How do you avoid being part of that 90 per cent of startups that failed?

There’s always a dream behind every startup; loaded with ambitions, desires, and irreplaceable persistence. So – why do startups fail? If entrepreneurs know what they want and are on a mission with total conviction, what stops them from achieving it all?

Are bad ideas the reason that startups fail? No – Google was also considered a bad startup idea when it was proposed. But then, it’s not always the idea that costs your business, sometimes it’s for a  few other reasons, including the A-team.

The personal readiness for the role

Most early entrants into the startup world may find it exhausting. There are cases where entrepreneurs take out equity on their own home. Also, putting themselves and their family members in continuous debt is not new – we often hear of similar cases in the entrepreneurial ecosystem.

Plunging into a business may leave you in a position where it gets tricky to circumvent such problems.  It is critical you stay prepared. You will be under pressure to balance your emotions as you pursue your startup dream; to move fast in business and still keep good mental and physical health, as well as develop a compassionate mindset.

Ask yourself if you are ready to invest ‘all-in’ of yourself in this new role? Consider consulting your friends, family and the closed ones. Maybe it is just the right time for you and the right version of you as you decide to begin this entrepreneurial (mis)adventure.

What does the market research say?

You have successfully launched a business, but have you researched about the market demand for the product or services you offer? It would be important to conduct such surveys as they help gauge whether your idea will turn out to be a successful one. Also, it helps you to identify existing problems that your potential users are facing and gives a clearer idea of what the solution should look like.

It’s difficult to be fully sure that you are the first one to roll out such offerings as there may be some similar business offerings. Reach out to them or at least read about them to identify whether they have succeeded? If no, why did they fail? You will need answers to these questions and find out a way to differentiate yourself in the market.

It all boils down to how you execute the offerings once the market research is done. Some of the businesses that fail to launch their MVP can attribute it to their lack of execution discipline, as well as a lack of brand to lean on. Some businesses fail because they go all out without conducting adequate market research and they try to peddle products that are not required at all. Sometimes the product may evolve as an experience but then it may also limit the number of re-purchases.

Also Read: How Go-Jek evolved from a startup to a tech unicorn in less than 10 years

But then, what if your market research fails? It may happen that this will have you pushing your products towards the incorrect target market. What if your data on the market size is wrong? The product positioning may cause your business to veer off in the wrong direction even before it is launched.

Keep the answers of these three questions ready before you are ready to launch:

1. Are you clear about your target market and its specific problem?
2. Is your business able to provide the best possible solution to that problem?
3. What is the size of your target market? Is it well-defined? And most of all, is it big enough to sustain your new business?

Inablility to focus – in a single direction

A new business will demand a lot of things from your end, but then sometimes you will need to pause and introspect. You may be multitasking but then you will have to ask if it actually moves the needle. If it doesn’t, stop wasting your efforts.

Most startups will fail due to routine stuff that hampers the growth:

• Networking –. Sure, business partnerships can turn profitable with the right contacts but it is recommended to network wisely so you do not waste time.
• Don’t be in a hurry to form a board of advisors once you get funding
• Stop multiple partnership businesses if you don’t see any revenue in a predetermined time.
• You should not be channelizing your own and your team’s effort on PR and social media unless you are highly confident that you have the right product for your target customer market.

Now, you only have two important things to focus on if you really want to succeed. There is no third way out.

1. Users

Understanding where they come from and what they seek from your offerings is an important aspect of success. User engagement is equally important because after acquiring them, that’s how you will be able to engage them for a longer time and extend the Customer Lifetime Value (CLTV).

2. Product

This is the heart of your startup –  always endeavour to improve product offerings. Talk to users, address their issues and enhance their experience by altering your product accordingly. If you really want your startup to be a successful one, you’ll be spending the majority of your time in improving your product.

Optimistic entrepreneurs tend to function as a one-person team

Y-Combinator’s co-founder Paul Graham points three important things that drive a successful startup.

1. A team of genuinely dedicated people;
2. Offering precisely what your target customers want;
3. Reducing outflow of cash as much as possible

From the above-mentioned points, if you want to achieve the latter two, fix the first one. Good people will build a significantly useful product and this will also fix your problem of unnecessary expenses. Make sure you create and retain your A-team for the startup as they will be the ones leading the attack from the front. The research suggests that the average solo founders may take around 3.6x longer to scale their startups no matter how focused they are on growth.

