Dear reader,

The US House of Representatives’ passing of a bill targeting TikTok’s owner, ByteDance, represents a significant development in the ongoing saga between the social media platform and US lawmakers.

The bill, which received overwhelming support in the House, mandates ByteDance to divest from TikTok within 165 days or face a total ban in the United States. This move underscores growing concerns over national security and potential data privacy issues associated with Chinese ownership of popular social media platforms.

TikTok’s CEO, Shou Zi Chew, expressed disappointment at the decision, emphasising the company’s commitment to data security and the platform’s independence from external influences. Chew warned of the bill’s potential repercussions, including job losses and limitations on free expression.

The bill’s fate in the Senate remains uncertain, with some Democrats raising concerns about freedom of speech implications and advocating for broader measures to address foreign influence in social media. Nevertheless, the White House has signalled its support for the legislation, underscoring the administration’s stance on national security issues related to Chinese-owned tech companies.

While the bill primarily targets TikTok, its implications extend to other China-owned platforms operating in the US, potentially impacting companies like Tencent’s WeChat. As the debate unfolds, stakeholders on both sides continue to advocate for their positions, setting the stage for further deliberation and potential legislative action.

Sainul,
Editor.

—

NEWS

Shiok Meats CEO Sandhya Sriram to step down after merger with Umami Bioworks
The Shiok Meats brand will be retained, and its employees will join Umami Bioworks; The new entity’s initial market launch will likely involve hybrid products, combining cultivated fish cells with plant-based ingredients.

House votes to force TikTok owner ByteDance to divest or face US ban
The vote was a landslide, with 352 Congress members voting in favour and only 65 against; The bill gives China-based ByteDance 165 days to divest from TikTok; The CEO says vote is ‘disappointing’ and that it will do all it can to protect the platform.

AwanTunai bags US$27.5M, hits positive EBITDA
The investors include Norfund, MUFG Innovation, and OP Finnfund; It will use the money to expand its lending capital facilities to cover over US$2B worth of annualised inventory purchase financing by year-end.

Cash returns still ‘elusive’ for VC, PE investors in SEA startups: report
While VC deals in Southeast Asia tripled between 2015 and 2021, exits have been hard to come by, challenging both investors and mature startups in the region, according to a new report by US-based research firm PitchBook.

Funding into SEA’s female-led startups falls 42% to US$480.8M in 2023: Tracxn
In Southeast Asia, Singapore dominates the female-led startup landscape, with US$3 billion raised across 380 rounds to date.

Choco Up, Atlas Growth Fund to provide US$15M capital to F&B firms in Singapore
The first 100 F&B businesses that qualify will get SGD10,000 (US$7,500) pre-approved funding and a 6-month subscription to core Atlas products, including online storefronts with delivery capabilities and payment gateway.

Animoca Brands expands MENA footprint with investment in UAE gaming firm
Param Labs is a game development company specializing in multiplayer blockchain games and AAA design, which refers to high-budget games distributed by high-profile publishers.

SG gaming studio Lives Interactive secures US$3M
The investors include Mechanism Capital, Sfermion, 3Commas Capital, and Momentum 6; An independent gaming studio, 9 Lives will use the funds to develop its debut game, a cat-themed hero shooter called Nyan Heroes.

OKX Ventures invests in Bitcoin DeFi protocol DLC.Link
DLC.Link aims to bring the power and innovation of DeFi to the Bitcoin ecosystem without compromising on security, decentralisation or user experience; It partners with institutions (called dlcBTC Merchants) to mint dlcBTC, a decentralised wrapped Bitcoin.

Indonesia may block several foreign-owned OTAs this week
Booking.com, Expedia, Klook, and Trivago are not yet on not registered with the registry; They were given five working days to register – otherwise, they may be subject to punitive measures including a block.

OKX gets in-principle approval for digital token services in Singapore
The licence allows OKX to provide digital payment tokens and cross-border money transfer services in the city-state; The company looks to build a locally tailored suite of products and services.

Paytm secures the license it needs to survive
Paytm can participate in the payments ecosystem as a third-party application provider; The license won’t restore several of the perks Paytm enjoyed before but will allow the Noida-headquartered firm to operate similarly to Google Pay.

Singapore’s digital behaviour aggregator Sqreem acquires Trade Indy
Trade Indy is an outcome-focused data analyst and programmatic trader; Sqreeem develops AI solutions that match online behaviours with brands and publishers, identifying clients’ most valuable groups of customers and their behaviours.

Carsome appoints ex-Jardine exec to COO post as it eyes IPO
Eric Chan brings with him three decades of experience in the automotive industry across Singapore and Malaysia; He was earlier MD at Jardine Cycle & Carriage’s Singapore subsidiary and chairman for a Malaysian unit that operates Mercedes-Benz dealerships.

Xendit expands to Thailand, names co-founder as country CEO
In Thailand, the payment gateway firm will compete with incumbents such as TrueMoney and Rabbit Line Pay; Xendit already operates in Malaysia, the Philippines, and its home country of Indonesia.

