On a car ride next to his one year-old granddaughter and me, his twenty-something kid, my Dad blurted out that he plans to vlog, coyly with his signature nervous laugh. My jaw must’ve dropped but I’ve mastered the art of concealing my expression –thanks to becoming a mom of a toddler.

“What do you want to vlog about?” I asked. Well, I know he recently got so into marathon, but I never thought that THAT was the intention.

“I want to inspire people my age to get moving,” he said, plainly. Oh, wow, I can barely get out of my seat to grab a proper meal let alone exercise and here he is, well into his remaining fifties, talking about moving and how he might have the platform to do so.

It got me thinking about what the internet has done to his generation.

OK, Boomer

According to a quick Google search, Baby Boomer is the generation born between the early to mid-1940s and the mid-1960s, came of age in an era before on-demand media.

Also Read: 10 thought-provoking op-eds on e27 you need to read now

Baby Boomer is often associated with the cynical group of older people that think Millennials and Generation Z are entitled brats that never have the taste of hard work, being born and living their adulthood in the age of technology. The image stands to the point of the respective age group hating each other’s guts become normalcy, with the younger thinking the older outdated and cocky.

The term “OK, Boomer” was a viral sensation overnight when on November 4, 25-year-old New Zealand politician Chloë Swarbrick used the phrase as a rebuttal to one of her older colleagues in Parliament after the man heckled her during a speech about climate change, Vox reported.

Swarbrick then made herself clear in a following essay for the Guardian, that the meme represents a wealth of generational political concerns. “My ‘OK boomer’ comment in parliament was off-the-cuff, albeit symbolic of the collective exhaustion of multiple generations set to inherit ever-amplifying problems in an ever-diminishing window of time,” she quoted writing, pointing on the climate change issues that Boomers are known to dismiss.

Tracing it back, the hit phrase didn’t just happen overnight. It was TikTok that set the tone for the phrase to become a symbolic meme. It was sung by Peter Kuli & Jedwill in a rebuttal of baby boomers’ rants about kids these days.

The song titled “OK BOOMER!”, defines boomers as racist, fascist Trump supporters with bad hair, amplified by Gen Z’s users on the platform that rides on the song to share their own annoying encounter with the older generation.

Despite what you think about the phrase, in itself, the phrase carries the ageism undertone as well as a more complex issue such as calling out political indifference and jarringly different views on urgent matters like climate changes.

Ironically, it doesn’t exclusively put all Boomers in the same box of Millennials-haters, as the knowledge of the phrase itself shows that they’re -in fact- avid social media users that keep up with what’s going on.

Back to my Dad

How exactly my Dad came up with the idea to video himself and spread the body movement message is what I was intrigued to explore.

In the Think With Google’s piece, I found that Google has done some research about Boomers’ YouTube’s behaviour and it ticks all the boxes with my Dad.

Also Read: Op-Ed: Hey, investors: Indonesia can do with more innovation

First of all, yes, they watch YouTube, even more often than we might guess. My Dad, when he’s not entertaining my kid, his face is glued to his tablet with a headset on and you guessed it: He’s on YouTube.

Some factors that make Millennials and Boomers have more in common in their YouTube behaviors actually caused by stark differences in the time they’re now living and the facilities that in their heydays were still impossible.

The article’s first point emphasises on how Baby Boomers turn to YouTube to save time as they’re in the dawn of retirement.

One of the Baby Boomers that Google interviewed explained the logic behind it. The 63-year-old lady preferred YouTube to commercial programming that she said takes too much of her time. Also, with YouTube at hand, reading instruction suddenly becomes a drag.

The same thing happens with my Dad. There’s interactivity in typing keywords of a video you wish to find on YouTube rather than receiving what regular programmes on TV offer you for the day, and that speaks volumes, especially because Baby Boomers didn’t have the luxury of internet access in their youth.

Compared to the older generation, Baby Boomers possess both the awareness and the pride that they now have the power to information with YouTube, enough to learn things by browsing.

The information they video-searched also varies, from researching about product or service’s details before making a purchase, or in my Dad’s case, daily news, often times the absurd ones so he can parade his findings to his WhatsApp friends.

From the survey, Google recorded that 68 per cent of Baby Boomers say they watch YouTube videos to be entertained, with entertainment, music, and news as the most-watched categories on the platform.

It’s not exclusively about Millennials

My Dad saying he’s interested in a future as a vlogger says a lot about how significant the Boomers generation still is.

The Think With Google’s piece also reveals that people over the age of 50 account for 51 per cent of consumer spending, ultimately creating opportunities for brands that can think beyond impressing only younger generation and can also deliver a relevant message to the bigger spenders.

Also Read: The importance of one on one meetings with your employees

My Dad was in the know about the latest GoPro camera that he apparently has favourited to someday really purchase. For now, he said, he plans to master marathon and becomes regulars in races, slowly increasing his kilometres and building the marathoner lifestyle.

