Singapore-headquartered Geo Energy Resources, through its newly incorporated subsidiary Geo Electric, has entered into a US$4 million loan agreement with Indonesian electric motorcycle company Charged Asia Pte. Ltd (CAPL).

As per this deal, Geo Electric has the right to convert the outstanding amounts and all accrued interest under the loan into ordinary shares of CAPL. The loan carries an interest of 12 per cent per annum for 24 months or until conversion, whichever is earlier.

Furthermore, Geo Energy can enter into further agreements with CAPL to increase its capital investment for up to an additional US$36 million to become the majority shareholder.

CAPL manufactures and distributes “competitive and affordable” electric motorcycles. It has developed three motorcycle models and claims to have delivered more than 1,000 motorcycles in Indonesia, Malaysia, and Vietnam. With a zero-emission production facility in Indonesia, CAPL aims to sell 10 million motorcycles in Asia Pacific over the next ten years.

Also Read: There is talent shortage in the e-motorcycle space in SEA: ION Mobility CEO

The company’s other backers are DeClout Ventures (the corporate VC arm of Exeo Global) and Vmoto (a fully integrated, new energy e-mobility solution provider).

Charles Antonny Melati, Executive Chairman and CEO of Geo Energy, stated: “The group understands that pollution and healthy environment is a growing concern in Indonesia, particularly in Jakarta and Jabodetabek area. Jakarta topped the list as the world’s most polluted city and registers unhealthy air pollution levels nearly every day.”

“After careful deliberation and analysis, the group has decided to expand its business by investing in CAPL. The investment will scale up the group’s financial resilience with the additional stream of revenue and income and contribute to a greener and improved living environment for our future generations,” he added.

To ensure successful execution, the Group will collaborate closely with CAPL to grow its business toward becoming a key player in the EV industry within the Asia Pacific region.

Geo Energy Resources is a major Indonesian coal producer with an established track record in operating coal mines, coal production and selling coal throughout the region.

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In 2015, e27 spoke to Tokopedia to understand their plans and vision for the Indonesian market. In our interview, co-founder William Tanuwidjaja spoke of their ambition to expand their reach to the eastern part of the archipelago.

Today, in 2023, the company has finally managed to reach that goal.

From August 2022 to July this year, Tokopedia shares the following data:

– Areas with the highest increase in the number of sellers, especially outside of the Java island, are Southeast Aceh (Aceh), Padang Lawas Utara (North Sumatra), Malacca (East Nusa Tenggara), Central Buton (Southeast Sulawesi), and Teluk Bintuni (West Papua), with an average increase of almost four times.

– Areas with the highest increase in the number of transactions are Natuna (Riau Islands), North Lombok (East Nusa Tenggara), Deiyai (Central Papua), Arfak Mountains (West Papua) and Nduga (Mountain Papua), with an average increase of 8.5 times.

It also recorded that almost three-fourths of the inter-island transactions on the platform over the past year used Free Shipping, just one of the features that Tokopedia offers for sellers on their platform.

Also Read: Geo Energy inks US$4M loan agreement with Indonesian EV firm Charged Asia

“When it comes to utilising tech, this is where things become interesting because Indonesia is quite unique in that the market does not start off with desktop; it jumps straight to mobile devices. We need to incentivise and educate the users to be more familiar with using mobile devices for e-commerce,” says Puput Hidayat, Vice President of Seller Experience, Tokopedia, in a call with e27.

“With the 14 million sellers that we have across Indonesia today, they all have varying levels of digital literacy. Some are familiar with the internet through socials and other apps; others are completely new. There was a time around two years ago when we did field outreach to sellers, they would ask us questions such as where to download apps.”

Hidayat leads a team responsible for sellers’ experience on the Tokopedia platforms, strategising to help them grow sales.

“Before the pandemic, we focused more on the adoption of the tech itself due to many sellers’ reluctance to embrace online selling. There is a stigma that prices on e-commerce are lower, which will negatively affect margins. Online is also believed to be more costly as sellers also have to cover shipping fees,” Hidayat explains.

“The pandemic provides a blessing in disguise because sellers are forced to adapt to tech, to move online as they can no longer rely on offline alone. That is where we see tremendous growth for seller adoption, especially in cities where we originally had no presence, especially in Sulawesi and Maluku.”

Also Read: Empowering Indonesia with fintech: Dede Suherman’s journey

With adoption no longer being a challenge for Tokopedia, the company was now able to focus on other areas, including how to help sellers understand which area to invest more in and where they can improve themselves.

“This is where the data part of the equation becomes important. With this massive amount of users and activities in the platform, we can also see behaviours that are helpful for sales, and vice versa,” says Hidayat.

“This is why, post-pandemic, many innovations that we did are more related to data utilisation. For example, by using analytics tools to understand sales performance and how to advertise their products best, with what kind of campaigns.”

Hidayat names self-service features on the Tokopedia platform, such as its Fitur Wawasan (Insights Feature), as one example of its use of data.

