Day: October 19, 2024

In today’s rapidly evolving business landscape, leaders are tasked with spearheading innovation and navigating the complexities of AI adoption. As we strive to stay at the forefront of technological advancements, we must take a moment to reflect on our own mental well-being—and that of our teams.

The past few decades have witnessed wave after wave of technological evolution, with AI being the latest trend that we’ve relentlessly pursued. But amidst this chase, we often forget to ask ourselves the most fundamental question: Why are we adopting AI, and is it truly benefiting us? Don’t get me wrong, I love AI and am actively adopting it myself. However, it’s crucial for us as leaders to be clear on the “why.” Is it merely because AI is the latest buzzword, a trending topic, or a directive from the top? Or do we know exactly how AI can help us achieve our strategic goals and optimise our operations?

Our unwavering focus on strategic goals and operational demands can unintentionally obscure our view of the emotional landscape within our organisations. The constant pursuit of the latest technologies can leave our teams feeling stressed and fatigued, with little time to process and adapt to change. This constant pressure can also leave leaders in a perpetual “stress mode,” like trying to drive a car in seventh gear while the gearbox is stuck in fourth—a stressful and unsustainable situation for everyone involved.

Also Read: 3 ways AI technology can help startups save money

To build thriving teams, we must create a supportive environment where individuals feel heard, valued, and empowered. After all, a strong organisational culture is built on a foundation of well-being. By fostering a culture that prioritises mental health and well-being alongside innovation and productivity, we can create a more balanced and sustainable future for ourselves and our teams.

Technology, when harnessed effectively, can be a powerful asset to our organisations—but it’s up to us to ensure that it serves our needs and complements our human potential. Let’s not allow the allure of technology to overshadow the very people who form the backbone of our organisations.

Embracing AI and other technological advancements doesn’t have to come at the expense of our well-being and sanity. It’s possible to innovate and adopt new technologies while simultaneously prioritising the mental health and well-being of our teams.

If you find yourself grappling with the challenges of leading amidst AI adoption, don’t hesitate to reach out. Remember that you’re not alone, and we can all benefit from sharing our experiences and insights as we navigate this complex and ever-evolving landscape together.

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ChatGPT has become a household name in Singapore. Figures also attest to this: Singapore’s number of weekly active ChatGPT users has doubled since the beginning of 2024. Singaporeans are some of the highest per capita users of ChatGPT worldwide. Its parent, OpenAI, has taken note of this and recently established a presence in the island nation. It will open an office later this year.

What does OpenAI’s Singapore expansion mean for the local startup ecosystem? How do you see it affect the ecosystem, particularly regarding talent acquisition and innovation?

We spoke with several startups, VCs, and AI experts in Singapore. Below are their comments and insights:

Dr Sze Tiam Lin, Senior Licensing Advisor at the Singapore Management University’s Institute of Innovation and Entrepreneurship

OpenAI’s presence will increase the competition for AI talent acquisition in Singapore, but it will also draw more foreign talents and startups and drive innovation in generative AI applications. It can create a competitive environment for local startups.

This can lead to an influx of skilled professionals who may start their own ventures, bringing their domain expertise to create more startups.

Accordingly, OpenAI’s advanced research and tools can inspire local startups to innovate. Access to cutting-edge AI models and frameworks can help entrepreneurs develop unique solutions tailored to regional needs.

There may be more opportunities for collaboration between startups and OpenAI, leading to partnerships that could drive product development and market entry strategies. It may also boost investor confidence in the Southeast Asian tech ecosystem. Investors might be more willing to fund AI-focused startups, knowing that a major player like OpenAI is validating the region’s potential.

Mauro Sauco, co-founder and CTO, Transparently.AI (a provider of AI-powered accounting manipulation and fraud detection solutions)

OpenAI’s move signifies a pivotal moment in our AI narrative. It is the large language model (LLM) standard and will bring a reputational benefit that aligns with and reinforces our National AI Strategy. It will also bring more interest and attention to AI startups in this city, which is good for the community.

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

It’s still too early to say how OpenAI’s operations will unfold in Singapore. Will it be just for sales and growth, or will they build a development hub? If it plans to do engineering, then in the near term, it might soak up all the AI talent to begin with. In the long term, though, this should bring more talent to the region, enriching the ecosystem even more.

It also opens up new areas for potential future integrations and collaborations for startups working with NLP and LLMs, giving them more options to develop AI applications.