FEATURES & INTERVIEWS

10 highest-funded female-led startups in Southeast Asia
Of the 1,700 female-led startups, 657 have raised investments so far, of which 14.3% have progressed to Series A and 1.8% to Series C or beyond; Singapore, with US$3B raised across 380 rounds to date, dominates the region.

How Fave founder’s new VC firm helps Malaysian entrepreneurs make their First Move
First Move has backed ten ventures in the inaugural year, prioritising diversity and innovation in Malaysia’s startup ecosystem; 35% of the founders it has supported so far are women.

The solopreneur boom: How Finna is empowering the future of work
Finna is an all-in-one solution that streamlines workflows by facilitating customer management, proposal creation, and payment processing, offering a comprehensive solution to the complexities of solo business management.

Why Soul Ventures Founder seeks founders with a vision “so big it seems impossible”
Soul Ventures has invested in notable names such as OpenAI and SpaceX; But what opportunities is it looking for in Southeast Asia?

Trust Bank aims to become Singapore’s fourth-largest bank with new product innovations
Trust Bank, a JV between Standard Chartered and FairPrice Group, is a digital bank whose customer base has grown to over 700K (14% of Singapore’s bankable population), with deposits grown to US$1.4B.

CONTRIBUTORY ARTICLES

Want to keep your best employees from quitting? Facebook execs and Adam Grant tells you how
Employees become attracted to their work when they’re connected with the meaning behind the job; You can help remind them what the work means in terms of end result impact for the company and the people it serves.

Building resilience against cyber attacks in ASEAN through data
The average annual cost of cybercrime is rising, expected to increase from US$8.4T in 2022 to more than US$23T in 20271; APAC is particularly vulnerable when compared to its global counterparts, accounting for 31% of all incidents remediated worldwide.

Buy from her: Elevating women’s entrepreneurship
Supporting women-led businesses offers access to quality products and services and fosters diversity and inclusivity in the business ecosystem.

Beyond the draft: Why AI won’t save fiction authors (yet)
We need to find ways to leverage the massive potential of AI for solutions that take fiction works from inception to market fruition.

Beyond apps and telehealth: The power of the Village approach for mental well-being
The village offers a platform for genuine conversations, creating a safe space to share challenges and find support in overcoming them.

SPOTLIGHT

Daniel Tan: Finding opportunity in crisis and market inefficiency
Explore how Tan identifies and addresses a loan industry problem, creating efficient connections between borrowers and lenders.

FROM THE ARCHIVES

Why a customer-centric digital marketing strategy is the way to go?
Being customer-centric doesn’t at all mean that you’ll be losing business at the expense of making your customers happy.

Is voice the next revolution in fintech?
Most people in Asia still associate voice with low-level commands: You can ask your voice assistant to play a song for you on Spotify, research basic queries through Google and recite them back to you, or check your schedule on your online calendar.

10 unarguable things that great leaders do
To be a great leader you don’t just need followers and employees, you need a whole team of leaders under you; Think Warren Buffett, Berkshire Hathaway, and all of their companies.

Globalise your strategy, localise your conversations: the key to nailing native in new markets
Knowing what can make an impact now, and what to prepare for moving forward, for each local region, a balance can be established for marketers and advertisers.

11 easy strategies that are important for every startup to succeed
All start-ups need financial support; Securing the first round of funding is not going to be easy as you are starting from ground zero; You need good ideas with a reasonable go-to-market strategy.

Why trust is the biggest barrier to entrepreneurship and innovation
It is a basic principle in economics that in order for a trade to happen, the involved parties need to trust in their mutual gain from it; Trust enables value creation, and this makes it everyone’s most valuable asset.

—

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.

The post Ecosystem Roundup: TikTok faces US ban | Umami, ShiokMeats merge | Funding into SEA’s female-led startups falls 42% in 2023 appeared first on e27.

You came up with an idea, nurtured it into an enterprise, planted your feet firmly in the domestic market, and now envision tapping the foreign markets. What are the next steps you must take?

Naturally, you require capital to make capital. Once you have secured the necessary amount of funding, where do you invest the sum, how, and how much at a time? 

These are some of the questions among a million other concerns that play out in the head of all entrepreneurs seeking to wade into international commercial waters. The decision, after all, is daring, the prospect is daunting, but this does not mean that the execution needs to be nerve-wracking.  

For any vision to be realized to perfection, the efforts must be driven on the back of a robust strategic framework. The following, then, are some of the key points that growth-minded leaders need to keep in mind when planning to go global:

1. Think global, act local 

While it is important to develop a global vision, it is imperative to keep awareness of the ground realities and stay rooted in the present.

For, it is only after you have registered significant growth domestically and mustered enough commercial momentum that you are encouraged to expand internationally.

The prospect presents itself so naturally that the decision might look like a small, albeit significant, step to you but when you delve into the pragmatics involved, you realize how giant a leap it is for the organization.