“This might seem simple for the users, but this is the result of machine learning tech that we implement in the back-end. AI is a big theme this year, but the fundamentals are already being implemented here in the platform that we eventually translate into user experience. This is what we continuously improve in the later years after we experience a boom of adoption,” Hidayat stresses.

Bringing sellers on board the Tokopedia platform

The existence of these features helps Tokopedia attract sellers to its platform, something that is directly related to its business model.

“When it comes to business model, it has to enable both sellers and us to grow together. The barrier of entry to selling on Tokopedia is very low; it’s free to start selling on our platform. However, as business becomes more competitive, sellers might require more features to increase their competitiveness. This is where they can opt-in for membership services PowerMerchant and Official Store,” Hidayat explains.

Also Read: Empowering Indonesia with fintech: Dede Suherman’s journey

In addition to developing its own solutions to support sellers, Tokopedia also collaborated with other parties, such as the local government, to develop an empowerment programme for SMEs.

“That way, we do not just place the features on our platforms without having the sellers know about it,” says Hidayat.

In the future, following its IPO in 2022, Tokopedia aims to continue on utilising the latest tech in its product development.

“We have massive data that we can use to create predictive analytics through machine learning, and we use them for our Fitur Wawasan,” Hidayat closes. “This is to help strengthen our zero-barrier approach to e-commerce for our sellers.”

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Image Credit: Tokopedia

The post How Tokopedia shifts user acquisition and product strategy to tackle contemporary challenges appeared first on e27.

 

Dear Pro member,

Is the ChatGPT boom over?

The explosive boom of ChatGPT, once a revolutionary breakthrough in AI-driven conversational technology, has begun to taper off.

Initially hailed for its remarkable ability to generate human-like text and engage in diverse conversations, limitations have come to the forefront. Users have encountered instances of biased, inappropriate, or nonsensical responses, eroding the trust in its reliability.

The initial fascination has also waned as the novelty wore off, revealing the tool’s inability to deliver deep insights or truly understand the context consistently.

Concerns about data privacy and security have also played a role, with users apprehensive about the potential misuse of their interactions.

Moreover, the competitive landscape has evolved, with newer models addressing some of the predecessor’s shortcomings. While ChatGPT remains a valuable tool in various applications, the initial unbridled enthusiasm has transformed into a more balanced view of its capabilities and limitations, marking a shift from an era of unfettered growth to one of refined expectations.

Not just ChatGPT but many other AI projects are also losing their sheen. This is the highlight of today’s Ecosystem Roundup.

We also have many other exciting news and feature articles in today’s edition.

Happy reading.

Sainul,
Editor.

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Is the AI boom already over?
The new AI-powered Bing search hasn’t made a dent in Google’s market share, ChatGPT is losing users for the first time, and the bots are still prone to basic errors that make them impossible to trust.

Indonesian EV maker ALVA raises US$50M Series B
The investors include Horizon Ventures, Indika Energy, and HH-CTBC Partnership; Started in May 2022, ALVA has launched two EV models — ALVA One (motorcycle) and ALVA Cervo.

PropertyGuru to shut down Indonesian business Rumah.com
According to PropertyGuru CEO Hari V. Krishnan, the company made the strategic decision to prioritise its investments on other opportunities; Rumah, acquired by PropertyGuru in 2011, is the second most-visited property portal in Indonesia after 99.co.

Alipay declares live commerce ambitions in pre-IPO growth chase
The fintech giant also announced an updated international version of Alipay that promised to make it easier for foreign visitors to China to use the digital payment service using Visa and Mastercard.

Indonesian regulator wants the VCs to register locally
The regulator OJK is discussing plans to woo VCs to seek licences in the archipelago; It has met venture capital associations to discuss the feasibility of the plan.

Temasek, Touchstone launch climate startup competition in Vietnam
Called Net Zero Challenge 2023, the programme seeks to support climate solutions in Vietnam, which has received less funding compared to other tech sectors, according to a joint statement.

AntsBees sets aside US$860K to support AI-powered tech startups in Malaysia
The AI and robotics automation solutions provider will back startups focusing on the industries of education, healthtech or any field that could contribute to the AI tech ecosystem.

TikTok Shop to capture 13.2% of SEA e-commerce market share: report
The e-commerce arm of TikTok is on course to reach its US$15B GMV target in 2023; This would place TikTok Shop’s market share in the region at the same level as Tokopedia, estimated at 13.9%, and Lazada, estimated at 17.7% this year.

Dubai to attract over 600 new web3 ventures by end of 2023
Dubai’s move to extend heavily subsidised commercial license for enterprises in the AI and Web 3.0 sector is predicted to lead to an immediate spike in web3-centric investments across UAE.

‘We aim to make early cancer detection accessible on a global scale’: Mirxes CEO
Mirxes has developed a miRNA tech platform, which it claims can accurately and reliably measure miRNAs in human blood by increasing detection sensitivity and reproducibility.

‘AI must be used to enhance team members’ expertise, not to sideline them’
To thrive, workers should acquire new skills in AI, data analysis, and customer experience management, says Ravi Dodda of MoEngage.

