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Vietnam’s proptech startup WeSale bags seed capital from Hitseries Capital

WeSale, a real estate trade platform in Vietnam, has raised an undisclosed seed investment from Singapore-headquartered Hitseries Capital.

The startup will use the money to develop and upgrade the platform, expand markets and develop new products and services.

WeSale is a proptech platform connecting partners, individuals and organisations to project owners and developers. By applying WeCRM technology, real estate transaction tools, and generative AI, WeSale aims to improve the quality of consulting and transparent and effective real estate transactions for members, brokers, business partners and project development units.

Also Read: The D&I advantage: How inclusion fuels growth in Vietnamese real estate

Mai Lam Toi, CEO of WeSale, said: “WeSale completes a superior technology platform to build a strong sales force supported by versatile sales tools, supported by a team of knowledgeable sales experts.  experience supports transactions to become fast and transparent.”

Hitseries Capital provides growth-as-a-service (GaaS) to its portfolio. The firm invests in AI/ML, vertical SaaS applications, connected IoT, healthcare, mobility, fintech, and marketplace across Asia Pacific.

The VC firm earlier invested in Tanaakk and icuco.

According to the Vietnam Real Estate Association, the country’s real estate sector will be worth over US$1.23 trillion by 2030. This large market will facilitate the development of technology-enriched platforms as the demands for buying, selling, and managing property become increasingly sophisticated.

 

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Riding into its first profitable year, CARSOME looks forward to strengthen its presence in the Philippines

In June 2023, Malaysia-based car e-commerce platform CARSOME announced a funding round that raised its total capital to US$200 million.

Last week, at the sideline of BEYOND 2024 at The Venetian Cotai Expo, Macau, e27 caught up with CARSOME Co-Founder, Chairman & Group CEO Eric Cheng to find out the latest updates from the company since the announcement.

According to him, last year, the company had been focusing more on readjusting its business.

“Much effort has been focused on how we looked at the business in the current market climate, especially since it is not just about growing. It is also about making sense of every single cost line … and that everything translates into your EBITDA profitability. We achieved that in the last quarter of last year. We now have our first profitable quarter in Q1 this year,” he said.

“Because, especially within the used car industry in Southeast Asia (SEA), there used to be a lot of different platforms and competitions in the market. But many of those companies have gone quiet, or do not even exist anymore in the last 12 to 18 months. So, it is safe to say that we have done a really great job in making that achievement, that milestone. Leveraging from last year, we are focusing on building our first profitable year.”

Also Read: Carsome acquires WapCar, AutoFun to strengthen automotive content strategy

During our conversation, Cheng discussed the notable changes in the region’s used car market. While the COVID-19 pandemic led to a pause in car trading for many customers, the situation improved “really quickly” right after that. Pent-up demand accelerated especially in 2021-2022.

“The market for used cars itself has always been growing. For the last two years, what we have seen is that the growth continued to be there. But, of course, it has normalised to the level before the pandemic. It also helps us continue growing as a business because we are not building a business where the market stays stagnant. We are building a business that continues to be growing,” Cheng says.

“Building up on top of our core business transaction is important. We are also rolling out more services to capture the opportunity.”

For CARSOME, this includes including new car offerings in their platform, which used to focus solely on used cars. “This is something that we started immediately post-pandemic because we saw an opportunity to.”

When asked if there has been any change in how they acquire new users with all of these changes, Cheng says the company continues to focus heavily on digital marketing.

“What we see in the last 12 months is that the platform of CARSOME has already built a strong brand equity. That helped us to really establish a good top of mind,” Cheng says.

Also Read: Carsome acquires majority stake in Singapore’s CarTimes Automobile

Shifting gear into the future

When asked about the most valuable lessons the company has learned in its journey, Cheng says that focusing on profitability requires CARSOME to undergo a “big mindset shift.” This can be challenging for a startup, especially as it has been around for a long time as a venture-backed business.

“In the beginning, we have been very focused on expansion and growth. Switching into that mode of thinking of going after profitability requires a big cultural shift. So, I think the biggest achievement so far is successfully adapting to that new environment,” he says.

When asked about what the company wished to achieve in the future, Cheng said that it wants to continue to double the number of car sales, from 150,000 cars per month in 2023 to 500,000 in 2024. It also wants to continue growing its financing solutions services.

“We think there is more room for us to offer financing solutions and insurance as after-sales to our customers, which is still at a very nascent stage of us rolling it out to border markets. These are some of the focuses we are doing now to stay in line with our vision of becoming a full-fledged car ecosystem in Southeast Asia,” Cheng says.

“The Philippines is also a new market that we just went into; we also hope to see scaling opportunity over there.”

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How can Malaysia leverage AI for growth and not see it as a threat?

With rapid advancements in artificial intelligence (AI), Malaysia stands at the threshold of a transformative era. As AI technologies permeate various sectors, including healthcare, finance, and manufacturing, the Malaysian workforce is poised for significant changes.

According to a report by Precedence Research, the global AI market is projected to reach approximately US$2,575.16 billion by the year 2032, showing significant growth from the current value of US$454.12 billion in 2022. This translates to a compound annual growth rate (CAGR) of 19 per cent from 2023 to 2032. 

AI-powered technologies have garnered widespread recognition for their ability to revolutionise various industries. From enhancing operational efficiency to driving innovation and improving customer experiences, AI holds the promise of reshaping how businesses operate and compete in the modern landscape. Its applications span across diverse domains, including healthcare, finance, manufacturing, retail, and beyond.

However, despite these staggering numbers, only 13 per cent of organisations in Malaysia are fully prepared to deploy and leverage AI-powered technologies. This statistic underscores a significant gap between the potential benefits of AI and the readiness of businesses to embrace them. 

Several factors contribute to this gap, including a limited understanding of AI’s applications and benefits, concerns about implementation costs and complexity, a shortage of skilled talent proficient in AI, and organisational inertia or resistance to change.

Addressing concerns of professionals: AI as a threat

As Malaysia delves deeper into the AI landscape, it’s clear that despite its growing accessibility, there remain substantial concerns impeding its widespread adoption in workplaces. These include technological limitations, risks to privacy and security, resistance stemming from cultural factors, and a shortage of AI-skilled professionals. In light of these concerns, it’s reasonable that many businesses approach AI cautiously, thus limiting the realisation of its full potential.

