Singapore-based AI startup Mindverse has secured US$5 million in seed funding from Square Peg, according to a Business Times report.

The funding will be invested in R&D to advance its large personalisation model.

Founded by former Meta execs and top AI researchers in 2022, Mindverse has developed Artificial Diversified Intelligence (ADI) using the Large Personalisation Model (LPM). This technology aims to ensure human uniqueness and diversity remain at the centre of AI development.

Also Read: McKinsey alum’s EliteFit.AI aims to democratise fitness with virtual physiotherapy

Kisson Lin, co-founder and COO of Mindverse said in a LinkedIn post: “Since 2020, Dr Felix Tao (co-founder and CEO) has been pioneering a neuro-symbolic LLM framework at his lab, leading to our advanced Agent framework. By 2022, we introduced MindOS, envisioning AI agents as autonomous entities defining the next-gen operating system.”

“Early 2023 saw the launch of MindOS beta, outpacing competitors like GPTStore. We’ve pinpointed limitations in large models’ long-term memory affecting agent adoption and service quality. Discoveries led to two key applications: AI personal assistants and dynamic AI web experiences,” she added.

Mindverse offers two products: MindOS Studio, which helps businesses create AI-native websites with dynamic, personalised chat experiences, and Mebot, which offers individuals an individualised experience that matches their unique nature. It acts as a digital “second brain” to enhance productivity by learning and analysing user habits, ideas, and preferences.

Also Read: Unlocking efficiency: How Gen AI-powered email automation revolutionises customer service

“Mebot acts as a personal memory assistant, simplifying the management of thoughts and memories, which is ideal for creators and managers. It’s available on the web now and will be on iOS this month. MindOS Studio offers businesses a no-code solution to deploy dynamic, interactive web agents, boosting user engagement and conversion rates,” Lin noted.

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Each year, Bain & Company identifies “insurgent brands” in America’s consumer goods sector, known for their independence from large corporations and for challenging market leaders or creating new categories. 

Indonesia is predicted to become the fourth-largest economy by 2045, with GDP per capita reaching US$7,500 to US$10,000 by 2030, presenting a growing market for sectors like wellness and luxury goods due to rising disposable incomes.

Melina Anlin is VP of Investment at AC Ventures and a former Senior Manager at Bain. She recently joined an episode of the Indonesia Digital Deconstructed podcast to discuss the market dynamics of the local consumer sector and the rise of insurgent brands. 

Cultivating bargaining power

Zooming in on the F&B sector, Anlin pointed out that insurgent brands tend to challenge norms by offering unique product narratives and leveraging digital marketing and social media to authentically connect with modern consumers.

She highlighted that early traction online will often lead to increased ease of entry to more traditional, offline retail channels.  

Anlin said, “Not just in Indonesia, but globally, e-commerce marketplaces and social media platforms like Instagram and TikTok are fundamentally changing how brands emerge and evolve, offering a cost-effective test bed for product and brand refinement with minimal initial capital.”

Also Read: Late-stage investments in Indonesia plummet to US$5.2M in Q1

“The digital-first strategy allows new brands to quickly adjust based on feedback, enhancing their online presence and customer loyalty. This may often allow them to more easily move to offline channels and attract inbound attention from traditional retailers, thereby cultivating bargaining power.”

The cost of agility

“The cost of establishing and maintaining an online presence has surged significantly,” said Anlin. “Notably, platform take rates have escalated from nominal fees to, in some cases, 10-15 per cent of each transaction, marking a steep increase in operational costs for brands. Gone are the days when the platforms absorbed shipping costs. These days, the decision of who bears the shipping costs – whether the brand or the consumer – adds another layer to how brands plan their online sales.”

She went on to highlight the growing competition on e-commerce platforms, noting the increasing need for strategic advertising and algorithm mastery to ensure ROI, a significant change from when gaining visibility was simpler.

Anlin said, “Around 20 new local beauty brands are launching every month in Indonesia alone. This proliferation of insurgent beauty brands is making competition much more intense if a brand wants to be featured on TikTok’s For You Page, for example.”

A silver lining

TikTok Shop’s entrance in Indonesia, with initially lower fees, offered cost relief and better advertising deals to brands. However, as competition increases, these advantages are diminishing with promotional costs stabilising across platforms.

Despite these challenges, Anlin still sees a silver lining in the form of digital platforms’ intrinsic agility and capacity for innovation. She said, “What remains unchanged is the dynamic nature of e-commerce and social platforms, allowing brands to test, learn, and pivot strategies in real-time. This agility allows insurgent brands to make smaller, calculated bets, refine their approach based on direct consumer feedback, and progressively solidify their market position.”

She contrasted this with the rigidity of offline expansion, “Once you’re locked into a contract in the offline world, that’s it. The flexibility instantly disappears.”

Digital natives and domestic value-adds

Discussing the direct-to-consumer (D2C) business model, Anlin sought to clarify a common misconception. 

“To be honest, I’m a bit allergic to the term D2C here in Indonesia. It’s something that gets thrown around loosely. True D2C involves selling directly to consumers without intermediaries, a model that’s most prevalent in the US. In Indonesia, however, many insurgent brands sell primarily through third-party e-commerce platforms, thereby not selling directly in the pure sense. If, at the end of the day, the customer still belongs to Shopee or TikTok, you cannot say a brand is D2C, especially if it does not own the customer data.”