Is the Philippine real estate market ready for the next wave of proptech?
An overview of the proptech scene in the Philippines in five numbers that provide clues to where the innovation compass is pointed.

Why bootstrapping remains the key to survival in Asia’s funding winter
Bootstrapping gives startups the opportunity to focus on sustainable and organic growth, ensuring they remain profitable.

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The image used in the article is AI-generated.

The post Ecosystem Roundup: PropertyGuru to shutter Rumah.com; Is ChatGPT boom over? appeared first on e27.

For all the talk about the circular economy, many still operate under the mistaken belief that it’s simply a newfangled term for recycling. While recycling is certainly an important part of the circular model, it’s actually the final stage in the life cycle of a product.

Designing for durability, longevity, and sustainability

In the circular economy, the emphasis is also on the redesign of products for durability, reuse for longevity — and reducing the extraction of precious materials for sustainability.

An economic model with the complementary aims of cutting waste, promoting sustainable consumption and more thoughtful production, circularity is a restorative and regenerative system where materials are looped back for use, extending the lifecycle of a material or a product for its entire economic value, minimising its impact on the environment.

This approach exists in contrast to the traditional linear economy’s “take, make, dispose” model, where products manufactured from raw materials are used perhaps only once — often for just moments — and then discarded as waste, ending up in landfills, burnt or polluting our waterways.

The potential of circular principles for environmental and business benefits

There is inarguably a great deal of room for improvement insofar as recycling goes — currently, only 7.2 per cent of used materials are cycled back into our economies. However, it’s vital that we also focus on the potential for meaningful change via product lifecycle extension, designing products for hardiness, long life and ease of repair, and for sharing or ‘product as a service’ approaches, where consumers make use of products when needed rather than owning something they may utilise once or just a few times.

Greater adoption of circular principles will have myriad benefits for the planet, leading directly to a reduction in waste, environmental pollution and landfill pressure. Resources can be conserved, with longer-lifespan products reducing demand for raw materials and the energy expended in resource extraction, manufacturing, shipping and waste management.

It follows, of course, that through these measures, greenhouse gas emissions will fall — dramatically, in fact. A paper from the Ellen MacArthur Foundation entitled ‘Completing the Picture: How the Circular Economy Tackles Climate Change’ demonstrates that, by 2050, “designing out waste, keeping materials in use, and regenerating farmland can reduce (GHG) emissions by 9.3 billion tonnes. That is equivalent to eliminating current emissions from all forms of transport globally.”

Also Read: The future of food: Tech-enabled, hyper-personalised, and sustainable

From a purely pragmatic, dollar-and-cents perspective, there are also numerous benefits for businesses beyond simply doing their part to help heal the planet (which can have a priceless effect on brand reputation and equity). Reducing material usage, making supply chains more efficient, and lowering waste disposal costs all have a healthy impact on a company’s bottom line.

Adopting circular principles can open up new revenue streams and promote innovation within an organisation, potentially leading to world-changing and hugely profitable inventions.

Furthermore, as ESG compliance becomes increasingly crucial and vital to securing both customers and financing, every business will soon have to report their CO2 emissions, share this information with stakeholders, and demonstrate their efforts to align with net-zero guidelines.

Food is one area where change is urgently needed. According to the WEF, 40 per cent of plastic produced is used for packaging, making it the largest contributor to single-use waste. A great deal of this plastic packaging is used to serve or transport food, and very little of it gets recycled.

Each year, an average individual contributes 16 tonnes of single-use plastic waste. Even a seemingly insignificant item like a small salad container or plastic water bottle can be responsible for emitting 100-400 grams of CO2. When items such as these are discarded and not recycled, it is damaging both ecologically and economically, as nearly all value is lost.

Pressure for change in the food industry is coming in an unavoidable ‘pincer movement’ from consumers and regulators. The Global Sustainability Study 2022 by Simon-Kucher & Partners found that 66 per cent of consumers rank sustainability as one of the top five drivers behind a purchase decision, up from 50 per cent the previous year, and 71 per cent of global consumers are making changes to the way they live and the products they buy in an effort to live more sustainably.

Lawmakers are also taking steps to make circularity compulsory. The EU has put forth minimum reuse targets for packaging, aiming for 20 per cent of takeaway cups by 2030 and 80 per cent by 2040 while also targeting 10 per cent and 50 per cent (by 2030 and 2040) for packaging used in online purchases. In Germany, it is already legislated that every food outlet must provide a reusable option.

Also Read: WasteX helps poultry farms improve productivity, achieve sustainability with biochar solution

Asian countries are following the lead  — under its Zero Waste Masterplan, Singapore aims to reduce the amount of waste sent to its only landfill each day by 30 per cent by 2030.

From businesses’ perspectives, moving toward circular helps shore up sustainable supply chains and operations, stem the tide of ever-rising packaging costs, alleviate supply chain disruptions that cause shortages and delays, and allow for product innovations. Beyond this, adopting circular measures increases brand value and provides a business with additional touchpoints where they can learn more about their customers.

