Yinson Venture Capital, a subsidiary of Singapore-based Yinson Green Technologies (YGT), has made a strategic investment in Zeabuz, a Norwegian startup specialising in autonomous solutions for the maritime industry.

YGT’s strategic investments include an advanced hydrofoil system for electric vessels, e-bike and swappable batteries, autonomous and robotic technology, autonomous systems for electric vehicles, marine energy storage solutions and electric vehicle charging solutions.

Yinson Green Technologies plans to incorporate Zeabuz’s solutions in its electric vessels and utilise these technologies to boost the safety and efficiency levels of the vessels. It will also reduce the manning required during passenger and cargo transportation.

Also Read: Instill AI raises US$3.6M seed funding to make AI more accessible

Founded in 2019, Zeabuz has developed a proprietary autonomy platform suitable for both new designs and the retrofit of existing vessels. Its business model is to provide autonomy-as-a-service to operators of smaller vessels.

The startup is a spin-off of the Norwegian University of Science and Technology’s progressive research centre for autonomous marine operations and systems.

Zeabuz CEO and Co-Founder Erik Dyrkoren said, “Our technology enables our customers to offer safer and more efficient operations while enabling entirely new mobility concepts such as urban waterborne mobility with a reduced crew.”

YGT is the green technologies business unit of Yinson Holdings, a global energy infrastructure and technology company headquartered in Malaysia with a presence in 18 countries. YGT was established in 2020 as a green technologies solution provider delivering a clean, integrated and technology-enhanced ecosystem across the marine, mobility and energy segments.

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As we continue to explore the possibilities of Web3 and the metaverse, there are many different innovations showing up in the market. They all aim to offer something unique that can provide better experience for its users.

In the case of Netverse, that uniqueness lies in its status as a sharia-compliant metaverse that is said to be the first of its kind in the world.

Netverse is a product of the Islamic Business and Finance Network (IBF Net Group), the result of its partnership with Algorand Inc.

Similar to any other metaverse, Netverse is a shared virtual world that uses both immersive and blockchain technologies, writes IBF Net Group CEO Mohammed Alim in an email interview with e27.

The CEO explains that the use of immersive technology –such as AR/VR, mixed reality, and holography– enables users to “experience and feel” in a three-dimensional environment. But its “halal metaverse” status allows Netverse to provide a different experience.

“In a halal metaverse, users must socially interact with each other in an Islamically acceptable manner. Netverse imposes on its community a set of guidelines of social behaviour, which have been developed in consultation with Amanah Advisors, the UK-based Shariah Advisory partner of IBF Net. It sees certain forms of in-verse behaviour as inconsistent with Islamic etiquette and culture and penalises such behavior. Any complaint reported on such unacceptable behaviour is flagged and remedial or deterrent actions follow,” he said.

Also Read: Base bags pre-Series A for its organic, vegan, halal staple skincare products targeting Indonesian millennials

As the concept suggests, every transaction or financial contracting involving users inside Netverse must comply with the sharia regulations, in addition to country-specific financial regulations.

“Netverse hosts IBFNex, designed as a miniature Islamic economy on the blockchain, which comprises several platforms using smart contracts that cater to transactions in the philanthropy, not-for-profit, and commercial for-profit sectors of the Islamic economy. The smart contracts used to facilitate such transactions are free from riba (unjust enrichment), excessive gharar (fraud, deception, uncertainty, and complexity), qimar (gambling), and other elements prohibited by shariah,” Alim says.

What advantage does a sharia-compliant metaverse has?

“Ensuring Islamically acceptable behaviour by all residents of Netverse remains a key advantage of this shariah-based metaverse in addition to promoting a halal economy that is free from shariah-prohibited elements. Netverse is religiously and culturally acceptable to all users including the millennials who constitute the bulk of the community,” Alim explains.

“Indeed, it is a grave societal concern that young minds are exposed to a large amount of content that tacitly or explicitly encourages violence and promiscuity, given the increasing amount of time they tend to spend in a virtual environment. Netverse provides for healthy social interaction including Islamic education with gamification of contents, especially in the fields of economics and finance, in a virtual environment that the users prefer or are familiar with,” he continues.

Also Read: Evermos lands US$30M Series B to take its e-commerce platform for halal products to new markets

As a platform developed by IBF Net Group, Netverse users are mostly students, researchers, professors, scholars, and professionals interested in this field. With the growing role of technology in a halal economy, Alim says that the expanded community now includes members with a background or interest in information and web technology as well.

“Since the community in this niche area is largely dispersed across the globe, its user acquisition strategy has been and continues to be campus-focused. It has a significant presence in social media and tools of member acquisition include webinars, meetups, training events, certification courses, awards, data, and information-sharing,” Alim says.

Behind the metaverse

Netverse is developed by IBF Net Group, an online community that is focused on the field of sharia economy and finance that was founded in 1999.

Its involvement in the blockchain field includes the introduction of the IBFX token and a number of blockchain projects, which The Netverse has helped expanded by bringing them into the metaverse:

The Benevolence platform: A platform that allows project owners to mobilize donations of cash as
well as volunteer hours in a time-bound manner.

