With the adoption of a mobile lifestyle and the need to stay connected at all times, traditional office spaces are no longer regarded as the most practical solution. Instead, coworking spaces have increased in popularity worldwide, transforming the way people work and offering flexible alternatives to traditional office environments.

Malaysia, like many other countries, has witnessed a surge in coworking spaces in recent years. According to recent statistics, there are over 400 coworking spaces in the country as of September 2023. 

Despite the growth of the coworking industry in Malaysia, coworking spaces are struggling to meet the increasing demand for flexible workspaces, as they have difficulty providing specialised amenities and tailored services that cater to diverse industries.

This has led to a gap between the expectations of professionals and the offerings of these spaces, prompting a need for innovation and adaptation in order to remain competitive in the market. 

The current landscape of office spaces in Malaysia 

It is essential to understand the current state of the office market industry in Malaysia before delving into the dynamic coworking industry. The Klang Valley region, a bustling economic hub in Malaysia, has observed a significant shift in its office market industry in recent years.

According to a study, this region has over 33 million square feet of vacant office space. The main cause of this office space surplus and overhang has been attributed to a sharp rise in supply without a corresponding rise in demand, which led to a declining occupancy rate.

The office space market is saturated, leading to landlords exploring coworking spaces as alternative solutions. The rise in both demand and supply within the coworking space industry has inadvertently led to the commodification of these spaces.

This phenomenon, while expanding options for users, has sparked a price war, resulting in a diminished value proposition for users. In essence, this trend primarily benefits users by reducing their office footprint from larger spaces to more compact environments without significant added value beyond that aspect.

But what can we do if trends are constantly changing? Post-pandemic work dynamics have forced companies to rethink office space solutions, regardless of size or number of employees. A recent survey by Knight Frank indicates a trend towards reduced office space over the next three years, offering cost-saving advantages.

Also Read: How to choose a coworking space for your startup

This shift in trends is driven by the changing nature of work, with more companies adopting remote work policies and flexible schedules. In light of these developments, it is imperative for the industry to shift its focus towards delivering more meaningful and value-driven coworking experiences that cater to the evolving needs of today’s professionals.

The need for a paradigm shift in the coworking industry

As office rental costs continue to climb, many companies are checking out more budget-friendly options like coworking spaces. With over 400 of these spots scattered across the country, being part of this industry right now is undoubtedly exciting. But remember, coworking spaces can’t just be about real estate projects.

According to the Selangor Information Technology & Digital Economy Corporation (SIDEC), they must provide a comprehensive package of ecosystem and community support to entice companies and startups. However, most coworking spaces in Malaysia focus solely on expansion without considering the shift in coworking trends and the rapidly changing needs of businesses.

In light of these challenges, there is a pressing need for a paradigm shift in the Malaysian coworking industry. The traditional model of providing desk space and a few amenities is no longer sufficient to attract and retain members.

Coworking spaces must evolve to cater to the changing needs of professionals and entrepreneurs. They can be enhanced by offering a wider range of services, benefits, and technology-driven solutions, such as smart office features, networking events, mentorship programs, and flexible membership options.

Coworking spaces should redefine the coworking experience by setting themselves apart through several key differentiators. A strong emphasis is placed on creating innovative and productive workspaces that contribute to a conducive working environment. 

Tailored environments and hyperlocal solutions for businesses

The landscape of coworking spaces is undergoing a dynamic evolution as it adapts to the unique needs of individuals and communities. Today, these spaces are finely tuned to align with the working styles, cultural nuances, and consumer preferences of their clientele.

Local management plays a pivotal role in this transformation, as it offers an intimate understanding of the community context, leading to the creation of hyperlocal solutions that draw inspiration from diverse backgrounds. 

These coworking environments are crafted from the ground up, often through collaborative user-driven initiatives, placing a strong emphasis on intricate details, and a design philosophy centred around the user. Local knowledge and management are key in building solutions that seamlessly integrate with the local context.

The emergence of hyperlocal communities brings forth solutions, resources, and environments that are deeply influenced by various cultures, lifestyles, and diverse backgrounds. These spaces aren’t simply imported, but rather, they are organically grown from the ground up.

Also Read: There is an opportunity in every winter: Stephanie Ping of WorQ

The ground-up approach is characterised by spaces that are both built and managed by users, for users. Here, the saying ‘the devil is in the details’ rings true, with an acute understanding of the market and an unwavering focus on user experience, coworking spaces should utilise this approach and empower users to shape the environments they work in, consistently creating value not just for themselves but for all stakeholders involved.

2023: Shaping the future of Malaysian coworking landscape

Many coworking spaces have achieved remarkable success, but not without undergoing various challenges along the way. The coworking industry is dynamic and subject to changes in market demand and work trends. Staying adaptable and resilient in the face of these changes is a constant challenge.

As the industry evolves, it is crucial to meticulously analyse what is necessary to stay afloat and remain competitive.  This analysis should involve a deep understanding of market trends, customer preferences, and emerging technologies. By proactively adapting to these changes, businesses can not only survive but also thrive in the ever-evolving industry landscape. 

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In an era of dynamic market shifts and strategic investments, Singapore-based Turn Capital stands out for its unique approach. Its strategy involves identifying undervalued consumer and technology companies in Asian markets and turning them around.

Turn Capital Opportunities Fund, launched by 17LIVE’s co-founder and non-executive chairman Joseph Phua and two other Partners, Shang Koo and Ho Kheng Lian, recently acquired the Thai unit of the struggling tech-enabled coffee chain Flash Coffee for an undisclosed sum. The fund plans to expand Flash Coffee’s presence across Thailand and open more than 100 new stores in the next two years.

