(This article — first published on September 18, 2023 — has been updated with the details of the latest court order.)

In yet another blow to Nasdaq-listed Society Pass Inc., a US court ordered the data-driven loyalty company to pay US$1.08 million to its former CTO, Rahul Narain, for breaching his employment contract.

The latest judgement, delivered on December 26 by the Supreme Court of the State of New York (the US) on a lawsuit filed by Narain four years ago, comes over three months after the court directed the firm to pay approximately US$750,000 to the plaintiff. Narain had appealed to add a 9 per cent interest rate, which the court granted.

The final amount of US$1.08 million included ~US$749,190 (the value of the 130 company shares Narain is entitled as per the contract) with interest thereon at the statutory rate of 9 per cent per annum from September 4, 2019, until the entry of judgment in the amount of US$290,000.

Also Read: Ex-CTO drags Society Pass into court for “breaching employment contract”, seeks over US$1.3M in damages

“…Adjudged that Plaintiff Rahul Narain, residing at 15721 Berea Drive, Odessa Florida 33556 do recover of Defendant Society Pass Incorporated, with its principal executive office located at 701 S. Carson Street, Suite 200, Carson City, Nevada 89701: (a) the sum of $749,190.00 with interest thereon at the statutory rate of 9% per annum from September 4, 2019 until entry of judgment in the amount of $290,767.82; (b) the sum of $10,000.00 with interest thereon at the statutory rate of 9% per annum from September 1, 2019 until the entry of judgment in the amount of $3,888.49; the sum of $10,000.00 with interest thereon at the statutory rate of 9% per annum from October 1, 2019 until the entry of judgment in the amount of $3,814.52; (c) the sum of $10,000.00 with interest thereon at the statutory rate of 9% per annum from November 1, 2019 until the entry of judgment in the amount of $3,738.08; together with costs of $200 and disbursements of $480 taxed by the Clerk of the Court, respectively, making in all the sum of $ 1,082,078.91 and that the Plaintiff have execution thereon,” read the judgement.

The case concerns the employment contract signed between Society Pass and Narain in 2019. As per his complaint, Narain joined Society Pass as an advisor and consultant for a term of approximately three months in November 2018. The agreement said Narain — a highly experienced computer programmer and technology advisor and formerly the chief architect for IBM Mobile Appliance — would join the Vietnamese firm as its CTO at the end of the said term.

Both parties also extensively negotiated an employment contract in January 2019, following which Society Pass agreed to pay Narain a monthly salary of US$20,000, effective January 1, 2019. Half the salary would be paid initially, with the balance to be paid upon the closing of Society Pass’s Series C financing round.

In addition, the firm, originally from Vietnam, also agreed to pay Narain US$36,000 annually (US$3,000 a month) towards his healthcare expenses. This payment was also due upon the closing of the Series C round. Besides, Society Pass would pay Narain a Series C Bonus totalling US$350,000.

Furthermore, Narain was also entitled to 4 per cent of Society Pass’s common stock upon Series C closing. The parties agreed that these shares would be issued to him in multiple tranches quarterly, effective February 1 2019.

Also Read: US court orders Society Pass to pay pre-IPO shares to co-founder and ex-CMO; company under SEC probe

However, Narain accused the company of failing to honour the contract terms and pay him his earned salary compensation, bonus payments, healthcare reimbursements, equity awards, and severance pay.

Earlier in September last year, the court ordered Society Pass to award a significant block of pre-IPO shares valuing approximately US$6.61 million, with up to an additional US$2.38 million penalty interest, to its co-founder and former CMO Thomas O’Connor for the breach of the Common Stock Purchase Warrant.

According to court documents, Society Pass was being investigated by the US Securities and Exchange Commission (SEC) earlier this year.

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Embarking on global expansion is essential for entrepreneurs seeking to access new markets and customers, fostering revenue diversification and reducing market dependency. This strategic move enables innovation and collaboration with international partners, paving the way for the development of new products and services.

In order to successfully expand globally, entrepreneurs must carefully consider these factors so they can effectively navigate the challenges and maximise the benefits of global expansion.

Market research

Market trends, client prospects, and competition analysis are included. By understanding the target market, entrepreneurs can adjust their products and services to international clients’ needs. Market research also helps entrepreneurs discover cultural and legal impediments to global expansion and devise methods to overcome them.

Market research helps entrepreneurs identify the countries with the most potential for growth and profit. The target market’s size, purchasing power, competition, and demand for their products or services are assessed. Understanding target market potential helps entrepreneurs make smart decisions and manage resources to succeed in the global market.

Cultural differences can dramatically affect consumer choices, corporate operations, and regulations. Entrepreneurs can improve their products, marketing, and customer service by studying and adapting to a target market’s culture. This can greatly improve success and strengthen relationships with international clients and partners.

