Singapore is one of the leading startup hubs in Asia and the world. The ease of setting up a business with friendly tax rates for medium-sized companies at 21 per cent has made Singapore one of the best business environments globally.

However, despite strong government support through initiatives and grants, and a robust business landscape that many international companies choose as their headquarters in Asia, 30 per cent of Singaporean startups fail within two to five years and only 25 per cent of new companies survive the 15-year mark.

With the advantages Singaporean startups enjoy, why are we not seeing a higher degree of success? I firmly believe that startup governance is the key foundation that all startups should have, and it determines the success and longevity of the business and opens up the possibilities to play on a bigger scale. 

Global and economic factors and the perceptions of startups

From 2015 to 2021, tech startups were all the rage for investors wanting to come in to make a killing. Sentiments were bullish, together with a climate of low interest rates, and a pandemic tech boom alongside the $2 trillion stimulus in that period, funding was abundant. 

Between February 2022 and the end of 2023, interest rates were hiked 11 times, resulting in baseline interest rates going up tenfold making capital more expensive to borrow.   

The startup space matured, and valuations became more realistic with tightened purse strings led to a sharp decline in funding. Investors got savvier and were not batting for moonshots, they were looking for profitability, rather than the race for scalability.

The quick rise and sharp decline in startup investment is a big factor.

Bad actors and mismanagement

Cautionary tales with companies such as WeWork which was valued at US$47 billion at its peak in 2019 before declaring bankruptcy in 2023. Amidst mismanaged funds and a lavish lifestyle from Co-founder and CEO Adam Neumann, who walked away with a sizeable payout while investors were left high and dry.

A similar story with Joel Sng who was Co-Founder and CEO of Honestbee who treated company funds as his own, siphoning money through multiple shell companies leading to his declaration of bankruptcy while staff and vendors were left high and dry.

Also Read: Reviving a failing startup: Financial strategies for long-term success

Upon reflection, the transgressions were not one-off events, and without oversight and accountability, they spiralled out of control.

Accountability and accounting

Lean, agile, and adaptive. These are qualities that startups are attributed with as the advantages they have over larger corporations which are seen to move and make decisions “slower”. 

Investments in startups are different from SMEs or MNCs and sometimes lack structure or regulations in favour of flexibility and speed for growth.

In our experience with startup governance, financial and statutory compliances are some of the most commonly overlooked items, as many startups try to do their accounting reports to save costs. This oftentimes results in mistakes that can cause their valuations to drop when they seek loans or investments down the line. 

Do not leave this to chance — engage professional accounting firms and service providers.

Legal agreements between founders have to be inked and agreed upon. Clearly stating the responsibilities and consequences in the event of disputes between founders and investors makes dealings fair and transparent. This can also prevent lawsuits from customers and partners.

Though some founders find this uncomfortable and a chore, engaging professional lawyers to get these agreements in place grants peace of mind and clarity.

Startup governance ensures that the management’s values, ethics, and business practices align with, and lead to their financial goals.

Startup governance makes the business attractive for prospective investors

Startups that are serious and have their house in order make themselves attractive for investments to come in across all stages. 

For new startups, angel investors looking at pre-seed or seed funding can go in confidently, while startups that are further in their journey can readily welcome institutional investors or venture capitalist firms. 

The further a startup is in its journey, the more due diligence will be required on both the business and potential investors or partners. As startups scale their stages of funding, so do the controls needed to protect the parties involved. Due diligence must also be a two-way street, with startups doing their due diligence before welcoming anyone to the fold, as some scammers pose as potential partners or investors. 

Also Read: The power of financial models for startups: A guide for founders and VCs

No matter the stage of the startup, having financial and legal frameworks in place makes the steps towards and after funding clearer.

Startup governance keeps the best interests of the business as the North Star   

When startups are in their early stages, the core team and founders can suffice to sustain and grow. This, however, might change as the business scales up. 

From our experience seeing many startups through their journey, some founders are great until they are not. Having the vision to start a business, and running it when it reaches a certain scale are not mutually inclusive skill sets. Successful founders know their strengths and know what they should outsource.

A good CEO should be equipped with business and administrative skillsets, and have a good grasp of various subjects outside of the business that are needed to run the business. Subjects such as accounting, law and regulations give context to the decisions needed to steer the business to success.

In some cases, despite history and sentimentality, roles have to be abdicated, and responsibilities shift. With good startup governance, these transitions can be handled with minimal interruption to the business, providing transparency for these shifts, while making adjustments and maintaining fair compensation.

Startup governance bridges the gap between startups with private and public entities

Public listed companies, MNCs and non-profit organisations have corporate governance in place as a staple modus operandi to keep their operations running smoothly.

Startups who aim to play on the big stage need to run a tight ship with startup governance as a core pillar of their business. With good governance, the founders, investors, and partners involved can speak the same language and work together towards the same direction, regardless if they are private or public entities.

It is through consistent effort that irregularities and deviations from what is best for the business can be adjusted. I believe that in the future for startups, startup governance will be the base requirement for any startup that wants to be in business.  

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Echelon Singapore is Southeast Asia’s premier tech and startup conference, hosted annually by e27. It serves as a dynamic hub for startups, investors, and other businesses to connect, collaborate on opportunities in innovation and growth. Building on Echelon’s ten-year success, Echelon Philippines (ECPH) brought the same spirit of innovation to the local ecosystem. It emphasised the unique challenges and opportunities of the Philippine market. ECPH underscores the growing importance of the Philippines as a hub for tech innovation in Southeast Asia.