The Credence platform: A custodial service provider that facilitates conversion of various records, documents, certificates, endowment deeds, and many more into NFTs ensuring their safe storage, and perpetual and transparent access.

The Affluence platform: A marketplace that facilitates conversion of various assets into digital assets in the formof non-fungible tokens and their auction/sale in a transparent environment along with ensuring the flow of royalties and other legal payments to original creators through smart contracts. It has a unique feature of interest-free financing (qard) option based on collateral (rahn) of digital assets.

The Essence/Excellence platform: A marketplace that seeks to bring together buyers and sellers of halal goods and services including for-profit halal financial services. The Excellence platform is restricted to sale of e-learning courses.

Also Read: How blockchain can help combat ongoing fraud in the Halal food industry in SEA

IRSHAD (Intelligent Robo Shariah Advisor): An AI-powered chatbot that is well-equipped to engage with the user in a conversation regarding Zakat as an economic institution of philanthropy and empowerment of the poor and marginalised
sections of society. It is in the process of acquiring intelligence on Islamic inheritance and personal financial planning.

When asked about its plan for 2023, Alim says that a few major components of IBF Net’s plan for this year with respect to Netverse include expansion of the community, targeted to cross 100,000 mark by end of the
year covering all major university campuses that teach Islamic economics, business, and finance across the globe.

It also plans to expand beyond the existing virtual learning hub (Netversity) and virtual marketplace (Netbazaar) as a growing virtual edu-city, to be known as The Octagon (Rub-al-Hizb). The organisation also currently designs and offers learning programme in Islamic economics, business, and finance for students at senior school and pre-university levels, and conduct gamification of contents within existing portfolio of courses and certification programmes.

“The implementation of these plans would demand financial resources. IBF Net is now poised to launch a fund-raising campaign through a public sale of its in-verse token, followed by a sale and lease of virtual space and an invitation to institutional and individual investors to contribute to its capital,” Alim closes.

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Image Credit: IBF Net Group

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In November last year, SMU Academy (SMUA) and Enterprise Singapore came together to offer a 12-day Advanced Certificate in Venture Capital programme.

The programme targets entrepreneurs, startup founders, business leaders, family office representatives and investors. The first intake of learners has already enrolled in the course.

e27 spoke to SMUA Executive Director Jack Lim (JL) and Associate Professor and former CEO of Sistema Asia Capital Edward Tay (ET) to learn more about the programme.

Below are the edited excerpts:

Hello Jack, can you share more details about this programme?

JL: Sure, it is a comprehensive VC training programme that covers portfolio management, investment & valuation, and operations & exit strategies. This course, funded by SkillsFuture Singapore, encompasses Environmental, Social, and Governance (ESG), sustainable finance, and impact investment.

The SMUA programme is designed and directed by Edward Tay, a VC investor who has nurtured four tech unicorns. His diverse, talented team will share their experience and knowledge to equip business leaders, entrepreneurs and finance professionals with the relevant skills and competencies to remain resilient and be positioned to capture sustainable growth.

This will be done through a structured learning approach on how ESG, sustainability/green/decarbonisation initiatives and technology impact businesses and investments.

Also Read: Temasek says FTX could have duped it

The SMUA course aims to enable mid-career individuals, including those in employment, to make career switches to joint family offices and venture capital firms.

In short, it is to get a comprehensive appreciation of the VC industry and for entrepreneurs and business professionals to equip themselves with the core skills to better prepare the companies or investments by VCs.

The real mission is to support the nation in upskilling and reskilling exercises. As adult learners, it is important to keep learning and deepening our skills throughout our lives. We want to ensure that the skills acquired throughout the course will be useful and applicable.

The first cohort started in November 2022.

Can you share more details about the course? What kind of people does the programme target? Is it online or offline?

JL: There is a massive rise in the growth of VC as an asset class globally across all jurisdictions. Due to the lack of unlimited choices in comprehensive VC training programmes in Singapore, we cover the whole VC spectrum, such as portfolio management, investment evaluation, operation and exit strategies, encompassing environment, social governance, ESG, sustainable finance and impact investment.

And our course is funded by the government, SkillsFuture Singapore, which is part of the Ministry of Education. With the partnership with Edward, we want to develop a strong pipeline of talent for the VC sector.

We are doing a face-to-face mode for this time. But again, depending on the situation, we can quickly pivot online or do a hybrid version.

The course comprises six modules. Each module is for two days. So, a total of 12 days.

• Module I covers the market overview and global perspectives scale.
• Module II covers investment strategies, framework and techniques.
• Module III is about common valuation techniques and methodologies.
• Module IV covers due diligence techniques and methodologies.
• Module V includes portfolio management and plan and framework.
• Module VI covers exit strategies.

ET: With this SMUA programme, we target two groups: 1) startup founders, and 2) people who are already in the field of VCs/impact investments but want to upgrade themselves.

The programme also targets finance and law professionals, and those in accounting or management consultancy who want to join family offices here in Singapore. Over the last two to three years, there has been a huge growth in the number of family offices here in Singapore. And today, we have about 100 of them just in Singapore itself.

And there are huge opportunities for these professionals to equip themselves with the right skills. And number two is ensuring they are networking with the right people.