Incorporating reusable food packaging and analysing the data it generates opens up countless opportunities for customer engagement. One of the most exciting developments for F&B companies, businesses will be able to get a better understanding of their customers’ preferences, behaviours and values — in turn allowing businesses to improve products, services, social media and marketing to better cater to their target audience.

Let’s take the simple case of a cinema that operates within a closed system — selling hundreds if not thousands of paper cups, popcorn packaging and other single-use packaging. A transition to reusable packaging with RFID-embedded chips would help the cinema acquire more customers by offering unique incentives, increase consumer engagement by analysing consumer behaviour data, improve operations by assessing hardware analytics and usage — and, oh yes, reduce CO2 emissions by driving circularity.

Transitioning to a circular reusable packaging system should not be viewed as a costly and mandatory shift. Instead, it’s an opportunity to build sustainable operating models, engage with customers in new ways — and do your part in improving the environment. That’s truly closing the circle.

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

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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Global freelancing marketplace Freelancer.com recently released its Fast 50 Q2 2023 report, a quarterly dataset ranking the fastest-growing and falling jobs on the platform. According to this report, the top five fastest-growing jobs on the platform for the quarter were creative writing (58%), user interface design (52%), Twitter marketing (41%), photography (40%), and writing (Microsoft Word) (38%).

What is surging the demand for these jobs? Can AI replace creative jobs in the future? And can AI and human freelancers co-exist?

Marko Zitko, Communications Manager at Freelancer.com, answers these questions in this interview.

Excerpts:

With creative writing and user interface design ranking as the top two fastest-growing jobs on Freelancer.com, what do you think is driving this surge in demand for these skills in the freelance market?

We always see ebbs and flows when it comes to demand for freelance skills, which tend to reflect trends in the world of work. For creative writing, the simple answer is that generative AI can’t replace creative work at this stage. You will understand these limitations if you try to get generative AI to produce high-quality, creative work. This is why we believe there is a sudden surge in these types of jobs on the platform.

The demand surge for user interface design links to the trends we saw in the previous quarter. In the Freelancer.com Fast 50 Q1 2023 report, we saw an increase in projects relating to forming new businesses and ventures. We saw a rise in design, mainly logo design and corporate identity design, and website and e-commerce jobs surge.

Also Read: Why Malaysia is the best choice for freelancers amidst the recession

It’s likely that these entrepreneurs who started these businesses at the beginning of the year are now continually working on and refining their websites and businesses. This is consistent with the other trends we’ve seen in Q2, such as an increase in marketing and sales jobs as well.

According to the Fast 50 Q1 2023 report, Twitter marketing significantly increased job postings. How do you see social media marketing evolving, and what role does freelancing play in meeting this demand?

Social media marketing is significant in marketing any business, particularly with startups. It’s one of the more cost-effective marketing methods compared to traditional marketing, such as taking out a billboard ad, a commercial slot, or organising a promotional event.

The social media marketing space continues to evolve as new platforms spawn, new engagement trends emerge on existing platforms and user behaviour changes. Employing on-demand freelancers is one of the best ways to keep up with the ever-changing nature of social media marketing, as freelancers keep up with existing trends and continually upskill in new tools.

Photography also experienced substantial growth on the platform. How is the rise of freelance photography and videography gigs shaping the creative industry, and what opportunities do you foresee in this domain?

We saw a significant increase in photography and videography job postings on the platform.

Also Read: Levelling the playing field: How AI can transform SME hiring

Two factors influence the rise: 1) employers and businesses are becoming increasingly interested in more photography and videography content, and 2) Freelancer.com has made it easy for employers to hire local freelancers to support them with these projects.

The opportunity here is for local freelancers skilled in photos and videos, as more jobs and projects are available.

The report mentioned growth in business marketing investment. Can you elaborate on how businesses leverage freelancers to bolster their marketing efforts and stay competitive in their respective markets?

Businesses leverage freelancers to bolster their marketing efforts and stay competitive by focusing heavily on growth and strategy. Freelancers have become an increasingly popular strategy for companies looking to bolster their marketing efforts and maintain a competitive edge. Leveraging freelancers offers several advantages, particularly when it comes to focusing heavily on growth and strategy.

As the world debates the potential impact of AI on job markets, how does Freelancer.com view the coexistence of AI and human freelancers? How do you envision AI and human freelancers working together in the coming years?

AI will enhance freelancers’ overall capabilities and productivity, leading to more efficient workflows, higher-quality outputs, and increased opportunities in specialised areas. Sophisticated generative AI tools will elevate freelancers and move them up the stack, changing the nature of roles from writers and designers to editors and project managers.

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The second image used in this pic is AI-generated.

The post AI cannot replace creative writing at this stage: Marko Zitko of Freelancer.com appeared first on e27.

The scope of a best-practice Product Manager shows how growth weaves in all the skills and insights needed to best serve customers.

