A new study from Japan’s Waseda University sheds light on why university spin-offs, despite abundant academic resources and deep scientific expertise, often struggle to match the success of corporate-born startups. The research, led by Professor Alex Coad of Waseda Business School, dissects the entrepreneurial DNA of both groups and finds key differences in motivations, culture, and identity that may explain the disparity in outcomes.

While University Startup Entrepreneurs (USEs)—faculty, researchers, or students launching ventures from academic labs—bring cutting-edge innovations to the table, they frequently lack the commercial edge that Corporate Startup Entrepreneurs (CSEs) develop from their industry experience.

Coad’s analysis, published in The Journal of Technology Transfer in June 2025, argues that the divergence starts with motivation. USEs often pursue entrepreneurship as an intellectual extension of their research, prioritising scientific exploration over financial returns.

In contrast, CSEs are driven by a mix of autonomy, financial ambition, and market validation, which makes them more responsive to customer needs and commercial dynamics.

As Professor Coad notes, despite robust institutional support, USEs often underperform in the startup arena, a pattern with implications for national innovation strategies across the region.

Also Read: Global sentiment lifts off: The US-EU agreement’s ripple through stocks, commodities, and digital currencies

Moreover, USEs rely heavily on codified, academic knowledge, which may not transfer effectively across industries. CSEs, by contrast, leverage tacit business insights, gleaned from real-world experience, making them more adept at navigating markets and building customer relationships.

Identity also plays a role. USEs often struggle to shed their academic persona and fully embrace an entrepreneurial identity. This psychological barrier, combined with a reluctance to engage in managerial tasks or customer-facing roles, creates organisational friction that hampers growth.

Despite these challenges, Coad is optimistic. “Mentoring and peer networks can help USEs smoothly transition and adapt to their entrepreneurial role,” he says.

He advocates for tailored support from incubators and accelerators, encouraging USEs to adopt lean startup principles and deepen their understanding of customer needs.

This is particularly pertinent for governments and universities in Asia, where national policy often ties innovation performance to the success of academic startups. Adjusting these support systems to account for the unique traits of USEs could improve venture outcomes and help unlock the full potential of university-driven innovation.

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Image Credit: Sincerely Media on Unsplash

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At Echelon Singapore 2025, BNI Ventures CEO Eddi Danusaputro offered an in-depth look at corporate venture capital (CVC) through the lens of his extensive experience in private equity and venture capital. In a candid fireside chat, he underscored that CVCs exist not purely to generate returns but to solve internal organisational challenges. Their role, he argued, is strategic—aligning startup partnerships with core business needs.

Danusaputro highlighted the often underappreciated complexities of integrating startups into large financial institutions, noting cultural clashes and regulatory friction as key hurdles. He recommended that startups engage with CVCs only after achieving post-Series A stability, ensuring they have the right talent and infrastructure in place to support meaningful collaboration.

For global startups eyeing the Indonesian market, Danusaputro stressed the critical importance of local knowledge and nuance, warning against a one-size-fits-all approach. He also proposed the adoption of a “maturation map”, a structured framework to help startups navigate their growth trajectory in a more deliberate and effective manner.

The session served as a practical guide for founders and investors alike, offering clarity on how CVCs can be more than capital providers: they can be catalysts for sustainable, strategic growth.

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Japan’s transport system may be world-renowned for its punctuality and efficiency, but beneath that polished surface lies a growing challenge: how to serve an ageing, decentralising population without sinking under the weight of unprofitable, outdated routes.

Into this complex landscape steps SWAT Mobility, a Singapore-born AI routing startup that’s rapidly becoming one of Japan’s most intriguing transport partners.

Since entering the market in 2020 with encouragement from Japanese investors like UTEC, SWAT Mobility has quietly expanded into over 70 Japanese municipalities.

But what’s driving this demand? It’s not just the tech—it’s timing. With the Japanese government now formally backing demand-responsive transport (DRT) as a key model for modern mobility, SWAT’s AI-powered solutions have found both relevance and resonance.

Also Read: “SEA + Japan is a long game”: MUIP’s Gerrard Lai on cross-border startup collaboration

In this conversation, CEO Jarrold Ong shares what drew SWAT to Japan, how its platform powers more inclusive, efficient transport networks, and why Japan is not just a proving ground but a launchpad for Southeast Asian innovation on the global stage.

Excerpts:

What first drew SWAT Mobility to Japan’s mobility space? Was there a specific gap or challenge that made it clear your solution would fit? How would you describe the key structural challenges that SWAT is trying to solve in Japan’s transport ecosystem?

Our Japanese investors, like the University of Tokyo Edge Capital (UTEC), encouraged us to explore the Japanese market. We discovered that many of the smaller towns in the country faced challenges such as rural transport issues and an ageing population. By 2050, one-third of Japan’s population will be 65 or older, with a concentration of older adults in rural regions due to urban migration.

Current public transport options like fixed-schedule buses fail to meet the specific needs of elderly residents, including inconvenient bus stops, long distances, or poorly timed schedules for essential trips like hospital visits. Public transport operators also struggle with profitability due to low ridership.

The central government has embraced demand-responsive transport (DRT) as a viable solution to these challenges. Multiple regional trials have demonstrated DRT’s potential to deliver more flexible, cost-effective transportation for elderly residents. The government has formally endorsed DRT as an official public transport model, targeting implementation in 500 cities in the next few years. To encourage adoption, municipalities receive subsidies to explore proof-of-concept (POC) projects.

