Artificial Intelligence (AI) is not new. Neither is reputational risk. While corporations have been utilising AI for a while now, most usage has been unseen. That is, data analytics, predicting customer behaviour, sales and marketing, or operations. Most of the time, clients and customers do not see the touch of AI in a corporation’s work. 

For instance, a manufacturing company might use machine learning to collect and analyse an inhuman amount of data, identifying patterns and anomalies for which the company might choose to act upon to improve operations. As a customer of this manufacturing company, you probably will never see this AI in the works. 

That might change with ChatGPT. The language model answers questions and assists with tasks. Now, students might use it to write an essay, or a software engineer to code, a traveller to plan an itinerary, and some are already using it as a search engine. And companies are planning to jump on this bandwagon. 

Forbes reported that Meta, Canva, and Shopify are using ChatGPT to answer customer questions. They also found that Ada, a Toronto-based company that automates 4.5 billion customer service interactions, partnered with ChatGPT to further enhance the technology. 

Furthermore, CNBC reported that Microsoft is planning to release technology so that big companies can launch their own chatbots using the OpenAI ChatGPT technology. That’s going to be billions of people interacting with ChatGPT. 

It seems like a perfect partnership, a natural step in technology’s evolution. 

A double-edged sword

But not everyone has jumped onto this tempting bandwagon.  Some of the most AI-proficient organisations in the world are treading with caution, and for good reason. 

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

As impressive as ChatGPT has proved thus far, Large Language Models (LLM) like ChatGPT are still rife with well-known problems. They amplify social biases, often negatively against women and people of colour. They are riddled with loopholes—users found that they could circumvent ChatGPT’s safety guidelines, which are supposed to stop it from providing dangerous information, by asking it to simply imagine it’s a bad AI. In other words, ChatGPT-like AI is fraught with reputational risk. 

Harnessing technology with a healthy reputational risk mindset

But that doesn’t mean we have to totally dismiss AI like ChatGPT. Adopting new technology of any sort is bound to come with risks. So, how do we reap the benefits of AI whilst maintaining a healthy level of reputational risk?

The Reputation, Crisis and Resilience (RCR) team at Deloitte held a roundtable with industry leaders in financial services, technology, and healthcare industries to discuss how they approach the complex challenge of managing reputation risk.

Some of the points concluded were:

• Foster a reputation-intelligent culture: One of the key things discussed was creating a culture that is sensitive to brand and reputation. In any decision made, employees should have an internal compass that constantly asks: will this move the needle on the company’s reputation, and how? This can be cultivated through holistic onboarding and training programmes.
• Set a reputation risk tolerance: Setting a tolerance can help organisations make intentional decisions. No companies want a reputational hit, but few companies actually set tolerance levels for how much risk they want to take. When you have a threshold to stay within, it’s easier to deal with new technologies you might not understand fully.

Also Read: Singapore surpasses US in AI investment: Study

• Utilise reputation risk management: Measurement methods include regular surveys, media monitoring, and key opinion former research. However, leaders must find a balance between collecting the relevant data without drowning in it. Research shows that too much data collection can be counterproductive, distracting people from the bigger picture or creating a risk-averse attitude. 

Since AI is and will continue to develop very quickly, knowing the intricate breadths and depths of AI all the time will be difficult. While we should keep abreast, what’s more important is focusing on cultivating a strong mindset around reputational risk so that no matter the tool—AI, social media, cryptocurrency—we can always manage the reputational risk involved.

For instance, instead of concentrating all effort and focus towards the dangers of a kitchen knife and how it might hurt you, learn about the general guidelines of personal kitchen safety, be it from the sharp edge of a knife or a pan-fire.

Similarly, instead of concentrating on the latest technological marvel and learning about every single reputational risk that might come with it, build a robust reputational mindset instead—one that will weather your organisation through any risky business.

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Gapai, which provides international job placement services for overseas Indonesian workers, has raised US$1 million in seed funding.

Wavemaker Partners led the round with participation from returning investor Antler.

Also Read: The future is skills, not jobs

Gapai will utilise the fresh funds to strengthen the operational process for overseas placements with comprehensive technological infrastructure. With new licenses and processes, Gapai aims to create business growth of up to 10x from last year. This year, Gapai aims to onboard 70,000 Indonesian workers, matching 2,200 with global job opportunities.

Based on national data covering the years 2020-2023, there has been a 7x increase in illegal trafficking cases against Indonesian migrant workers. Around 1,800 people have become victims of unlawful job placement in various countries. Gapai aims to mitigate this issue.

The platform connects prospective employees with suitable employers for fast and safe cross-border job placements. The company operates by screening candidates, conducting interviews, and providing upskilling opportunities for Indonesian workers to build a network of ready-to-work talents that can meet international labour demands.

Since being funded by Antler at inception, Gapai has developed a network of 12,000 qualified workers. “With Indonesia’s vast and growing population, we plan to dramatically scale our operations, aiming to assist ten times more migrant workers annually,” said Radityo Susilo, CEO of Gapai.

Also Read: Gig workers crave traditional benefits enjoyed by their fulltime worker peers. Jod aims to bridge the gap

“Our business development priority this year is to expand Gapai’s market reach to 15 countries across Europe including Hungary, Romania, Germany, and the UK, as well as nations in the Asia-Pacific region like Japan, South Korea, and Taiwan, and the Middle East, such as Saudi Arabia, UAE, Kuwait, and Qatar,” he added.

By 2045, Indonesia will boast a workforce demographic advantage, with 70 per cent of its population projected to be of working age. This contrasts starkly with regions like Japan, South Korea, and Europe, which face the challenges of ageing populations and slower population growth.