TL;DR: Remember the era of tossing growth ideas randomly and hoping for the best?

The startup landscape has matured. Today, growth is about a strategic blend of intuition, data, and pinpoint focus on product-market fit.

With tools like Amplitude, VWO and Mixpanel, and the guidance of dedicated Growth Teams, we’re not just “hacking” but strategically sculpting our growth trajectory, focusing on specific user segments and strategic differentiators.

Growth teams: Your strategic growth allies

Many leaders recognise the immense value of Growth Teams. These cross-functional squads bring together marketers, data analysts, and product experts, focusing on refining product-market fit. Their expertise helps leaders determine which of the four fits – customer niche, value proposition, channel, and revenue model – need attention, ensuring strategies are not just data-driven but also aligned with the market’s pulse.

Beyond vanity metrics: Data-driven growth decisions

Gone are the days of chasing vanity metrics. Today’s growth is about strategic moves backed by robust analytics. The age of random ideation is over; now, each decision is informed, ensuring every growth initiative is data-backed and market-aligned.

Growth360 in action is how leaders are prioritising and sequencing every initiative in their organisation to optimise effort towards the strongest growth levers.

Guiding the business away from vanity metrics includes the articulate use of crafting a growth equation, so that everyone can understand the “how we grow” and then focus effort on where the business needs it most.

Also Read: How corporate-startup partnerships unlock new opportunities from growth

Tracking, from there, should come from your North Star Metric and a basket of Leading Indicators, and then the data becomes actionable.

North Star Metrics, Leading and Lagging Indicators

Metrics serve as the compass for any growth journey. The ‘North Star Metric’, ‘Leading Indicators’, and ‘Lagging Indicators’ are three pivotal signposts. For those harnessing behavioural analytics and product analytics tools, understanding these is essential.

By leveraging platforms like Amplitude, VWO and Mixpanel, for example, startups can identify, track, and optimise their metrics – be it the guiding North Star, the forward-looking leading indicators, or the retrospective lagging ones. The key is to strike a balance, ensuring growth strategies are data-driven, user-centric, and rooted in genuine value.

North Star Metric

• The North Star Metric captures the core value your product delivers to customers. It’s the essence of your product’s value proposition, pointing towards its long-term growth potential. For instance, ‘Daily Active Users’ is Facebook’s North Star, while Airbnb revolves around ‘Nights Booked’.
• The North Star Metric encapsulates the core value of your product, guiding long-term growth strategies.

Leading Indicators

• These are forward-looking metrics predicting future engagement with your product. They spotlight actions users take, indicating the perceived value and potential return. A music streaming service, for example, might consider the number of playlists created within the first week as a leading indicator.
• Leading indicators are the early signals, helping optimise short-term strategies by offering a glimpse into future user engagement.

• Lagging indicators are retrospective metrics that reflect outcomes. They measure results after the fact. Often, some lagging indicators can be categorised as “vanity metrics” – numbers that look impressive on paper but don’t necessarily translate to genuine value or sustainable growth.
• For instance, total app downloads might seem like a significant number, but if only a small fraction of those users engage with the app regularly, then it’s merely a vanity metric.

What to remember

While lagging indicators provide a historical perspective, it’s crucial to discern between meaningful metrics and vanity metrics. The latter can paint a rosy picture without indicating real product value or growth potential.

By leveraging platforms like Amplitude, VWO and Mixpanel, for example, startups can identify, track, and optimise their metrics – be it the guiding North Star, the forward-looking leading indicators, or the retrospective lagging ones. The key is to strike a balance, ensuring growth strategies are data-driven, user-centric, and rooted in genuine value.

Deciphering growth: Rigor in prioritisation and sequencing

The journey of a startup is rarely linear. The challenge is in determining which routes to pursue and in what sequence. With behavioural analytics, startups can make informed decisions, understand cause and effect, establish correlations, and ensure strategies are executed in optimal sequences.

Also Read: Tap into the potential of your location data to boost business growth

Growth insights from the thought leaders

Sean Ellis

Coined the term “growth hacking” and is the founder of GrowthHackers.com. Ellis emphasises sustainable, data-driven growth and states:

A growth hacker is a person whose true north is growth. Everything they do is scrutinised by its potential impact on scalable growth.

Key Point: Growth, in Ellis’s perspective, isn’t just a metric but a guiding principle. Scalability is key.

Are you counting the number of times ‘growth’ was used in that quote? Well, let’s just say it makes its point clear. Scalability is the name of the game.

Andrew Chen

A General Partner at Andreessen Horowitz previously led growth teams at Uber, a LinkedIn Top Voice. Chen stands firm on the interplay of product and marketing, highlighting:

Growth is a system, not a bag of tricks.

Key Point: He reiterates that genuine growth is systematic and goes beyond surface-level tactics.

In a world filled with quick fixes, Chen reminds us that growth isn’t a magician pulling a rabbit out of a hat. It’s more like a master chef meticulously crafting a recipe. Systems over gimmicks, always.

