepreneurship as a quick route to wealth, avoiding the conventional corporate climb. It sounds enticing, but is it really that simple?

Understanding Gen Z

Gen Z is often characterised as tech-savvy, creative, and adept problem-solvers, having grown up in an era where smartphones and the internet are readily accessible (refer to Vertex Ventures Southeast Asia & India (VVSEAI)’s Gen-Z Perspectives Report for more insights).

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

However, there’s also a perception that they are prone to seeking quick fixes and focused on short sprint motions over the long run.

The reality check

Is entrepreneurship that easy? During my internship at VVSEAI, I realised that entrepreneurship is far from being easy. I initially thought success was about having a cool idea and securing funding. However, insights that our portfolio company founders like Joseph Phua, Guan Dian, Achita Jacob, and Roshni Mahtani revealed during the interviews showed me that it takes guts, grit, and a lot of hard work to turn an idea into a successful business.

Dreaming big and chasing those dreams is essential, but it’s crucial to acknowledge the challenges involved in starting and growing a business. It requires relentless effort, resilience, and often a willingness to face failure head-on.

Is this a lasting mindset shift or just a trend?

If starting or running a business is not easy, then are Gen Zers more likely to succeed as entrepreneurs? To find the answer, I interviewed Glenn Cheow, a Gen Z entrepreneur from Singapore and the founder of GIFEducation. His edutech startup, a proud venture of Huawei and the ASEAN Foundation, strives to provide accessible and free basic educational resources to the ASEAN Region through AI Mentorship in their native language.

Thoughts on entrepreneurship as a Gen Z trend

Cheow believes that Gen Z is quick to learn and adapt to new trends, thanks to our tech-savvy upbringing. He says, “Gen Z learns trends quicker, follows trends, creates their own trends quicker.” While he acknowledges that entrepreneurship seems like the latest hype, he stresses that real success requires long-term tenacity and grit. “It’s not a race; it’s a marathon,” he adds.

Also Read: Experience over expense: How Gen Z and Millennials are redefining travel

Cheow views the trend of Gen Zers jumping into entrepreneurship as a double-edged sword. On one hand, it allows us to gain firsthand experience in the business world and understand what it means to be our own boss. On the other hand, it can be risky if undertaken without a clear direction or understanding of the challenges involved.

“I birthed the idea of GIFEducation, but it takes a dedicated team to execute a seamless learning experience. Motivational Speaker Jim Rohn once said “You are the average of five people” and I believes that having a team that is all focused on the same goal of creating a more seamless and accessible education experience is paramount,” said Cheow.

My own perspective

While the stereotypes surrounding Gen Z hold some truth, as a Gen Zer myself, I don’t think they capture the full picture. Gen Z is a diverse generation driven by a wide array of talents and aspirations.

Many Gen Z entrepreneurs like Cheow are challenging these perceptions, demonstrating remarkable business acumen and determination. They’re not just chasing the next big thing; they’re building startups and pursuing ventures that align with their passions and visions for the future. With an innate grasp of digital trends and consumer behaviour, Gen Z entrepreneurs have the potential to make a significant impact in the business world, driving innovation and shaping the economy.

So, is Gen Z’s entrepreneurial spirit just a phase, or are we witnessing the birth of something significant? The truth is, that is a trend that serves as an alternative to traditional paths and it may seem like escaping from it, but with the right mindset and perseverance, it can lead to substantial achievements. It’s not about following trends; it’s about making meaningful moves like embracing entrepreneurship.

Gen Z has grown up in an era of unprecedented access to information and opportunities, which has fostered a confident and daring approach to pursuing our goals. Thanks to the groundwork laid by previous generations, we have the privilege and tools to explore new ventures and embrace entrepreneurship.

Personally, I find inspiration in the stories of resilience and determination from fellow Gen Z entrepreneurs like Cheow. I am reminded that entrepreneurship is not a pursuit for the faint-hearted. During my internship with VVSEAI, the journeys of their portfolio companies reminded me that success isn’t about luck or timing but about perseverance and a willingness to learn from failures. So, if you’re considering entrepreneurship, know that with hard work and a clear vision, anything is possible.