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

A study showed that 62 per cent of respondents in Malaysia are worried that AI will replace their jobs, but 84 per cent would delegate as much work as possible to AI to lessen their workloads. This indicates a complex mix of fear and acceptance towards AI in the workforce.

It suggests that while there is concern about job security, there is also recognition of the potential benefits of AI in increasing efficiency and productivity. This underscores the evolving landscape where individuals grapple with the prospect of automation reshaping traditional employment structures, even as they recognize its potential to enhance operational effectiveness. 

Assessing the level of awareness among Malaysians regarding AI technologies is crucial. Understanding the perceived benefits and concerns surrounding AI adoption helps shape public discourse. The role of public discourse, education, and media in shaping perceptions cannot be overstated. Increased understanding and adoption of AI can propel Malaysia towards its goal of becoming a high-income nation.

Enhancing productivity, innovation, and competitiveness through AI integration is key. Leveraging AI for inclusive growth and addressing socioeconomic disparities is imperative. Aspirations for AI education and skills development in Malaysia include promoting AI literacy and fostering a culture of innovation and entrepreneurship.

AI technologies and how they’re shaping Malaysia’s AI landscape

The adoption of AI technologies has the potential to significantly contribute to Malaysia’s economic growth by unlocking new sources of productivity, efficiency, and innovation across various sectors. AI-powered solutions can automate repetitive tasks, optimise processes, and enable data-driven decision-making, thereby enhancing overall productivity and competitiveness. As businesses leverage AI to streamline operations and create value, they can drive economic expansion, attract investment, and stimulate job creation.

AI technologies have the potential to revolutionise productivity across a wide range of sectors in Malaysia, including manufacturing, healthcare, finance, agriculture, transportation, and services. By leveraging AI-driven automation, predictive analytics, and intelligent decision support systems, businesses can optimise processes, improve resource allocation, and deliver more personalised and efficient services to customers. This increased productivity not only drives economic growth but also enhances the quality of goods and services available to consumers.

Also Read: Human-AI collaboration: The key to unlocking Gen AI’s potential

Collaboration with educational institutions, government agencies, and industry partners is crucial for progress. For us at Ever AI Technologies, this collaborative spirit, aiming to break down traditional barriers to AI access and knowledge, is what drives our mission to democratise AI in Malaysia and beyond. By fostering a culture of innovation and inclusivity, we believe that Malaysia can truly harness the power of AI for sustainable growth and development. 

Towards a bright future with AI and innovation

As Malaysia embraces the AI revolution, it faces both challenges and opportunities to reshape its workforce and economy. By fostering awareness, addressing concerns, and promoting education and innovation, Malaysia can harness the transformative power of AI to drive sustainable growth and prosperity. Many companies stand at the forefront of this journey, committed to empowering Malaysians with the knowledge and skills needed to thrive in the AI-driven future.

In conclusion, Malaysia’s journey into the AI landscape is characterised by potential, challenges, and opportunities. With the right strategies and collaborations, Malaysia can navigate this revolution successfully, transforming its workforce, economy, and society for the better. As the nation moves forward, embracing AI with awareness and foresight will be key to unlocking its full potential.

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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Human-AI collaboration: The key to unlocking Gen AI’s potential

The impact of Generative AI is everywhere — just take a look around.

If you look past ChatGPT, you see products like Adobe Photoshop incorporating it into their tools. Want a lighthouse in your desert photograph? Generate it. Want to know what Harry Potter would look like in anime form? Generate it.

Your productivity note-taking app will summarise your notes for you, edit your writing tone, fix your grammar. Your mobile-phone will generate text-to-speech in the likeness of your own voice.

Beyond everyday consumer use, Generative Artificial Intelligence (Gen AI) is proving its potential to be enormously helpful. For pharmaceutical companies, Gen AI could design proteins for medicines, which will solve a massive challenge that has plagued geneticists and pharmaceutical developers for decades. In manufacturing, Gen AI can create machine parts and optimise design to minimise waste and increase speed and efficiency.

In fact, Gen AI could be the invisible hand that shapes what we interact with in the world around us —designing the buildings we work and sleep in, the parks we walk our dogs in, and the roads we commute upon.

Collaboration between humans and artificial intelligence (AI) is more impactful than it has ever been before. While the AI of the past was stagnant — you make a request, and whatever the AI outcome is, you take it or you leave it. With generative AI, there is back and forth to refine and redefine continually. This is collaboration in order to achieve specific results.

With Gen AI, be intentional with risk-taking

That is the key to Gen AI of the present – collaboration. It will take immense collaboration to mitigate the tidal wave of risks involved with generative AI. As we are discovering the capabilities of Gen AI in our everyday lives, we need to have data privacy, algorithmic bias, explainability, fairness, and accuracy on our radar.

Also Read: The Future of CRM: Transforming customer experience with Gen AI

It is almost certain that there are dangers we have yet to fathom. After all, we do not know what we do not know.

We will need true collaboration with fellow humans to ensure Gen AI will serve the good of society and be used as ethically as possible. As with any powerful, potentially dangerous tool, like cars and weapons, AI should be strictly regulated with frameworks to guide responsible development and deployment.

In March 2023, after calls by over 1,000 tech workers for a pause in the training of the most powerful AI systems, UNESCO called on all governments to fully implement its Recommendation on the Ethics of Artificial Intelligence immediately. The organisation argued that “industry self-regulation is clearly not sufficient to avoid ethical harms.”

The future of generative AI depends on how we behave today

A very real and conspicuous controversy shrouding Gen AI is how it is impacting jobs. Already, artists are using AI art generators, and writers and creators everywhere are disgruntled, anxious or apprehensive about Gen AI.

Stability AI’s Founder and CEO, Emad Mostaque, is convinced that AI will “create brand new industries”, which will “create loads of new jobs.” While that might be true, current jobs are already being displaced.

We need to be very careful. This phenomenon of technology displacing jobs is nothing new—people have argued that machines have been taking their jobs for decades now, but generative AI is growing at a furious pace, and the world is enamoured by it.