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MetroElectro, a climate tech startup in Australia, has received a pre-seed investment of AU$1.03 million (US$690,000) from Singapore-based climate tech venture builder Wavemaker Impact.

The capital will allow the company to develop several pilot projects in a premium industrial park in the outer suburbs of Melbourne and unlock further funding opportunities to drive the decarbonisation of the Australian electricity grid.

Also Read: Beyond buzzwords: How climate tech startups can create an impact in green recovery

Founded by veteran digital business entrepreneur Lloyd Heinrich, MetroElectro is a renewable energy company focused on unlocking the potential of commercial and industrial (C&I) rooftops. The startup, built from a venture-studio model, has developed its solution by collaborating with industry experts, investors, and businesses in the C&I sector.

MetroElectro’s solution aims to transform overlooked swathes of rooftops in industrial parks, turning these difficult-to-address assets into efficient energy generation resources. The approach simplifies the complexities, eliminates onerous capital requirements on owners and their tenants, and mitigates risks associated with distributed solar power on commercial rooftops.

Through strategic coordination with key stakeholders, including building owners, operators, the electricity grid, off-takers, and financiers, MetroElectro aggregates supply to facilitate meaningful trading in both wholesale markets and ancillary services.

MetroElectro is targeting the AU$672 billion market for C/I renewable energy in Australia and beyond, with a vision to reach AU$100 million in revenue and decrease 100 million tons of CO2 shortly.

Also Read: AirX Carbon turns coffee grounds, rice and coconut husks into bioplastic

“Our mission to build a portfolio of companies that can decarbonise 10 per cent of global carbon emissions compelled us to look at Australia and see it as one of the most advanced markets in innovation and commitment to reaching climate goals,” said Marie Cheong, Wavemaker Impact Founding Partner. “MetroElectro embodies how we see our vision come to life in this market and its role in decarbonising our future.”

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On Wednesday, F&B giant PepsiCo unveiled the 10 finalists for its APAC Greenhouse Accelerator Program 2024. Launched at the beginning of the year, this initiative called for applications from startups across the Asia Pacific region, aiming to discover innovative solutions in sustainable agriculture, circular economy, and climate action. A committee of PepsiCo leaders selected these finalists based on their potential to deliver groundbreaking approaches to sustainability challenges.

A notable highlight of the finalist selection is the significant representation from Southeast Asia (SEA), with half of the chosen startups originating from this region.

Those SEA companies are:

CIRAC (Thailand)

CIRAC aims to provide a breakthrough technology for recycling aluminium-laminated plastic packaging, one of the most challenging packaging wastes to recycle. CIRAC’s technology recycles aluminium-laminated plastic into sustainable aluminium and heavy oil.

AIIEV (Thailand)

AIIEV aims to revolutionise transportation in the country. They empower businesses to achieve sustainability and cost savings through a game-changing subscription model for electric conversions, extending the life of existing commercial vehicles.

Also Read: Application to PepsiCo’s Greenhouse Accelerator 2024 is extended!

Alternō (Vietnam)

Alternō is dedicated to pioneering sustainable solutions that significantly reduce carbon emissions in agriculture, industry, and residential heating. The company was founded with a vision to create Asia’s first low-cost thermal energy storage solution for renewable energy, to be deployed widely across the region by 2050.

Grac (Vietnam)

Grac provides affordable waste and recycling solutions for local governments and businesses seeking a smarter, sustainable alternative. Grac was born to design the most suitable waste management model in Vietnam and developing countries. Grac contributes to reducing waste, separating waste at source, reducing GHG emissions and building a circular economy.

Takachar (The Philippines)

Takachar enables communities to turn their crop and forest residues into higher-value, carbon-negative bioproducts such as fertilizers, chemicals, and biofuels in a small-scale, decentralised, self-sufficient manner, thereby uniquely advancing climate justice. They develop small-scale, low-cost, portable systems that latch onto the back of tractors and pick-up trucks and deploy to rural, hard-to-access regions, enabling self-sufficient rural bioeconomies, and preventing air pollution and carbon footprint associated with open-air biomass burning.

Other companies on the list are Mi Terro (China), ELIoT Energy, Wildfire Energy, X-Centric (Australia), and Captivate Technology (New Zealand).

Each finalist has been chosen for its distinctive strategy in tackling environmental and sustainability issues, with a particular emphasis on criteria that resonate with PepsiCo’s transformative pep+ (PepsiCo Positive) initiative. This program signifies PepsiCo’s dedication to fostering a future-oriented food system where both humanity and the planet can flourish.

In a notable expansion for 2024, PepsiCo has broadened the focus of the APAC Greenhouse Accelerator Program to include sustainable agriculture as a critical area of attention. Recognising the pivotal role of agriculture in the food ecosystem, PepsiCo has identified two pioneering startups in this field as finalists, each contributing innovative solutions to promote sustainable farming practices.

Also Read: Application to PepsiCo’s Greenhouse Accelerator 2024 is extended!

Furthermore, PepsiCo has forged new partnerships with its bottlers, Suntory PepsiCo Beverage in Thailand and Vietnam, both deeply committed to environmental impact and sustainability. These collaborations aim to deepen sustainability efforts in the region by engaging stakeholders and amplifying the reach of impactful initiatives through collective action.

To provide comprehensive support to the finalists, the APAC Greenhouse Accelerator Program offers a robust ecosystem connecting them with PepsiCo’s extensive network of mentors, industry experts, and resources. This framework is designed to nurture development, expedite market readiness, and enhance the scalability of the finalists’ solutions.