Brian Balfour

CEO at Reforge, previously VP of Growth at HubSpot. Balfour’s approach to growth is holistic, emphasising:

Growth is about the interconnectedness of product, marketing, and data. They don’t exist in silos.

Balfour paints a picture of growth as an ensemble act where various facets work in harmony. Thinking of product, marketing, and data as isolated silos? It’s the orchestra that creates the magic, not just the violin.

How can you act on this?

The wisdom from these thought leaders underscores the importance of a holistic, interconnected approach to growth. It’s a shift from the tactical mindset of early “growth hacking” towards a comprehensive, system-oriented perspective.

If we’re still debating this? Well, let’s just say some of us might still be trying to fit a square peg in a round hole.

The evolution of growth: From hacking to holistic strategies

Startups today are sculpting their success stories with precision, leveraging analytics tools, and grounding their efforts in a deep understanding of the market. The transformation from “growth hacking” to holistic growth strategies has been profound, with an emphasis on product-market fit and strategic differentiation.

The essence of growth in today’s startup world is insight, precision, and a generous dash of data magic.

Embracing the analytical approach, guided by dedicated Growth Teams, ensures businesses not only grow but thrive in alignment with market demands.

These thought leaders have consistently shed light on the essence of growth, moving far beyond the tactical mindset of early “growth hacking.” Their insights underscore the importance of a comprehensive, system-oriented approach.

And if we’re still debating this, well, it’s like questioning the tastiness of a perfectly baked pie. Come on, who doesn’t love pie?

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

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Abobe Firefly

The post Data-driven growth: The evolution of growth hacking in 2023 appeared first on e27.

This article was first published on September 6, 2022. Ever since then, igloo has increased its Series B funding round and introduced new products and partnerships to the markets. 

Data by the Indonesian Financial Services Authority (OJK) revealed that the country has the lowest insurance penetration rate in Southeast Asia at just 1.9 per cent. As if this was not challenging enough, the pandemic has also affected insurance sales by 40 per cent as sales intermediaries are pushed to digitalise their works in such a short time.

This situation provides plenty of opportunities for insurtech companies to showcase their innovation –something that Singapore-based Igloo is trying to do.

Recently, the company launched its new AI platform Ignite by Igloo, introduced to enhance sales intermediaries’ productivity and enable a faster sales cycle. Offering various insurance products on a single platform, Ignite allows easy comparability and supports partners in improved customer engagement and product management.

Following the launch of this platform in Vietnam, in August, Igloo finally introduced the platform to Indonesia as its second market, offering motor and personal accident insurance by eight insurers in Indonesia. The company is looking forward to launching travel and property insurance products on the platform soon, as they are seizing opportunities in the market.

So, what is the story behind the launch of this new product? What are the thought processes behind product development? How does Igloo plan to acquire users for this product? In an email interview with e27, Raunak Mehta, Co-Founder and CEO of Igloo, gives all the answers, giving us a glimpse into how the company work.

Also Read: SG’s smart lock maker igloocompany banks US$12M Series B1 to expand its footprint in US, Europe

The following is an edited excerpt of the interview.

Can you tell us about the product development process behind this product?

Insurance is largely an offline play in Southeast Asia, with a digital insurance penetration rate of two per cent and most insurance sales being facilitated by agents and brokers. Despite the accelerated adoption of digital lifestyles, especially during the pandemic, and 75 per cent of users in the region having access to basic data on their smartphones, accessibility to insurance still remains very low.

We saw a huge opportunity to address this issue by providing a digital solution for agents and sales intermediaries to improve efficiency, increase their reach and optimise their opportunities to convert into sales. Ignite by Igloo is exactly this solution that enables them to sell anywhere, anytime to enhance their productivity.

Ignite shows up multiple insurance products on a single platform and allows easy comparability, enabling agents to grow and engage their customers with more products in one place. They can also recommend the most suited insurance plan for them.

Business reconciliation is another challenge for agents, with manual or offline processes susceptible to errors. By unifying sales and customer data in one place, Ignite reduces manual and inefficient paperwork for insurance sales intermediaries. It allows real-time customer updates and timely notification on claims, settlements and policy renewals. They can also transfer and receive commissions straight into their bank account.

So for the sales intermediary, there are huge benefits on Ignite – from product discovery, plan and benefits comparison to seamless customer relationship management and real-time policy activation, which is a very powerful feature that can shorten the sales cycle since the policy can be generated in a few minutes.

What are the lessons that you have learned from your launch in Vietnam? Is there anything that you applied to your launch in Indonesia? Is there any specific reason why you chose to go to Vietnam first?

Indonesia and Vietnam have low insurance penetration rates at 1.5 per cent and 3.3 per cent, respectively. There is great potential to increase insurance sales.

In Vietnam, general insurance is still largely sold via offline channels that are highly fragmented. So, we took that window of opportunity and introduced Ignite first in Vietnam. That also gave us a headstart in the market as few players currently provide the solutions Ignite does.

