Alternō is a Vietnamese startup providing a thermal energy storage solution utilising sand battery technology. It recently secured over US$1.5 million in an oversubscribed seed investment round co-led by The Radical Fund (Singapore) and Touchstone Partners (Vietnam).

In this article, Alternō co-founder and CEO Kent Nguyen discusses his roller-coaster journey:

“Our journey began with a profound realisation between co-founders Hai Ho and myself, whose paths converged over a shared dedication to sustainability. Before the COVID-19 pandemic, we collaborated on a sustainable travel project, laying the groundwork for a deeper connection.

Post-COVID-19, as Ho built an off-grid house and faced the limitations of lithium batteries while Nguyen delved into energy storage solutions, a casual conversation ignited the spark for Alternō. This moment of uncertainty marked the beginning of our quest to address energy storage challenges.

Also Read: Vietnam’s sand-based thermal energy storage startup Alternō secures US$1.5M

The urgency to accelerate our project was propelled by a gasoline crisis in Saigon in November 2022. During this critical period, we met Nam Nguyen, who would later become our CTO. Recognising the severity of the energy dilemma, we were determined to contribute to a sustainable future, not just for the world but for their children’s generation.

Embracing the entrepreneurial spirit

Our entrepreneurial journey involved significant personal sacrifices, with the three co-founders dipping into our savings to fuel our vision. This commitment underscored our beliefs in Alternō’s mission beyond a business venture; it was a pledge for our offspring’s brighter future.

Despite being a lean team, Alternō rapidly transitioned from concept to commercial product, achieving its first customer deployment within a year. This milestone was made possible with the support of organisations, such as the Japan International Cooperation Agency, JETRO, Ho Chi Minh BSSC, UNDP, Impact Square, and Leave A Nest. Their assistance was instrumental in overcoming our early challenges and laying a solid foundation for Alternō.

What sets Alternō’s team apart is the personal connection to the agricultural sector, which many team members’ families are part of. This intrinsic understanding of the challenges within agriculture deepened our commitment to creating solutions that would directly impact our own families in the foreseeable future.

Envisioning a sustainable future

Alternō is poised to redefine the landscape of sustainable energy. The ambition is clear: drastically cutting global carbon emissions with their pioneering thermal battery technology. Alternō envisions a world where sustainable energy is accessible and affordable for all, heralding a new era of eco-conscious living.

The narrative of the three co-founders embodies the essence of innovation, collaboration, and a steadfast commitment to sustainability.

Also Read: Alterno, Forte Biotech, AirX Carbon win Net Zero Challenge 2023 in Vietnam

Our journey with Alternō is a beacon of hope, inspiring a movement towards a more sustainable and energy-efficient world.”

(As told to Editor Sainul Abudheen K)

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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Recently, Singapore-based Addlly AI has been included in Microsoft’s Gen AI Growth Accelerator programme, run in association with BLOCK71.

“Participating in Microsoft’s Gen AI Growth Accelerator programme presents an unparalleled opportunity for Addlly AI. We anticipate the programme will further accelerate our growth by leveraging Microsoft’s ecosystem, including free access to cutting-edge generative AI models like OpenAI’s GPT-4,” says Addlly AI Co-Founder & CEO Tina Chopra in an email to e27.

“We aim to integrate with the Microsoft ecosystem deeply, leveraging its advanced AI tools and cloud infrastructure to enhance our suite of content creation tools. This collaboration will not only accelerate our growth but also refine our offerings, ensuring our tools are at the cutting edge of technology.”

Furthermore, the mentorship and networking opportunities provided by the programme are invaluable to Addlly AI, facilitating connections with industry leaders, a global network of experts, and potential partners. This aligns seamlessly with the platform’s mission to perpetually innovate at the convergence of Generative AI and digital marketing, ensuring that its solutions stay at the forefront of the industry.

As an ecosystem partner, BLOCK71 is pivotal in extending Addlly AI’s presence into critical Asian markets such as Indonesia and Vietnam.

Also Read: Unlocking efficiency: How Gen AI-powered email automation revolutionises customer service

In 2024, Addlly AI received the Bronze award at the esteemed ASEAN Digital Awards, acknowledging the innovative AI-driven digital marketing tools and the platform’s significant impact on the regional digital ecosystem.