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Singapore-founded personal finance and shopping platform Heymax.ai has raised US$2.6 million in a seed funding round led by January Capital.

Tenity, Ascend Angels, and XA Network also participated.

The angels who co-invested in the round are Shiyan Koh, JJ Chai, Kum Hong Siew, Jie Lun Ong, Evan Heng, JJ (Projjal) Ghatak, Jake Tan Jun Kiat, Junyang Ng, Chua Ee Chien, Nino Ulsamer, Jeff Wu, Ned Lowe, Vanessa Ho, Sky Tsoi, Zach Tan, Ronak Banka, Sandeep Krishnamani, Ayush Goyal, John Xiao, Jimmy Gambier, Royston Chan, Jian Wei Chuah, Junxiong Ho, and StashAway’s Angel Investing programme.

Also Read: Are brands ready for the future of loyalty?

Optimising merchant and credit card rewards can be challenging, but Heymax.ai—founded in 2023 by four ex-Meta engineers—addresses this problem by building “seamless” interoperability across different businesses’ loyalty programmes. Users can link their existing credit cards to the Heymax.ai platform and receive instant recommendations for the credit card that offers the most rewards for any given purchase.

The platform grants customers access to over 500 major merchants across key categories, including Amazon.sg, Apple, Grab, NTUC Fairprice, and Shopee. It allows customers to earn rewards through one single currency: Max Miles. Max Miles can be redeemed for any commercial flight on any airline or transferred to over 25 airline and hotel partner reward programmes worldwide at a 1:1 ratio, with no fees or expiry dates.

The company claims its user base has grown to over 50,000 since launch, and they have earned over 50 million Max Miles and redeemed over 10,000 flights since Max Miles launched in September 2023.

The company also recently partnered with Visa to launch Card Maximiser. This collaboration helps consumers seamlessly track their spending across all Visa-branded cards, providing comprehensive and real-time insights into card transactions and rewards accrual.

Also Read: Echelon: How MoneySmart Group plans to tap into the future of personal finance in Asia

Companies like SingSaver and Airwallex have also integrated Max Miles into their campaigns to create a cost-effective engagement strategy for businesses while offering customers the opportunity to earn additional rewards.

In addition to funding, Heymax.ai has announced the appointment of Aik-Phong Ng as its new chief commercial officer. Ng, former MD of Shopback and Fave, will spearhead Heymax.ai’s partnership expansion efforts and accelerate the widespread adoption of Max Miles.

Following strong momentum in Singapore, Heymax.ai announced its expansion into Australia in November 2023.

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Image Credit: Heymax

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Dear reader,

The Indian edutech sector has seen significant upheaval, with Unacademy co-founder and CEO Gaurav Munjal attributing Byju’s woes to its founder and CEO Byju Raveendran’s alleged refusal to heed the advice.

Munjal emphasised the importance of listening to feedback, even if it’s unpleasant, to avoid similar pitfalls. This commentary aligns with industry sentiments, as upGrad’s Ronnie Screwvala previously highlighted the reputational damage caused by Byju’s struggles.

Once a funding darling during the pandemic, Byju’s now grapples with sustainability and profitability issues, exacerbated by a funding winter. The company’s massive layoffs, delayed financial reports, and a sharp valuation drop have further tarnished its image. Legal troubles and shareholder discontent, including attempts to oust Raveendran, compound the crisis.

The sector’s broader challenges are underscored by potential consolidations, like the rumored acquisition of Unacademy by K-12 Techno Services. Munjal’s reflections on X offer a cautionary tale for all edtech founders: prioritize actionable feedback to navigate turbulent times and sustain growth.

Sainul,
Editor.

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NEWS

Byju Raveendran failed as he didn’t listen to anyone: Unacademy CEO
With this, Gaurav Munjal has become the latest Indian edutech co-founder to join the debate around troubles at Byju’s; In Feb, upGrad’s Ronnie Screwvala said that due to ‘one rotten apple’ the industry was witnessing reputational damage.