Therefore, in order to ensure a secure and reliable passage into this brave new world, you must first be confident that your operations are effectively resolving the pertinent pain points in your local market.    

2. Have a concise and well-thought-through plan of action 

In order to make it big in the global market, you must first aspire to become the industry leader on your home turf. For this, you need to inculcate agile thinking and learn to strike the right balance between prudence and recklessness.

While the tendency to make short-term strategies that yield quick results might help you bag several small victories, you will realize that this stance will not serve you well in your struggle to realize your overarching vision in the long haul. Conversely, directing your entire focus on winning a war waged on the frontiers while ignoring battles closer to home will amount to self-sabotage. 

Therefore, work on a plan with clearly identified goals for the next 30 days, the next 3 months, and the next 3 years. Gone are the days when long-term would imply vague aspirations for 10 years down the line. On a long enough timeline, everyone would be dead, so it’s important to have a shorter turnaround time for measurable goals.

3. Technology is your best friend

New-age leaders need to learn to prioritize technology from the get-go without fixating on the perfect product. You also need to stay abreast of technological advancements that are occurring at the speed of light.

Figuring out which innovation can be plugged into your business infrastructure can help you maximize the quality, efficiency, and effectiveness of your offering. This, along with incorporating the necessary changes based on user feedback, is the only proven way forward. Keep pivoting and experimenting, but never lose focus on the MVP.

4. Evolve with your customer base

No amount of marketing histrionics will yield the right results unless you listen to your customers. Learn to integrate customer feedback at every stage to make your product resolve a real-world problem, instead of the other way around – the sooner the better.

Also Read: Is Taiwan ready to become a global innovation hub?

Building a product first and trying to create an audience for it later is the quickest way to the business graveyard. Solving real-life problems, and doing it effectively, will get you all the traction you need to stay on the winning side of the court. It will also get you further in the game on the back of enthusiastic word-of-mouth referrals.

5. Don’t obsess over competitors, but don’t ignore them either

Keep your rivals within your radar just enough for you to learn from their mistakes. However, do not look to them in the hope of chancing upon a way forward.

Your goal should be to build a better company by creating original differentiation, not ape the ones already existing in the market.

6. Execution is key

An idea is only as strong as its execution. Examine ventures outside your immediate industry niche that have a similar user behaviour, business model, etc. for out-of-the-box inspiration.

Supplementing your strategies with innovative work models will enable you to arrive at unique solutions to existing problems. Above all, never be afraid to fail. Fail fast, fail better. Learn from your mistakes, and get back to the drawing board every single time.

7. Sustainability trumps everything

Treat external funding not as an end goal, but as a means to an end. Ultimately, everything will boil down to whether you are able to create value for everyone involved – be it your clients, your employees, and other stakeholders, or yourself.

Also Read: Creating an employee engagement strategy that works

When you have checked all of these boxes and then some, consider yourself prepared to spearhead an effective expansion drive overseas.

While no amount of preparation can eliminate 100 per cent of the problems that you may face, a strategy-backed execution will help tide over the challenges with relative ease. After all, never has a sailor conquered a sea without setting sail.

And so, bon voyage!  

–

Editor’s note: e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

Join our e27 Telegram group here, or our e27 contributor Facebook page here.

Image Credit: Brett Zeck

This article was first published on October 1, 2019

The post Creating a global market for your business and what it takes to grow one  appeared first on e27.

9 Lives Interactive, an independent game studio, has secured US$3 million in a funding round led by Mechanism Capital.

Delphi Digital, Sfermion, 3Commas Capital, Momentum 6, Kosmos Ventures, Devmons GG, and CSP DAO also joined.

The investment will be used to develop 9 Lives Interactive’s debut title, Nyan Heroes, a next-generation hero shooter game and cat-inspired IP to drive mass adoption.

Also Read: How the right ecosystem partners can propel Web3 games in the next market cycle

Founded in 2021 by industry veterans from leading studios, including EA, Bungie, and Ubisoft, 9 Lives Interactive utilises cutting-edge Unreal Engine 5 and blockchain technology to revolutionise the gaming industry.

Its debut title Nyan Heroes is a team-based, objective hero-shooter featuring quirky cats who pilot powerful mechs in competitive battles to save the world. Players select from eight guardian classes and use unique abilities and agile, feline-inspired movement to secure objectives and defeat opponents.

Mechs are customisable via an innovative “augment weapon” system, providing a wide range of play styles and opportunities to express high skill levels.

Currently, in pre-alpha, Nyan Heroes claims to have seen over 13,000 signups following its recent announcement of its early access launch.

Also Read: Web3 games should aim to have sustainable tokenomics, ecosystems: Froyo Games’s Douglas Gan

“Nyan Heroes features bleeding-edge technology, including the capabilities of the Unreal 5 engine and blockchain, to support true asset ownership in a thriving creator economy. We believe that this is the next evolution, where cute cat heroes give this genre mass appeal, which will lead to both Web2 and Web3 player adoption,” said Max Fu, Creative Director and CEO of 9 Lives Interactive.