Also Read: The essentials of managing your business financials at 4 stages of its lifecycle

An ideal scenario will involve having at least one person onboard from each department – marketing, development, designing, etcetera. If you have the right team who are experts in their own work you are almost certain to provide customers with what they really need – 100x easier than you’d rather do it alone. As a team, the long hours get more bearable and you’ll have each others’ back through all thick and thin. The perils of being a one-man army are not confined to just inefficiency but could also lead to a failure in the longer run.

Conclusion:

Though 90 per cent of startups fail, some entrepreneurs striving for success may want to settle for average results. But if you truly want to be in the that 10 per cent and hit the jackpot, try to be mindful and avoid making mistakes that are common across all the startups that failed.

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Extracting massive volumes of relevant customer data will be integral in transforming the insurance industry

A cloud-based infrastructure is now the norm for most insurance companies. In 2019, seven in 10 carriers incorporated the cloud in their business operations, with increased speed, flexibility, and scalability being some of the key benefits. And this widespread cloud adoption has meant one thing – a massive volume of data.

When harnessed correctly, this data can lead to profound insights within the insurance industry, helping providers become more efficient and deliver a better customer experience. With that said, here’s the role big data plays in the insurance industry, and how to capitalize on it.

Why it’s being used in the insurance industry?

Big data has three main uses. First, it offers in-depth insights into customer needs. Analyzing data offers a deeper understanding of customer behavior, what they’re looking for with insurance policies, potential issues that may cause friction, which channels are most effective for reaching them, and so on.

In turn, insurance companies can adjust their premiums, improve customer service, and create targeted offers customers are likely to respond to. The end result is increased customer satisfaction, loyalty, and retention.

Next, big data serves as a catalyst for business model innovation. It helps insurance companies optimize everything from underwriting and claims processing to fraud detection and investigation. This maximizes efficiency and allows providers to get more done with less wasted motion.

Third, it enables companies to monitor financial performance. Whether it’s tweaking pricing or tracking claims adjustment expenses, big data can be leveraged to improve decision-making and increase profit margins.

How is it being used in the insurance industry?

Risk management is a major concern for insurance companies. There are many emerging threats they must contend with and overcome in order to remain competitive and thrive long-term. Big data can be a tremendous asset for managing risk, as it can be used to ensure compliance with data storage and privacy regulations, and monitor brand reputation.

For instance, an insurance agency might use big data to ensure their practices align with the General Data Protection Regulation (GDPR) and promptly address any bad publicity on social media before it gets out of hand.

Beyond that, insurance companies can use it to perform background checks on candidates by quickly gathering data from different resources like legal databases, financial registers, and sanctions lists.

Also Read: Insurtech startup Sunday Ins reveals the secret to win the Southeast Asian insurance market

Rather than going through the arduous and time-consuming process of sifting through a mountain of resources manually, big data can produce in-depth reports within minutes.

Also note that newer technologies like web data integration tools are capable of extracting and normalizing huge volumes of data and producing highly-digestible, easy-to-read reports and visualizations. This means insurance companies spend less time preparing the data and more time putting it to use.

The use cases

To further illustrate the practical application of big data in the insurance industry, here are a few examples of how companies can capitalize on it. One is to conveniently and efficiently collect information on a person to determine a premium.

For instance, an auto insurance company might examine a person’s previous driving record and the driving safety level in their area to calculate the chances of them being involved in an accident.

Insurance companies can also use big data in fraud detection. Fraudulent claims are an ongoing problem and total at least US$80 billion per year.

With big data, insurance companies can find out how many past claims a customer has made and the chances of those claims being fraudulent. If a person has a history of false claims, an agent will be automatically notified so they can investigate the customer further.
In turn, this streamlines the process significantly, ensuring agents only spend time assessing valid threats.

Where is all of this heading?

The volume of global data being generated has increased dramatically, from 8 zettabyte in 2015 to a predicted 40 zettabyte in 2020.

This surge has created immense opportunities for insurance companies. Taking a data-driven approach allows them to create better value for customers, increase productivity, optimize their marketing strategies, and gain a competitive advantage.

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e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

Image Credit : everythingpossible

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Just hear me out

I used to question the motives and agenda of women who would let their kids become a public face of brands and get paid to do so. That was me, like three years ago.

Now, I can’t really get enough of documenting and sharing about my kid. Specifically on Instagram.

In 2018, a survey conducted by TheAsianParent in Indonesia showed that Instagram is the most popular social media platform among Indonesian digital moms, as reported in The Jakarta Post.

More than 98 per cent of Indonesian moms has at least one Instagram account with 34 per cent of them spending at least one to three hours per day on Instagram.