Indonesian rooftop solar company Xurya lands US$55M funding
The investors are Norfund, Swedfund, Clime Capital, BII, and AC Ventures; Xurya has installed and operated rooftop solar at over 100 companies, including hotels, shopping centres, hospitals, and cold storage.

Jirnexu acquires CompareHero from Nasdaq-listed MoneyHero Group
Jirnexu will acquire CompareHero’s website and domain names, as well as select user data and IP rights; When the transaction is completed, the CompareHero brand will operate under Jirnexu and MoneyHero will retain an equity position in Jirnexu.

Japan’s SmartHR raises US$140M Series E
The investors include KKR and Teachers’ Ventures Growth; SmartHR is a cloud-based human resources and labor management startup, which helps enterprises manage and streamline human resources and operations.

Personal finance and shopping platform Heymax.ai scores US$2.6M funding
The investors include January Capital, Tenity, Ascend Angels, and XA Network; Heymax.ai has also appointed former Shopback and Fave MD Aik-Phong Ng as its new chief commercial officer.

Meta’s ‘pay or consent’ model fails EU competition rules, Commission finds
The European Commission wrote in a press release that the binary choice Meta offers “forces users to consent to the combination of their personal data and fails to provide them a less personalised but equivalent version of Meta’s social networks.”

Matrix Partners rebrands its India and China affiliates
The US-headquartered VC firm will retain its name, while Matrix Partners India will rebrand to Z47 and Matrix Partners China will rename itself MPC; The move follows Sequoia’s splitting of its India and Southeast Asia and China units last year.

FEATURES

InnoVen Capital: Gender equality remains an issue in SEA with only 6% of female leadership in startups
InnoVen Capital’s report covers topics around the funding environment, exits, focus areas, challenges, and other aspects.

Driving innovation for a sustainable future: Top climate tech investments of H1 2024
Southeast Asian climate tech startups raised millions in H1 2024, focusing on electric vehicles, carbon offsetting, and nature-based solutions.

Southeast Asia startups spark innovation with fresh funding influx
Tech startups secure vital funding, driving innovation in fintech, clean energy, AI, pet nutrition, and more across the region.

FROM THE CONTRIBUTORS

Gen Z generational shift: Embracing entrepreneurship or escaping traditional paths?
Gen Z entrepreneurs have the potential to make a significant impact in the business world, driving innovation and shaping the economy.

K-story revolution: How Korean narratives innovate and captivate global audiences
The K-Story phenomenon has revolutionised global entertainment by combining cultural richness with innovative business models.

A startup founder lives on the ‘Edge Of Tomorrow’
The article compares startup founders’ challenges to those in the movie, emphasising persistence and learning from failure.

Funding winter is the best time to build a startup
June 2024 is ideal for starting a startup with ample funding, scarce competition, focused opportunities for growth, and available talent.

FROM THE ARCHIVES

India beats Singapore, US to rank highest for AI project implementation
About 70% of companies in India have AI projects up and running or in motion, in stark contrast with the global average of 49%.

How SEA-LION aims to bridge the cultural gap existing in popular AI tools
SEA-LION, an open-sourced LLM by AI Singapore, aims to help enterprises in Southeast Asia incorporate AI into their workflows.

Singapore surpasses US in AI investment: Study
Although being placed tenth in the amount of money spent, Singapore invested an amount equivalent to 1.5 per cent of its GDP in 2022, according to the AI statistics report curated by AIPRM.

Amazon to train 15K individuals in AI skills; to invest US$9B into cloud infra in Singapore
Amazon plans to develop innovative AI solutions and support Singapore’s Smart Nation and National AI Strategy 2.0 goals.

Inclusion matters: How GitHub enhances accessibility for individuals with disabilities
Exploring the tech industry’s commitment to inclusivity, the strides made in workplace accessibility, and the transformative power of diverse perspectives.

What are some networking benefits that are essential for startups?
From trading information to cultivating relationships with mutual benefits, networking should be a part of any startup’s marketing efforts.

How Southeast Asian businesses can overcome employee training challenges
The challenge of bringing employees aboard the digital transformation ship is not exclusive to SEA. However, most firms admit to not being adaptable enough.

