By 30 September 2024, every Singapore startup must appoint a Data Protection Officer to comply with the PDPA, avoid fines, and reduce exposure to risk.

For startups in Singapore, compliance isn’t just about following the latest tech trends—it’s about adhering to legal mandates that protect both businesses and their customers. With the 30th September 2024 deadline fast approaching, all companies, including startups, are required by law to appoint a Data Protection Officer (DPO) to ensure compliance with the Personal Data Protection Act (PDPA). Failure to do so can result in significant financial and reputational risks, but the benefits of having a DPO go far beyond just meeting regulatory requirements.

Here’s why your startup should prioritise this now:

It’s a legal mandate with a firm deadline

The PDPA mandates that every Singapore-based business, including startups, must appoint a DPO by 30th September 2024. This deadline is both a cut-off for compliance and the date from which all companies are legally obligated to have a DPO in place. The DPO’s role is to ensure that personal data is handled securely and in line with regulatory standards.

Startups often move fast, but ignoring this requirement can result in heavy fines and reputational damage—risks no growing company can afford.

Not just for tech startups

While tech startups may be at the forefront of data handling, any startup—whether in logistics, healthcare, education, or e-commerce—falls under the same requirement. The PDPA applies to any company that collects, uses, or stores personal data. No matter the industry, appointing a DPO is critical for ensuring data security and regulatory compliance.

Protecting your business from financial and legal risk

The financial risks of non-compliance with the PDPA extend beyond just regulatory fines. Your startup could also face lawsuits from customers or other stakeholders if their data is compromised. In addition, the reputational damage from a data breach can result in lost revenue and customer trust. A DPO ensures you meet legal requirements and protects your business from broader financial risks.

Building trust from day one

Data breaches are becoming more common, and customers are more concerned than ever about how their personal information is handled. By appointing a DPO and demonstrating your commitment to data protection, your startup builds trust from day one. In a crowded market, this can set you apart from competitors and give potential clients and investors confidence in your business.

Also Read: Embracing AI evolution: The crucial role of data management and cybersecurity in AI success

Data protection is more than just compliance

Data protection isn’t only about meeting legal obligations—it’s about preventing security issues before they arise. A DPO plays a crucial role in shaping your startup’s data protection strategy. Rather than reacting to problems, the DPO helps implement proactive data management practices, securing sensitive information and building long-term resilience. This strategic approach helps avoid risks that could otherwise damage your startup’s growth.

Pursuing certifications to boost credibility

Many startups aim to go beyond compliance and achieve certifications such as ISO 27001, which demonstrates that your business meets internationally recognised data protection standards. Achieving such certifications can enhance your credibility with customers, partners, and investors. A DPO guides your startup through the process, helping you not only meet compliance standards but exceed them, adding a competitive edge to your business.

Getting started: Appointing a DPO

For many startups, hiring a full-time DPO may seem out of reach, especially in the early stages. Fortunately, fractional or outsourced DPO services offer a practical solution. These services provide expert guidance and ensure you meet your legal obligations without the need to hire a full-time employee. This flexibility allows your startup to stay lean while ensuring compliance.

Conclusion: Don’t wait until it’s too late

Appointing a Data Protection Officer isn’t just about avoiding fines—it’s about protecting your startup’s future. With the 30th September 2024 deadline approaching, now is the time to act and secure your data. Ensuring compliance with the PDPA will help you avoid financial risks, build trust with your customers, and set your startup up for long-term success.

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Especially in the wake of a global pandemic, in the past decade, the world has seen more change than ever. Not only is the rate of technological advancement more rapid than ever, but nearly every industry on planet Earth is in a state of evolution. In order to keep up with these industry changes, businesses must learn to adapt to the modern workforce. In fact, the most effective way to remain successful in today’s workforce is to prepare for the challenges of tomorrow.

The value of skills-based learning and development

Custom skills-based learning and development training is one of the top methods for keeping sharp in our ever-changing environment. Implementing these trainingsoffers several benefits to companies that invest in them, improving the lives of employees and their employers.

These programs can not only expand employee skills and knowledge bases, but they can also lead to improved bottom-line profits. Studies have shown that nearly 80 per cent of employees are more likely to stay with a company that offers continuous training. With a modern solution that caters to both employees and the well-being of the company as a whole, it is no wonder these trainings have become so popular.