“Only then,” he continued, “I can confidently vlog about my journey.”

Boomers vlogging is not a mere trend. I bet if I make a quick search now on YouTube, I would find a channel run by Baby Boomers that I wouldn’t otherwise know if it wasn’t for my Dad’s fascination over vlogging.

Brands, businesses, and startups should start doing their homework of addressing the 50 something and include them in campaigns.

It’s time to embrace that Boomers, the ones off the media, are not the hopeless enemy of Millennials. They’ve just caught up with technology and has started sprinting to hone their digital skills, not to get competitive, but to taste the ease.

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Image Credit: unsplash.com/idoevolve

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Your employees are amongst your organization’s most valuable assets, and taking the initiative to improve their performance can underpin your business’s success. Communication is a critical element in any staff management process, but what else should your management strategy include?

Taking a coaching approach to managing your employees could help you successfully connect with your team and guide them towards improved performance. This is because coaching is a collaborative and consultative approach to managing employees. 

Whether you’re dealing with an underperforming employee or you’re just looking for new strategies to enhance your team’s performance, it’s important to identify any issues, take an interactive approach to employee management, and create workable and effective action plans for management.

At the core of this type of management strategy lies four key steps: explanation, employee feedback, discussion of ideas, and implementing an action plan and follow-up.

1. Identify and explain the performance issue

Coaching involves bringing performance issues to attention that help employees correct them before they become major problems. You need to give a clear explanation of the situation and your employee’s performance and describe the behaviour using examples so they understand.

Make sure you also clarify why something has to change. For example, you can note, “I know you’re extremely capable, but recently your team members have noticed a slower response to work requests. This has impacted our project deadlines, which we’ve had to move back.”

Also Read: How tech companies get employees to work overtime and why we fall for it

You can also describe how their performance is affecting the team’s outcomes and in turn the organization’s bottom line. Use an objective, neutral tone and avoid reacting emotionally when discussing performance issues.

2. Ask for employee feedback

Once you’ve presented your explanation, check in with your employee. Always give them a chance to provide feedback and explain the reason behind any performance issues they have. For example, probe for feedback by stating, “I value your input and want to understand if you see the same opportunities for improvement here.”

Challenge your staff members to review their goals and come up with ideas for improving their performance. Reserve judgment and interruptions until you’ve heard their account, and ask questions for clarification where necessary. Impediments to performance can include things like time, training, tools, and temperament, so you could ask something like, “Do you think these barriers exist? How do you think we could eliminate them?”

3. Discuss ideas for solutions

Once your employee has had the opportunity to provide an explanation and layout of their perspective, you can move onto the next step: reviewing and considering potential solutions. Start with the causes of the issue, and focus on their performance rather than criticizing them as an individual. For example, say, “I’d like to come up with a few different ideas to support you in doing your best work.”

When exploring solutions to specific issues, take a life-link coach approach to manage your employees by looking for ways to empower them by boosting their self-belief and self-worth. For example, you can check their previous high performance by saying, “I have every confidence you can reach your targets because for the most part you’ve been a stellar, valuable employee in the organization.” Additionally, provide the guidance your staff member will need to achieve their goals.

4. Create an action plan and follow-up

Devise a clear action plan for improvement and get your employees to commit to change. Consider setting up SMART (specific, measurable, achievable, relevant, and time-bound) performance goals to ensure they’re specific enough to be tracked and measured.

Don’t forget to communicate your confidence in your employee’s ability to make the necessary changes. For example, say, “I have every confidence you can meet these performance targets.” For already high-performing employees, focus on continuous improvement.

Also Read: The importance of one on one meetings with your employees

When creating a plan for improvement, set up milestones or time frames for following up and giving regular feedback so you can track progress and make adjustments where necessary.

Regular feedback can keep your employees on track and empower them by making them feel valued, but don’t overlook the importance of getting your employee’s feedback as well. For example, ask this: “How do you think it’s going? Do you have any adjustments you’d like to make?”

If your employees fall short again, offer constructive feedback for improvement. If your employee matches or exceeds expectations, recognize and reward them.

Effective coaching supports high-performing employees

Coaching is a powerful tool that any manager can use for employee performance management, but it seems many organizations aren’t harnessing the power of training and development.

Also Read: The importance of one on one meetings with your employees

The Bureau of Labor Statistics recently revealed that US organizations with 100-500 employees provided, on average, six minutes of training per employee every six months. In the UK it’s a similar sorry story, with 57 per cent of British SMEs not offering any staff training and development.

What does this really mean?

For employees who are already highly productive, it can further enhance their contributions to the organization by supporting continuous improvement and preventing stagnation.

This is why, coaching for performance management helps to support your team with improved morale and higher engagement — whilst, at the same time it ensures you’re employees are accountable.

Lastly, it can provide them with the motivation to innovate and improve productivity to become high-performing staff members, and this could pave the way for a competitive and profitable organization.