Also Read: How Skor empowers Indonesians to take control of their financial well-being

That said, she also discussed how insurgent brands don’t necessarily need to win online to be successful. She pointed to a case study in the form of local granola and healthy snacks company Yava. 

“Indonesia’s local brands often export raw materials for processing and then re-import them for sale, which is costly. However, brands like Bali’s Yava are changing this by sourcing and processing everything locally. This strategy leverages Indonesia’s abundant resources, supports local communities, leads to premium local products in supermarkets, and offers consumers better prices while enhancing brand profit margins.”

Family-owned brands pass the torch

In the context of Indonesia’s longer-running, family-owned brands, Anlin explained that we are currently witnessing the “passing of the torch” from one generation to the next, which is important from an investment perspective. 

She explained, “Many of these businesses are capital efficient and financially stable, and with next-generation leaders open to external capital, there’s a significant opportunity. Investors like AC Ventures can offer growth capital and strategic support, aiding brands in scaling and improving operational efficiencies.”

AC Ventures already has multiple insurgent brands in its portfolio. For example, small home appliances brand Simplus has emerged as a top brand on TikTok, Shopee, and Lazada, tripling its sales in 2023, achieving profitability, and witnessing a record-breaking US$1 million in sales on a single day. Industry insiders are calling it the next “Philips of Southeast Asia.” 

Meanwhile, profitable brand Rosé All Day Cosmetics saw a 4x revenue growth in 2022 and more than 6x growth in 2023. The company went to market in 2017 on a bootstrapped budget of US$10,000. Due to strong performance against incumbents in the market, the startup recently raised a US$5.41 million funding round led by SWC Global.

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As Singapore’s small and medium-sized enterprises (SMEs) navigate the choppy waters of a dynamic global economy, they find themselves at a crucial crossroads. The thrust towards digitalisation is not just a trend but a lifeline as businesses increasingly turn to cloud computing, AI, and big data to enhance operations and unlock new market potentials. Yet, this digital evolution unfolds against a backdrop of formidable economic challenges.

According to the DBS Bank’s SME Pulse Check Survey 2023, the primary concerns for SMEs are rising global interest rates, identified by 50 per cent of respondents, and labour costs and availability, noted by 43 per cent. Furthermore, the Goods and Services Tax (GST) in Singapore saw an increase from seven per cent to eight per cent on January 1, 2023, and underwent another hike from eight per cent to nine per cent on January 1, 2024.

In response to these economic pressures, many SMEs are turning to digitalisation as a strategic solution. Approximately 32 per cent of SMEs aim to reduce business expenses and enhance operational efficiency through technological advancements this year. In recognition of these benefits, a notable 36 per cent of local SMEs have significantly digitised their operations.

Singapore’s economic narrative in 2023 was one of a narrow escape from a technical recession, inching forward with a 0.1 per cent growth in the second quarter after a 0.3 per cent contraction in the first quarter. This razor-thin margin underscores the urgency for SMEs to reimagine and reinvent.

In today’s economic landscape, innovation is not a luxury but a necessity for survival. SMEs are increasingly realising that adopting technologies and undergoing digital transformation is not just about keeping pace — it’s about staying ahead. It’s a critical response to a customer base that demands fast, intuitive, and seamless services.

Transforming challenges into opportunities: Strategies for SMEs to optimise cash flow and manage costs

In the rapidly evolving economic landscape of Singapore, SMEs face the dual challenge of staying competitive while managing financial pressures. To transform these challenges into opportunities, it’s essential for SMEs to adopt these three key strategies that optimise cash flow and manage costs effectively. Each of these strategies offers a unique avenue for SMEs to navigate and thrive in the current economic climate.

Gaining insights into cash flow

According to DBS’s SME Pulse Check Survey, ‘ensuring consistent cash flow and managing costs’ remains the top business priority for 62 per cent of SMEs in 2023, particularly in a persistently challenging business environment.

Also Read: Grab supports digital currencies top-ups under partnership with Triple-A

For many SMEs, understanding the nuances of cash flows is a complex task typically reserved for professional finance teams. However, given the size and resource constraints of SMEs, maintaining a full-fledged finance team is often not feasible. Fortunately, the relative simplicity of SME operations makes them ideal candidates for technological solutions.

Implementing a robust finance stack, which includes accounting software integrated with a spend management solution, can be a game-changer. Such systems enable SMEs to gain detailed insights into critical financial questions: How much cash is on hand? Where is the revenue coming from, and where are expenses going?

With access to almost real-time data on money movement, SMEs can analyse and improve their cash flow. Key considerations include evaluating whether customers are paying on time, assessing the fairness of credit terms, negotiating better terms with major vendors, and ensuring that spending stays within budget.

Strategic cash financial management

In an environment of rising interest rates, strategic deployment of excess cash into interest-bearing investments or deposits can yield attractive returns. By understanding their cash flow and anticipating upcoming business payments, SMEs can time their major cash outflows efficiently. This allows them to maintain a lower level of buffer cash and invest the excess in interest-bearing opportunities.