This initiative creates substantial opportunities for tech-driven solutions like SWAT Mobility’s platform to revolutionise public transportation efficiency.

Japan is known for its efficiency and strong transport infrastructure. Where do you see the most enormous inefficiencies or gaps your AI platform helps close?

City governments and public transport operators in Japan face a growing challenge: their public transport systems are often unprofitable, with subsidies used to sustain inefficient fixed-schedule bus routes. These routes, however, fail to meet the needs of elderly residents due to inaccessible bus stops, inconvenient schedules, and limited flexibility.

SWAT Mobility’s platform provides city governments and public transport operators with the tools to transition from traditional, inefficient bus routes to a flexible, data-driven, cost-effective DRT system. This not only benefits elderly and underserved populations but also supports the long-term viability of public transport systems across Japan.

Can you explain how SWAT’s AI-powered vehicle routing works in the Japanese context, especially when layered over local taxi networks?

Transport Analytics Platform: Our Transport Analytics solution enables city governments and public transport operators to visualise their ridership data, uncover insights, and optimise their existing services. Municipalities can analyse current fixed-route operations with our platform to identify inefficiencies and test alternative solutions like Demand-Responsive Transport (DRT).

Also Read: Japan’s innovation dilemma—and why SEA startups could be the answer

Additionally, the platform allows simulations to compare the effectiveness of replacing traditional routes with DRT services. We also provide data analytics consulting services where we source, study, and process relevant data to generate useful insights, enabling clients to make data-driven decisions. Our platform will automatically suggest improvements in the future, streamlining the optimisation process.

DRT System: It offers a flexible and cost-effective alternative to fixed-schedule buses. This solution can be tailored to fit each city’s unique boundaries and service requirements, allowing public transport operators to offer more personalised and efficient service.

• Booking flexibility: Passengers can easily book rides through the Passenger app or via the call centre. This allows for greater flexibility in scheduling, making it easier for elderly passengers to secure rides for appointments like medical visits or grocery shopping.
• Optimised operations: Once a booking is made, our algorithms automatically assign rides to the most efficient vehicle, minimising the number of vehicles on the road and reducing unnecessary mileage. This means fewer empty vehicles driving around, leading to significant cost savings.
• AI-driven driver support: Drivers use the Driver app, which provides turn-by-turn navigation and guides them to pick up and drop off passengers in the most efficient order. By leveraging AI, the system ensures drivers operate only when passengers are onboard, further optimising vehicle utilisation.
• Enhanced accessibility: The system can also offer doorstep pickups and more flexible service times, ensuring that elderly residents have easier access to public transport at times that fit their schedules.

Our DRT solution has consistently proven to be more cost-effective than traditional fixed-route services. By reducing the number of vehicles needed, optimising routes, and increasing accessibility, DRT services can deliver better outcomes with the same or lower operational costs. This results in greater ridership, improved public satisfaction, and a more sustainable transport system.

What kind of data inputs does your system rely on in Japan, and how do you localise your tech to fit unique traffic flows, road layouts, or cultural commuting habits?

We partnered with Zenrin to obtain more accurate map data. Our end-user applications, such as the Passenger and driver apps and call centre software, can be white-labelled and localised in the Japanese language. As part of the service setup, we typically also run simulations and transport planning for our clients.

How does Japan fit into SWAT’s broader growth strategy? Are you targeting other developed markets with similar demographic and infrastructure dynamics?

Japan is a key part of our growth strategy and one of our most exciting markets. It has a mature transport ecosystem, high urban density, and a rapidly ageing population, creating a strong need for efficient, tech-driven mobility solutions.

What also sets Japan apart is the strong appetite for high-quality, optimised services, especially in sectors where labour shortages are becoming more pronounced. We’ve found that developed markets like Japan, where operational efficiency is critical, tend to see greater value in our optimisation technology.

We’re also actively exploring other developed markets with similar infrastructure and demographic dynamics, where we believe we can deliver the same level of impact.

What does success look like for SWAT in Japan over the next 12-24 months?

We currently have operations in over 70 areas in Japan. Our aim is  to be able to triple that in 12-24 months.

We’ve also expanded our product offering to the logistics sector with a Dispatch Management System designed to address complex last-mile challenges. Our solution helps tackle issues related to the “Japan 2024 Problem,” which limits driver overtime hours, as well as the new Logistics Efficiency Act aimed at promoting sustainability. Our technology helps logistics companies improve operational efficiency while ensuring compliance with these evolving regulations.

Also Read: ‘If Japan doesn’t open up, it will stagnate’: UntroD’s Kumamoto on what must change

What does your expansion into Japan say about the capabilities of Southeast Asian startups in solving global-scale infrastructure problems?

Japan is often seen as a challenging market for foreign entrants, especially startups. While established companies have traditionally played a leading role, there’s a growing openness to innovative startups, creating new opportunities for Southeast Asian businesses. That is why our expansion in Japan is a meaningful milestone, not just for SWAT, but for startups across the region. Navigating language and cultural differences has been a valuable learning experience, helping us grow and become more competitive globally.

What are some learnings from Japan that could be applied back to Southeast Asia or other regions that SWAT is exploring?

Collaborating with clients in Japan has been incredibly valuable for our growth. The market strongly emphasises precision, consistency, and high-quality service—traits that have helped us refine our software and operations in meaningful ways. These enhancements have improved our work in Japan and strengthened our capabilities across Southeast Asia and other regions we’re entering.