Currently, its main victim seems to be the creative industry, one of the few industries where everyone actually wants to do their job. It will be a bleak place if we replace the artists of the world with artificial intelligence.

Instead, we need to make sure AI pushes all of society forward. To replace mundane tasks to free up time for more meaningful work. To solve problems, we could not before. But it is not something that artificial intelligence can achieve on its own.

Also Read: Collaboration and a sense of urgency: What it takes to support climate tech startups in Southeast Asia

What it needs as guidelines is intentional, radical collaboration between humans. A shared understanding of what AI should be used for and how it should be used.

Education with collaboration

In order for this collaboration to happen, we will need mass education to prepare individuals for the future of work. Organisations like SGTech and SkillsFuture could collaborate and develop courses that introduce basic AI knowledge for people in all stages of life and their careers, and how they might use it for their benefit.

In order for Singapore to stay ahead of the curve, we need to learn fast. The Gen AI era is here to stay, and will only evolve and grow. To make sure our futures are bright, we will need collaboration that is regular, institutionalised, and designed with purpose.

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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Electrifying Southeast Asia: Unleashing the radical potential of electric vehicles

The race towards net-zero emissions is intensifying, and electric vehicles are at the forefront of this green revolution. Imagine a future where Southeast Asia’s bustling cities are powered by clean energy, with electric vehicles (EVs) zipping silently through the streets, reducing pollution and dependency on fossil fuels.

This vision is becoming a reality. As Southeast Asia gears up to embrace this change, investors have a unique chance to capitalise on a market poised for explosive growth and innovation.

Source: McKinsey Centre for Future Mobility

The Electric Vehicle ecosystem involves a diverse network of stakeholders, including original equipment manufacturers (OEMs), charging infrastructure providers, battery swapping services, fleet management companies, and other related services.

When investors express interest in the EV sector, it’s essential to understand precisely where they are directing their investments. Choosing the right focus area within this complex web is crucial for success in this rapidly evolving industry.

Globally, the demand for EVs has been rapidly increasing. Sales rose by about 30 per cent in 2023, and while this is slower than the impressive  54 per cent growth observed in 2022, the market continues to evolve with strong momentum. Projections indicate that EV adoption will reach 86 per cent by 2030, more than double the 40 per cent previously projected in April 2023.

Also Read: Infographic: A visualisation of Indonesia’s electric vehicle transition

Several driving forces contribute to this rapid ascent:

  • Government policies: Governments around the world are announcing a growing number of net-zero targets to meet the commitments of the Paris Agreement, which has trickled down to decarbonising the transportation sector.
  • Product variety and quality: There are now a variety of EV options with more designs, better quality, and longer range, especially from manufacturers in China, the US, and Europe.
  • Technological advances: Competition among global players has driven costs down. The cost of lithium-ion batteries, which make up about 40 per cent of EV production costs, has plummeted by 97 per cent since 1991 and is expected to continue to fall by an average of 11 per cent per year through 2030. Demand for batteries remains high, prompting a surge in battery manufacturing plants worldwide.

Few sectors today enjoy such strong macro tailwinds. Many global private and public investors have profited from the IPOs of Tesla, XPeng, Nio and BYD. Yet, we are still scratching the surface as global EV penetration is still relatively low, accounting for somewhere between 14 and 18 per cent of car sales in 2023.

The good news is that investors in Southeast Asia can still benefit from the growth of the EV sector. While the adoption in Southeast Asia is still in its infancy and lower than the global standards, there exists a delicate balance of investment opportunities and challenges.

Some of these opportunities include:

Source: Redseer – SEA Electric Vehicles – Charging Up Part 2

On the flip side, there are also mounting challenges facing the region:

  • Market fragmentation: The fragmentation of the markets meant that we were unlikely to enjoy the economies of scale to rival that of China and the US.
  • Manufacturing expertise: The region faces a disadvantage compared to global competitors due to a lack of expertise in EV manufacturing and supply chain management.
  • Charging infrastructure: A severe lack of charging infrastructure is unable to assuage range anxiety for long distance driving, hampering EV adoption.

Source: Attribution 4.0 International and Shutterstock

To navigate these opportunities and challenges, let us deconstruct the EV ecosystem into three key areas:

  • Original Equipment Manufacturers (OEMs)
  • Infrastructure
  • Services and enablers

Original Equipment Manufacturers (OEMs)

EV OEMs are companies responsible for designing, producing, and assembling essential components of EVs. These components include batteries, electric drivetrains, chassis, charging systems, and other parts crucial for functionality and performance. They can be broken down further in 4W and 2W of which the latter has seen very strong interest from regional investors.

Also Read: The growth of electric vehicles is saving the planet, one trip at a time

Some notable examples of 2W in the region include DatBike, Edde Rides, Charged Asia, Electrum, Volta, & Alva. While various business models exist, OEM operations are generally capital-intensive – manufacturing EVs and managing the supply chain require substantial investment. Unlike Internal Combustion Engine Vehicles (ICEs), EVs have fewer moving parts. Consequently, the sector has lower barriers to entry, leading to a proliferation of 2W EV brands in Southeast Asia.

Winning and dominating the market are likely to be determined by several factors, including a differentiated brand and design that resonates with Southeast Asian aspirational consumers, the broadest coverage of distribution and accessibility, superior product performance and driving and riding experience, and the most efficient manufacturing and supply management.

Infrastructure

EV infrastructure encompasses essential structures, machinery, and equipment to support EV adoption. This includes charging stations, battery swapping facilities, and end-of-life battery recycling. Investment in this sector tends to be capital investment-intensive, especially in battery leasing and swapping services where working capital plays a significant role.

While the technology is reaching maturity, digital tools, software, and data would enhance operational efficiency. Success hinges on securing financing from deep-pocketed funds (such as infrastructure funds or bank debt) and executing its business plan flawlessly.

For instance, in the competitive landscape of charging infrastructure and battery swapping, players like Eboost and Tiger New Energy must secure prime real estate locations, establish strong partnerships with utility providers and local governments, invest in skilled manpower for operations, maintenance and security, and potentially explore franchising models to scale. In battery recycling, securing proprietary feedstock channels at competitive prices will become a critical differentiator.