Another noteworthy accomplishment was the successful integration into the IMDA Gen AI sandbox, facilitating the onboarding of SMEs onto the platform and providing training on harnessing Gen AI’s capabilities for content marketing efficiently.

Helping businesses embrace AI for content creation

Addlly AI positions itself as a strategic partner for businesses seeking to harness Gen AI’s potential for their content requirements. Positioned as a unique B2B SaaS platform, the company addresses the inefficiencies in content creation by amalgamating AI automation with editorial expertise. This ensures the swift and responsible generation of high-quality content that resonates with target audiences, adhering to stringent quality standards.

One of the platform’s key highlights is its zero-prompt AI writing tools, which require no prompts, making them highly user-friendly and efficient, particularly beneficial for MSMEs and enterprises. Moreover, Addlly AI leverages the latest and optimised Language Model Libraries (LLMs), which aim to guarantee the creation of engaging, relevant, and SEO-friendly content, from blogs, social media posts, newsletters, and AI-generated images to editorial services.

The platform plans to support multiple Asian languages, enhancing accessibility and relevance across the region.

Addlly AI emerged from Chopra’s visionary leadership, leveraging her extensive business journalism and content marketing background alongside her deep understanding of the Gen AI landscape. Identifying a niche in the market for streamlined, high-quality content solutions, Addlly developed a suite of tools to revolutionise content creation through AI’s transformative capabilities.

Also Read: From peak scrolling to personalised communities: The Gen AI solution

The team, comprised of professionals with diverse backgrounds from JP Morgan, PIMCO, Blackrock, Google, and PwC, brings a wealth of experience to the table, propelling the adoption of Gen AI in content creation.

“Our clientele includes forward-thinking corporations, MSMEs, and government agencies in Singapore and Indonesia. We engage our target audience through strategic marketing efforts, highlighting our suite of AI-driven solutions that have garnered recognition for innovation, as evidenced by our win in the ASEAN Digital Awards,” Chopra explains.

“Singapore government initiatives, particularly the IMDA Gen AI Sandbox, have been instrumental in fostering early Gen AI adoption. These programmes have been pivotal in encouraging early Gen AI adoption, thereby playing a crucial role in helping us attract our initial customers by showcasing the efficiency and effectiveness of our AI-driven content solutions.”

Exploring new frontier

Founded in March 2023 by Chopra and Ronie Ganguly, Addlly AI’s journey began with bootstrapping during the alpha phase, leading to the launch of a beta version of its tool in August 2023. By October of the same year, the company achieved a full commercial launch, marking a significant milestone in its trajectory.

In January 2024, Addlly AI secured its first round of funding at a US$5 million valuation cap, enabling the company to expand its AI-driven digital marketing capabilities. The company will mainly focus on developing advanced video and brand imaging tools while enhancing its social listening features.

Run by a team of 15 members in Singapore, India, and Indonesia, in 2024, Addlly AI aims to significantly expand its presence across other Asian markets, building on its strong customer base in Indonesia.

Also Read: Gen AI in banking: How to ensure a successful transformation for an age-old industry

“Our strategy includes leveraging our AI Playground, a comprehensive suite of tools designed to simplify the content creation process and deliver personalised, efficient solutions for enterprise customers. This initiative aims to enable businesses across Asia to harness the full potential of Gen AI for their content creation needs, ensuring they stay competitive in a rapidly evolving digital landscape,” Chopra says.

Addlly AI is one of the companies participating in the TOP100 programme by e27. According to Chopra, this provides a unique opportunity to amplify Addlly’s reach and impact across Southeast Asia, connecting with investors, mentors, and potential partners.

“It is an avenue to showcase our innovative AI-driven solutions, leveraging regional visibility and business matching opportunities for strategic growth in markets like Indonesia and Vietnam. This aligns with our mission to revolutionise digital marketing content creation with our advanced AI technology,” Chopra stresses.

“We eagerly anticipate showcasing our suite of innovative tools at TOP100 and Echelon X, connecting with potential partners, and drawing inspiration from industry leaders. These platforms offer a unique opportunity to share our vision and explore new frontiers in AI-driven content creation.”