Additionally, for SMEs engaged in significant overseas trade, foreign exchange (FX) and bank charges can accumulate substantially. To mitigate these costs, SMEs might consider digital business accounts or remittance specialists offering improved FX rates.

Outsourcing accounting work

High labour costs in Singapore present a significant challenge for SMEs managing their finances. The average salary for a certified finance manager is around SG$91,000 (US$67,440), whereas engaging with an accounting firm can be much more cost-effective.

Also Read: Why a customer-centric digital marketing strategy is the way to go?

In fact, outsourcing accounting and financial management tasks to external agencies or adopting digital tools offers a cost-effective alternative. This approach reduces the overhead associated with an in-house finance team and provides access to professional financial expertise at a lower cost.

Digitalisation can also improve productivity and provide real-time insights into cash flow, which is crucial for effective financial management. However, digitalisation is not an easy process, and accounting is one of the easiest roles to start with.

Working with a digital outsourced firm can help accelerate this transition without the risk of business disruption. Embracing this digital approach allows SMEs to streamline their financial operations, ensuring they remain agile and responsive in a dynamic business environment.

Moreover, leveraging solutions like expense management cards can enhance fund allocation accuracy and help SMEs stay within budget for specific functions. By utilising these external resources, SMEs are free to concentrate more on core business activities, thereby fostering growth and innovation.

Embracing a digital future

In conclusion, Singapore’s SMEs stand at the forefront of digital proficiency, embodying the potential to pioneer in innovation and operational efficiency. By adopting the right mindset, leveraging appropriate tools, and utilising available support, these businesses are well-positioned to transform potential challenges into opportunities for growth and success.

This approach not only bolsters their individual capabilities but also contributes significantly to the broader economic landscape, reinforcing Singapore’s status as a hub of technological advancement and business excellence. 

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Last month, Singapore-based cultivated seafood company Umami Bioworks announced a merger with Shiok Meats, a renowned crustacean meat startup backed by Y Combinator, SEEDS Capital, and other high-profile investors. The development surprised many, given that the alt-protein market in Southeast Asia is still nascent and far from mature, its surface is barely scratched, and consolidation is still many years away.

Alternative protein — encompassing a wide range of products, including plant-based meats, insect-based protein, and cell-cultured meat — witnessed an upsurge in interest and excitement in the region in the past four to five years, attributable to a mix of societal, environmental, health, and ethical considerations. Nearly a hundred alt-protein companies currently operate in the region. Massive capital was poured into the space, with investments peaking in 2021 (US$103.8 million across 11 deals) and 2022 (US$178.8 million across 10 deals).

However, the investments witnessed a significant decline in 2023 (just US$9.5 million across six rounds) thanks to funding winter, leaving many alt-protein companies high and dry. Among them, cellular agriculture and cultured meat startups felt more pinch.

Also Read: Shiok Meats CEO Sandhya Sriram to step down after merger with Umami Bioworks

A high capital-intensive business

“Alt-protein is a high capital-intensive business,” says Jonas Eichhorst, Executive Director of Protenga, an insect-based nutrition business in Malaysia. “Many models require significant capital for IP development (PhD researchers are expensive) and to scale the production facilities.”

However, regulatory uncertainties and business scaling challenges forced VCs to turn their focus to traditional high-margin products, and the alt-protein space suffered.

“VCs typically prioritise investment opportunities that align with current trends and emerging market demands,” according to Jason Fong, founder of Wholesome Savour (a plant-based foodtech company. “They follow the money by investing in sectors with the potential for significant growth and returns.

In the context of the alternative protein industry, where there is a growing interest in plant-based proteins, cell-cultured meats and other innovative protein sources, VC funding has been increasingly prominent. “In alt-protein, certain areas, such as cellular agriculture and cultured meat, require substantial R&D and technology investments to scale production and bring costs down,” Fong shares.

But that is not happening. According to experts, VC investments will continue to be slower, and VCs will likely look very carefully at who they’d be co-investing with and if there are deep pockets.

“Alt-protein is a game that needs to be done on a massive scale, so the cost of capital becomes a major constraint here. This means that the business needs to be large-scale, too. However, it is hard because if you want to be a large-scale business, you can’t be a niche/boutique business; rather, you should go mainstream. This, in turn, means low margins,” adds Eichhorst.

Also Read: Shiok Meats wants to bring cruelty-free shrimp products to your dining table with its US$12.6M Series A

However, choosing between being a boutique business and going mainstream is a task in itself. “Because of this, many companies will likely get stuck in the middle; you may find some boutique companies doing interesting work but not venture-backed firms. Then, for large-scale ones, the venture capital still may not be enough because of the scale of capital required and the resulting cost of capital,” Eichhorst explains. “Some players are trying to go into high-margin niche applications, but fundamentally, you need to go mainstream to justify the quantum of capital raised and then subsequently return the capital.”

The way forward

It is important to recognise that there are bound to be winners and losers with any trend or fad. Despite the initial hype or investment, not all companies or technologies within the alternative protein space will succeed. Factors such as product quality, scalability, market fit, competition, regulatory challenges, and consumer acceptance play crucial roles in determining which companies emerge as successful players in the industry.

