Dear reader,
The surge of AI technology has sparked both excitement and concern about its impact on the job market. Recent developments from major corporations like UPS and IBM indicate a shift in employment dynamics, with automation looming as a potential threat to certain roles. Workers’ apprehension about job security is reflected in surveys and reports highlighting the anticipated impact of AI adoption on layoffs and workforce displacement.
In response to these concerns, the formation of the AI-Enabled ICT Workforce Consortium (ITC) signals a proactive approach by industry leaders to address the challenges posed by AI. Led by Cisco and supported by tech giants including Google, Microsoft, and Intel, the consortium aims to mitigate job losses through re-skilling and upskilling initiatives within the ICT sector.
However, the effectiveness of such efforts remains to be seen, as scepticism persists about the scalability and feasibility of training programmes to meet the evolving demands of an AI-driven economy. While consortium members pledge ambitious goals to empower millions of individuals with AI skills, questions linger about the actual availability of AI-related roles in the future job market.
As the ITC progresses with its research and recommendations, stakeholders eagerly await tangible actions and concrete plans to address the looming challenges of AI integration. Ultimately, the success of these initiatives will depend on the ability of tech incumbents to translate their promises into meaningful opportunities and pathways for workers in the rapidly evolving landscape of the digital economy.
Sainul,
Editor.
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NEWS
Big Tech companies form new consortium to allay fears of AI job takeovers
According to one estimate, around 4,000 workers have lost their jobs to AI since May; And in a poll from Beautiful.ai, which makes AI-powered presentation software, nearly half of managers said that they’re hoping to replace workers with AI.
Carousell acquires luxury bag reseller LuxLexicon to strengthen recommerce play
The acquisition will help Carousell grow its ‘Luxury’ category with an omnichannel strategy and expanded premium luxury offerings; LuxLexicon will leverage Carousell’s expertise in online recommerce and overseas expansion for future growth.
Joseph Schooling quits competitive swimming, turns VC investor
He has partnered with investment banker Cliff Go and serial entrepreneur Ben Ling to start Swaen Schooling Capital; It focuses on early-stage investments in three key sectors: impact and sustainability, sports and wellness, and tech.
Singapore competition watchdog looked into potential Grab, Delivery Hero deal
It was reported in September 2023 that Delivery Hero was considering selling part of its Southeast Asian operations, including the Foodpanda brand, in which Grab was a prospective buyer.
Nvidia co-invests US$200M in Indonesian AI centre amid SEA push
The US chipmaker is partnering with Indonesian telco Indosat Ooredoo Hutchison to open the AI centre; Nvidia has heightened its push in SEA as it achieved record revenues on the back of generative AI demand.
Malaysia-owned VC firm Mavcap to double investments to US$1.4B
It is part of the firm’s 2024-2030 Malaysia Venture Capital Roadmap (MVCR), which targets three areas: funding, regulatory reform, and expanding capacity, all aligned with Malaysia’s goal to be an innovative and inclusive economy.
Surgery marketplace HD closes US$5.6M Series A round
The investors include SBI Ven Capital, M Venture Partners, FEBE Ventures, Partech Partners, and Orvel Ventures; The company aims to support over 5,000 healthcare providers and 300 operating rooms, enabling thousands more surgeries by 2025.
Auristone aims to transform precision medicine field with US$4M funding
The investors are Elev8.vc, SEEDS Capital, and Genedant; Auristone’s EPI-CALL is designed to help doctors and patients navigate the complexities of therapy selection for late-stage cancer patients.
Indonesian agritech startup FishLog closes pre-Series A+ round
The investors include Mandiri Capital, BNI Ventures, Insignia Ventures, and Saison Capital; FishLog distributes over 60,000 kg of seafood products and connects over 60 domestic and international buyers, helping them expand their businesses.
Tesla plans multibillion-dollar EV plant in India
This strategic move comes on the heels of India’s recent decision to slash import tariffs on EVs, a development Tesla actively advocated for; Tesla is scouting potential sites in automotive hubs such as Maharashtra, Gujarat, and Tamil Nadu.
Vietnam’s sand-based thermal energy storage startup Alternō secures US$1.5M
The investors include The Radical Fund, Touchstone Partners, and Antler; Alternō provides a thermal energy storage solution utilising sand battery technology tailored for agricultural applications across drying, warming, or heating needs.
WasteX nets funding to help farm producers convert biomass waste into biochar
The investor is P4G Partnerships; WasteX turns agricultural waste into biochar, boosting farmer income, reducing fertiliser use, and increasing crop yields by up to 95%.
DigiFT, an on-chain real-world assets exchange, expands into Hong Kong
It has appointed Kevin Loo as CEO of DigiFT (Hong Kong); The firm enables asset owners to issue blockchain-based security tokens, facilitating continuous liquidity trading through an Automated Market Maker.
FEATURES
AudioMind goes beyond speech recognition and discerns tone, gender, emotions
AudioMind supports a wide range of instructions for converting speech to text; For instance, to transcribe speech, one can use a simple prompt like ‘Transcribe this audio for me, please’, or ‘Transcribe this audio into a polished transcript’.
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These 5 toxic factors cause people to quit even before they have another job
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Lights, diversity, action: PRoudly inclusive!
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FROM THE ARCHIVES
The way startups are finding out if there is a pain point to solve
Upon coming up with the idea for a startup, the founders may choose to invest time and capital immediately into developing a product to solve a pain point.
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The SWOT analysis is one; It is useful in analysing the company and competitors; With the understanding of internal competencies and weaknesses, you can carve a sustainable niche in their market, uncover opportunities to exploit, and eliminate threats.
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According to the research regular fasting can have the same impact as caloric restriction which in mice has been shown to lead to a longer life; In addition, intermittent fasting also has the benefit of inducing a ketogenic state in the body.
Why you should start a business in your 40s
If you’re offering a product, your area of expertise would be put to good use in managing a specific aspect of the business whether it’s working on the business financials, marketing or developing the product.
Asia’s beauty lies in its complexity: 3 strategies to do well in an Asian market
One of the major characteristics of Asian culture is its collectivist nature; People are very close-knit and attached to one another; Therefore, if you want to be a part of the family you have to be the family.
ECHELON
The startups of the TOP100 Growth Program 2024 [Updated]
From cybersecurity to pet tech, TOP100’s diverse group of startups promises to leave a lasting mark on the SEA startup landscape.
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The post Ecosystem Roundup: Big Techs form consortium to allay fears of AI job takeovers | Carousell acquires LuxLexicon | Joseph Schooling turns VC investor appeared first on e27.