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Image Credit: Addlly

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Ultimately, for a potential user of an immersive experience, the choice to engage in it or not boils down to one thing: Does the perceived benefit of the experience outweigh the friction of completing all the steps needed to complete it?

This general concept applies to almost everything humans do and is even more crucial when designing immersive experiences.

Friction can be present in many situations:

In Augmented Reality, users need to take out their smartphones, scan a QR code, download an app, wait for the experience to load, and quickly understand its mechanics. In the case of a geolocalised experience, they need to go somewhere if they are not already there. If a face or an image needs to be detected, the user’s environment must be well-lit and have enough space.

In Virtual Reality, users must have bought a headset and be willing to wear it for an extended time. They are hopefully not sensitive to motion sickness if the experience is poorly designed. Here, as well, the gameplay must be learned quickly, and all interfaces have a learning curve: even something as simple as a finger pinch requires a few tries and mistakes.

What about Mixed Reality? Well, you can blend both. The Cherry on the cake is that the video passthrough is still imperfect, and the field of view is often limited in the case of transparent screens.

That’s a lot of friction to overcome! This is why putting a specific technology in a project just for the sake of this technology itself is doomed to fail.

Also Read: How immersive tech can boost your health and happiness

There are many factors you can consider and implement to maximise the usage of such experiences. In the end, it boils down, obviously, to the value you’ll provide.

• Content: Yes, content matters, especially when the goal of the experience itself is to enjoy good content. This includes art, culture, entertainment, or gaming.
• Social incentive: As a result of the experience, the user gets a sharable image or video that fits their persona – generation, perceived status, brand preferences, etc.
• Financial incentives: A coupon, loyalty points, an entry in a sweepstake, or a free item.
• Solving a problem: Most likely, in an industrial context, if your solution improves a time-consuming or costly process, it’s very likely to stick. VR Training and AR assistance for complex tasks are the most common. It must be more efficient than the current solution.
• Brand engagement: For existing clients. Besides client acquisition, customer retention and loyalty can be achieved through immersive experiences. You will provide value by designing a concept that will engage existing customers in a brand they like.
• Learning: Adding an element of education or an essential piece of information lets the user get something out of the experience.
• Innovation: This is the exception. If the technology by itself is brand new and promising, users will queue up to try it. Be careful; it doesn’t last.

These are only the tip of the iceberg; each needs to be carefully thought about during the project design phase.

As a side note, sometimes, the experience is valuable even if nobody uses it, as it can serve as a showcase for the end client: innovation, brand advertisement, being a first player, etc.

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Southeast Asia’s Earth Venture Capital (Earth VC), a venture firm with global reach focusing on climate-tech solutions, has made an investment in Blykalla, a Swedish company specialising in the production of advanced small modular reactors (SMRs).

The company has raised a total funding of 80 million Swedish Krona (US$7.34 million), with the funding round being led by Norrsken Launcher and Nucleation Capital.

Farvatn and several private investors also participated.

The fresh funds will be used to propel Blykalla’s industrialisation of its advanced nuclear reactor, the SEALER (Swedish Advanced Lead-cooled Reactor). Specifically designed for commercial power production in a highly compact format, the SEALER integrates unique safety features made possible by proprietary innovations.

Also Read: Mobile cafe startup Jago raises US$6M to deliver affordable coffee across Jakarta

Founded in 2013 by Janne Wallenius, Peter Szakalos, and Jesper Ejenstam, Blykalla is on a mission to change the energy future of the world, by providing green, safe, baseload energy through next generation small modular lead-cooled reactors.

Blykalla develops and constructs lead-cooled small modular reactors (SMRs) to provide a safe, scalable, and carbon-free baseload power supply. The company achieves high safety through lead-cooling, enabling a compact format and cost-effective design suitable for mass production. Its unique reactor design offers safe and environmentally friendly baseload energy, serving as an ideal complement to solar and wind power.