“Identifying the right niche or space within the alternative protein industry is crucial to succeed,” remarks Fong. “It involves understanding consumer trends, market demand, competition, and regulatory landscape. Companies can differentiate themselves by focusing on product innovation, sustainability, taste, and affordability or targeting specific consumer segments.”

Finding partnerships with players with strong balance sheets or being in niche applications in the value chain is equally crucial. However, they must be cautious about capital as these likely aren’t hypergrowth stories.

“As the global cultivated meat sector continues to evolve, reducing production costs and achieving scalability through innovations in raw materials sourcing, media use reduction, and supply chain optimisation becomes paramount. The (Umami-Shiok Meats) merger allows both teams to leverage their compounded learnings over the years, fostering an environment ripe for breakthroughs that could set new industry standards. Further, it underscores the critical role of sustainable food systems, like cultivated seafood, as integral components of the broader climate solution framework,” said Manav Gupta, Founder and CEO of Brinc, an accelerator-cum-VC fund and an investor in Umami.

Crafting a well-developed go-to-market (GTM) strategy is also vital. A strong GTM plan delineates how a company will engage with its target audience and drive revenue generation. “Companies that clearly communicate and execute their GTM strategy are better positioned to excel in competitive environments. Financial adaptability is crucial during periods of industry unrest. Companies with solid financial structures and access to capital possess the resilience to withstand uncertainties, undertake strategic initiatives, and leverage growth prospects emerging from industry shifts,” says Fong.

Also Read: Umami Meats secures US$2.4M seed funding to scale its cultivated seafood business in Singapore

“Ultimately, success in any sector hinges on delivering value to customers by effectively meeting their needs. Companies that comprehend market requirements, innovate to address these demands, and provide superior products or services will likely thrive, regardless of prevailing industry trends or competitive pressures,” he goes on.

In Fong’s view, VCs have a unique opportunity to drive positive change and make a lasting impact on society. By embracing a longer-term perspective that includes considerations for green, sustainable practices and social impact, VCs can catalyse innovation that benefits their bottom line, the planet, and communities.

“Prioritising initiatives that contribute to environmental sustainability, social responsibility, and ethical practices can lead to long-term value creation and positive outcomes for both investors and society. By going beyond the pursuit of immediate financial gains and focusing on holistic, sustainable approaches, VCs can play a pivotal role in shaping a more prosperous and equitable future for all,” the Wholesome Savour founder says.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

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From exploring the integration of artificial intelligence (AI) into our daily lives to anticipating the opportunities presented by 6G, Malaysia is reshaping the landscape of the digital society and economy.

This transformation holds significant economic value, as the digital economy may contribute an impressive 24.4 per cent to Malaysia’s gross domestic product (GDP) this year against a backdrop of a forecasted economic growth of 4.2 per cent, as indicated by a recent study conducted by a local digital association, PIKOM.

Digital and internet-driven applications form the foundation of future value creation, a truth universally acknowledged worldwide. In the Malaysian context, this certainty extends to the pivotal role of data-intensive AI applications, collaborative business models, and the immersive internet in ensuring prosperity for tomorrow.

Additionally, it is imperative to recognise that current infrastructure may fall short of meeting the demands of future applications. The impending need for swift data exchange will elevate latency as the new currency in Malaysia’s evolving digital economy. 

The significance of every millisecond

Latency, the duration of time taken during data transfer, plays a crucial role, especially in scenarios where milliseconds can make a difference. Take, for instance, autonomous vehicles, which have only recently started to navigate Malaysian roads; onboard computers must make split-second decisions on obstacles, pedestrians, and open lanes.

Similarly, in local plants or factories, where AI facilitates the safe collaboration between humans and machines, and in immersive experiences like the metaverse, latency becomes a decisive factor.

Also Read: New-age internet platforms are breeding grounds for financial crimes. Here’s how to tackle them

Feeling, seeing and hearing — our brains require 20 milliseconds to process tactile sensations, 13 milliseconds for the central nervous system to interpret visual stimuli, and less than 1 millisecond for auditory perception. In matters of latency, our perception remains steadfast. This unwavering quality becomes the arbiter of the metaverse’s success or failure.

Why is this the case? Simply because our engagement with immersive applications is complete when the experience feels entirely natural. If the synchronisation between visuals and audio is amiss, it is not merely an inconvenience — it is deemed unacceptable.

Reduced latency, enhanced prosperity

In the evolving landscape of the internet, an increasing number of devices in Malaysia must rapidly exchange vast amounts of data. Low latency becomes imperative to ensure the safety of autonomous vehicles, seamless collaboration between robots and engineers in local factories, and the sustained growth of the digital economy, contributing significantly to the nation’s prosperity.

To pave the way for the next-generation internet, be it through fibre optics, mobile networks, or satellite connections, it is important to elevate the current infrastructure’s capabilities to handle faster data packet exchanges.

This requires a collaborative effort that prioritises customers and applications, not only between the network and users but also among different networks themselves. One approach involves strategically relocating extensive data lines and high-performance computers closer to areas where intelligent applications are integral to daily life and work.