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Image Credit: PepsiCo

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Building a startup is a complex process that requires careful consideration and decision-making. Typically, the company’s founders serve as its directors following incorporation. As the startup progresses through various equity funding cycles, it is natural for the board membership to expand. Lead investors in these rounds often request a board seat to oversee matters at the board level.

However, the inclusion of independent directors on the board is a topic that has not been widely discussed. Some assume that independent directors are only necessary for public-listed companies or those with a large shareholder base, where regulations require stronger corporate governance. Since startups are private and require less governance, the need for independent directors at an early stage is often questioned.

As an independent director for a tech startup during its Series A fundraising round, I was able to contribute my VC expertise and governance experience gained from serving on various boards.

This experience has been beneficial for both the startup and myself, and I believe that the advantages of having independent directors for startups should be shared.

What constitutes an independent director

According to the Singapore Institute of Directors (SID), “An independent director is one who is independent in conduct, character and judgement, and has no relationship with the company, its related corporations, its substantial shareholders or its officers that could interfere, or be reasonably perceived to interfere, with the exercise of the director’s independent business judgement in the best interests of the company.”

Also Read: Beyond the Hype: How startups can scale sustainably through compelling communications strategies

It sounds very complex, but in essence, it is a person who does not have any conflicts of interest with the company. The SID continues further with guidelines like tenure not exceeding three years will be defined as an independent director.

The case for independent directors

Having independent directors can bring several benefits to an early-stage startup. Here are some key advantages:

Objective decision-making

Free from any ownership in the company, these directors offer an unbiased perspective on company matters. This can be particularly valuable for startups, where founders may be driven by enthusiasm and a willingness to take risks in order to grow the company.

For example, a founder might be eager to use company resources to develop a new product, but this decision could be based more on euphoria than sound business assessment. By having an independent voice weigh in on the situation and ask probing questions, the company can make more informed decisions. In some cases, this might even mean deciding not to pursue a particular course of action in order to protect the company’s interests. With an independent director on board, the decision to do so carries greater weight and authority.

Expertise and experience

Independent directors bring a wealth of knowledge, experience, and expertise to the table. Their insights, guidance, and mentorship can prove valuable to the management team. In the case of investment deals, particularly for deep tech companies, it is not uncommon to see a tech or science expert serving as an independent director on the board. This is important because it immediately instils a credible belief that the technology IP being created is viable while also providing the founder with a technical and scientific resource to draw from during the technology’s development.

Also Read: If there is one thing investors are afraid of, it is lack of commitment from founders

In addition, successful operators and entrepreneurs are often seen serving on the board as independent directors. They lend their reputation and networks to the company, which can be valuable in attracting stakeholders and building strong relationships to secure good partners and potential first clients. This is particularly important for very young startups that are in the angel-to-seed stages.

According to a report from startupsventurecapital.com, some top reasons why startups fail are due to product market fit, poor marketing, being outcompeted, and other relevant business issues. The presence of former entrepreneurs and operators as independent directors on the board is vital to advising the management team in their business operations and strategy.

Corporate governance and compliance

Corporate governance and compliance are essential aspects of any startup’s success. Independent directors play a critical role in ensuring that the company follows good corporate governance practices. They provide oversight and accountability, helping the startup establish and maintain robust governance frameworks, internal controls, and ethical standards. This, in turn, can enhance the startup’s reputation, mitigate risks, and foster long-term sustainability.

While it may not be necessary for startups to have an independent director until they reach Series A, it is still an excellent foundation for developing a culture of accountability to the board. Having an independent director on board can help the startup establish good governance practices early on, which can be crucial for its long-term success.

Conflict resolution

As someone who has advised and mentored startups over the past decade, I have observed that conflicts between startup founders are quite common. This is especially true among male co-founders, who tend to suppress their emotions until a breaking point is reached, leading to highly contentious discussions. According to a report by startupsventurecapital.com, 13 per cent of startups fail due to disharmony among team members and shareholders.

To address this issue, independent directors can serve as mediators to resolve conflicts within the startup. Their impartial perspective and neutrality can be beneficial in resolving conflicts effectively and preventing them from escalating, thereby safeguarding the interests of the startup.

When to include an independent director

Selecting the right independent director for a startup board is a complex process that requires careful consideration. It is essential to note that the benefits of appointing an independent director may vary depending on various factors such as the industry, startup’s needs, stage of development, and the expertise of the director.

Some potential candidates may be more suitable as technical advisors or mentors if they lack experience in governance or an understanding of their limitations.

Above all, this article hopes to encourage startup founders to adopt the mindset of selecting the most appropriate independent directors to facilitate their startup’s growth to the next level.

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This article first appeared on TRIVE’s blog.

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

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

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We are 4 days away from Echelon X! Visit Echelon X to learn more about the program. Get your tickets here!

Customer engagement is vital to fully understand  how brands can maximise their reach and convert customers into avid supporters of their product or service offerings. To create truly lasting impressions, especially within an increasingly competitive landscape, brands need to hone and optimise their physical and digital customer experience strategy to meet their customers’ evolving needs.

To adapt to the constantly changing customer behaviour and ensure healthy growth and ROI, the savviest brands are working to build a connection and ensure high retention with their most valuable customer segments. To do this, businesses need to understand their customers through insights that span all touchpoints. All key activities aim to focus on two critical imperatives: reducing friction and fostering customer loyalty.

Supporting brand journey of building customer relationships that last a lifetime

Apart from reducing acquisition costs, customers who stay with a business for a longer period of time tend to generate 50% higher revenue than other customers due to their increased willingness to spend and pay a premium.

To make a lasting impact, brands should craft curated, personalised, and memorable experiences that reshape customer perspectives. Using technology, companies can also reshape strategy and capture data that would bolster confidence in their future decisions and pivots, if necessary.