Services and enablers

EV services and enablers, a lighter facet of the EV ecosystem, encompass a wide range of offerings and support systems aimed at facilitating the adoption, maintenance, and efficient use of electric vehicles. These services span various areas, including logistics (leveraging EV fleets), vehicle servicing, battery intelligence systems, fleet management (both software and know-how), and financing/leasing.

A critical differentiator for EVs, compared to ICEs, lies in their data-integrated telematics capabilities. EVs generate substantial driving, performance, and telematic data during operations, which presents exciting opportunities.

For instance, battery performance data could revolutionise EV underwriting, creating a secondary market for the industry. Insurance premiums could be tailored based on drivers’ behaviour, and resale values could vary depending on vehicle ownership. Logistics companies like APX, Mober, Dash, and Blitz can track driver/rider behaviour and performance, incentivising better delivery outcomes.

Observations from our 10 months of analysing the Southeast Asian EV market reveal compelling investment opportunities. Many venture capitalists and infrastructure investors in the US, Europe, and China have already reaped rewards. Favorable macroeconomic and regulatory conditions, increased EV choices, cost parity with internal combustion engines (ICEs), improved charging infrastructure, and growing consumer awareness drive this trend.

However, challenges persist: Southeast Asia lags in manufacturing know-how, talent availability, and fragmented markets. Investors must also choose their focus, given the wide variety of ecosystems that present different risk/reward scenarios.

From a climate perspective, we also have to bear in mind that the only way to get to zero-emission driving is to decarbonise the grid, even with breakthrough EV penetration, Southeast Asia’s grids still rely on coal, fossil gas, and other polluting fuels, a significant issue that must be addressed.

The Radical Fund is seeking business models that are capital-light while delivering a twin strategy of scaled commercial and climate impact. Please reach out to us for feedback or comments to share regarding the EV industry in Southeast Asia.

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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Relationships and networks are the lifeblood of commerce in Asia

Some years ago, a close university friend was urgently seeking a management role in finance. She requested that I introduce her to my contact, Mr. E, a long-tenured executive at a prominent local bank where he held a high-level position. As a family friend of many years, I was happy to facilitate the introduction as I knew my acquaintance possessed strong qualifications. However, I failed to confirm whether she sincerely desired the job.

Given my deep relationship, Mr. E took the time to personally interview her and offered her a role with excellent growth potential. To my dismay, she resigned only two days later. It became clear she had merely been awaiting another offer and departed without regard for the impact on myself or the bank.

I sincerely and deeply apologise to Mr. E for wasting his valuable time and for not realising my associate might treat the introduction casually. He graciously accepted my apology and underscored the importance of reputation in business circles.

“Relationships and networks are the lifeblood of commerce in Asia. Use them prudently,” was the essence of his counsel. It was a lesson I have carried with me. To this day, out of continuing embarrassment, I have not requested any further introductions from Mr. E, wary other referrals could similarly sour.

The importance of reputation and relationships in Asia

The power of relationships, often referred to as “guan xi” in Mandarin, has been well documented across Asia. In many Asian cultures, relationships are even more integral to business dealings and success.

When asking someone for a significant business favour, especially one that could impact their reputation or career, the requestor will carefully consider the risk involved, the strength of the relationship, and any potential benefits.

Also Read: Optimising workplace engagement in the digital era of productivity

For example, one startup founder was denied banking services after an assessment. Frustrated, he pointed to other similar startups that received facilities.

“Do I need to be your childhood friend to get the same treatment?” The unfortunate answer is often yes, to an extent. I knew the bank’s CEO and inquired about the differing decisions.

He explained that granting facilities to this startup carried too much risk since they lacked familiarity. However, he said, “If you’re willing to endorse them, I’ll approve it, but your reputation will be attached.”

While unstated, we both understood endorsing them could impact future assessments of my own credibility should I someday seek similar services. Not wanting to endanger my reputation, I declined to recommend the startup out of caution for what might occur if things went wrong.

Building connections

For an entrepreneur, building connections and working with various stakeholders throughout the value chain are essential. Connecting with associates or senior leadership at large multinational corporations can provide access to strategic resources. Entrepreneurs may also collaborate across borders and industries to deliver more robust solutions to major clients. Ultimately, cultivating useful, trusted relationships is important for business growth.

However, establishing such connections can be challenging, especially for newer entrepreneurs lacking an established network. Traditional outreach methods like cold calling or LinkedIn may yield inconsistent results. A preferable approach leverages one’s own contacts, such as close colleagues or mentors, to facilitate warm introductions to targeted individuals. Trusted intermediaries can help validate credibility and increase the likelihood of a successful initial interaction.

Overall, strategically developing professional relationships through referrals from within one’s own network may represent the most effective pathway to expand opportunities and resources over time. Ongoing relationship building remains a core competency for entrepreneurial success.

A cost to reputational capital

Before asking others to introduce you, remember that introductions require reputational capital from the introducer. For example, when introducing a startup founder to senior associates via email, my own reputation is at stake. Associates will respond based on their familiarity with and trust in me, believing that due diligence has been performed regarding the introduction. Simultaneously, introductions create an obligation — the introducer expects a favour to be returned if called upon.

For this reason, I am sometimes forthright when asked for introductions, only agreeing if trust is established in the person, and I am willing and able to reciprocate future favours to associates.

Respecting introductions

Having facilitated many introductions between startup founders and contacts, I have experienced both positive and negative outcomes. There are important factors to consider both when requesting and receiving introductions from others.

Also Read: The 3 questions that will help maximise every entrepreneur’s productivity

Do:

  • Thank the contact for their time and consideration. Respond promptly, within 24 hours of the introduction if possible, to respectfully acknowledge their outreach and express your appreciation for the opportunity to connect.
  • Be clear and specific regarding your objectives for the initial discussion while remaining open-minded to the contact’s perspectives and priorities. Rather than an open-ended meeting, outline how you hope your discussion might help address mutual interests or needs.
  • Arriving early for any in-person meetings is a sign of your professionalism. Punctuality shows respect for the contact’s time and consideration.
  • Acknowledge the relationship between yourself and your introducer to provide helpful context. For example, note if they previously mentored or collaborated with you.
  • Throughout any discussions, maintain the highest levels of courtesy, respect and integrity. Remember, the introducer has entrusted you with representing them positively. Where applicable, consider modest incentives that might benefit both the contact and your introducer, recognizing their established relationship.