Addressing leadership gaps

Despite the clear benefits, studies on the subject are still reporting that this is an area that needs improvement. Over 60 per cent of leaders report not feeling fully prepared to respond to new technology and talent challenges. Additionally, over 40 per cent of C-Suite leaders say that skills shortages hold back their ability to respond to change.

To remedy these shortcomings, many services are dedicating resources into helping companies and employees to stay competitive and agile. With these initiatives, it is possible for all modern businesses to reap the benefits of custom training.

Artificial intelligence is a tool that has heightened the experience of creating and using custom training programs. Hand in hand with existing technology, AI enriched learning solutions are driving human centred success through their many key benefits. First, they are custom-developed, meaning they are versatile and able to be tailored to the needs of every company and its employees. Market research is used to advise the creation of the trainings so they can remain relevant and up-to-date on any changes. Additionally, they offer benefits that extend beyond the conclusion of the course, fostering impactful takeaways long after the initial implementation.

These programs are also the highest-quality available on the market. This is largely due to the integration with the latest research, innovations, and best practices. The role of artificial intelligence also makes a difference, as it combines the most cutting edge technology with some of the industry’s leading experts. Because of this, custom trainings are also incredibly cost-effective. In fact, leading creators of these programs pledge to beat or match current market training pricing.

Also Read: Fostering a thriving workplace with shared values through E&C training

The final key benefit to implementing custom training in the workplace is the speed at which they can be developed. Top providers are able to develop these courses rapidly, often in just a few weeks. Additionally, they are quick moving without sacrificing their proficiency in a variety of educational topics and focuses. 

Ultimately, the results of implementing these trainings speak for themselves. They are able to produce measurable results and return on investment (ROI) data directly back to company executives. These solutions deliver tangible improvements in not only employee performance, but also business outcomes. They also come built with customisable metrics and reporting to track progress and ROI in the way that works best for each company.

Attracting top talent and eliminating skill gaps

Custom employee training also has been shown to attract top talent. Studies have shown that employees want to work at a company that consistently commits to developing their staff. Showing investment in professional development is a green flag that looks good to those looking to find a new position.

Taking part in learning and development training also eliminates skill gaps between employees. This way, employees can gain knowledge in a subject area while simultaneously deepening their expertise in areas they are familiar with. Additionally, there is less of a difference in skill and knowledge between levels, which fosters camaraderie and boosts community within the company.

Commitment to growth drives success

There is no limit to the growth of companies that continuously commit to the growth of their employees. For rapid staff development in the modern workforce, there is no better place to look than custom learning and development training.

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Dear reader,

SoftBank Group’s Vision Fund is reportedly preparing a US$500 million investment in OpenAI as part of a US$6.5 billion funding round.

This move, led by Thrive Capital with participation from Microsoft, highlights OpenAI’s soaring valuation of US$150 billion, making it one of the world’s most valuable startups. However, the investment comes at a time of flux for OpenAI.

The recent departure of CTO Mira Murati follows other leadership changes, raising questions about the company’s internal stability.

Additionally, OpenAI is exploring restructuring into a for-profit entity, which could signal a shift in strategy as it navigates both growth and societal responsibilities. The possible public benefit corporation model suggests OpenAI is considering how to balance profit-making with its mission to develop AI for the common good.

Interestingly, SoftBank’s investment marks its first direct backing of OpenAI, despite its earlier support of rival Perplexity AI. As OpenAI continues its rapid ascent in the AI landscape, these financial moves could reshape its future, both operationally and philosophically.

With discussions about CEO Sam Altman receiving equity, OpenAI is undergoing significant transitions, underscoring the broader evolution of AI companies as they reconcile commercial ambitions with global ethical responsibilities.

Sainul,
Editor.

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NEWS & VIEWS

SoftBank invests US$500M in OpenAI
The deal represents SoftBank’s first investment in the Sam Altman-led AI firm; Apple reportedly dropped out of plans to participate in the round, which currently values OpenAI at US$150B before the SoftBank investment.

Binance founder ‘CZ’ released from custody after four-month sentence
CZ’s sentence was the product of a federal investigation that found Binance had failed to stop widespread criminal activity on the world’s largest cryptocurrency exchange.