In an interview, Turn Capital’s General Partner, Kheng Lian, reveals the investment firm’s strategic approach to acquiring and turning around businesses, shedding light on its recent acquisition of Flash Coffee in Thailand and outlining plans for sustainable growth and expansion in Southeast Asia.

Edited excerpts:

Can you provide insights into Turn Capital’s overall strategy with respect to acquiring or investing in businesses, especially in the context of the recent acquisition of Flash Coffee in Thailand?

Turn Capital’s overall strategy is to invest in undervalued consumer and technology companies in Asian markets. We focus on proven business models with revenue and cash flow, which Flash Coffee Thailand has achieved.

Also Read: ‘Companies shut down not because of crises but only when founders give up’: Joseph Phua of M17

We only invest in companies we are confident we can turn profitable using our deep operational expertise. We are founders who have built startups from scratch to IPO to stabilise the company, make a profit first, and then scale. We believe Flash Coffee Thailand is well placed and within our wheelhouse to do so.

Given the recent closure of Flash Coffee’s stores in Singapore, how does Turn Capital plan to address and overcome challenges to ensure the success and sustainability of its investments?

We have a playbook where we always focus on our strengths.

First, we work on fundamentals, building a solid foundation for the company by creating scalable and leverageable cost structures and optimal unit economics with the founders, which results in companies turning profitable in the first year of our investment. Here, we achieve core sustainability.

Second, we ensure success by educating and guiding founders to build scalable teams and internal processes for future planning, optimise cash flow, expand to new regions and new revenue lines and M&A to consolidate market share.

Third, we know how to create exits and liquidity events. Our team has deep capital market experience and relationships, having led three companies to IPO, and we understand a wide range of potential listing venues. For trade sales, our deep and wide network allows us to find the right strategic buyers and the process is simplified as we own a controlling stake in the companies.

Fourth, the beauty of value investing is that we invest at a low price, so the upside is easier to obtain, and we have great potential for a very high upside.

How do you plan to turn around Flash Coffee? Would you also partner with Flash’s other units in Southeast Asia? Why did you buy only the struggling Thai unit instead of the whole company?

We bought Flash Thailand instead of the whole company as it not only has a solid foundation with a good network of 40-plus locations across Bangkok, but the Thai unit has strong potential unit economics based on its low rent. This gives us a clear path to profitability that we know how to execute to get there.

Our turnaround involves cutting costs and improving sales. Flash has focused on scaling by building more stores in the past years. We will use this existing infrastructure to improve sales at existing locations. We do this by enhancing the visibility of our competitive prices and products to capture more customers, optimising cost structure, and investing in high-ROI digital marketing, one of our core strengths. We will expand with more store locations after we turn the existing stores profitable.

Also Read: Joseph Phua’s Turn Capital acquires Dapp Pocket to create SEA-focused retail crypto exchange

We will work with other SEA units to create greater brand value for Flash. Flash Indonesia is already doing well. With us taking charge of Thailand, Flash’s existing team can focus all their attention on Indonesia and strengthen the brand in that market. We should only expand to new markets when we are already champions in our home market, so the Thailand/Indonesia split allows everyone to focus on one market and turn that into the number one market leader.

Could you shed light on Opportunity Fund’s preferred sectors or industries for future acquisitions? Are you in discussions to acquire any other struggling companies in SEA?

We are focused on TMT (technology, media and telecommunications) and consumer sectors. With our more than ten years of B2C consumer-facing experience in the live streaming, live commerce, social entertainment, dating and consumer space, we will play to our strengths in the social, entertainment and media sectors where we have a sharp eye to evaluate what will or will not work and have the ability to accelerate their growth should we decide to invest in these companies.

We have a pipeline we are working on that includes online media, e-commerce, a social platform and influencer commerce.

What are Turn Capital’s plans for the expansion of acquired businesses? Are there specific regions or markets the family office currently targets for growth?

We will first stabilise the acquired businesses within their territories. Expansion to other markets will depend on each business’s suitability for other markets and potential for growth in these territories.

Our strength lies in developed Asia, such as Taiwan and Japan, where 17 Live is the market leader, and Southeast Asia, where Joseph Phua and Kheng Lian hail from and have been plying their trade. We will consider companies from the West with a presence in Asia or business models we are familiar with.

After an acquisition, how does Turn Capital approach integrating the newly acquired business into its portfolio? What steps are taken to ensure a smooth transition and maximise synergies?

Synergies are an additional plus for any of our new businesses. However, we don’t focus on the potential synergy as much as making the existing business profitable.

Every business needs to be profitable on a standalone basis. We provide significant assistance in terms of management support, technology, and digital business know-how and development capability to any business we acquire, so expect the businesses to grow their digital sales quickly.

In light of the growing emphasis on environmental, social, and governance (ESG) factors, how does Turn Capital incorporate ESG considerations into its investment decisions and the management of its portfolio?

Also Read: Corporate investment strategies have become more mature, aggressive over time: Joseph Phua

While we currently do not have a strong ESG focus for our fund, we realise our investors and partners have ESG requirements. We ensure that the business model does not actively create or encourage a negative ESG environment for any investment we make. We also realise that any business with a large enough scale will have some ESG risk. So, after we take over any business, we ensure processes and reviews are implemented to mitigate and reduce risk.

What is Turn Capital’s long-term vision for its investment portfolio? How does the family office balance short-term returns with sustainable, long-term value creation?

Our strategy is unique with little competition as we created our own niche that is difficult to replicate without the on-the-ground experience and battle scars our partners have gained from their highs and lows building 17 Live from US$2 million revenue to US$400 million revenue to IPO. Turn Capital is here to build a distinguished financial institution with longevity as we generate healthy returns for investors and help founders build meaningful products that benefit millions.