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Tribe Accelerator (“Tribe”), Singapore’s government-supported blockchain accelerator has facilitated the fundraising of S$21.5 million (US$15.7 million) for its participating companies through its ecosystem of corporate and investor partners.

Enterprise Singapore also supports the fundraising, further signaling a total backing on the evolution of blockchain technology and its applications through collaboration and exchange of ideas entering 2020.

At the Singapore Fintech Festival X SWITCH 2019, Tribe also signed MoU with Dubai International Financial Centre (DIFC) FinTech Hive, the largest financial technology accelerator in the Middle East. The move gives Tribe access to a new pool of innovators, investors, and corporate partners.

Tribe also launched OpenNodes, a hyperconnected blockchain ecosystem platform in association with the Infocomm Media Development Authority (IMDA).

The fund itself was announced on the first Demo Day of the Tribe Global Demo Tour for its second batch of participating companies in Singapore today. Besides Singapore, the demo days are also being held in Dubai, Shanghai, and Abu Dhabi.

Also Read: In Photos: The launch of blockchain focussed Tribe Accelerator

Tribe Accelerator’s Global Demo Tour is the final phase of the accelerator programme, whereby its portfolio companies are set to showcase their blockchain solutions to chosen innovators present.

“Every idea or solution shared during the Demo day has the potential to revolutionise the way the linked industry works in the present. We will continue to harbour companies that can change the face of the blockchain industry and benefit the end-user – making the technology more mainstream,” said Ng Yi Ming, Managing Partner of Tribe Accelerator.

“At SGInnovate, we are focussed on helping entrepreneurial scientists build Deep Tech startups that can make a positive impact globally. This partnership with Tribe allows us to get closer to the action and support some promising startups through investments and venture building efforts to commercialise their products on a larger scale,” said Hsien-Hui Tong, Head of Venture Investing, SGInnovate.

Among the second cohort of 9 participating companies showcasing market-ready solutions is Affle, AID:Tech, Aqilliz, Bluzelle, DiMuto, Eximchain, Pilab, Torus, and WhiteCoat.

Dublin-headquartered AID:Tech, one of the participating companies, seeks to tackle the issue of fraud in public spending by offering solutions for aid and social welfare programs in the form of an interoperable decentralised digital ID protocol for end-users. It enables entitlements such as remittances, donations, and healthcare to be digitised and delivered through blockchain technology in a transparent manner.

Meanwhile, DiMuto integrates blockchain technology into its services, offering what it’s called a Trade Solutions Platform. It aims to help businesses gain greater visibility in the supply chain to reduce inefficient trade dispute settlement processes and enhance access to the global market.

Another company is WhiteCoat, a digital healthcare provider offering on-demand telehealth services in Singapore. It is currently offering an end-to-end, blockchain-integrated healthcare service, ranging from diagnosis, treatment, medical referrals to the delivery of medication in Singapore facilitated through its application, WhiteCoat app.

The blockchain integration in Whitecoat aims to enhance the verification of patient identity and prevent exposure of medical records in the event of a cybersecurity breach.

Also Read: Blockchain accelerator TRIBE introduces OpenNodes to build an innovation melting pot

Tribe said that it is focussing on driving government partnerships with countries that are keen on leveraging futuristic technology for economic development across the globe. The main mission is to build a world-wide collaborative ecosystem.

“Going forward we will focus on enabling global government partnerships which is a must to fuel-up the current ecosystem. One of our goals is to drive the adoption of blockchain at a national level as countries like Singapore pursue their Smart Nation ambition. Mighty Jaxx, one of our participating companies from Batch I is already supporting OpenCerts, a government initiative in Singapore, that enables the issue and validation of tamper-resistant digital certificates,” Yi Ming closed.
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Decided through a vote in the e27 Telegram Group, Startup of the Month is an initiative to highlight an important milestone that a startup has made in one particular month.

In one of those rare occasions, the e27 Community on Telegram had voted for two startups to win the Startup of the Month title.

Securing both 40 per cent of votes by the time this article was published, Myanmar’s Kone Si and Singapore’s Tookitaki have made headlines in November with their own unique milestones.

Also Read: Startup of the Month, October: Indonesia’s Crewdible

A voice from emerging market Myanmar, transportation tech startup Kone Si recently announced a six-digit investment for nationwide expansion from Yangon Capital Partners (YCP), a Myanmar-focused venture capital under Trust Venture Partners, and Nest Tech– a Vietnam-based venture capital company, as reported by local media.

This is the second round of investment for Kone Si after it initially received pre-seed funding from Phandeeyar in 2017.

A regulatory tech company, Tookitaki announced a US$1.7 million extension of its Series A funding round led by Viola Fintech, an Israeli US$100 million cross-stage venture fund, and SIG, a global venture firm with early to mid-stage investments in over nine Asia-founded unicorn startups. The investors were joined by Nomura Holdings through its venture capital arm (Nomura Incubation Investment Limited Partnership) as well as existing investors including Illuminate Financial, Jungle Ventures, and Spring SEEDs Capital, an investment arm of the Singapore government.