Expressing gratitude with sincerity

As a mentor, one disappointment I sometimes face is losing contact with founders after making introductions on their behalf. Even if follow-up occurs, the communication sometimes lacks sincerity and only aims to request more introductions without cultivating the relationship. It is unsatisfying to feel used solely as a resource without acknowledgement as a person.

When providing introductions, mentors like myself do so in a spirit of goodwill, hoping to help others progress in a reciprocal manner. Introductions are made with the trust that recipients will respect the connection and express proper gratitude.

Fortunately, some founders demonstrate appreciation admirably. Some promptly updated me on the progress of the introduction and reiterated their thanks. They offered to return the favour by helping those I referred to them.

Others express gratitude more personally through thoughtful gestures such as thank you notes or buying coffee. As a result, bonds of trust have formed, and new professional networks have been established.

In Asia, relationships are built on trust and reputation. Therefore, as a founder expands, introductions and connections should be treasured. The way one handles these interactions reflects one’s reputation, which can make or break important deals. Expressing sincere gratitude is key to cultivating strong, lasting professional relationships.

This article first appeared on TRIVE’s internal knowledge sharing.

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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What living with the Big C has taught me about Web3 (Part 2)

To this day, I don’t know how I managed to keep working despite the frequent daily trips to the bathroom and the abdominal pain since November 2022. However, back then, standard anti-diarrhoea medication still had an effect.

I even flew to the Philippines in November to moderate a blockchain gaming panel at the Philippine Web3 Festival. Then, in December, I went to Bangkok to help organise, host and cover the first Polygon Guild Bangkok Meetup.

Honestly, I didn’t even mind or show anyone any signs of the pain I was feeling. It would be different, of course, when I got back to my hotel.

But I’m a long-time believer in the power of technology for good and have fully embraced Web3 as the future. I was too excited to attend my first on-ground events since the pandemic and meet up with all the wonderful people in Web3 – many of them for the first time in real life – to let pain stop me. 

I think that’s what helps us keep going even when times are really tough. Faith in something bigger than we are. The desire to help others instead of just focusing on our own problems. The sense of responsibility I feel, as someone privileged to belong to the digital haves, to help the digital have-nots and bridge the digital gap.

Crypto Winter taught us to become resilient. It weeded out those who truly saw Web3 as a revolutionary force and focused on creating long-term value from those who were only motivated by greed and wanted cash grabs.

Now that Crypto Winter is thankfully over, the Web3 individuals and organisations that have kept the faith emerged stronger in 2024.

Others ran away. They kept building.

Learn to let go and don’t be afraid to ask for help

Still, resilience doesn’t mean ignoring our limitations. As with cancer, you can’t be a control freak in Web3. You need to be fully aware of your strengths and weaknesses. You can’t be a lone wolf, but you should be willing to collaborate with others and accept help when needed.

It’s been a bitter pill for me to swallow, but I can’t do a lot of things for myself anymore. Physically, I have lost almost 30 kg, the lightest I have ever been since college or during my early days as an employee. Sure, when I was obese, I wanted to one day reach my ideal weight, but cancer definitely wasn’t what I had in mind.

Also Read: What living with the Big C has taught me about Web3 (Part 1)

For someone who enjoys taking long walks and travelling inside and outside the country, I’m now mostly confined to our house. I’m immunocompromised, so I have to wear a mask again outside, avoid crowds, and visit malls only during weekdays and near opening hours, if at all.

Mostly, I just leave the house to go to the hospital, enjoy the condo facilities, and sometimes accompany my wife to the grocery store since a small community mall is directly connected to our building. Even then, I have to watch out because I randomly get tired and dizzy, particularly a week or so after a chemo cycle. 

I now need to use a cane when I’m inside the house and a wheelchair when I go out. It took my wife a long time to convince me because it made me feel so helpless. But I learned to accept that it was for my own good because it would be worse if I suddenly collapsed while walking outside.

In March, I was confined twice for a total of two weeks. First, due to an infection that caused me to be admitted during the first two days of critical care because my blood pressure plunged to 60/40, I was suffering from a fever, and the doctor wanted to guard against sepsis.

Then the most recent one because my blood count kept dropping even after the infection was cured. A new blood culture revealed that my bone marrow was dysplastic, meaning new blood cells were dying before they could reach maturity and be released into my bloodstream. Thankfully, no presence of lymphoma has been detected in my bone marrow. Instead, it seems my immune system is attacking my bone marrow, so my doctor started me on a new regimen to treat this.

Also, no matter how much food I try to eat, my body is not absorbing nutrients properly. So during my confinement and for the first two weeks after I was discharged, I received parenteral nutrition, receiving nutrients intravenously.

My chemo infusions increasingly became more aggressive as the treatment was tweaked based on my response and progress. The first three cycles were already more aggressive than the usual CHOP chemo treatment. Instead, we opted for CHOEP, which stands for cyclophosphamide, doxorubicin (hydroxydaunorubicin), vincristine (for its brand name Oncovin), etoposide, and prednisone/prednisolone. This required a two-day infusion because of the additional drug etoposide. 

After the third cycle, my doctor ordered another scope and biopsy. He then recommended switching to an even more aggressive chemotreatment because we hadn’t made as much progress as we initially expected. So, the next three chemo cycles, which were supposed to be the last three, made use of dose-adjusted EPOCH. The same combination of drugs, but now infused for five days for 24 hours.

Dose-adjusted EPOCH truly was aggressive. During and after every cycle, my immune system would suffer greatly. My blood counts would drop drastically, even though since the start of the first chemo cycle, I was being injected with a booster that would stimulate the production of white blood cells. Even so, sometimes, I needed to be confined because of a fever caused by an infection, despite taking every precaution.

Prepare a game plan but don’t get too attached to it

The original plan was for me to undergo six chemo cycles, followed by an autologous stem cell transplant after MEITL was wiped out. My healthy stem cells would be harvested after my bone marrow healed. Then stored and reinserted into my body to replace the stem cells that were destroyed by chemo. Again, this medical procedure (which is rather expensive, by the way, because it’s not exactly a routine operation) doesn’t guarantee survival. But it does give me better odds.