The ultimate objective is to establish a robust, globally distributed, and interconnected infrastructure with future-ready capabilities, fostering agility from the cloud to factory server rooms and even the compact edge units in smart vehicles.

The correlation between reduced latency and heightened prosperity is evident in markets where the interconnection ecosystems surrounding DE-CIX Internet Exchanges (IXs) thrive. For instance, in Dubai, a remarkable reduction in latency from 200 to 3 milliseconds between 2012 and 2022 has spurred regional entrepreneurship. During the same period, on-site data centres tripled, and network numbers increased eightfold.

A similar trend is unfolding on the Iberian Peninsula, particularly in Madrid, where the data centre count has risen from 20 in 2016 to over 30 today, with 15 more in the pipeline. Our joint study with Digital Realty and IDG market researchers, soon to be unveiled in Spain, reinforces this trend: where networks intersect, data centres emerge — generating employment, fortifying the economy, and securing prosperity.

Also Read: To capture value creation, tech companies must understand internet user on a global level: Report

According to IDG experts, every Euro invested by the Spanish data centre industry contributes 7 Euro to the gross domestic product. Similarly, in Malaysia, the expansion of data centre infrastructure, spurred on by interconnection infrastructure like robust IXs,  correlates with economic growth, job creation, and enhanced prosperity.

Fostering progress together

The path forward necessitates collaborative efforts within the industry to address technological challenges and prepare for future digital advancements. By investing in technological infrastructure today, Malaysia can ensure its readiness for the forthcoming era of digital progress.

Deloitte estimates the impact of the metaverse on GDP in Asia to be between US$0.8 trillion and US$1.4 trillion per year by 2035, roughly 1.3 to 2.4 per cent of overall GDP per year by 2035. With the potential for substantial economic returns, particularly in emerging concepts like the metaverse, the opportunities for Malaysia’s digital future are vast and promising.

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Imagine a world where machines not only perform mundane tasks but create and innovate. This world is no longer a distant future and is within our reach today thanks to Intelligent Automation, the powerful synergy of Robotic Process Automation (RPA) and Generative Artificial Intelligence (Gen AI). It’s an exciting frontier in digital transformation, one that calls for an equally transformative approach to its governance and risk management.

The symphony of RPA and Gen AI

RPA automates mundane tasks – streamlining operations and ensuring efficiency. On the other hand, Gen AI takes creativity to the next level, enabling systems to generate new content, ideas, or solutions. When these two come together, businesses can achieve outcomes that have not yet been realised.

Think about the potential. Routine processes are automated, ensuring that resources are optimised. Meanwhile, Gen AI infuses creativity into the framework, allowing for innovation even in the most standardised operations. This duality brings a new kind of dynamic to the digital realm.

Recent SS&C Blue Prism research reveals that 35 per cent of organisations in Singapore are turning to intelligent automation to adapt to the challenging economic outlook. Intelligent automation combines technologies like generative AI, robotic process automation (RPA), business process management, etc., to reengineer processes and drive business outcomes.

Generative AI can be used to automate tasks that were previously only possible for humans to perform, from assisting with customer service to processing large volumes of data from documents to supporting a wide variety of everyday office tasks, such as writing copy or creating personalised content for each customer. It can even suggest new processes which could be automated and enable a greater cross-section of workers to initiate the development of automation due to its usability.

Also Read: Generative AI: Unprecedented adoption rates in 2024

While historically, AI projects have been long, expensive, and complex, generative AI has the potential to reduce time to value for digital transformation initiatives and make advanced technologies more accessible to a greater cross-section of people thanks to its ease of use and learning capabilities.

Governance: The key to getting Gen AI right

Governance in the context of Gen AI means setting clear boundaries and guidelines on how this technology is used. It’s about understanding its capabilities and limitations. Most importantly, it’s about ensuring that as we leverage Gen AI, we do so ethically, responsibly, and with a clear purpose in mind.

Businesses need to consider certain factors before they explore adding generative AI to their toolkit to accelerate digital transformation since its outputs can have a significant impact on a company’s reputation, revenue, and legal liabilities.

A clearly defined corporate governance risk management strategy and set of operating principles around this need to be developed. Done right, generative AI can support an automation strategy that is even more innovative, cost-effective, and productive than anything we have seen before.

Reasons why governance and risk management considerations are important when using generative AI:

• Help ensure AI-generated content does not violate intellectual property, privacy, or other laws
• Make sure the use of generative AI aligns with your organisation’s ethical principles
• Maintain your organisation’s quality standards and confirm outputs are consistent with expectations
• Ensure the right information is used for the right purposes to protect sensitive information and privacy.

How to develop a governance and risk management strategy

A clearly defined strategy and concomitant operating principles maximise the benefits of generative AI while mitigating any outfall. Developing a strategy involves several key steps:

• Define the scope: This includes the types of content you will be generating, the data you will be using, and the intended use cases for the content. This helps with identifying the specific risks and governance requirements that apply to your initiatives.
• Identify risks: These may include legal risks, such as infringing on intellectual property; ethical risks, such as bias in generated content, and security risks, such as the potential for data breaches. You may need to engage with legal and compliance experts to identify all potential risks.