The survey by Tickled Media also showed that woman’s media consumption in Indonesia had a tendency to change once becoming a mother.

These surveys are all me, seem to track my experience converting to the life of Instagrammin’ motherin’.

No escape

Many people would argue that limiting your screen time once you become a parent should be the norm. Let me tell you, and it is a cold little truth: It is impossible. Unless you give up your phone, lock it somewhere safe, and wait for your kid to sleep.

Why?

Well for me, a remote-working stay at home Mom, my smartphone is basically my main survival tool. Even with a cracked screen and all, it’s what helped me go through my day working and connecting.

Also Read: 5 essential traits of a successful entrepreneur

As a lot of parents know, I can’t openly use my laptop for basic tasks with a toddler at home. I need it to write articles like these, so when I am answering emails or replying to colleagues, I have to hide the laptop. I live with a soon-to-be-toddler, I can’t have my one source of income ruined.

This is not to judge. Actually, I am a bit jealous of the hardcore perfect-parenting cult member, I don’t know how you get rid of your phone, but I salute you living in another level of connectivity and commitment.

Surviving one scroll at a time

Now that I have my phone with me 24/7 with a one-year-old, what’d do I with it besides working? Of course social media.

If I have a breather when my kid is busy with her pull and touch storybook or with her blocks, I open Instagram.

It’s more convenient, creatively inspiring, and not boring. Sorry Facebook and Twitter, but for Moms, Instagram is where it’s at.

Based on the survey mentioned before, “internet users increased by 48.7 percent, while television viewership reduced drastically to 78 percent” as most mothers preferred to spend time on the internet with most Indonesian digital moms use the internet to read parenting websites, check social media, and shop online.

Instagram is where the uplifting quotes and heartwarming videos that make you feel less alone in motherhood. And they are readily accessible. It tracks what you visit most and provides you with the exact content you are looking for.

Sometimes I worry that it’s on another level of creepy — as it feels like Instagram is listening to my conversation and showing me ads of the things I mentioned. But for the most part, it’s a nice 10 minute reprieve until my daughter inevitably knocks over her bricks and begins wailing.

I began my parenting journey on Instagram when I was pregnant. I read about steps and preps to decrease my chance of having a Caesarean section (spoiler alert: it worked, although not as smooth as I had hoped for). I watched tips to successfully breastfeed, and I watched new parents (my imminent future) interacting with a newborn on a daily basis.

After birth, I did the same for when I tried to find ideas on meal prepping for a baby who just started on solids. It helped me accessing information quickly, visually, and informatively.

Of course, I will step out of Instagram for deeper research as there’s no backlink on an Insta post, but the point is I learn. Also again, to drive the point home, now that I am a parent, sometimes I only have 10 minutes of quiet which is not enough time to read a book or long form article.

Having a community

I read a really nice quote by a mom featured in a Humans of New York on Instagram post. She said that motherhood can be “depersonalising” despite what people said about the magic and the privilege.

I felt that big time. It goes without saying that I’m aware of how lucky I am to get to be a mother, but I won’t lie that life without a kid was more easy and carefree.

It’s always gonna be hard. Just when you thought you have it all covered, your once-toddler is bringing home her first boyfriend. Another curveball forcing you to relearn what you know.

Also Read: ‘Airbnb for diving’ Deepblu connects scuba divers with dive shops around the world

Instagram is a double-edged sword, though, as too much scrolling and retaining of information can lead to excessive comparison and insecurity. I did catch the insecurity part. Seeing another person’s kid reach a milestone way ahead of your kid can be disheartening.

Comparison is the thief of joy, but it’s really on you, not other people, to not let comparison make the platform toxic.

I, for one, found my mommy community on Instagram. It was through a mutual friend and we have kept each other grounded ever since.

One time, one of the mommy friends I met through Instagram said that she’s glad that we talk every day about everything and that this group chat over Instagram Direct Message is the most positive mommy community that she’s a part of.

“It’s like we are all grownups here, not trying to impose unsolicited advice about motherhood or trying to show off that ‘my kids are better than yours’ mentality,” she said. I totally agree although I’m not that deep into motherhood group chats universe, as I only have this one, positive, group chat.

Personally updating each other, cheering up a mom-in-the-dumps and loving each other’s kids feel empowering to me, so much so that it becomes one of the highlights of my day (besides the coffee that gets to be enjoyed cold and my kid’s nap time).

Oversharing is not a crime, but…

The crime lies in exploiting. Staging things for the sake of engagements and the number of followers it not morally wrong, just vain. But don’t we all use Instagram to be in touch with our own vanities?

