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

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

In this episode, we feature Sapna Chadha, Google’s Vice President overseeing business growth, strategy, and operations in the Southeast and South Asia Frontier. With over 25 years of global management and marketing experience, she is a founding member of Google APAC’s Diversity, Equity, and Inclusion Council, advocating for increased representation across the company.

Chadha shares his personal and professional journey in this episode of Contributor Spotlight.

The driving force

In discussing Google’s commitment to supporting startups and the motivation behind her participation in the e27 Contributor Program, Chadha remarked:

“At Google, we have programs such as Google for Startups to connect them with the right people, products and resources while sharing best practices to help them scale. When we launched the e-Conomy SEA Report 2023 in November, there were insights that I found helpful for SEA startups, including the use of AI solutions to leapfrog competition and carve a new future in the region as it can potentially be a US$1 trillion digital economy by 2030. Moreover, I have witnessed many moments across Southeast Asia of the region’s relentless pursuit of progress, including seeing a small hospital in Thailand use AI to optimise health diagnostics. This motivated me to contribute an article about my optimism about the future of Southeast Asia.”

Thoughts, goals, and journey

Chadha credits her mother, a role model in the tech industry, for shaping her interest in data and technology. During the early days, her mother, navigating a male-dominated field, juggled coding sessions and classes while caring for Chadha. The mother’s strength, dedication, and passion became a profound source of inspiration, influencing Chadha’s aptitude for data, information and technology.

“My mother was incredibly supportive when I decided to join Google back in 2014. Looking back at my journey with the company (It’s my 10th year this year!) I’m immensely grateful for the opportunity to work alongside remarkable teams to introduce impactful products and services that have touched the lives of millions across Asia Pacific,” she expressed.

Also Read: Izwan Zakaria: Navigating legal frontiers in the startup landscape

As the Vice President for Southeast Asia and South Asia Frontier over the past year, Chadha oversees business outcomes and growth in a diverse, innovative, and growing region. Leading a region characterised by diversity, innovation, and significant growth potential, she finds it incredibly exciting to spearhead operations in Southeast Asia — a tech-forward region that has showcased remarkable resilience in navigating challenges posed by the pandemic and macroeconomic conditions.

In observing the region, Chadha notes a notable trend where digital businesses increasingly leverage technologies like AI to achieve profitability. A Google Cloud survey reveals that 8 in 10 organisations anticipate significant industry changes or transformations due to AI, reflecting the rapid adoption witnessed in 2023.

“I shared in my contributing article how we are already seeing companies using AI-powered solutions for their advertising campaigns and as part of their business strategy. I was intrigued by Fairprice Group, which is using AI to help them with forecasting workload and manpower needs at each of their retail stores. I believe more companies will start turning to similar solutions in this new year to support automation and increase productivity across industries, generating greater value and further augmenting the region’s digital growth,” she said.

Looking ahead, challenges are diverse, but Chadha remains committed to the timeless mission of universal information accessibility. With AI advancements, she focuses on developing products catering to advertisers, communities, and the broader ecosystem. Personally, she aims to strengthen Prompt Engineering, embrace more Gen AI tools, and actively contribute to the industry.

Advice for budding thought leaders

For aspiring thought leaders, her foremost advice is to stay curious, be open to alternative viewpoints, and fearlessly challenge assumptions. This approach fosters the development of unique perspectives, contributing to a healthy environment of curiosity and growth within the startup community, especially amid the constant evolution of technologies.

Also Read: Tristan Chiappini: A decade of excellence in fintech and digital payments

Juggling too many things?

From her perspective, Chadha emphasises the importance of finding equilibrium amid work and personal life demands. Balancing responsibilities doesn’t necessarily mean a strict 50-50 split, but rather adjusting and finding equilibrium over time, allowing no single aspect to dominate and overwhelm others.

Staying in the loop

In her exploration of the digital landscape, Chadha expressed:

“We’re incredibly fortunate to live in a digital world where we can get information at the tap of our fingertips, and I enjoy keeping myself updated by reading insightful articles by tech leaders, entrepreneurs and industry experts who offer different perspectives.”

Chadha turns to The Neuron, Harvard Business Review, and Benedict Evans (an independent tech analyst) as her go-to sources for insights into AI trends and tools.

In her role as a business leader, Chadha finds value in listening to podcasts like The Verge’s Decoder, participating as a judge in industry thought leadership and awards and serving on boards to broaden her perspectives beyond internal work.

“What I’ve learned in my career is that growth happens when we avoid getting comfortable. I see careers as a jungle gym instead of ladders. I’ve been in roles where I had wondered if it was the right fit. When I took on the role of Chief of Staff earlier in my career, I had assumed that being behind the scenes may not fit me. But looking back, it was one of the jobs that I excelled in, and the experience really helped me to grow. It challenged my thinking and gave me access to executives who played an influential role in grooming my leadership style to date. So, I would always advise others to actively influence how your journey is and not just wait to be asked for the next thing,” she concludes.

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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 Sapna Chadha: Navigating Southeast Asia’s tech landscape and AI trends appeared first on e27.

Singapore-based Web3 advertising platform Linkko has received an undisclosed sum in a strategic round led by Web3 Media Ventures.

With the newly acquired funds, Linkko plans to focus on developing additional features, expanding strategic partnerships, and growing its user base.