Also Read: Riding the affluence surge: How Generative AI can power growth in financial advisory

• Establish governance requirements: Based on the risks you’ve identified, establish governance requirements that will mitigate those risks. These may include policies and procedures for data handling, content review, and compliance with regulations.
• Develop a risk management plan: Outline how your organisation will mitigate and manage risks. This may include risk assessments, monitoring, and regular reviews of governance practices, as well as processes for identifying and addressing any issues that arise.
• Train employees: It’s important to train employees on governance and risk management practices. This may include training on data handling, content review, and compliance with regulations. Make sure all employees who will be working with generative AI understand the risks and their responsibilities for mitigating those risks.
• Monitor and review: Monitor and review your governance and risk management practices on an ongoing basis. This will help you identify any gaps or issues that need to be addressed and ensure that your practices remain effective over time.

Final thoughts

Like all advanced technologies, generative AI’s impact is positive – so long as you take the steps necessary to ensure you’re using it the right way. There’s no turning back the train. Generative AI is here to stay – full steam ahead.

The best approach is going to be to embrace it with care and work with providers when it comes to decision-making around implementation. The possibilities behind generative AI are exciting – so let’s work to get it right and make it a force for good.

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Diversity and inclusion (D&I) are fundamental pillars of a vibrant workplace culture. Embracing diversity extends beyond recruitment; it’s about cultivating an environment where every individual feels esteemed, respected, and enabled to contribute their distinctive perspectives and skills. Inclusive workplaces nurture innovation, creativity, and collaboration, thereby enhancing business performance. At Zoala, we deeply appreciate the importance of D&I and are dedicated to fostering a culture where all individuals can flourish.

Creating an inclusive culture

Our main goal is to achieve “full participation of all”. When it comes to D&I, we recognise that the approach for a seed-stage startup differs from that of larger organisations. With differing needs, resources and opportunities, we need to prioritise building a more realistic framework — one that is agile and flexible.

Instead of focusing on diverse hiring (though that’s also important and something we’re working towards!), we place more emphasis on creating an inclusive culture where everyone feels seen, heard, and cared for. This ensures our Zoalies feel safe and comfortable bringing their authentic selves to work. 

Guiding principles for our D&I initiatives are closely tied to our company values. 

• Be open and transparent. 
• Be caring and harmonious.

Embracing cultural diversity

Something about Malaysians and Singaporeans is that we share a unique upbringing in diverse, multicultural societies. This background instils in us an innate openness to embracing and respecting various cultures.

In Zoala, we enforce the importance of diversity by learning and celebrating the cultural events and practices of our talents. We encourage our team to know the meaning and significance behind celebrations and facilitate conversations among the team. We also prioritise flexibility to accommodate specific needs, such as allowing for early release during periods of fasting for religious reasons. 

This approach ensures that all team members feel cared for, supported, and respected when practising their religious beliefs.

Feedback and transparency

Another way we support D&I is through robust feedback and regular check-ins as a commitment to transparency and openness. These channels provide team members with avenues to share their thoughts, suggestions, and concerns safely and confidentially.

Also Read: Invest in women, accelerate progress: Why gender equality matters now more than ever

Whether through direct conversations with managers, team-level check-ins, or anonymous feedback platforms, we ensure that every voice is heard and valued, fostering a culture of trust and collaboration and adding to our vibrant culture. 

Similar to culture, D&I practices are determined by leadership and trickle down throughout the organisation. Leadership serves as role models for employees to observe and, in turn, mirror acceptable and inclusive practices.

However, we acknowledge that bias is inherent and so we encourage our team to “share more, worry less” and to call out all/any unfair practices regardless if it’s towards a fellow colleague or leadership. Through regular check-ins and feedback, we ensure accountability for any unfair/undignified actions. Once we identify any bias / unfair practices, we work as a team to resolve the issue, taking in different perspectives from all our employees.

A simple yet effective approach

We believe in a simple yet effective approach to fostering inclusivity: take note, take accountability, take action. Firstly, taking note involves recognising our own biases and unfair practices and understanding their impact on those treated unfairly.

Next, taking accountability means acknowledging when we’ve been unfair, whether intentionally or unintentionally, and committing to making things right. Finally, taking action entails following through on our commitments.

While rectifying mistakes, especially in leadership roles, isn’t easy, the benefits – including building trust, demonstrating humility, and fostering progress over perfection – far outweigh the challenges. By creating a culture of vulnerability and safety, we empower our team to open up and contribute authentically

Real-life impact

When teams lack diverse team members, they may also suffer from a lack of diversity of thought, which is essential for creativity and innovation. One significant example is the increased creativity and innovation that has emerged as a result of having diverse teams.

As we expanded our team and had talents of various backgrounds join us, we’ve been able to harness a wide range of perspectives, experiences, and ideas. This diversity of thought has led to more robust brainstorming sessions, problem-solving approaches, and, ultimately, innovative solutions to challenges faced by our organisation, as well as product ideas and features. 

Also Read: Leading with diversity: Why DEI is essential for success in the digital age

Furthermore, our focus on diversity and inclusion has positively impacted our relationships with clients and customers. As a company that values diversity, we’re better equipped to understand and serve the diverse needs of our clients and customers.