Singapore grants WazirX four-month moratorium for recovery
A Singaporean court acknowledged that the Indian crypto exchange has actively communicated with its creditors since the beginning of the proceedings and submitted a request for the moratorium, primarily focused on restoring cryptocurrency balances.

Sleek raises US$5M debt financing; its Singapore unit turns profitable
The investor is Fintech Nation Fund; Sleek, a platform that provides company registration, compliance, and financial services to SMEs, intends to use the debt financing to grow in Singapore, Hong Kong, Australia, and the UK.

HeiTech Padu acquires 30% stake in Islamic payment firm Souqa Fintech for US$3.94M
Souqa Fintech’s payment solutions PayHalal caters and compliments for the specific demand of Islamic financial solutions; It’ll enable HeiTech to propel further within the Islamic-based e-commerce ecosystem.

FEATURES & INTERVIEWS

Soonicorns on the horizon: Unveiling Southeast Asia’s future leaders
Strong economic growth, favourable government policies, increasing VC investment, and tech advancements drive the soonicorn startup boom.

Lytehouse improves workplace safety with AI-based video intelligence, teams up with Google Cloud
Lytehouse is part of the inaugural cohort of AI startups graduating from the Google for Startups Accelerator: AI First Singapore.

FROM THE ARCHIVES

How e-KYC aggregators are the future players in the data supplier market
Data aggregators can become a serious competitor to utilities because they provide the tech flexibility via APIs.

Dinner date with data: How F&B retailers can use retail data to drive sales in a post-pandemic world
For the F&B industry players, digital transformation through data is not just a stopgap measure amidst the pandemic.

How to build an organisation of data scientists in a data-driven world
In order to remain agile and adaptive, organisations should promote a culture where all employees are encouraged to think like data scientists.

How your face can determine the funds you raise (while crowdfunding)
Our study explores how a certain type of trustworthiness, based solely on facial features, can play a role in crowdfunding success.

How early-stage deep-tech startups can attract and retain the right talent
It’s not exactly rocket science, but here are four things to note before going on the talent hunt for deep tech startups.

How the tech industry is redefining the remote work culture
It’s important to remain receptive to changing employee desires to establish the best practices for remote work.

What I learned about procrastination while scaling my startup to 4.2M users
The reasons we avoid a task are extremely personal. The commonly touted “productivity hacks” don’t always cut it for procrastination.

Save yourselves and stop making these pitch deck mistakes
Іt’s а cold wоrld оut thеrе, and sometimes you’ll get a little frosty too. So make sure you are prepared. Starting from your pitch deck.

Dynamic content in the era of machine learning
With machine learning, each variation is automatically crafted for the individual consumer, catering to unique tastes and interests.

OKR is a startup lifesaver. Here is how to craft them
OKRs (Objectives and Key Results) is a powerful framework. Here is how to make it an essential part of your workflow.

Unlocking personalisation mastery: 7 principles of intelligent customisation
Basic personalisation is failing to engage; tactics that centre on relevance rather than demographics are much more effective.

Unlocking the potential: How the digital ecosystem drives transformation in the insurance industry
Offering micro-insurance products with low premiums for users is key to success in the insurance industry today.

Unlocking marketing success for startups and small businesses: Strategies for excellence
When it comes to creating a marketing plan for startups and small businesses, there are unique approaches that founders need to keep in mind.

Navigating the AI landscape in 2024: Why there is an urgency for enhanced governance
There are two points that stand out in 2024, starting with how AI will experience a shift from a “nice-to-have” to “must-have”.

Book Excerpt: In this digital age, customer journey as we know it may no longer exist
In his upcoming new book, JC Sum stresses why changes in customer journey are inevitable –and that they do not discriminate.

What does data proliferation in the post-pandemic world mean
The successful implementation of hyper-automation will enable organisations to gain an edge over their competitors and streamline operations.

Leading during uncertain times: The rising importance of empathy
Empathy has never been more relevant than in the last two years; whereas sympathy is ‘I feel sorry for you’, empathy is ‘I understand you’.

How digital banking is driving financial inclusion in SEA
The success of digital banking has led to wider acceptance among regional financial regulators as well as driving financial inclusion in SEA.