As we prepare for Echelon 2025, we are looking back at some of our partners who have made this event a resounding success. One of our most significant partners is Gateway of Asia, a unique corporate services provider whose ecosystem is known for fostering connections and collaboration across the region. This enduring partnership showcases how fostering a dynamic community becomes easier when like-minded organisations work together. Their involvement also underscores the value of cross-border partnerships in driving regional growth and innovation.

Reaching stakeholders at Echelon and ECPH

“Gateway of Asia views its role in strengthening the startup ecosystem in Asia as a critical one,”  explained Gateway of Asia CEO Elaine Lai. The company believes that fostering innovation, providing essential resources, and facilitating seamless cross-border operations are key. As a result, they are able to empower new businesses to succeed in competitive markets. Gateway of Asia recognises the challenges startups face in dynamic and diverse markets, particularly across Asia. Thus, it commits to supporting growth through a founder-first approach, tailored solutions and strategic partnerships. 

Gateway of Asia understands the complexities of navigating multiple regulatory environments, compliance requirements, and local market dynamics. Tos solve this, he company offers guidance, services, and networks to help overcome these barriers. Participation in events like Echelon and ECPH has been instrumental in forging valuable strategic relationships. This is true particularly with legal, tax, and financial service providers that support cross-border transactions. These alliances enable Gateway of Asia to offer broad, holistic and comprehensive services for their clients as they grow and expand. This ensures their clients are equipped for success in the region.

e27’s established network and reach within the APAC region position it as a key influencer in the tech ecosystem. The platform’s influence is reflected in its ability to connect a diverse range of stakeholders. It brings together investors and corporate leaders. e27 provides invaluable visibility for startups looking to scale across borders. e27’s community is built on dynamic, cross-industry partnerships that foster collaboration and growth. Further, it facilitates access to a network of potential partners and investors. Certainly, e27 plays a pivotal role in supporting startups’ visibility and helping them navigate the complexities of the APAC market.

Also read: Streamlining corporate administration with Gateway of Asia

Building a community with e27 and Gateway of Asia

“Supporting events like Echelon has significantly enhanced Gateway of Asia’s visibility among startups, investors, and corporate leaders in the APAC region by positioning us as a key player in the start-up ecosystem and a trusted partner for business growth,” said Elaine. These opportunities offer Gateway of Asia the chance to showcase its platform, ecosystem and services to a highly relevant audience. As a result, it reinforces its commitment to driving innovation and fostering economic growth across the region.

In addition to visibility, Echelon enabled Gateway of Asia to build valuable strategic relationships. This partnership provides access to a broad network of potential partners and clients. As a result, it fosters collaborations that align with Gateway of Asia’s mission to facilitate cross-border trade and innovation. Through these connections, Gateway of Asia is able to support the startup ecosystem. It provides the resources and opportunities needed to help businesses thrive in competitive markets. Elaine added that Gateway of Asia plans to deepen its collaboration with e27. This partnership is poised to further advance innovation and cross-border collaborations throughout the APAC region.

“These events not only enhance visibility but also offer direct engagement with key stakeholders—startups, investors, corporates, and ecosystem builders—who play a pivotal role in shaping the future of the business landscape,” Elaine reflected. By leveraging these platforms, Gateway of Asia drives strategic initiatives that will continue to foster growth and innovation across the region.

Also read: e27 is driving innovation in APAC’s startup ecosystem with Sendbird

e27’s commitment to partners and the community

Gateway of Asia’s expansion plans in the APAC region focus on enhancing its presence and fostering innovation through strategic partnerships. “With regional offices in Singapore, Malaysia, and Vietnam, we will open two more offices in the Philippines and Indonesia in 2025. We will roll out more products and services to better support start-ups and our community,” Elaine said. These offices will provide tailored services, including assistance with incorporation, compliance, legal, tax, and payroll management, ensuring seamless operations across borders. Additionally, Gateway of Asia will launch the Gateway Knowledge Hub in early 2025. The hub will offer startups valuable market insights, regulatory updates, and best practices. In doing so, the company will help them navigate regional complexities and make informed strategic decisions.

e27 is committed to empowering partners like Gateway of Asia by providing tailored support that aligns with their strategic goals. Through event partnerships, access to new markets, and enhanced visibility within the APAC startup ecosystem, e27 fosters meaningful collaborations that drive growth and innovation. With its established network and expertise, e27 helps partners navigate the dynamic tech landscape, connect with key stakeholders, and unlock opportunities across borders. For organisations aiming to amplify their impact in the region, e27 offers a proven platform to achieve success.

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This article is produced by the e27 team

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Early this year, the International Institute for Management Development (IMD) 2024 World Competitiveness Ranking ranked Singapore first out of 67 countries as the most competitive economy across the world’s eight major regions. Singapore excelled strongly in economic performance and infrastructure, including human resource availability to meet business needs.

While achieving success is hard, sustaining success is even harder. For Singapore to maintain its competitiveness, the country needs to go above and beyond by embracing new advanced technologies like artificial intelligence (AI), helping workers reskill, and supporting business transformation. 

Fortunately, Singapore already has ambitious plans to position itself as a global hub for AI, as articulated by Prime Minister Lawrence Wong in the refreshed National AI Strategy. However, despite its strategic advantages – an ideal location, robust digital infrastructure, and supportive government policies – local tech talent scarcity can potentially hinder progress. This is where tapping on global talent can play a key role in propelling AI advancement and ushering in a new era of competitiveness. 

Despite the strong push for AI outlined by Singapore’s National AI Strategy, the nation still is plagued by challenges in landing the right talent with the right skills. A study conducted by Oliver Wyman and the Monetary Authority of Singapore (MAS) revealed difficulties in sourcing strong AI talent for various positions, including principal data engineers, data analysts, lead AI scientists, and more. Overcoming challenges in sourcing top AI talent will be crucial for Singapore to realise its vision and maintain its status on the global stage.