—

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.

The post 9 Lives lands US$3M to develop hero-shooter game featuring quirky cats appeared first on e27.

e27 has been dedicated to nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights.

As part of our ‘Contributor Spotlight’, we spotlight an outstanding contributor and dive into the vastness of their knowledge and expertise.

In this edition, we explore the journey of Daniel Tan, Founder of FindTheLoan.com, Singapore’s first loan marketplace. Since publishing his inaugural thought leadership article with us in 2018, Tan’s subsequent articles have amassed over 10,000 views.

Thoughts, goals, and journey

Having experienced two layoffs from banking roles during the 2008 mortgage crisis, Tan decided to explore entrepreneurship. Despite uncertainty about the business idea, he immersed himself in tech strategies, including defensibility moats, walled gardens, engineering marketing, coding, and digital marketing.

Transitioning to the insurance industry post-banking, Tan became an assistant agency leader, eventually co-founding a mortgage loan agency with colleagues. His interest in improving the loan process was sparked in mid-2019 when a friend sought help assembling a team of loan brokers. Recognising the persisting manual, slow, and error-prone nature of the industry, Tan envisioned a solution.

The onset of the COVID-19 pandemic intensified the need for streamlined loan processes. Tan observed brokers selectively serving borrowers based on loan size and increasing fees for perceived complex cases. Motivated by this inefficiency, he conceived the idea of a loan marketplace connecting borrowers directly to multiple lenders with a single application, eliminating intermediaries.

“Honestly, I don’t know if I have a particular expertise. When it comes to loans, loan brokering, engineering, and so on, many people know so much more than I do. Previous attempts to solve this problem in my industry were all by specialists. Being a generalist was, in my opinion, the reason I understood the needs and works of lenders vs borrowers vs brokers and to marry and design an end-to-end product,” said Tan candidly.

Also Read: Karen Kim: Leveraging design thinking for efficient decision-making in data management

In observing trends within his industry, Tan noted a growing awareness among venture capitalists and fintech companies of the existing credit gap, particularly for SMEs, which had persisted since the subprime crisis. Recognising the emergence of numerous fintech lenders, he pondered the challenge of efficiently connecting borrowers with these lenders while minimising friction in the process.

Furthermore, Tan observed a surge in startups and solutions focusing on KYC/AML processes, alternative credit assessment data, and AI application in credit scoring. However, amidst this growth, he contemplated the potential impact of increasing concerns regarding data privacy on these industry players.

Advice for budding thought leaders

Tan believes the best approach to making connections as a thought leader is understanding others’ perspectives and concerns, ensuring that your writing resonates with them.

“For instance, my recent article was on objection vs rejection. Having also been through it myself, I was prompted to write it after a friend lamented to me about how someone rejected him. I believe most founders are open to genuine feedback, but not from those who were not listening and probably just wanted to look smarter by being critical. Reading many articles each day from various sources and observing how leaders frame their words and thoughts also taught me a thing or two.”

Juggling too many things?

Reflecting on his approach to maintaining work-life balance, Tan remarked, “Balancing work and personal life can be challenging, especially for founders starting from scratch. Often, sacrifices must be made, with social life being the first to be trimmed down. Despite this, I’ve found a way to blend both worlds by offering advice to friends on their startups. While I wouldn’t label it as mentoring, it allows me to intertwine work with personal connections, offering face time with friends beyond the usual business circles.”

Also Read: David Kim: Championing entrepreneurs, shaping the future of innovation

Staying in the loop

For staying updated on industry developments while on the move, Tan relies on e27 and Google Alerts.

In recommending resources for keeping abreast of industry trends, Tan suggests following his blog, which provides detailed insights on selecting loan types, comparing offers, and exploring various financing options like VC, angels, and crowdfunding. For startups, he recommends two books: Venture Deals and The Matchmaker.

“Starting up can be extremely tough. I keep my loved ones’ photos on my desk, and my laptop wallpaper is filled with inspiring quotes, like my favourite from Ray Kroc, who transformed McDonald’s into what we see today: ‘Nothing in this world can take the place of good old persistence. Talent won’t. Nothing’s more common than unsuccessful men with talent.’ Often, starting up can be the toughest challenge one would ever understand. Having the courage to keep going is the number one skill I believe matters above all else,” Tan concluded.

—

Are you ready to join a vibrant community of entrepreneurs and industry experts? Do you have insights, experiences, and knowledge to share?

Join the e27 Contributor Programme and become a valuable voice in our ecosystem. 

The post Daniel Tan: Banker turned fintech founder, finding opportunity in crisis and market inefficiency appeared first on e27.

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

Retail and wholesale commerce play pivotal roles in fostering economic equity, especially in a diverse and populous country like Indonesia. These sectors serve as conduits for distributing goods and services across various regions, thereby creating opportunities for small and medium-sized enterprises (SMEs) to thrive.