With this ethos in mind, CleverTap developed an all-in-one customer engagement platform that helps brands personalise and optimise all consumer touch points to improve user engagement, retention, and lifetime value. At its core, CleverTap’s solution is built to address the needs of retention and growth teams, with audience analytics, deep segmentation, multi-channel engagement, product recommendations, and automation in one unified product.

Also read: Nurturing real-world design innovation in Singapore

Unifying interactions between people, processes, and technology, CleverTap is built to convert everyday customers into customers for life with in-moment experiences designed and optimised for scale in real-time. It enables brands to create truly cross-channel experiences, transcending boundaries between channels, journeys, and outcomes.

The platform is powered by TesseractDB, the world’s first purpose-built database for customer engagement, offering speed and economies of scale. Their mission is to be the ultimate growth partner, providing businesses with the insights they need to truly understand their customers and deliver.

CleverTap is trusted by 2000 customers, including Air Asia, Carousell, Globe Telecom, MAYA, Blue Bird Group, Burger King, M1, GCash, TouchnGo, Boost, and PLDT, among others.

Backed by leading investors such as Peak XV Partners, Tiger Global, Accel, and CDPQ, the company is headquartered in San Francisco, California, and has a presence in, New York, São Paulo, Bogota, London, Amsterdam, Sofia, Dubai, Mumbai, Singapore, Ho Chi Minh, and Jakarta.

Endless possibilities await you with CleverTap as your growth partner

CleverTap sees potential growth within the Asian market, specifically in the Southeast Asian region. Currently, its biggest markets are Indonesia and the Philippines, and it is seeking opportunities to further expand in Singapore, Malaysia, Vietnam, and Thailand. Brands interested in creating synergies with CleverTap have numerous opportunities to do so this May in Singapore for Echelon X, where sessions such as keynote speeches, workshops, and exhibition booths are available to explore.

Marc-Antoine Hager, Regional Head of Southeast Asia, will deliver a keynote speech on Day 1 of Echelon X, titled “Unlocking Customer Lifetime Value”. This keynote will delve into the strategies and technologies that businesses can employ to maximise the value of each customer over their entire relationship with the brand. Insights will be shared on how to identify, nurture, and retain high-value customers, as well as strategies for increasing customer engagement and loyalty.

Also read: SanchiConnect: Fostering sustainability in innovation programs

A more in-depth workshop on “Unraveling the Value of Customer Engagement” will also be facilitated by CleverTap. This session will cover:

1. The role of personalisation and segmentation in driving effective customer engagement strategies.
2. The significance of engaging customers across multiple channels and touchpoints for a seamless experience.
3. How data analytics and insights drive more targeted and effective customer engagement initiatives.

Any customer-facing businesses with mobile applications are also welcome to visit their booth and inquire about growth, product marketing, data analytics, and best practices for cultivating customer experience through the use of CleverTap’s platform.

Get to know CleverTap at Echelon X!

CleverTap is one of the many exciting industry leaders from across the Southeast Asian region who will be joining us for Echelon X. Joining them are other key leaders, visionary entrepreneurs, and groundbreaking startups from all corners of the region who will be gathering together for two packed days. Echelon X will feature dedicated content stages, exhibitions, panel discussions, and more — all to support and empower the tech startup ecosystem with actionable insights through a series of knowledge-sharing activities.

Also read: Echelon X: 10 Pavilion exhibitors shaping the future of innovation

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

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

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As an entrepreneur in Singapore’s booming e-commerce industry, I’ve witnessed the meteoric rise of emerging founders eager to create their own e-commerce empires. My journey with Heavenluxe, a million-dollar brand that I built and strategically exited within nine months, serves not just as a success story but as a roadmap for aspiring entrepreneurs seeking success in this trillion-dollar industry.

Now, I’m on a mission to empower more e-commerce brands to do the same, too.

By leveraging niche opportunities, cultivating a compelling brand identity, prioritising customer satisfaction, and embracing innovation, founders can navigate the complexities of the e-commerce landscape and build brands that resonate with consumers while achieving long-term success.

Identify a profitable niche

The journey towards a successful e-commerce venture often begins with identifying a niche market ripe with potential. Through comprehensive market research and trend analysis, entrepreneurs can uncover unique opportunities that resonate with their target audience’s preferences and demands.

I observed a growing demand for luxury home decor products in Southeast Asia, particularly among discerning consumers with a taste for exclusivity and quality. This insight led me to create Heavenluxe, which caters to the sophisticated preferences of affluent customers.

Develop a unique selling proposition (USP)

In a fiercely competitive landscape, standing out is imperative – to understand the significance of offering something truly unique to capture attention amidst the noise. Whether it’s a focus on superior quality, innovative designs, or personalized experiences, having a distinct offering that resonates with customers can differentiate a brand.

Prioritise authentic branding

Crafting an authentic brand identity is essential for building trust and loyalty among customers. 

Also Read: Embracing AI’s promise: Navigating the future of marketing

When I founded Heavenluxe, I meticulously curated every aspect of the brand, from its sleek aesthetics to captivating visuals and cohesive storytelling. This approach enabled the brand to evoke feelings of opulence, sophistication, and exclusivity, forging a deep connection with customers.

By aligning brand values with customer aspirations, brands are able to create a compelling narrative that resonates with their audience, fostering long-term relationships.

Scale strategically with omni-channel marketing

In today’s digital age, a strong online presence is indispensable. I leveraged omni-channel marketing strategies, tapping into social media platforms, forging strategic partnerships with influencers, and deploying targeted advertising campaigns to amplify reach and engage effectively with audiences.