Legal and regulatory considerations

Legal and Regulatory Considerations are also crucial for entrepreneurs looking to expand into new markets. Every country has its own set of laws and regulations that businesses must comply with, and failure to do so can result in penalties or even the closure of the business.

Understanding and adhering to the legal framework of a target market is essential to ensure smooth operations and avoid any legal disputes. Additionally, entrepreneurs should also consider the potential challenges of intellectual property protection and trade restrictions that may exist in the new market. By navigating the legal landscape effectively, entrepreneurs can establish a strong, compliant presence in new markets.

• Researching and complying with international laws and regulations
• Understanding intellectual property rights and trademarks in different countries
• Evaluating tax implications and seeking legal advice if necessary

Financial planning

Financial planning is another important aspect for entrepreneurs to consider when protecting their intellectual property. This involves assessing the costs associated with acquiring and maintaining intellectual property rights, as well as creating a budget for ongoing protection.

Also Read: Surviving the storm: Singapore SMEs look to global expansion as recession looms

By properly planning and budgeting, entrepreneurs can allocate resources effectively and ensure that their intellectual property remains protected without compromising their overall financial stability. They may also explore options such as insurance or financing to cover the expenses related to intellectual property protection.

• Estimating costs associated with global expansion
• Assessing funding options for international expansion
• Creating a detailed budget and financial projections

Language and communication

Language and communication are crucial aspects to consider when expanding internationally. Entrepreneurs need to ensure that they have a strong understanding of the local language and culture in order to effectively communicate with potential partners, customers, and employees in foreign markets.

This may involve hiring translators or language experts, as well as investing in language training for staff members. Additionally, entrepreneurs should also consider the cost of translating and localising marketing materials and product documentation to ensure effective communication with international audiences.

• Considering language barriers and the need for translation services
• Developing effective communication strategies for international markets
• Hiring multilingual staff or outsourcing language-related tasks

Logistics and supply chain

When expanding into foreign markets, entrepreneurs must also consider the logistics and supply chain aspects of their business. This includes understanding the various regulations, customs, and shipping requirements in each target market.

It may be necessary to partner with local distributors or establish warehouses in strategic locations to ensure efficient and timely delivery of products. Additionally, entrepreneurs should carefully assess the costs and timeframes associated with shipping and transportation to maintain a competitive edge in international markets.

• Evaluating logistics and supply chain capabilities for international operations
• Choosing appropriate shipping methods and partners
• Ensuring efficient inventory management and distribution channels

Cultural adaptation

Cultural adaptation is crucial for entrepreneurs looking to expand their business into international markets. Understanding and respecting the cultural norms and values of the target market is essential for building strong relationships with customers and stakeholders.

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

This may involve adapting marketing strategies, product packaging, and even the overall business model to align with the local culture. It is also important to hire employees or work with local partners who have a deep understanding of the culture and can help navigate any potential cultural barriers.

• Recognising and respecting cultural differences in different markets
• Adapting products, services, and marketing strategies to suit local preferences
• Building relationships with local partners and stakeholders

Risk assessment

Analysing potential risks is a crucial step in ensuring the success of international expansion. Conducting a comprehensive risk assessment allows businesses to identify and mitigate any potential threats or challenges that may arise in a new market.

This involves evaluating political, economic, and social factors that may impact business operations, as well as conducting market research to understand competition and potential barriers to entry. By carefully assessing and managing risks, businesses can minimise losses and increase their chances of success in the new market.

• Identifying potential risks and challenges in global expansion
• Developing contingency plans for unforeseen circumstances
• Evaluating political, economic, and social stability in target markets

Human resources and talent acquisition

Human resources and talent acquisition play a critical role in the success of global expansion. Businesses need to identify and acquire top talent who can navigate the complexities of international markets and adapt to cultural differences.

This involves recruiting individuals with a diverse skill set and cultural intelligence, as well as providing them with appropriate training and support to ensure their success in the new market.

Additionally, businesses must also consider local labour laws and regulations to ensure compliance and avoid any legal issues that may arise. By effectively managing human resources, businesses can build a strong global team that drives growth and success in the new market.

• Assessing the need for local staff or expatriate employees
• Understanding labour laws and employment regulations in different countries
• Developing strategies to attract and retain global talent

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Southeast Asia-based companies raised US$108 million in capital across 19 funding rounds in December 2023, according to a report by startup research platform Tracxn. The number is approximately 57.5 per cent less than the amount raised by regional companies in November 2023 and 89 per cent less than the capital secured in December 2022.

December was the least funded month in all of 2023.

Also Read: Doctor Anywhere nets US$40.8M to deepen presence in secondary care

Early-stage investments (10) accounted for the bulk of the deals in December 2023, followed by seed-stage (8) and late-stage (1) deals.

The top deals in December 2023 were Doctor Anywhere (US$40.8 million), Igloo (US$36 million), LiveIn (US$8.3 million), RADC (US$5.41 million), and Klinik Pintar (US$5 million).