With the new funding, Tookitaki expects to enhance its product offerings, help around research and development, recruitment, and to drive its global expansion effort to the US and Asia Pacific.

Congratulations to both winners!

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Image Credit: Pietro Rampazzo on Unsplash

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There is a common theme that late-stage funding rounds in November shared with the early-stage funding rounds: There was a great variety of verticals being involved that it was almost difficult to pinpoint a dominating theme.

There was a media company that was looking to foray into commerce, an AI company that looks to expand beyond its existing digital marketing offering, and even a major e-commerce group adding extra fuel to a platform that they have invested before.

Amartha
Funding: Undisclosed
Investor(s): LINE Ventures, Bamboo Capital Partners, UOB Venture Management

In addition to the funding news, November was also an exciting month for Amartha as its CEO and Founder Andi Taufan Garuda Putra was also named as special presidential staff for Indonesia’s President Joko Widodo.

Appier
Funding: US$80 million in Series D
Investor(s): TGVest Capital, HOPU-Arm Innovation Fund, Temasek’s Pavilion Capital, Insignia Venture Partners, JAFCO Investment and UMC Capital

Appier said that the new funding will be used to support global market expansion, talent acquisition, and innovation in AI for new industries beyond digital marketing.

Also Read: In October, these 10 later stage funding rounds are taking things to a new height

2C2P
Funding: US$52 million
Investor(s): IFC, Cento Ventures, Arbor Ventures

The company said that it will use the funding to accelerate the company’s growth by investing in new technologies to enhance its payments platform, hiring local talent, and consolidating market share in Southeast Asia with a goal to expand beyond the region over the next year.

HarukaEdu
Funding: Undisclosed
Investor(s): SIG, AppWorks, GDP Venture, and Gunung Sewu Kencana

The company said that it will use the fresh funds from the new round to support the expansion into B2B services through its corporate online training platform as well as backing up its lifelong learning platform Pintaria, aimed at helping Indonesian working adults to upskill and reskill.

Travelio
Funding: US$18 million in Series B
Investor(s): Pavilion Capital, Gobi Partners (co-lead)

Travelio will use the funding to “solidify its leadership position and further accelerate its growth”. It plans to invest in marketing, talent, and development of new product verticals to better serve tenants and property owners throughout the life cycle.

Frontier Car Group
Funding: US$400 million
Investor(s): OLX Group

With this plan, OLX Group officially became the largest stockholder in the company.

Workmate
Funding: US$5.2 million in Series A
Investor(s): Atlas Ventures, Gobi Partners, Beacon Venture Capital

The company said that the fresh funds will be used to increase investment in sales, grow the technology team, and expand to new cities.

Also Read: No, Singapore seed stage is not dead

Lend East
Funding: US$50 million in debt capital
Investor(s): Unnamed family offices and credit funds in the US, Singapore and India

The startup has already “received its first cheque” and looks to close the round by Q3 2020. It plans to use the funds for onward lending to borrowing platforms.

POPS Worldwide
Funding: US$30 million
Investor(s): Mirae Asset-Naver Asia Growth Fund Investment Pte.Ltd, Eastbridge Partners Pte.Ltd

Along with the funding, the company also announces the launch of the POPS App, which the company said will deliver free high-quality premium content and original series, shows, and videos from music, entertainment, and kids.

theAsianparent
Funding: “seven-figure” Series C
Investor(s): Mirae Asset Financial Group and NAVER Corporation

The latest funding will be utilised to further implement theAsianparent’s diversification strategy, which entails expanding its foray into the commerce business.

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Image Credit: rupixen.com on Unsplash

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Seventeen billion, two hundred million dollars, according to Statista. That’s the amount raised through crowdfunding campaigns in the U.S. alone in 2017.

In Asia, the figure is not as high, but still a significant US$10.54 billion that year – second only to the U.S.  This year, there are around 432,000 projects on Kickstarter alone, toward which US$4 billion are already pledged.

Crowdfunding has been successful enough in raising money that a similar model has been explored by technology companies – especially ones that use Blockchain tech as the foundation for their business. In 2018, initial coin offerings or ICOs reached US$6.3 billion, according to Coindesk (different sources report different figures, depending on their data).

Concerns about the ICO model have prompted businesses to utilize other alternative models, as well, including initial exchange offering (IEO) or securities token offering (STO). Whatever the tokenization or crowdfunding model, the basic concept is the same: contributors send money — or buy tokens — in advance to support development of a product or service.

Unfortunately, not all those products become successful.

In total, at least US$500 billion of crowdfunded money has gone to failed projects – and that’s just on Kickstarter. Such a concern has actually led to crowdfunding fatigue – Kickstarter itself reports that of its 15.7 million users, only one-third have supported a second project.

Also Read: Want free Echelon tickets? Solve this riddle

Many of these are “cool” projects, literally and figuratively.