Focus on customer experience

Beyond product sales, exceptional customer experiences are important. I went above and beyond to ensure that every touchpoint, from website navigation to product delivery, was seamless, personalized, and memorable. This customer-centric approach fostered loyalty and advocacy, driving a brand’s growth.

The ecommerce landscape is ever-evolving, requiring constant adaptation and innovation.  I learned that it’s important to remain agile and receptive to feedback, continuously refining offerings, expanding product range, and exploring new avenues for growth because prioritizing the customer experience is a cornerstone of success. 

Plan for a successful exit

Strategic planning for an eventual exit was a crucial aspect of my Heavenluxe journey. After nine months of rapid growth and success, I made the strategic decision to exit Heavenluxe, seizing the opportunity to maximize value while leaving a lasting impact on the industry.

Reflecting on my journey, I’ve learned invaluable lessons about innovation, resilience, and strategic foresight in navigating the complexities of the e-commerce landscape. My mission now is to empower more e-commerce brands to achieve similar success by sharing the insights and strategies that propelled Heavenluxe to eminence.

The roadmap to building a successful e-commerce brand is anchored in niche identification, differentiation, authentic branding, strategic scaling, customer-centricity, and thoughtful exit planning. 

By leveraging niche opportunities, cultivating a compelling brand identity, prioritizing customer satisfaction, and embracing innovation, founders can navigate the complexities of the e-commerce landscape and build brands that resonate with consumers while achieving long-term success.

Embracing these principles and drawing inspiration from my journey with Heavenluxe, aspiring entrepreneurs can chart a course towards building thriving e-commerce brands that resonate with consumers and leave a lasting legacy in the digital realm.

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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.

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

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We are 5 days away from Echelon X! Visit Echelon X to learn more about the program. Get your tickets here!

India’s population, exceeding 1.3 billion, offers substantial market potential across diverse sectors. A nation with a wealth of skilled IT professionals becomes an ideal hub for fostering tech-driven startups. 

According to Startup India, “[the country] has the 3rd largest startup ecosystem in the world; expected to witness YoY growth of a consistent annual growth of 12-15%.” The Economic Times reported that “the country has become a global powerhouse with more than 112,718 startups recognised by the [Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry], placing them after the US and China.” Government initiatives that foster startup growth, such as tax incentives, funding opportunities, and relaxed regulations, complement this opportunity for businesses to flourish in its dynamic landscape. 

As support by the Indian government propels more incubators to emerge, the importance of sustainability for these organisations comes into question. Traditional incubators often rely on government funding or corporate sponsorship, which can eventually be limited. There needs to be a shift towards sustainability, where incubators generate revenue through services, partnerships, and investments. By becoming financially self-sufficient, incubators can better support startups and contribute to the long-term growth of the entrepreneurial ecosystem.

Also read: Echelon X: 10 Pavilion exhibitors shaping the future of innovation

What started as a passion for empowering the deep tech community and startups has become a full white-labelled support software for incubators looking to digitalise and automate some of their processes. While SanchiConnect still focuses on helping deep tech founders with its partnerships, mentorship and fundraising opportunities, the company recognises that incubators might also need a plug-and-play SaaS service to increase their program scope exponentially. 

Enabling cross-border business and funding opportunities

SanchiConnect (an initiative of Sanchi Connect Pvt Ltd) is India’s largest deep tech startup-investor-mentor community, started with a vision to support the early stage IP-led startups with early PoCs, funds and industry mentorship. The company started as a subsidiary of Baring PE Fund-India, later ventured into unique democratisation and scale ecosystems and became a preferred tech partner for leading incubator and acceleration programs in India.

SanchiConnect is committed to helping startups, incubators, and innovation teams with the potential to drive sustainable growth. Their team believes that India’s trillion-dollar economic agenda will depend heavily on the success of these incubation and innovation centres.

In line with its vision to support early-stage deep tech startups, Sanchi Connect runs two cohorts of thematic accelerators (PreSeed Accelerator) for IP-led startups, which have funded and contributed to the GTM of cutting-edge tech startups in the pre-revenue stage. Their mission is to drive growth and enable resource access to cutting-edge deep-tech startups from India. 

Besides nurturing its deep tech community, SanchiConnect has developed two products designed for incubators and other ecosystem players.

Also read: NTT Group to expand business in Southeast Asia

PowerConnect is a plug-and-play system designed to address all incubation-related challenges. It aims to simplify application sourcing and evaluation at scale, automate routine tasks to supercharge productivity, provide real-time reporting, data management and performance tracking, monetise existing resources, and generate new revenue. PowerConnect’s platform replicates programs end-to-end digitally, giving visibility to both the program office and stakeholders. 

As a DIY platform built to customise for different program needs, PowerConnect is used by reputed incubators, associations, and enterprises to decentralise operations and knowledge sharing in a dynamic networking hub. The goal is to facilitate meaningful collaborations and learning opportunities digitally. PowerConnect can power different innovation programs, from incubation and acceleration to social innovation and other open innovation programs available in the market.

To supplement the application phase further, SanchiConnect created PowerPitch, a platform that has made sourcing and screening easier with dedicated software for processing applications, video-based evaluation, and intelligent communication.

PowerPitch is available for the following use cases: startup and VC programs looking to support innovation challenges and hackathons. Businesses and other industry executives can also use PowerPitch as a one-stop destination to support awarding organisations. 

Other use cases include grants, research funding applications, CSR programs and sponsorships, community funding, scholarships and program admissions, fellowship program management, portfolio management, pitch competitions and art contests. Their customised and brand-centric approach aims to reduce decision fatigue and actualise a more dynamic and collaborative environment for applicants.