As the popular adage usually attributed to Prussian General Carl von Clausewitz reminds us, but, according to Quote Investigator, it was actually first written in an 1871 essay by Prussian Field Marshal Helmuth von Moltke the Elder in this form: “No plan of operations extends with any certainty beyond the first encounter with the main enemy forces.” 

Or, better yet, as Mike Tyson eloquently put it, “Everybody has plans until they get hit for the first time.”

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

MEITL was still around after the sixth chemo cycle, as the biopsy and PET (positron emission tomography) scan showed. So, the original plan was off the table. My doctor asked if I wanted to take a calculated risk. We could do two additional chemo cycles but use a different drug that would be more targeted. He said it would be pointless to keep trying the same combination of drugs that have already failed. 

He proposed the chemo drug cladribine. It’s not an experimental drug, but it would take some time to be processed for delivery because it’s not a common drug stocked in the hospital. Plus, this would be an off-label use since normally it’s used to treat hairy cell leukaemia and B cell chronic lymphocytic leukaemia. Still, the pros were that normally, it would have less of an impact on the immune system than my previous chemo drugs and could be infused for seven days for 24 hours. Bonus: it doesn’t cause any hair loss. So, after my wife and I discussed the pros and cons, I decided to go for it. After all, my sixth chemo cycle had already ended on November 15th, and MEITL is an aggressive lymphoma.

Since it would take time to get the permits and have the drug delivered, I was able to spend a holiday at home with my family for the first time in 2023. For some reason, my chemo cycles and emergency confinements always coincided with a holiday. The doctor said I could rest in December after I told him that my daughter and I have birthdays that are close to Christmas. He estimated that the new drug would arrive in time for a seventh cycle that would see me spending New Year’s Eve in the hospital. I was more than fine with that.

That was my December miracle. My wife and I were so optimistic. MEITL was still there beneath the surface, but the many tiny ulcers on my colon that were the outward manifestation had been wiped out. The PET scan showed that only a small area was lighting up, so surgery might now be an option after the eighth cycle if MEITL remained localised. I felt stronger than I had ever been since the start of chemotreatment. I was even able to go to the mall occasionally and didn’t even need a cane or wheelchair.

Originally, my wife and I had been convinced that six chemo cycles would be enough to get rid of MEITL. We truly believed that. Now we were sure that the two extra cycles would finish the job.

But as in Web3 and in most things in life, things don’t always go according to plan. Even if you did all the right things, checked all the required boxes, followed all the best practices. My body didn’t react as expected. The arrival of the drug had been unexpectedly delayed, but I finally began my seventh chemo cycle on Jan. 15th. This seventh chemo cycle was fine. While I felt more weak and tired than I was after my first six cycles, my immune system and blood count numbers were more stable.

But the eighth and last cycle really threw me for a loop. Even before the seventh day on Feb. 21st, my blood test was showing that my numbers were plummeting. I had to receive blood transfusions for the first time in my life.

Post-cladribine me is shockingly different inside and out. The normal range for white blood cell count ranges between 4,000 and 11,000 cells per microliter. When it falls below 1,500, this is considered neutropenia, which can range from mild (1,000-1,500), moderate (500-1,000), to severe (less than 500). Mine dropped to 40-50 during confinement and the succeeding thrice-a-week doctor appointments to take blood tests, boosters, and blood transfusions. 

It has already been two months of constant treatment post-chemo, but as of this writing my white blood cell count is just 1,600. Worse, my latest biopsy confirmed what my wife and I already knew in our hearts. My MEITL was still around. Not only that, but also three large ulcers have taken the place of the tiny ones that were wiped out, and now surgery is no longer a viable option.

My haematologist has also candidly told me that my body can no longer tolerate any additional chemo infusions.

For now, the focus is on addressing the immune system attack on my bone marrow and managing my symptoms to improve my quality of life. I’ve actually had a healthier appetite and eaten a lot more in the past two weeks, which is why they took me off the twice-a-week visits to the daycare for my parenteral nutrition. Instead, every Saturday is now daycare day for my regular blood test and, if necessary, a blood transfusion.

Honestly, the only viable medical treatment left is oral chemodrugs. Of course, taking them would carry its own risks. At any rate, even if we do consider it, it’s off the table until my bone marrow heals further and my blood cell counts improve a lot more.

My doctor, wife and I perfectly understand that this won’t be anytime soon.

The last resort would be clinical trials for new drugs. I haven’t checked it out yet, but in the US, a Phase 1 human trial for a new drug is looking for test subjects for different types of cancer, including MEITL.

Of course, we know what clinical trials entail. Assuming I qualify, I’m agreeing to be a guinea pig who could die even sooner than I might have. 

Part two of a three-part series, continuation to follow next week.

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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Ecosystem Roundup: Musk to consider offer to build EV battery plant in Indonesia | Alibaba injects US$230M into Lazada | Vertex Ventures launches US$64M Japan fund

Elon Musk

Dear reader,

Elon Musk’s recent meeting with Indonesian President Joko Widodo marks a significant step towards potentially expanding Tesla’s footprint in Southeast Asia.

Indonesia’s offer to host an electric vehicle battery plant, utilising the nation’s abundant nickel resources, aligns perfectly with Musk’s vision for sustainable energy solutions. The discussions, held after the World Water Forum in Bali, also included proposals for SpaceX to build a launchpad on Biak Island and an AI centre, highlighting Indonesia’s ambition to become a hub for advanced technology.

While Musk has yet to comment, the move underscores Indonesia’s strategic push to attract major tech investments and develop its EV sector. By leveraging its rich mineral resources and strategic location, Indonesia aims to position itself as a key player in the global electric vehicle market.

If Tesla accepts the offer, it could catalyse significant economic growth and technological advancement in the region. This potential partnership reflects broader trends of integrating advanced technologies into emerging markets.

Sainul,
Editor.

===========

NEWS

Indonesia minister says Musk to consider offer to build EV battery plant in country
Indonesia’s government has been trying for years to lure Tesla to build manufacturing plants related to electric vehicles as the government wants to develop its EV sector using the country’s rich nickel resources.