Kickstarter’s top project, the “Coolest Cooler”, raked in US$13 million in funding, but only a third of its products were delivered. The company requested additional backing in order to complete orders. The Ouya gaming console, meanwhile, raised US$8.5 million, but was delayed by more than three months. In fact, the company was able to ship to Amazon buyers earlier than delivering to Kickstarter backers.

Lack of trust and accountability

There are three main problems that need to be addressed with current crowdfunding solutions. These are lack of accountability, lack of transparency, and too much focus on centralized control.

The first two concerns stem mostly from the fact that crowdfunding projects rarely promise any guarantees. This means a high level of risk for crowdfunding backers who stand to lose their entire contribution or investment without getting their product or returns on time or, worse, not getting anything back at all.

For crowdfunding platforms, there is an incentive to maximize the number of projects they support, simply because the likes of Kickstarter, Indiegogo, etc., earn a commission from each contribution. This means that any project can raise funds regardless of quality or chance of success.

It is perhaps one reason why marketing is hailed as the most important aspect of crowdfunding. Even if you had a dubious product, it can still raise contributions as long as it is marketed very well.

This is not so good for backers, or for other startups, that may have better but less-marketed ideas.

The blockchain solution

Three basic concepts blockchain tech can fix are smart contracts, decentralization, and immutability.

Blockchain itself is defined as an immutable ledger running through a decentralised consensus mechanism. This means transactions can be made on the blockchain with full accountability. Smart contracts can enforce an output- or milestone-based payment, meaning crowdfunding backers can sleep safe knowing their money can be returned if no actual product milestones are met.

Here, platforms like Pledgecamp will play a big part in solving the biggest problems the crowdfunding industry is facing.

The company is founded by successful crowdfunders and counts Randi Zuckerberg, the former Facebook spokesperson and the Founder of Zuckerberg Media among its advisors.

In gist, here are some of the benefits and advantage that blockchain tech adds to crowdfunding:

Backer insurance. Smart contracts allow for traunched release of funds, based on accomplishment of milestones. This keeps funds in escrow while a founder team works on building and releasing the product.

Since blockchain is decentralized, this enables backers to make a vote on whether milestones have been met, meaning there is no centralized control over the release of funds. Such a system incentivizes creators to actually complete their project and not leave backers hanging in the air.

Better transparency through security deposits. Platforms like Kickstarter and Indiegogo offer a low barrier to entry, which means that low-quality projects or teams can easily get listed. Raising the bar with a security deposit can filter out spam and prospectively bad projects.

This can also improve transparency, as in the case of Pledgecamp, which asks for a security deposit, but refunds the money once creators upload KYC documents, code, proof of intellectual property, contracts, and the like.

Crowd-based governance through tokenization. A token-based approach to staking and voting enables users to establish democratized governance over the platform itself.

A marketplace for projects and workers. The community and tokenized approach to crowdfunding makes it accessible for creators to find good talent, particularly on the Pledgecamp Market Network.

The future of crowdfunding

Crowdfunding’s appeal comes mainly from its ability to bring together resources from the users who are interested in supporting or buying products. For many startups and creators, this means not having to court investors or borrowing money from banks just to fund their projects.

Also Read: *SCAPE’s HubQuarters Fellowship Demo Day wants to turn ideas into the next great startup

However, the existing model has been prone to abuse, or perhaps some creators have become too risky for their own good, which leads to an unhealthy environment wherein expectations are not met.

A blockchain approach, with focus on community and in rewarding actual accomplishments, can help revitalize this industry and even lead to building better products and services driven by the crowd.

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Photo by Michael Drexler on Unsplash

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However big and successful modern business giants might seem now – they all started small, with some of them even being started in a garage. Having turned their humble ideas into the multi-million money-making machines, founders of these companies have probably faced a lot of struggles along the way, especially in the beginning.

Normally, small firms do not have a lot of budget to play around with, which leads to limited possibilities. They get lucky if they get funding – either from a bank (which is extremely hard) or from a friend or a relative.

With bigger funding comes faster development, yet, things are pretty slow considering the scale of these small companies. The bigger competitors are sometimes taking away their clients due to lower pricing (thanks to the economies of scale) and trying to push small players out of the market.

Adding to the struggles of young entrepreneurs, not many suppliers are willing to work with them, again, due to the small budget and size of operations. This, in turn, leads to higher fees, resulting in more expensive goods and services. 

It seems like everything is against a growing firm when it is just starting its business. 

Giants also started in a garage

Yet, as mentioned in the very beginning, some of the companies that had ground-breaking ideas were able to overcome these issues. 

Take Gillette razors for example. Back in 1895, King Camp Gillette was working as a travelling salesman for one of the cork companies in the US. He noticed how bottle caps are usually thrown away after one usage – at that time, bottling companies had to purchase more caps. This gave him an idea of creating a one-use razor. 