Evolution from a deep tech community to a global brand

SanchiConnect which is keen to showcase its startup companies is leading a delegation to Singapore where these companies can showcase tech and business capabilities on the global stage. SanchiConnect has partnered with ‘ThinKuvate,’ a Singapore-headquartered investment firm, which invests and advice early-stage tech startups globally and has 22 portfolio companies and has recently floated an SEBI-registered AIF fund in India for investing in emerging tech opportunities. SanchiConnect is seeking partnerships with professionals, incubators, accelerators, venture funds, and corporate innovation teams aiming to scale their programs. 

Believing that actions speak louder than words, ‘SanchiConnect’ and ‘ThinKuvate’ have also invited selected startups from the deeptech ecosystem. These include ‘Swapp Design’ and ‘Simatricals’ from the EV infrastructure space, ‘Manastu Space’ from the space Tech industry, ‘Docker Vision’ in the maritime Industry, and ‘Dresma’ and ‘Travsie’ catering to content creation and the tourism industry, respectively.

Also read: Transforming IT operational efficiency for businesses globally

Pushpendra Vishal Kaushal, Program Director atSanchiConnect, expresses their anticipation over joining EchelonX, which “now in its 10th year, has achieved a remarkable position in the Singaporean and SEA ecosystem, where VCs and enterprises join the intent to explore collaborations.” Their team hopes to explore exciting synergies with the rest of the regional landscape.

SanchiConnect is one of the many exciting industry leaders from across the Southeast Asian region who will be joining us for Echelon X. Joining them are other key leaders, visionary entrepreneurs, and groundbreaking startups from all corners of the region who will be gathering together for two packed days. Echelon X will feature dedicated content stages, exhibitions, panel discussions, and more — all to support and empower the tech startup ecosystem with actionable insights through a series of knowledge-sharing activities.

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

The post SanchiConnect: Fostering sustainability in innovation programs appeared first on e27.

Dear reader,

The lawsuit filed by TikTok and ByteDance against the US government’s law to force divestiture or ban the app reflects the escalating tensions between the US and China in the realm of technology and national security.

TikTok argues that the law violates constitutional rights, including free speech protections. This legal battle underscores the complex geopolitical landscape and the challenges of balancing security concerns with the global digital economy.

With TikTok’s vast user base and economic impact at stake, the outcome of this lawsuit could have far-reaching implications for the tech industry and international relations.

Moreover, it sheds light on broader issues surrounding data privacy, regulatory oversight, and corporate governance in the digital age.

As the legal proceedings unfold, it remains to be seen how policymakers, regulators, and stakeholders navigate these intricate dynamics in the evolving landscape of Internet governance and technology diplomacy.

Sainul,
Editor.

—

NEWS

TikTok, ByteDance sue to block US law seeking sale or ban of app
The companies argued that the law violates the US Constitution on a number of grounds, including running afoul of First Amendment free speech protections; The law, signed by Biden on April 24, gives ByteDance until Jan. 19 to sell TikTok or face a ban.

Ex-Google chief once considered buying TikTok
Eric Schmidt is “not currently looking” at a deal; After leaving Google, he focused on US-China tensions through a think tank that aims to boost the Western country’s competitiveness in AI and other emerging tech sectors.

Singapore has to be realistic on global trends plaguing its stock market: DPM Wong
Deputy Prime Minister Lawrence Wong, who is also the country’s finance minister, said that the conditions for Singapore’s stock market to attract companies to list remain challenging.

Singapore surpasses US in AI investment: Study
Although being placed tenth in the amount of money spent, Singapore invested an amount equivalent to 1.5 per cent of its GDP in 2022, according to the AI statistics report curated by AIPRM.

Amazon to train 15K individuals in AI skills in Singapore
The multifaceted collaboration will help accelerate the adoption of AI and generative AI; Furthermore, Amazon Web Services plans to invest an additional US$9B into its existing cloud infra in Singapore from 2024 to 2028.

Carsome hits first EBITDA positive quarter in Q1 2024
It did not disclose hard numbers, but it partly attributed the development to a “significant” improvement in gross profit per unit, which rose 48% year on year.

India’s Oyo, once valued at US$10B, seeks new funding at 70% discount
The budget-hotel chain startup is engaging with investors, including Malaysia’s Khazanah, for the new funding; The round is likely to see some secondary transactions as well that will value the startup at as low as US$2.5B.

SG crypto firm Galaxis nets US$10M to expand Web3-based community builder
The investors are Chainlink and ENS and its co-founder Nick Johnson; Galaxis offers a community management platform that uses digital membership cards in the form of non-fungible tokens to build and reward communities.

aCommerce mulls share sale at up to US$300M valuation
aCommerce claims to have reached net income profitability in Q4 2023, following three consecutive quarters of EBITDA breakeven; The Thai firm helps businesses manage, market, and develop their online stores.

Biotech co-working provider NSG BioLabs concludes US$14.5M financing round
The investors are Celadon Partners, ClavystBio, and Temasek; NSG BioLabs partnered with Enterprise Singapore and Merck to bolster the biotech landscape by providing funding, expertise and networks to startups.

Rize seeks to decarbonise rice cultivation in Asia with US$14M Series A raise
The lead investors are Breakthrough Energy Ventures, GenZero, Temasek, and Wavemaker Impact; Rize’s technology captures vital agri data essential for implementing sustainable farming practices, making rice farmers more climate-resilient.

ByteDance founder calls Singapore home, TikTok lawsuit against US shows
Legal documents of the lawsuit show Zhang owns 21% of the company – worth around US$40B when taking into account ByteDance’s US$268B valuation as of December 2023; The remaining 79% is held by global investors and employees.

