The Malaysia Digital Economy Corporation (MDEC) recently inked two partnerships with Singapore’s Ascent and Indonesia’s Central Capital Ventura (CCV) to strengthen Malaysia’s digital economy. As part of this collaboration, the three organisations launched a US$45 million investment initiative fund to fuel innovation and accelerate the growth of local startups.

In this interview with e27, MDEC’s Head of Digital Industry Acceleration, Ir. Wan Murdani Wan Mohamad, shares more insights on these strategic partnerships.

Edited excerpts:

What are MDEC’s primary goals with these partnerships with Ascent and CCV?

MDEC’s primary objective with these partnerships is to bolster Malaysia’s digital economy by creating a robust and dynamic ecosystem that attracts substantial capital investment. These alliances with Ascent and CCV are strategically designed to accelerate growth across digital and tech sectors, ensuring local tech companies gain greater access to funding, innovation networks, and regional market opportunities.

Also Read: MDEC unveils US$45M investment initiative with Ascent, CCV to strengthen Malaysian startups

Ultimately, this collaboration will advance Malaysia’s standing as a leading innovation hub in ASEAN, positioning the nation at the forefront of digital economy development in the region.

What specific milestones or outcomes do you aim to achieve within the next few years due to these partnerships?

Over the next three years, we aim to facilitate the development and investment of 20 to 30 startups, strongly emphasising scalable business models. Key outcomes include increased venture capital inflows, a rise in high-growth companies achieving regional expansion and
significant contributions to Malaysia’s GDP through tech-driven economic activities.

Can you provide more details on the selection criteria for Malaysian startups that will benefit from Ascent’s early-stage funding?

Startups will be selected based on their potential for scalability, innovation, and alignment with Malaysia’s digital economy goals. Specific criteria include a strong market need, a strong management team, and a clear strategy for regional expansion, particularly within ASEAN markets.

These elements are essential to ensure that funded startups have the capability to leverage the partnership for substantial growth.

In which ways does MDEC plan to support and ensure the regional scalability of the funded startups?

MDEC will provide strategic support by offering access to mentorship programmes, industry partnerships, and market access initiatives through our Digital Exports programmes.

Additionally, MDEC’s extensive regional networks will facilitate entry to ASEAN markets, helping startups to scale and achieve long-term sustainability and impact.

How will Ascent’s investment in fintech, AI, and robotics contribute to Malaysia’s position as an innovation leader in the ASEAN region?

Ascent’s investment in cutting-edge fields such as fintech, AI, and robotics will drive innovation, attract top talent, and position Malaysia as a regional technology leader. This focus strengthens Malaysia’s competitive edge in digital solutions within ASEAN, boosting its attractiveness as a hub for advanced technological development and digital business.

Also Read: MDEC CEO: Under Malaysia Digital, digital businesses will have more flexibility in fiscal, non-fiscal incentives

How will CCV’s regional ecosystem network benefit Malaysian startups, and are there specific partnership opportunities within this network?

CCV’s extensive regional network offers Malaysian startups access to established corporate partners and opportunities for market expansion in Indonesia and beyond. These partnerships allow startups to tap into vital growth resources, leverage CCV’s ecosystem for strategic collaboration, and expand their reach across Southeast Asia.

Please outline any targeted areas within AI, cybersecurity, blockchain, and digital finance that MDEC believes will benefit most from CCV’s support.

Key focus areas include AI-driven predictive analytics and automation, cybersecurity solutions tailored for fintech and digital finance, and blockchain applications for secure digital identity and transparent financial services.

How does MDEC plan to measure the impact of these partnerships on financial inclusion and digital transformation in Malaysia?

MDEC will measure impact by tracking total investment, job creation, and increased digital adoption rates.

For financial inclusion specifically, we aim to see improved access to digital financial services, particularly for underserved communities. These metrics will allow us to assess progress in fostering an inclusive digital economy and enabling nationwide digital transformation.

Are there specific policies or initiatives that MDEC plans to introduce to ensure the sustainability of this investment impact?