The goal for our 5-year fund is to return at least 3-5x to our Limited Partners, with dividend payouts along the way, as our companies are cash flow businesses. As we are hands-on, we take a concentrated portfolio approach to invest in three to five companies in the first fund.

In the long term, we intend to raise larger funds to deploy into larger-sized deals while maintaining our concentrated portfolio strategy and potentially launching other strategies.

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Image Credit: Turn Capital.

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I had the privilege of being in the venture space since the dawn of Indonesia’s startup ecosystem. Helping founders succeed is something close to my heart. Nothing is more rewarding than seeing our portfolio startups grow from seed to exit stage.

At the recent event that Vertex Ventures Southeast Asia & India co-organised with Singapore Global Network (SGN), I had the privilege of chatting with Anggara Pranaspati, the CEO and Co-Founder of our portfolio, Mauva (formerly known as Tjetak), to share more about the current Indonesian investment landscape and tips on how to overcome obstacles along the way.

We highlighted four common misconceptions that founders might have that can either make or break a startup.

Myth one: When raising funds, startups should avoid talking about the challenges they face

Truth: Founders face hiccups in the business every day, be it in research and development or in operations. Most think that these hiccups, if severe, may pose a challenge when they wish to raise additional funds — presenting a dilemma.

Should they paint the company to prospective and existing investors in a realistic manner? Would they be drawing too much attention to the problems in the company? These questions can be difficult to answer, but lying is not the solution to this. When investors probe further, they may find out that the founder was not telling the truth, and this could destroy trust, making it harder to raise funds in the future.

Also Read: Myths vs reality: Remote and hybrid managers report high productivity and trust

Instead, what founders could do is understand what an investor might be looking for. And the answer is simple — whether the company has the potential to grow at a fast yet sustainable pace. By understanding this context behind investors’ questions, founders should give a bird’s eye view of their company’s progress and highlight the trajectory of a company and its potential to perform in the future.

Moreover, when investors ask more questions about the specifics, founders should not be afraid of sharing the finer details because even high-performing startups face hurdles on their path to growth. The key to a great investor-founder relationship is communicating openly and building trust.

Myth two: Dilution of stake is bad

Truth: From the investment perspective, I observed that certain founders focus too much on how much their equity will be diluted after the funding round. This may motivate founders to raise less capital than they actually need intentionally.

As a result, the company may not have enough liquidity to give them a runway till their next one and need to waste time and efforts to raise it shortly after.

The key is keeping the end in mind (building a successful company) and aiming to raise a healthy amount of capital that can give them enough runway to sustain their operations and optimise their cash flows (18 months or more).

After all, the best way for founders to maintain their cash is by prioritising capital efficiency. The lower the amount of money a startup needs to grow, the higher the amount of proceeds founders tend to get at the end of the day.

Myth three: Rejection is the end of the road

Truth: Founders will experience many rejections from different people, be it customers, suppliers or potential investors. When presenting to an investor, founders often share their story about why they started the company, their passion and their drive to stay on this journey.

This is why it can be discouraging when facing rejection from potential stakeholders. Founders may start questioning themselves, “Did I start the right thing? Did I dream the right dream?”

In the rollercoaster of entrepreneurship, having the right mental space can help founders get back their balance. For Pranaspati, he shares that whenever he feels low, he searches for positive energy somewhere else by spending time with his team. For him, he gets his stride back when he notices how hard his team is working.

Also Read: 5 fundraising tips for first-time founders

Seeing that his team is committed to making their company successful rejuvenates and motivates him to carry on. Having a positive mental space can help founders remain focused on their goals and mission, even in the face of rejection.

Myth four: The business model a company has right now is the best one

Truth: As a founder, validating one’s business model is an ongoing process, and the need to evolve one’s model may arise along the way. This was true for Manuva and their old business model, which was focused on producing custom-made packaging for their customers.

However, this model was brought into question when the company observed that the growth of its custom-made packaging line reached a plateau. As an innovator, Manuva tried to remedy this by launching a new line of ready-made packaging for their customers. After some time, they saw that their ready-made products were performing better than their Original Equipment Manufacturer (OEM) and custom-made products.

For an agile business like Manuva, this presented an opportunity to pivot towards ready-made products and see greater profitability. However, making this change would also mean that the founder has to reshape the whole organisation.

As Pranaspati shared, this transition can be painful but necessary. The sobering reality is that founders like Pranaspati have to go through that process to put the company first and do what it takes to truly add value to the customers who are willing and able to pay.

Pranaspati and my advice to founders who have to make such crucial changes is that they should empathise with their team and deliver the message that the change was taken for the betterment of the company with compassion at heart.

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Recently, we were jolted out of our sleepy weekend to the news of Sam Altman being ousted from his position as OpenAI CEO. But the most interesting part of the situation was his return to the company in less than a week since his firing.

It was so short that my friend and I joked, “Well, he basically took a 15-minute smoke break and a short walk in CBD before returning to the office.”

Since then, many opinion pieces have been published to analyse what happened and where we are going from here. For example, Alex Khrishner wrote for Slate that Altman “now has more power—and fewer constraints—than ever.”

“… More than any other single person, he’s been the face of the AI boom in the past year. He has come out of it with a pretty good reputation,” Khrishner wrote.

“With the board that tried to chasten him swapped out, Altman has a lot of leeway to make occasional principled stands while making zillions of dollars or not. His peers at public companies are more constrained.”

