This article is published in partnership with Brinc, a Hong Kong-based accelerator.

We at Brinc are about to complete our global Spring 2020 accelerator programmes. This cohort was different from the rest. Due to the many COVID-19 limitations, all of our programmes had to be shifted entirely online.

A big move

With our headquarters in Hong Kong, the pandemic was increasingly causing fear as early as February of this year. Together with the global number of cases rising, we had to make a quick decision.

On one side, postpone the programme and wait for the lingering uncertainty of the virus to disappear, or, take action and pivot completely to a remote and online programme. We decided to host our latest accelerator programmes online to ensure that we could continue to support global startups especially during a time when they needed it most.

“The decision to move the programme online was the only choice to ensure we could continue to support our founders. Postponing was not an option. A full online accelerator made sense for us, as historically, we had years of experience running our programs half online and off on-site.

Moving fully online was a natural transition – we had the infrastructure, a tried-and-tested framework for delivering content and mentorship in place. This also meant our teams could spend more time focused on their business instead of dealing with logistics during these uncertain times,” said Manav Gupta, Founder and CEO of Brinc.

Also Read: This is the era of virtual accelerators. Are you ready? 

Thankfully, this wasn’t going to be a completely new approach for Brinc. In 2017, we made a careful decision to find a balance between running a programme both online and offline. We recognised that it was a stretch to expect the best founders and startups to move their operations around the world for extended periods of time.

Instead, we optimised the process by requiring startups to be onsite at the programme’s location for just one month of the three-month programme. This allowed them to receive in-person support from our team, attend in-person mentorship sessions, and most importantly, share and learn from fellow founders. The remaining two months are usually hosted online to allow the startups to participate within the comforts of their company’s headquarters.

Online curriculum

To support the shift to a fully online programme, we decided to revamp our existing online platform along with a new and improved customised curriculum to enhance our support to founders.

New content was created, and our global network of mentors, experts, and investors  were onboarded to further support the founders in their entrepreneurial journeys.

How startups can benefit

Founders from the current cohort have been receptive to the new online programme.

Jing Gao and Jin Xiaoxuan, Co-founders of Aurora Foods who make sweet indulgences healthier and more diabetic-friendly with their patented glycemic lowering technology, said, “the three-month accelerator programme helped us get prepared in almost every area from product manufacturing and fundraising, to business communication.”

With a series of online tools (Zoom, Slack, and Brinc’s Learning Management System), we are able to access course materials anytime. The remote mode makes the whole program more flexible, efficient, and condensed, as there is no limit to geography or timing.

At the same time, the interaction is not lost, as weekly meetups with mentors and managers are scheduled, and we are well linked to experienced entrepreneurs, government agencies, and professional service providers for any form of engagement we need.”

Also Read: Why startup founders should look for sharks as mentors

Other founders have also highlighted how we’ve been extra supportive to their needs while operating in this new normal. However, as expected, most founders agreed that the online programme does lack some of the more intimate moments that are usually present when meeting in-person.

To try and enhance the experience, we added extra check-ins with the startups and hosted sessions dedicated to meeting the other founders. In addition, we are grateful to have mentors that have been very accommodating during this process and have offered to host multiple sessions for different time zones.

We hope to give these founders the same experience of joining one of our accelerators by inviting them to the next in-person programme. In addition, we will also be leveraging the strengths of our global operations to further expand the access to mentors, partners, investors, and other stakeholders all critical for long term startup success.

“The fully online programmes have really been an eye-opener. Overcommunication is key. Although I miss meeting all the founders face to face, we’ve done our best to get to know them even more during the online programme, especially with the help of the many communication tools that are available,” said Edwin Lee, Hardware and IoT Program Manager at Brinc.

In order to create the same level of serendipity with an online accelerator, we’ve relied on tools that help us navigate timezones and deliver good content such as our ever-present Slack channels; the Brinc Learning Management System for content; Zoom for all our mentor and expert sessions, our proprietary calendar system, Google calendar integration, and many more. Being flexible to time zones and at the same time, keeping a strong structure to the program, has been key in our ability to support the startups.

Going forward, we at Brinc are carefully monitoring the daily challenges that COVID-19 is creating within every city that we operate in. But our goal remains to provide the highest quality support to our startups and partners while keeping everyone safe and adhering to global and local health authorities’ standards. We hope to eventually bring back the physical attendance to our programmes as we believe this adds significant value for the development of our founders and their businesses.

For now, our upcoming programmes will remain online for the foreseeable future.

Brinc is currently accepting applications for its next programmes starting this Fall. Applications will be open until August 15 with the final selections being announced by October. If you’re interested in learning more about our accelerator programmes, visit this link.
–

Register for Meet the VC: Genesis Ventures

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

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

Image credit: John Schnobrich on Unsplash

The post How Brinc is shifting its accelerator programme online appeared first on e27.

Muhamad Fajrin Rasyid joins MDI Ventures as Chairman of Board of Commissioners

The story: Muhamad Fajrin Rasyid, co-founder of Indonesia’s e-commerce unicorn Bukalapak, has joined MDI Ventures as Chairman of its Board of Commissioners, according to a press statement.

His role: He will advise and oversee the firm and aim to increase its revenue.

The reason behind the move: According to Telkom Group, parent of MDI Ventures, Fajrin’s appointment is the part of the company’s push towards corporate digital transformation.

Malaysia’s Everpeaks raises crowdfunding via pitchIN

The story: Malaysia-based startup Everpeaks has raised US$340,000 via equity crowdfunding platform pitchIN, according to a statement.

Plans with funding: The startup will use 30 per cent of the funding to improve its technology solution and 20 per cent towards hiring.

It will also be making Malaysia its regional distribution hub to help European and American brands penetrate in the Southeast Asian market.

What does Everspeaks do?: It is a multi-channel e-commerce solutions provider that helps brands showcase their products to the global marketplace. It currently has partnerships with global brands like eBay and Amazon.

FundedHere joins ANGIN as a strategic shareholder

The story: MAS-licensed equity and debt crowdfunding platform FundedHere has joined Angel Investment Network of Indonesia (ANGIN) as a strategic shareholder.