Also Read: e27’s TOP100 programme returns to bring Asia’s best startups to Echelon 2023

We structured this course by starting with a clean slate because we want it to be, first and foremost, experiential. These are all adults, visual learners, who have an X number of years of working experience; the oldest participant in our modules is 60 years old. Our youngest participant is about 29

Many of them come from good schools. We even have somebody graduating with a PhD in Artificial Intelligence in a few months. Many of them are in the business of picking up courses that are useful for them in areas of technologies such as data analytics and cloud, human capital development, human resources, or even venture capital, with very specialised courses.

What do you mean by experiential learning?

ET: It has been an exciting journey so far. When we started this, the participants had no idea what to expect from this programme.

We developed this course with a lot of interactive engagements. We have angel investors, senior corporate VC practitioners, and VC firm bosses among our participants. So, there’s a lot of peer learning and sharing, and learning from experts.

Besides Singapore, our participants come from different parts of the world, including Thailand, Indonesia, the Philippines, Malaysia, the US, and Mainland China.

And we have participants not only in the private sector but also in the government sector. For example, the Port of Singapore Authority (PSA), which has a corporate venture arm Unbox, is among our learners. The head and the whole team are also here with us.

We also have senior participants from Enterprise Singapore, SEEDS capital, NGOs, companies and startup founders from Singapore. We also have top family offices from different nationalities coming on board.

So, participants learnt from the hands-on experience and burning questions from other participants, especially about how to do valuations.

One of the hottest topics that Modules I and II covers is the FTX scam. A few months ago, FTX, the second largest crypto exchange, acquired a loss of US$300 million, and within 24 hours, it released a statement that it would write off the entire investment.

Also Read: Lessons from the collapse of FTX and why self-custody is of utmost importance

We had two group discussions with our guest speakers on what went wrong at FTX. Was it a valuation issue or a due diligence issue?

We will continue investigating high-profile cases as they develop in our different modules, especially at the portfolio management levels, because this is the world’s second-largest exchange after Binance. About five per cent of its users are from Singapore. This is the second-largest global platform. A lot of money is on the table. FTX’s infamous founder is currently under investigation.

We also have a Family Office that deals with Web3 and bitcoins. It is one of the earliest investors in cryptocurrency. So, there are many insights and many skeletons in the closet.

And everybody finds this very interesting because compared to news reports, which only scratched the surface, we are discussing it in detail behind closed doors. There is no recording, and everyone knows someone who has lost a lot of money. So, the pain is real. This typically energises everybody to want to learn more.

Do you plan to take this course to other geographies by partnering with foreign universities?

JL: We want to kick-start this journey in Singapore, and hopefully, it will propagate itself, and then we can expand to other regional markets.

We want to market this SMUA programme independently; we can work within ourselves, and we have a network to work with to bring this course to the market.

SMU is very strong in Singapore and has also strengthened in the region. We have advisory boards in many countries in the area, and we can work through our alums to promote this. We can also use our usual social media platforms like LinkedIn and Facebook to push us out.

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TOP100 is back! Get the chance to connect with hundreds of investors, showcase your startup at Echelon, pitch on the TOP100 stage, and access special programs. Find out what’s new in TOP100 and join here.

The post How this 12-day programme by SMUA equips you to detect potential FTX-like scams in future appeared first on e27.

How far would you be willing to go to feed your family?

Maybe you’d brave a different city for better opportunities or plunge headfirst into a high-stakes industry you know absolutely nothing about. And while you’re at it, invent something that could change your life — and the lives of millions around the world.

Well, I managed to do all three

Born into the clutches of poverty, I strived to create a job through my Electrical Engineering degree and be my family’s breadwinner. However, I quickly realised that the career progression in my chosen field was rather linear, not allowing me to quickly rise the ranks. Not having the luxury of time on my side, I had to explore other options and fast — one which allowed me to put food on the table.

The beginning of the internet

And fortunately for me, in 1996, I caught wind of the new high-risk, high-returns industry that was rapidly taking hold of the Philippines: the Internet and cybersecurity, and dove in head first.

With no knowledge of the industry, days and nights were spent pouring over the limited resources available to learn the ropes in this new industry. Countless books and a self-paid crash course later, I finally secured my first stint with an internet service provider and rose the ranks in this field.

After four years there, I left the company as a senior field systems administrator. During this time, I was still using the Windows 95 operating system and grew curious about the cybersecurity field.

Venturing into the cybersecurity space

Joining one of the largest security technology companies in the Philippines in 2000, I dove headfirst into the cybersecurity field. There, I discovered my passion for the field through the Nimda virus — a malicious file-infecting computer worm that attacked systems through emails, open network shares, browsing of compromised websites, and exploitation of various Internet Information Services.

Also Read: Cybersecurity for retail: How to avoid e-crimes

After tackling a Russian cyberattack in Georgia, I grew to understand the growing threat cybersecurity poses to national security. Experiencing that in 2010, I started a campaign in the Philippines to combat the growing spread of cyberattacks, especially targeting vulnerable youth, through education and awareness. It was important to bring across the message that cyberattacks not only affect companies but have the potential to bring a country to its knees.