With three deals to its credit, 500 Global stood at the top, followed by Tai Partners (2) and Wavemaker Partners (1).

With US$2.5 billion, May was the most dominant month of 2023 in terms of the total funding raised, followed by October (US$731 million), February (US$640 million), July (US$608 million), March (US$580 million), and June (US$496 million).

Overall, the region’s tech startup ecosystem faced the effects of the funding winter in 2023. The startup industry received a total funding of US$4.3 billion in 2023 (till December 5, 2023), a 65 per cent plunge from US$12.4 billion raised in the same period in 2022.

Also Read: Fintech investments in SEA see record drop in Q3: Tracxn

Companies attracted late-stage funding worth US$1.9 billion in 2023, a sharp decline of 65 per cent from US$5.4 billion raised in the same period in 2022. Early-stage funding stood at US$1.9 billion in 2023 YTD, a 67 per cent drop from the same period in 2022. Seed-stage investments also fell 52 per cent to US$546 million.

The post With just US$108M raised, December was the least funded month in 2023: Tracxn appeared first on e27.

Dear reader,

In December 2023, Southeast Asia witnessed a significant downturn in fundraising, with companies securing $108 million in capital across 19 funding rounds, marking a 57.5% decline from November 2023 and an 89% drop compared to December 2022.

The month emerged as the least funded throughout 2023. Early-stage investments dominated the landscape, constituting ten deals, followed by seed-stage with eight, and late-stage with only one deal. Noteworthy funding recipients in December were Doctor Anywhere ($40.8 million), Igloo ($36 million), LiveIn ($8.3 million), RADC ($5.41 million), and Klinik Pintar ($5 million).

Among investors, 500 Global led with three deals, followed by Tai Partners (2) and Wavemaker Partners (1). Interestingly, May 2023 emerged as the most lucrative month, attracting $2.5 billion in total funding, highlighting fluctuations in investment patterns throughout the year.

These trends may indicate varying investor sentiments and economic conditions impacting the startup ecosystem in Southeast Asia.

Sainul,
Editor.

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With US$108M raised, December was the least funded month in 2023: Tracxn
Southeast Asia-based companies raised just US$108 million in venture capital across 19 funding rounds in December 2023; The number is ~57.5% less than the amount raised by regional companies in November 2023 and 89% less than the capital secured in Dec. 2022.

Khazanah, CGC Digital invest in Funding Societies
The fintech lender aims to expand its Malaysian coverage to areas beyond Kuala Lumpur, Selangor, Penang, and Johor; It targets to serve over 25,000 MSMEs across Malaysia by the end of 2025.

Micoworks scores US$24.5M to expand its marketing platforms into SEA
Investors include Vertex Growth, JAFCO Group, Mitsubishi UFJ Capital, SMBC Venture Capital, and Mizuho Capital; Micoworks is setting up development teams in the Philippines and Taiwan, besides broadening its reach to Taiwan and Thailand.

Zenius to temporarily shut down after facing operational challenges
The Indonesian edutech company did not specify when its services would be unavailable; It also did not specify what would happen to its employees; Over the past two years, the company showed signs of struggle as it underwent three rounds of job cuts.

Indonesian fintech firm Komunal raises US$5.5M
The investors include Sumitomo, Jafco Asia, and Gobi Partners; Komunal enables societies nationwide to access the highest possible government-guaranteed deposit rates from rural banks in any region without visiting the bank.

Etherscan acquires Solana block explorer Solscan
The move lets Malaysia-based Ethereum blockchain explorer Etherscan expand “the accessibility of blockchain data across multiple networks; Solscan serves over 3M users monthly in the Solana ecosystem, which has been described as an Ethereum alternative.

AnyMind appoints Mayi Baviera as Country Manager, Philippines
AnyMind has also reappointed Punsak Limvatanayingyong, former Country Manager of Thailand for AnyMind Group, as MD (Creator Growth); Baviera was most recently Country Director for the Philippines at ADA.

Life3 Biotech, Union Solar launch low-carbon facility LUSH in Singapore
LUSH will open around the second quarter of 2024; It harnesses solar energy and water-upcycling to produce plant-protein and leafy vegetables sustainably in a closed-loop symbiotic system.

OpenAI’s app store for GPTs will launch next week
OpenAI said that developers building GPTs will have to review the company’s updated usage policies and GPT brand guidelines to ensure that their GPTs are compliant before they’re eligible for listing in the store — aptly called the GPT Store.

AI likely to make up to 20K jobs redundant
Consulting firms and recruiters emphasised that companies, specially in the IT, hospitality and banking industry are trying to upskill their workforce, but warned that the advent of AI will lead to retrenchments in the coming months.

Wildfire eliminates landfills by turning residual wastes into renewable energy, hydrogen
The startup has developed modular plants which can be rapidly deployed and used to convert biomass and waste into renewable energy products at low cost.