What is ANGIN: ANGIN is an early-stage investment platform, which services investors, venture capital firms, foundations and corporates that desire to invest in Indonesian entrepreneurship.

Some of its clients include Amazon Web Services (AWS), UNDP, World Bank and many more.

Also Read: How Vietnam’s e-commerce firm Tiki manages to keep employee churn rate healthy

—

Image Credit: MDI Ventures

The post In brief: Bukalapak co-founder joins MDI Ventures as Chairman of Board of Commissioners appeared first on e27.

Startup founders focus on their product but often forget that building a business around it requires many stages.

Unfortunately, these two are rarely closely coupled, and navigating all the stages of building a business is typically the more challenging task. But I’m not one to rain on your parade.

Thus one of my first objectives as an adviser is to assess an entrepreneur’s current ability to navigate the stages of a new business, and then give them guidance and direct assistance on what to anticipate and how to prepare for it.

I found real confirmation of my approach and much practical guidance in a recent book, Entrepreneurial Leap, by a friend and cohort Gino Wickman.

In the spirit of helping you avoid some of our own learning experiences with startups, I will paraphrase here the nine key stages that he and I both see most businesses going through in their evolution from a startup to a successful and stable entity:

1. You can’t sustain a business without a positive cash flow

Even though profit may not be your driving motivation, you can’t sustain any business without generating cash. In most businesses, this means selling something, and proving that your product or service has value. Don’t delegate this cash management stage to anyone else in the business.

Also Read: TruTrip looks to cash in on the massive business travel market as the world emerges out of the crisis

2. Make sure someone is managing people and operations

Entrepreneurs are typically focused on the big picture–creating a vision, a purpose, and a long-term strategy. Building a business requires a stage of focus on execution and managing people accountably. Very few entrepreneurs can play both roles, so find a partner or hire an integrator to help.

3. Build a business culture to match your core values

For the business to prosper, every employee, and your customers, must know and relate to your core values, such as product excellence, care for the environment, and personal integrity. These are the timeless principles that must guide all hiring, marketing, and execution decisions.

4. Implement the key business metrics you will live by

This is the stage where you move from managing by your gut to managing by numbers. Identify the three most important metrics your business must hit every week to achieve growth goals. These will almost always be related to sales and marketing since they must tie back to cash flow.

5. Stay connected and engaged with your employees

A common entrepreneurial mistake is hiding in your office and assuming that everyone knows what is going on. People need to see and hear from you in a formal sense at least weekly. Furthermore, you should practice “management by walking around.” Give constant feedback, and say thank you often.

6. Build pivot plans early to recover from oversights

Every startup I know has had to pivot one or more times, no matter how certain they were of initial plan perfection. Thus you must constantly prepare for this stage by listening to customers, measuring customer value, and watching outside forces. Build change agility into all your processes.

Also Read: Fostering a dynamic business culture through digital change

Every founder has a story about the pivot that made their business, such as Starbucks’ switching to selling coffee from espresso makers, and Flickr’s from an online game to photo sharing. There are also many more stories of companies that pivoted too late.

7. Don’t try to do it all. Capitalise on your strengths

Stay in your personal sweet spot. Your challenge is to hire help just before you reach capacity so you don’t stop growth.

Each time, fill where you have the least interest and strength so that over time you enter the stage of doing only the things you love while using your talents to the fullest.

8. Don’t let your business grow beyond your comfort zone

Too many entrepreneurs get so caught up in the challenges of growing their business that they can’t stop, and the business gets away from them. This stage may eat all your profits, and your schedule makes you miserable. The answer is to learn to say no when you’ve had enough action.

9. Increase your focus on coaching, training, and mentoring

Every one of you entrepreneurs should recognise the stage in your business where your greatest satisfaction can come not from more growth. From the opportunity to share what you have learned with those who follow, and may carry your legacy forward.

Bill Gates is an example of someone who is in this stage and is now focused on using his insights and resources for the greater good through philanthropy.

Building a business should be and can be as exciting a journey as inventing and building your product.

I think you will find that both are hard with each stage challenging, rewarding and scary.

—

The article first appeared on nfinitiv.

Image Credit: Christin Hume on Unsplash

The post The 9 critical stages of building a business appeared first on e27.

Incomlend raises US$20M Series A led by Sequoia to expand its invoice exchange platform in Asia, Europe; To date, Incomlend claims to have facilitated over US$330M in financing and covered invoice finance trades across 50 countries; It has earlier raised funding from GTR Ventures. e27

SoGal Ventures closes debut US$15M fund, eyes second vehicle in 2021; The VC firm invests in early-stage, female-founded companies that focus on improving the quality of life, women and under-represented groups; The VC firm is associated with SoGal Foundation. DealStreetAsia 

ByteDance reportedly in talks with India’s Reliance for investment in TikTok; TikTok’s business in India, where it had amassed over 200M users before it was banned in late June, is being valued at more than US$3B; An investment in TikTok could help the oil-to-retails giant Reliance, the most valuable firm in India, make deeper connections with consumers. TechCrunch

Go-Ventures, Northstar Group, Wavemaker invest in eFishery’s Series B round; The agritech startup plans to open 100 ‘one-stop physical hubs’ for farmer across Indonesia by end-2020; The firm recently ran pilot in Bangladesh, Thailand, Vietnam; eFishery previously raised US$4M Series A in 2018. e27

‘APAC is rich in innovation’: Airbus Ventures Partner Lewis Pinault; The VC firm made its debut in Singapore with an investment in Transcelestial; It will soon announce its second investment in new and deep space capabilities; The VC firm had raised US$150M in 2016 for its first fund; It’s now in the midst of raising a new and larger fund. e27

Why digital lending services for MSMEs are the next big thing in SEA; MSMEs account for over 95% of all firms, contribute to 50–70% of employment, constitute 30–60% of various countries’ GDP; The MSME loan to GDP ratio remains low in most ASEAN nations and the situation is particularly severe in Philippines Indonesia. e27