Evangelising the internet space with cybersecurity

The goals set and the steps I took were led with the thought, “How can I help people?” And this thinking has shaped my career in the cybersecurity field – protecting people against cybersecurity threats and ending the scourge of online sexual abuse and exploitation.

Additionally, the Global Chain of Trust (GCOT) is also one of the biggest driving forces in my career today to transform the internet into a safer, cleaner cyberspace for all. While this idea has been in the works since 2016, technology has not advanced far enough to breathe life into this idea. Technological advancements are not the only obstacle — meeting like-minded individuals to embark on this journey was another challenge.

Today, we can confidently say that the world has yet to see this form of cybersecurity protection, securing the DNS infrastructure against attacks as a first line of defence. This journey to create a new technology has taught me much – the amount of love I have for the community and the belief that I am part of something bigger than myself pushes me to constantly innovate.

If there is one thing I can impart, it would be this piece of advice that I have received in my years spent in the cybersecurity profession – to always think beyond yourself.

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Vietnam’s Masan to invest US$105M in credit scoring platform Trust IQ
With this deal, Masan aims to accelerate its application of AI in retail and consumption; Both sides will work on building a credit access platform for consumers based on loyalty programs without requiring proof of income.

Indonesia’s Moladin lays off 360 workers
The used-car marketplace said the “difficult” decision was made to improve its long-term sustainability; Moladin has so far raised US$137M from East Ventures, Sequoia, and Northstar Group.

MNC Group leads US$20M round of Indonesian content distributor Migo
Through its tie-up with MNC Group, Migo gets support for its on-demand digital entertainment services by gaining access to the conglomerate’s content library.

Digital PE investment platform Moonfare raises US$15M Series C+
The investor is 7 Global Capita; To date, Moonfare claims to have offered 69-plus private market funds from top GPs worldwide, such as KKR, Carlyle, Permira, and EQT.

Asa Ren secures US$8.15M to provide D2C DNA tests in Indonesia
The investors include Top Harvest Capital, Kejora Capital, and Marcy Venture Partners; Asa Ren’s DNA test comes with 360+ reports, including predisposed health risks, ancestry, and other reports for adults, young parents and children.

Qiming Venture-backed greentech firm goes public via SPAC
LanzaTech transforms waste carbon into sustainable fuels, fabrics, packaging, and other materials; It merged with AMCI Acquisition Corp II before listing on Nasdaq on February 10.

Grab shifts SG politician to corporate development role
In her new role, Tin Pei Ling, a member of parliament in Singapore, will help the super app forge synergies across investments and acquisitions and other strategy development efforts.

BrightChamps enters Vietnam with hybrid teaching model
The BrightChamps Next-Gen Hub programme combines online and offline lessons to teach skills related to coding, robotics, financial literacy, and communications.

Restaurant search and food-ordering unicorn Zomato leaves Indonesia
The firm entered Indonesia in 2013; In October 2020, it announced the layoff of all employees in the country amid the Covid-19 pandemic; Earlier this month, the company also exited the Philippines.

‘Collaboration with startups begins with speaking their language’
Amanda Murphy, a top exec at HSBC, speaks about how the organisation works together with startups, the milestones that they have made, and what they intend to achieve in 2023.

How this 12-day programme equips you to detect potential FTX-like scams in future
The SMU Academy course aims to enable mid-career individuals, including those in employment, to make career switches to joint family offices and venture capital firms.

ShopUp’s B2B e-commerce platform helps Bangladesh SMEs to take on big players
ShopUp partners with all major mills and FMCG companies to distribute products to 20M people through its network of 500K shops; The company has so far raised US$230M in equity and debt funding.

Eleos Labs launches with an all-star team, building anti-theft system for Web3
Called FailSafe, the solution is built based on the need to have increased regulation and consumer protection in the space, with the recent collapse of well-known crypto institutions.

The future of gaming is female and mobile
There is global consensus that the year ahead will be challenging, but emerging trends have suggested bright spots for gaming businesses.

How the need to survive pushed this founder into the depths of cybersecurity
Protecting people against cybersecurity threats and ending the scourge of online sexual abuse and exploitation shaped my career.

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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.

The post Ecosystem Roundup: Masan Group to invest US$105M in Trust IQ, Migo bags US$20M, Layoffs at Moladin appeared first on e27.

As part of JETRO’s Startup City Acceleration Program and under the support of the Japan Cabinet Office and the Ministry of Economy, Trade, and Industry (METI), JETRO and Techstars have been collaborating since 2021 to launch four cohorts of the Founders Catalyst Program.

The JETRO x Techstars Startup City Acceleration Program was built to prepare active Japanese startups for the global market. To do so, startups will access a series of masterclasses, mentoring resources, and cohort-building sessions designed to provide participating founders with the necessary knowledge and skills to establish and expand their companies in a fast-changing market and amid constantly evolving consumer needs.

Additionally, startups will have access to the tools they need to overcome the difficulties faced during the early startup development phase.