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In many parts of Asia, we’re used to thinking of tech as the great equaliser. From Indonesia’s fintech revolution to India’s edutech boom to Japan’s automation economy, digital innovation has lifted millions.

As AI begins to shape not just what we use but also how we work, hire, and govern, we must confront a harder truth: If AI is built without inclusion, it won’t just replicate bias; it will scale it.

Right now, we’re at a turning point. The next wave of tech giants, especially in fast-growing Asian economies, will be judged not just by how fast they build, but by how responsibly they do it. Inclusion isn’t a Western HR buzzword. It’s a leadership standard, a competitive differentiator, and increasingly, a core pillar of risk management.

And nowhere is this more urgent than in how we build and lead with AI.

Why inclusion can’t be a side project

Let’s be blunt. AI doesn’t fix bias, it learns it. From data. From decisions. From developers.

If your hiring model is trained on past employee profiles, it may quietly prefer male engineers from elite schools. If your loan scoring algorithm reflects historical banking access, it may penalise borrowers from rural provinces. If your product voice is built around one cultural perspective, it might alienate, or even offend, others.

These aren’t just hypotheticals. We’ve seen AI mishaps worldwide. But the risk in Asia is even more layered. Our region holds 60% of the world’s population. It includes the world’s largest Muslim population, its fastest-aging societies, the most linguistically diverse cultures, and massive informal economies.

Also Read: AI for the real world: SEA’s cost-efficient playbook is winning investors over

If AI products don’t include these nuances from the start, they will fail large parts of this continent.

How Asian tech can build DEI into product DNA

Let’s look at this not as a crisis but as an opportunity for leadership.

• Design with, not for

Bring diverse users into your product cycle early. And I don’t mean a last-minute focus group. I mean real co-design.

• If you’re building for India’s gig economy, include single mothers from Tier-two cities in your prototyping.
  
• If your voice assistant is going live in Malaysia, involve users with heavy accents, multilingual homes, and vision impairments.
  
• If you’re launching a mental health app in Korea or Japan, consider cultural stigma around seeking help and adjust tone and experience accordingly.

• Audit bias before it becomes PR

Create internal “bias squads” whose job is to break your system before the public does. Make it someone’s responsibility to ask:

• Who does this product fail?
  
• Who has no access to it?
  
• What happens when it gets things wrong?
  

Celebrate this work. Don’t bury it.

• Measure fairness, not just accuracy

We love KPIs in Asia. So let’s build fairness into them. Don’t just track click-through rates or error margins. Track:

• Representation across user feedback,
  
• Gender or income parity in outcomes,
  
• AI misfires by language or region.
  

Make inclusion a product metric, not just a marketing message.

Rethinking leadership: DEI-AI literacy is your new skill gap

In many Asian companies, DEI still lives in HR. But AI lives everywhere. So what happens when engineering moves faster than ethics?

Here’s what leaders must do, urgently:

• Get fluent in the risks

You don’t need to code Python, but you do need to understand:

• How AI makes decisions.
  
• Where data bias comes from.
  
• What to do when AI gets it wrong.
  

Think of it like cybersecurity. You don’t run the firewall yourself, but you sure need to know when it’s leaking.

• Learn through real-world scenarios

Thailand’s AI landscape faces pressing gender and inclusion challenges that deserve greater attention. Ranked 79th in the 2022 Global Gender Gap Index, with a slight year-on-year decline, the country reflects persistent cultural stereotypes, including portrayals of women in domestic roles.

While Thailand stands out for its visible LGBTQ+ representation in media, systemic discrimination and misrepresentation remain, and these biases risk being hardcoded into AI systems through unbalanced training data. Ethnic minorities, too, face disproportionate exclusion and online bias.

Also Read: AI is changing work in Singapore — Confidence is the missing link

Experts warn that AI in Thailand often lacks adequate representation of women, LGBTQ+ individuals, and other marginalised groups, not only in datasets but also in testing and monitoring processes. In many cases, gender distinctions are lost in aggregated data, and few AI projects undergo rigorous gender impact assessments.

Although general AI ethics frameworks are in place, they may fall short without more targeted safeguards. A dedicated gender and inclusion module could play a critical role in correcting representational gaps and strengthening bias mitigation. For Asia’s fast-growing tech ecosystem, Thailand serves as a reminder: inclusive AI design isn’t just good ethics, it’s essential for building trustworthy, culturally relevant technology.

Watching leaders react and course, correct, was eye-opening.

The lesson? You need to feel the problem before you can solve it.

• Use AI to fix culture, too

Why not use AI to look inward?

• Who’s speaking up in meetings?
  
• Who gets promoted fastest?
  
• Who’s quietly disengaging?
  

Inclusion isn’t just hiring more women or sponsoring International Women’s Day. It’s a system. AI can help spot where that system is leaking talent, voice, or trust.

Controversial but necessary: Embracing complexity

Let’s not pretend this work is easy. Especially in Asia, where conversations around gender, caste, ethnicity, nationalism or religion can be sensitive or political.

So here’s some real talk:

Inclusion will sometimes feel “unfair”

You may have to give extra attention to groups historically left behind. That can create pushback. Some will ask: “Why are we prioritising this group?”

Answer: “Because the system didn’t before.”