Vertex Ventures launches US$64M fund for Japan investments
Vertex Ventures Japan focuses on deeptech, digital transformation, AI, and the creator economy; The new fund’s launch follows Vertex Ventures Southeast Asia and India raising US$541 million for its fifth fund in September 2023.

Snowflake is in talks to buy Reka AI for US$1B
Reka AI develops large language models that can be used in areas like online customer support and caption generation; The company was founded by ex-employees of Google and Meta– Yi Tay and Dani Yogatama.

Alibaba adds US$230M into Lazada’s coffers
With this, the Chinese tech giant has poured a total of roughly US$7.7B into Lazada since 2016, when it invested US$1B into the Shopee rival to take a controlling stake.

Kasagi Labo secures US$12M to bring Japanese anime to global audience
The investors include Burda Principal, CMT Digital, SuperScrypt, Hashed, Sfermion, and Gold House Foundation; Kasagi’s platform aims to unite the entire anime content creation ecosystem, from IP owners to artists and voice actors.

Humble Sustainability raises funding to help organisations reduce e-waste
The investors include Gobi Partners, National Development Company, Double River Impact, and XA Network; Humble, which helps businesses sell their old IT equipment, claims to have diverted over 250k kilograms of e-waste from landfills so far.

BANIQL attracts US$1.6M for its innovative approach to nickel, cobalt extraction
The investors include BEENEXT, Seedstars, A2D Ventures, Sopoong Ventures, and XA Network; BANIQL can reduce water and energy consumption, minimise chemical usage, and decrease the ecological footprint associated with nickel and cobalt extraction.

Singapore VC Satori Giants enters Cambodia with investment in Jalat Logistics
X Venture Holdings is the other investor in the round; Jalat Logistics provides a management portal to streamline logistics operations and enhance service delivery.

Pine Labs gets Singapore court approval to shift base to India
Pine Labs offers a range of products and services to merchants such as cloud-connected point-of-sale machines and working capital; It is backed by Peak XV, Fidelity, Invesco, Temasek, PayPal and Alpha Wave and is valued at over US$5B.

Musk, Indonesian health minister, launch Starlink for health sector
Musk said the availability of the Starlink service in Indonesia would help millions in far-flung parts of the country to access the internet; The country is home to more than 270 million people and three different time zones.

Didi co-founder Liu steps down after decade at helm of Chinese ride-hailing firm
Liu, the daughter of Lenovo Group founder Liu Chuanzhi, was heavily involved in the company’s key financial decisions, including its merger with Alibaba-backed Kuaidi in 2015 and its takeover of Uber China business.

FEATURES

SEA startup surge: Major funding wins and strategic acquisitions across SEA
Explore the latest startup and investment news, featuring major fundings, M&As, and innovative ventures shaping the region’s tech landscape.

Collaboration and a sense of urgency: What it takes to support climate tech startups in Southeast Asia
How far can entrepreneurs and investors expect help from the government when it comes to supporting climate tech startups?

FROM OUR CONTRIBUTORS

Relationships and networks are the lifeblood of commerce in Asia
Developing professional relationships through network referrals is often the most effective way to expand opportunities and resources.

Human-AI collaboration: The key to unlocking Gen AI’s potential
The Gen AI era is here to stay and will evolve, requiring regular, institutionalised, and purposeful collaboration for a bright future.

Infographic: A visualisation of Indonesia’s electric vehicle transition
To fully bring the local EV industry into the mainstream, Indonesia must craft supportive policies and strengthen its commitment to local production.

FROM THE ARCHIVES

Report: BNPL remains popular amongst Indonesian fintech services users
The survey also revealed that in choosing a fintech platform to use, Indonesian users considered three key factors.

These startups focus on informal plastic waste workers in fight against climate crisis
In many parts of Asia, plastic waste is commonly processed by informal workers who are part of the marginalised society.

7 ways to optimise your product page to attract more sales
If the conversion rates from your product pages are low, it’s time to test their functionality and optimize them.

5 ways to monetise social media technology for startup success
Startups launching into the digital landscape need to use social media to promote and grow their businesses passionately.

Dream big, start small: Joel Neoh shares lessons from his years with Fave
In this interview, Joel Neoh reveals his more details of his plan to take a break after leaving Fave in March 2023.

To leverage Web3 technologies, Web2 companies may start by building the right culture
According to a panellist, Web3 is all about “a change in how we are looking at our community and our audiences”.

With US expansion on the horizon, Helport aims to help customer support teams cut down on error rate
This year, Helport has a major plan to expand in the US while maintaining its leading position in Southeast Asia.

Artem Ventures: Malaysia is a fantastic starter market, but startups need help to scale internationally
Artem Ventures is a VC fund management company currently managing a fund in partnership with insurance giant FWD Group.

500 Global: SEA’s agritech sector holds enormous potential as funding winter drives resilience
500 Global Partner Saemin Ahn highlights the rise of agritech in SEA. How can investors tap into this opportunity?

DANA Indonesia advocates fintech companies’ vital role in advancing financial inclusion
DANA Indonesia CEO Vince Iswara spoke about how fintech services introduced unbanked society to the ease and practicality of transacting and managing their finances.

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10 decisive factors for choosing your startup’s tech stack in 2024

A solid tech stack can take a startup from its earliest stages to the heights of success, so the choices you make when your planning is still more of a primordial soup than a fully evolved entity will determine whether this is a smooth ride or a path paved with potholes.

It takes a healthy dose of attention to detail to do this efficiently and with good end results, so before you go any further, read over the following factors in order to come to a satisfactory tech stack decision.

Combining compatibility and longevity

First and foremost, compatibility and future-readiness need to be at the top of the agenda as you lay the foundations of your tech stack. 

Here are pertinent points to consider:

System compatibility

Ensure that each component of your tech stack seamlessly integrates with others. For example, if you choose a front-end framework like React, ensure your back-end services like Node.js can easily communicate with it.

Scalability

As your business grows, so will your system needs. Choose technologies that can scale up efficiently without requiring a complete overhaul. A good example is using AWS or Google Cloud, which provides scalable cloud infrastructure as demand increases rather than being held back by an overreliance on in-house hardware.