There is nothing new about the trope of a tech CEO/co-founder being ousted only to be called in again to continue on leading the company they started. Steve Jobs and Apple might be the first things to come to mind, but the difference is that there was a 12-year gap before he returned to the company.

(That was quite a smoke break, Steve.)

As discussion about the future of AI and implementation continues, we cannot help noticing how Altman’s reputation as a charismatic leader seemed to play a great role in how the situation progressed at Open AI last week. Particularly, it encourages us to ponder how charismatic leadership impacts innovation in addition to unity.

Especially as we saw OpenAI employees remain loyal to Altman and even threaten to leave with his departure.

Also Read: Captivating interview with OpenAI’s CEO and CTO: Insights and reflections

All about that one person

Every industry has its own charismatic leaders; one that can inspire people just by hearing their names. In the context of the tech industry, where storytelling plays a crucial role in driving new tech to the masses, charismatic leadership seems to play a bigger role.

“Charismatic leadership behaviour is a significant positive predictor for success in dynamic business environments of today,” writes Gulnar Joshi in a research paper called Charismatic Leaders & Innovation: Impact of charismatic leaders on the innovation practices in the companies they start and lead.

“For startups and their performance, leadership behaviour is as important as their context. Charismatic leaders are particularly suited to technology startups which are governed by a high degree of uncertainty in the initial phase. Charismatic leaders create a purpose, can stimulate motivation, are able to engage and influence a team to inspire performance and drive among team members.”

Even with this simple explanation, we can see how charismatic leaders can provide a sense of safety and security in times of crisis—or in a competitive, cut-throat environment such as the startup ecosystem. It gives team members a sense of having someone to look up to whose vision can help them get into that promised land.

But is this the only way to lead a startup? Is there any room for a more quiet form of leadership that focuses on getting the work in front of us done? One that is not showy, not getting much media attention?

As someone who has been in the tech startup ecosystem for years and has seen storytelling’s role in bringing innovation to the masses, I tend to be sceptical. I would even say that innovation does not happen in silence; it requires an audience. But on the other hand, there are different ways to build trust within a team.

Especially as startups are under pressure to grow more steadily as a business and put sustainability as their focus, the quite leadership may just be what we need in the industry.

You do you, founders.

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Image Credit: RunwayML

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The telecommunications landscape is undergoing a seismic shift with the advent of 5G and Voice over Internet Protocol (VoIP) technologies. Southeast Asia, with its rapidly growing digital economy, stands at the cusp of this transformation.

This article explores the synergies between 5G and VoIP, how they are set to revolutionise communication in the region and the potential impacts on businesses and consumers alike.

Synergistic speeds: 5G meets VoIP

The rollout of 5G technology promises unprecedented speeds and reliability, factors that are crucial for the effective transmission of voice data over the Internet.

A study by GSMA Intelligence forecasts that by 2025, 5G will account for around 21 per cent of mobile connections in Southeast Asia. This expansion is expected to provide the infrastructure necessary for high-definition voice experiences, pushing the capabilities of VoIP to new heights.

VoIP’s flexibility and scalability make it a perfect match for the robustness of 5G networks. With lower latency and increased bandwidth, 5G enhances VoIP services, allowing for clearer calls, video conferencing without lag, and innovative services that integrate AI and real-time data analytics.

A catalyst for consumer innovation

On the consumer front, the 5G-VoIP synergy is just as transformative. With 5G’s capacity to support a more significant number of devices at higher data rates, VoIP services can now be extended to a wider range of consumer devices beyond smartphones, such as smartwatches and IoT devices.

The Ericsson Mobility Report suggests that there will be an estimated 29 billion connected devices globally, a large chunk of which will be in Southeast Asia, a region known for its quick adoption of new technologies.

This technological blend is paving the way for innovative applications in telephony. Imagine a scenario where your watch not only tells you who is calling but also transcribes the conversation in real-time, or a smart home system that uses VoIP to connect you directly to your local grocery store’s ordering service.

Also Read: Is Singapore 5G ready?

Revolutionising business communications

The business sector in Southeast Asia is set to benefit significantly from the 5G-VoIP fusion. According to a Deloitte report, 76 per cent of businesses in the Southeast Asia region view 5G as a critical enabler of their digital transformation journey. 5G integration with the cloud-based phone system will empower businesses with tools for seamless communication, irrespective of geographical barriers.

Unified Communications as a Service (UCaaS), an offshoot of VoIP, is projected to grow at a compound annual growth rate (CAGR) of 25.2 per cent from 2020 to 2027 in Asia Pacific, as per Grand View Research. This growth is fueled by the need for collaborative communication platforms that UCaaS and 5G can provide, facilitating a connected workforce that is more responsive and productive.

Challenges and opportunities

While the prospects are bright, the road ahead is not without challenges. Infrastructure remains a significant hurdle, with varying degrees of 5G readiness across Southeast Asian countries. A 2021 ASEAN report highlights the digital divide, noting that while Singapore has a 5G coverage of almost 95 per cent, countries like Laos are still grappling with basic 4G services.

There’s also the issue of cybersecurity. As VoIP relies on the internet, the increased surface area for attacks that 5G networks present cannot be ignored. The Southeast Asian region has seen a 600 per cent increase in cyber-attacks in recent years, according to a study by Kaspersky. Ensuring secure VoIP communication over 5G networks will require concerted efforts in cybersecurity protocols and education.

Conclusion: Embracing the future

The fusion of 5G and VoIP in Southeast Asia is more than just an upgrade in telephony — it’s a leap into the future of communications. The potential for innovation is vast, from businesses enjoying enhanced operational efficiency to consumers experiencing new levels of connectivity.

However, realising this future will require strategic investments in infrastructure and cybersecurity alongside collaborative efforts from policymakers, telecom operators, and tech companies.