By engaging in retail and wholesale activities, local businesses gain access to larger markets, enabling them to compete with larger corporations. This dynamic not only encourages entrepreneurship but also empowers marginalised communities by providing them with avenues for economic participation. Moreover, retail and wholesale sectors generate employment opportunities at multiple levels of the supply chain, from producers and distributors to retailers and service providers, thereby contributing to income redistribution and poverty alleviation.

Also read: Leading end-to-end property platform in Indonesia will share insights at Echelon X!

In Indonesia, where socioeconomic disparities are prevalent among its diverse population, the retail and wholesale sectors serve as engines of economic inclusivity. These industries facilitate access to essential goods and services in both urban centres and rural areas, bridging the gap between regions and socio-economic classes. Additionally, the presence of vibrant retail and wholesale markets encourages innovation and diversification, as businesses strive to meet the diverse needs and preferences of consumers.

Government policies that support the growth of these sectors, coupled with investments in infrastructure and technology, can further enhance their role in promoting economic equity by ensuring efficient distribution networks and enabling greater market access for all stakeholders. Ultimately, a robust retail and wholesale ecosystem is essential for fostering sustainable and inclusive economic development in Indonesia.

Challenges faced by retailers in Indonesia

Individual retailers operating in the retail and wholesale space encounter various challenges that can impede their success and competitiveness. One significant hurdle is intense competition from larger retail chains and e-commerce platforms, which often have greater financial resources and marketing capabilities. This competition can make it difficult for smaller retailers to attract customers and maintain profitability.

Additionally, rising operating costs, including rent, utilities, and labour expenses, pose significant challenges for individual retailers, particularly in urban areas where overhead costs are high. Moreover, fluctuating consumer preferences and market trends require retailers to constantly adapt their product offerings and marketing strategies, which can be daunting for smaller businesses with limited resources and expertise.

Also read: SAFE STEPS D-TECH Community Hub is leading the way to a resilient future

Finally, navigating complex regulatory frameworks and compliance requirements, such as taxation and licensing regulations, adds another layer of difficulty for individual retailers, further hindering their ability to thrive in the competitive retail landscape. All of these complexities pull focus from the arduous day-to-day operations that are already very demanding to your average everyday retailer, particularly when it comes to both acquiring and distributing products and merchandise.

To address these challenges, SuperApp is the first social commerce platform in Indonesia that is ISO 9001:2015 certified and aims to solve economic inequality across cities for Indonesia’s future economy. SuperApp is one of the top YC companies, which oversees the main feature, SuperAgen, an agent-led commerce feature that enables community leaders to become retailers within their communities.

How SuperApp is balancing impact, technology, and sustainable growth in Indonesia

By empowering community leaders to become retailers through SuperAgen, the platform not only facilitates economic participation at the grassroots level but also fosters a sense of community-driven commerce.

Achieving ISO 9001:2015 certification underscores SuperApp’s commitment to quality and efficiency, which are crucial for building trust among users and stakeholders. As one of the top Y Combinator (YC) companies, SuperApp likely benefits from access to resources, mentorship, and networking opportunities that can further fuel its growth and impact.

Overall, SuperApp’s focus on social commerce and community empowerment has the potential to make significant contributions to Indonesia’s economy and society. How do they do it? Learn all about SuperApp’s story straight from the source.

Happening on May 15 to 16 at the Singapore EXPO, Echelon X will feature a dedicated fireside chat entitled “Balancing Impact, Technology, and Sustainable Growth in Indonesia: How SuperApp Does It,” featuring Steven Wongsoredjo, CEO and Co-Founder at SuperApp (YC W18).

Also read: Echelon X introduces the Growth Stage: A dedicated platform for startup growth

Bringing experience from previous roles at Aplikasi Super (YC W18), Permias Washington DC and UNICEF. Steven Wongsoredjo holds a 2015 – 2016 Master of Science (MSc) with a 3.98/4.00 GPA in their field at Columbia University in the City of New York. He also holds a Bachelor of Science from Johns Hopkins University with Magna Cum Laude honours. With a robust skill set that spans Marketing Management, the Gaming Industry, Public Speaking, Accounting, Economics, and more, Steven Wongsoredjo contributes valuable insights to the industry.

The fireside chat will be moderated by no other than Aaqib Alvi, Country Manager for Sustainable Living Lab.

Aaqib Alvi is committed to providing global program management for their client, Intel, where he serves on the frontlines of the AI revolution, deploying cutting-edge technology to national governments in over 35+ countries. His passion for using AI to bridge the technical gap and empower non-technical populations has driven him to work on sustainable development goals by providing sustainable innovation consultancies to MNCs and communities.

With over 12 years of experience in the education-technology sector, Aaqib Alvi has honed his expertise in STEAM learning for students. His knack for developing strategies for education startups and facilitating the adoption of innovative products and learning environments has been recognised by educators and learners alike. Aaqib Alvi is renowned for delivering dynamic and engaging presentations on the power of STEAM learning and how it can be used in any subject to strengthen learning.

Join us at Echelon X!