India’s big opportunity with open data
An open-data regime, which allows the consent-based sharing of users’ financial data, has benefits across the financial system.

Are social sellers missing an important piece of the data puzzle?
As social media platforms are opening new avenues for selling, they often miss a crucial piece of the puzzle: customer data platforms (CDPs).

THOUGHT LEADERSHIP

Why sustainable power starts with data
Global power companies use data to determine where to allocate their budget for new projects and predict which assets are most likely to fail.

From trade to truce: The role of business in a fractured world
As geopolitical challenges continue to evolve, the role of businesses and brands as stabilising forces remains essential.

Can AI truly connect? The emotional dilemma of virtual influencers for women
The journey with AI influencers is just beginning, and their role in shaping the future of women’s empowerment depends on how we guide them.

The benefits of custom skills-based training in the modern workforce
For rapid staff development in the modern workforce, there is no better place to look than custom learning and development training.

How ignoring data protection could cost your startup
Data protection isn’t only about meeting legal obligations—it’s about preventing security issues before they arise.

How leading Asia corporates avoid the aimless innovation trap
Every business leader seeks innovation, essential for building a competitive moat, but a savvy leader also recognises the risks of unchecked innovation.

What are the benefits of a culture-based leadership style?
Organisations with a people-first culture often see improvements in customer satisfaction, sales, profitability, and workplace survey results.

The post Ecosystem Roundup: SoftBank invests US$500M in OpenAI | Binance founder released from custody in US appeared first on e27.

Broom, a tech startup empowering Indonesia’s used car showroom ecosystem, has closed a US$25 million Series A extension investment round led by Openspace Ventures.

AC Ventures, Quona Capital, MUFG Innovation Partners, and PKSHA Capital also participated.

Additionally, Broom has secured credit facilities from various institutions, including Komunal, Funding Societies Capital, Modalku Finansial Indonesia, Alami, Koinworks, Helicap, and DBS Indonesia, as well as support from several high-net-worth individual investors.

Also Read: Broom bags US$10M to diversify product offerings

With this investment, the startup aims to accelerate market expansion, deepen strategic partnerships, and build a top-tier team to drive sustainable success in dealer and buyer segments.

Pandu Adi Laras, CEO of Broom, stated: “The automotive sector faces challenges such as outdated financing options and a lack of digital integration, which hinder both dealers and consumers. By providing comprehensive solutions, including more innovative and inclusive financing for dealers across Indonesia, we aim to transform the industry and drive sustainable growth.”

Broom focuses on empowering Indonesia’s used car showroom ecosystem through technology and optimising vehicle inventory access while serving as a partner in expanding showroom businesses in a better and more comprehensive direction.

In the first half of 2024, the company’s disbursement from the Buyback product—designed for automotive dealers to temporarily sell their vehicle stock for working capital—nearly doubled compared to the same period last year, with a 144.9 per cent increase, reaching US$72.5 million. This has supported more than 7,000 SME automotive dealers in growing their businesses.

Additionally, Broom Leasing Channeling (BLC), a new service launched in Q4 2023, has generated 2,300 transactions, with total revenue exceeding US$17 million and capturing a 25 per cent market share in H1 2024.

Also Read: Broom nets US$3M to provide financing, digitalisation solutions for Indonesia’s auto dealers

In H2 2024, the company focuses on operational expansion to Western and Eastern Indonesia, collaborating with 23 multi-finance companies to streamline transaction processes through API integration and strengthen organisational capabilities through talent retention and recruitment.

Indonesia’s automotive industry, one of the largest in Southeast Asia, presents immense opportunities, particularly in supporting traditional dealers as they adapt to digital transformation.

The post Indonesia’s Broom bags US$25M funding to accelerate market expansion appeared first on e27.

Most entrepreneurs understand that developing a new product or service involves multiple iterations, pivots, and extensive changes. When a company progresses from concepts to prototypes to minimum viable working versions to products ready to scale, the team’s required skills will inevitably also evolve.

The initial stages of a startup require people with a certain set of core strengths, and it can be difficult to accept that the people you initially envisioned — maybe people you trust who you’ve known professionally in a different capacity — may not be the best suited for the job.