How to craft your startup’s financial projections
A good starting point would be the revenue forecasts; We typically begin by analysing user growth projections; To set the stage, we try to understand the size of the addressable market and find out the segment of the market to be served by the startup.

Uncovering the rise and challenges faced by deep tech startups in Singapore
While considerable work has been done to grow the deep tech startup scene in Singapore, it remains far from the finished article.

Between data and gut feeling, which one do Singaporean customers trust to make decisions?
Qlik’s report also found that Generation Zs are more wary about the privacy concerns that surround technology.

The business of social responsibility: Why brands are redefining their social conscience
Here, we examine best practices and guidelines for brands looking to publicly communicate their social conscience.

These 5 marketing analytics platforms are taking the field into the future
Marketing analytics play an important role in the ever-evolving landscape of business as data becomes increasingly complex.

These 5 companies showcase the power of martech in driving efficient, personalised marketing strategies
One critical advantage of martech is its ability to provide valuable insights into customer behaviour and preferences.

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Clean energy solutions provider Petronas Group subsidiary Gentari has partnered with European EV charging platform Virta to expand the charging network across Southeast Asia.

Through its subsidiary Gentari Green Mobility, Gentari will leverage Virta’s digital platform services, technology and industry expertise to deploy and run the charging infrastructure.

The companies will also work with third-party entities to enable EV charging interoperability in the region.

Also Read: Is ‘shadow charging’ the answer to the many challenges faced by existing EV charging stations?

Gentari is deploying technologically advanced EV charging services across the region through its clean energy platform Gentari Go. Launched in Malaysia in February 2024, Gentari Go also offers customers access to chargers in Thailand and Singapore.

Over 2,400 charging points across the three countries (Malaysia, Singapore, and Thailand) are already available, with a target to onboard another 2,000 charging points on the Gentari Go network by the end of 2024.

“We already have a large footprint in the region and a deep understanding of local business needs and consumer expectations. Recognising the value of partnering with an entity that brings global standards and industry experience, we see this collaboration as crucial in
executing our plans with optimal speed and scale,” said Shah Yang Razalli, the Deputy CEO of Gentari and CEO of Gentari Green Mobility.

Founded in 2013 in Helsinki, Virta develops smart EV charging services. It offers both modular solutions for large enterprises looking to operate EV charging networks at a continental level and end-to-end charging solutions.

Also Read: ChargeSini aims to revolutionise Malaysia’s EV landscape with smart charging solutions

Virta’s digital EV charging platform is used by over 1,000 private and public companies and organisations in retail, hotel, real estate, parking, petrol retail, automotive, and energy industries. These customers operate over 100,000 chargers in 35 countries. Virta entered Southeast Asia in 2022.

Virta is backed by Vertex Growth, a growth-stage VC fund anchored by Vertex Holdings.

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Image Credit: Gentari.

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Vietnam’s electric vehicle (EV) manufacturer VinFast officially entered Indonesia earlier this year, setting up a new dealership in the Jakarta suburb of Depok and announcing it will soon invest US$1.2 billion to build a local assembly plant with a capacity of 60,000 cars per year. In parallel, Indonesia’s Ministry of Industry updated its EV transition roadmap, now aiming to produce 600,000 electric cars in the country by 2025.    

Indonesia’s ambitious EV adoption plan underscores the critical need for robust nationwide charging and battery-swapping infrastructure. But equally crucial is the development of a comprehensive aftersales service and repair sector for a new class of vehicles.

Backed by AC Ventures, local automotive service and repair startup Otoklix recently inked a deal with VinFast to serve as the brand’s authorised service provider for customers nationwide. Otoklix Co-Founder and CEO Martin Reyhan Suryohusodo recently joined an episode of Indonesia Digital Deconstructed to discuss the new partnership and the role that Otoklix is now playing in Indonesia’s electric mobility space.

Training mechanics

Since its inception in 2019, Otoklix has concentrated on supporting independent workshops servicing gas-powered vehicles. In the third quarter of 2023, the company reported a doubling of its topline revenue year-over-year, alongside notable improvements in unit economics, with profitability in sight.