Kevin Quah, CEO of Tictag (which collects and annotates image, text, or audio datasets for the training of LLMs)

We see OpenAI’s presence in Singapore encouraging the adoption of AI within the region, speeding up innovation and growth in the space for industry players across the board.

It sends a strong signal that OpenAI believes that Singapore is the regional headquarters for innovation in AI, which will naturally spur both an increase in competition and more opportunities and benefit the ecosystem as a whole.

Jussi Salovaara, Managing Partner and Co-founder of Antler

It will be a double-edged sword for startups in Singapore.

On the one hand, it will elevate the local talent pool by attracting top-tier AI talent and providing startups with access to cutting-edge solutions. On the other, it will challenge resource-constrained startups to offer more compelling value propositions for the region. However, this concern is likely short-term.

In the long run, OpenAI’s presence will result in more talent being trained and developed locally. This expanded talent pool will ultimately benefit the broader ecosystem, with more skilled AI professionals available to both startups and established players alike.

Overall, it will have the potential to drive greater innovation. Startups that can effectively differentiate themselves and offer tailored and verticalised solutions will thrive, ultimately benefiting from the ecosystem’s growth and OpenAI’s influence.

OpenAI might even start acquiring or investing in local AI startups to strengthen its foothold in the Asia-Pacific, potentially sparking a wave of consolidation and offering startups more exit opportunities.

Christian Schneider, CEO and co-founder of Bluesheets (a financial data automation platform)

It is definitely a positive sign if some of the largest (if not the largest) players in the industry commit to the region by setting up an office. From our side (bluesheets.ai), we are mostly keen to connect with them and potentially have an avenue to get into meetings with them about upcoming updates/upgrades and potentially grow closer to the industry.

There will not be a competition issue at all; OpenAI is not competing with any local players in the region. We hope the tech giant is open to collaboration and going deeper into the ecosystem; from the news released, it seems the amount it is willing to invest in the region is fairly small and potentially not going to make a big difference.

Also Read: Bluesheets raises US$6.5M in Series A led by Illuminate Financial

OpenAI’s presence could allow startups in the region to get direct access to the latest solutions coming from them.

Kaniyet Rayev, CEO and co-founder of Boxo (a company that turns apps into super apps)

OpenAI’s opening in Singapore is exciting, but its impact depends on its approach. If it’s just a sales office, its effect on startups will be limited.

However, it could fuel real innovation if it brings in R&D or actively engages with the community—through mentorships, workshops, and collaboration with local startups.

The key will be if OpenAI looks beyond big enterprises and supports startups developing unique, localised AI applications, creating new possibilities for Southeast Asia.

Bhavana Ravindran, co-founder and CEO of Earlybird (AI-powered accounting solutions firm)

Singapore is a natural hub for companies aiming to expand in the broader Asia-Pacific region, and this development further underscores Singapore’s position as a technology leader poised to develop global-scale AI innovations. This gives a huge boost to Singapore-led AI innovation both qualitatively and quantitatively.

OpenAI’s commitment to investing in open data sets will result in richer datasets and, thereby, higher-quality model outputs contextualised for SEA diversity, language nuances, etc. This will contribute to more long-term adoption in the region and seed more innovative use cases. It will have a multiplier effect by promoting better talent and augmenting ecosystems around job creation, education, incubation programmes, etc.

Andrew Liu, co-founder of Momos (AI-powered customer platform for multi-location brands globally)

OpenAI’s presence is incredibly positive. It will help push the region forward and create more opportunities for startups. The fact that OpenAI is running its entire international business from Singapore means there will no doubt be a lot of focus on the region. We’ve been working with OpenAI since its inception, so we think this will only help us grow.

We hope OpenAI develops programmes like AWS does for startups. OpenAI and AI are evolving fast, so startups need to keep up.

Priyanka Mahulkar, founder and CEO, Gram Circle (an influencer marketing firm)

This is a fantastic opportunity for Singapore businesses to thrive, particularly SMEs that wish to integrate AI as an important capability for business growth. An increased number of AI-enabled startups will be set up in Singapore, attracting talent and encouraging innovation further.

Also Read: AI meets influence: Gram Circle’s solution for local brands and nano-influencers

For a company like ours that connects local brands to local influencers, we leverage OpenAI to help our customers reduce the time to launch new campaigns, enable influencer match and improve overall campaign effectiveness.