Six years fast forward, King created a perfect razor and in 1901, he established the American Safety Razor Company, which was later renamed to Gillette Safety Razor Company. 

Another brilliant example of a small company that now valued at USD$1 trillion – Apple Inc. Steve Wozniak created the first Apple computer in 1976. He was then joined by Steve Jobs and Ronald Wayne. Together, they launched the Apple Computer Co. from Steve Jobs’ small garage in Cupertino, California. Sometime later, they received their first order for 50 computers to get USD$500 per computer – they delivered in 30 days.

Saturated markets or limited opportunities?

Undoubtedly, these are the cases of innovative ideas and good timing and today’s small firms lack that. But that does not mean that modern businesses’ ideas are not creative or innovative – it is just that the level of market saturation is as high as it has ever been. There are so many ideas being born every day with companies struggling to keep up with the competition.  

This factor also adds to the list of roadblocks that are met by growing businesses. Normally, a business goes through a “business lifecycle” as soon as the owner is making a decision to set up a firm.

If successful, a business usually goes through 4 key stages: launch, growth, shake-out, maturity. Then comes the decline. However, many of today’s firms do not even reach the growth stage due to the harsh market conditions. 

Specifically, these firms today are referred to as micro, small and medium-sized enterprises. The European Commission’s definition of micro, small and medium enterprises is tied to a number of employees and the annual turnover of the company. To be precise:

1. Micro-enterprise has less than 10 workers and an annual turnover or balance sheet below EUR 2 million;

2. Small enterprise features less than 50 employees and an annual turnover or balance sheet under EUR10 million;

3. Medium enterprise employs less than 250 people and reports an annual turnover below EUR50 million or a balance sheet below EUR43 million. 

Yet, there are varying definitions of MSMEs all over the world, which makes it hard for companies to handle certain legal and formal decisions.

Despite no clarity in terms of legal definition, this class of companies is the second largest employment providing sector. According to the latest ‘Development Report’ on MSMEs from the Kochi based Institute of Small Enterprises and Development:

“Micro, small and medium enterprises (MSMEs), the second-largest employment providing sector, need radical reforms to solve its pressing problems and to utilize its potential.”

Will governments save growing businesses?

A lot of private and public organizations understand this urgent need to resolve this pressing issue by creating an appropriate environment for these firms to develop. There have been a number of initiatives from governments that aimed at resolving this problem, just like the Reserve Bank of India has set up the incentives in collaboration with the Indian government. 

They put forward a number of ideas that would facilitate the growth of small firms, including doubling the GST exemption limit to 40 Lakh annual turnover (20 Lakh for the North-Eastern States), speeding up the loan acquisition procedure and some shipping solutions, among many others.

Indian authorities are not the only ones that are struggling for the bright future of the growing enterprises. Many other developing countries’ governments are working on initiatives that are said to improve market conditions for small firms. 

Yet, due to the fact that most of the governments are either resistant or slow to adopt new technologies, the ideas proposed by them are not tackling the problem on a global scale. Surely, they can help growing businesses get a loan and, perhaps, set up the legal definition boundaries, but there are just too many factors that are negatively affecting the development of small enterprises.

Modern problems call for modern solutions

Modern problems call for modern solutions and, considering the fact that we live in the era of decentralization, there are tons of untapped opportunities on the market. 

Users are able to carry out transactions on the blockchain in a fast and secure way. Besides, blockchain technology can be applied to virtually any industry and be helpful – the possibilities are endless.

It comes as no surprise, the solution to the growing business sector’s woes also lies in blockchain technology. According to the OECD:

‌“Enabling SMEs and entrepreneurs to seize the opportunities opened up by the blockchain revolution can foster access to markets and finance and boost competitiveness.”

Many blockchain startups have been aiming to help this important part of the economy through their unique ideas – some propose logistics applications of blockchain, others offer business support with identifying opportunities from blockchain innovations. 

Some of the promising solutions powered by blockchain included the creation of business-oriented data infrastructure. Since one of the biggest obstacles for growing enterprises is the lack of their “creditworthiness”, the blockchain-based data platform would enable them to enjoy a secure and fast exchange network. Platforms like this ultimately lead to a stronger profile of small enterprises on the market, thus allowing them to meet their business needs without any intermediaries.

Now, as blockchain-driven organizations are coming up with innovative solutions for the small business sector, governments start to pay attention. Moreover, global authorities are entering multiple collaborations with blockchain projects, as they realize the whole potential behind this nascent technology. This development is potentially the biggest chance for growing businesses to get help.

Final words

Transitioning from traditional solutions to decentralized ledger technologies to solve one of the biggest problems the current business world faces is not easy. Governments are backing their own ideas that have little to nothing to do with blockchain and only a handful of open-minded authorities are turning to decentralization as a part of the solution. 

Yet, the growing business crisis has been around for decades and none of the government-initiated programs have been able to fix the lingering issues of small enterprises on a global scale. Perhaps, it is the time for innovation and new technologies, which could provide and be the face of local businesses, to take their chance to change the future for growing companies.