Also Read: To leverage Web3 technologies, Web2 companies may start by building the right culture

Established in 2023, Linkko leverages on-chain analytics to provide advertisers with precise targeting capabilities. The LinkkoAds platform introduces a novel incentive system where targeted users are eligible to claim rewards for each advertisement viewed. These rewards range from a few cents to several US dollars per ad, creating an engaging and mutually beneficial experience for consumers.

Linkko’s targeting methodology is centred around public blockchain analytics, incorporating factors such as transaction type and volume, owned assets, including NFTs (Non-Fungible Tokens), and net worth. This approach results in the generation of hyper-targeted behavioural profiles, offering valuable insights to advertisers seeking more effective and personalized outreach.

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

The company emphasises that this targeting model caters to the needs of both Web3 and Web2 advertisers, showcasing its versatility in the rapidly evolving digital advertising landscape.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

The post Linkko attracts investment for its Web3 advertising platform appeared first on e27.

The Parentinc, a leading content, community, and commerce ecosystem for parents in Southeast Asia, has acquired Motherswork, a luxury retailer for mum, baby, and kids’ products in Singapore and China.

The terms of the deal remain undisclosed.

The acquisition will enable The Parentinc to expand its offline presence by opening up more Motherswork stores in key markets in the region, including Vietnam, where its flagship product Mama’s Choice will be distributed exclusively by Motherswork.

“This acquisition will enable Motherswork to expand its footprint into other countries in Southeast Asia through The Parentinc,” Sharon Wong, Founder and CEO of Motherswork, said.

Also Read: I don’t think true-blue text-based digital media companies exist anymore: theAsianparent Founder Roshni Mahtani

The deal comes even as The Parentinc is preparing to launch an initial public offering and on the heels of recent high-profile IPOs from mother and baby brands, such as First Cry and Mamaearth. Mamaearth’s current IPO valuation is set at US$1.2 billion, and FirstCry, which filed for IPO in December 2023, is anticipated to set its valuation between US$3.5 billion and US$3.75 billion.

Launched in 1998, Motherswork is a premier omnichannel retailer with two stores in Singapore and ten in China. It offers customers in every stage of parenthood a curated selection of over 300 brands, including Avent, Joolz and Stokke.

Headquartered in Singapore, The Parentinc has a reach of over 30 million users. The company also owns Webtretho (a leading online community platform for women, which it acquired in 2022) and Bé Yêu (an app for parents).

The Parentinc also owns and operates the direct-to-consumer brand Mama’s Choice, which manufactures and retails safe, natural, and Halal pregnancy, nursing, baby care, and household products that are designed and tested in Singapore for families in Asia.

Also Read: How theAsianparent aims to help reduce stillbirth rates in Southeast Asia

In 2022, The Parentinc received an undisclosed investment from LINE Southeast Asia Corp. Its other investors are Central Retail Corporation, East Ventures, Fosun International, Global Grand Leisure, JD.com, Mirae Asset-Naver New Growth Fund, Redbadge Pacific, SCB 10X, Tigris Capital, Vertex Ventures, and WHG Holdings.

The post The Parentinc acquires luxury retailer Motherswork to expand offline presence in SEA appeared first on e27.

Malaysia-based food startup Meals in Minutes has secured US$1.5 million in a seed round led by 500 Global with participation from an undisclosed private investor.

The startup will use the money to expand in Singapore and Malaysia and establish a presence in the UK. A portion of the capital will go into R&D to develop its selection of food products and build a marketing campaign.

“The funding will be focused on achieving key milestones such as successfully launching in the UK market, product development, and building a robust foundation for future growth across all markets,” said CFO Vin Vin Khu.

Also Read: Fixing food waste problem means less hungry people and a great economy

Launched in 2020 by Brandon Lim and Khiara Mia, Meals in Minutes serves vacuum-packed, ready-to-cook meals, allowing consumers to whip up a gourmet meal within 15 minutes. All meals are flash-frozen and individually portioned to reduce food wastage without genetically modified ingredients or additional artificial substances.

“Meals In Minutes was founded with the vision of simplifying cooking for individuals leading busy lives, offering them the opportunity to enjoy high-quality, clean, and nutritious meals without the associated hassle and requisite culinary skills. Additionally, recognising the considerable advantages of this concept, we anticipated its positive impact on business and cafe owners who aspire to provide food services but lack the necessary equipment and resources to operate a fully equipped kitchen,” said CEO Brandon Lim.

Integrating Meals in Minutes food products enables businesses to optimise kitchen operations, producing consistent gourmet meals. This is achieved without needing a fully equipped kitchen or employing a professional chef, thus overcoming the workforce dilemma without compromising quality.

Today, Meals in Minutes is available in Singapore across multiple online marketplaces, including GrabMart, Shopee, Redmart, and Amazon Fresh, in premium grocery stores, including FairPrice finest. It has also partnered with hotels in Singapore.

Also Read: MAEKO converts food waste into compost. Greta Thunberg should feel happy

Khiara Mia, Co-Founder of Meals in Minutes, added: “Our advanced meal kits not only offer sustainable solutions to F&B businesses but also tackle environmental concerns like food wastage and excessive packaging. We’re also collaborating with CleanHub to prevent plastic pollution by collecting plastic waste for every product sold. Sustainability remains a pivotal factor in shaping our future business strategies.”

The post Meals in Minutes bags US$1.5M to develop vacuum-packed, ready-to-cook meals appeared first on e27.