Our ability to empathise with, relate to, and respect the needs of individuals from different backgrounds has strengthened our client relationships and enhanced our reputation as an inclusive and socially responsible organisation.

An initiative that has positively impacted one of our school’s partnerships with neurodivergent students and diverse learners. By providing our mental wellness companion to students from different backgrounds, we’ve witnessed an increase in engagement and positive outcomes.

Students report feeling more supported and understood, leading to improved mental wellbeing and academic performance. Additionally, our inclusive approach has strengthened trust and collaboration with educators and parents, fostering a sense of belonging within the school community.

Educational initiatives

Our plans to maintain and grow our diversity and inclusion initiative at Zoala centre around education. We believe that education plays a pivotal role in fostering understanding, challenging biases, and creating a truly inclusive workplace culture.

To achieve this, we want to implement D&I training programs for all employees, especially our leaders.  This is done in hopes of promoting awareness and sensitivity towards the experiences of people from diverse backgrounds and better equipping our team with the necessary knowledge and tools to create a respectful work environment.

Programs will cover a range of topics, including unconscious bias, cultural competency, and the importance of diversity in the workplace. In addition to structured training programs, we will curate educational resources such as articles, books, and videos that delve into DEI issues. These resources will serve as valuable tools for self-directed learning and further exploration of key concepts related to diversity, equity, and inclusion.

To ensure continuous improvement and effectiveness of our educational initiatives, we will establish channels for employees to provide feedback on the training programs. By soliciting input and insights from our team members, we can adapt and refine our approach to better meet the evolving needs of our workforce.

Through these educational efforts, we are committed to fostering a workplace culture where diversity is celebrated, inclusion is valued, and every individual feels respected and empowered to contribute their unique perspectives and talents in Zoala.

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Probiotics, an antimicrobial peptide technology startup in Singapore, has raised US$6.2 million in a Series A financing round.

Hatch’s Blue Revolution Fund led the round with participation from Seventure Partners, SEEDS Capital, The Yield Lab Asia Pacific, GrainCorp Ventures, Farmabase, Trendlines Agrifood Fund, Ponderosa VC, and others.

Also Read: Forte Biotech: Helping farmers with early detection of prawn diseases in Vietnam

“In 2023, we took our technology out of the lab and turned it into a real manufacturing process. In 2024, the Series A gives us the working capital to produce larger commercial volumes so that we can solve the industry’s disease challenges and cut antibiotics out of the food supply chain,” Probiotics co-founder and CEO Jonathan Bester said.

Peptobiotics is a startup engaged in researching and producing recombinant antimicrobial peptides, using novel biotechnology to reduce the manufacturing costs of antimicrobial peptides.

Its first product targets the aquaculture industry, renowned for its antibiotic abuse, where bacterial infections cost shrimp farmers billions in yearly losses.

“Antibiotic use in agriculture remains a huge challenge for the industry because many of the so-called alternative products make big performance claims but cannot measure up to the efficacy of antibiotics when applied in the farm environment. Our focus at Peptobiotics is to use biotech to create a real agricultural antibiotic alternative that is effective for farmers, clean for nature, humane for animals, and safe for consumers,” the CEO added.

Also Read: Is a career in biotech right for you?

“Our breakthrough was screening through the 1000s of peptides to find the ones that could have real efficacy in agriculture, then figuring out the biotechnology innovations needed to produce them on an industrial scale at a price point acceptable to our customers,” commented Koh Jhee Hong, co-founder and CTO of Peptobiotics:

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Visit Echelon X to learn more about the program. Get your tickets here!

In today’s dynamic business landscape, companies across various sectors are grappling with a myriad of challenges that impede their growth and efficiency. One of the foremost hurdles faced by these enterprises is the scarcity of skilled talent. As industries evolve and technology advances at a rapid pace, the demand for specialised skills continues to outstrip the available talent pool. This scarcity not only hampers innovation but also escalates operational costs as companies compete to attract and retain top talent.

However, amidst this talent crunch, strategic outsourcing emerges as a viable solution. Companies like iScale Solutions, with their global presence and expertise, offer a lifeline by providing access to a diverse pool of skilled professionals across different domains. By leveraging outsourcing services, businesses can tap into this talent reservoir, overcoming geographical barriers and cost constraints while augmenting their workforce with specialised expertise.

Also read: How AppsFlyer helps brands navigate a rapidly evolving market

Furthermore, the complexity of outsourcing projects poses another significant challenge for companies seeking to streamline their operations. From software development to business process outsourcing, managing intricate projects demands meticulous planning, effective communication, and adherence to stringent quality standards. iScale Solutions, with over a decade of experience in the field, stands out as a beacon of reliability in navigating these complexities. By integrating ISO compliance and quality standards into their service delivery, iScale Solutions ensures that clients receive top-notch solutions tailored to their specific needs.

Moreover, the company’s boutique, customer-focused culture fosters seamless communication and collaboration, mitigating the risks associated with cross-cultural interactions. Through strategic outsourcing partnerships, companies can not only overcome the hurdles of talent scarcity and project complexity but also achieve operational excellence and sustainable growth in an ever-evolving business landscape.