While I think we ought to embrace that side of ourselves, the vain one, we shouldn’t flare it up, just simply acknowledging it.

You may scroll a little too long, share a little too much, go a little too far, but make sure to catch yourself and put the phone down for a bit.

It does get complicated. As for me, I don’t want to share about my kid on my handle because I think it can become too much easily.

Maybe it’s just me but I still think people on Instagram can switch quickly from “oh so cute” to “no one thinks she’s cute stop showing off”. After all, oversharing is -to an extent- showing off.

I now have three accounts on Instagram that I revisit back and forth during the day, one of them is for my kid’s pictures and videos with her name as the handle.

Am I slowly becoming that mom whom I used to scoff at? But, for me, it’s more about freeze moments that go by quickly. Unfortunately, a cynic might think I am being obnoxious on my own account.

I think it’s best used to document your kid for personal mementos.

Being personal and candid on Instagram is the new cool, but it comes at a price. I know that once my kid grows older to understand better, I will have to set boundaries on getting everything, even my winding down time, from Instagram.

I think Instagram is used to build an image, a personal brand that you wish people would believe about you. You control your narrative.

I put the Instagram where I share pictures and videos of my kid on private, and I only allow people who I know, and who know my kid, to follow.

Because even if it’s helpful for me now, I may be treading the thin line between the useful parenting information sourcing and the failed parental supervision caused by the excessive use of it. No one can know for sure, but a parent must look at all the precautions.

When it comes to parenting, Instagram is, after all, a “proceed at your own risk” game.

Who knows, maybe when my kid is aware of Instagram I will delete it all (after saving the pictures of course) and let her take control of her digital footprint.

Although…who actually knows. I did use to judge the Instagramming-mother I have become.
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Photo by Kev Costello on Unsplash

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CoHive will use the funding to add new co-working, co-living, and co-retail locations

Co-working space operator CoHive announced a US$13.5 million Series B funding round led by Stonebridge Ventures. Other participating investors in the round included Kolon Investment, Stassets Investment, a local property developer as well as existing investors from the company’s Series A funding round such as H&CK Partners.

CoHive CEO and Founder Jason Lee stated that the Series B funding round will be closed at US$20 million. The company expected to hit the final number by the end of the year. It was the exact same number that the company has managed to close for its Series A funding round last year.

The funding will be used to fund the expansion of its co-working space into new locations in Jakarta, Surabaya, Bandung, and Makassar. The company also aims to develop new products in the co-living and co-retail sectors, though it still has no plan to expand beyond Indonesia.

“There will be nine new co-working space locations that are ready to build; we are going to have up to 40 locations by the end of the year. There is also a possibility of [setting up a coworking space] in other potential locations, as we go where the demands are,” Lee explained on Wednesday, June 19.

In total, CoHive owns 31 locations in four Indonesian cities: Jakarta, Medan, Jogjakarta, and Bali with the total area of 65,000 square meters. The company has secured around 9,000 individuals and 8,000 startups who are renting their space on a monthly basis.

Also Read: CoHive to launch 18-story co-working building CoHive 101

Formerly known as EV Hive, CoHive has been operating since 2015 as a project by East Ventures. The company has been making aggressive moves in the sector, considering how it was only available in 17 locations (30,300 square meters with 3,100 members) in June 2018.

CoHive claimed to lead the Indonesian co-working space sector in Indonesia by having the biggest number of locations, followed by GoWork, Kolega, Union Space, Freeware Space, and Conclave.

New products by CoHive

 

At the same occasion, Lee also introduced the company’s three new products: CoLiving, CoRetail, and CoHive Event Space. The company also inaugurated its first building CoHive 101, which is located in the Mega Kuningan area of South Jakarta.

CoLiving is a combination of co-working and co-living space with a first location at Tower Crest West Vista, West Jakarta. The product is the result of a collaboration with Keppel Land Indonesia.

CoLiving provides 64 rooms with a total size of 2,800 square meters. Lee claimed that the first floor of CoLiving has started operations in May with a 90 per cent occupancy rate. Its second floor will be launched in September.

Also Read: A look into one of the most active early stage VC firms this year

CoRetail is a flexible and affordable service meant for retail businesses that are selling its products in startup communities such as CoHive. The product offers temporary pop-up stores, permanent stores, and canteen for these businesses.

This new product is available on the ground floor of CoHive 101. Tenants that have been using the service included Go-Food Festival, Fore Coffee, Pepenero Bakery, and Bukalapak.