Gear up for the premier tech and innovation conference as Echelon X kicks off on May 15th and 16th, 2024, at the Singapore EXPO. This dynamic event will bring together industry leaders, visionary entrepreneurs, and groundbreaking startups from all corners of the region for two packed days.

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!

The post Sustainable development through empowering commerce in Indonesia appeared first on e27.

Singapore-based OKX Ventures, the investment arm of global cryptocurrency exchange and Web3 technology company OKX, has invested an undisclosed amount in DLC.Link, which harnesses the power of Discreet Log Contracts (DLCs) to establish a trustless bridge between Bitcoin and Ethereum.

DLC.Link aims to bring the power and innovation of DeFi to the Bitcoin ecosystem without compromising on security, decentralisation or user experience. It partners with institutions (called dlcBTC Merchants) to mint dlcBTC, a decentralised wrapped Bitcoin. Unlike other forms of wrapped Bitcoin, dlcBTC does not require Bitcoin deposits to be held with a custodian or bridged to a separate blockchain.

Also Read: OKX Ventures leads investment in Web3 venture studio BeWater

To mint dlcBTC, Bitcoin depositors self-wrap by locking their collateral into a DLC, which can only pay out to the original depositor. Thus, dlcBTC provides a theft-proof protocol, in that Bitcoin deposits cannot be lost through hacks, theft or fraud.

Furthermore, since only the original depositor can retrieve funds, dlcBTC is more resistant to censorship than current forms of wrapped Bitcoin.

Aki Balogh, co-founder of DLC.Link, said: “wBTC has reached Top 15 token status, despite its centralised custody model. In contrast, dlcBTC is the only wrapped Bitcoin that is minted from self-custody. DLCs, which were added to Bitcoin in 2021, enable a theft-proof wrapping mechanism without the need to introduce a bridge or L2 chain. dlcBTC will boost the adoption of Bitcoin in DeFi and has the potential to become a Top 10 token.”

With an initial capital commitment of US$100 million, OKX Ventures focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.

Also Read: OKX Ventures backs Web3 interoperability infra firm Polyhedra

Early this week, OKX announced that its Singapore subsidiary OKX SG received in-principle approval for a Major Payment Institution License (MPI) in Singapore. The licence allows it to provide digital payment tokens and cross-border money transfer services in the city-state.

The company looks to build a locally tailored suite of products and services.

—

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.

The post OKX Ventures invests in Bitcoin DeFi protocol DLC.Link  appeared first on e27.

Funding into female-led startups in Southeast Asia (SEA) saw a 42 per cent y-o-y drop in 2023, according to Tracxn research.

Woman-led startups in Southeast Asia raised US$480.8 million in 2023, compared to US$831.9 million last year. The downturn was not confined to a specific sector or geography but across diverse sectors and geographical locations.

Also Read: Meet the 27+ women headline-makers in the Southeast Asian tech startup ecosystem

2021 saw the highest funding by female-led ventures, raising US$1.2 billion. In that year, funding surged across all stages. While the late-stage funding rose by 626 per cent, early and seed-stage funding increased by 137 and 90 per cent, respectively.

In 2021 and 2023, the highest funding was observed in the late stage.

In 2022, the bulk of the funding came in the form of early-stage deals. Late-stage funding declined 66 per cent in the year, while early-stage and seed-stage funding rose 61 per cent and 47 per cent, respectively

Southeast Asia is home to over 1,700 startups with at least one female co-founder. There are 657 funded women-led startups, of which 14.3 per cent have progressed to the Series A stage and 1.8 per cent to Series C or beyond.

In Southeast Asia, Singapore dominates the female-led startup landscape, with US$3 billion in funding raised across 380 rounds to date. Jakarta secured US$935.9 million through 106 rounds, while Cyberjaya’s female-founded ventures received US$86.3 million across ten rounds.

Also Read: Buy from her: Elevating women’s entrepreneurship

Singapore has 936 woman-led companies, followed by Jakarta (173 companies) and Kuala Lumpur (107).

The city-state ranks seventh in the world in terms of funding raised by women-led startups to date.

—

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.

The post Funding into SEA’s female-led startups falls 42% to US$480.8M in 2023: Tracxn appeared first on e27.

Going over the list of portfolio companies of Soul Ventures is guaranteed to keep one impressed, especially with the appearance of familiar names such as OpenAI, Reddit, SpaceX, and Neuralink.

Apart from those companies, the firm has also invested in Asian companies such as online real estate marketplace Anjuke. It also works closely with various LPs based in Singapore and Taiwan, going in on deals together like a recent investment into AI company Cohere.

Founded in 2021, Soul Ventures focuses on growth-stage investments in frontier tech, AI, and consumer tech. Led by founder and GP Warren Hui, the Hong Kong-based firm bridges the US and Asian markets for its portfolio companies. With extensive ties throughout Asia and the US, Soul Ventures has been instrumental in helping companies in both regions grow and expand internationally, especially in the AI space.

Hui explains to e27 the firm’s notable investments and major regional plans in this email interview. The following is an edited excerpt of the conversation.