For US$139, this startup turns your iPhone into a BlackBerry-era relic
The Clicks keyboard brings the “benefits” of touch and typing together. By moving the keyboard off the display when typing, Clicks almost doubles the available screen. Yes, you can now see all your typos in HD clarity.

WV Fund foresees a surge in single-decision-maker funds in SEA
WV Fund Founder Wing Vasiksir cites advantages like founder empathy and quick decision-making while acknowledging scaling challenges.

Pitching 101: Questions that VCs will ask you during a pitch session
Even during the pandemic, opportunities to attend a pitching session with a potential investor remain abundant.

Ampotech aims to revolutionise smart buildings with IoT and edge computing
Ampotech transforms electrical panels, providing real-time insights and improving sustainability for over 60 organisations across SEA.

Pitch deck for dummies: A compilation of top tips and advice from the community
While there are many factors that contribute to the success of a fundraising process, you want to make sure that your pitch deck is spot on.

Reflections on my journey: 2 years in corporate communications and digital marketing
I feel grateful to have the opportunity to try out a marketing role, and it changes the way I look at creating and capturing the value of a piece of work.

The key to tackling climate change: Electrify shipping
Reaching our climate change goals will not be the result of one initiative, one policy, one company or one solution.

Navigate in a cookie-less world, leverage AI and think community-first
Outsmart AI with a human touch, go deep into understanding your customer, and focus on product-led growth and community for marketing.

Unlocking the future of lending with risk-based pricing
As lending goes beyond typical borrowers with strong credit histories and high scores, lenders face the challenge of enabling access.

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In an ideal world, good begets good. Good deeds are lauded, and good behaviour is rewarded. Lending often works the same way. Borrowers with high credit scores are rewarded with low-interest rates, and conversely, those with low credit scores must pay higher interest on their loans.

This is a rather simplistic explanation of risk-based pricing, i.e. a process by which lenders offer different interest rates to different borrowers based on their creditworthiness. Aside from their credit scores, this may also involve assessing the borrower’s employment status, current debt, if any, assets, and so on. As a result, all borrowers for a single credit product will not be offered the same terms and rates.

The concept is by no means new – back in 2018, then deputy governor of the Reserve Bank of India, N S Vishwanathan, said, “Risk-based pricing of loans would need fair assessment and understanding of the risk involved, rather than merely relying on collateral and/or guarantees obtained from stakeholders including equity holders. Banks should charge interest rates that are commensurate with the risk involved in the projects that are being financed.”

What are the benefits of risk-based pricing of loans?

• First and foremost, risk-based pricing models offer an extra layer of protection for
  financial institutions lending to non-prime borrower cohorts.
• Flexible risk pricing models allow lenders to set interest rates that align with their
  financial goals. The financial security offered by risk pricing gives the lender more leeway
  for product and process innovation.

Also Read: How will generative AI advance embedded lending

• Research has shown that risk-based pricing can improve loan performance by bringing
  down delinquency rates.
• Risk-based pricing offers lenders the ability to tailor loan rates and terms so that they
  can lend to more borrowers, even if they don’t have the required credit scores and
  history. The higher risk level is offset by the higher interest rates, and subprime
  borrowers have a shot at accessing the credit they need.

Even as recently as 2016, risk-based pricing was almost an alien concept in India. Less than a decade on, most leading lenders are on their way to working with these pricing models.  It wouldn’t be a stretch to say that the rise of risk-based pricing has a lot to do with credit expansion to thin-file and new-to-credit (NTC) customers in recent years – 35 million borrowers opted for their first credit product in 2021, and well over 30 million did the same in the following year.

The rise of alternate data-driven underwriting is helping lenders fine-tune their scoring models by adding depth and texture to existing data sources. This adds further nuance to traditional indicators and, hence, enables progressive, risk-based bucketing of borrower cohorts and dynamic pricing.

As lending goes beyond typical borrowers with strong credit histories and high scores, lenders face the challenge of enabling access while protecting their business interests – and risk-based pricing comes in as a win-win in this situation. With the Reserve Bank of India’s recent move to increase risk weights for unsecured loans, lenders must focus heavily on pricing risk accurately while ensuring adequate risk capital in their books.

The growth of risk-based pricing has for long been a slow burn, but all signs point to it getting into its stride sooner rather than later.

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Tokyo-based e-commerce enabler AnyMind Group has appointed Tae Woo (Ted) Kim as Country Manager (Korea) and Mayi Baviera as Country Manager (the Philippines).

Baviera replaces Siwat Vilassakdanont, former Country Manager for the Philippines. Vilassakdanont is now Managing Director (Thailand and the Philippines).

In addition, the company announced the reappointment of Punsak Limvatanayingyong, former Country Manager of Thailand for AnyMind Group, as Managing Director (Creator Growth).