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Image Credit:  Charles Forerunner

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To complete the TOP100 experience, e27 is working to prepare prizes that are just as wonderful as the previous ones—if not more

There are many good reasons for your startups to join the 2020 TOP100 APAC.

As part of the annual Echelon Asia Summit, the curated programme was designed to discover, showcase, and accelerate the next generation of up-and-coming startups.

Not only that TOP100 will give you the opportunity to showcase your startup’s products and services on a global platform, but it will also help on your fundraising journey by providing a platform to network with potential investors or partners.

Alumni of the programme have also raised new funding rounds and made exciting milestones after their participation in TOP100.

Leading up to Echelon Asia Summit, we are also set to conduct the qualifying round for TOP100 in six major Southeast Asian cities, bringing the global platform as close as possible to your base.

Also Read: Measure up to the region’s best and brightest at the 2020 TOP100 APAC

Still looking for a reason to join TOP100?

Just in case you are still not convinced, then let us remind you what previous event’s winner got to receive as prizes:

1. An S$50,000 in grants from Enterprise SG.
2. A fast-track to the SLINGSHOT, a startup competition launched by Enterprise Singapore in 2017.

For the year 2020, to complete the TOP100 experience, the e27 team is working to prepare prizes that are just as wonderful as the previous ones—if not more.

So keep a close watch to this space and watch out for an official announcement from us!

The post Keep the eyes on the prize: Why this will convince you to join the 2020 TOP100 APAC appeared first on e27.

 

In the quest for the “hyper-productive” employee, tech companies have gone out of their way to create an environment to make employees stay in the office for long hours. To do so tech offices often have a more relaxed atmosphere and are equipped with everything from bean-bag lounges to video-game rooms and even chef-made free meals have become standard across startups worldwide. 

However, behind the glossy image of the “cool office” hides in plain sight an obvious truth. These perks and “benefits” are not meant as bonuses from companies that care about their employees, but instead, are blatant attempts to keep workers in the office for longer than is healthy or productive. The lounge area and couches while very comfortable are still only there to ensure employees leave the office as late as possible, disrupting their work-life balance and ensuring they’ll become burnt out somewhere down the line.

As corporations essence is to profit as much as is possible, often employee’s long term mental and physical well being aren’t company priority. Overwork at major companies across the world is not a new thing, in fact, Japan even having a term for it (Karoshi). The Asian powerhouse reported 189 cases of Karoshi in 2015, though many analysts place their estimates higher than that. It’s not unusual in Japan to see a businessman sleeping on the sidewalk, or while standing on the subway.  

Also Read: Is technology killing workspace productivity? how to switch that around

Even in the US, workers in investment banking and finance industries tend to average around 80+ hours per week. Though this has changed after high-profile incidents, including a Merrill Lynch intern who died after working for 72 hours straight, the corporate world remains a difficult, cutthroat atmosphere where long hours are the norm. 

The tech world has made its reputation as a disruptor in everything from the products they sell to the way they deal with “corporate” culture. However, the industry’s relative infancy results in a scattershot approach obsessed with “disrupting”  as opposed to fixing, looking for the short cut often without considering the long-term. 

Projects that are rushing to be first-movers, acquire funding, and breakthrough oftentimes result in work schedules that are both intensive and variable. Moreover, the speed with which projects change their direction, change their scope or are simply abandoned means that employees are working in incredibly uncertain conditions.

The standard response by companies to the long list of demands they have for their workers is to focus on keeping workers “happy” despite asking them to work longer hours during the week and to even routinely sacrifice their personal time.

Companies entice workers to stay at the office longer with seemingly innocuous and friendly perks—bringing dogs to work, in-office laundry services, free dinners, “relaxation rooms”—but these benefits are simply the bait businesses use to encourage an unhealthy work-life balance. 

The tech industry is contending with serious employee health issues and is doing so quite poorly. A survey launched by workforce app Blind revealed that of the thousands of users that responded to the question “Are you currently suffering from job burnout?”, over 57 per cent said they were. The same survey also revealed that 39 per cent of tech workers reported feeling depressed. 

No amount of workplace perks and benefits can make up for the fact that employees are feeling overworked. Consequently, the industry is starting to receive blowback for policies workers feel are deceptive. Tech exhibits the highest employee turnover rate at over 13 per cent and is largely driven by a culture that glorifies overwork as corporate loyalty. 

Things may be improving

Even so, it seems the industry is slowly coming around to the problem. Uber, for instance, continues to rank among the best places to work for tech employees, and that has to do with the company’s paid-time-off (PTO) policies which include unlimited paid days off and flexible sick days. Unlimited vacations are becoming a common trend across the industry as well, with companies like Riot Games, VMware, and Mammoth offering this to their employees.

Others have started emphasizing skills-based growth instead of offering physical perks. This also shows that companies are becoming more in tune with what their employees need. Some companies are starting to focus on demonstrating their commitment to a more reasonable work-life balance, which is a major deciding factor for employees seeking new jobs. 