Given this outlook, the democratisation of employment as a result of globalisation can become a powerful tool for both Singaporean companies and the country as a whole. A company can increase its chances of finding the right talent with highly specialised skills by expanding the talent pool outside of the country. Global hiring is an approach that companies worldwide and in Singapore are looking to adopt.

According to Deel’s recent Singapore Business Leader Pulse Check: Talent Landscape research, more than 9 in 10 (93 per cent) of large organisations in Singapore are open to recruiting talent from outside the country.  Talent exists everywhere in the world, and companies are increasingly becoming aware of this. 

Also Read: Why inclusive hiring matters for a startup ecosystem

With global hiring, local companies that are experiencing skill shortages can benefit from finding talent abroad. For instance, they are able to alleviate the burden of finding the right talent while enabling knowledge and skills transfer to existing employees.

In fact, the same report also finds that skills transfer is among the most sought-after benefits, with 58 per cent of organisations surveyed considering it an advantage of global hiring. This can help fast-track reskilling and upskilling of the existing local workforce to ensure they are equipped with the right skills to stay active in this competitive digital economy. 

As a result, it creates a chain reaction that allows the nation to flourish economically. According to the World Economic Forum, a competitive economy boosts productivity, leading to growth, higher income levels, and improved well-being. By enhancing the country’s competitiveness, it can attract more global investors, foster a thriving business environment, and drive sustainable economic growth, ultimately improving the well-being of the country and its citizens.

Also Read: Hiring for your startup: The 5 key attributes of entrepreneur archetypes

Additionally, the new way of working such as hybrid or remote work has also removed barriers for high-skilled talent, who are no longer limited by geography. In this landscape, individuals can now choose where they want to live and how they wish to work.

New online tools have also been developed to address the challenge of scarce talent in specific locations, using technology to eliminate the borders between regions with abundant skilled workers and enabling businesses to hire, pay, and manage these talent seamlessly.

If a country with high competitiveness lacks the necessary talent to propel or maintain its position, it is vital to expand options. Echoing the National AI Strategy, it is imperative for Singapore to leverage its international networks and collaborate with top talent around the world to address the complex challenges facing AI today.

If Singapore broadens its horizons, it not only benefits individuals within the country but also enhances, if not maintains, its global competitiveness. 

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One of the biggest shifts I’ve experienced in my career was moving from the role of an employee to becoming an entrepreneur. It wasn’t just a change in job title or responsibilities; it was a profound shift in how I approached work, challenges, and success.

As an employee, much of my work was guided by external expectations—whether from managers, organisational goals, or the company’s broader mission. Entrepreneurship, however, is different. You are responsible for creating the vision, setting the direction, and navigating every twist and turn along the way.

The mindset shift from employee to entrepreneur required me to take full ownership of every decision I made. While working for someone else offers a degree of structure and predictability, entrepreneurship is often less predictable and more demanding. It requires agility, creativity, and resilience on a scale that I had not previously encountered.

But this shift is also incredibly empowering. The freedom to build something of your own and the autonomy to make key decisions is exhilarating.

Another key difference in this shift is how you measure success. As an employee, success is often tied to meeting performance metrics, achieving short-term goals, or receiving recognition from peers and managers. As an entrepreneur, success is self-defined.

It’s no longer about meeting someone else’s expectations; it’s about fulfilling your own vision and aspirations. Every milestone, from closing a new deal to solving a complex problem, feels more personal and meaningful when it’s driven by your own efforts and strategy.

Also Read: Unlikely mentors: What kids can teach you about entrepreneurship

Entrepreneurship also taught me the importance of resilience. There will be setbacks, moments of doubt, and unexpected challenges. But with the right mindset, these obstacles can be turned into opportunities for growth. The entrepreneurial journey is one that constantly tests your patience, adaptability, and determination.

By moving from the role of an employee to an entrepreneur, I learned that the mindset of ownership, autonomy, and resilience is essential for building a successful business.

Key takeaways

• The shift from employee to entrepreneur involves taking complete ownership of your career and decisions, requiring a new level of autonomy, creativity, and resilience.
• Success in entrepreneurship is self-defined, with personal milestones and achievements feeling more meaningful and aligned with your own vision.
• Building resilience and adaptability is key to navigating the unpredictability and challenges of entrepreneurship.

Identify and set your next milestone towards achieving your vision. Celebrate your progress and use it as motivation to continue moving forward. What milestone can you set and achieve today?

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In the lead-up to the celebration of World Environment Day, it is important to consider how blockchain and regenerative finance is supporting a greener future. 

Let’s start with some facts to give us a sense of why working towards a more sustainable future is vital. Our planet loses 80,000 acres of rainforest every day, having devastating effects on the most vulnerable communities. We are losing 1.2 trillion tons of ice each year, which is the equivalent of the weight of all human-made things. Did you know that many places on Earth may become too hot to live in? This could have catastrophic consequences as annual temperatures continue to rise. 

As our natural environments continue to suffer at the hands of human destruction, how can governments encourage a more positive approach to economic development? The first thing is to recognise the urgency of our environmental needs, and the second is to use emerging tech to provide necessary insights into how best to tackle these large-scale problems. 

Several groundbreaking Web3 projects are already in progress, leading the way in reshaping our relationship with the environment. The power of blockchain technology to extrapolate information in a timely, secure and transparent format makes positive action attainable to all green-related projects. 