“CoRetail makes it easier for retailers to start selling without the need to pay for deposits, which makes it hard for them to start their operations. We provide a different offerings from shopping malls, which require them to rent a space for three to five years and pay for 12 months in advance.”

Lee explained that their new product CoHive Event Space was meant to help their members and business partners in hosting meetings and company events. With its considerable number of branches, the product offers an opportunity for the company to maximise the use of existing space.

The CoHive 101 building was also launched during the same occasion. The building has a capacity of 2,700 individuals and included a coworking space, a private office space, CoRetail, an event space, a canteen, and other facilities. The company claimed that it has secured an occupancy rate of 75 per cent.

“CoHive also offers build-to-order option for startups with more than a hundred employees. Cermati and TaniHub have reached out to us to join, as they are attracted by the opportunities for collaboration that we offer,” Lee ended.

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The article CoHive Raih Pendanaan Seri B Lebih dari 192 Miliar Rupiah, Incar Tutup di Angka 285 Miliar Rupiah was written in Bahasa Indonesia by Marsya Nabila for DailySocial. English translation and editing by e27.

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Working in a startup is very different from working in a large corporation

The startup life is full of twists and turns. One moment a startup might be making a breakthrough, but the next moment the team might be collapsing due to many possible causes, such as mismanagement, investor conflicts, and more.

Staying at a startup for several years is also not easy, especially in a society where young, fresh graduates are told to work for large corporations because the salary is higher and the career path is less risky.

For me, accepting the offer from my current company, Tagtoo, 4 years ago was actually the best decision I’ve ever made. It allowed me to closely observe how a CEO managed an organization and gave me the opportunity to take on more responsibilities.

Working in a startup is challenging. With that said, there are actually a few tips that can help you get through all the difficulties and succeed in any assigned mission.

Here are 3 takeaways I learned as a senior employee in a startup.

Be versatile and collaborative

In most cases, there is no clear structure in a startup organization. One moment you are approaching potential clients as a salesperson, the next moment you may be designing the next seasonal campaign as a marketer with other team members. This is exactly how a startup life looks like.

To be able to succeed in the aforementioned scene, being a master in a specific field is not necessary. In fact, being versatile and collaborative is key. A startup employee should be open in supporting any projects and be collaborative to work with colleagues from different teams to achieve a greater goal.

As far as I was concerned, my previous position was about managing our clients’ advertising accounts and optimizing their digital ads to reach the target ROI. Little did I realised that I was also required to handle customer service on behalf of the sales team sometimes due to the manpower shortage.

I didn’t think that my company didn’t appreciate my specialities. Instead, I was more than happy to support other teams in any way I could. I strongly agreed with the company’s mission and extremely valued the togetherness created by everyone in the organization.

Startup life is not as glamorous as one thinks, and, yes, it is sometimes kind of messy. But an ideal startup employee should be able to tolerate the chaos and utilise all his innate talents and work with other teams to ensure projects succeed.

Be independent and self-taught

In a startup, your manager might not be able to give you clear instructions all the time. Chances are he or she has several ongoing projects at hand and is supporting different functional teams.

In situations like this, being independent and self-taught becomes extremely critical for a startup employee to get on the right track and not to be at a loss of what to do. You can not expect others to come to your aid every time you are handling a hot potato.

Also Read: 7 ways to increase productivity at work

Take me as an example. There wasn’t anyone that possessed market research skills at Tagtoo when I took the position of Market Analyst. My assigned research reports continuously didn’t meet my CEO’s expectation. For the first 3 months, I was almost lost and was not sure how to step ahead.

Thankfully, I bounced back after realizing the sense of loss didn’t help at all. I changed the way I worked and started to utilize available online resources such as eMarketer and SimilarWeb to make reports look more professional. I also learned that I should see obstacles ahead as opportunities to improve my problem-solving skills and try to become a reliable employee that can take on greater responsibilities.

While it took me another 3 months to recover my morale, the process had enabled me to become more independent and deepened my skill of self-learning.

Be confident and ambitious

Startups are not like big corporates that have abundant resources to spare. It is critical to seize any potential opportunity, such as strategic partnerships, that enables your startup company to grow,

To help you startup gain a strong foothold in a market, being confident and ambitious is the key to success. The former allows you to take on more challenges and responsibilities while the latter helps you to see the bigger picture on the startup’s future development.

In my case, I was given numerous opportunities to engage with senior executives and convince them to adopt our services when I was promoted to oversee the business development in Jakarta. However, I found it hard to eliminate my fear to give decent sale presentations among experienced industry insiders and thereby failed to close any deal.