Helping disruptive startups scale to the global stage

By joining the Founders Catalyst Program, startups will become a member of a valuable network and gain exclusive access to long-term mentorship, partnership, and productive collaboration. Thanks to the collaboration with Techstars, startups can tap into the organisation’s extensive global network of business owners, venture capitalists, and corporate partners. Startups also have the opportunity to use this platform to obtain expert business counselling, laying the foundation to strengthen the relationship between founders and veteran mentors. 

As a testament to this, past Techstars Founder Catalyst programs have helped establish countless connections between participants and mentors and hundreds of business and investor relationships.

In addition, during their journey with Founders Catalyst Programs, participants can take part in various professionally organized masterclasses and cohort-building sessions. In the end, 20 companies took part in the Pitch Day event that was held virtually on Zoom last January 12th and 10 of them were selected for the immersion program in San Francisco to engage with the local startup ecosystem for their oversea expansion.

The event was not only a networking and promotional activity but also a chance for startups to receive feedback to improve their products. Hence, startups are able to leverage the tools, strategies, and insights acquired from the programs to accelerate their growth and achieve global prominence. 

A diverse cohort of 20 exciting new startups

JETRO x Techstars Startup City Acceleration Program’s current cohort consists of 20 startups engaging in the verticals relating to educational technology, new styles of social media platforms, web 3 and blockchain development, environmental and agricultural carbon-dioxide solutions, and so on. 

The selected startups present new opportunities from breakthrough technologies such as blockchain, artificial intelligence, web 3, etc. to improve product performance, security, and usability, and meet unfulfilled market segments.   

For instance, Audiostock offers a service for aspiring musicians and artists to monetise their artwork by licensing them to others. The company has contributed to a stress-free world when it comes to music distribution as people can enjoy music without any privacy concerns and artists can reach an unprecedentedly larger audience.

Operating in the retail space, KAUCHE, Inc. is a share-buying app that allows customers to enjoy an exciting shopping experience and at a great price via group-buying with “share-buying companions” such as friends, family, or someone on SNS.

The JETRO x Techstars Startup City Acceleration Program also features a slew of women-led companies operating in diverse spaces. Empowering content creators, MatchHat helps creators find collaborators for their passion projects from any city in the world. Projects can take place remotely, enabling creators as well as researchers to work on the same creative pursuits despite being countries apart.

In the FoodTech domain with a focus on the importance of a balanced and organic diet on mental health is FRESS, also led by a female founder. What started as a mental health platform, FRESS shifted their focus to revolutionising the Japanese snack industry. They provide a variety of products, particularly plant-based and additive-free snacks such as granola bars, including hemp which has mental and physical health benefits for customers.

Another exciting startup spearheaded by a female founder is Omotete, Inc. which developed unfre., a service that makes menstrual pads retrievable in bathroom stalls everywhere. unfre. is a BtoBtoC service with their core customers being the end-users, facility owners, and advertisers/marketers.

Regarding Edtech, Progummy argues that by leveraging students’ intuitive learning mechanisms, educational program applications can be both fun and effective. Hence, Progummy offers the first visual programming application to have a collaborative editing function. The program allows students to collaborate more seamlessly with their friends to co-learn while teachers can monitor the whole process with ease. The company plans to use a subscription model to monetise the product. 

The cohort also features Pit-Step, Inc. which developed the Blockchain Novel operating within an NFT marketplace for collaborative fiction writing. Through Pit-Step, users can create stories and illustration covers and trade them as NFTs.

For social media networking, recognising a growing gap in the market for more personalised and targeted market segments, the novel social networking site artics aims to foster more genuine relationships among users based on their interests and provide a platform for users to share their work. Similarly focusing on social media networking, ikigai Tech company KJ COMMONS specialises in planning and producing projects that help maximise the ikigai of each individual.

Further diversifying the cohort is healthtech startup PITTAN, Inc., a company that lets people analyse health conditions through onsite, easy, sweat amino-acid analysis methodology. PITTAN’s machine is so compact, that it could even be used in space in the future.

To learn more about 20 startups in the current JETRO x Techstars Startup City Acceleration Programme cohort and explore their innovative business ideas, visit this site for an overview or watch their pitches videos in the links below.

AndLaw – Learn more by watching their pitch or talk to them here.

artics – Learn more by watching their pitch or talk to them here.

Audiostock – Learn more by watching their pitch or talk to them here.

Blue Farm – Learn more by watching their pitch or talk to them here.

CULTA – Learn more by watching their pitch or talk to them here.

Equmenopolis – Learn more by watching their pitch or talk to them here. 

FRESS – Learn more by watching their pitch or talk to them here.

Global Stage – Learn more by watching their pitch or talk to them here.

Goldfinch – Learn more by watching their pitch or talk to them here.

KAUCHE – Learn more by watching their pitch or talk to them here.

KJ COMMONS – Learn more by watching their pitch or talk to them here.

MatchHat – Learn more by watching their pitch or talk to them here.

Omotete – Learn more by watching their pitch or talk to them here.

PaylessGate – Learn more by watching their pitch or talk to them here.

Pit-Step – Learn more by watching their pitch or talk to them here.

PITTAN – Learn more by watching their pitch or talk to them here.

Progummy – Learn more by watching their pitch or talk to them here.

Soundol – Learn more by watching their pitch or talk to them here.