Yi Ming Ng, co-founder and CEO, Tribe Accelerator

OpenAI’s expansion here presents an exciting opportunity to attract global talent, amplify media and investor attention, and reinforce Singapore’s position as a strategic AI hub.

Seven of ten Singaporean businesses cite going through multiple barriers to tech adoption. Therefore, with OpenAI stepping foot into the market, it could help democratise AI technologies, making them more accessible. With direct access to cutting-edge AI tools and expertise, our local startups can certainly benefit from new collaborations, partnerships, and knowledge-sharing. This will drive innovation across sectors like healthcare and finance while helping startups scale their impact and compete globally.

Hank Sharma, Group CTO and co-founder of discovermarket (an insurtech startup)

OpenAI’s launch of ChatGPT in November 2022 has undeniably catapulted AI into the global spotlight. While the concept isn’t new, ChatGPT’s accessibility has democratised AI, making it a tangible part of everyday life. This has sparked a wave of innovation across various sectors, from business to education.

Like Microsoft’s pivotal role in the software revolution, OpenAI has emerged as a leading force in the AI landscape. Its decision to establish its Asia-Pacific hub in Singapore underscores the nation’s thriving startup ecosystem, which consistently ranks among the world’s top.

The local AI ecosystem is robust, boasting over 80 active AI research institutions, 150 AI R&D teams, and 1,100 AI startups. Local startups should leverage OpenAI’s presence to strengthen their own AI capabilities through partnerships and collaborations.

A recent report solidifies Singapore’s position as a global AI leader, ranking second only to the US. OpenAI’s presence not only enhances Singapore’s international standing but also aligns with its National AI Strategy 2.0, which aims to attract top AI talent and foster a vibrant AI ecosystem.

OpenAI’s entry into Singapore presents a wealth of opportunities for collaboration within the local AI ecosystem. Given the company’s technical expertise and experience, these partnerships can provide invaluable insights and knowledge.

Dorothea Koh, co-founder and CEO of Bot MD (an AI assistant for doctors)

OpenAI’s presence in Singapore will have a very positive impact on the Singapore startup ecosystem. AI/ML talent around the region will attract a lot of interest, which will be great for companies like us (Bot MD) looking to hire LLM/NLP talent in Singapore. The presence of OpenAI will also boost the expertise of the startup ecosystem through partnership programs to help reduce the cost of implementing LLMs at scale.

Juliana Lim, Executive Director (Talent & Community) at SGInnovate 

OpenAI’s arrival, like many other global players, is a testament to Singapore’s position as a regional hub for innovation and emerging technologies. In many ways, the adage “you are the company you keep” holds true.

These global pioneers in Singapore offer local talent exposure to different and innovative ways of learning and approaching new technologies from the very best. This goes beyond developing technical skills and fosters entrepreneurial perspectives, which are vital for any startup community.

While this may mean greater competition for talent, healthy competition is an essential contributor to the vibrancy of Singapore’s AI space. In response, this will ensure that our startups become more agile and responsive while providing local talent access to a wider range of opportunities and better-paying jobs.

As ecosystem stewards, we need to focus on creating opportunities for our talent to remain connected to the local ecosystem and creating a virtuous cycle of mentorship and skill exchange.

Mudasser Iqbal, founder and CEO of TeamSolve

OpenAI’s presence in Singapore is a double-edged sword for startups. On the one hand, it may make talent acquisition more challenging, as a global player like OpenAI can offer competitive compensation that young startups may find difficult to match.

However, the arrival of such a significant player will also enhance the local talent pool. As the ecosystem matures, we expect to see more skilled professionals entering the market, offering a broader selection of talent for startups to tap into. OpenAI’s presence could foster innovation by creating an environment where startups can collaborate, learn, and grow alongside top-tier talent and cutting-edge AI technology.

The post AI gold rush: How OpenAI’s Singapore expansion could reshape the startup ecosystem appeared first on e27.

Dear reader,

The simultaneous layoffs at One Championship and Love Bonito highlight the challenging economic climate that even successful Singapore-based companies face today.

While both companies have shown promise, with One Championship nearing profitability and Love Bonito expanding its global footprint, external pressures are proving too difficult to ignore. The macroeconomic environment, particularly rising costs and investor demands for immediate profitability, has forced these organizations to implement difficult cost-cutting measures.