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

Establishing valuable connections with fellow startups, corporates, investors, and other ecosystem stakeholders is crucial for unlocking growth potential. Collaboration within the startup community promotes knowledge sharing, resource pooling, and the discovery of synergies that can propel innovation and development. Cultivating relationships with corporates and investors not only opens doors to funding opportunities but also provides access to valuable mentorship, expertise, and strategic partnerships.

This interconnected network within the startup ecosystem forms a resilient foundation, offering support, insights, and collaboration that accelerates the growth trajectory of businesses. In essence, the success of startups is intrinsically tied to their ability to build and nurture connections within this broader community.

Also read: Empowering businesses: Lalamove’s impact on local enterprises

With this ethos in mind, e27 is proud to announce the 2024 edition of Echelon! Happening on 15-16 May 2024 at the Singapore EXPO, Echelon X serves as a nucleus for visionaries, entrepreneurs, and investors, offering an unparalleled platform for meaningful connections and collaboration. Our mission is to foster tech ecosystem resilience by promoting deeper collaboration, sharing new knowledge, and driving collective innovation

Conference themes

With the promise of building a stronger, more robust ecosystem, Echelon X seeks to address present-day challenges faced by the Southeast Asian tech community by focusing on three key pillars.

1. Technological Advancements Enabling Agile Business Practices
   
   In the ever-evolving landscape of the tech world, the transformative potential of technologies such as AI, blockchain, and cybersecurity becomes increasingly apparent in enhancing resilience. 

   Artificial Intelligence, with its capacity for data analysis and pattern recognition, empowers organisations to anticipate and respond to emerging challenges proactively. Blockchain, known for its decentralised and secure nature, not only ensures data integrity but also establishes trust in transactions, crucial for navigating uncertainties. Cybersecurity, a cornerstone in safeguarding digital assets, becomes paramount as technological advancements continue. Beyond these technologies, the discussion extends to exploring agile methodologies that enable swift adaptation to changing circumstances.Adaptive leadership, equipped with a forward-thinking mindset, becomes essential in steering organisations through dynamic landscapes. Moreover, flexible business models emerge as a key component, allowing companies to pivot rapidly, capitalise on emerging trends, and seize new opportunities.

   This exploration not only underscores the importance of tech advancements but also emphasises the need for a holistic approach that incorporates innovative methodologies and adaptable strategies to thrive in the face of constant change.

2. Sustainability, Responsibility, and Collaborative Ecosystems
   
   In recognising the imperative of incorporating sustainable practices, our focus extends beyond a mere acknowledgement to a commitment to actionable steps that forge a resilient and sustainable future. 

   We delve into the profound impact that collaborations and partnerships between diverse stakeholders can have in effecting meaningful change. By fostering alliances across industries, communities, and governments, we aim to synergise efforts, pool resources, and collectively address the intricate challenges posed by environmental and social sustainability.Our exploration underscores the importance of a shared vision where progress is not measured solely by immediate gains but by the enduring well-being of future generations. Through these collaborations, we strive to establish a harmonious balance between economic growth and environmental responsibility, ensuring that strides toward progress are made responsibly and with an unwavering commitment to leaving a positive legacy for generations to come.

3. Fostering Creativity and Future-Proof Talent
   
   Encouraging individuals to think outside the box is at the core of our approach, advocating for a culture that champions creativity and curiosity as catalysts for addressing challenges and unlocking new avenues for growth. We believe that fostering an environment where unconventional ideas are not only welcomed but celebrated, cultivates a fertile ground for innovation to thrive. 

   Our emphasis extends beyond the ideation phase, delving into the practical aspects of building a workforce primed with the skills and mindset essential to embrace change. Through targeted initiatives, we aim to equip individuals with the agility, adaptability, and resilience needed to navigate the dynamic landscapes of today’s world.Our vision is to inspire a workforce that not only embraces change but actively drives innovation, turning challenges into opportunities and carving out new dimensions of success. By championing creativity and fostering a forward-thinking mindset, we believe in empowering individuals to become architects of positive change in their professional realms and beyond.

Get ready for Echelon X this 2024

Echelon X aims to bring together innovators, entrepreneurs, and industry experts to build a more connected ecosystem. The event serves as a nexus where individuals converge to engage in meaningful discussions, fostering an environment conducive to collaboration and knowledge exchange.

By collectively strengthening global relationships and partnerships, we aspire to propel the growth and sustainability of the tech landscape and contribute to the development of a robust ecosystem in Southeast Asia, creating a foundation that supports innovation, resilience, and the collective advancement of the Southeast Asian tech community.

Also read: StartupIN by Ingenico: A guide to in-store commerce success

As such, Echelon X offers a slew of benefits for interested participants that include focused and curated content stages that feature keynotes, panel discussions, and fireside chats covering trends, insights, and thought leadership conversations driving the Southeast Asia tech and startup scene.

The event also features The Marketplace which facilitates the buying and selling of technology and business services tailored to help companies with digital transformation and growth.

Echelon X will also be gathering government agencies assisting companies with inbound market access programmes and facilitating cross-border exchanges to drive seamless trade across the region.

Top 100 Growth Program

Of course, as one of its main features, Echelon X will include a bigger, bolder, and better TOP100!