Inclusion isn’t about punishing anyone. It’s about correcting imbalance. If that feels uncomfortable, it probably means it’s working.

• Not all DEI is good DEI

When done badly, DEI becomes performative. Slapping a diverse image on your homepage while your data team is 90% male doesn’t build trust. And yes, overcorrecting representation, like what happened with Google’s image generator, can backfire if not grounded in context.

Also Read: Generative AI: The unstoppable force reshaping work and engagement across SEA

Be thoughtful. Be intentional. Don’t replace one stereotype with another.

The inclusive tech playbook for Asia’s startups

If you’re a founder or product leader, here’s where to start:

Step	Action
Audit	Assess your products for exclusion risks. Include language, income, ability, gender, region.
Co-design	Involve real users from different communities early — not just as testers, but as collaborators.
Educate leaders	Run DEI-AI literacy sessions for your leadership team. Use real local case studies.
Create metrics	Track fairness alongside product performance. Publish internal dashboards.
Speak up	Be the company that talks about inclusion publicly. It attracts trust and talent.

Final word: Inclusion is Asia’s edge

Asia doesn’t need to copy Silicon Valley’s mistakes. We have the opportunity to lead differently, to build AI that reflects our diversity, our cultures, our realities. Our superpower isn’t just speed or scale. It’s the ability to blend innovation with values rooted in community, family, and balance.

If we lead with that spirit, tech in Asia won’t just be fast. It’ll be fair. And that might just be our biggest advantage of all.

—

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The US-Japan trade deal stands out as a major driver, signalling stronger economic ties between two of the world’s largest economies. Over the weekend, the US and the European Union also finalised a trade agreement, albeit one that introduces 15 per cent tariffs on European exports to the US.

Despite the tariffs, the resolution of this deal has been broadly welcomed as a step toward easing trade tensions, fostering a risk-on environment where investors feel emboldened to dive into equities and step back from safe-haven assets like gold.

I see a complex but largely encouraging picture emerging, though one that’s not without its potential pitfalls. Let’s talk about it.

Trade deals fuelling optimism

The US-Japan trade agreement has injected a dose of positivity into global markets. By reducing uncertainties and paving the way for increased trade, this deal promises to strengthen economic activity between these two powerhouses.

Japan, a major player in manufacturing and technology, stands to benefit from easier access to US markets, while American firms could see new opportunities in Japan. This development aligns with a broader narrative of thawing trade relations, which had been strained in recent years by tit-for-tat tariffs and geopolitical friction.

Meanwhile, the US-EU trade deal adds another layer to the story. The inclusion of 15 per cent tariffs on European exports might seem like a wrinkle, but the fact that negotiators reached an agreement at all has outweighed that concern for many investors. After months of saber-rattling and fears of an all-out trade war, this deal offers a measure of stability. It suggests that both sides prefer cooperation over confrontation, even if the terms aren’t perfect.

Also Read: Markets on the move: Trade talks, housing slumps, and crypto whales stirring

This resolution reflects a pragmatic approach by the Trump administration, avoiding the escalation that markets had braced for. The tariffs will undoubtedly raise costs for some European exporters, but the clarity provided by the deal could encourage businesses to adapt and invest with greater confidence.

US markets riding the wave

The US stock markets have wasted no time capitalising on this upbeat mood. The S&P 500 climbed 0.40 per cent to notch a fresh record high, while the Nasdaq followed suit with a 0.24 per cent gain. The Dow Jones Industrial Average also joined the rally, posting a 0.47 per cent increase.

These gains underscore the strength of the US corporate sector, which has delivered a solid earnings season so far. Companies across industries have reported resilient profits, defying earlier worries about slowing growth. For investors, this combination of strong fundamentals and positive trade news has been a green light to push equities higher.

The VIX, often dubbed Wall Street’s fear gauge, offers another clue to the prevailing sentiment. It slipped from 15.39 to 14.93, a modest but meaningful drop that signals reduced anxiety about market volatility.

Historically, a VIX below 20 indicates a relatively calm market, and this easing aligns with the risk-on vibe. This decline reflects a collective sigh of relief among traders, who see fewer immediate threats on the horizon. However, it’s worth noting that the VIX remains above its long-term average, suggesting that some underlying caution persists.

Bond yields and the dollar tell a mixed story

In contrast to the stock market’s exuberance, US Treasury yields have painted a more complicated picture. The 10-year yield edged down by 0.8 basis points to 4.388 per cent, while the two-year yield ticked up by 0.7 basis points to 3.923 per cent. This divergence hints at differing expectations for the short and long term.

The dip in the 10-year yield suggests that investors anticipate stable or even lower interest rates over the longer haul, perhaps due to confidence in the Federal Reserve’s ability to keep inflation in check. Conversely, the slight rise in the 2-year yield could reflect near-term uncertainty, possibly tied to upcoming economic data or speculation about rate hikes.

The US Dollar Index, up 0.28 per cent, has also benefited from this environment. A stronger dollar often accompanies positive sentiment about the US economy, and the trade deals have reinforced that narrative.

Meanwhile, gold took a hit, dropping 0.93 per cent as investors shed safe-haven assets in favour of riskier bets. Brent crude oil also slipped 1.1 per cent to US$68 per barrel, which might signal concerns about global demand despite the trade optimism.

Asian markets and crypto add context

Across the Pacific, Asian equities have shown a more cautious response. Last week, many markets closed lower as investors eyed this week’s Federal Open Market Committee meeting and the approaching US trade tariff deadline.