Specialist Doctors – Learn more by watching their pitch or talk to them here. 

ZUU IFA – Talk to them here. 

About JETRO

Founded in 1958, the Japan External Trade Organization (JETRO) is a Japanese government agency serving the mission of promoting Japanese investment and trade between Japanese and foreign businesses. JETRO’s “Startup City Acceleration Program” is an online program in partnership with the Cabinet Office of Japan that runs from October 2022 to March 2023. In this program, JETRO collaborates with five major accelerators to cultivate overall growth across the Japanese startup ecosystem, serving as an entry for some of the best Japanese startups to take on the global market. Through the program, startups will receive first-hand mentorship, matching opportunities with foreign investors, and new business partnerships, among many other exciting opportunities.

Learn more about JETRO at: https://www.jetro.go.jp/en/ 

About Techstars

The Techstars worldwide network helps entrepreneurs succeed. Founded in 2006, Techstars began with three simple ideas—entrepreneurs create a better future for everyone, collaboration drives innovation, and great ideas can come from anywhere. Now we are on a mission to enable every person on the planet to contribute to, and benefit from the success of entrepreneurs. In addition to operating accelerator programs and venture capital funds, we do this by connecting startups, investors, corporations, and cities to help build thriving startup communities. Through its accelerators, Techstars has invested in more than 3,300 companies with a combined market cap of more than $96B.

Learn more about Techstars at:  www.techstars.com

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This article is produced by the e27 team, sponsored by JETRO

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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As the dreary funding winter continues to soar, at e27, we are kickstarting a new article series called: Line of Hire to understand an organisation’s culture and hiring philosophies to empower tech workers with the right growth tools and enable business owners to attract talent.

Zelia Leong is the Co-Founder of PraisePal. With a decade of experience in the tech industry, Leong also leads the team at PraisePal to help more companies align their culture and boost employee engagement across their global teams.

Her human resources and organisational design background contributes to the PraisePal solution of creating a long-term, scalable culture of recognition for organisations.

Before PraisePal, Leong co-founded the leading travel tech company Anywhr and was an executive at German venture builder Rocket Internet. 

She graduated with an MSc from the National University of Singapore and a BSc (Hons.) (1st class) from the University of Manchester.

Leong talks about her company’s culture and hiring philosophies in this candid interview.

What personality traits/qualities do you look for in potential employees?

We value team members with a growth mindset above all.

People whose definition of success ISN’T just “to not fail”. People who might not know what the finish line looks like in their lives or careers but who share the same values as we do to get there.

How do they fit into your company culture? Tell us a little more about your company culture.

At PraisePal, we offer a high level of flexibility to all employees regarding work arrangements, career growth, and providing the right support resources. This level of trust and freedom comes with the requirements of accountability, ownership, and responsible communication.

It’s challenging to work remotely and across time zones. With instant messaging tools such as Microsoft Teams or Slack, it can also be distracting to spam each other with messages while your teammate is trying to focus on something else.

Also Read: A tech worker should be all about improving customer experience: Kim Nguyen of Recruitery

Therefore, we are strict on how we use communication platforms and value clear written communication. Such as detailed workflows, guides, and updates.

How do you foster transparency and encourage achievement in the workplace?

We have a huge emphasis on clear, written communication. As much as possible, all discussions are in group channels so all parties stay updated and included. We also share our achievements and celebrate small daily wins and the bigger ones on the PraisePal platform. 

A culture of recognition is crucial for growing remote teams like ours –where no achievement is too small to be recognised, and no individual is too junior to be highlighted.

Beyond developing a culture of recognition using habits and the praisepal.com platform, we also have weekly all-hands meetings where we take turns to keep the team updated on our projects and progress and share ideas for discussion.

Do you have a mental health policy? What does that look like?

An individual’s mental health can be made worse by poor work environments. We do our best to minimise that with active communication between employees and their leaders, as well as maintaining flexible work arrangements and managing workload expectations.

WFH or WFO, or hybrid?

Work from home!

How should a tech worker prepare for the funding winter?

If you have financial responsibilities or need financial stability, it’s best to assess the company upfront and ensure your role will be essential in their upcoming business plans.

Also Read: Innovation, teamwork, open communication are valued in our culture: Farida Charania of Empauwer

In the recent tech layoffs across Southeast Asia, a bulk of the roles affected were those hired for future growth and expansion plans. Therefore they were one of the first to go during the recession when companies had to conserve resources and play it safe.

How do you measure the performance of your employees?

We look at both current work quality as well as their aptitude for growth.

Every single team member matters and creates an impact through their daily contributions. We need to ensure everyone in the company is growing because it’s the people that make up the business, and growth is essential for a healthy organisation.

Will you consider a moderately skilled person with great honesty or a highly skilled person with less honesty when hiring?

Honesty is always prioritised. The skill level depends on the role requirements.

Do you encourage ‘intrapreneurship’ in your organisation?

Yes.

How do you support upskilling for your employees?

The leadership team is clear on business outlook updates and shares constant insights on our plans and learning opportunities so that employees can understand that they are a valued part of the business and takes ownership of it. This also helps them think independently about the business and their roles and ask questions for their learning.