The TOP100 Growth Program is dedicated to providing startups with the platform they need to sustainably expand across the region. In addition to facilitating connections with investors through platforms like e27 Pro Connect and Echelon, both online and onsite, our commitment to supporting startups has grown even more robust. Recognising the multifaceted needs of emerging businesses, we’ve broadened the TOP100 program to encompass a comprehensive array of services aimed at nurturing holistic growth such as mentorship through coaching, private events, media training, and business matching through our various programmes and partnerships.

Also read: e27 launches Startup Ecosystem Roundups for 2023

The 2024 TOP100 Growth Program will provide participants access to visibility, fundraising, insights, and business matching — all of which are cornerstones for business growth in today’s increasingly competitive market.

Join us at Echelon X!

Echelon X will be happening on 15-16 May 2024 at the Singapore EXPO. The two-day event will be joined by some of the most exciting ecosystem players and change-makers in the region. If you want to join us as a participant or an official partner, check out our official page. Let’s change the world together, join us at Echelon 2024!

The post Echelon X: 10 years of empowering the SEA startup ecosystem appeared first on e27.

Singapore-based health sciences VC firm SPRIM Global Investments has led the US$21 million funding round (equity and debt) of Australian biotech firm Prota Therapeutics.

The fresh funding will be used to advance the development of Prota’s peanut allergy remission oral therapy, PRT120, which is being prepared for the phase 3 clinical investigation.

The new investment will advance the chemistry, manufacturing, and controls (CMC), accelerate the path to an investigational new drug application (IND), and expand Prota’s executive management team to bring on board critical expertise in late-stage drug development and commercialisation.

“Our Phase 2b multicenter randomised controlled trial conducted by the Murdoch Children’s Research Institute (MCRI) showed that PRT120 is highly effective at inducing remission of allergy, and more importantly, leads to significant and clinically meaningful improvement in quality of life, compared with standard care (placebo treatment),” said Professor Mimi Tang, Founder of Prota.

Founded in 2016, Prota focuses on developing and commercialising oral immunotherapy treatments for food allergies. Headquartered in Melbourne, the company owns intellectual property that includes the food immunotherapy technology developed at the MCRI.

Also Read: Komunal lands US$5.5M in Series A+ round to digitalise rural banks in Indonesia

Prota is partially funded by OneVentures’s Healthcare Fund III, which received support from the Australian Commonwealth Government through the BioMedical Translation Fund initiative.

According to a report cited by Prota, the peanut allergy therapeutics market is projected to reach US$1 billion by 2030, growing at a compound annual rate of 10 per cent, partly due to the increasing incidence of peanut allergy globally. In the US, peanut allergy is the most prevalent food allergy in children, affecting 2.5 per cent of children.

SPRIM Global Investments in biotechnology, digital health and R&D service companies to commercialise the newest technologies and accelerate innovations that are the future of health around the world

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image credit: Canva

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Sanjay Sehgal is a seasoned entrepreneur, venture and angel investor, and philanthropist who currently serves as the Chairman and CEO at MSys Technologies.

As countries like India contemplate regulatory reforms for AI, Sehgal provides valuable insights into the ever-evolving landscape of AI and its ethical considerations and shares his perspectives on prioritising key principles that strike a delicate balance between safeguarding end-users and fostering the continual progress of the technologies.

Edited excerpts from the interview:

As countries like India consider drafting regulatory reforms for AI, what key principles do you believe should be prioritised to ensure a balance between protecting end-users and fostering the progress of AI technologies?

India should have a light touch while framing these laws because the recently launched Telecommunications Bill already covers stringent steps towards user privacy and protection. The country can also appoint specific advisories to fight the problems of deep fakes and AI-manipulated content.

Also Read: Experts advocate thoughtful regulation for the rapid rise of Generative AI

However, creating very strict laws like in the EU, for instance, can seriously restrict the scope of AI in India. The focus should also be on the big picture, where the government can work closely with tech companies to upskill the nation to use AI as a tool rather than demonise it for its pitfalls.

The recent lawsuit between The New York Times and OpenAI brought attention to the potential use of original content to train generative AI models. What ethical considerations should AI companies consider when developing and training their models, particularly concerning using copyrighted material?

Data is the atom with which the proverbial body of AI is created. So when Generative AI uses large amounts of data to train its model to share accurate responses within seconds, we must also understand that gathering such a quantum of data ethically is a challenge.

More such cases will come to light as ethics plays catch-up with the leaps of innovation, a common occurrence when any new technology is implemented. We simply learn only from our mistakes.

The solution should come from the creators, where specific teams are created to understand the sources of data collection, the intervention required to obtain them ethically, and experts who can advise on ethical means to source data. Eventually, only AI companies can resolve this by holding themselves to the highest standards.

In the context of generative AI, who should be responsible for ensuring that AI models are trained on data that adheres to ethical standards? Should this responsibility lie with the developers, regulatory bodies, or a combination of both?

AI developers and the experts running the company should create standard practices to source data ethically and maintain transparency about it. Regulatory bodies will attempt to create laws that protect both users and the data, but the nuances of AI are ever so dynamic and vast in nature; more comprehensive laws may only be formed in hindsight of an incident. At best, the bills can emphasise transparency to avoid such circumstances.

Privacy concerns have been raised, especially in generative models. How can regulations effectively address these concerns while allowing AI technologies to innovate and develop?

Each nation is racing to create its own version of bills to curtail the privacy concerns of AI.

The EU Act has taken a risk-based approach that creates a certain level of flexibility for Generative AI companies that fall in the low-risk category.