Blykalla’s flagship product, SEALER, is an advanced SMR utilising liquid lead cooling. It facilitates the decarbonising industrial processes by producing hydrogen, biochar, and biofuel, along with local electricity. Additionally, it promotes a circular waste model, extracting up to 140 times more energy from uranium ore while producing minimal waste, which requires storage for just 1% of the deposit time compared to conventional nuclear power.

Tien Nguyen, Founding Partner at Earth Venture Capital said, “Our investment in Blykalla underscores a firm belief in deep-tech at a moment when Southeast Asia’s need for clean, sustainable energy is undeniable. With Indonesia, Singapore, the Philippines, and Thailand at the forefront, SMR-powered demand is estimated to exceed 10 GW by 2035. This reflects an acute need for energy solutions that can drive economic growth while ensuring climate sustainability. Blykalla’s innovative approach is perfectly aligned to address this challenge, offering a scalable, efficient energy solution.”

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

Image credit: Blykalla

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ClickPost, an Indian logistics intelligence platform, has secured US$6 million in Series A funding led by Inflexor Ventures and Athera Venture Partners.

Riverwalk Holdings and Rebright Partners, an existing investor, also participated.

ClickPost will use the fresh funds to launch new AI-driven modules, fuel global expansion, and bolster its hiring efforts.

Founded in 2017 by Naman Vijay and Prashant Gupta, ClickPost is a multi-carrier integration platform that empowers online retailers to enhance their shipping experience through data-driven insights.

Initially launched as a developer tool to facilitate the integration of courier APIs, ClickPost later pivoted its focus to offering a comprehensive post-purchase experience platform for brands.

Over the years, its services have expanded to cater to all aspects of brands’ logistics technology requirements, including providing accurate delivery dates during the pre-purchase journey, multi-carrier integration, tracking visibility, returns and exchange management, and omnichannel enablement.

Also Read: AI-powered Staple raises US$4M to streamline global document management

“E-commerce is a space where vertical AI products will see a lot of adoption as brands look to grow more efficiently and compete with the likes of Amazon, which has vast resources to provide a more data-driven experience to shoppers. This puts the onus on SaaS companies like us to provide solutions that keep brands at the forefront of innovation,” said Vijay.

ClickPost has helped fashion retailers convert 35 per cent of returns to exchanges and improve shipping Net Promoter Scores (NPS) by 40 per cent. The firm’s client base includes Nykaa, Puma, Pepe Jeans, Acer, and Supertails, among others.

Over 300 enterprises across India, North America, APAC, and the Middle East use ClickPost’s services.

The company claims it currently tracks over one million shipments daily and aims to achieve a fivefold growth within the next two years.

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

Image credit: ClickPost

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SaaS-based market intelligence platform Tracxn recently unveiled its Geo Quarterly Report: SEA FinTech Q1 2024, shedding light on the Southeast Asia (SEA) fintech landscape. Despite the region’s dynamic ecosystem, Q1 2024 witnessed a notable decline in funding, amounting to US$530 million, marking a 44 per cent decrease from the previous quarter and a 13 per cent dip compared to last year.

The downturn primarily stemmed from a substantial drop in late-stage funding, which plummeted by 64 per cent from Q4 2023 to Q1 2024. Conversely, early-stage investments surged, reaching US$240 million, reflecting a 114 per cent increase from Q1 2023.

ANEXT Bank’s US$148 million raise from Ant Group emerged as the sole US$100 million+ funding round in Q1 2024, with no new unicorns entering the fray.

Additionally, the report highlights a stagnant IPO landscape in Q1 2024, mirroring the trends observed in Q1 and Q4 2023. However, acquisitions experienced a notable uptick, totalling 10 in Q1 2024, compared to six in Q4 2023 and five in Q1 2023.

The report highlighted that despite the challenges posed by the funding downturn, the resilience of early-stage investments signals continued interest and potential growth opportunities within the SEA fintech sector. The increase in acquisitions underscores a dynamic landscape ripe for strategic partnerships and consolidation.

Also Read: AI in fintech: Boosting your revenue by utilising top 5 CEO’s choices

“This downward trend can be attributed to multiple factors, including slowing economic activity across industries, reduced consumer spending, and a shift in investor interest toward more sustainable and profitable businesses,” the report stated.