We also offer employees the opportunity to take courses, attend events, or be part of the local community of their career interests to expand their knowledge and learn from others.

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In today’s market, where there is greater investor scrutiny on profitability, processes, and protections, especially for companies that are well beyond their first product-market fit, in more than one market, holding licenses, or composed of several levels of management, corporate governance is front-and-centre in these considerations.

And while issues with corporate governance have been uncovered in venture-backed startups through fundraising due diligence (as they should be), the importance of corporate governance is not just “because the market climate demands it” or “without it, it’s difficult to fundraise.”

An organisation can’t run effectively beyond a certain scale without corporate governance. It also serves as a way to build trust with the organisation and the rest of the world. For example, for retail investors, knowing there is a reputable and trustworthy independent director on a public company’s board builds trust in potentially investing in that company. Corporate governance requirements are also typically sought after in applications for licenses and other government certifications.

While corporate governance is executed and handled primarily by the company’s board of directors (the formation of which over time is a topic on its own), the corporate governance issues boards have to deal with often stem from beyond the board of directors itself.

Five ways to develop a company’s corporate governance muscle

In this article are five key learnings on how to build a company’s corporate governance muscle and reduce “governance debt” early on in the life of the company, perhaps when it may not seem as much of a priority compared to finding product-market fit or raising money to keep things afloat for the next 18 months and beyond.

But it is clear that all these things — people, product, fundraising — are all related and, without processes, are ultimately a house of cards waiting to fall.

A robust finance function starts with the books

Sure, you need a finance function. But it’s important to know first what “being in charge of finance” means to the company and align the finance function development with this evolving definition. Early on, more than focusing on revenue and growth, being in charge of finance is more about having solid bookkeeping foundations.

Do you have competent bookkeeping capabilities/bookkeepers? Are you unknowingly making accounting assumptions? Rather than speed, bookkeeping should be optimised for the organisation.

Also Read: Are you a human resource?

Then when it comes to growing the finance function over time, it is important to identify how the tasks are evolving vis-a-vis what the organisation needs — do they demand investing in world-class talent? Are there audit tasks that can be outsourced?

The ideal situation is one where you are able to bring in a finance professional early on to set the standards — a great example in this regard is Alibaba’s Joe Tsai, who was there from the beginning.

Governance lives and dies on data and reporting

Beyond bookkeeping and cash management owned by the finance function, it is important for the company to also build up a way to organise the ownership and communication of operating data and metrics across the business.

For example, Slack used its own product, integrating bots to shoot real-time data into channels as they were needed. Every company will organise that differently, but it’s important to figure out how real-time data can be made available to make decisions at all levels — where does each type of data come from? How is it delivered?

Tools and processes are one thing here, but it’s also important to have trust in the people tasked with their data ownership.

Manage reporting functions not as singular requirements or events but as a continuous process to reduce the burden on finance teams

The demands of reporting periods (e.g., financial audits, fundraising, budgeting) on finance teams are rigorous, and there is pressure to move quickly while at the same time not dropping the ball on any detail.

From a management perspective, it’s important not to forsake accuracy for speed and think about reporting not just as an “event” or “exercise” that needs to be achieved at certain points in the company’s calendar but as part of a larger, continuous process of data collection and documentation that occurs beyond reporting periods.

Doing it fast is great, but the price of mistakes cannot be traded for speed.

Retain problem-solving “scrappiness” to mature financial discipline

As the company grows, it will naturally have a higher volume of cash flow to manage (the health of this cash flow is another matter entirely), and having more money to manage naturally increases the temptation to just throw money at problems.

Also Read: Boardrooms to warehouses: How SEA leaders can build cyber resiliency from top-down

A way companies have been able to stay disciplined in terms of spending is to “remain scrappy” in terms of their problem-solving mindset.

This sounds counterintuitive to maturing a company’s governance, but creativity in problem-solving as it relates to reducing burn ultimately makes an organisation more mature in the way it handles money.

Have “boards” and “watchmen” beyond the board of directors to diversify risk mitigation and governance capabilities

As the company grows, there are more sources of risk, and it can become increasingly challenging for a single group of people (board of directors) to exercise checks and balances. Companies nearing public markets debuts will often introduce sub-boards as working groups to deal with the robustness of internal controls, create an enterprise or operational waste management frameworks, serve as advisory boards for a specific market, or even facilitate succession planning.

For example, in the case of the Alibaba partnership, a working group outside of the board of directors ensures the health of the organisation’s mission, vision, and values through its leadership appointments. Apart from working groups within the organisation, companies will also engage with external auditors as they raise growth-stage rounds not just to qualify audited financial statements but also to do health checks on their organisation.

The ideal scenario is to leverage both internal and external “watchmen” to have more holistic visibility over potential risks. From the board of directors itself, risk mitigation is often done over time by building up the diversity of a board and engaging with experts across the various needs of the company.

Governance as a cyclical battle against chaos

While not an exhaustive list of practices, this list is built on three ideas about governance.

The first is that governance is often shaped by behaviours and decisions from day one — the decision on what assumptions to use when measuring product-market fit, the decision on whether to start spending more on a specific vendor or not and the decision on how data is reported to management.