Transparent production supply

Blockchain technology enables the creation of transparent supply chains, providing consumers with accurate information about the origin and supply credentials of products. By leveraging blockchain’s immutability and decentralised nature, stakeholders can track and verify the environmental and social impact of goods throughout the supply chain.

Also Read: Echelon 2022: How startups should approach ESG opportunities

This empowers consumers to make informed choices. Celo is a blockchain provider with a long-term focus on providing access to these solutions and supporting projects where positive environmental impact plays a key feature in their roadmap. 

Another project ahead of the curve is Ethichub. They are working directly with farming communities and investors. Using a ReFi protocol, it is revolutionising access to capital for unbanked farmers. Through its crowdlending platform, EthicHub enables these farmers to secure loans at affordable interest rates, creating a win/win situation where all parties involved reap the benefits of their interactions. Since its launch in June 2018, the platform has successfully facilitated over US$3 million in microloans.

Demonstration of data integrity and environmental monitoring

By storing environmental data on an immutable blockchain ledger, stakeholders can ensure the integrity of information related to pollution levels, biodiversity, climate change, and other crucial environmental indicators. Blockchain technology can enhance data integrity.

Combined with decentralised governance mechanisms, this is a powerful tool for ensuring sustainable decisions are maintained, and it guarantees the inclusion of a range of stakeholders. Flare Network’s state connector enables the trustless exchange of data from other blockchains, which should pave the way for enhanced collaboration when tackling issues like refi.

Another notable organisation working on climate-based blockchain solutions is BxC, a coalition of activities and industry leaders collaborating to establish principles for impactful blockchain initiatives addressing the climate crisis. 

This collaborative approach can foster sustainable practices, as decentralised organisations can prioritise environmental considerations and align their activities with shared sustainability goals.

Education and awareness using the metaverse

The metaverse can serve as a powerful platform for environmental education and raising awareness. It can also act as a platform for exploring new business models. Upland, a metaverse based on real-world geography, allows entrepreneurs to test start-ups in a virtual environment through their Metaventures programme.

The metaverse offers a unique space to provide a greater understanding of complex environmental issues and inspire others to adopt more sustainable practices in the real world. Using the metaverse, we can encourage environmental responsibility. 

Also Read: How to navigate the investment opportunity in climate tech sector

Using NFT technology to track climate impact

Integrating NFTs with regenerative finance can help create sustainable ways to track our actions. By embedding relevant data in each NFT, we can track the climate impact generated by the underlying project. This data can include metrics such as carbon emissions reduction.

GEIA, the Global Ecological Investment Agency, is developing Geoblocs to provide NFTs as a way for individuals to invest in sustainable farming. This platform will enable individuals to get hands-on with the green-friendly projects that they wish to support. 

Another example is a project called Plastiks, a greentech company focused on revolutionising plastic recovery and recycling rates worldwide. The platform empowers companies to combat plastic pollution head-on by sponsoring the recovery of plastic waste across the globe. Using blockchain technology to meticulously track every piece of plastic, ensuring it never finds its way into a landfill. 

Not only can investors track their contributions to climate-positive activities, but it also allows the everyday consumer to get involved in new incentive mechanisms to support regenerative agriculture. 

There are many other ways that blockchain technology is contributing to our greener future. The tokenisation of excess energy, trading of carbon credits and supporting peer-to-peer energy sharing are three more innovations that many projects are engaged with.

Emerging technologies are allowing investors to align their values with their capital. Impact investing and funding through regenerative finance is only in its infancy but shows vast promise when considering the allocation of finance to our most precious resources. 

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This article was first published on June 5, 2023

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When non-renewable resources (such as minerals) are extracted and processed for insulation, it damages habitats and raises greenhouse gas emissions. Similar to this, energy-intensive energy sources sourced from fossil fuels provide significant amounts of carbon dioxide emissions, aggravating climate change.

While inappropriate insulation disposal and a lack of recycling choices cause environmental challenges and waste management problems, the production of foams and synthetic insulation uses blowing agents that generate strong greenhouse gases. I think the sector should emphasise energy-efficient production processes, sustainable sourcing, and increased recycling programs to address these issues.

Adopting eco-friendly insulation can benefit many industries, including cold chain, construction, energy, and more. 

Cold chain

By using environmentally friendly insulation, the storage and transportation of temperature-sensitive pharmaceutical and food products stand to benefit significantly.

First off, using materials with strong heat resistance boosts energy efficiency, cutting down on operating expenses. Additionally, good insulation guarantees dependable temperature regulation, protecting the effectiveness of expensive goods.

The industry can lower its carbon footprint and adhere to sustainability objectives by using eco-friendly insulation created from renewable resources. Cost reductions are achieved through reduced energy use and operational costs for things like freight and cooling systems. 

Construction

Adopting environmentally friendly insulation would have a number of advantages for the construction industry. One is a reduction in the amount of energy used for heating and cooling due to heat transfer and air leakage. This results in lower energy costs and a smaller environmental effect.

High-performance insulation also makes living and working spaces more comfortable and healthy by maintaining superior indoor air quality, improving thermal comfort, and reducing noise transmission.

By making buildings more durable and lowering maintenance requirements and waste production, these materials help construction projects adhere to sustainability certifications, satisfy legal requirements, and meet the expanding market demand for environmentally friendly structures. 

The future of insulation: Unveiling the power of Aerogel

A cutting-edge insulating material known for its remarkable qualities, aerogel’s distinctive nanoporous structure consists mostly of air or gas. This framework has an extraordinarily low density and comprises a three-dimensional network of connected solid particles. 