Indonesia’s fishery products marketplace Aruna raises US$5.5M from East Ventures, AC Ventures, SMDV; The startup plans to scale ops into new domestic and export B2B markets; It claims it recorded an 86x revenue growth in H1 2020 v/s H1 2019; It recently ventured into home delivery service. e27

How Singapore nurtured foreign trio to build tech biggie Sea; It is the city-state’s biggest company by market value; Two of its co-founders David Chen and Gang Ye arrived in Singapore as teenagers under a government effort to recruit foreign talent through scholarship programs that began in the 1990s. DealStreetAsia

The golden age: SEA’s future as a leading digital gold hub; Indonesia, Thailand, Vietnam together account for over 80% of the region’s gold market; The combination of rapid digital adoption, enduring cultural traditions, and progressive government regulations will further develop the potential for digital gold and other innovations to come. e27

How to build a strong farmer engagement model for your agri e-commerce startup; In developed countries, many studies have shown that a direct marketplace between farmers and consumers help the farmers to retain 40-75% of a food dollar V/S a mere 15.6% in a corporate chain; In developing countries, where agriculture contribution to GDP is in double digits, e-commerce will be of significant benefit to the lives of farmers. e27

The future is hybrid: What will events look like post-COVID-19?; Physical events may be impossible for now, but they will still be a part of the post-pandemic world; From live streaming events to remote viewers outside conference venues, to chat rooms that facilitate interaction between online viewers and participants on-site, digital elements will see greater implementation in physical events as they prove their worth. e27

What entrepreneurs can learn from the TikTok debacle; Personal data collection involving an individual’s interests and interactions drove algorithms that curated personalised and engaging content for users and in turn, significantly increased the appeal of TikTok; Entrepreneurs, particularly those in the B2C sector, need to effectively harness data to understand customers and improve the user experience. e27

VCs get behind disaster-tech (D-Tech) in search for innovative life-saving technologies; To help D-Tech startups grow, VCs can play a significant role by acting as connective bridges with the government and established institutions. Furthermore, the backing of a reputable VC can provide much-needed credibility to early-stage startups. e27

Temasek, Bayer form new company ‘Unfold’ to develop vegetable seed varieties for vertical farming; Unfold has already raised US$30M from the two firms; Unfold will utilise seed genetics from vegetable crops and develop new seed varieties that are tailored for the unique indoor environment of vertical farms. Channel News Asia

Using video humanises the online experience; In today’s always-on virtual world, cutting through the clutter is becoming paramount, and video technology is empowering retail brands to showcase their offerings in interactive and more meaningful ways. Internet Retailing 

The booming e-commerce in the Philippines: What it means for investors; The country’s huge retail corporations are now transitioning more and more to focus on online sales, and hundreds of startups and SMEs are geared to progress the industry forward by creating new solutions for consumers to purchase goods and services from their mobile phones. GovTech

Lazada joins government, MDEC’s campaigns to support Malaysian SMEs; Lazada has over 320K SMEs nationwide on its marketplace with more than 200% increase in new local sellers on-boarded in H1, 2020; The partnership with Lazada last year brought ‘Buy Malaysia’ onto a leading e-commerce marketplace and resulted in an uplift of 3,800% in contribution from local sellers on the platform to the domestic economy. Bernama

Asia is emerging as a paytech powerhouse; One emerging trend that’s worth following closely is AI-powered payments using voice command; IoT payments too are set to be becoming more commonplace in the near future; Investors’ infatuation with Asia’s paytech industry has led to the emergence of a burgeoning sector. Fintech News

Philippines central bank BSP joins digital currency race; BSP’s interest in central bank digital currencies (CBDCs) comes at a time when digital payments are on the rise in the nation; In Asia, Thailand, Japan and China have been experimenting with CBDCs. Fintech News

Singapore smart nation: Establishing a digital community through hub networks; To accelerate the Smart Nation Initiative launched in 2014, IMDA is setting up around 50 SG Digital community hubs to get everyone on board in the digitalisation process; Digital ambassadors will assist every private individual, worker and company as they move through the process of using technology to enhance their lives and businesses. Tech Collective

SingPost partners logistics startup Shippit to widen SMEs’ access to courier services; Through this partnership, Shippit’s SME customers can access a larger range of delivery options, including packages delivered directly to Pick Own Parcel Stations, or POPStations, and letterboxes. SGSME

MDEC, Huawei sign MoU to spearhead Malaysia as ASEAN digital hub; It aims to develop a robust digital economy including ICT infra, 5G, AI, Big Data, IoT and digital tech talent; The partnership will see the sharing of best practices and knowledge-sharing between both parties. Digital News Asia

New Accenture study reveals emerging trends in digital health; The trends relate to digital patient experience, AI, smart devices, robots and innovation; The future of AI is already in the works, with 69% of healthcare organisations saying they are piloting or adopting it. MobiHealthNews

Exploring the role of AI and automation in education; By providing a platform that merges content with evaluation, the instructor can easily, through the use of AI, monitor and track the students’ progress. The massive advances in AI over the past seven years have allowed machine learning to use algorithms to analyse a substantial amount of data. Tech Collective

JobForesight, the first Singapore startup from Oxford incubator, launches Careershe; The career advice app helps students aged between 15 and 25 learn more about the world of work, providing them with guidance in the available pathways towards their desired careers. Techcoffeehouse.com

—

Image Credit: 123rf.com

The post Ecosystem Roundup: Sequoia leads US$20M Series A in Incomlend; TikTok in talks with India’s Reliance for investment; eFishery, Aruna raise funding appeared first on e27.

The legal field is one where the implementation of Artificial Intelligence (AI) can be valuable — and is long-awaited for, considering the challenges faced by both industry players and clients today.

“Nearly half the world has no access to legal systems. Then in most countries where there is access, there is a huge backlog,” Dr Anton Ravindran explains to e27.

“Thirdly, for most of us, litigation is both expensive and time-consuming,” he continues.

Dr Ravindran is the founder of SmartLaw, a Singapore-based legal tech startup that utilises its team’s expertise in data science, AI, and machine learning to develop solutions for both lawyers and individuals. In their work, the startup aims to digitalise the legal process to make it more affordable and accessible.