MDEC collaborates closely with relevant agencies and regulatory bodies to create a supportive, innovation-friendly environment. Initiatives like the Startup Single Window platform have been introduced to streamline processes, centralise resources, and simplify funding applications across government agencies. These steps ensure long-term sustainability and ease of access within Malaysia’s startup ecosystem.

Also Read: TikTok exec Anuar Fariz Fadzil joins MDEC as CEO to drive Malaysia’s digital agenda

Lastly, how does MDEC see this collaboration influencing Malaysia’s competitive positioning within the Southeast Asian startup ecosystem?

This collaboration is expected to significantly enhance Malaysia’s appeal as a destination for startups and investors, establishing it as a strategic entry point into ASEAN. With support from prominent investors like Ascent and CCV, Malaysia is poised to become a competitive player in the regional ecosystem, attracting both regional and global interest and fostering a vibrant, sustainable digital economy.

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Shaping the Future of Work: YGG’s Vision and Strategic Roadmap for the Philippine Ecosystem

The Echelon Philippines 2024 fireside chat titled ‘Shaping the Future of Work: YGG’s Vision and Strategic Roadmap for the Philippine Ecosystem’ featured insights from Beryl Li, Co-Founder of Yield Guild Games (YGG), with Thaddeus Koh, Co-Founder and Co-Founder and Head of Events at e27, serving as moderator.

The discussion focused on how YGG is redefining employment in the Philippines by using gig economy principles to empower individuals to join a decentralised global workforce.

Li outlined YGG’s shift from a gaming guild into a broader “future of work” model by integrating artificial intelligence (AI) and blockchain technologies. Originally established during the COVID-19 pandemic, YGG has grown to over seven million community members in the Philippines.

Also Read: Echelon Philippines 2024: Christina Cai of Lydia.ai on revolutionising insurance with AI

Li described how YGG leverages NFTs as in-game assets and is expanding its scope into areas like data labelling and lending processing power. In this system, users earn “soul-bound tokens” by completing specific tasks, building a digital reputation that can support their credibility in a decentralised job market.

The discussion also emphasised on the role of human input in AI and the potential for skill development within emerging markets like the Philippines. YGG’s platform aims to create economic opportunities by matching skills with global tasks, fostering an inclusive, scalable community that opens up new possibilities for economic empowerment in the digital age.

Watch the session video above to learn more about these insights and the strategies shaping the future of entrepreneurship.

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AnyMind Group, a Business-Process-as-a-Service (BPaaS) company catering to marketing, e-commerce, and digital transformation, has reported impressive financial results for the third quarter of fiscal year 2024, signifying its robust financial standing.

The Singapore- and Japan-based company’s performance was marked by significant year-on-year (YoY) growth across key financial indicators.

Also Read: AnyMind Group sets foot in Malaysia by acquiring e-commerce enabler Arche Digital

• Revenue surged by 53 per cent YoY, reaching JPY13 billion (US$83 million)
• Gross profit followed a similar upward trajectory, increasing by 46 per cent YoY to JPY4.7 billion (US$30 million).
• Operating income witnessed a substantial rise of JPY486 million YoY, reaching JPY708 million.
• Adjusted EBITDA also experienced a significant jump of JPY572 million YoY, hitting JPY1 billion.

This positive financial performance is attributed to the continued growth momentum across AnyMind Group’s three core business units:

• Marketing platforms: This segment recorded a 33 per cent YoY increase in gross profit, reaching JPY2.2 billion.
• Partner growth Platforms: This unit demonstrated even stronger growth with a 56 per cent YoY rise in gross profit, amounting to JPY1.6 billion.
• D2C and e-commerce platforms: This segment exhibited the most substantial growth, achieving a 65 per cent YoY increase in gross profit, totalling JPY932 million.

Furthermore, AnyMind Group’s strategic acquisitions have proven fruitful, contributing significantly to the company’s overall financial success. Two recently acquired companies, Digital Distribusi Indonesia and Arche Digital, have displayed remarkable growth post-merger.

• Digital Distribusi Indonesia: This company witnessed a remarkable 111 per cent YoY surge in net sales and a 124 per cent YoY increase in gross profit between April-September 2023 and April-September 2024.
• Arche Digital: Similarly, this company exhibited a 40 per cent YoY growth in gross sales and a 50 per cent YoY rise in gross profit during the same period.