Also Read: Top 3 opportunities in tech across Southeast Asia, according to business leaders

Tech workers finally getting fed up with the promise of “puppy days”, pool tables, and free meals. Instead, they are starting to demand benefits that allow them to be healthy and mentally sound, as opposed to overworked and depressed.

It’s time for the tech industry to think of their long term success and understand that a happy and healthy employee who isn’t burnt out or depressed is a long term benefit which is smart to invest in both for the company’s benefit and the employees. One less ping pong table won’t make such a drastic difference anyway. 

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In Singapore where we are a nation of gift-givers, online shopping has become second nature due to increased convenience and affordability. We are also big on celebrations and gifting is at the heart of it all — anniversaries, house warming, birthday celebrations, weddings, you name it and we have it. In fact, e-commerce activity is booming in our nation with the likes of year-end sales and this Christmas season is no doubt the best time for online shopping.

As with shopping in brick-and-mortar stores where we get the pleasure of retail therapy once dopamine is released into our brains, we have digital dopamine that works the same for online shopping.

During a sale, as you have guessed it — we are all the more given a harder kick. Commonly called “shopper’s high”, this rush encourages exploration by rewarding us when we stumble upon something salutary. Moreover, the e-commerce market is gradually adapting to the concept of instant gratification as well, establishing the ultimate dream for consumers as they are able to get what they need with a simple tap on their screens, right from their comfort zone.

However, while shaping up ahead this Christmas, it is crucial to shed light on the underrated topic about the negative effects of rabid consumerism on the environment — caused by unwanted things, throwaway packaging and the overall destruction of natural resources.

Also Read: Here’s how global businesses could drive sustainable development

In fact, a study has revealed that Asia consumes 50 per cent of global plastic packaging, which could quadruple in the next three decades. Furthermore, with new consumption patterns, including the continent’s rising appetite for e-commerce and food delivery — up 84 per cent year-on-year — we are witnessing the increasing demands of plastic packaging.

Known to few, the higher the consumption rate, the more waste will be produced. While there is a growing desire among Singapore millennials to discriminate against consumerism and verify the sustainability credentials of products they purchase, there is still room for e-commerce players to be more eco-friendly in their day-to-day practices.

How can we leverage technology for good, while enabling customers to scout for good deals and enjoy a borderless e-commerce experience?

1. Sustainable shipping

Consumers prioritize the ability to receive their products quickly, and at a reasonable price when online shopping. In order to encourage consumers to choose a more environmentally-friendly shipping method, businesses can simply change the order of their suggested shipping method by putting the most sustainable option on top.

At the same time when doing so, companies can educate customers on the positive impact of their sustainable contribution, just by making small changes. Before, most customers would choose the fastest shipping, but after making that small change, businesses can expect to see more customers opting for the sustainable option. Sometimes, all it takes is a consumer education to raise awareness around the increasing need to be environmentally-friendly.

2. Smaller packages

Having big boxes for a small product, coupled with multiple layers of plastic and bubble wrap sure sound familiar for businesses and consumers alike. Shipping out oversized packages certainly comes with a negative impact on the environment as well.

Buyandship’s small contribution to this is by offering free consolidation of packages, which in turn reduces the use of plastic. This also allows users and businesses alike to satisfy their environmental responsibilities by reducing carbon footprint. Additionally, businesses are also able to fit more packages into the vehicle, thereby being able to increase the number of transportation vehicles moving out for deliveries and ship more effectively in a single trip — and going the extra ‘green’ mile.

3. Right delivery partner

Nothing is more important than choosing the right delivery partner when it comes to deliveries, as it forms part of the process which ensures that all products arrive safely in the hands of consumers. At the same time, this also means that our delivery partners are one of the largest contributing factors to the pollution caused by e-commerce. By choosing a partner that has green shipping alternatives such as owning a fleet of electric vehicles, for example, businesses can reduce their online stores’ greenhouse emissions.

Also Read: Want to succeed wildly? Adjust your attitude

If your delivery partner does not own an electric fleet, fret not! There are others ways which businesses can reduce the overall transportation frequency of products. Similar to the above best practices, by informing consumers that should they choose standard delivery (4 to 7 business days) upon the checkout process — as opposed to express (1 to 3 days) or same-day delivery — they will help the environment and save X per cent on emissions, thus reducing carbon footprint. By doing so, consumers may opt for standard delivery and deliveries will ultimately be optimized by engaging fewer suppliers to cover multiple needs, thereby reducing the number of shipments.

Whether it is about cost or environmental savings, sustainability is here to stay. It is crucial for businesses to satisfy its environmental responsibilities and optimize the overall customer experience through collaboration with partners in the ecosystem to develop sustainable practices that delight customers and eliminate waste, while at the same time maintaining quality products and services — by ensuring products arrive undamaged and intact.

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