Aerogel represents a significant improvement over current insulation materials for several reasons. The first is that it has a very low thermal conductivity thanks to its nanoporous structure, which efficiently reduces heat transmission for improved thermal insulation. The light weight and thinness of aerogel are another benefit.

Aerogel is remarkably effective as an insulator but is also exceedingly light and can be produced in a variety of shapes. This high quality gives it adaptability for a range of applications, including electronics, transportation, aircraft, and building. Additionally, the structure of the material confers considerable moisture resistance, reducing the risk of moisture-related damage. 

Also Read: Biotech is set to push new frontiers in precision oncology therapeutics

In addition, aerogel has a remarkable ability to withstand fire and extremely high temperatures without losing its structural integrity. It can be created utilising recycled materials and produced from abundant, renewable resources like silica obtained from sand, which would align it with sustainability objectives.

Applications spanning different industries

Aerogel’s exceptional thermal insulation performance, lightweight nature, versatility, moisture resistance, fire resistance, and eco-friendliness make it a highly desirable choice for a wide range of applications in industries where long-term reliable insulation, space savings, and energy savings are critical. 

Aerogel applications include thermal runaway prevention in Lithium-ion batteries in the electric vehicle industry, fire-resistant and thermal insulation coating, pipeline insulation in energy infrastructure, oil and gas, marine, aerospace, and automotive industries, thermal apparel, light-weight and thermally insulating concrete/cement foam, render/plaster, and daylighting applications in the construction and building industries.

Global megatrends calling for innovation in insulation sectors

Sustainability and environmental awareness

Growing environmental awareness and the urgency to address climate change have increased the demand for sustainable solutions across industries. Buildings and infrastructure are increasingly being scrutinised for their carbon footprints and environmental impact. Premium eco-friendly insulation supports these goals by providing energy-efficient and environmentally responsible alternatives.

Energy efficiency and green building standards

Energy efficiency has become a critical factor in construction and design. Green building codes encourage the use of insulating materials that improve energy efficiency and prevent heat loss or gain. Premium eco-friendly insulation products exceed these exacting standards by delivering superior thermal insulation and contributing to energy-efficient building envelopes.

Net-zero and low-carbon initiatives

The global transition to net-zero and low-carbon economies has increased demand for insulating solutions that help to conserve energy and reduce greenhouse gas emissions. Premium eco-friendly insulation is critical to meeting energy efficiency goals and reducing the carbon footprint of buildings and infrastructure.

Health and indoor environmental quality

Because of the rising emphasis on occupant health and well-being, there is a greater demand for insulating materials that prioritise indoor environmental quality. Premium eco-friendly insulating products frequently have low volatile organic compound (VOC) emissions and reduce the discharge of dangerous compounds, thereby improving indoor air quality and creating better living and working environments.

Urbanisation and infrastructure development

Rapid urbanisation and infrastructural growth need the use of environmentally friendly building materials, such as insulation. Premium eco-friendly insulation meets the demand for efficient and ecologically conscious construction techniques as cities grow and new structures are developed.

Also Read: Life in plastic, it’s not fantastic: Unearthing the solutions (Part 3)

Green policies that don’t hit your bottom line

Businesses can embrace green policies without jeopardising their financial success by using solutions that promote sustainability while also delivering cost savings and commercial benefits. Here are a few ideas:

Energy efficiency

Improving energy efficiency has the potential to cut operational expenses considerably. Energy audits can be performed by businesses to identify areas of energy waste and adopt actions such as improving lighting systems, establishing smart energy management systems, and optimising HVAC systems. Energy-efficient measures not only reduce environmental effects but also save money in the long run.

Waste reduction and recycling

Trash reduction and recycling programs can reduce trash disposal expenses while also potentially generating cash through recycling initiatives. Businesses may reduce garbage transported to landfills, conserve resources, and improve their environmental performance by employing effective waste management procedures.

Supply chain optimisation

Collaboration with sustainable suppliers and the use of green procurement strategies can improve the supply chain’s sustainability. Businesses can decrease environmental risks, improve their reputation, and contribute to overall sustainability goals by selecting suppliers who share their environmental values.

Product innovation and sustainable design

Integrating sustainability into product development and design can result in competitive benefits and increased customer appeal. Businesses may meet consumer demand for sustainable solutions and differentiate themselves in the market by designing products with eco-friendly materials, energy efficiency features, and recyclability.

Employee engagement and education

Encouraging staff engagement and providing sustainability education can help to develop an organisational culture of environmental responsibility. Employees can share their ideas for green initiatives, energy conservation, and trash reduction. Employees who are engaged are more likely to support and implement green policies, resulting in better sustainability outcomes.

Government incentives and grants

Many governments offer incentives and rewards to enterprises that embrace environmentally friendly practices. Investigating and utilising these programs can assist in offsetting initial expenses and making green efforts more financially viable.

By implementing these strategies, businesses can adopt green policies while realising cost savings, operational efficiencies, improved brand reputation, and enhanced competitiveness. The integration of sustainability into core business practices can be both financially and environmentally beneficial, enabling businesses to thrive in a rapidly changing landscape that prioritises environmental responsibility.

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This article was first published on June 19, 2023

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Technology is changing the game for traditional business models. Whether it’s streamlining logistics or creating personalized customer experiences, tech innovation is making businesses more efficient, scalable, and ready for massive growth. In this exciting environment, the Hong Kong Science and Technology Parks Corporation (HKSTP) is playing a key role. In fact, HKSTP is driving innovation and supporting businesses in their transformation journey. Through its Elite Programme, HKSTP helps fast-growing tech ventures scale. It provides the tools, resources, and support they need to launch impactful, market-ready solutions with global potential.