As 5G becomes the backbone of the region’s digital economy and VoIP continues to disrupt traditional telephony, one thing is certain: Southeast Asia is poised to be at the forefront of the next wave of communications evolution, marking an era where distance is no longer a barrier to interaction and innovation is just a call away.

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Dubbed the ‘Silicon Valley of Southeast Asia‘, Singapore is home to a flourishing startup scene. We have 31 startups that have achieved unicorn status — or have a US$1 billion valuation — with more than half of these startups being set up in the past two years. When we zoom out, startups across the region have seen a 40 per cent increase in terms of growth in 2020. 

There is little doubt that building a successful business entails hard work, and this has become even more challenging in today’s macroeconomic environment. The ability to rally a team and harness every member’s strengths is key to scaling the business for success. 

I recently had the pleasure of speaking to Rachel Lim, Co-Founder and Executive Chairwoman of fashion brand Love, Bonito, and Abheek Anand, Managing Director of leading venture capital and growth investing firm Peak XV Partners, in a recent episode of ‘At The Table’, a series where we bring together thought leaders in their respective fields to discuss some of today’s hottest topics.

You can watch the full episode here.

The conversation was illuminating, to say the least. We delved into the secrets to starting a company, the growth journey towards scaling up, and what it takes to support talent and teams in reaching milestones and successes. 

Here are five key takeaways from our conversation.

Authenticity is a hallmark of true leaders

True leadership stems from authenticity. Forging meaningful relationships and being an integral part of your team helps to close the gap between you and your team. During our discussion, Lim highlighted that in a world where we often look up to leaders like Steve Jobs or Mark Zuckerberg, entrepreneurs sometimes feel the pressure to mimic their styles instead of finding their unique paths.

Also Read: Depression was the best thing that happened to me as a founder. Here’s why

Lim says, “I learned the hard way that trying too hard to emulate a leader I wasn’t meant to be was a mistake. I believed that to be a great leader or entrepreneur, I had to possess the same qualities as these successful figures. However, embarking on a journey of self-awareness and discovery helped me shape my leadership style into something authentic and genuine and reflects who I really am today.”

Find strength in resilience 

While we often hear about successful entrepreneurs who seized opportunities at the most opportune time, the reality is that the market is unpredictable. As Anand highlighted, “The best founders are the ones who are incredibly resilient in the face of the downs and are able to double down on the things that are working in challenging times.” This is something Anand firmly believes in, and uses the quote by motor racing legend Ayrton Senna to illustrate this.

Whether you’re navigating the startup rollercoaster or your career path, the key to overcoming tough times is resilience. The most accomplished entrepreneurs and professionals are not those who do not fail, but they are often the ones who embrace setbacks as opportunities to pivot, learn, adapt, and emerge stronger than ever. 

Knowing and articulating your ‘why’ is key

In ‘The StartUp of You’ by Reid Hoffman, he says that “The person passionate about what he or she is doing will outwork and outlast the guy motivated solely by making money”. He’s absolutely right. At LinkedIn, we are mission-driven – we do well, and we do good.

Having spent a decade there, I have seen first-hand what’s possible when you work with a team that shares your passion and purpose. It isn’t just a fancy tagline. It is the heartbeat of our organisation and one that provides a competitive advantage. 

Our purpose empowers our people to make the right choices every day for themselves, each other, and our members. Anand sums it up, “Missionary organisations almost always are more successful in the long run than mercenary ones.”

When times get tough, a clear sense of purpose is like a lighthouse that guides you through the storm. It is a driving force that keeps all entrepreneurs moving onward and upward.

Also Read: Autistic founders, advocates share their vision of a more inclusive workplace

Lim agrees, “Entrepreneurship is like a marathon, and it is undeniable that there will be tough times. But what keeps me going is having a clear conviction and purpose of why my products and services exist.”

Embrace change and cultivate a growth mindset 

In the fast-paced world of startups, having a growth mindset and being adaptable are the keys to success. In other words, as your business landscape changes, change with it. To illustrate this, Lim quotes author and futurist Alvin Toffler, “The illiterate of the twenty-first century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.”

So, it’s not just about accepting change but actively embracing it for growth and looking at challenging times as a real opportunity to take stock of what’s working and what’s not, where the areas of growth are, in order to stay agile.

“It is important for founders to have an ability to be very customer-centric while being market aware. This means to be aware of where the market environment is so you can adapt a business strategy that plays into that market environment,” says Anand.

Invest in yourself and a team you can rely on 

As I spoke with Lim and Ahbeek, a fundamental principle stood out – successful entrepreneurs are not made overnight. The path to success in the ever-evolving startup landscape is a gradual process of self-mastery, personal growth, resilience, and continuous learning. Honing your skills, persistent effort, and a deep commitment to your goals will be integral to your success.

Further to that, entrepreneurship is not a journey you can embark on alone. It’s important to bring the right people with you on the journey and place them in the right roles in order to succeed. It is also a two-way street – employers have to understand the motivations of their employees and ensure their needs are met so the team can grow together.

Remember that overnight success is oftentimes a rarity. By understanding your purpose, embracing resilience and unwavering dedication, I hope that these tips can help to transform your aspirations into reality.

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Fr8Labs, a Southeast Asia-based AI-enabled freight logistics startup with offices in Indonesia and Singapore, has completed its seed funding round, raising US$1.5 million.

The investors are East Ventures, FEBE Ventures, Kaya Founders, Mulia Sky Capital, Seedstars International Ventures, Venturra, and various angel investors.

The funds raised will primarily support the continued development and market expansion of Fr8Labs’s products.