Also Read: 6 SaaS startups to showcase cutting-edge solutions at Echelon X

Another example is selecting the right container orchestration platform — like Kubernetes, Docker Swarm, or Apache Mesos — which takes an in-depth investigation of the available options. These platforms enhance load-balancing capabilities and streamline integration with both cloud providers’ tools and open-source alternatives, making scaling smoother as demand increases.

Future-proofing

Opt for technologies that are regularly updated by their developers and have a strong community backing them. This ensures that you are not left behind as new advancements emerge. 

For instance, utilising Python for machine learning applications ensures you’re working with a language that’s continually updated and widely supported. A similar concept can be applied more broadly to capital allocation, so it’s a strategy that will stand you in good stead as a startup founder.

Maintenance and support

Consider the ease of maintenance and the availability of support channels. Being able to quickly address technical issues can drastically reduce downtime. 

So in the case of choosing a database, the likes of PostgreSQL not only offer comprehensive documentation but also provide widespread community support which can help in quickly addressing technical issues.

These considerations are sensible because they avert costs and complications in years to come — as evidenced in a recent Lenovo study, which found that 83 per cent of CIOs are concerned over a lack of resource availability in spite of facing obstacles to IT infrastructure innovations.

Prioritising performance and cost-effectiveness

Another lynchpin part of putting together your tech stack is knowing that performance and cost must strike a perfect balance to ensure your startup’s longevity and efficiency. Here’s how you can achieve this:

Resource efficiency

Select technologies known for low resource consumption, which can significantly reduce hosting costs. For instance, Go is renowned for its efficiency in CPU and memory usage compared to other back-end languages like Python or Java.

Also Read: Lack of pitching skills is a major problem Hong Kong-based startups face: HKSTP’s Derek Chim

Cost of implementation

Factors include not only the initial setup cost but also long-term financial implications. Using open-source software such as Apache Kafka for handling real-time data streams can be less costly than proprietary software due to no licensing fees.

Performance under load

Consider how well the technology performs under increased loads or high user traffic. MySQL, for example, handles read-heavy applications well but might struggle with write-heavy scenarios, where PostgreSQL could perform better.

Ensuring security and compliance

Security threats and regulatory requirements are significant when choosing your startup’s tech stack – particularly given that cybercrime costs are set to rise by US$5.7 trillion over the next five years. 

Here’s how to tackle these crucial aspects effectively:

Built-in security features

Opt for technologies that offer robust built-in security features. For example, Ruby on Rails has built-in protections against SQL injection and cross-site scripting, providing a safer development environment.

Compliance readiness

Choose technologies that simplify the compliance process with prevalent regulations like GDPR or HIPAA. AWS, for instance, offers configurations that are compliant with multiple regulatory standards out of the box, which can expedite deployment timelines.

Regular updates and patches

Incorporate tools known for regular updates to protect against vulnerabilities. Ubuntu Server is a good example; it offers frequent security patches and updates crucial for maintaining system integrity.

The bottom line

Be mindful that even with your tech stack on lock, your startup journey will require a lot of other pivotal decisions to be made — often at a point in time when you might not have the experience or adequate data to choose wisely. That’s why taking your time is necessary, even if you’re eager to forge ahead.

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 groupFB community, or like the e27 Facebook page.

Image credit: Microsoft Copilot

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Uncharted collaborations: From little shiny red dot to startup hotspot 

At a recent May Day Rally, PM Lee Hsien Loong shared an inspiring story about community initiative and government support. He said: “We told her, if you take the lead, the Government will support you.” It sparked my imagination about what could be possible for startups.

He spoke of a scenario where government support helped turn a vision into a thriving reality for the community. What if this kind of support could be extended to the startup ecosystem? While his focus was on community development, it got me thinking about the potential for government collaboration with the private sector to turbocharge local startups.

I think the government could really benefit from closer collaboration with private companies to drive significant improvements. Both sectors aim to succeed and boost employment, but they need to coordinate better to maximize their efforts. While semi-government-linked companies exist for this purpose, they often struggle with public perception. It might be time to explore new approaches under fresh leadership.

Here’s an idea that might seem a bit ambitious since I’m not in public service, but imagine if NParks and the LTA worked together to create bike lanes and pathways connecting to MRT stations. This would not only make cycling safer but also reduce road traffic and daily commuting frustrations.

Another innovative concept could be for Singapore Post to experiment with drones for delivering small packages. Given Singapore’s compact size, we could start this on a small scale to test its viability. If successful, it could be a game-changer for local logistics, expanding to cover more areas.

Also Read: Singaporean VC firm Satori Giants enters Cambodia with investment in Jalat Logistics

We also need to enhance our recycling efforts. Countries like Sweden and Germany have set high standards in waste management, and we can learn from them. Starting a comprehensive campaign to educate the public on better recycling practices could help us avoid a future waste management crisis. 

In the vibrant city-state of Singapore, we have all the ingredients to become a leading startup hub: a strategic location, robust infrastructure, and a forward-thinking government. Entrepreneurs here are buzzing with ideas and ready to take on the world. However, despite these advantages, there are hurdles that can dampen the entrepreneurial spirit.

Businesses in Singapore, whether small enterprises or large multinationals face several significant challenges. High operational costs are a major hurdle, with steep rental fees and a high cost of living impacting the bottom line. Additionally, the tight labor market makes finding skilled talent difficult.. Furthermore, the complex regulatory environment poses a daunting challenge, especially for smaller companies that may lack extensive compliance resources. These factors combine to create a challenging landscape for business operations in Singapore.

Singapore’s government is not slouch for supporting innovation with initiatives like SkillsFuture and flexible work arrangements. However, the reality sometimes falls short of the needs. With a myriad of funds and resources available, the landscape can be confusing. Wouldn’t it be great if accessing support was as simple as ordering a kaya toast set? We need a streamlined, less overwhelming system that directly meets diverse sector-specific needs.

As we’ve welcomed many MNCs to our shores, it’s time to nurture our own companies to compete on the global stage. Singapore is ripe for innovation and growth, and with the right support and collaborations, local enterprises can evolve into the next big global players.

In moving from the ‘Little Red Dot’ to a global startup hotspot, Singapore must foster uncharted collaborations that redefine public-private partnerships. It’s time for all stakeholders to come together and turn these visions into reality, propelling Singapore to the forefront of global innovation and entrepreneurship.

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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Image courtesy of the author.

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