During our call, Dr Ravindran expresses how some lawyers were a bit reluctant when they were first introduced to the concept. “What if I am being replaced by AI?” was a common response.

But Ravindran points out that it will not be the case. “AI and machine learning, amongst other technologies, can mitigate these challenges and move the traditional legal system to online. It is very conceivable that in the near future, lawyers and machine will work side by side and the courtroom becomes man and machine intertwined.”

Also Read: Legal tech platform INTELLLEX raises US$2.1M funding round led by Quest Ventures

Making legal decisions easier

So how exactly does the SmartLaw platform work? The startup helps law firms or lawyers, as well as the public or the clients, to make a better legal decision by using AI and machine learning.

So far, it has developed two key features –Predictor and eDiscovery– for two areas of law: Criminal and divorce matters.

The Predictor modules predict sentencing outcomes, Dr Ravindran explains. It extracts past precedents and verdicts which are relevant for lawyers to mount their defence.

The eDiscovery module extracts past precedents and verdicts which are relevant for lawyers to mount their defence. All of this process happens in just “split seconds,” according to the startup.

It also has ancillary services that provide online access to features such as uncontested divorce, probate, Lasting Power of Attorney, and Deputyship Complex Wills for clients. In the status quo, to have these services done, clients will need to go to a law firm. But the platform enables clients to receive the legal assistance they need at home.

“For clients, when they are faced with a legal issue, they can leverage from legal tech solutions such as ours to decide whether they should pursue a lawsuit or not to resolve the dispute. They can even approach a machine in the first instance for confidentiality reasons, if charged with a criminal offence, by way of example,” Dr Ravindran elaborates.

“This is because they can now predict the sentencing or expected outcome of a dispute resolution at the onset of the matter. Secondly, they can leverage from technology to resolve disputes without having to engage lawyers and/or going to court,” he continues.

Also Read: Indonesian legal tech startup Legalku raises seed funding from UMG Idealab

With this, the technology is expected to help lower the cost of legal options and reduce the lead time to resolve disputes.

At the moment, the startup is in the process of developing its third module, which will likely be in medical negligence or construction and real estate.

The past and the future

The idea for the SmartLaw platform came up when Dr Ravindran had a discussion with family and friends –who happen to be lawyers– about the potential of AI and machine learning in addressing the challenges faced by them. These challenges include the lengthy process of reviewing documents and extracting relevant precedents.

“Natural Language Processing (NLP) and semantic analysis can be used to address these issues hence allowing lawyers to spend their valuable time and expertise to focus on the real legal issues and in preparing their defence,” he points out.

As a startup founder working in the intersection between tech and the law, Dr Ravindran believes that founders should work hand-in-hand with the experts.

“There are inherent complexities in the field of law and to develop solutions we must appreciate the nuances of the law, so that we can make the machine understand these nuances,” he explains.

At the moment, SmartLaw is self-funding its operations for the past nine months and Dr Ravindran intends for it to “skip the first few steps” startups typically take to raise funds.

“We intend to develop the product, acquire clients before we look for the valuation of the company, and its future funding needs. Our focus is on product development and we will then be open to various strategic options, including a strategic alliance with law firms and/or VCs for further growth,” he elaborates.

Also Read: Today’s top tech news, February 13: First legal tech startup accelerator to launch in Singapore

The company’s next big plan is to explore other disciplines with the legal system as well as to regionalise its offerings by including the law from a jurisdiction other than Singapore.

“The pandemic, on one hand, has caused some delays in the progress as we wanted to regionalise our offerings and adopt other jurisdictions. But on the other hand, legal tech has probably got a shot in the arm because of COVID-19, as courts have moved to Zoom or online in that sense,” Dr Ravindran says.

“Technology is probably the only winner in this pandemic. If not for technology, many functions of society would have been paralysed,” he closes.

—

Image Credit: SmartLaw

The post Assisting both lawyers and the clients, SmartLaw builds the case for the use of AI in the legal field appeared first on e27.

Hiring and retaining talent is one of the biggest challenges for the Human Resource department of any organisation, big or small. The process is even tougher for early-stage ventures and startups, which often lack the financial resources to attract the right talent and retain them.

More often than not, many people leave the employ when they find a better opportunity, just weeks or months after they joined a company, which could even affect its growth. This always puts companies in a crisis mode.

It is a universal problem and there has not been a ‘quick fix’ to address this, other than make the workplaces employee-friendly, encourage great culture, and provide perks and incentives. Liberal leave policies and access to top management could also make a difference.

Southeast Asia, which is rich in talent, is no different. Irrespective of the size, organisations find it cumbersome to hire people, a process which consumes a lot of time, energy and money.

E-commerce honcho Tiki, which employs nearly 3,000 people across Vietnam, also faces these HR challenges.

Here, in the first episode of e27‘s deep-dive content project, Chief People Officer Sakshi Jawa shares insights into the company’s hiring process and how it addresses the challenges of discovering and retaining talent — in her own words.

Skilled talents are not easy to get

E-commerce has been one of the fastest-growing fields among all industries. In the region, Tiki is one of the fast-growing and leading e-commerce companies. Due to this growth, we need to take quick actions and quickly switch gears.

Also Read: Tiki reportedly raises US$130M in funding led by Northstar Group

Hence, along with the fact that all companies are looking for candidates with good technical skills, we also have the challenge to recruit people who can adapt quickly with our changes and are always willing to learn and try new things to lead the change.

Secondly, with many new tech firms, there is a lot of competition in the market in attracting engineering talent. As a result, skilled software engineers are not easy to get. We have had many changes in the recruitment process and candidate evaluation methods, career pathing, job rotations, and competitive pay scales with total reward philosophy. This holistic approach helps us to be competitive and get top engineering talent.

On discovering talents

We believe in leveraging internal resources to hire talent. Our internal team can gauge the best cultural fit, versus external agencies. Our acquisition team is built as an internal headhunting service and a lot of the team members have experience in working in different recruitment consultant agencies.