Also Read: The power of insurtech: Reshaping the insurance industry in 2022

In Indonesia, the combination of its compelling macro backdrop and fast-growing digital economy is a massive opportunity for us to scale quickly.

We also adapt learnings from each country and modify our platform to fit our chosen target market better. For instance, one feature available exclusively to the Indonesian market is FastQuote. It is a feature that shortens the purchase flow by calculating premiums and generating quotes within seconds. Sales intermediaries can benefit from the quick and convenient user flow where they calculate premiums, generate and send e-quotes to the customer and complete the purchase cycle.

We are also focused on further improving the app experience for the users in Indonesia, providing dedicated training and materials for sales intermediaries to use in both online and offline approaches.

What will be your target for this product in Indonesia?

Over 1,000 sales intermediaries in Indonesia are already using Ignite to maximise their performance, and the network continues to expand further.

What is your user acquisition strategy?

There are a couple of sales intermediary segments that we look at:

Life insurance agents who have prior experience and established customer networks to whom they can sell general insurance products such as personal accidents and motor insurance, among others.

Adjacent sales intermediaries, for instance – financial advisors and auto dealers who provide more value to their customers by offering relevant insurance protection.

Gig economy workers who want to supplement their income with Ignite. For this segment, Ignite also provides training and onboarding that helps them get acquainted and start easily on their insurance sales journey.

What do you think will be the main challenges for your launch in Indonesia, and how do you plan to deal with them?

In Indonesia, there are already players in this same space. Our challenge is to iterate on our proposition and product features based on what our users, as well as the data, is telling us to improve our offering more quickly and in ways better than our competition. Secondly, there is also a geographical aspect to consider, as Indonesia and Vietnam are vast areas to cover.

What is your next market after Indonesia?

Igloo is a regional player that operates in eight markets across Southeast Asia, and our future expansion plans will be based on our assessments of where and how Ignite can suitably address challenges for agents and sales intermediaries.

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Image Credit: igloo

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In today’s fast-paced digital age, it feels as though the landscape of technology and innovation shifts every day. Questions arise: Will Artificial Intelligence impact every job in the next five years? Is the Metaverse nearing its end? Will the Vision Pro, Apple’s latest headset, revolutionise the industry akin to the iPhone’s impact? How close are self-driving cars?

For professionals and businesses, staying updated without having to read LinkedIn or Twitter all day can seem like an insurmountable challenge. How does one prioritise what truly matters between signal and noise and make informed decisions?

The map is not the territory

To navigate complex concepts and landscapes, there is an essential principle called “The Map Is Not The Territory.”  This concept suggests that while multiple perspectives exist to understand a situation, no single viewpoint offers a complete representation.

Consider Google Maps, for instance: while its standard map 2D view provides clear directions, its satellite imagery offers a bird’s eye view, and street view offers 360° navigation, neither can capture the Earth’s essence in its entirety.

To take another example, consider our senses. Our taste, touch, sight, hearing, and smell all provide very detailed information about the world, but none of them represents reality as it is. We can’t see ultraviolet light or hear ultrasound.

There are so many details that can be left out by one representation of reality: the 2D Google Map view does not show the altitude and slope of a road you’ll walk on, our hearing only is not enough to cross a road safely, and we’ll miss the silent bicycle passing by.

On the contrary, too much information can be overwhelming: Google Map’s Street View is not helpful during driving, and an environment with too much noise might prevent us from focusing, overloading our hearing.

Also Read: Balancing AI and human ingenuity: A guide to keeping your brain sharp

In the context of the innovation landscape, this means that trending news, viral tweets, and the latest buzz are not always reflective of genuine innovation. Just because AI services are sprouting left and right doesn’t necessarily mean that diving headfirst into creating one is the right move. Similarly, while Spacial Computing might be all the rage in 2023, it’s crucial to evaluate if it truly aligns with your project’s goals.

Navigating technological hype: Key strategies

Let’s explore four strategies to help navigate the news landscape:

• Embrace FOMO (Fear of missing out): Given the multitude of updates and advancements, it’s impossible to keep track of everything. Focus on overarching trends rather than minute details. What is relevant for your business? You don’t have to read and learn about everything that happens, even if it’s tempting, mainly when driven by the mechanics of Social Networks.
• Adopt a scout mindset: Introduced by Julia Galef, this approach emphasises curiosity, unbiased truth-seeking, and a comprehensive perspective. This stands in contrast to a Soldier Mindset, which is defensive and bound by pre-existing beliefs. This mindset encourages us to always strive for an elevated perspective, to see the broader context and connections.
• Diversify your information sources: Relying on a limited range of sources can narrow your understanding. Broaden your horizons by engaging with diverse thought leaders, exploring alternative media outlets, and being open to opinions that might challenge our pre-existing beliefs. In doing so, we not only expand our information landscape but also cultivate a more nuanced and holistic perspective on the issues that matter.
• Challenge your biases: Platforms like Twitter or even your own business environment can create echo chambers. Periodically reassess your perspectives and be careful of falling prey to confirmation bias. There might be a business opportunity that you unconsciously dismissed for a long time, maybe for a reason, but that now became relevant.