Also Read: Female Muslim entrepreneur accelerates success in Indonesia’s logistics-tech arena

Fr8Labs was founded in early 2022 by CEO Glenn Lai and Chief Product and Technology Officer Felix Lu.

The startup develops multiple innovative solutions for freight forwarders in Asia, including a cloud Operating System and a Generative AI assistant bot that aims to serve as an AI co-pilot for forwarders. These functions aim to solve pain points by streamlining operations, including integrating shipment job processes and integrating various internal and external stakeholders’ functions, such as between sales and operations (CRM and Accounting), and linking platforms like emails and chat platforms.

For example, instead of performing multiple manual data entries, a forwarder can upload a PDF of a shipping order on Fr8Labs’s platform and have the shipment booking and other required workflows automatically created, producing various complete documents in one step and reducing human error that could cause delays such as an error in submission to customs.

Shortly, Fr8Labs will expand the service experience by offering multiple relevant ancillary products, such as WMS, FX trade, financing, cargo insurance, visibility and rates management, and a marketplace, all integrated into one platform.

The company aims to establish an open ecosystem that enables forwarders to utilise its platform as a foundational lego block for integrating and managing multiple logistics tech applications.

FrR8Labs already operates with paying customers in Singapore, Malaysia, Indonesia, Taiwan, and Australia, with plans to serve the rest of Asia.

Also Read: Logistics, supply chain industries need to unveil the Northstar of AI integration: Quincus

The Southeast Asian logistics market represents a massive opportunity for growth, with a total value of approximately US$389 billion in 2022 and an 11.8 per cent CAGR over the next five years, a study reported by OECD.

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Image Credit: FR8Labs.

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Dear reader,

The special climate tech edition of The Global Startup Ecosystem Report unveiled during COP28 sheds light on the evolving landscape of Cleantech and the Blue Economy. This comprehensive examination delves into the interconnected yet distinct realms of sustainable solutions and ocean resource utilization.

Singapore’s remarkable leap from 26th to 8th place in cleantech ecosystem categories underscores its burgeoning role in driving innovation, making it the sole Asian representative in the top 10.

Meanwhile, Silicon Valley and London retain their global dominance in cleantech, holding the first and second positions, respectively.

The report highlights Singapore as the unparalleled leader in the Blue Economy startup ecosystem, attributing its success to a high number of relevant startups and robust university support for innovation.

This illuminating report reflects the dynamic shifts in global startup ecosystems and underscores diverse regions’ pivotal role in advancing climate-conscious entrepreneurship.

Sainul,
Editor.

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Singapore remains top startup ecosystem for clean tech, blue economy
In the Cleantech ecosystem categories, Singapore moved up an impressive 18 places, from number 26 to eight, says a report by Startup Genome and the Global Entrepreneurship Network; Silicon Valley and London remained the world’s leading cleantech ecosystems.

Blibli’s gross profit climbs 59% in Q3, EBITDA loss narrows 28%
The Indonesian e-commerce major posted US$237.4M for Q3 2023, which marked a 3% decline y-o-y; However, its quarterly gross profit for the same time frame climbed 59% to US$34.9M.

Singapore’s early-stage VC firm FEBE Ventures unveils US$75M Fund II
FEBE Ventures also partnered with Tekton Ventures to support globally-minded entrepreneurs leveraging tech for global progress, particularly in emerging economies; Otium Capital, an international family office, is the anchor investor.

India and SEA’s climate tech sector set to reach US$350B by 2030
In 2022, global climate tech investments exceeded US$70B, nearly doubling the previous year’s record, with SEA and India contributing a 7% share; The study titled The Essence of Climate Tech for India and Southeast Asia was conducted by Golden Gate Ventures and Venture East.

Vietnamese fashion supply chain platform Inflow lands US$2M investment
The investors are AppWorks, 500 Global, January Capital, Spiral Ventures, and Saison Capital; Inflow provides fashion brands with tools and technologies to simplify the sourcing and manufacturing process and speed up time to market.

AI-enabled freight logistics startup Fr8Labs raises US$1.5M
East Ventures, FEBE Ventures, Kaya Founders, Mulia Sky Capital, Seedstars International Ventures, and Venturra; Fr8Labs’s solutions include a cloud OS and a Generative AI assistant aiming to serve as an AI co-pilot for freight forwarders.

Grab-led GXBank launches as Malaysia’s first digibank
GXBank offers a daily interest rate of 3% per annum for users who save in their main account or Pockets; Customers can use Pockets to monitor progress and receive money-saving tips.

Indonesian trade minister denies that TikTok filed for e-commerce permit
After TikTok Shop was shut down in October, the social media firm’s e-commerce future in Indonesia remains in limbo; To overcome regulatory hurdles, one path TikTok is exploring is to partner with local e-commerce players.

After Musk tirade, X faces prospect of more advertisers fleeing
Walt Disney and Warner Bros. Discovery suspended advertising on X earlier this month following Musk’s endorsement of an antisemitic post that falsely claimed members of the Jewish community were stoking hatred against white people.

X CEO Linda Yaccarino publicly backs Musk after he says ‘f*ck yourself’ to advertisers
Elon Musk, who in recent days has endorsed antisemitic content on the platform alongside other conspiracy theories, has threatened lawsuits against Media Matters, the Center for Countering Digital Hate and the Anti-Defamation League, claiming their reports are scaring advertisers off the platform.

ChatGPT mobile apps have topped 110M installs, ~US$30M in revenue
The mobile apps make money by selling the ChatGPT Plus subscription via in-app purchases; The US$19.99 per month service offers a variety of extra perks, including general access during peak times, faster response times and early access to new features and improvements.