To highlight the achievements of its Elite companies, HKSTP hosted the Elite Global Inno Day on 14 November. Over 200 partners and investors joined the event. 17 of the Elite companies participated in the Elite Innovation Pitch. They presented their cutting-edge technological innovations and business strategies to corporate partners, potential investors and channel partners. It showcased HKSTP’s commitment to building a dynamic innovation ecosystem in Hong Kong, including extensive support for the portfolio companies. As a result, it sparked collaborations that push the boundaries of technology and drive real-world change.

Catalysing transformation with HKSTP’s Elite Programme

HKSTP’s Elite Programme has been a game-changer for high-growth tech startups, acting as a springboard to help them reach their full potential. Launched in 2019, the HKSTP Elite Programme has supported a total of 42 companies in expanding beyond Hong Kong, helping them become unicorns and public-listed companies. By offering everything from top-notch infrastructure and funding to global connections and talent support, the programme gives these ambitious ventures the tools they need to thrive while building bridges for international collaboration.

Eric Or, Acting Chief Corporate Development Officer of HKSTP, said, “As the largest innovation and technology (I&T) ecosystem in Hong Kong, HKSTP continues to foster the success of innovation-driven tech ventures through our Elite Programme.” The programme is helping them thrive, grow, and, ultimately, achieve their global ambitions, generate significant global impact, and attract international talent to Hong Kong. This also reinforces Hong Kong’s status as a global I&T and talent hub.

Today, the 24 active Elite companies boast a combined valuation of USD 2.67 billion, with a global presence spanning 16 markets across six continents. Further, 11 of them are now “centaurs,” with each generating at least USD 100 million in annual recurring revenue. The journey of three of these companies, Spaceship, Jumppoint, and PressLogic, showcase how HKSTP’s Elite Programme is catalysing business transformation.

Spaceship: Simplifying global logistics and empowering e-commerce 

“Our mission is to disrupt and simplify the e-commerce merchants’ shipping experience. Whether they are small businesses or global enterprises, we provide a one-stop solution for logistics,” shared Spaceship co-founder Chilam Lam. Spaceship began in 2020, initially focusing on personal shipping services. Over the years, the company has evolved to meet the needs of e-commerce merchants by providing a platform that consolidates logistics operations. They offer standardized features globally, but they also localize based on client needs.

Spaceship’s strength lies in its deep integration with popular e-commerce platforms such as Shopify, Magento, and Bigcommerce. Through Spaceship’s SaaS solution, businesses can automate logistics processes, customise shipping rules, and manage real-time data across channels. Participation in the HKSTP Elite Programme has been instrumental in Spaceship’s growth. The programme’s funding and resources enabled the company to accelerate R&D for proprietary technologies. With the programme’s support, Spaceship enhanced its ability to offer tailored, scalable solutions to meet the diverse needs of its clients.

Chilam explained how the programme facilitated globalisation efforts: “We didn’t have a presence or connections in many regions. The Elite Programme helped us establish relationships in areas like Singapore, China, and the U.S., speeding up our ability to launch and scale.” Spaceship is now poised to expand its fulfilment network to over 30 countries by 2025, continuing its mission to simplify logistics for businesses of all sizes.

Jumppoint: Revolutionising logistics with advanced technology 

Similarly, the Elite Programme accelerated Jumppoint’s rapid growth. Founded in 2020 by Samson Ho, the company’s innovative approach connects logistics services providers like driver partners, airline partners, cross-border trucking partners, and warehouse partners. As a result, it enables seamless global warehousing and delivery for businesses of all sizes. “Our mission is to lower the logistics cost for e-commerce and supply chain merchants, so everyone can sell products easily to the world at a very low cost,” said Ho during a recent interview. Jumppoint is a trailblazer in the asset-light logistics industry, with a sharp focus on cross-border e-commerce.

HKSTP Elite Programme has helped the company strengthen its technological infrastructure and forge strategic partnerships with investors, clients, and ecosystem partners. Through the programme, Jumppoint has enhanced its ability to address emerging trends in global supply chains. “The Elite Programme has been instrumental in connecting us with venture capital, government authorities, and other tech startups,” said Ho. “It’s not just about funding; it’s about creating an ecosystem where businesses like ours can thrive by working together.”

Ho further noted that they see growing opportunities in emerging markets like Southeast Asia, the Middle East, and South America. Jumppoint’s innovative approach, combined with the support of HKSTP’s Elite Programme, positions it as a leader in logistics technology. With its ability to adapt to market trends and a strong commitment to sustainability, Jumppoint is set to redefine cross-border e-commerce logistics in Asia and beyond. 

PressLogic: Make Marketing Great Again through social media, AI, and data

HKSTP’s Elite Programme doesn’t just support pioneers in logistics. Another company that’s part of its programme is PressLogic. It stands at the forefront of the global ad-tech ecosystem, combining cutting-edge social media strategies, artificial intelligence (AI), and advanced data analytics to empower brands worldwide. With a network of over 14 million social media followers, PressLogic has become a trusted partner for over 500 brands. These brands range from beauty and FMCG to banking and finance, F&B to telecommunications, and technology to government sectors.

“Our ecosystem integrates diverse dimensions of ad-tech, creating a seamless platform for content marketing, social listening, and AI-driven insights,” said Founder and CEO Ryan Cheung. The company has been able to reduce client costs by up to 70% while achieving impressive campaign results.  This included generating $50 million in sales for a property client. This focus on AI innovation ensures that PressLogic remains ahead of the curve in the rapidly evolving ad-tech landscape.