One Championship, valued at US$1.3 billion, is striving to balance its growth in international markets like the US and the Middle East with profitability expectations, while Love Bonito, despite securing significant funding in recent years, faces similar pressures. These layoffs underscore the delicate balance between growth and financial sustainability in today’s market.

For employees, however, the human toll of these layoffs is undeniable. Though both companies offer severance packages and career transition support, the emotional and financial impact of such changes is significant.

In the broader business landscape, these layoffs reflect a trend of companies recalibrating to survive in a more competitive, profitability-focused era, especially as investor sentiment shifts in response to the unpredictable global economy.

Sainul,
Editor.

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NEWS & VIEWS

Love Bonito lays off 29, including 14 in Singapore
Originally a blogshop, Love Bonito secured US$50 million in funding in 2021 to advance its market expansion plans, specifically exploring entry into the United States.

One Championship cuts dozens of staff in push for profitability
The strategy is to bring the company to profitability; In an internal email to staff, CEO Chatri Sityodtong said the sports promoter was “on the verge” of profitability on the back of “record revenues and cost efficiencies” and had strong viewership numbers.

Marc Benioff warns that AI, while useful, is overhyped and partly blames Microsoft
Benioff had negative things to say in particular about Microsoft Copilot’s accuracy and usefulness; He even compared Copilot to Clippy, Microsoft’s widely panned 1990s talking paperclip cartoon that was supposed to be an assistant to Microsoft Office users.

Singapore startup funding dips 26% in Q3 2024 amid global economic challenges
In Q3, late-stage investment rose 48% to US$80M from US$53.9M in Q2 2024, whereas early-stage funding fell 8 per cent to US$237M; No US$100 million+ rounds were recorded in Q3 2024 in Singapore.

Q3 fintech funding slips in SEA: Early-stage deals offer hope amid market slowdown
Late-stage fintech investment saw a steep 72 per cent decline, dropping to US$73 million in Q3 2024, down from US$263 million in Q2 2024.

Khazanah unveils strategic initiatives to elevate Malaysia’s VC landscape
Khazanah’s initiatives are the Emerging Fund Managers’ Programme and the Regional Fund Managers’ Initiative under the National Fund of Funds; These initiatives follow Khazanah’s acquisition of MAVCAP and Penjana Kapital in July this year.

Malaysia EV market slows amid consumer worries over charging docks, maintenance costs
Consumers remain cautious and weigh the resale value of EVs (57%), access to renewable energy for charging their EVs (51%), and ongoing battery maintenance expenses (41%).

Philippines leads mobile fintech app adoption in SEA: Study
The penetration is expected to grow to 60% by 2030, with the highest levels observed in the Philippines (72%), Indonesia (64%), and Malaysia (61%).

Bintang Capital Partners launches US$47M gender lens Semiconductor Impact Fund
The fund is designed to invest in high-potential growth-stage semiconductor companies in Malaysia, with a clear focus on environmental and social impact.

Malaysia’s online crime cases rise 35.5% in 2023; e-commerce crime accounts for 33.2%
This was followed by telecommunications crime (30%), non-existent investments (15.6%), non-existent loans (12.3%), e-finance (6.1%) and love scam (2.7%).

Biofourmis founder emerges with new healthtech startup
OutcomesAI, founded by Kuldeep Singh Rajput, has built a multi-modal AI model, Glia, which can integrate information from images, audio and video to build a more accurate model; It is an ensemble of LLMs and large multi-modal models geared for healthcare.

India’s central bank orders Sachin Bansal’s Navi to halt loans
The Reserve Bank of India said the firm violated rules on pricing, income assessment, and asset classification; This action follows months of warnings about responsible lending practices, it added.

FEATURES & INTERVIEWS

AI gold rush: How OpenAI’s Singapore expansion could reshape the startup ecosystem
OpenAI’s presence is incredibly positive; it will help push the region forward and create more opportunities for startups.

FROM THE ARCHIVES

What startups need to know about Claims Code, the new rulebook for making credible climate claims
The Claims Code is one way for startups to contribute to the goals of the Paris Agreement by taking additional mitigation measures.

Evercomm wants to pave the way for corporate decarbonisation success
In 2024, Evercomm is looking forward to expanding to the Middle East and Europe, after winning an award at the COP28.