Today’s early trading saw a mixed start, contrasting with US equity index futures, which point to a higher open stateside. This regional divergence suggests that while the US enjoys a tailwind, Asia remains wary of unresolved trade issues and their local economic implications.

Also Read: What’s next for markets: Navigating trade threats, earnings, crypto and central bank signals

The cryptocurrency market, however, has mirrored the broader risk-on sentiment with its flair. Bitcoin, hovering near US$119,000, shrugged off a massive sale by Galaxy Digital, which unloaded 80,000 BTC worth over US$9 billion for a Satoshi-era investor.

Prices dipped briefly from $118,000 to $115,000 before bouncing back by Sunday. Analysts point to this resilience as evidence of Bitcoin’s maturation into a liquid, robust market. It’s a testament to how far the crypto industry has come since its volatile early days.

Ethereum, meanwhile, has stolen the spotlight. It’s spot ETFs raked in US$1.85 billion in net inflows for the week ending July 25, 2025, dwarfing Bitcoin ETFs’ US$72.06 million. Over the past three weeks, Ethereum ETFs have amassed US$4.94 billion, bringing their total net assets to US$20.66 billion.

This surge ties into what some refer to as the Utility Season narrative, where investors are drawn to Ethereum’s versatility in decentralised finance, NFTs, and beyond. Bitcoin’s store-of-value appeal remains strong, but Ethereum’s growth hints at a shift toward assets with broader functionality. I see this as a fascinating evolution in how investors weigh risk and reward.

What’s next?

From my perspective, the global risk sentiment feels like a tightrope walk. The trade deals and US earnings have laid a solid foundation, but the mixed signals from bonds, Asia, and commodities remind us that confidence is fragile.

The crypto market’s strength, particularly Ethereum’s rise, adds an intriguing dimension, suggesting that risk appetite extends beyond traditional assets.

Looking ahead, this week promises a deluge of data that could either solidify or shake this optimism. The US second-quarter GDP report, the July Personal Consumption Expenditures (PCE) index, and the July jobs report will provide a clearer view of the economy’s health.

Monetary policy decisions from the US, Canada, and Japan will also loom large, as central banks grapple with growth and inflation. The August 1 reciprocal tariff deadline adds another wildcard; any misstep could dent the current mood.

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Southeast Asia’s food and beverage (F&B) technology industry is experiencing dynamic growth, driven by urbanisation, a rising middle class, and high smartphone penetration.

Valued at US$667 billion in 2023, the F&B market is projected to reach US$900 billion by 2028, with e-commerce food sales expected to hit US$38 billion by 2025. Key trends include digital transformation, with cloud kitchens and delivery platforms like GrabFood and GoFood gaining traction, alongside AI-driven personalisation and advanced logistics.

Health-conscious eating is surging in this part of the world. Sustainability is also critical, as 65 per cent of consumers prefer eco-transparent brands. Quick-service restaurants (QSRs) leverage mobile apps and data analytics to enhance customer experiences and optimise operations, with the sector projected to reach US$23.83 billion by 2027.

Thankfully, emerging startups are capitalising on these trends, innovating with plant-based and lab-grown foods to meet diverse consumer demands. This vibrant ecosystem, supported by over US$230 billion in foreign investment in 2023, positions the region as a global F&B-tech hub.

Also Read: Automation, not apps: The next frontier in Southeast Asia’s F&B tech innovation

In this article, we bring you some of the emerging F&B tech startups that are driving the growth of the overall F&B industry in the region.

Kamereo (Vietnam)

Founded year	Description	Founder	Total funding	Key Investors
2018	A B2B marketplace platform that offers multi-category grocery products. Its product catalogue includes items like fruits and vegetables, alcohol, meat, and seafood	Hiroshi Tokaku	US$15 million	Genesia Ventures, Velocity Ventures Vietnam, Sumitomo, Mitsubishi UFJ Capital, Raizon Holdings, Quest Ventures, Charoen Pokphand Foods, and Index-Asia

Oddle (Singapore)

Founded year	Description	Founders	Total funding	Key Investors
2014	It provides software solutions for restaurants. These solutions encompass online menu creation, online ordering, and reservation management	Jonathan Lim, Alan Goh, Yong Xiang Pua	US$5.72 million	East Ventures, Altara Ventures, TNF Ventures, and SPH Ventures

Umami Bioworks (Singapore)

Founded year	Description	Founders	Total funding	Key Investors
2020	A provider of cultivated seafood alternatives. It has developed a cat treat using cell-cultivated “Zish” derived from ocean snapper, employing cell biology and machine	Mihir Pershad and Georg Baunach	US$2.4 million	Better Bite and Genedant.