The UK has a pro-innovation approach that creates very broad outlines of framework around AI.

China, however, one of the first countries to enact relevant legislation, has very specific rules around Generative AI.

Also Read: AI companies raised record US$50B in 2023 globally: data shows

In a nutshell, while the experts may mull over an ideal scenario to address concerns over AI technologies, globally, innovation will not be stifled by any regulatory bodies. It is a race for innovation, and regulation will only develop effectively once the winners are announced.

Ownership of content generated by AI models is a complex issue. How should this be legally addressed to ensure fair compensation and acknowledgement for human or machine creators?

The current Copyright Act of 1957 in India does not address AI-generated content or acknowledge AI as an author. An important factor determining the work’s authority is originality, which is a wrong yardstick to protect content creators/coders that aid in creating the responses. The current debate around the world is about the ethical implication of naming AI as a person to protect content rights, but the real argument should not be about protecting the tool but the creators of the tool.

Arguably, there may be some protection under the term ‘derivative works’ that qualify protection if it introduces significant alteration to the original material, with the copyright holder’s explicit permission or by using works in the public domain. Again, this is a very restrictive term for a technology with myriad use cases. A unique terminology and set of regulations is required to protect the creators and the technology enabling such intuitive solutions.

With your VC and angel investor background, how do you assess the impact of legal battles between publishers and AI companies on the investment landscape for AI startups? What considerations should investors take into account?

Historically, every innovation met with legal challenges and privacy breach incidents that created awareness about the pitfalls of it in hindsight.

As an investor, I recognise AI as a great innovation tool. Still, the VC industry outlook demands tangible growth, sound business models and, more than anything else, a promised fast track of the product’s potential to be acquired by tech giants.

The rest are minor obstacles usually resolved if the company’s potential is unfettered.

As a philanthropist, how do you envision the responsible and ethical use of AI technologies contributing to societal well-being, and what initiatives or projects should be prioritised?

AI could be a means of distribution for bringing back the age-old practices of heartfulness or compassionate mindfulness. The art of well-being was conceptualised by our ancestors thousands of years ago, and it is now a forgotten practice.

The term ‘well-being’ is misused as an elaborate scam in current times to woo the masses into buying products that claim to improve their lifestyle. Considering Generative AI is one of the biggest platforms for disseminating information to the masses, it should be used to create proper information channels about well-being and taking care of mental health.

Also Read: ‘Bringing world-class AI talent into Singapore can substantially enrich the industry’

Also, its advent was for the technology to perform mundane tasks that would free us up for more philanthropic and self-development activities. Moreover, as a philanthropist, I would also urge looking at balancing the use of AI with real human intelligence in the south side of the world where human resources would continue to be more available at cheaper rates than using AI.

Considering the global nature of AI development and deployment, do you see the need for international collaboration in establishing standards and regulations for generative AI, or do you think a more localised approach is appropriate?

International collaboration is a desired outcome but not a practical expectation in the current geopolitical scenario. High income and labour wage disparity render this technology costly compared to the cost of hiring manpower. Also, AI is at its nascent stages, and it will take years of development and hyperlocalised solutions that can replace the manpower for mundane tasks while being cost-effective.

A unified outlook and implementation will eventually emerge as the technology evolves and our understanding of it with it.

The post ‘AI is a race for innovation; regulation will only develop effectively once winners are announced’ appeared first on e27.

A new survey has found that startup founders in the Philippines are pessimistic about the funding environment due to the sharp 40 per cent decline in local startup investments in 2023.

The average optimism outlook on funding opportunities scores 2.65 out of 5, according to the findings of the 2024 Philippine Startup Founders’ Outlook. The study was conducted by startup-focused communications firm Uniquecorn Strategies and market research firm The Fourth Wall.

Also Read: Book Excerpt: How chatbot threatens to upend an entire industry in the Philippines

The study paints a stark picture for Filipino startup founders heading into 2024 — a challenging funding environment and a strategic pivot towards profitability. This indicates a considerable shift in founder priorities driven by the current economic landscape.

The funding winter also influenced the lack of confidence of startup founders in their company valuations for 2024. Founders’ average valuation assessment score with their own startups stands at 2.65 out of 5, indicating expectations of lower valuations compared to 2023.

Given these conditions, 75 per cent of founders are now prioritising profitability over growth to reduce dependency on investor funding. For the next 12 months, 70 per cent have identified profitability as their top priority.

The necessity to ensure financial sustainability has forced founders to recalibrate their focus, underscoring profitability as a key objective. This is largely attributed to the dry funding climate and the short runway many startups face.

Meanwhile, improving customer experience and product development are also high on the agenda, garnering 55 per cent of responses each.

The survey, co-presented by The Fourth Wall, Bossjob, and Launchgarage, highlights that startup founders recognise two critical external factors impacting their funding prospects: the Philippines’s economic growth performance and government investment regulations.

Founders also weighed in on how helpful current government policies are for startups, rating them at 2.45 out of 5. Notably, 55 per cent say they could not identify any beneficial government policies, reflecting a negative perception of the government’s role in supporting the startup ecosystem.

Also Read: Driving financial inclusion in the Philippines: Why last-mile communities are key to winning the battle

When asked what the Philippine government could do to improve the funding environment, 70 per cent of the founders suggested an increase in investment in digital infrastructure.