Also Read: AnyMind Group agrees to acquire Indonesian e-commerce enabler DDI

According to Co-Founder and CEO Kosuke Sogo, the appointments were made to enhance AnyMind Group’s collective experience and strengthen its focus across its leadership team as the company prepares for a new growth stage. “We are now at a key moment of opportunity where the e-commerce and marketing industries continue to develop, and new technologies promise to transform businesses of all sizes. We want to lead this generational transformation and continue to advance a borderless world where anyone can easily do business through the internet.”

As the Country Head, Kim will lead AnyMind Group’s business and operations in Korea. He was most recently Regional Director for Korean Clients at data, artificial intelligence and technology transformation company ADA. Before ADA, he held roles in Google, Microsoft and Twitter.

AnyMind Group, which entered the Korean market in November 2023, recently partnered with creator management company Treasure Hunter to provide marketers and businesses access to an immediate pool of influencers and content creators in the republic.

Baviera was most recently Country Director for the Philippines at ADA. Before ADA, she held leadership roles at Cheil and Digital FCB Manila. Similar to Kim, Baviera will be responsible for AnyMind Group’s business and operations in the Philippines.

Vilassakdanont will be responsible for AnyMind’s business and operations in Thailand and will continue to oversee the Philippines market. Vilassakdanont joined the group in March 2019 following the acquisition of Moindy, where he was Managing Partner. He has a background in investment and entrepreneurship, with Executive Director and Partner roles in Trinity Securities, ARK Investments and Merrill Lynch. He also co-founded various startups, including WXYX and Delicious.

Limvatanayingyong, who joined AnyMind Group in March 2019 through the acquisition of Moindy, started in 2004, marketing independent music labels and musicians’ music through digital platforms. Moindy became Thailand’s first YouTube multi-channel network in 2014 before its acquisition by TV Thunder Public Company Limited in 2017. After AnyMind’s acquisition in 2019, Moindy was merged into AnyMind’s Creator Growth business, which provides various offerings to creators, including brand collaborations, content monetisation and music distribution across different platforms, growth consultation and strategy, the creation of private-label brands and merchandise for creators.

Also Read: How AnyMind Group achieved profitability through its approach to human resource and leadership

Founded in 2016 in Singapore by Kosuke Sogo and Otohiko Kozutsumi, AnyMind Group offers software and solutions for end-to-end commerce enablement in the business supply chain. It operates across Southeast Asia, East Asia, India, and the Middle East.

Last month, the group announced its expansion into Saudi Arabia by opening an office in Riyadh.

Early last year, the firm made its public debut on the Tokyo Stock Exchange Growth market.

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Traditionally, waste-to-energy solutions were deemed viable only for cities with low populations. Australian startup Wildfire Energy is set to change this perception as well as the waste-to-energy landscape with its cutting-edge gasification technology. The vision is to eliminate landfills by turning residual wastes into renewable energy and hydrogen.

“Global solid waste generation is over 2 billion tonnes annually, and landfills are responsible for over 5 per cent of global greenhouse gas emissions. We offer a solution that converts waste into electricity and hydrogen with net negative carbon emissions,” according to Jamie Roodenrys, General Manager (Strategic Partnerships).

Also Read: Hydrexia enables users to store and transport hydrogen more economically with less space

Founded by Greg Perkins, Denis Doucet, and Grant Bollert, Wildfire Energy has developed modular plants which can be rapidly deployed and used to convert biomass and waste into renewable energy products at low cost. The solutions are suitable for industrial decarbonisation and improving waste management in outer urban, regional and remote communities, where landfill is currently the only option.

Wildfire Energy focuses on recycling a wide array of waste, from plastics and biomass to electronics. The startup aims to salvage materials that are challenging to recycle conventionally, offering a solution to waste-related environmental issues.

Wildfire Energy, a winner of last year’s Petronas FutureTech 3.0 programme, is currently on the cusp of realising its vision; it is gearing up to build its first full-scale project, processing approximately 45,000 tonnes of waste annually in Brisbane next year.

Also Read: How to navigate the investment opportunity in climate tech sector

The heart of Wildfire Energy’s technology lies in Moving Injection Horizontal Gasification (MIHG), a process that diverges from traditional incineration. Operating in a low-energy, low-oxygen state, the technology converts waste back into its constituent gases, producing synthetic gas (syngas) with about 40 per cent hydrogen content. This breakthrough enables the startup to harness energy from waste materials that would otherwise end up in landfills or incinerated.

The gasification process addresses waste management issues and provides a commercial model capable of cleaning the environment. The resulting energy products have the potential to decarbonise industries such as energy, waste, and transport. The main products generated by the process include synthesis gas, electricity, hydrogen, and heat. The synthesis gas, containing about 40 per cent hydrogen, can be utilised to generate electricity, power vehicles, and decarbonise various industries.

“We want to take the waste that otherwise gets dumped in the ground, and we’ll convert that into useful products,” adds Roodenrys.

Additionally, the byproducts, such as slag from inert materials like aluminium and steel, find valuable applications in construction, further adding to the environmentally friendly outcomes of the process.