Ma urges Alibaba to change and reform as PDD catches up in market value
Jack Ma congratulated eight-year-old PDD for its decision-making, execution, and efforts over the past few years while calling on Alibaba employees to return to the company’s mission and vision to reform to secure tomorrow’s and the day after’s glory.

US compels Saudi fund to exit Altman-backed AI chip startup
Altman-backed Rain Neuromorphics, a startup designing chips that mimic the way the brain works and aims to serve companies using AI algorithms, raised US$25M in 2022; Aramco’s Prosperity7, a lead investor in the round, sold its shares in the startup.

EcoSfera helps turn your household waste into energy in the comfort of your home
EcoSfera can be installed on the customers’ premises, process 5-50 tonnes of waste per day, and create up to 150kWh of power per container.

Turn Capital: Navigating turnarounds and sustainable growth
Turn Capital provides insights into its Opportunity Fund’s preferred sectors, ongoing discussions for potential acquisitions, and the integration process post-acquisition.

That time Sam Altman went to take a smoke break around the office building
Sam Altman’s reputation as a charismatic leader seemed to play a great role in how the situation progressed at Open AI last week.

Innovation in HR: Hacking Talents’s journey in personalised professional development
Hacking Talents stands out by focusing on individualised professional development and data-driven HR strategy.

US Navy Chief Digital Transformation Officer reveals why most transformations fail
When it comes to digital transformation, Dr Patrick O’Connel highlights the importance of having a steady, strong budget.

How VFlowTech plans to power Pulau Ubin towards a sustainable future
VFlowTech aims to encourage regions and communities to consider sustainable energy storage solutions and reduce reliance on diesel generators.

Carb0n.fi seeks to revolutionise climate action with blockchain
Carb0n.fi offers a decentralised platform for carbon offset NFTs, aiming to empower global users in combating climate change.

Traction metrics that investors look for in early-stage startups
Different investors might consider different traction metrics, depending on the verticals that the startup is working on.

Back to the future: Why VR is the future face of education
This infographic reveals what Southeast Asia can learn from the US on the implementation of VR in e-learning.

Spotlighting Georg Chmiel: Championing inclusive work ecosystems in Southeast Asia
With 30 years of experience in fast-growing online businesses, Chmiel led 35+ acquisitions and seven takeovers.

Innovation meets endurance: The crucial balance for modern businesses
Resilience and innovation go hand in hand. Discover how corporations like Salesforce and Canva have adapted to the digital landscape to succeed.

Cracking the code: Decoding 4 myths in Indonesia’s startup realm
This article highlights four common misconceptions that founders might have that can either make or break a startup.

Beyond desk spaces: A fresh approach to revolutionising Malaysia’s coworking landscape
Coworking spaces globally gain popularity, transforming work dynamics with flexible alternatives to traditional offices.

How fintechs and neo-brokers are empowering retail investors
Fintechs and neo-brokers have made stock trading more accessible & affordable for retail investors, empowering them to take control of their financial futures

How technology can bridge language barriers to build an inclusive society
The key to a digitally inclusive world is the real-time translation of a message across multiple languages and amplifying user outreach.

Exploring blockchain’s potential impact on the education sector
By the year 2024, the application of blockchain technology is anticipated to have a substantial influence on the education sector.

Money talks: How tech can boost Filipinos’ financial literacy
With parents and schools silenced by cultural taboos, money management apps are filling the gaps in Filipino youths’ financial knowledge.

Revolutionising warehousing: An in-depth conversation with XSQUARE
In the thriving global Warehouse Automation market, XSQUARE Technologies is reshaping intelligent warehousing in Singapore and Asia Pacific.

10 reasons not to pay the ransom in a ransomware attack
We’ll explore ten crucial reasons why refraining from ransom payments is vital in the ongoing global fight against cybercrime.

From authentic leadership to talent investment: 5 proven tips to win the startup game
The path to success in the startup landscape is a gradual process of self-mastery, personal growth, resilience, and continuous learning.

The next communications frontier: Uniting 5G and VoIP in Southeast Asia
The fusion of 5G and VoIP in Southeast Asia is more than just an upgrade in telephony; it’s a leap into the future of communications.

The post Ecosystem Roundup: Singapore tops in clean tech, blue economy; FEBE launches US$75M Fund II appeared first on e27.

In a dynamic week for Southeast Asia’s startup scene, a range of innovative ventures secured notable funding from regional investors and venture capital firms. Among them are ByHours (Spain), edamame (the Philippines, VAMA (India), Lendela (Singapore), Climate Alpha (Singapore), JALA (Indonesia), Inflow (Vietnam), Fr8Labs (Singapore).

These investments highlight the diverse and thriving entrepreneurial landscape in Southeast Asia.

ByHours

Funding: Undisclosed.
Investors: Velocity Ventures (lead) and others.
Short bio: ByHours offers users a global platform to book short stays in over 4,000 partner hotels for 3, 6, and 12 hours. It offers a flexible ‘pay-per-use’ model with a 24-hour check-in option. This model accommodates travellers who only pay for the required hours, making it suitable for those seeking a brief rest or experiencing a short layover without an overnight stay.

edamama

Funding: Not disclosed
Investors: ACTIVE Fund, Kickstart Ventures, Gentree Fund, Innoven Capital, GS Group.
Short bio: edamama is an O2O parenting platform in the Philippines. It provides parents with essential resources, products, and community support. Its mission is to empower parents and caregivers by offering a wide range of curated products and services that cater to the unique needs of families. Since its launch in 2020, the platform claims to have delivered over 3.5 million products to families across the Philippines.