The second is that governance is centred on de-risking an organisation as it grows. It is a battle against natural tendencies toward chaos (entropy, as it is called in physics).  This means that governance should be optimised to have visibility on these risks (e.g., audits, data collection, and reporting) and the capability to address these risks (e.g., diverse board of directors, solid mission, vision, and values).

The third is that, again, company growth is cyclical. Putting systems in place will not stop the emergence of risks and issues. Having one audited financial statement is not the end.

Companies already practice the items we have listed above and more, and yet these do not ensure 100 per cent protection against crises. In governance, the process and its continued practice matter more than any specific ends or results.

See the full article on Insignia Business Review with 7 practices for more robust corporate governance.

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Singapore-headquartered last-mile internet connectivity startup Transcelestial Technologies has received US$10 million in a Series A extension round.

Existing investor Airbus Ventures led the round, with participation from Kickstart Ventures, Genesis Alternative Ventures, Wavemaker, Cap Vista, and SEEDS Captial.

In-Q-Tel had also joined in a previous undisclosed round.

The new round brings Transcelestial’s total investment raised to date to US$24 million.

Also Read: ‘Internet penetration won’t be enough to bring everyone online’: Rohit Jha of Transcelestial

The new funding will enable Transcelestial to expand early market access to the US. It will also look to bridge the country’s digital divide via its lasercomms solutions for broadband and will explore collaborations over 12 months with government, enterprise and telecom leaders in select states.

The startup will also look to ramp up growth in Indonesia, India, the Philippines, Malaysia and Singapore. In these markets, it will collaborate with top telecom, ISPs and enterprise partners who have already deployed their systems in production, delivering 4G, home and office broadband and campus connectivity.

Besides, Transcelestial will gear up its Singapore-based Terabit Factory, which it launched in October last year. The manufacturing facility can manufacture up to 2,400 CENTAURI devices annually.

Minette Navarrete, President at Kickstart Ventures, said, “Transcelestial envisions a future where access to high-quality connectivity is a fundamental right for all, which perfectly aligns with the ACTIVE Fund’s thesis of ‘The Frictionless Future’, where data moves swiftly, securely, and seamlessly, at scale.”

Founded in December 2016 by Jha and Mohammad Danesh (CTO), Transcelestial has developed CENTAURI, a device to deliver high-speed internet and connectivity via laser beam, eliminating the need for underground cables or radio frequency-based devices. Its technology can connect a few buildings in less than a day and withstand tough weather conditions.

Shortly, Transcelestial aims to develop a constellation of small satellites positioned in Low Earth Orbit, allowing its laser network to beam across cities and upwards to connect continents globally.

Also Read: Transcelestial aims to help telcos roll out 5G rapidly and cost effectively in SEA

In February 2021, Transcelestial expanded in the Philippines by raising a strategic funding of US$2 million from Kickstart Ventures. Previously, it secured a US$9.6 million in Series A, co-led by EDBI and Wavemaker Partners. Before this, in 2018, it bagged US$1.8 million in seed funding.

The firm’s other backers are Entrepreneur First, Partech Ventures, 500 Startups, AirTree Ventures, Tekton Ventures, SGInnovate, SparkLabs Global Ventures, Michael Seibel (CEO of Y-Combinator), and Charles Songhurst (Microsoft’s former Head of Corporate Strategy).

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Bangkok-based property developer MQDC has unveiled a metaverse bridging the real and virtual worlds to create a “new future” where all life coexists in well-being, kindness, equality, sustainability, and innovation.

Named MQDC Idyllias, the metaverse is under development by its subsidiary MQDC Metaverse.

The project is being developed as a “metta-verse”, named after the Thai word “metta” for generosity, kindness, and good wishes for others, the concept of Idyllias.

“We want everyone to have a memorable experience in MQDC Idyllias,” said Visit Malaisirirat, CEO of MQDC. “We’re developing this as an ‘idyllic’ place, where peace and beauty reign. The virtual world will connect to reality and foster happiness, goodwill, and sustainable innovation. Our metta-verse will help solve the real world’s problems.”

Each activity and experience in Idyllias will reflect the concept of “Metta-Verse for All Life Visible” for all life to coexist peacefully. 

According to Parut Penpayap, Project Director of MQDC Idyllias, the metaverse would not only feature virtual property but be a virtual world where users “seamlessly” connect with the real world. 

Also Read: Lighthouse Canton to offer access to venture debt to investors on Alta platform

MQDC developments will be among the first to connect with the MQDC Idyllias virtual world.

MQDC Idyllias will be where users meet and share activities and meaningful experiences. The metaverse will be developed under the “Internet of Place” concept with one-stop virtual experiences.

New concept commercial projects, ‘direct-to-avatar’, are being developed within the virtual world, enabling lifestyle benefits for residents and users through connecting the real and virtual worlds. MQDC Idyllias will help drive the economy across all sectors, from entertainment to real estate and health.

MQDC Idyllias will connect to the “Translucia Metaverse”, founded and operated by T&B Media Global (Thailand), a production company focused on entertainment content and world-class animation.

The metaverse is scheduled to operate from 2024.

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