While the technology seems revolutionary, the key question remains: is it cost-effective? “Our innovative gasification technology presents a scalable and economically viable solution. Unlike traditional waste-to-energy models that require large populations to be economically feasible, Wildfire Energy’s technology thrives in smaller cities and towns,” claims Roodenrys.

The startup is currently in the development stage, operating a pilot plant in Brisbane and collaborating with industry players to analyse outcomes. The upcoming full-scale plant in Brisbane, with a projected cost of US$50 million, is expected to secure 100 per cent funding by May next year.

Last September, Wildfire Energy partnered with Naturgy Innovahub to develop its MIHG technology to produce hydrogen from a range of residual wastes, such as municipal solid waste, and agricultural residues, such as wheat straw.

Also Read: On the precipice of energy transition

Wildfire Energy’s approach involves a build, own, and operate model for the initial project. However, future projects may adopt a build-and-operate transfer model, allowing clients to take ownership after a demonstration period. The ultimate goal is to deliver numerous projects worldwide under license agreements, contributing to a global shift towards sustainable waste management.

As the world grapples with environmental challenges, Wildfire Energy’s innovative technology offers a beacon of hope, transforming waste into a valuable resource and paving the way for a greener and more sustainable future.

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The business and marketing world has gone through quite the makeover, all thanks to how people make purchases these days. It used to be all about buying what you needed, but now, it’s about making purchases based on what resonates with your emotional demand.

In this new paradigm, profound experiences, genuine connections, and the additional value that businesses offer have become pivotal factors that shape a consumer’s decision to interact with a brand.

Despite these shifts, businesses have a savvy strategy within reach — immersing themselves in the age of content, where people and communities feel more compelled to participate in movements along with the mobile-first generation.

Today, the tables have turned, and people are no longer the ones looking for content; instead, with the power of technology, short and snappy content is the ones searching for a relevant consumer. This is where one can build brand trust and engage with meaningful connections through punchier, relevant content, which can serve as a powerful tool to convey a brand’s values, personality, and offerings while also catering to the needs of consumers.

It goes beyond just informing individuals about a brand’s identity and offerings; it also involves resonating with what matters to people today. For businesses ready to embark on this content journey, it is an opportune moment to reassess their strategies with a renewed emphasis on core components: creativity and content-driven commerce.

The next creative renaissance

To start things off, businesses should make sure that the content they create keeps consumers engaged, and that’s where creativity steps in. This means always looking for ways to refresh their creative assets to retain consumers’ attention and prevent creative fatigue in the long run.

Also Read: From a single brew to unicorn: Kopi Kenangan’s journey of coffee and creativity

Embracing tech-driven innovations, such as video-editing templates and tools like CapCut and one-stop-shop creative production platforms like TikTok Creative Exchange, can breathe life into content, making it more captivating and dynamic.

The more entertaining your content is, the more powerful a business becomes through word-of-mouth influence. This can propel a product to its viral state as passionate customers organically spread joy and excitement about the brand.

Within TikTok’s diverse ecosystem, there are many thriving subcultures like #BookTok and #FoodTok, with over 202.6 billion views and 77 billion views, respectively. This diversity enables a personalised approach, leading to stronger connections and greater success in our ever-evolving landscape.

Content-driven commerce

According to a TikTok-commissioned study by Boston Consulting Group in 2023, the BCG study, 81 per cent of APAC TikTok users say video content influenced their recent purchase. #TikTokMadeMeBuyIt, a powerful and well-documented cultural phenomenon which introduced users to new ways to discover new products on the platform, has generated over 80+ billion views, showcasing tremendous potential for consumers’ experiential needs that brands can tap into.

Instead of solely relying on traditional marketing methods, businesses are better off adopting a more personalised and interactive approach that seamlessly blends entertainment, content, and commerce. The BCG study has shed light on the emerging landscape of ‘Shoppertainment,’ which is forecasted to be worth US$1 trillion in the Asia Pacific by 2025.

This itself can be a game changer for businesses. Not only does it empower them to design an immersive and unforgettable customer journey that blends shopping seamlessly with entertainment and content, but it also positions them to captivate audiences and take their brand loyalty to new heights.

Learning from those around us

Several businesses and business owners have already embarked on their journey toward embracing the non-linear, infinite-loop purchase journey. This approach, centred around the convergence of content and commerce, has elevated shopping experiences to an entirely new level. Let’s take a page out of the books of some successful brands that we’ve worked with that exemplify this concept.

Also Read: Human creativity drives tech while AI accelerates it: Yee May Leong of Equinix

Mc JEANS, the Thai fashion brand, explored new marketing strategies by collaborating with creators on TikTok Creator Marketplace. They experimented with varying affiliate commission rates to maximise efficiency. The brand also optimised ad creatives on TikTok Ads Manager, utilising insights, trends and keywords identified from the Creative Center.