Addressing challenges in outsourcing

In addressing challenges within the outsourcing space, the most effective approach lies in adopting a streamlined, one-stop platform that offers reliability and adheres to ISO compliance standards. Companies stand to benefit from a centralised hub where they can seamlessly access a spectrum of outsourcing solutions tailored to their unique needs.

By consolidating various services under one roof, businesses can streamline their outsourcing processes, eliminating the complexities associated with managing multiple vendors and disparate systems. Moreover, reliability becomes paramount in ensuring consistent service delivery and meeting client expectations. A one-stop platform, backed by robust infrastructure and a proven track record instills confidence among clients, fostering long-term partnerships built on trust and transparency.

Furthermore, adherence to ISO compliance standards underscores the platform’s commitment to quality, security, and regulatory requirements, fostering a culture of excellence and accountability throughout the outsourcing ecosystem. In essence, embracing a streamlined, one-stop platform that prioritises reliability and ISO compliance not only simplifies outsourcing operations but also enhances overall efficiency, enabling businesses to navigate industry challenges with confidence and resilience.

Also read: Nagoya University: Asia’s extensive network of innovation, research, and education

This is the onus of iScale Solutions, a Manila-headquartered Managed Outsourcing and Staff Augmentation provider with operations in the Philippines, Madagascar, and Singapore.

Since 2012, iScale Solutions has been offering services in English and French. Some of its customers operate a staff augmentation setup with full control. Alternatively, some customers rely on fully outsourced teams to let them handle all deliverables.

Day to day, iScale Solutions strives to provide customised solutions deeply integrated with its customers’ business processes. Regardless of the model, iScale Solutions believes in recruiting the best available talent available in the market and offering its customers great value for their money. iScale Solutions offers a wide array of outsourcing services including software development outsourcing, legal & finance outsourcing, data & content outsourcing, creative process outsourcing, support process outsourcing, and online marketing process outsourcing.

Get to know iScale Solutions at Echelon X

With a firm belief in the value they bring to the ecosystem, Philippine d’Agay, International Business Development Manager at iScale Solutions, emphasized the significance of events like Echelon as pivotal opportunities for iScale Solutions to connect with such companies. Positioned at the forefront of innovation and entrepreneurship, Echelon serves as an ideal platform for fostering meaningful partnerships and driving mutual growth

“We aim to offer quality outsourcing and staff augmentation services to growing tech startups, scale-ups and enterprises. We believe Echelon is a prime event for us to meet such companies and bring value to the ecosystem,” shared d’Agay. “We look forward to meeting companies with exciting new concepts and ideas, as well as sharing our view about how the outsourcing and BPO industry is a key element of a successful growth strategy,” d’Agay added.

iScale Solutions is one of the many exciting tech innovators from across the Southeast Asian region who will be joining us for Echelon X. The two-day conference will be happening on 15 and 16 May at the Singapore EXPO.

Also read: What is Remote? Meet this top global HR platform at Echelon X!

Joining iScale Solutions are other industry leaders, visionary entrepreneurs, and groundbreaking startups from all corners of the region who will be gathering together for two packed days. Happening on May 15 to 16 at the Singapore EXPO, Echelon X will feature dedicated content stages, exhibitions, panel discussions, and more — all to support and empower the tech startup ecosystem with actionable insights through a series of knowledge-sharing activities.

Whether you’re eager to expand your knowledge, network with key players from the tech startup scene, or showcase your innovative ideas, Echelon X offers an unparalleled experience. Join us as a participant or an official partner by securing your spot now on our official page. Together, let’s embark on a journey to shape the future and create a lasting impact.

Join us at Echelon 2024, where innovation knows no limits, and the possibilities are endless!

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Photo by Yan Krukau from Pexels

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CNV, a cloud-based business and marketing solutions provider in Vietnam, has secured US$1 million in fresh funding from Wavemaker Partners.

The round comes three years after CNV raised strategic pre-seed funding from SME payments and services firm NextPay.

Must Read: Umami-Shiok Meats merger signals a major shift amidst funding winter in SEA

Founded in 2020 by Nguyen Tuan Phu and Do Dang Khoa, CNV offers digital transformation SaaS products and marketing growth services to assist enterprises in Vietnam to achieve sustainable growth via marketing, loyalty and e-commerce activities.

CNV currently serves over 2,0000 customers, including multinational corporations, local enterprises, SMEs, MSMEs, and government agencies, helping them optimise their client-facing activities and backend customer data platform analysis activities.

In 2023, CNV launched the Zalo mini apps, which provide channels for businesses to engage comprehensively with customers. It gives an app-within-app experience that lets businesses acquire users at a lower cost and engage with them more deeply and seamlessly.

CNV claims to have witnessed a 250 per cent growth in revenue and number of customers acquired.

“Our next big steps include fostering collaboration to design exclusive financial products for each and every customer segment,” said CNV CEO Phu Nguyen.

Also Read: Startup investments in Vietnam see 39% drop in Q1

Vietnam’s business environment is increasingly dynamic and entrepreneurial, with strong backing from an SME and MSMEs base. According to the Ministry of Planning and Investment, Vietnam has approximately one million registered operational businesses, and more than 97 per cent of SMEs contribute to 45 per cent of the national GDP.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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