Also Read: What makes your readers click: Writing tips to improve conversions

Only when I came across several student entrepreneurs who seemed naive but confidently approached me did I learn that one’s confidence level can be increased through intentional practices. Subsequently, as the confidence level goes up, the way you see things will dramatically change and that’s when your ambition starts at play.

This may be the most difficult part to practice. It requires you to step out of your comfort zone and overcome your nervousness so that you can possess the self-belief that you can do a great job. It’s not easy, but I am pretty sure it will be rewarding.

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e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

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The acquisition was announced yesterday, June 19, by the CEO of Tokopedia, William Tanuwijaya

Indonesian e-Commerce platform Tokopedia announced that it has acquired both BrideStory and ParentStory, the former being wedding directory platform and the latter a children activity marketplace.

“Tokopedia’s mission has been about helping offline businesses thrives. We’ve been looking at wedding vendors, and discussing with both BrideStory and ParentStory up until the acquisition decision,” said William Tanuwijaya, CEO of Tokopedia.

With the acquisition, Kevin Mintaraga, a Co-founder of BrideStory, will join Tokopedia’s management as one of the Vice Presidents.

e27 has reached out to Mintaraga for comment.

Tanuwijaya emphasised that there will be no changes in BrideStory’s and ParentStory’s business model, as Tokopedia will not meddle with either’s operations. BrideStory will still be focussed on improving its wedding directory products, thus providing a full-fledged ecosystem.

Also Read: Accelerating Asia launches seed-stage accelerator cohort

“We’re still figuring out how best to integrate the products for vendors and Tokopedia. We certainly can provide the service of BrideStory in Tokopedia, or it could be something else,” said Tanuwijaya.
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The investment arm of India-based The Times Group plans to invest up to US$6.5 million to the Singaporean company

Brand Capital, the investment arm of India-based media group The Times Group, plans to invest up to US$6.5 million to Indorse, a skills verification platform based in Singapore. The initial investment is a convertible note at US$2 million, with a valuation of US$15 million, with the option of a further tranche of US$4.5 million.

Indorse said that the investment will be used for its expansion plan into India and to build the demand for its services through The Times Group’s media assets in India.

Indorse works by using a network of experts to assess and confirm the abilities, expertise, and achievements of candidates searching for new job roles. The initial focus was on the coding sector, allowing businesses to eliminate sorting through hundreds of applicants and immediately hire talents using a shortlist of candidates proven to have the right skills for the role within days.

Indorse claimed that it has already worked with both small and large tech companies in finding suitable talent, like its recent project conducting a tech recruitment event to assess coding and data science candidates for Grab.

Back in 2017, the company completed a fundraising round which reached US$9 million. In addition to that, UK listed investment and advisory firm, Coinsilium Group Limited (NEX:COIN), previously made S$450,000 seed investment for a 10 per cent equity stake in the business.

Also Read: Tokopedia buys wedding directory BrideStory and children activity platform ParentStory

“The support from The Times Group is a vote of confidence in our model and will help us build the brand to become a dependable source for employers seeking candidates with the right skills,” said Gaurang Torvekar, CEO and Co-Founder of Indorse.

By leveraging the experience of human experts across the world, Indorse believes that it provides a quality appraisal of tech talent, while substantially reducing the direct and indirect costs of the hiring process.

“Candidates can benefit from ‘indorsement’ by proving they can do the job they’re applying for – regardless of their CV’s content,” said Torvekar.
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Here’s why these 5 Thai startups will make a strong impact in the local industry and beyond

Entrepreneurs in Thailand’s startup ecosystem have much to cheer for as the industry is on a strong growth trajectory. Through the work of various government-backed initiatives and agencies such as the National Innovation Agency (NIA) and True Digital Park, tech innovation and investment has become the cornerstone of the Thai government’s efforts to transform the country into a digital economy.

Such favourable conditions have led to healthy investor interest in the country’s burgeoning startups. Indeed, in the past years, we have seen the likes of Chinese giants, such as JD.com and Alibaba, pour hundreds of millions of dollars into the local economy to bolster the tech industry. According to a report by Techsauce, the number of deals grew from 13 in 2013 to 35 in 2018 (though the deal value (although the deal value saw a drop from two years before).

Yes, while there are still chinks to be ironed out, such as introducing more business-friendly regulations, the fact remains that stakeholders in Thailand’s ecosystem can be optimistic about its future.