Based on the type of vacancy, we use different media or platforms. It can be a combination of activities on various platforms. As for some critical positions, we also run marketing campaigns to promote those jobs.

Besides using traditional recruiting channels, we have built a candidate database proactively to store all candidate profiles who applied to Tiki or are interested in Tiki. From this source, we can be more active in discovering potential candidates.

Moreover, we also pay attention to employer branding activities to maximise our exposure to mass candidates, such as updating our internal activities and Tiki initiatives on career sites, and accompanying universities and colleges to support students.

This contributes to building the image of a young, dynamic and eager-to-learn workplace, as well as helping candidates understand more about the business culture.

On referral programmes

At Tiki, we have made the candidate referral programme an interesting activity. Besides providing an incentive to employees who successfully refer to talent, we have gamified the programme to make it more fun.

After an employee refers to a successful case, he or she will be offered reward points. He or she can accumulate these reward points to compete for a big monthly or annual prize.

More than that, we look at the referral programme as an employee recognition programme and their dedication to Tiki.

On verifying social media accounts of candidates

In needed cases, we will refer to reliable documents and data such as background checks or reference checks to verify the information needed.

Social media accounts that are profession-driven such as LinkedIn may be a referral source, but not the platforms to base the final hiring decision. We have strong interview tools which we believe help us in making the right hiring decisions.

The interview process

We always want to meet the talented candidates and appreciate the chance to collaborate with them. Moreover, we believe in culture fit which might bring more impact and retention, not just the technical fit.

Also Read: How AI is helping Tiki address price hike, fraud, product quality issues during the outbreak

Depending on the level and type of job opening, we would invite the candidate to join the phone screen first as a preliminary round. A home test or on-site test might be required for some special technical skills after the phone screening round.

Then the face-to-face loop interview (three to four rounds) will be set up to gauge the technical skills and culture fit of the candidate. A final calibration or a debrief session for all of the interviewers is then held to make the final hiring decision.

We strongly believe that a rigorous loop interview is not only a chance for Tiki to have the right hiring decisions but also a chance for candidates to understand more about our culture, the scope of work and how he or she might fit the team.

Having multiple interviewers also helps us ensure that the hiring manager’s decision is not biased due to the urgency of the position.

On-boarding

We strongly believe that a good start and relationship is not only built from the on-boarding day but also gained from the very first step of approaching the candidates. Employees need to be well prepared and be equipped with enough information about company processes and policies, as well as the role.

It’s never enough to state that we are doing great. At Tiki, we always do our best to improve day by day to make sure that we could bring a pleasant experience for candidates and employees.

We always have an office tour, orientation sessions and especially the buddy programme to make sure that a newbie could receive the support timely. We also run surveys for the new joiners to help us improve every day.

We are currently running some projects to further enhance the new joining experience.

Employee churning 

We regularly conduct market research to collect data related to the churn rate; not only focus on the local market but also the regional market. Based on that, we can benchmark ourselves and adopt best practices.

Currently, our churn rate is healthy as compared to the market. We take the total reward approach, which we can ensure for both short-term and long-term benefits and varies with levels of performance.

We also have a robust internal transfer policy that helps employees take up new challenges and learn new things. It is both compensation and benefits (C&B) policy and opportunities to learn and make differences that retain talent at Tiki.

On eliminating frauds

Tiki’s DNA is ‘living and breathing customers’, obviously shown by the strong commitment to providing authentic and quality products to customers.

Likewise, we look for candidates with the same philosophy, no toleration for giving fake documents or degrees. We will take action when there is a case.

On leave policy

We have a young population who have a great passion for their career, so maternity or paternity leave needs to be competitive and favourable for our employees.

Tiki was the best workplace in Vietnam’s e-commerce and internet industry in 2018 and among best places to work in Asia in 2019. These show our great desire to apply the competitive benefits to our members, not only in the Vietnam market but also in the region.

Also Read: How AI is helping Tiki address price hike, fraud, product quality issues during the outbreak

While we are pretty competitive in the local market, we want to compete on benefits at the region level. We are in the process of building a new benefit programme which will be launched next year to bring more happiness to our Tiki’s members.

Foreign employees

Tiki is a local technology champion, not only offering the best products and services to customers but also nurturing Vietnamese talent pool.

Tiki, moreover, is in the process of transforming, in which we aspire to value the diversity and build a global culture. We are also a learning organisation, so we welcome the participation of people across the globe.

This not only helps us learn the international knowledge and mindset in all activities but consolidates our ambition and long-term development vision as well. As of now, we have employees from 8 different nationalities working with us.

Founded in 2010, Tiki is a fast-growing B2C e-commerce platform. The platform initially sold e-books, but it has since diversified to become an all-encompassing marketplace, selling goods such as toys, digital devices, lifestyle and beauty products.

In June this year, Tiki reportedly raised US$130 million, led by Singapore-headquartered PE firm Northstar Group. Prior to this, it received US$44 million from Chinese internet giant JD.com in November 2017. This figure was twice the amount Tiki secured from Vietnamese internet group VNG in 2016 — a US$17 million funding that gave VNG a 38 per cent stake in Tiki.

In August last year, Tiki.vn acquired local online ticketing platform Ticketbox.

—

Image Credit: Tiki

The post How Tiki manages its hiring process appeared first on e27.

Singapore’s blockchain accelerator Tribe goes virtual

The story: Singapore’s government-supported blockchain accelerator Tribe will be going virtual for its third cohort. The batch consists of 10 blockchain companies operating in the health-tech, fintech, supply chain, data and cybersecurity industries.

Here are the 10 startups enrolled in the programme:

Accredify:  An edtech management company that resolves the issue of fraudulent certifications and transcripts across educational institutions.

Hashstacs: A fintech development company that builds enterprise blockchains (STACS blockchain) for banks and stock exchanges.

Humanscape: A healthtech company that increases the chances of developing cures for diseases through collection and provision of clinical, genetic, and health data on the blockchain.

Merkle Science: It provides blockchain transaction monitoring and intelligence solutions for government institutions to detect, investigate and prevent money laundering, terrorist financing, and other criminal activities.

Quantstamp: A blockchain-enabled smart contract security company.