Also Read: Echelon X: AnyMind Group Co-Founder Otohiko Kozutsumi on the third evolution of the creator economy

Based on its strong Q3 performance, AnyMind Group has confidently revised its full-year earnings forecast upwards for the second time.

• Operating profit forecast has been raised by JPY450 million (23 per cent) to JPY2.4 billion.
• Net income attributable to owners of the parent has been increased by JPY230 million (17 per cent) to JPY1.58 billion.
• The company maintains its original forecasts for revenue and gross profit.

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1 JPY=0.0064 USD

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Southeast Asian (SEA) climate tech venture builder Wavemaker Impact recently released a white paper titled Portfolio Acceleration: Getting Companies Seed Round Ready. The paper illuminates the challenges early-stage startups face in SEA and the support they need to achieve rapid, sustainable growth.

The white paper highlights Portfolio Acceleration, which is described as the strategic approach through which venture capital (VC) funds assist their portfolio companies in scaling quickly and effectively, optimising both impact and return on investment.

While much literature has focused on scaling up companies in later stages (such as Reid Hoffman’s Blitzscaling and Elad Gil’s High Growth Handbook), Wavemaker Impact’s white paper aims to bridge a knowledge gap for early-stage startups, where failure rates are particularly high.

Studies show that up to 80 per cent of startups at the pre-Series A stage ultimately fail. The paper argues that this high failure rate underscores the need for a systematic framework to accelerate early-stage startups towards a proven market opportunity and reduce risks along the way.

Also Read: AnyMind’s Q3 revenue surges 53% on strong D2C, e-commerce platforms growth

Key findings on early-stage startups in SEA

The Portfolio Acceleration study identifies three key elements essential for the growth of early-stage startups in the region: Product-Market Fit (PMF), founder-driven focus, and the necessity of strategic guidance.

1. Achieving Product-Market Fit (PMF)

The study found that PMF, defined as a state in which a company’s product meets strong market demand, is fundamental for early-stage startups hoping to grow quickly and sustainably. Startups that attain PMF sooner typically have a competitive advantage, allowing them to focus on scaling efforts. A fast, iterative approach to product development and testing was a common thread among successful companies in Wavemaker Impact’s research.

Rather than being a result of luck or capital, the speed at which startups achieve PMF rests largely on a founder’s ability to understand and fulfil customer needs.

The report defines PMF as “predictably and repeatedly generating positive unit economic revenue from a sufficiently large group of customers.” To achieve this, founders must employ a scientific mindset, using hypotheses, customer feedback, and ongoing testing to refine their product until it reliably meets demand.

2. The role of the founder

The study underscores the central role of founders in early-stage success. While a competent team is beneficial, it is the founder’s commitment to customer understanding and willingness to iterate on product design that often makes the difference in achieving PMF.

Also Read: Building Malaysia’s digital future: Ir. Wan Murdani on MDEC’s ambitions with Ascent and CCV

According to the findings, successful founders behave like scientists, designing rigorous experiments to test product hypotheses and refine their offerings based on customer insights. The study notes that no specific team role was found to be as critical in reaching PMF as the founder’s active involvement in shaping and steering the product.

Additionally, Wavemaker Impact found that founders benefit from creating a supportive team environment that enables them to focus intensively on PMF without distraction.

3. Strategic guidance from investors

Another pivotal insight from the study is the importance of strategic guidance from investors. The white paper highlights that the most common request from founders of early-stage startups is for mentorship in prioritising tasks, building a business roadmap, and navigating the unique challenges of starting a business.

With limited established resources for early-stage growth, many founders look to investors for support in clarifying their strategic direction.

The study suggests that effective investors act as “peers” rather than just backers. By engaging in open dialogue, conducting business reviews, and offering strategic advice, investors can help founders identify key objectives and tackle complex challenges with a clearer plan.

This collaborative relationship helps founders navigate the ambiguity of early-stage growth, particularly the period the study dubs the “Valley of Validation,” when companies experiment and try to prove their market potential.

The challenge of navigating ambiguity in early-stage growth

The Portfolio Acceleration study highlights a central challenge in early-stage growth: the need to manage ambiguity, particularly in the quest for PMF.