What is left behind in our conversation on climate change
We focus on startups and the solutions that they build to solve climate change; But there is a stakeholder that we have been missing out.

Muuse wants to eliminate single-use containers in Singapore’s thriving F&B scene
In this project, Muuse received support from the SG Eco Fund. It is also expected to launch a full commercial partnership in 2024.

How SWAP Energy aims to promote EV use in Indonesia through the advantages of battery-swapping
SWAP Energy builds battery swapping infrastructure with more than 400 swap stations already available in Greater Jakarta Area and Bali.

Unlocking green fintech prosperity in Asia: Navigating the top 4 challenges
Despite the ongoing ‘funding winter’ faced by global startups, the trajectory of development for green fintech has shown strong momentum.

Some lessons on how to fulfil the climate tech promise
When it comes to promoting climate tech investment, there is a need for investors to play the long term game.

Propelling SG businesses towards sustainable future: How to inspire emissions plan creation
There are several steps to encourage businesses to develop emission plan, starting with involving CFOs and finance teams.

Unveiling the eco gender gap: Essential insights for a sustainable future
Eco gender gap is when solutions to tackle climate change seem to be geared only toward women. How should businesses deal with this?

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.

THOUGHT LEADERSHIP

Strategies for Singaporean businesses to thrive in uncertainty — Part 1
Singaporean businesses must adapt to a rapidly changing market by prioritising agility, innovation, and strategic partnerships.

Human-driven interaction in an AI-driven world
There is a fine balance that needs to be struck between the magic of AI and the wonder of human centred innovation.

Cybersecurity in Asia: Trending toward a safer digital future
Cybersecurity in Asia has shifted from just being a protective measure to something much bigger—anticipating what’s next.

The Asian crypto tigers: Roaring into the future of digital currency in Eastern Asia
As CEO of a major cryptocurrency exchange, I believe CEXes will remain key in bringing the next billion users to crypto.

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Image Credit: 123RF.

The post Ecosystem Roundup: One Championship, Love Bonito lay off staff | Singapore startup funding dips 26% in Q3 appeared first on e27.

While Taiwan is advanced in the semiconductor and hardware industries, it lags behind countries like Singapore and South Korea when it comes to software development, according to Taiwan’s Minister of Economic Affairs Kuo Jyh-hue.

Taiwan is making tremendous efforts to bridge this gap, he said during Thursday’s opening ceremony of the Taiwan Innotech Expo at the Taipei World Trade Center Hall 1.

Also Read: AI gold rush: How OpenAI’s Singapore expansion could reshape the startup ecosystem

“Taiwan has the advantage of being at the forefront of the development of artificial intelligence (AI) and semiconductors. We need to catch up on and aim to improve the software sector. By putting efforts by different departments of the government, we can make the country better,” he added.

“We should also provide opportunities for different countries to communicate better and share ideas with each other. Exhibitions like the Taiwan Innotech Expo are a good platform to facilitate such connections,” the minister explained.

The Innotech expo hosts many schools, startups, and SMEs (small and medium enterprises) from countries like South Korea, Japan, Singapore, Malaysia, and Indonesia that have showcased their products and innovations. “By facilitating this, we can encourage and push school and university students and SMEs to develop innovative products and bring their products to Taiwan to showcase to a global audience,” the Minister said.

The Taiwan Innotech Expo is jointly organised by 11 government departments and implemented by the Taiwan External Trade Development Council (TAITRA) and the Industrial Technology Research Institute (ITRI). The three-day exhibition demonstrates Taiwan’s outstanding competitiveness in global R&D and showcases over 1,200 innovative technologies by 431 exhibitors from 20 countries.

Also Read: 5 things to consider before launching a business in Taiwan

With 2024 being regarded as the year of AI applications, the expo has set up an “AI Theme Area” to let visitors explore smart communities and demonstrate how AI is reshaping future lifestyles. Meanwhile, the sustainability pavilion focuses on digital transformation, green energy, and circular & sustainability, showcasing how innovative technologies can lead humanity towards a net-zero emissions green future.

Quantum computing and sports tech are also the highlights of the event.

The opening ceremony was also attended by prominent figures, including the Minister of the National Science and Technology Council Chen-Wen Wu and representatives from various ministries.

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The writer is in Taiwan on an invitation from the organisers of the Innotech expo.

The post Minister Kuo: Taiwan must boost software innovation to stay competitive globally appeared first on e27.