You have invested in some of the most notable names in the industry today, such as SpaceX and OpenAI. Can you tell us about what first drew you into these companies? What are the factors that you look at when assessing them?

For us, we always start with the bigger picture thematically. What are the biggest disruptions that might happen in the next 10 years? So, for example, we believe AI will be a technology that will disrupt all industries. So we take AI, and then we distil it down into the medium term and the long term: What industries will be disrupted first using AI? We strongly believe that consumer and enterprise productivity will be a big market that will be disrupted immediately.

Also Read: Building resilience against cyber attacks in ASEAN through data

Our team then researches and contacts numerous AI companies in order to understand each founder’s vision. We invested in OpenAI because the team is one of the most talented in the world and has done much of the research that lays the groundwork for AI today. They’ve also created a strategic plan to commercialise and bring their tech to the masses quickly.

What lessons do you learn from supporting these companies?

For our portfolio companies, our biggest value-add is to help them expand into Asia, especially Southeast Asia.

Given a large number of our portfolios were founded in the US, their user base is generally in the US as well. To help startups bridge the gap between regions, there are a lot of cultural nuances that we help founders understand. The way users interact with tech and understand different companies is extremely different between regions, and localisation is key.

We have learned that to help tech companies become truly global the business itself has to be fluid and agile, adapting to user needs constantly.

What is your investment philosophy? What sets you apart from similar VCs?

We want to invest in companies that disrupt the most lives and build a better future for all of us. We genuinely believe technology is a tool to improve people’s daily lives.

Compared to other VCs, our team has both entrepreneurial and operational backgrounds, which enables us to understand first-hand the pain points founders have to go through and then dig in and help them in as many ways as possible.

Also Read: Beyond the draft: Why AI won’t save fiction authors (yet)

What are the factors that you are looking for in a potential investment?

It always starts with the team and the founder. Many startups may get their market fit or product wrong initially, but a great founder can pivot the business and lead a team to success.

We love founders who are visionaries, and especially those with a vision that is so big it seems impossible.

Can you tell us more about the areas and regions you focus on? What strategy do you use to approach these regions? Any interesting insights that you can share with us?

Our primary focus is the US and parts of Asia, such as Southeast Asia (SEA), Taiwan and Japan. Given that my partner has invested in Asia for decades (he backed Tokopedia before it became GoTo and IDN Media, to name a few), we are actively sourcing investments in this region.

I think that, in any region, we always go to places that attract talent. So, in the US, it would be Silicon Valley and now Austin, Texas. We see a lot of AI application-layer companies being built in SEA and invested in an AI infrastructure company out of Taiwan.

We believe that where the most talent is based, ecosystems will naturally be built around the area to help startups succeed.

What is your major plan for 2024?

We will continue to focus on AI. We believe that apart from foundation models – infrastructure and application layer companies will be most interesting.

Consumer internet has always been our focus, so we want to find companies in this space that use AI innovatively. We also want to explore more into robotics and space technologies which we believe will be huge in the next decade.

—

Image Credit: Soul Ventures

The post Why Soul Ventures Founder Warren Hui seeks founders with a vision “so big it seems impossible” appeared first on e27.

If I had to summarise what the first year of AI-enabled writing did, it is this: writer’s block is dead and buried. There can no longer be an excuse not to write.

With the death of writer’s block, we have seen a new generation of tools being created to replace the Microsoft Word-style text processor. AI is also a critical challenge to more sophisticated writing tools, like Scrivener, which had been widely considered a top choice for organising and drafting novels.

The new generation of AI tools (at least the useful ones) have fallen into largely two categories:

• Base tools: ChatGPT with its different models and Claude.
• “Dedicated” tools: Popular ones include Sudowrite and Novel AI, with the latest addition, Novel Craft, being praised as perhaps the breakthrough many AI-positive writers were waiting for.

Personally, as I enter the sixth month of my experimentation at the intersection of fiction writing and AI, I have stuck with the base models by and large. I have currently transitioned from using Scrivener to Notion to handle my manuscript, keeping open the two chatbots mentioned on the side to help as developmental and line editors.

The main reason for sticking with base tools has been that I have been doing a lot more AI-assisted editing than drafting, which dedicated tools like Sudowrite don’t seem to be designed for.

(Side note: I have been working hard at revising my second novel, Path of the Nemesis. Once done with that, hopefully by Christmas this year, I will be diving into the revision, redrafting and publishing of my third novel, a 160,000 words beast which I originally wrote during the pandemic in 2020. Crazy times!)

I believe that by the time I start my first entirely new project, likely sometime in the second half of 2024, I will be seeing some really exciting dedicated tools, having reached the level of sophistication needed to make them worth the change in workflows.

Also Read: AI assistant or replacement? A PR pro’s take on using ChatGPT

That being said, I wanted to write this post today to share my view that while the death of writer’s block is a fantastic development, the fundamental challenge facing writers remains financial sustainability through connecting stories with eager audiences. That truly existential issue, so far, has gone unaddressed.