Startup founders are moderately optimistic about the country’s economic prospects, with an average outlook score of 3.40 out of 5. Those who launched their startups during the COVID-19 pandemic (2019-2020) showed the least optimism. This group was particularly impacted by the economic downturns and uncertainties of the pandemic, which likely influenced their cautious outlook.

The survey also highlights the primary challenges facing founders in 2024. While profitability remains a significant concern for 55 per cent of them, raising funds is a close second at 50 per cent and 40 per cent struggle with talent acquisition. These challenges paint a picture of a startup community grappling with multiple fronts, from financial sustainability to operational growth.

Despite these challenges, there is a silver lining. A significant 55 per cent of founders expect their startups to become profitable within the next one to two years. Furthermore, 20 per cent of the respondents said they have already achieved it.

Looking towards long-term aspirations, most Filipino startup founders are setting their sights on international expansion, with 60 per cent of them particularly looking at neighbouring Southeast Asian countries as a new geographic market.

Dean Bernales, Founder and CEO of Uniquecorn Strategies, said: “While the immediate challenges in funding and valuation are evident, the founders’ focus on profitability and expansion indicates a proactive approach to navigating the complexities of the current economic climate.

The pandemic’s lingering economic impact continues to shape strategic decisions, with founders navigating a tightrope between growth aspirations and the harsh realities of funding. As 2024 unfolds, the Filipino startup ecosystem shows signs of balancing immediate pressures with long-term strategic goals,” he added.

The post Founders are pessimistic about Philippines’ funding climate in 2024: study appeared first on e27.

Dear reader,

VinFast is in top gear.

After announcing its expansion into India, the world’s second-largest electric vehicle market, the Vietnamese automotive major is all set to set its foot in Indonesia, another major EV market.

President Joko Widodo has greenlighted VinFast’s expansion into Indonesia, marking another significant milestone for VinFast.

VinFast, backed by Vingroup, plans to invest US$1.2 billion in Indonesia, allocating US$200 million for the EV manufacturing plant by 2026, targeting an annual production capacity of 30,000 to 50,000 units.

Jokowi’s commitment to facilitating investment procedures reflects a positive stance toward the EV industry’s growth in Indonesia. The collaboration between VinFast, Green and Smart Mobility, and Indonesia’s GoTo Group aims to promote four-wheel EV usage among Gojek drivers. This expansion aligns with VinFast’s global presence, including operations in the US, Canada, Germany, France, and the Netherlands, following its Nasdaq debut via a SPAC merger in August last year.

VinFast’s strategic move underscores the increasing importance of Southeast Asia in the electric vehicle market.

Sainul,
Editor.

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Grab injects US$109M more into digital banking subsidiary GXS Bank
GXS’ competitors include Sea Group’s MariBank as well as Trust Bank, which was formed through a partnership between Standard Chartered Bank and FairPrice Group; GXBank officially launched in Malaysia in November 2023.

VinFast gets greenlight from Indonesia’s Jokowi for expansion
VinFast aims to invest US$1.2B in Indonesia over the long term; This includes US$200M to build an EV manufacturing plant by 2026, with an anticipated production capacity of 30,000-50,000 units annually.

Japanese bioplastic startup Bioworks raises funding
Investors include Purpose VC, Hill Capital, 18 Salisbury Capital, and Yagi; Bioworks claims its carbon-neutral material PlaX can reduce CO2 emissions by 35% compared to polyester during yarn production.

Ex-GCash execs’ social commerce platform for collectibles Toki raises US$1.8M
Investors are Kaya Founders and Foxmont Capital Partners; Toki has featured over 70,000 products across its first four categories, onboarded 100 curated sellers and conducted 50 livestream auctions.

Mobile app spending reverses slowdown in 2023: report
According to Data.ai’s ‘State of Mobile’ report, consumer spending grew 3% to US$171B in 2023, while hours spent peaked at 5.1 trillion, a 6% year-on-year increase; In 2023, TikTok became the first non-game app to surpass US$10B in all-time consumer spending.

Google pulls Binance, other global crypto apps from India store
Financial Intelligence Unit (FIU), an Indian government agency that scrutinizes financial transactions, late last month issued show cause notices to nine crypto firms and alleged that they weren’t compliant with India’s anti-money laundering rules.

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In the rapidly evolving landscape of industrial technology, BR Tech emerges as a potential unicorn, poised to revolutionise the multi-hundred-billion-dollar industrial painting sector. Located in Ulsan, the automotive heartland of South Korea and home to Hyundai Motor, this company, led by CEO Kibaek Kam, exemplifies the transformative power of integrating traditional craftsmanship with advanced robotics and AI.

BR Tech’s journey, driven by Kam’s evolution from an automotive enthusiast to an entrepreneurial pioneer, mirrors the dynamic shift in the industry towards high-tech solutions. The company’s products, the Eco Painter — a state-of-the-art painting training simulator, and the Alpha painting robot, are at the forefront of this revolution.

The Eco Painter, utilising water instead of paint, provides a sustainable and cost-effective training solution. This innovation is particularly crucial in the current global context where there is a significant shortage of skilled painting professionals, positioning the Eco Painter as a game-changing solution to this widespread issue.

Meanwhile, the AI-powered Alpha robot is engineered to perform a variety of complex painting tasks that were traditionally only possible by highly skilled human artisans.