Hungry Hub (Thailand)

Founded year	Description	Founders	Total funding	Key Investors
2014	A platform offering dining deals and restaurant booking services. It  enables users to search for restaurants based on their locations	Surasit Sachdev, Wannasiri Aramwattananont, Kamolporn Thedratanawong, and Ravidas Sachdev	US$450,000	ORZON Ventures, Expara, 500 Global, and ECG-RESEARCH

Mosaic Solutions (The Philippines)

Founded year	Description	Founder	Total funding	Key Investors
2016	A provider of inventory management solutions for the hospitality industry. Its features include inventory management, cloud-based reporting, and POS capabilities	Brett Doyle	US$7.5 million	Investible, IdeaSpace, Kickstart Ventures, Gentree, and Sierra Madre

QueQ (Thailand)

Founded year	Description	Founder	Total funding	Key Investors
2013	It provides solutions for restaurants to manage queues. Customers can book a spot in advance and receive a queue number via a mobile app, which helps restaurants manage their lines	Rungsun Joh Promprasith	US$2.8 million	True Incube and BonAngels Venture Partners

Prefer (Singapore)

Founded year	Description	Founders	Total funding	Key Investors
2022	It offers an alternative coffee product made without traditional coffee beans. The company promotes its product as a more affordable and sustainable coffee option	Jake Berber and Ding Jie Tan	US$2 million	Forge Ventures and 500 Global

Aurelia Insights (Malaysia)

Also Read: F&B spending in SEA is back to pre-pandemic levels: Report

Founded year	Description	Founders	Total funding	Key Investor
2021	It has developed auRELIA that automates and digitises food safety workflows for F&B manufacturers	Arvindran Salyah and Christin Theresa Lim	Not available	Antler

Flavorist (Singapore)

Founded year	Description	Founder	Total funding	Key Investors
2024	A platform that facilitates the discovery and sharing of flavour combinations. It functions as a social media platform designed to assist home chefs, foodies, and culinary enthusiasts	Shivapakiam Pooniamoorthi and Rajesh Stanley	Not available	Not available

Tasted Better (Thailand)

Founded year	Description	Founders	Total funding	Key Investors
2018	The startup operates a restaurant that serves various dishes and beverages. It specialises in innovative, healthier food products, such as low-carbohydrate and gluten-free options	Perada Oyo Pearl Suponpun and Khanuengnid Sriphila	Not available	Not available

SeIndonesia (Indonesia) 

Founded year	Description	Founders	Total funding	Key Investors
	A restaurant serving multiple dishes. It specialises in quick-service dining with a focus on smoked beef and chicken dishes	Rinaldi Dharma Utama, Christian Natanael, Bayu Soedjarwo	US$9.66 million	Insignia Ventures Partners and Argor Capital Management

FoodToo (Singapore)

Founded year	Description	Founder	Total funding	Key Investors
2024	A platform that offers surplus food and connects consumers with local businesses. The platform aims to address issues like excess shelf inventory and unsold food	Kelvin Yap	Not available	Not available

Mottainai Food Tech (Singapore)

Founded year	Description	Founders	Total funding	Key Investors
2022	It develops upcycled food products from food waste. This company transforms food manufacturing byproducts into new food offerings	Chin Wee Heng, Que Zheng, and Daryl Pek	Not available	Not available

—

Data courtesy: Tracxn

The image was generated by ChatGPT.

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Startup founders are often stretched across product development, hiring, operations, and investor relations—leaving financial strategy underdeveloped or pieced together through makeshift tools. Without proper oversight of cash flow, compliance, and capital planning, even high-potential businesses can face unnecessary friction in operations, scaling and growth. 

This challenge is especially prevalent in Southeast Asia, where the ecosystem is gaining momentum but still lacks widespread access to strategic finance support tailored for early-stage and growing ventures. Many startups operate without the clarity, agility, or discipline that a dedicated finance function provides—putting them at a disadvantage when competing for investor attention, establishing and scaling their operations, ensuring compliance, and even preparing for regional expansion.

At Echelon Philippines 2025, OneCFO will demonstrate how its tech-enabled platform directly responds to this gap. By automating essential finance functions and providing real-time insights, it empowers founders to shift from reactive decision-making to proactive financial leadership. In doing so, it lays a stronger foundation for sustainable growth and capital readiness.

Also read: OneCFO bags US$500K to automate financial management for Philippine SMEs

The market demands scalable, tech-enabled financial solutions

Across Southeast Asia, entrepreneurs routinely grapple with disorganised financial records, delayed reporting, non-compliance issues, and a lack of investor-ready metrics. These inefficiencies not only hinder operational visibility but also jeopardise funding timelines and strategic growth.

OneCFO was created to solve this problem at scale. Its mission is clear: make CFO-level support accessible to startups and small businesses without the cost and burden of a full-time finance team. Through its CFOTech platform, it delivers integrated services—bookkeeping, tax compliance, payroll, and strategic financial advisory—powered by AI-driven workflows and real-time dashboards. The result is faster decision-making, improved compliance, and greater financial discipline.

What differentiates OneCFO is the strength of its team and its founder-first approach. Built by startup operators who’ve led finance and tech for venture-backed companies across Asia Pacific, the team brings value-adding strategic and operational insights and know-how to their clients. They’ve not only helped companies raise capital but also guided them through corporate and financial structuring, product and market expansion, and fostering scalable and sustainable growth. This unique blend of hands-on venture building experience from startup to exit, and robust financial technology positions OneCFO as a transformative partner for businesses aiming to professionalize and digitize their finance functions so they can achieve greater heights.

Also read: SEA fintech sees 31% funding rebound in H1 2025 amid early-stage decline

OneCFO is joining the movement at Echelon Philippines 2025

As the Philippine startup ecosystem shifts from early-stage experimentation to growth and funding readiness, the need for financial clarity and strategic execution becomes critical. OneCFO supports this transition by providing the infrastructure startups need to secure investor confidence, attain operational readiness, scale, stay compliant, and achieve the next milestones. Their presence at Echelon Philippines 2025 underscores the increasing demand for smarter, founder-first finance solutions in the region.