By following these strategies, you’ll be able to keep your focus on what truly matters for your business.

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Desalination plants are the source of drinking water for millions of people living in regions with high water stress. However, water production is affected by coastal pollution and swells, resulting in losses of up to 30 per cent of the production.

Two Chileans, Enzo García (marine ecologist) and Tomás Acuña (an expert in applied remote sensing), are here to address this pressing problem using advanced technologies.

“The primary motivation for starting Bloom Alert stems from our deep desire to develop disruptive technology that allows solving the global water crisis,” said Co-Founder and CEO García. “Around the world, approximately 18,000 desalination plants produce more than 60 million cubic metre of fresh desalinated water daily. Our estimates indicate that about US$3 billion are lost annually due to operating inefficiencies and extreme environmental events.”

Also Read: Meet the 55 finalists vying for prizes worth US$1.9M at SMU’s LKYGBPC competition in Singapore

Bloom Alert provides water quality monitoring and risk management software, which, through its forecast and alert system, allows desalination plant operators to anticipate and manage events that put their operations at risk. It employs satellite images and artificial intelligence (AI) to avoid water production loss.

“For the first time in the market, risk intelligence and management software incorporate satellite-based environment monitoring into its industrial operation routines, integrating oceanographic modelling as the basis of a water security strategy,” García noted.

“At the heart of the system is ETL-prefect, a computer library written in Python and developed to perform extraction, processing, and loading of satellite data from various sources, such as NASA and the European Space Agency, thus executing our intelligence and risk management models based on more than 20 years of available satellite information,” he elaborated.

Bloom Alert’s solution has been deployed in Chile’s mining corporations BHP and Teck, which work 100 per cent of their mining processes with desalinated water.

Garcia claims the startup currently serves 65 per cent of the installed desalination capacity in Chile, which means it protects the daily production of almost 600,000 cubic metres of fresh water, vital for the country’s social and economic development.

Bootstrapped so far, Bloom Alert plans to close this financial year with US$1 million in sales.

The startup is also raising its first investment round, which will allow it to scale its product to new global markets.

Bloom Alert is one of the 55 RVLT 50 Startups selected for the 11th edition of the Lee Kuan Yew Global Business Plan Competition (LKYGBPC) run by Singapore Management University’s Institute of Innovation and Entrepreneurship. The competition, to be held from September 11-15, 2023, will act as a springboard for the company to explore opportunities in Asia and Southeast Asia.

“Asia is one of the leading technological developers of the desalination industry and responsible for 19 per cent of world water production. In addition, it is the gateway to the Middle East and North Africa markets, which concentrates more than half of the installed desalination capacity in the world,” he shared.

Also Read: Balancing AI and human ingenuity: A guide to keeping your brain sharp

However, the company expects to experience several challenges as it grows. “The main challenge at the beginning of our company was to get the industry to trust a new product created locally by a team of young professionals. In the future, new challenges will continue to appear as we implement more complex Artificial Intelligence logics, where people and operators will have to learn to trust algorithms as the basis of their daily work,” he went on.

Comparing the startup ecosystems of Chile and Singapore, he said although the Chilean government offers significant support programmes for entrepreneurship, the investment ecosystem tends to be very conservative, so it is challenging for startups in natural resources to find support for an expansion plan.

“On the other hand, Singapore has a mature investment landscape, with many VC firms, angel investors, and private equity firms, which has positioned the region as one of the best countries to develop technology-based businesses. We hope to be part of this ecosystem and collaborate with the incredible technological development of Singapore and the region,” he concluded.

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Image Credit: Bloom Alert

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Pi-xcels, a Singapore-based startup specialising in digital receipt issuance, has secured US$1.7 million in a seed funding round led by Wavemaker Partners.

Hustle Fund, Amand Ventures, and Black Kite Capital, other strategic angel investors also participated.

The startup will use the fresh funds to fuel its global business development efforts, with a specific focus on strengthening its presence in Europe and advancing projects in Japan and Southeast Asia.

Additionally, Pi-xcels has received the Tokyo Metropolitan Government Green Finance Subsidy Grant and has been accepted into the Visa Accelerator program.

Also Read: AntsBees sets aside US$860K to support AI-powered tech startups in Malaysia

Founded in 2019, Pi-xcels offers digital receipts as an eco-friendly alternative for various establishments using Near Field Communication (NFC) technology. This system allows offline retailers to issue interactive e-receipts with a single tap of a shopper’s smartphone.

The interactive receipt acts as an omnichannel marketing tool, enhancing shopper experiences. Pi-xcels also provides real-time transaction insights, offering retailers data-driven feedback.

Pi-xcels has partnered with global brand names like payment terminal company Ingenico.

“We are focused on advancing our research and development capabilities and strengthening our engineering team with the newly raised capital. This will enable us to be consistent in our delivery of innovative solutions to customers and partners in key markets like Japan, Spain, Indonesia, and beyond,” said Founder and CEO Daniel Lim.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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