Also Read: Dossier secures funding to accelerate AI-powered compliance solutions for emerging markets

As mentioned, the Valley of Validation represents a period when startups must conduct rigorous testing and validation while maintaining momentum and investor confidence. This stage, marked by high uncertainty and few established milestones, is a difficult phase for founders, who often navigate uncharted territory.

With limited resources specific to early-stage growth in Southeast Asia, founders must be adept at strategic prioritisation and work closely with supportive investors to set a viable course.

The white paper also illuminates a broader issue within the SEA startup ecosystem: the lack of readily available resources for early-stage growth.

Compared to later stages, where scaling techniques and growth strategies are well-documented, Pre-Seed and Seed-stage companies have fewer guides and frameworks tailored to their needs. Wavemaker Impact’s Portfolio Acceleration study, therefore, calls for the development of more resources and guidance focused on early-stage companies.

Such resources could provide founders and investors with clearer strategies for navigating early-stage challenges, mitigating the high failure rates associated with pre-Series A companies.

Through a targeted focus on achieving PMF, strategic guidance, and founder-led growth, the study provides a roadmap for companies to reach market viability sooner, with less risk of failure. This pioneering approach has the potential to not only benefit startups in SEA but also to create a more resilient climate tech ecosystem across the region.

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Image Credit: © rawpixel, 123RF Free Images

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Have you ever thought of using AI tools like ChatGPT to help you score interviews and secure a job?

If you haven’t, it’s not too late! With these eight tips, you can get ahead of other job seekers by streamlining your job search and preparing with confidence.

Refine your resume and cover letter

Use ChatGPT to review and improve your resume and cover letter by focusing on relevant keywords and tailoring them to each job description.

Prompts:

• Help me tailor my resume for a [specific job title] at [company name], focusing on [skills].
• Rewrite my cover letter for a [specific job], making it more compelling and relevant to [specific field].

Prepare for interviews

ChatGPT can simulate mock interviews and help you practice answering common interview questions or industry-specific ones.

Prompts:

• What are the most common interview questions for a [specific job title] in [industry], and how should I answer them?
• Can you simulate an interview for a [specific job title] role, asking both technical and behavioural questions?

Research companies

Get a detailed overview of the company, including its culture, values, and recent news, to tailor your application or prepare for interviews.

Prompts:

• What are the core values and recent developments at [company name]? How can I align my application to fit their culture?
• Can you summarise any recent news or major projects at [company name] that I should be aware of before my interview?

Discover new job opportunities

ChatGPT can suggest job boards, industry-specific platforms, or networking tips to uncover hidden job opportunities.

Prompts:

• Can you recommend niche job boards or websites where I can find opportunities for [specific job title] in [industry]?
• What are some emerging companies in the [specific industry] hiring for [specific role] that I should explore?

Also Read: Is ChatGPT taking over financial management?

Negotiate salary and benefits

ChatGPT can help you develop a strong strategy to negotiate salary and benefits based on industry benchmarks.

Prompts:

• What is the typical salary range for a [specific job title] with [X years] of experience in [location]?
• How can I negotiate for better benefits in a [specific industry] role after receiving a job offer?

Craft personalised follow-up emails

After an interview or meeting, use ChatGPT to draft a professional and engaging follow-up email.

Prompts:

• Can you help me draft a professional follow-up email to thank the interviewers at [company name]?
• Write a follow-up email for me to check the status of my job application at [company name].

Expand networking skills

Get advice on how to network effectively, including how to approach professionals on LinkedIn or during industry events.

Prompts:

• What’s a good LinkedIn message template to introduce myself to a recruiter for a [specific role]?
• How should I reach out to industry professionals to ask for an informational interview about [specific job or industry]?

Find the right keywords for applications

ChatGPT can analyse job descriptions and extract the most important keywords that you should include in your application materials.

Prompts:

• Can you analyse this job description and highlight the most important skills and keywords for a [specific job title]?
• What keywords should I use in my resume to align with the job posting for a [specific job title] at [company name]?

These strategies and prompts can greatly enhance your job search, helping you stand out and be more prepared at every step.

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