The HKSTP Elite Programme has played a pivotal role in PressLogic’s continued growth and global expansion. “The Elite Programme has significantly enhanced our profile, connecting us with strategic partners and providing funding opportunities,” shared Cheung. Recently, the company secured USD$5 million funding with the participation of HKSTP Capital. This allowed it to scale its ad-tech solutions and diversify its offerings. PressLogic is now focusing on strengthening its presence in markets like Singapore while exploring opportunities in Europe and the U.S. “With HKSTP’s support, we are confident in our vision to become a top-tier ad-tech player in Asia and beyond,” Cheung stated.

Cultivating a thriving tech talent ecosystem in Hong Kong

The success of HKSTP’s Elite Programme highlights the organisation’s dedication to building a vibrant ecosystem where technology, talent, and innovation come together. By providing top-notch support—like funding, infrastructure, and strategic partnerships—HKSTP helps high-growth tech companies scale up while boosting Hong Kong’s reputation as a global innovation hub. And it’s easy to see HKSTP’s impact through the stories of companies like Spaceship, Jumppoint, and PressLogic.

Moreover, 12 Elite companies are led by multinational management teams, and all Elite companies have committed to creating over 1,200 job opportunities in Hong Kong during the 3-year programme period. Looking ahead, HKSTP is all about making Hong Kong a go-to destination for global innovation. By backing companies that are shaping the future with transformative solutions, HKSTP is paving the way for a tech-driven world that’s more sustainable and connected. The organisation remains committed to attracting top talent and fostering partnerships that blend local expertise with global opportunities, creating a future where technology truly enhances lives.

HKSTP invites forward-thinking business leaders, partners, and customers to connect! Guidance will be provided for those eager to delve into collaborative, technological, and business pursuits in tech innovation. Contact HKSTP here.

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

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Reach out to us here to get started.

Featured Image Credit: HKSTP

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AI Leapfrog: Build an AI-first Tech Ecosystem for a Global Competitive Advantage

At Echelon Philippines 2024, a panel discussion titled ‘AI Leapfrog: Build an AI-first Tech Ecosystem for a Global Competitive Advantage’ brought together experts from various industries to explore the transformative potential of artificial intelligence.

Moderated by Bianca Cruz, Co-Founder of 10xme Academy and Co-Lead of Web3 Metaversity at YGG Pilipinas, the session featured insights from Francis Adrian Viernes, Assistant Vice President-Chief Data Scientist Head of Data Analytics/Data Science at Megaworld Corporation; Henry Isaac, APJ Lead, Alliances and Strategic Partnerships at DataStax; Kevin Quah, CEO and Co-Founder of Tictag; and Charles Rim, General and Founding Partner at Access Ventures LLC.

The panel emphasised the need for a collaborative AI ecosystem involving startups, established tech companies, academia, and government entities. Cruz highlighted her work in up-skilling individuals for AI-related roles through 10x Me Academy. Rim discussed AI’s role in improving startup efficiency and redefining team structures.

Also Read: Echelon Philippines 2024: The funding landscape for Filipino startups

Isaac underscored the transition from AI experimentation to full-scale production, while Quah shared how Tictag’s mobile-first platform democratises data collection for organisations of all sizes. Viernes elaborated on Megaworld’s use of AI in innovative applications such as accident detection and efficient township management.

The speakers agreed on the importance of fostering public-private partnerships, creating innovation hubs, and forming AI consortiums to accelerate AI adoption. They also stressed continuous education and collaborative efforts to ensure that AI drives global competitiveness while benefiting society broadly, addressing potential concerns such as job displacement.

This discussion showcased how building an AI-first ecosystem can position the Philippines as a global leader in technological innovation.

Watch the session video above to learn more about these insights and the strategies shaping the future of entrepreneurship.

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Generative AI (GenAI) is transforming industries globally, and ASEAN is no exception. 

With startups leveraging GenAI to enhance productivity, revolutionise healthcare, and redefine customer engagement, the region is poised to become a hub for AI innovation. 

Key sectors such as productivity tools, healthcare, financial services, and education are leading this wave of transformation, creating significant opportunities for startups, enterprises, and investors.

Productivity and business solutions: The backbone of ASEAN’s GenAI ecosystem

Productivity tools are the cornerstone of ASEAN’s GenAI adoption, comprising 26 per cent of all startups surveyed in the ASEAN GenAI Startup Report 2024. These solutions enhance operational efficiency, automate repetitive tasks, and enable smarter business decision-making.

Startups like Singapore-based Kroolo epitomise this trend. Kroolo offers AI-driven project management and workflow automation tools, streamlining team collaboration and boosting productivity. 

Similarly, Malaysia’s Shieldbase uses GenAI to provide secure enterprise search and workflow automation, ensuring data privacy while improving business operations.

These innovations are particularly impactful in ASEAN, where small and medium enterprises (SMEs) form the backbone of the economy. By adopting GenAI-powered productivity tools, SMEs can compete more effectively in the global market, overcoming constraints such as limited resources and high operational costs.

However, challenges remain. Thin productivity gains in ASEAN compared to developed markets, driven by lower workforce salaries, make it difficult for some enterprises to justify replacing manual workflows with AI-based solutions. Despite this, the demand for 

AI tools tailored to local needs ensures continued growth in this sector.

Healthcare and wellness: Personalising care and improving outcomes

Healthcare is another key sector for GenAI in ASEAN, accounting for 13 per cent of startups. The region’s unique challenges, such as limited access to medical services in rural areas, drive the adoption of AI solutions to improve healthcare delivery.