Chainstack: It enables businesses and governments to leverage multiple blockchain networks to facilitate the deployment, orchestration, and management of decentralised apps

Sentient.io: It provides AI and data solutions integrated closely with a Data Alliance (DA) blockchain fabric.

Shalom International Movers: It encompasses a range of logistics solutions to insure high-value cargo and facilitate dispute resolutions.

Tramés: It enables diverse parties in global trade to seamlessly connect and securely exchange information.

Xfers: A blockchain-enabled ledger for payment methods that reduces efficiencies present in domestic and cross-border fund transfers.

SaaS startup Base.vn launches HRM solution

The story: Base.vn, a Vietnamese software-as-a-service (SaaS) platform, has announced the launch of Base HRM, a “comprehensive” HR solution with 20-plus integrated apps.

The 20-plus apps cover four areas  — organisational design, attendance management, performance management and people development. Developed together on Base.vn platform, these apps can be easily integrated and exchange data with one another, while the core business problems are handled separately and optimally.

“By helping companies to build up a framework for HR and giving them real time data about everything related to their management, we hope that companies would fix things faster and renovate faster. That’s our main mission in building HRMs and we know it’s a long way,” said Pham Kim Hung, CEO of Base.vn.

COVID-19 set to push digital pay up to 37% by FY2022 in India: report

The story: COVID-19 has been leading to a shift in habits, one of which is the switch from cash to card payments. In a report titled Indian Mobile Payments, India’s digital payment volumes will increase at a compounded annual growth rate of 37 per cent, according to The Economic Times.

The trend: The only time this trend was seen was when previously there was a currency ban of some notes in India in a report by RedSeer Consulting.

This habit is also being largely seen among users in smaller towns, both on the merchant and consumer payment side.

“Demonetisation of November 2016 acted as a trigger point in India’s digital payments story when the ‘common man’ had his first interaction with cashless payments,” said Anil Kumar, founder and CEO of RedSeer. “The outbreak of Covid-19 has brought about another major turning point in this journey.”

Indian startup DaveAI raises funding

The story: Bengaluru-based Artificial Intelligence sales augmentation platform, DaveAI, has raised an undisclosed amount in pre-A funding.

Investors: Mumbai Angels Network, GHV Accelerator, IIIT Technology Venture partners and Mr Mohan Kumar, CEO of Crestere Technologies

What does the startup do?: Dave.AI is a platform that creates virtual sales avatars. Its avatars can be deployed on web, kiosks, VR and AR. DaveAI is a Nasscom Deeptech club member and part of Intel’s Maker Lab, an accelerator programme for hardware startups by Intel India.

Also read: e27 webinar: Sailing through COVID-19 crisis with mindfulness meditation

—

Image credit: Tribe

The post In brief: Singapore’s blockchain accelerator Tribe goes virtual for batch 3 appeared first on e27.

Within Southeast Asia, the financial services industry holds a tremendous potential that could be unleashed if fundamental underlying challenges are addressed.

Out of a population of 570 million in Southeast Asia, more than 70 per cent of the adults are “underbanked” or “unbanked” and have limited access to financial services. In addition, millions of micro, small and medium-sized enterprises (MSME) face large funding gaps.

According to Bloomberg more than one in three MSMEs expect their need for financing to increase in the future. The funds will likely be used to invest in new technologies, as solutions used on a daily basis evolve; and business opportunities as they arise.

MSMEs are seeking sources of funding that are available ‘on-demand’, enabling them to respond to opportunities and threats that quickly arise.

Traditional funding options are failing to meet the demand and hence MSMEs are looking for ‘alternative’ funding options that can meet their needs.

According to Bloomberg, based on the findings that businesses are increasingly adopting novel digital tools and platforms, a logical next step for MSME could be to seek out complementary, non-traditional microfinancing solutions when it comes to funding.

The importance of MSME and the funding gap

MSME plays an important role in the Asian economy. Although estimates vary, several sources suggest that MSME account for over 95 per cent of all firms, contributes to 50–70 per cent of employment, and constitutes 30–60 per cent of various countries’ gross domestic product.

The MSME loan to GDP ratio remains low in most ASEAN nations, with figures ranging from three to 34 per cent. The situation is particularly severe in the Philippines and Indonesia, both of which have ratios in single digits.

Also Read: How fintech can help reach the unbanked and underbanked in Southeast Asia

Malaysia and Singapore fare better with 55 per cent and 36 per cent respectively, while Thailand leads the way with 105 per cent of the GDP ratio in SME loans.

According to studies, the vast majority of MSMEs in Southeast Asia currently fund their businesses with their own savings (90 per cent), or rely on family or friends (40 per cent).

Why is there a funding gap?

A lot of MSMEs have little to no resources and some lack even the most basic business skills, such as how to add a markup to products or filling out business loan applications.

Approximately 80 per cent of MSME say they want to borrow but lack access to affordable credit.

The top four reasons why MSME are struggling to get a loan:

• High interest rates
• Troublesome process
• Don’t know where to go
• Application rejected

And so MSME remains a largely underbanked segment in most markets within Southeast Asia.

Why are traditional banks not filling this gap?

• The costs to provide a US$5-10,000 loan are high so banks won’t find it worth the effort
• A general lack of data on the financials of the MSME for the banks to give a proper credit rating
• Banks lack the digital infrastructure to analyse and disperse smaller loans
• There’s a general risk-averse perspective on unsecured loans also because other bank products might be more profitable and less risky

And so technology-enabled business models that offer a more effective way to serve MSME are leading the way and are creating new market opportunities.

Customer gatekeepers

Established players risk (partly) losing the MSME segment to new (technology) players that can use nontraditional data sources to create access and supplement underwriting, and offer a broader suite of products and new delivery models (such as offline-to-online platforms) to address the needs of MSME.

New players that can serve as a customer gatekeeper will have an advantage in the battle for MSME. Innovators that offer a vertically integrated solution to meet different MSME merchants’ needs will gain marketshare.

Offline-to-Online

Fully digitalising the process immediately is not realistic and in the next five years we will need hybrid solutions where data is processed automatically while keeping in-person interactions to create trust and provide guidance.