Echelon Philippines 2025 focuses on capital readiness, ecosystem-wide collaboration, and actionable playbooks for high-growth sectors. Hosted by e27 in partnership with Brainsparks, this two-day conference on 2–3 September 2025 at Hall 4, SMX Convention Center Manila brings together the region’s leading founders, investors, corporates, and policymakers for a powerful convergence of ideas and action.

Expect content stages, exhibitions, panel discussions, and dynamic knowledge-sharing activities designed to equip you with practical strategies, open new market pathways, and elevate your brand’s visibility. Whether you’re scaling your company, exploring new opportunities, or showcasing innovation, Echelon Philippines 2025 offers a rare chance to connect, learn, and grow.

Secure your spot now — join as a participant, exhibitor, or official partner, and be part of the movement shaping the future of the Philippine tech ecosystem.

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Featured Image Credit: OneCFO

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The cryptocurrency industry in Southeast Asia is entering a new, more competitive phase. Countries across the region are racing to create crypto-friendly regulations and attractive incentives to drive the growth of blockchain and digital asset-based economies. Among the frontrunners are Thailand and Vietnam, which have taken bold strategic steps to position themselves as regional digital asset innovation hubs.

Thailand’s government recently announced a personal income tax exemption for users of local crypto exchanges, offering a 15 per cent tax break. This policy, effective until December 31, 2029, signals the country’s serious intention to solidify its status as a crypto hub in Asia. The tax incentive creates more space for both retail and institutional investors to participate legally and profitably in the digital asset ecosystem.

Meanwhile, Vietnam has shown strong ambition through the passage of its Digital Technology Industry Law on June 14, 2025. The law places cryptocurrencies within a formal regulatory framework, applying strict anti-money laundering (AML) and anti-terrorism standards. Like Indonesia, Vietnam classifies crypto as a digital asset, but it now leads in terms of legal clarity and a well-defined technology adoption roadmap.

According to the Global Crypto Adoption Index 2024 by Chainalysis, Vietnam ranks 5th, while Thailand holds the 16th position. Indonesia currently stands at 3rd globally — a dominant position that could be threatened if strategic actions are not taken to strengthen the local industry.

Indonesia must act in unity to advance its crypto industry

Across the region, experts are calling for stronger collaboration and clearer regulatory frameworks to keep pace with fast-moving crypto innovations. Calvin Kizana, CEO of Tokocrypto, echoes this sentiment, noting, that the rapid developments in neighbouring countries should serve as both a wake-up call and a source of motivation for Indonesia to further enhance its crypto ecosystem.

Also Read: Markets on the move: Trade talks, housing slumps, and crypto whales stirring

“Indonesia has huge potential as a crypto market, but we cannot afford to be complacent. To stay ahead of Vietnam and Thailand, we need strong synergy between the government, industry players, and the public to create supportive regulations, provide widespread education, and offer incentives that drive adoption,” he said.

He suggested that Thailand’s tax incentives could serve as a reference point for Indonesia to develop more supportive fiscal policies. Meanwhile, Vietnam’s regulatory approach could inspire the creation of a clear and secure legal framework for investors and tech developers.

“With progressive regulation, cross-sector collaboration, and shared commitment, we believe Indonesia’s crypto industry can not only survive but also lead in Southeast Asia,” Kizana added.

Strategies to Stay Competitive

To remain competitive in Southeast Asia, industry stakeholders are proposing several strategic moves that Indonesia must consider. Key among these is offering fiscal incentives, such as simplifying the tax structure for crypto assets on local exchanges. Existing regulations also need to be refined to better accommodate evolving technologies and business models within the crypto space.

Boosting digital and financial literacy is another vital step to ensure broader, responsible public participation in the crypto ecosystem. Support for startups and developers should be strengthened through easier access to funding, regulatory sandbox development, and incubation programs for blockchain projects. In addition, strategic collaboration among regulators, businesses, and educational institutions is crucial to nurturing globally competitive digital talent.

Kizana stressed the importance of taking these steps to avoid losing momentum in the digital economy race. “We must not fall behind. Blockchain and digital assets represent the future, and that future must be built collectively by all sectors of the nation,” he concluded.

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At the intersection of artificial intelligence and fashion, a new footwear brand is making waves by merging cutting-edge technology with a direct-to-consumer ethos. Syntilay, a startup founded by entrepreneur Ben Weiss, has introduced what is reportedly the first commercially available shoe designed by AI.

The product: fully 3D-printed slides that mark a significant departure from traditional footwear manufacturing methods.

In conversation with e27 on the sidelines of Money20/20 Asia in Bangkok, Weiss spoke about the multi-year journey that led to Syntilay’s recent milestones. “We recently launched the first AI-made, commercially available slide. This company’s been a couple of years in development—putting everything together: team, supply chain, potential retail partners,” he said.

What sets Syntilay apart, according to Weiss, is its commitment to taking conceptual technology and bringing it into a practical, consumer-ready form. “There’s this big appetite for applying cutting-edge technologies in a way that benefits the consumer. There are so many amazing innovations that get stuck in the concept phase—like those cars that never hit the road. Consumers are kind of sick of that. They want something new,” he explained.

Weiss argues that the application of AI in design is not just a novelty but also a genuine efficiency enhancer. “You can produce something practical with AI, and there’s a real benefit to it. It’s much faster, more cost-effective and efficient to actually design with AI.”