Additionally, they accelerated live streams and short video content to 10x the platform average and ran live shopping ads as always while doubling down on video shopping ads during key sales moments. They were able to tap into TikTok Shop Partners to manage content creation, live stream production and store operations, achieving >US$500K monthly GMV.

Similarly, the Skincare brand Garnier showcased the power of collaboration in Vietnam with content creators to launch their new serum product. The result? A 30 per cent uplift in sales on other platforms during a shopping festival, elevating their product to the top serum spot for the month.

Seizing your business opportunity

The successes of brands like Mc JEANS and Garnier serve as compelling evidence of the immense potential for businesses to fuel their growth through the power of content. Accessible tools and platforms that allow for live streaming, video editing, and seamless shopping offer an invigorating opening for brands to embark on the journey of the contemporary creative renaissance.

To initiate the process, businesses can begin by evaluating their existing assets and adapting them to fit various platforms with minimal friction. Exploring collaboration with creators to harness the power of creative storytelling can also further strengthen the engagement between the brand and its consumers, bringing creative ideas to life using the power of platforms and communities like ours.

The future is indeed brimming with opportunities for businesses, and the convergence of content and creativity is the ticket for those looking to cut through the noise for growth. By seizing the opportunities that come their way, businesses or founders can stay on top in the entrepreneurial world and navigate this dynamic landscape successfully, eventually attaining a portion of the US$1 trillion opportunity for growth.

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I’m admittedly a generalist — a jack-of-all-trades, a master of few.

Since graduating from the National University of Singapore (NUS) in 2009, my professional path has led me through diverse functions, spanning product management, marketing, financial analysis, investor relations, fundraising, and community management.

With each new venture, I experience a twinge of imposter syndrome and that fear of being ‘not good enough’. Yet there’s always this addictive rush of adrenaline and excitement as I learn the ropes, uncover hacks, question the incumbent practices and survive.

Around 2.5 years ago, I had the privilege of joining Vertex Ventures Southeast Asia & India (VVSEAI), where I led the corporate communications and community engagement for the fund. VVSEAI is a venture capital powerhouse investing in tech startups at pre-A, series A, or B stages across diverse sectors in the SEAI region and boasts US$1.5 billion in Assets under Management (AUM). As part of the global Vertex network, encompassing six funds with a collective US$6.5 billion AUM, VVSEAI plays a pivotal role in shaping the startup landscape.

On the side, I lead the Asia Startup Network (ASN), a community designed to empower early-stage entrepreneurs in Southeast Asia. ASN facilitates learning opportunities from industry experts and investors, fostering a collaborative environment for networking among budding entrepreneurs. We also give back by raising donations for charities, clocking over nearly US$180,000 in donations for charities like Beyond Social Services in the past three years.

Navigating digital marketing and communications in the dynamic Southeast Asian landscape, especially when targeting entrepreneurs gearing up for Series A funding, has been a fascinating journey at VVSEAI.

Here are some key takeaways from my two years here:

Digital marketing: There is no one-size-fits-all approach to content marketing

Southeast Asia is so often regarded as one region, but in fact, it is a very fragmented group of countries with very varied sets of cultures and habits. 

In Singapore and India, we often use LinkedIn, especially among working professionals. However, in Thailand and Vietnam, Meta/Facebook serves as a primary platform for both business and personal purposes. As for Indonesia, the land with the most social media users (over 190m according to Statista!), Instagram and TikTok are the main platforms to engage your target audiences.

Recognising the diverse linguistic landscape, we’ve realised the need for subtitles in video content targeting non-English native speakers to prevent our intended message from being lost. 

Also Read: Unlocking marketing success for startups and small businesses: Strategies for excellence

When I first started out in 2021, I initially believed that I could copy and paste the same content across different social media platforms — but I was wrong. Subsequently, my team and I adopted a more nuanced strategy.

We delve into the data, analysing posts with high impressions or engagements on each platform. Additionally, we engage in conversations with founders in specific markets, leading to insights that shape our tailored content approach.

Digital marketing: The 7-11-4 model works

Are multiple channels necessary? Well, the renowned 7-11-4 rule suggests that we should position ourselves where founders and entrepreneurs actively engage. For some context, research by Google suggests that if a buyer is exposed to content from the same brand for more than seven hours, across eleven moments and in four locations, he or she becomes more familiar with the brand and is more likely to recommend it.

Each platform demands a tailored approach. For instance, LinkedIn often requires a more formal tone compared to Facebook, Meta, or Instagram. I find posting on Twitter/ X the hardest, as you will need to condense the message, capture the attention of your target audience and add hashtags at the same time, all within 280 characters! 

Looking back, I find LinkedIn’s content creation and follower growth to be the fastest and ‘easiest’. For VVSEAI’s LinkedIn, our follower count grew the fastest, reaching 10,000 in just over two years.