Indonesia’s farmtech platform Elevarm raises US$2.6M
The investors are Insignia Ventures, 500 Global and eFishery’s Gibran Huzaifa; Elevarm will use the money to develop 15 new organic products and set up a new fertiliser production factory equipped with advanced technology.

Indonesia’s restaurant management startup Runchise bags US$1M
The investors are East Ventures and Genesia Ventures; Runchise’s solutions encompass front-store operations, back-office functionalities, integration with online food delivery platforms, and customer engagement.

VinFast to enter Philippine EV race this month
VinFast also aims to build a dealer network across the Philippines as EV adoption has been picking up the pace; Sales in the country are expected to reach 6.6 million by 2030.

PepsiCo names 10 finalists for APAC Greenhouse Accelerator Program 2024
A committee of PepsiCo leaders selected the finalists based on the potential to deliver groundbreaking approaches to sustainability challenges.

Gapai nets US$1M to empower Indonesian workers to pursue global careers
The investors are Wavemaker Partners and Antler; Gapai connects prospective employees with suitable employers for cross-border job placements; It aims to onboard 70K Indonesian workers this year, matching 2,200 with global job opportunities.

Earth VC, Tesla co-founder invest in French aerial inspection startup HyLight
Y Combinator, Ring Capital, Kima Ventures, and Collaborative Fund are the other investors; HyLight’s hydrogen-powered airship drone HyLighter is capable of collecting vital data over extensive distances without emitting GHG.

Wavemaker Impact backs Australian climate-tech startup MetroElectro
MetroElectro is a renewable energy company focused on unlocking the potential of commercial and industrial (C&I) rooftops; It aims to transform overlooked swathes of rooftops in industrial parks.

FEATURES & INTERVIEWS

How xcube’s CVPE initiative seeks to transform venture capital in tech startups
xcube founder Sebastien P delves into CVPE initiative, highlighting its benefits, risk management strategies and startup selection criteria.

Wizly seeks to revolutionise startups’ growth journey by streamlining access to knowledge
Wizly aims to transform how companies scale and how domain leaders earn, providing a revolutionary knowledge monetisation platform.

These 5 marketing analytics platforms are taking the field into the future
Marketing analytics play an important role in the ever-evolving landscape of business as data becomes increasingly complex.

Top 7 startup funding deals in Southeast Asia in April 2024
In April 2024, Southeast Asian tech startups raised a total of US$263M in funding across 36 rounds, according to Tracxn.

One doctor for every family: Good Doctor wants to make healthcare accessible for all Indonesians
Good Doctor allows customers to consult doctors online, buy medicines from Health Mall, and book offline doctor appointments at hospital partners.

Gig workers crave traditional benefits enjoyed by their fulltime worker peers. Jod aims to bridge the gap
Jod, a mobile-first digital platform, aims to streamline the process for employers to find and manage their workforce efficiently.

FROM OUR CONTRIBUTORS

Embracing the NFT revolution: Insights from Anndy Lian’s NFT.NYC speech
Lian highlights the transformative potential of NFTs, signalling a future where digital ownership and creativity thrive in a secure, inclusive ecosystem.

Young, tech-savvy, unbanked: Southeast Asia ripe for digital finance
The combination of rising digital adoption and low penetration of financial services left a gap easily bridged by digital finance.

Breaking silos and building sustainable synergy: The importance of an integrated sustainability strategy
Integrated sustainability strategies streamline business efforts, ensure cohesiveness across various units and seize green economy opportunities.

The future of numbers: Automation’s transformative impact on accounting jobs
Automation profoundly impacts accounting jobs, presenting challenges in skill requirements and role changes, yet also offers significant opportunities for adaptability.

Beyond connectivity: DePIN & DeWi decentralise power in telecoms industry
DePIN and DeWi could bring about a more accessible, equitable, and sustainable era of connectivity by decentralising digital infrastructure.

From gold rush jeans to digital skills: Edutech’s Levi Strauss moment
For edutech companies, it’s crucial to align with sectors showing robust growth potential and nearing widespread adoption.

FROM THE ARCHIVE

Navigating success in the digital era: The crucial role of Diversity, Equity, and Inclusion (DEI) in leadership
We have seen increased employee engagement, improved morale, and greater innovation as a result of our commitment to DEI.

Crafting compelling problem statements: Captivating VCs with your vision
Your problem statement is your reason for being, says Ine Jacobsen from Cocoon Capital. Here’s how to get better at it.

Unveiling the eco gender gap: Essential insights for a sustainable future
Eco gender gap is when solutions to tackle climate change seem to be geared only toward women. How should businesses deal with this?

Embracing AI’s promise: Navigating the future of marketing
In an era where AI is reshaping the marketing industry, we explore how marketers, particularly in Singapore, can unlock AI’s potential.

Cultivating loyalty in live commerce: A lesson in progressive ownership
The best way to target niches within a crowded e-commerce landscape: theme-based live streaming. Uncover the potential of Mela’s progressive ownership model to cultivate user loyalty.

The hidden cost of bad hiring decisions and how to avoid them
The Harvard Business Review points out that as much as 80 per cent of employee turnover is due to bad hiring decisions.

The unseen link: How cybersecurity and sustainability converge on Earth Day
Strong cybersecurity practices not only protect data but also contribute to a sustainable digital future, safeguarding our planet.

The climate change and gender equality connection: How to support underfunded women-owned business
While there is a distinct relationship between gender inequality and climate change, investment mandates rarely combine both of these lenses.

ECHELON X

8 AI startups to showcase cutting-edge solutions at Echelon X
Get to know Pixcap, Finbots, azgo, Staple, DevRev, Automa8e, Inspius, and Locofy as they champion AI at the upcoming Echelon X.