Expanding its reach, Otoklix not only empowers millions of workshops but also operates its signature shops across major Indonesian cities. Currently, the partnership with VinFast is limited to these proprietary outlets.

Suryohusodo explained that Otoklix must evolve to effectively and consistently service EVs. Training and education for Otoklix staff have become critical. The company has launched an academy dedicated to training mechanics in the intricacies of EV servicing. The initiative addresses the urgent need for a workforce skilled in the specific requirements of electric vehicles, focusing on safety and technical proficiency. 

Also Read: Insurtech shines amidst overall funding decline in Indonesia in H1

He explained, “In our academy, we teach that servicing EVs isn’t just about the mechanical aspects—like brakes or tyres, which are similar to those on gas-powered cars—but crucially about the software and electrical components, especially the battery. Unlike traditional vehicles, you don’t replace the entire battery on an EV.

“When a cell fails, you replace just that cell, not the whole battery. Ensuring a tight seal during this process is critical to prevent damage from moisture or dirt. This requires not just technical skills but also proper safety practices. Very importantly, mechanics must wear insulated gloves and use specific tools to avoid electrical hazards, a fundamental shift from conventional car repair.”

Policy evolution, infrastructure

When asked about government-backed initiatives, Suryohusodo said, “Indonesia is one of the few countries where the government is actively supporting EVs, a commitment expected to continue under the incoming president. The government’s investment focuses on essential infrastructure elements such as expanding the charging station network and enhancing financing options.”

He went on to assess how global investors should be thinking about the future of charging versus battery swapping in Indonesia, saying, “Battery swapping stations require significant capital investment in infrastructure. Currently, NIO in China is a notable example where heavy investments have been made in this technology. Tesla initially considered this approach but abandoned it due to the high costs involved.

“A critical issue for global investors interested in Indonesia’s EV market is regulatory clarity concerning the commercial sale of electricity. Currently, all commercial electricity sales must go through PLN, Indonesia’s state electricity company, which could pose a challenge for any third-party charging station provider.”

Skills first, supplies later

Suryohusodo touched on the long-term impacts of EV adoption on the automotive aftermarket. He pointed out that as vehicle technology evolves, specialised services, particularly those related to battery maintenance and software management, will become increasingly in demand. Otoklix’s proactive investments today in training and infrastructure aim to position the company at the forefront of a new era.

When asked whether Indonesia’s nickel reserves may play into workshop supply chains, Suryohusodo said, “Currently, we’re not focusing on that, despite the country having the largest nickel reserves globally. The shift in the EV industry toward lithium batteries, which are more economically viable, influences this decision.

“Although Indonesia produces a significant amount of nickel, most of it is processed into stainless steel rather than battery materials. This is due to the existing industrial infrastructure and capabilities being geared toward stainless steel production.”

Also Read: E-motorcycle adoption in Indonesia: How to tap into this US$19.2B opportunity

He added, “Indonesia requires a specific type of smelter for nickel processing suitable for battery production, known as HPAL (High-Pressure Acid Leach). This method demands intensive purification processes. Currently, only two or three companies in Indonesia operate such smelters, and their output is primarily exported.”

On the horizon

When asked what he foresees on the EV front in Indonesia, Suryohusodo explained, “Over the next ten years, as the EV market expands, we expect to see a rise in demand for car parts that are as good as original parts but more affordable.

“This includes mechanical parts and components of batteries, like individual cells, but not whole batteries. We plan to partner with companies that make these parts instead of making them ourselves. This will enable us to supply independent workshops with components, offering EV owners more affordable and competitive options beyond just original parts.”

He added, “It’s also important to recognise that gas-powered vehicles, including hybrids and emerging hydrogen power vehicles like those Toyota is investing in, will continue to coexist. It’s unrealistic to forecast a 100 per cent market share for EVs.

“Also, the growth of the EV market crucially depends on continuous investment in infrastructure. This is a classic chicken-and-egg situation: the sale of EVs cannot outpace the development of supporting infrastructure, including financing options and a robust secondary market, which is essential for supporting the transition.”

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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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