Underbanked MSME in Southeast Asia generally still rely on the physical presence of a bank to handle their finances. Some innovators are closely working together with banks to utilise their existing physical retail presence.

Others have integrated with point-of-sale systems or accountancy software and leverage existing trusted business relationships.

However, one can expect that the offline element will almost completely disappear in due time as has already happened in more advanced markets like Singapore, several countries in Europe and the US.

Which countries and who is disrupting?

Southeast Asia is a huge market, but it is an extremely fragmented region. There are 11 countries, each differs significantly in terms of regulation, economy, infrastructure, and culture.

This space has been heating up and a range of players have launched over the past few years and are trying to get a piece of the pie. Some working closely together with banks, others launched P2P lending platforms and some players have even obtained a license to lend directly from their balance sheet.

Some examples:
Funding Societies (Singapore + Indonesia): Kelvin Teo, co-founder

“Even if we focus on bigger markets such as Indonesia or its capital Jakarta, there are nuances working with people who come from the 17,000 different islands in Indonesia. Each time we enter a new country, we need to rebuild the business from scratch. And for most parts of Southeast Asia, regulations are still unclear, credit and fraud risks are high, and the legal framework does not provide meaningful recourse for lenders. Hence we paid quite a bit of ‘school fees’ in terms of time and resources to build and scale.”

Grab Finance

When you start a small business, you’ve got big dreams. And GrabFinance is here to help. We’re committed to empowering SMEs across Southeast Asia with funding, tools, and insights so they can reach their goals, no matter what they are.

Offline-to-Online problem remains

Few innovators seem to have tackled the offline-to-online problem in a scalable manner through and so the real customer (MSME) gatekeepers still have to emerge.

This is likely due to the fact that these players have mainly focussed on their internal operations and credit algorithms to keep default rates low, rather than purely focussing on building new channels to grow loan origination.

Also Read: Banking the unbanked: Have cryptocurrency project achieved the most claimed utility of the blockchain?

Next to this, there’s a large group of ‘advanced’ MSME, such as e-commerce businesses (vs. brick-and-mortar), that can be accessed without having to solve the fundamental offline-to-online problem.

Lending is the biggest opportunity

By 2025, digital financial services are expected to generate revenues of about US$38 billion and account for 11 per cent of the total financial services industry.

Digital lending is expected to grow 33 per cent annually to reach US$18 billion by 2025, replacing digital payments as the largest contributor to the digital financial services revenue pool.

Google and Temasek have predicted that SEA’s loan book will increase two-to threefold reaching $110 billion by 2025.

Regulations needed to reach full potential

Attaining the full revenue potential requires several factors to fall into place, including continued investment and incentives to stimulate innovation and user adoption. But the biggest uptick will come from supportive regulations and government policies.

ADBI in 2019: While several legal and regulatory challenges remain and the resilience of these new funding models have not yet been tested in a downturn, new technologies have already started to transform SME financing.

We can conclude that digital lending services are a large opportunity in Southeast Asia. Multiple players have entered the market over the past few years and are trying to ‘crack’ the problem.

It seems that the complete recipe for success is still to be invented but a winner in the market likely looks like this:

A strong (offline-to-online) customer gatekeeper with a scalable business model that is supported by the government and has a vertical integration with third-parties to collect data and disperse loans.

Such a winner might come from an unexpected corner such as a point-of-sale company or a provider of accountancy software that has an established relationship with MSME.

–

Register for upcoming webinar: From zero to 100: How to grow your startup workforce

Register for Meet the VC: Genesis Ventures

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

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

The post Why digital lending services for MSMEs are the next big thing in SEA? appeared first on e27.

eFishery, an online platform for fish and shrimp farmers in Indonesia, has announced the closing of its Series B financing round, co-led by Go-Ventures (a VC fund with gojek being its cornerstone investor) and Singapore-based PE firm Northstar Group.

Existing investors, including Wavemaker Partners and Aqua-Spark (a sustainable aquaculture investment fund), also joined the round.

The size of the investment has not been disclosed.

The money will be used to strengthen its product development and grow the team. “This new funding will allow us to grow the company, roll out across Indonesia, and achieve our vision of being a leading aquaculture intelligence company,” said Gibran Huzaifah, Co-founder and CEO of eFishery.

Launched in 2013, Bandung-based eFishery offers an end-to-end platform providing fish and shrimp farmers with access to feed, financing, and markets.

Also Read: eFishery, Shiok Meats co-founders on MIT Technology Review’s list of emerging innovators from APAC

It has four main products:

eFisheryFeeder, a device that enables automated feeding for fish and shrimp, which can be monitored and scheduled via a smartphone;

eFisheryFeed, which provides farmers with quality fish feed at affordable prices;

eFisheryFund, which helps farmers gain access to funds to grow their business;

eFisheryFresh, an online platform to connect Indonesian fish farmers with their customers (both end consumers and merchants).

The startup recently set up eFisheryPoint, a one-stop physical hub located near the farmers to allow them to access the firm’s products easily.

At these hubs, farmers can purchase eFishery products, sell their fish, or participate in other engagement activities, such as arranging product training, product demos or repairs.

Currently, there are 30 hubs in Indonesia, and it plans to open 100 new ones across Indonesia by end-2020.

“eFishery’s products support tens of thousands of fish and shrimp farms in over 180 cities, based in 24 provinces across Indonesia. There are some 3.3 million fish farms across Indonesia. Our most effective sales channel is marketing our products directly to the farmers by arranging field visits. With the launch of eFisheryPoint, which allows us to engage with farmers easier, as well as our efforts to penetrate the domestic market further, we are aiming for a 10-fold increase in our business,” added Huzaifah.

eFishery raised a pre-Series A round in 2015 and a US$4-million Series A round in the late 2018.

The firm also has plans to double its team of 250 employees by the end of 2020.

Also Read: Indonesia’s agritech industry is at an inflection point

The business has been profitable for the past two years.