Archetypes and the entrepreneur archetype

To address this common hiring oversight, it’s helpful to introduce the concept of archetypes. Archetypes are a representation (with a short, sweet name you can remember) of a set of characteristics that you use as a model to evaluate people. The beauty of archetypes is their flexibility; there’s no standard template, and the traits you choose to look for are subjective and tailored to your project’s needs. For any role you may be hiring, identify what archetype you’re looking for and create your interview around that. 

In your launch (and pivot) phase, it’s crucial to hire individuals fitting the Entrepreneur Archetype. It’s not the same as simply hiring people with entrepreneurship experience, no matter how positive or negative the outcome. Here, we focus on the core strengths and traits that typify entrepreneurial individuals:

They’re extremely comfortable with ambiguity

To survive the chaos and extreme ambiguity of a startup in the Launch Wave, entrepreneurs are smart, intuitive, and able to function without knowing all the facts, solving problems creatively without frameworks or processes. One way you can recognise them during the interview process is that they won’t ask a lot of questions about the scope of the role and responsibilities.

They’re well-rounded

You need people who can connect the dots at a time when you don’t even know where the dots are going to be. Except for certain deep tech or specialised companies, you want to hire people who have a range of experiences, who can find opportunities within the opportunity, stay alert, and move fast. Hiring someone who has worked on the same types of products in the same domain for a long time can be a red flag, since they may be set in their pre-existing knowledge, and everything will look like a nail for their hammer.

Also Read: Startups should celebrate failures. This is how to keep the experimenting culture alive

They’re proactive and risk takers

You need people who take the initiative even when good outcomes aren’t guaranteed. Startups have few playbooks, and most of the time you depend on people to just do things on their own without being told. Look for signs of initiative in their personal lives or how they approached their roles. Are they curious? How did they get into their different roles — was it part of the natural growth carried by inertia or were they their own agents of change? Did they do something unexpected?

They’re hard workers and roll up their sleeves

You need people who can wear multiple hats and have a generous understanding of what their contribution means. In a startup, one day you’re designing a feature and the next you’re printing shipping labels to ship a workaround that unblocks a customer. No prima donnas.

They work with enthusiasm and grit

You’re going to spend a lot of time together, under a lot of pressure. Things may go well, but they’ll also go sour often, so you need people who display stamina, grit, and a smile while they go through the thick of the storm. Look for signs of committing to something hard and seeing it through. Has this person jumped from job to job every year for the past ten years? That’s a red flag.

One of the mistakes entrepreneurs make is hiring someone for the needs of today (Launch) and tomorrow (Scale), because that’s rarely the same person. You’ll have different needs along your journey, but you need to hire (and fire) for the phase you’re in. This implies that in the future you may need to replace people as your needs change. Some people are avid learners and flexible, so they’ll be able to adapt and grow with the company. Others will have to go to make room for the newcomers with the skills required at that time — and that may include yourself.

Also Read: How early-stage deep-tech startups can attract and retain the right talent

In startup culture, grit and persistence — and the accumulation of vesting stock at the potential gigantic exit — might cause people to extend their welcome. Other people lack the self-awareness to realise it’s not working. Not recognising the mismatch of skills will make everybody unhappy, and cutting ties in this situation is the healthiest thing to do for everyone involved. You’ll have different needs along your journey, but you need to hire (and fire) for the phase you’re in.

Often when you must let someone go because of performance, it’s not about their performance in general — it’s about their performance in that role at that moment. Usually, there’s a mismatch of archetype with what the role requires. Developing those core strengths is hard, even in normal conditions.

It’s even harder in a startup (a pressure cooker disguised as a company), where there’s an almost nonexistent training budget and coaching programs. That person would be much happier in a different role in which their core strengths match what the role requires. A startup can teach you a lot very fast about an industry or how to perform a particular function, but it’s not the place to develop new core strengths. What you hire is what you get.

Excerpted from Sail to Scale: Steer Your Startup Clear of Mistakes from Launch to Exit by Mona Sabet, Heather Jerrehian and Maria Fernandez Guajardo. Copyright 2024 Mona Sabet, Heather Jerrehian and Maria Fernandez Guajardo. Reprinted with permission.

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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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