Gold-diggers and shovel-sellers

As an entrepreneur, I spearheaded Storya, a writing startup that wanted nothing less than to disrupt the Amazon stranglehold on fiction self-publishing with generative AI tools. I know firsthand the frustrations writers face in commercialising creative passion, and I put my blood and sweat into seeking solutions to the problem.

Storya failed, unfortunately, as I have written about here and elsewhere, but I continue to look with hope at what others are building in the “AI + fiction” space. Of course, I also keep brainstorming on new tech projects that may help me achieve my original goal.

But what I am broadly seeing in our current AI “gold rush” are writing tools that excel at building upon ideas but fail to help locate buyers. Most of the tools I mentioned (and the hundreds of copycats out there) are the classic creations of “shovel-sellers”, a reminder that we are very much in the middle of yet another hype cycle.

I think many authors right now, mesmerised by utopian visions of automated writing riches, neglect the pillars of professional authorship – editing, publicity, and rights management. The harsh truth: thinking that “publishing” as a life choice stops at typing “The End” in one’s manuscript is, unfortunately, delusional. I have long suffered from the same delusion myself!

My key issue with the current crop of AI tools, more specifically, is that there is an implicit philosophy behind their designs, namely that with quantity, success will come. While that could potentially be true, volume alone is a guarantee of precisely nothing when it comes to building a sustainable creative income.

Also Read: What did we learn from failing to raise VC funding?

This means that one year into the AI revolution, it is as good a time as ever to expand our sights beyond drafting for the sake of drafting.

We need to find ways to leverage the massive potential of AI for solutions that take fiction works from inception to market fruition — streamlining editing, production, marketing and distribution. Rather than solely stripping away creative barriers for the initial writing stages, we need to think strategically about what it means to build a writing career.

In short, we must innovate across the entire publication value chain. As my Co-Founder Praveen has correctly pointed out, it will be a sad world if all we are outsourcing to AI are the parts that make us most human, like creativity, while we are still stuck with the far less inspiring parts, like pricing, copyright, licensing, marketing, sales, social media management, and more.

That’s the innovation I want. And I think that is the conversation that really needs to happen. At least, I am very much ready for it.

AI is unleashing creativity, I truly believe that. But the future of AI in fiction must have financial rewards interwoven with this imaginative abundance.

If you are keen to make it happen, hit me up!

This article originally appeared in the newsletter Code Red for Writers.

—

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Adobe

The post Beyond the draft: Why AI won’t save fiction authors (yet) appeared first on e27.

Singapore-based crustacean meat startup Shiok Meats has merged with cultivated seafood company Umami Bioworks.

The details of the merger are undisclosed.

As per a news report, Umami Bioworks, led by CEO Mihir Pershad, will spearhead the merged entity. Shiok Meats’s co-founder and CEO Sandhya Sriram will depart.

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

The Shiok Meats brand will be retained, and its employees will join Umami Bioworks.

This merger comes at a time when regulatory approvals and commercialisation are on the horizon for the cultivated seafood industry, with Umami having already submitted initial regulatory documents and secured preliminary customers. The combined entity plans to leverage its strengths to expedite these processes.

Umami will continue the work Shiok Meats has done on cultivating crustacean seafood, including lobster, shrimp, and crab.

The initial market launch will likely involve hybrid products, combining cultivated fish cells with plant-based ingredients.

The merger is expected to enhance Umami’s go-to-market strategy, broaden commercial opportunities, and accelerate regulatory approvals. Integration efforts are underway, with plans to consolidate resources and establish dedicated centres for cell lines, media, and bioprocess research and development.

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

Founded in August 2018 by stem cell scientists Sriram and Dr. Ka Yi Ling (CTO), Shiok claims to be the first cell-based meat company in Southeast Asia and the first and only cell-based meat company working on shrimp. It is working to bring cell-based crustacean meats (shrimp, crab, lobster) to the kitchen. Its meats are cruelty-free, healthy, and better for the environment with the same taste and texture and more nutrients than their traditional counterparts.

The startup stands out from other cell-based meat production companies because of its proprietary technology that isolates stem cells from shrimp, lobster, and crab. Once the stem cells are harvested, the shrimp, lobster and crab meats are grown in nutrient-rich conditions, similar to that of a greenhouse.

In 2020, Shiok Meats raised US$12.6 million in a Series A funding round, led by Aqua-Spark, an investment fund focused on sustainable aquaculture.

Umami Bioworks (earlier known as Umami Meats) produces nutritious, affordable cultivated seafood. The startup claims its cultivated, not-caught seafood offers equivalent nutrition to traditional seafood and provides a delicious culinary experience free from heavy metals, antibiotics, and microplastics.

In 2022, Umami secured pre-seed funding of US$2.4 million co-led by Better Bite Ventures and Genedant.

—

 

The post Shiok Meats CEO Sandhya Sriram to step down after merger with Umami Bioworks appeared first on e27.