These 14 fintech innovators are shaping the global financial landscape
Despite the funding downturn, the resilience of early-stage investments indicates sustained interest within the fintech sector.

These 5 companies showcase the power of martech in driving efficient, personalised marketing strategies
One critical advantage of martech is its ability to provide valuable insights into customer behaviour and preferences.

Echelon X: 10 Pavilion exhibitors shaping the future of innovation
Check out the organisations bringing cutting-edge and innovative brands from across Southeast Asia to Echelon X.

—

The post Ecosystem Roundup: ByteDance in court against law banning TikTok | S’pore surpasses US in AI investment | Amazon to train 15K individuals in AI skills in SG appeared first on e27.

Venture capital continues to flow into Southeast Asia, with startups securing significant funding across diverse sectors.

From AI-powered customer support platforms like Brainfish to innovative agritech solutions like Rize, these investments reflect the growing interest in tech-driven innovation.

Companies like Runchise are revolutionising restaurant management, while NSG BioLabs provide essential infrastructure for biotech startups. International job placement platforms like Gapai are also attracting attention.

With renewable energy startups like MetroElectro gaining traction, the funding landscape showcases the region’s potential for innovation and growth.

Let’s delve into the latest funding rounds and explore the dynamic startup ecosystem in the Asia-Pacific.

Brainfish (Singapore)

Brainfish is an AI-powered self-service customer support platform for businesses. It is an AI product expert that helps customers understand a product and helps businesses understand their customers. The Brainfish search function combines a company’s knowledge documents and contextual understanding of the user to deliver instant, real-time answers that are personalised to the specific customer scenario.

Capital raised: US$2.5 million
Round: Seed
Investors: Peak XV’s Surge, Macdoch Ventures, Black Sheep Capital, Justus Hammer (CEO MadPaws), angels.

Runchise (Indonesia)

Runchise is a restaurant management and culinary franchise startup. It is designed based on a comprehensive understanding of the business process and restaurant operation, creating a user-centric platform with an end-to-end ecosystem. With the online or cloud-based platform, Runchise ensures that all the information from the restaurant outlets is connected transparently, accurately, and consistently into one platform. The startup was founded in 2022 by Winoto and Ivana Widjaja (COO).

Capital raised: US$1 million
Round: Not specified
Investors: East Ventures, Genesia Ventures.

NSG BioLabs (Singapore)

NSG BioLabs is a provider of biotech co-working laboratories and office spaces in Singapore.
Started in 2019, NSG BioLabs develops solutions in the health, biomedical, agrifood, and industrial biotechnology sectors, working in precision medicine, nucleic acids, AI-enabled drug discovery, and synthetic biology. The co-working space firm provides biotech startups and multinational companies private and shared laboratory spaces, offices, equipment, privileged access to service providers and suppliers, and community engagement.

NSG BioLabs currently houses over 40 innovative companies in its co-working biotech laboratory in Singapore. The residents include several multi-billion-dollar multinationals and promising startups that have achieved key milestones.

Capital raised: US$14.5 million
Round: Not specified
Investors: Celadon Partners, ClavystBio.

Elevarm (Indonesia)

Elevarm is an integrated farming productivity platform. Launched in 2022, the Elevarm platform of interconnected horticultural services and products empowers farmers with affordable quality inputs for higher farming productivity, broader market reach, and safe and accessible financing. With a growing base of over 13,000 agricultural partners and 5,000 active farmers as customers, Elevarm claims to have grown its 2023 revenue up 7x from the previous year.

Capital raised: US$2.6 million
Round: Seed
Investors: Insignia Ventures Partners, 500 Global, eFishery founder and CEO Gibran Huzaifa.

Gapai (Indonesia)

Gapai provides international job placement services for overseas Indonesian workers. The platform connects prospective employees with suitable employers for fast and safe cross-border job placements. The company operates by screening candidates, conducting interviews, and providing upskilling opportunities for Indonesian workers to build a network of ready-to-work talents that can meet international labour demands.

Capital raised: US$1 million
Round: Seed
Investors: Wavemaker Partners and Antler.

MetroElectro (Australia)

MetroElectro is a climate tech startup in Australia. Founded by veteran digital business entrepreneur Lloyd Heinrich, MetroElectro is a renewable energy company focused on unlocking the potential of commercial and industrial (C&I) rooftops. The startup, built from a venture-studio model, has developed its solution by collaborating with industry experts, investors, and businesses in the C&I sector.

MetroElectro’s solution aims to transform overlooked swathes of rooftops in industrial parks, turning these difficult-to-address assets into efficient energy generation resources. The approach simplifies the complexities, eliminates onerous capital requirements on owners and their tenants, and mitigates risks associated with distributed solar power on commercial rooftops.

Capital raised: US$690,000
Round: pre-Seed
Investor: Wavemaker Impact.

Rize (Singapore)

Rize is an agritech platform aiming to make sustainable rice cultivation viable through innovative and data-driven practices. Rize is building a platform to identify and implement effective strategies to reduce greenhouse gas (GHG) emissions in rice cultivation and the right economic incentives across the value chain to drive the adoption of sustainable cultivation techniques.

Its technology stack captures vital agricultural data essential for implementing sustainable farming practices, making rice farmers more climate resilient, increasing their crop yields, lowering costs, and facilitating efficient access to finance. Rize aims to eliminate 100 metric tonnes of carbon emissions while improving farmer livelihoods.

Capital raised: US$14 million
Round: Series A
Investors: Breakthrough Energy Ventures, GenZero, Temasek, Wavemaker Impact.

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