VAMA

Funding: US$1.5M
Investors: Wavemaker Partners (lead) and others.
Short bio: Established in late 2020, VAMA.app is a virtual platform serving as a one-stop destination for easy access to e-pujas, e-darshans, and astrology services for devotees across India. The platform offers virtual puja remedies in temples to devotees and customers from all over the world. It has partnered with over 250 temples throughout India and built a network of more than 300 astrologers on its platform.

Lendela

Funding: US$5M
Investors: Chocolate Ventures, Cocoon Capital, Phillip PE, Genting Ventures
Short bio: Founded in 2018, Lendela is a digital loan matchmaker connecting borrowers with loan options. The platform provides borrowers with transparent and personalised loan options. Since its inception, the startup claims to have connected over 100,000 consumers with more than 100 lending partners. Today, it serves customers in three markets with offices in Singapore, Hong Kong, Sydney and Kuala Lumpur.

Climate Alpha

Funding: US$5M
Investors: First Cheque@Jungle and others.
Short bio: Founded in 2022 by Parag Khanna, Climate Alpha fuses data science, climate modelling and finance to promote sustainable investment. The company uses geographic information system (GIS) data and economic modelling to deliver a solution for navigating accelerating climate volatility and forecasting the financial impact of climate risks. Climate Alpha distinguishes itself from other climate tech companies tracking and mitigating greenhouse gas emissions by offering data-driven roadmaps to construct more resilient portfolios.

JALA

Funding: US$13.1M
Investors: Intudo Ventures, SMDV, Mirova, Meloy Fund
Short bio: JALA is an Indonesian digital enabler for the shrimp industry. Founded in 2017 by Aryo Wiryawan (Chairman) and Maduningtyas, JALA provides shrimp farmers with advanced technology services, including in-depth aquaculture analysis built on real-time data and connected equipment, farm assistance, farm financing, supplies and inputs and marketplace services to bring harvest to market.

Inflow

Funding: US$2M
Investors: AppWorks, 500 Global, January Capital, Spiral Ventures, Saison Capital
Short bio: Inflow is a Vietnam-based fashion supply chain platform. It taps into the garment production advantages of Vietnam and Southeast Asia while solving critical supply chain challenges in the fashion industry, such as opaque supplier networks and inefficient project management of the design-to-production cycle.

According to the company, the platform offers full visibility into the supply chain, from inventory forecasts to data-driven factory matching to merchandise management, all accessible through a user-friendly dashboard with real-time tracking. Its production network includes over 150 pre-vetted and ethical manufacturers and suppliers in Vietnam.

Fr8Labs

Funding: US$1.5M
Investors: East Ventures, FEBE Ventures, Kaya Founders, Mulia Sky Capital, Seedstars International Ventures, Venturra, angels
Short bio: Fr8Labs develops multiple innovative solutions for freight forwarders in Asia, including a cloud Operating System and a Generative AI assistant bot that aims to serve as an AI co-pilot for forwarders. These functions aim to solve pain points by streamlining operations, including integrating shipment job processes and integrating various internal and external stakeholders’ functions, such as between sales and operations (CRM and Accounting), and linking platforms like emails and chat platforms.

The post Startups making waves in Southeast Asia this week appeared first on e27.

The market size for climate tech in India and Southeast Asia will hit US$102 billion in 2023 and is expected to grow significantly, reaching US$350 billion by 2030 at about 20 per cent annually, according to a new study.

In 2022, global climate tech investments exceeded US$70 billion, nearly doubling the previous year’s record, with Southeast Asia and India contributing a seven per cent share.

The study titled The Essence of Climate Tech for India and Southeast Asia was conducted by leading VC firms Golden Gate Ventures and Venture East.

The report defines climate tech as various sectors aiming to reduce global carbon emissions, particularly achieving net-zero emissions. It predicts that the market size for climate tech in India and Southeast Asia will hit US$102 billion in 2023 and is expected to grow significantly, reaching US$350 billion by 2030 at about 20 per cent annually.

Delving into past successes in Clean Tech 1.0, the study sheds light on the importance of asset-light models distinguished by technological innovation, capital efficiency, swift iteration cycles, and a heightened probability of securing subsequent capital.

The report emphasizes the immediacy of the present scenario, attributing the increased adoption of climate tech to the evident effects of climate change, proactive government policies, and a rising number of private institutions committing to achieving net zero.

Furthermore, advancements in key technologies, such as an 89 per cent reduction in solar electricity costs and a 70 per cent decrease in onshore wind costs from 2009 to 2019, contribute to the increasing viability of climate tech solutions.

Also Read: Navigating the gender divide in the Southeast Asia’s fintech landscape

In India and SEA, regulators are driving the adoption of electric mobility, disrupting the traditional automotive market, while the escalating demand for battery technology mirrors the growth of the electric vehicle market, offering promising prospects in the region.

The report explores market regulations, consumption trends, and growth prospects in two-wheeler and light commercial vehicle sectors while also spotlighting regional opportunities in battery management software, recycling materials extraction, and second-life applications aligned with government incentives for battery production and recycling.

Inefficiencies in SEA’s agriculture value chain create opportunities in the underserved US$50 billion agritech market, addressing agricultural inputs, environmentally efficient B2B market linkages, and farm advisory services.

With agriculture contributing 10 per cent to SEA’s GDP and employing over 20 per cent of the population, the sector is under increasing pressure for efficiency and sophistication in response to climate change, and policy support and technological advancements position SEA’s agritech for significant growth.

The report’s central theme highlights a growing demand for increased sophistication in sustainability accounting, electric mobility, and agritech — identifying these sectors as the green gold of India and Southeast Asia for the next decade.

Read the full report here.

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