To illustrate, here are five growth-stage startups (Series B and above) that have become shining examples of what the Thai ecosystem can produce, with the right backing (and the right teams, of course).

Eatigo

The restaurant booking app Eatigo became a hot item on the startup press when it was revealed that it raised a Series B funding from global travel information giant TripAdvisor through its global restaurant reservation brand, TheFork. What was significant about this news was that it was TripAdvisor’s first investment in a Southeast Asia-based startup.

TripAdvisor remained confident in Eatigo’s business model and operational abilities, putting additional capital into the company two years later in a pre-Series C round, giving the company a total of US$25.5 million in funding raised.

The strategic investment allowed Eatigo to expand aggressively into various markets in Southeast Asia, including Singapore, Hong Kong, Thailand, the Philippines, Malaysia, and India.

Also Read: Thai government to endorse e-sports a new industry focus

Today, Eatigo, now six years in business, is a household name not only among entrepreneurs but also consumers, who use them to grab cheap meal deals during off-peak hours. The model is a win-win for both diners and restaurants as it helps the former maximise their capacity and the latter to eat at discounted prices.

The company was last reported to have over four million users, and partners with over 4,000 eateries including luxury hotels and restaurants.

Wongnai

Like Eatigo, Wongnai operates in the restaurant service vertical, although, instead of providing restaurant booking services, its primary offering is restaurant reviews — similar to Yelp.

The company operates only in Thailand, allowing its users to peruse information and photos of restaurants in the country.

Wongnai clinched a Series B from InVent, the VC arm of InTouch Holdings, in 2016. And in 2018, the company made its own investment, putting US$1 million in restaurant POS startup FoodStory.

This move enabled Wongnai to build its own restaurant management system, which allows owners to streamline the process of managing delivery orders or menu updates on a single digital platform. The system also allows diners to pay for their orders using QR codes.

Today, Wongnai claims to have over eight million users and 250,000 restaurants across nine cities in its inventory.

Eko

Founded by Korawad Chearavanont, the heir to one of Thailand’s wealthiest business empire, Eko is designed as an all-in-one communication and task management platform that is built for the smartphone, which Chearavanont says goes beyond its rivals such as Slack and Facebook’s Workplace.

Some of the Eko app features include hierarchical approval system, digital signature, and even auditing facilities. It can be deployed in several industries ranging from hospitality, retail, corporation, construction, to healthcare.

The founder, who is now 25 years old, secured US$5.7 million in funding in 2015, and, three years later, clinched a US$20 million Series B funding round led by Indonesian conglomerate Sinar Mas Digital Ventures (SMDV), with participation from other investors such as RedBeat Ventures (an investment unit of AirAsia), East Ventures, and Gobi Partners.

Chearavanont has set his sights beyond Thailand and plans to expand the business to regions like the US and Europe.

Pomelo

Fashion marketplace Pomelo has a lot of competition in Southeast Asia, but it has not stopped the company from raising US$19 million in a Series B round led by JD.com and Provident Capital Partners, together with Lombard Investments, in 2017.

The company has raised a total of US$31.5 million to date. Its success can perhaps be partly attributed to Co-founder David Jou’s extensive experience launching Lazada in Thailand and the company’s focus on fast, trendy fashion at affordable prices.

While primarily an online store, Pomelo has also started into the offline space. Just two weeks ago, it launched its offline store, in the heart of Singapore’s shopping district — demonstrating, also, the company’s strong regional presence.

Pomelo is also mulling developing new technology that will help eliminate traditional check-out lines.

Check out e27‘s in-photos feature on the store in this link.

Omise

E-payments company Omise was but one of the companies that managed to catch the ICO wave was still riding high, clinching US$25 million in the process. Like Pomelo, it also has to face a slew of international competitors, such as Stripe, for example.

But that has not dulled prospects for Omise. Just after the ICO, the company raised an undisclosed investment led by the corporate venture arm Krungsri Finnovate, a subsidiary of the Krungsri bank.

Also Read: Thailand’s KBank introduces KATALYST project to support startup funding

The funding enabled Omise to build out its vision of an Ethereum-based p2p open payments and value exchange (OmiseGO network) and its blockchain e-wallet.

In 2018, OmiseGO raised an undisclosed amount in funding, led by Japanese VC firm Global Brain. Together, they are working on foundational projects including the Ethereum Community Fund (ECF) and blockchain focused co-working space, Neutrino.

Earlier this year, Omise lit the headlines when a report claimed it was acquired by CP Group, one of Thailand’s largest and oldest conglomerate; Omise later refuted the report in an official statement.