Beyond product innovation, Syntilay is developing a customer experience model rooted in personalisation and accessibility. A forthcoming launch in New York City will allow customers to receive custom-made shoes using a smartphone-based foot scanning process.

“We scan your feet with your phone camera, put an A4 piece of paper next to each foot for measurement, and we’re working on even more precise versions,” said Weiss.

Also Read: Rewriting the retail blueprint: How data is shaping the future of fashion

The startup’s go-to-market strategy also reflects its tech-native approach. Weiss describes Syntilay as a “social-first brand,” leveraging content creators and online communities for product development and outreach. “Our brand is a content creation brand. That’s how you can appeal to younger demographics—you need to meet people where they are,” he said.

Syntilay plans to roll out a range of new shoe designs in 2025, including collaborations where creators can act as creative directors on their own models.

According to Weiss, the brand is also actively pursuing partnerships with artists, athletes and other influential voices. “With our system of AI design and 3D printing, we can now support people who have never made shoes before to create their own.”

Entering white spaces

While Weiss brings energy and a tech-driven vision, the brand’s strategic foundation is bolstered by the experience of Joe Foster, the co-founder of Reebok.

Foster, who helped build Reebok into a US$4 billion global brand before stepping back in 1991, sees parallels between his own journey and what Syntilay is attempting today.

“You’ve got to enjoy the problems as much as the successes,” Foster told e27. “When developing a business, you decide whether you just want to build something to sell it, or, as in my case, you want to build a brand. Building a brand takes a lot longer.”

Foster recognises that the landscape for brand-building has fundamentally changed since he launched Reebok in 1958. “We didn’t have social media, computers, or smartphones. You had to go to trade shows and meet people face to face. These days, you can get straight to the people very quickly. So everything has changed.”

Also Read: Fixing fashion’s inventory crisis: How Nūl uses agentic AI to stop overproduction

So why partner with Weiss? According to Foster, it’s all about potential. “This guy has energy. You can see it, you can feel it. You need that,” he said.

He also believes Syntilay is tapping into a shift in consumer taste.

“Sneakers have taken over the street for years, but now there’s a move towards simpler footwear, like slides. Ten years ago, people dismissed Crocs. Now, they’re everywhere. So there’s clearly a market.”

Foster is particularly intrigued by the disruptive potential of 3D printing. “With 3D printing, you can build a lot more using fewer machines. But if you’re looking to do Reebok-level volumes of five million pairs a month, you’d need to scale traditionally,” he noted.

Still, he sees Syntilay’s model as a viable play in a changing market. “I like the disruption. I like the change. It’s about finding that white space—that little bit different—that can become something massive.”

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Over a year working with startup teams, I believe that for any new products, the best way for market interaction is through community building.

To get new users, you may find that community building is the single best tactic if you are familiar with “do things that don’t scale” mentality.

It is clear that community building is the one thing that you should do rather than wandering around your first users for feedback that rarely covers everything you need to do. It is wrong statistically because the sample size is too small, and mentally because the job is too boring to carry out.

We also have to retain existing users because getting new users is costly and painful. When your marketing efforts focus on communities, the obvious goal is to strike for absolute loyalty. For early-stage products, the customer journey you want to build should be different as long as I observed.

It can be generalized into these phases:

• Awareness
• Consideration
• Purchase/Install
• Usage
• Feedback
• Advocacy/Evangelism

You can take any app as the example for this journey. Marketers will have to do well on the first task that is making customers consider using the product. Next is the adoption phase when you let the customer interact with every feature of the product you sell.

It is critical to create an effective environment for learning. The third biggest task is the thing that every marketing wish for, the customer promote the product volunteerism. It’s the best way to reach the ideal critical mass.

Setting objectives is critical

It is a process of identifying and nurturing social assets for your brand, and your company as a whole. Community building guarantees that you will get the feedback from the first source, and more importantly, you can identify the pain points that are hard to explain with numbers.

In fact, you can observe the attitude of your community members rather than making hypotheses out of statistical data only. Rare cased might surprise you with the user insights it carries.

Also Read: Marketing tools and tips to grow your business online

If you are looking for a quick win, community building should not be the main vehicle to deliver your goal. It is about real relationships. There are three key outcomes can be generated through this kind of activity.

• Connect existing customer to prospects to activate sales
• Connect prospects to each other to enhance product knowledge
• Connect customer to customer to drive product adoption

How to implement it

• Social media is a must-have channel. It is clear that your users are very likely to be present on a social media platform. Your activities on social media will represent many things including your team status, your ambition with the product, and most of all your attention to customer response to what you are doing.
• The group features to make your target audience feel the exclusivity. Launching a new product is the process of iterating that adds more features to every release. We often need a group of customers who are willing to wait for the new feature to come. The best way I found is to grant access to special resources to selected members. There are many platforms allows you to do so such as Facebook’s secret group, email lists, etc.
• Design the governance for the community. When it comes to retaining members in a community, it is safe to say that they would not leave if they have something to lose e.g. community leadership titles. At the most basic level, entitlement generated for a governance system will help you keep some of the most valuable members who has a strong interest and knowledge about your product.
• Partners with other projects to offer more benefits. The collaboration will help you bring more benefits to your customers. As a matter of fact, your product solves a few problems in their lives, you can find other projects to form deals that both sides can win.

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

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This article was first published on January 20, 2020.

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