Also Read: The Gen AI evolution and Indonesia’s path to economic transformation

Startups like Thailand’s Meticuly are at the forefront, using GenAI to design personalised medical implants that enhance surgical outcomes. In Singapore, KeyReply provides AI-powered virtual assistants that automate healthcare workflows and enable personalised patient care.

These solutions demonstrate the potential of GenAI to address critical healthcare gaps, such as improving diagnostic accuracy, streamlining administrative tasks, and enhancing patient engagement.

GenAI also empowers telemedicine innovations, non-invasive health monitoring, and caregiver support. These advancements are particularly important for ageing populations in Singapore and Thailand, where personalised and accessible healthcare is a growing priority.

Despite the sector’s potential, barriers to adoption include regulatory challenges, the need for extensive datasets, and concerns about data privacy. Startups must navigate these issues carefully while ensuring compliance with local laws and maintaining public trust.

Financial services: Automating and optimising the future of finance

The financial services sector is undergoing a transformation, with GenAI driving automation, personalisation, and enhanced decision-making. This sector accounts for 13 per cent of GenAI startups in ASEAN, reflecting strong demand for innovative solutions in areas like accounting, insurance, and investment.

Startups like Singapore-based Bluesheets are leading the charge by automating financial data workflows, enabling businesses to increase operational efficiency. Similarly, AI-powered trading bots and personalised insurance products are emerging as key applications, providing consumers and businesses with tailored solutions.

GenAI’s ability to detect fraud and improve anti-money laundering (AML) processes is another financial game-changer. By leveraging AI, banks and financial institutions can strengthen compliance and reduce risks, which is especially crucial in a region with diverse regulatory landscapes.

Also Read: The rise of generative AI: 6 ASEAN countries leading the charge

However, competition from established players remains a significant challenge. Big Tech companies and global SaaS providers are increasingly integrating AI into their financial services offerings, making it critical for ASEAN startups to differentiate through localised solutions and superior customer experiences.

Edutech: Transforming learning experiences

While accounting for a smaller share of GenAI startups (seven per cent), the edutech sector holds immense potential in ASEAN. GenAI enables personalised and interactive learning experiences, addressing the diverse educational needs of the region’s populations.

Startups like Vietnam’s Dory exemplify this innovation by offering AI-generated flashcards and quizzes tailored to individual learning styles. Other applications include adaptive content creation, virtual tutors, and tools for language learning, which are particularly valuable in a multilingual region like ASEAN.

As governments prioritise upskilling and digital literacy, GenAI-powered edutech solutions can play a crucial role in equipping students and professionals with the skills needed for a rapidly evolving job market. Initiatives like Singapore’s AI Verify Foundation and Vietnam’s collaboration with Google to provide AI scholarships further highlight the importance of this sector.

However, challenges such as unequal access to technology and infrastructure disparities must be addressed to ensure equitable adoption of GenAI in education.

The adoption of GenAI across key sectors in ASEAN is transforming the region’s economic and social landscape. Productivity tools, healthcare, financial services, and education are leading this revolution, showcasing AI-driven innovation’s diverse applications and impact.

These sectors represent immense opportunities for startups to create value, address critical challenges, and achieve sustainable growth. Governments and investors, too, have a vital role in supporting this ecosystem by fostering innovation, ensuring regulatory clarity, and enabling equitable access to technology.

As ASEAN’s GenAI ecosystem matures, the region is set to become a global leader in AI innovation, driving meaningful change across industries and improving lives at scale. 

The journey from innovation to impact has only just begun.

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This article is the second in a series from the ASEAN GenAI Startup Report 2024. GenAI Fund invests in early-stage GenAI startups across Southeast Asia, focusing on growth strategies and exit opportunities. Stay updated with new articles in this series by subscribing and following us on our channels. For more articles, visit: https://e27.co/category/gen-ai-series/.

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Belli, a Singaporean startup building “next-generation” air cargo software for airlines, has won the 2024 FutureTravel Summit Pitch Competition in Barcelona, Spain.

The startup received €330,000 (US$350,000) in grants as part of the competition. In addition, it has won up to US$350,000 in Google Cloud credits, €2,000 worth of Exhibition Booth at the EU-Startups Summit 2025, including three event tickets, and €2.2,000 in one year Guru Plan for Semrush.

Also Read: APX wants to revolutionise logistics in SEA with ‘less-than-truckload’ innovation

Belli was founded by Jeff Pan, formerly Chief Product Officer at AirAsia. He previously led engineering teams for SpaceX, McKinsey, and Booking.

The startup builds air cargo software for airlines, which fly with the bottom of the plane 85 per cent empty. Belli helps airlines manage their end-to-end air cargo operations by replacing their spreadsheets and manual processes with a fast and easy-to-use system.

“Most airlines are stuck using legacy cargo software that was built 20 years ago,” Pan tells e27. “Imagine running a restaurant on pen and paper, and then imagine if you put in a POS that seamlessly handles your accounting, ordering and kitchen orders while also distributing your menu to get you sales from delivery marketplaces (Uber Eats, Grab Food, etc). We do that for airlines for air cargo.”

The firm provides software to the airline on a monthly subscription basis, processes payments in return for a percentage of the transaction and distributes its capacity to marketplaces.

“We’re currently onboarding one new airline customer every month. For now, most of them are small airlines in Southeast Asia, the Middle East, and North America,” he adds.

Belli has previously raised US$500,000 in funding from investors, including Iterative.

Led by Ana Metz, a travel enthusiast with expertise in startups, trend research, and innovation, FutureTravel is a free weekly newsletter for travel professionals that provides insights into the industry’s future. As a sister brand of EU-Startups.com, it actively engages in initiatives and projects focused on travel industry innovations.

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