In this exclusive interview, we explore Kam’s entrepreneurial journey, the unique challenges and triumphs of merging traditional painting techniques with cutting-edge technology, and BR Tech’s ambitious vision.

This narrative is not just about technological innovation; it’s about seizing a major portion of a lucrative market ready for disruption and setting new benchmarks in an industry on the verge of a technological revolution.

Can you tell us a little bit about your journey to founding BR tech? What was your aha moment?

I have always been deeply passionate about automobiles, which can be traced back to my childhood. My interest was further highlighted during my university years when I won the gold prize at a domestic technical competition hosted by Hyundai and Kia Motors. This pivotal event not only showcased my affection for automobiles but also marked a significant milestone in my journey towards automotive innovation and expertise.

Now, after seven years in this entrepreneurial journey, BR Tech stands as a testament to my commitment to eco-friendly solutions. With our headquarters in Ulsan, the automotive mecca of South Korea, we specialise in battery packs and painting simulation equipment, highlighting our dedication to environmentally conscious practices. My leadership philosophy revolves around sustainable growth, increasing corporate value, and maintaining a strong focus on environmental stewardship.

What problems are you solving now?

Did you know that iconic luxury car brands like Mercedes-Benz, Rolls-Royce, and Ferrari still entrust the finishing touch of their vehicles to the skilled hands of artisans? In Korea, where the industrial coating market spans US$1.7 billion for automotive refinishing, US$4.2 billion for ship painting, and further billions in aerospace and corrosion protection, the contrast is stark. These figures, echoing the vibrancy of the Korean market, also highlight the challenges it faces: the scarcity of skilled painters and strict VOC emission regulations.

In response to these challenges, our endeavour is to bring the precision of robotics to the forefront of an industry steeped in tradition. As we pioneer this shift, we are not only addressing the immediate need for efficiency and environmental compliance but also preserving the essence of craftsmanship.

This is where technology meets tradition, ensuring that luxury vehicles — and indeed all coated surfaces — receive a finish that marries the best of both worlds. Our vision is to lead a transformative wave across Korea’s markets, proving that the future of industrial painting lies in the harmonious blend of the artisan’s touch with robotic innovation.

Are your revenue streams anchored in the sale of simulators and robots, and could you elaborate on your business model, particularly any future plans for scaling?

At BR Tech, we’re not just selling cutting-edge simulators and robots; we’re revolutionising the way small and medium-sized enterprises (SMEs) approach painting and finishing. Currently, our products are pioneering changes in educational institutions and are on the verge of transforming workflows in Hyundai Heavy Industries and global paint company training centres.

Looking ahead, our vision for scaling efficiently in the global market involves innovative models like leasing, rentals, or a rent-to-own scheme. These strategies are designed to lower entry barriers for SMEs, providing them with access to technology that was previously out of reach due to cost constraints. By 2024, with the launch of our advanced painting robots, we aim to begin pilot programs in Korean automotive refinishing shops.

Also Read: There is talent shortage in the e-motorcycle space in SEA: ION Mobility CEO

Imagine over 10,000 workshops in Korea, each with the potential to enhance their efficiency exponentially. Our robots, priced competitively against the cost of hiring even entry-level technicians, could accelerate business processes significantly. As we introduce leasing and rental options, we’re not just providing tools; we’re offering a lifeline for businesses to scale and thrive in an automated future.

With BR Tech’s bold strategies, the industry won’t just witness transformation; it will be a part of it. The future is not for sale — it’s for lease, rent, and ownership, all tailored to empower and expedite the growth of businesses big and small. Welcome to the new era of industrial innovation, where every company, regardless of size, can paint their success story with the broad strokes of automation and the fine lines of precision.

What sets Eco Painter, painting simulator and Alpha, painting robot apart from others?

In a field where precision and realism are paramount, our Eco Painter sets itself apart as a revolutionary painting simulator that operates in real space, providing a reality-based experience without the need for VR goggles. Unlike traditional simulators that create disconnection from reality, often causing discomfort and dizziness, Eco Painter utilises a proprietary 3D object display, making it the world’s first reality-based painting simulator. It enhances training realism by using water instead of actual paint and provides quantitative analysis of painting results, leveraging data on paint characteristics.

In the demonstration video of this product, water is used instead of actual paint to enhance the realism of the training. Additionally, it utilises data on paint characteristics to provide a quantitative analysis of the painting results.

Our Alpha painting robot, on the other hand, excels in its interface with technicians. It captures and processes the spray data developed by Eco Painter, efficiently transferring skilled painters’ expertise to robotic precision. Alpha addresses the automation challenges posed by the variety of paint jobs required across different substrates, which has been a barrier to technology adoption in the past.

It may not replace all painting technicians initially, but its intuitive interface allows for collaboration, gathering diverse data to refine Alpha’s AI system for optimal painting paths. Moreover, with specialised hardware optimised for painting environments, Alpha boasts cost-effectiveness unparalleled by traditional industrial painting arms. We’ve secured nine patents with ongoing applications to protect these innovations.

In summary, BR Tech is pioneering the art of painting with the precision of technology, turning the tides into a market ripe for innovation. We’re not just building machines; we’re crafting legacies of efficiency and excellence.

What is your vision for the future of BR Tech, including your key priorities?

At BR Tech, our vision centres on providing solutions through Eco Painter and Alpha in the automotive painting sector, with a broader commitment to benefiting humanity. Painting is essential across various industries, yet it poses health risks to workers and contributes to environmental pollution due to indiscriminate paint usage.