While it remains to be seen whether Omise’s blockchain and crypto initiatives will see widescale adoption, it is no doubt that the company is not afraid of pushing ahead with cutting edge innovation.

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In addition to Bank Negara Malaysia, we also have updates from Singapore Tourism Board, Slack, and SoftBank Vision Fund

Bank Negara Malaysia to regulate insurance comparison sites – Fintech News Malaysia

Bank Negara Malaysia is set to regulate insurance and takaful aggregation business as a new category of registered business under the Financial Services Act 2013 (FSA), Fintech News Malaysia reported.

Citing a press statement by the central bank, the report stated that once the new regulation comes into effect, insurance and takaful aggregators will be required to register under the FSA to continue their businesses, including those under the fintech regulatory sandbox.

Currently, Jinerxu and GoBear are listed under insurance aggregation category in the central bank’s sandbox.

Bank Negara Malaysia is currently seeking its exposure draft.

Singapore Tourism Board launches accelerator programme – Press Release

The Singapore Tourism Board (STB) is calling for local and international companies to join its pilot programme Singapore Tourism Accelerator.

Set to run for two years, the programme aims to “develop solutions to long-standing issues, as well as developing new ideas that will transform the tourism sector.”

It targets startups that are already at the prototyping or business development stage as well as those that have piloted a breakthrough solution in another city and are looking for opportunities to scale their
solutions in the Singapore and Asian markets.

To select the startups, STB will work with the accelerator’s appointed partner Found8.

The accelerator programme was first announced during 2019 Tourism Industry Conference as the Singapore Tourism Incubator.

Also Read: MOLCube mobile payment startup gets nod from Malaysia’s Bank Negara

Slack debuts on NYSE at US$38.50 per share – TechCrunch

Workplace communication platform Slack debuted on the New York Stock Exchange (NYSE) up 48 per cent at US$38.50 per share following reports on Wednesday night (local time) that it has agreed to a reference price of US$26 per share, TechCrunch reported.

It closed up 48.5 per cent on Thursday (local time) at US$38.62 per share, with the stock climbed as high as US$42 in intraday trading.

The report also stated that Slack’s market cap now sits well above US$20 billion, or nearly three times its most recent private valuation of US$7 billion.

The company became the second large venture capital-backed business to complete a direct listing.

SoftBank Vision Fund in talks to invest up to US$350M in India’s CureFit – The Economic Times

SoftBank Vision Fund is reported to be in talks to invest up to US$350 million in India-based healthcare startup CureFit, which could push its valuation to above US$1 billion, according to The Economic Times.

Citing three sources that are familiar with the matter, the report stated that the development is still in its early stages. The parties that are involved have not yet agreed on the total size of the funding.

One source said that the plan for this funding round is to take CureFit global.

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Image Credit: Austin Distel on Unsplash

The post Today’s top news, June 21: Bank Negara Malaysia to regulate insurance comparison sites appeared first on e27.

Collaborating with Digitaraya, PT Bank Central Asia Tbk (BCA) launches the fintech-focussed accelerator

PT Bank Central Asia Tbk (BCA), one of Indonesia’s largest private banks, announced that it has partnered with Digitaraya, to launch ​SYNRGY Accelerator.

The accelerator programme is open for any startup with ideas and innovations to improve fintech industry in the country.

SYNRGY Accelerator also announced eight selected startups that will join its accelerator programme.

“SYNRGY Accelerator will be dedicated to accommodating startups needs to grow and to contribute to the tech ecosystem in Indonesia. SYNRGY Accelerator will continue accepting fintech startups with innovative ideas and shared vision,” said Vice President of BCA Armand W. Hartono.

The eight selected startups are:

• Crowde, a P2P lending platform to help funding Indonesian farmers.
• IndoGold, a buy-and-sell platform for gold that promotes gold investment.
• Amalan, a startup that focusses on supporting people who can’t pay off credit card, collateral-free debts, and home ownership debts.
• AgenKan, P2P lending apps that allows the customer to apply for loans using ID card.
• Bizhare, a platform that allows users to invest in a big business with a small share.
• Kendi, an app that supports digital financial recording for SMEs.
• Bamms, a mobile and web app for tenants to communicate with tenant relations officer, and building management
• Jari, an SaaS-based app to bill and to support an overall billing needs.

Also Read: 5 growth stage startups that are leaders in Thailand’s ecosystem

The next step of the program will be a three-month bootcamp starting on June 24, 2019, and followed by Demo Day in September.
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