“Although we started some pilot trials in Bangladesh, Thailand, and Vietnam, our main focus for the remainder of 2020 will be to secure our position in Indonesia through scaling up our products and creating more strategic collaborations. Once we have built a strong and replicable model throughout Indonesia, we will then be ready to explore expanding regionally,” Huzaifah concluded.

—

Image Credit: eFishery

The post Go-Ventures, Northstar Group co-lead eFishery’s Series B round appeared first on e27.

Indonesian startup Titipku is based in Jogjakarta, a city known for being a hotbed of tech talents and a budding startup ecosystem — something that co-founders Ong Tek Tjan and Henri Suhardja do not take for granted.

Suhardja and Ong speak to e27 for an exclusive interview to explain the idea behind Titipku, a location-based marketplace aimed to facilitate MSMEs and sellers in traditional markets to go digital.

From early on, Suhardja immediately pointed out the uniqueness of the dynamic duo. “Our age gap is more than 20 years,” he says, which prompts the question on how they got together in the first place to run the business that was established in 2017.

“I first knew Ong when I came to Jakarta and joined an entrepreneur WhatsApp group. I first approached him for a light discussion. Then he shared his business idea and I was intrigued by the idea of helping traditional sellers go online, so the rest is history,” Suhardja recalls.

Ong had 26 years of banking experience. In October last year, he resigned from his director position at PT Bank Sahabat Sampoerna to go all-in with Titipku with Suhardja, who is also an investor in three F&B MSMEs.

Ong adds that the fact that they both shared an alma mater in Gadjah Mada University make it seem like a match in heaven. They were joined by other four co-founders: CFO Ian Stephens, CTO Fransiscus Pandhu, COO Stephanus Deo, and CMO Faradhita Delicia.

Also Read: Why digital lending services for MSMEs are the next big thing in SEA?

Why Jogjakarta

Ong and Suhardja agreed to set up Titipku in Jogjakarta because MSMEs and traditional markets have been defining the lifeline of the city for centuries.

“More than other big cities, we see that traditional markets and sellers are the souls of Jogjakarta, and they are precisely why we started Titipku: so they can keep up with the digitisation around them and gain something from it,” Suhardja says.

“Besides, the cost of running a startup business from Yogyakarta is far more affordable than say, Jakarta, where startups are flocking and crowding the scene. Here, it’s much quieter and we can focus on tackling Yogyakarta first,” Ong adds.

Helping MSMEs going digital is not something novel in tech startups, especially in the time of COVID-19, where physical contacts are discouraged. But digitalisation is particularly challenging for older sellers who were previously almost untouched by technology.

With an idea to solve a problem, come the challenges of implementing it on the field: How to convince these traditional sellers to go online.

Enter the Explorer.

Explorer is the name given by Titipku to the younger generation or anyone interested to help and get extra income by onboarding these elderly sellers into the app. Explorers are the ones who visit traditional markets to properly onboard sellers by taking pictures and creating their profiles on Titipku.

“We believe that this is something that would benefit both Explorers and the MSMEs, to connect them in such a way that happens under one ecosystem,” Suhardja explains.

Also Read: Lesson from the failure of several startups in the sharing economy

Besides Explorers, Titipku also has Nitiper and Jatiper, other terms they use in addressing the customers and the couriers, respectively. Together with Explorers, Titipku aims to create an ecosystem that is centred around helping the MSMEs thrive digitally.

“I’m gonna make you an offer you can’t refuse”

Made famous by The Godfather (1972) movie, the quote captures the essence of what Titipku is trying to do.

With gojek and Grab dominating the on-demand services scene, the question remains the same: How can the rest of the newcomer providers compete to get the attention of the market? Might as well pivot or start with something entirely different that has not been taken by the archnemesis.

Titipku confidently comes in with the offer of share vouchers for three parties that are involved in helping MSMEs going into the surface: Explorer, Nitiper, and Jatiper.

“Each of them gets a share voucher that’s worth US$0.017, that is multiplied every time they board new MSMEs into Titipku’s app and a transaction happens,” explains Suhardja.

The decision to let their shares be owned collectively by all of the members of the ecosystem is an approach that not every startup is willing to take.

On this, the co-founders share their takes. “I was intrigued by whether or not being an on-demand courier … is a sustainable profession in the long term. I mean, what do these people gain in the long run if they keep being a courier? There is no guarantee of financial security for these people,” Ong explains.

“The usual rewards such as points can be redeemed anytime, but this won’t sustain them. So we figured, why not our company’s shares?” Suhardja adds.

With this being their main offer, the hope is that members of the ecosystem will be encouraged to onboard more MSMEs and bring them into visibility.

Also Read: BukuKas makes book-keeping easy for Indonesian MSMEs to save money and time

“This also serves as a tool for us to work even harder, so our company can one day go public. Then these people who’ve been with us since the beginning can get the financial security or at least the rewards from all the voucher shares they have worked for,” says Suhardja.

What’s still missing

MSMEs account for 60.34 per cent of Indonesian Gross Domestic Product, which according to data provided by Titipku, is worth US$150 million. It is also the backbone that can help bring people out of poverty and can create 120 million jobs.

Titipku also believes that supporting MSMEs can bring forth economic equality tools for the people, even in the remote area.

However, even with Indonesia being the fifth country with most internet users (143 million users in total), local products produced by the MSMEs only contribute a total of seven per cent of online transactions.

“This is what we wish to change,” Ong says. By empowering MSMEs in going digital, Titipku believes it has solved the MSMEs’ number one problems of access to a loan with its approach.

“Most of these MSMEs are unable to get loans because of its high-interest rates, so we seek to solve this by bringing them online through our Explorers, who act as their salesperson,” explains Suhardja.

With the shares vouchers, on the other hand, the company wishes to change the “quickest way to get money” mindset most startups and people joining on-demand professions are used to.

“We want this to also be a tool to educate people on financial planning, that if we work together towards a common goal, we might be able to succeed together. Nothing in this world is free, and the free offer is not something that will last,” Ong closes.

–

Image Credit: Titipku

The post Everybody is helping MSMEs go digital today, but Indonesia-based Titipku aims to do it differently appeared first on e27.