Our goal is to mitigate these issues, acknowledging that while computers and machines excel in data processing and precision, they cannot yet replicate the nuanced expertise and sensory perception of skilled human technicians.

Humans possess an incredibly sophisticated visual system, capable of seeing details as fine as 1 gigapixel, akin to the capabilities of NASA’s space observation cameras. This precision allows us to detect even minor paint flaws on new cars, sometimes leading to repair requests or vehicle rejection.

Skilled painters with even more acute vision apply their techniques in real-time, managing paint layers as thin as 10μm — finer than a strand of hair. They artfully control the angle of metallic particles in the paint to match colours perfectly, a process akin to an art form.

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Thus, our mission is to offer solutions in areas that are challenging for both humans and robots. We aim to expand not just in the painting sector but across various industrial and everyday life domains. Our vision is a future where technology complements human skills, creating a synergy that overcomes current limitations and opens new possibilities for efficiency, safety, and environmental sustainability.

What do you see as the biggest challenges in scaling your business and taking it to the next level? Could it be skilled talents, funding, sales and marketing, or anything else you currently find lacking?

Our most significant challenge lies in bridging the technical gap between the engineers developing Eco Painter and Alpha and the painting technicians. However, we’re fortunate to have a team composed of professionals who are both passionate and skilled in both areas.

Before founding BR Tech, I worked as a BMS embedded development researcher in the ESS field, but my background is in automotive engineering, and I’ve worked as a car service engineer. I also gained experience in a car tuning shop. During my university days, my love for cars led me to paint my first car and engage in activities like engine swapping, which might seem odd to the average person.

This unique blend of experiences and skills within our team makes us uniquely positioned to address challenges in fields like painting robotics swiftly. We don’t just have the technical know-how; we have a deep understanding of the automotive world, which allows us to innovate and adapt quickly to meet market needs. So, while there are challenges in scaling any business, our team’s unique composition gives us a distinct advantage in overcoming these hurdles and propelling BR Tech to the next level.

How do you plan to transform BR Tech into an overwhelmingly dominant global leader?

Our strategy to establish BR Tech as a global leader hinges on two key aspects: rapid market penetration by solving problems faster than others and leveraging the vast data accumulated through these solutions as a significant asset. We’re focusing on quickly addressing issues that our team is uniquely equipped to solve, allowing us to gain a foothold in the market and build a robust data backbone.

A critical part of this strategy is swift global expansion. We’re exploring partnerships with global financial institutions to offer leasing, rental, or rent-to-own programs, making our solutions more accessible worldwide. This approach not only expands our market reach but also diversifies our revenue streams, strengthening our financial foundation.

Also Read: Understanding the role of fintech, blockchain in transitioning to net zero

Additionally, we’re in the process of securing our next round of investment. Our focus is not just on equity investors but also on collaborating with international financial institutions that can provide growth capital. This will bolster our capabilities to scale, innovate, and penetrate new markets, setting us on a path to become a dominant force in the global arena. Our goal is to harness our unique strengths and strategic alliances, transforming BR Tech into a name synonymous with innovation and leadership in our field.

Last September, BR Tech won the Minister of SMEs and Startups’ Award for Excellence, the top prize, at an Online Export Company IR Pitching Competition. Can you share a bit about your preparation for this event and what contributed to your success?

Yes, it was indeed an unexpected and fantastic achievement. Our participation in the event was motivated by the importance of the global market. For our team, comprised of domestic developers, pitching on a global stage was one of the most stressful challenges we’ve faced since the inception of our company.

However, a serendipitous encounter with David Kim, a global startup coaching expert from Open C, changed our course. His guidance and assistance in crafting our pitch deck played a pivotal role in our success.

This experience underlined a valuable lesson that life is a series of fortuitous events. Winning this prestigious award not only validated our hard work and innovative approach but also reinforced the belief that with the right guidance and preparation, even the most daunting challenges can be overcome. This recognition has fueled our drive to continue pushing boundaries and striving for excellence in the global arena.

Could you elaborate more on BR Tech’s vision and priorities? Also, what are the biggest challenges you currently face in expanding and elevating your business, and how are you addressing them?

As an engineer-turned-entrepreneur, my vision for BR Tech has always been rooted in the belief that the technologies we aspire to implement are not just necessary but crucial for the market. This belief sometimes led to quick, perhaps premature, decisions about the company’s direction. It’s a common scenario many startups face.

However, I’ve learned that introducing a necessary innovation to the market and establishing it as a universal part of the industry’s culture is an even more formidable task than developing the technology itself. It requires not just technical prowess but a more strategic approach backed by substantial capital and collaboration with diverse partners.

To address these challenges, we are focusing on building strong market awareness and educating potential users about the benefits and applications of our products. We are also strategically aligning with key industry players and seeking collaborations that can help integrate our technologies into the existing market framework.

Additionally, we are constantly refining our business model to ensure it is robust and adaptable to the changing market dynamics. This includes exploring innovative financing options like leasing and rentals, which can make our technology more accessible to a wider range of customers.

In summary, our journey is about marrying technological innovation with strategic market integration. We’re not just creating cutting-edge products; we’re shaping an ecosystem where these innovations become integral to the industry’s growth and sustainability.

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The post BR Tech: A next unicorn transforming the global industrial painting landscape appeared first on e27.