Interestingly, ASN’s Meta/Facebook platform saw significant growth with minimal effort, reaching 700 followers despite little time and attention spent on it. Notably, strategic event planning played a crucial role in boosting engagement in 2020, contributing to the platform’s growth.

Communications: Distribution, distribution, distribution

In content creation, meticulous planning for distribution is paramount. In the offline world, the phrase used is “Location, Location, Location” because, for brick-and-mortar establishments, it’s all about being visible and accessible to the customers you are targeting. The same principle holds true in the online world.

How do you market your content to the channels that are already being followed by your target audience? 

In the startup vernacular, we often discuss Product Market Fit. Translating this to the marketing domain, we can think of it as Content Channel Fit (CCF). When we achieve CCF, our content ‘flies’, effortlessly reaching 100,000 impressions within a few days.

Bringing it full circle to the strategy of repurposing content for diverse social media platforms, we’ve discovered that distinct content channels require unique formatting approaches. For instance, we adapt our podcast content into short-form videos for IG reels, enhancing distribution and engagement.

Communications: Market the content and the author

Beyond having value-adding content and an effective distribution plan, I realise that a complementary strategy is to promote my colleagues as thought leaders so that they get to showcase their expertise, build credibility, and gain visibility within the startup community. 

Also Read: AI in influencer marketing: Transforming trends and shaping the future

I’m delighted to witness the recognition of my colleague and Venture Partner, Genping Liu, who was invited to write the Business Times column “Crypto Watch,” building his reputation as a fintech and blockchain expert. Similarly, my colleague and Partner, Puiyan Leung, is well-known for her expertise in the climate space. Her three-part series on climate tech investments in Southeast Asia was published on Deal Street Asia (Part 1, Part 2, Part 3). This not only enhances their individual profiles but also contributes to the collective expertise of our team.

Communications: Images and videos are king

In today’s fast-paced, digital-first landscape, content is abundant, and attention spans are fleeting. Whether skimming through articles or scrolling through social media, users seek visual appeal. Images and videos play a pivotal role in capturing attention and ensuring enjoyable content consumption. At VVSEAI, we meticulously repurpose written content into video format and vice versa to ensure that readership is maximised.

Our strategic use of Instagram, where we post reels from our podcast “Hard Truths by Vertex,” has seen a threefold increase in followers within six months, achieved organically.

Additionally, we have also observed that incorporating images into articles has proven to increase page reading time (Of course! We are, after all, visual creatures). We also make a deliberate effort to craft visually engaging titles and use captivating images in our article and video banners to attract a wider readership.

I feel grateful to have the opportunity to try out a marketing role, and it changes the way I look at creating and capturing the value of a piece of work. As with any job, the key question to ask every day is why we do this, who we are targeting and what we are trying to achieve. No matter what role it is, I learned that critical thinking will always take one further.

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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

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Micoworks, a marketing company that optimises communication between companies and their customers, has raised JPY 3.5 billion (~US$24.5 million) in a Series B funding round.

Vertex Growth, a growth-stage VC fund anchored by Vertex Holdings, a subsidiary of Temasek, led the round. Participating investors include JAFCO Group, Mitsubishi UFJ Capital, SMBC Venture Capital, and Mizuho Capital. Existing investors, such as ALL STAR SAAS FUND and Eight Roads Ventures Japan, also contributed.

Also Read: Unlocking marketing success for startups and small businesses: Strategies for excellence

Micoworks will utilise funds to enhance its product features and strengthen organisational capabilities, with plans to expand into the Asian region. The company is setting up development teams in the Philippines and Taiwan, besides broadening its reach to Taiwan, Thailand, and other Asian countries where the LINE business platform has a significant presence. Beyond the LINE ecosystem, the company intends to integrate MicoCloud with various popular communication channels.

Headquartered in Kita-ku and led by CEO Osamu Yamada, Micoworks develops and provides marketing platforms MicoCloud and Micomii.

MicoCloud is a marketing platform that optimises communication between companies and their customers. In addition to offering highly extended functions for the official LINE account, it collects data across multiple channels. This data collection enables optimal communication tailored to customer needs. Furthermore, MicoCloud creates tangible business results for clients by providing a one-stop service that includes consulting and operational support.

Micomii is a LINE mini-application service for restaurants. It is designed to automatically attract repeat customers and assist in developing a regular customer base. This service lets membership cards quickly be issued through a customer’s smartphone. Additionally, it enables the automated sending of thank-you notes for visits, helping attract more customers while keeping operating costs low.

Also Read: AnyMind Group expands into Saudi Arabia, rolls out influencer and mobile marketing platforms

Micoworks says these platforms maximise brand value and expand business possibilities by facilitating optimal communication.

As of December 2023, over 1,000 brands, including consumer-facing companies like Tokio Marine & Nichido Fire Insurance, Pasona, and JR Tokai Tours, have utilised MicoCloud.

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Image Credit: Micoworks

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