“Despite the downward trend, the SEA fintech startup ecosystem can continue to attract investor interest in the coming months, driven by the digital readiness of this region.”

Popular fintech verticals and geography

The report also spotlighted the popular fintech verticals in Q1 2024.

Banking tech emerged as the top-funded segment, securing US$180 million, marking a substantial increase from the previous quarter and last year. This surge indicates a growing emphasis on technological advancements within the banking sector, with investments to enhance digital banking experiences and infrastructure.

Conversely, alternative lending witnessed a notable decline, with funding plummeting by 76 per cent compared to Q4 2023, reflecting a challenging fundraising environment for lending platforms in the region.

Apart from that, despite the overall downturn, the cryptocurrency sector experienced a remarkable investment spike, attracting US$91.9 million in funding, signalling sustained investor interest and confidence in the potential of digital currencies within the SEA market.

Also Read: Is Web3 just another ‘hype’ or will it unlock a multi-trillion dollar opportunity in fintech?

Geographically, Singapore maintained its position as a key hub for fintech innovation, accounting for 70 per cent of the total funding in the region, with companies based in Jakarta and Taguig following behind. This concentration of funding underscores Singapore’s status as a leading fintech ecosystem within SEA, characterised by its supportive regulatory environment and robust infrastructure.

Moreover, the presence of established investors such as East Ventures, Y Combinator, and 500 Global highlights the maturity and attractiveness of the SEA fintech space to both local and international investors.

Additionally, the report identifies key players driving investment activity in Q1 2024, with Mirana, Bixin Ventures, and Draper Dragon emerging as the most active seed-stage investors, while MassMutual Ventures, Nyca Partners, and Illuminate Financial led the charge in early-stage investments. MUFG Innovation Partners notably took the lead in late-stage funding, indicating a diverse and dynamic investor landscape contributing to the growth and development of the SEA FinTech ecosystem.

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Image Credit: 123RF

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9Unicorns along with Venture Catalysts, has announced the second edition of its marquee event ProStar for supporting growth stage companies.

The exclusive event in association with JM Financial will be held in Singapore on April 29 and 30, 2024. More than 35 Private Equities (PEs), Venture Capitalists (VCs), Corporate VCs and Global Family offices have confirmed their participation in the second edition of ProStar.

The event will witness over 15 growth-stage startups in the 9Unicorns and Venture Catalysts’ portfolio who have raised a total of $955 million from marquee global investors such as Creation Investments, Tiger Global Management, Gogoro, GMO Ventures, and Sequoia Capital. The event will also include cocktail evening networking sessions with Unicorn Founders, Global VCs and PEs.

Empowering growth-stage startups

Dr Apoorva Ranjan Sharma, CoFounder and Managing Director, 9Unicorns and Venture Catalysts++, said, “The first ProStar event in Bengaluru was a resounding success, and we’re thrilled to build on that momentum. At 9Unicorns, we’re committed to fostering a robust ecosystem that empowers growth-stage companies to achieve their full potential.”

Also read: Unlock growth and scalability by leveraging data with PatSnap

In the maiden edition of ProStar, held in 2023, over 40 Growth Stage Investors interacted with a curated set of 18 portfolio companies. The event facilitated more than 200 exclusive meetings between investors and startups with around 180 follow-on meetings. The participating companies have raised over $450Mn from marquee global investors such as LC Nueva, Omidyar Capital, HealthQuad, Sony Innovation Fund, March Capital, Dream Incubator, Samsung Investments, and AdvantEdge VC. 

Building on the success of the first edition, Prostar Singapore will witness participation from investors from across 5 countries in Southeast and East Asia including Singapore, Japan, & South Korea.

Propelling the growth stage ecosystem forward

Abhishek Bhagat, Managing Director for Digital and Technology Investment Banking, at JM Financial, said, “Growth-stage startups are the true engine driving the development of our nation’s venture ecosystem. Our partnership with 9Unicorns and Venture Catalysts for ProStar is a significant step forward in bolstering confidence among global private equity and venture capital firms in Indian growth-stage opportunities.”

The companies participating in the event are curated from a portfolio of 400+ companies of 9Unicorns and Venture Catalysts, which have cumulatively raised USD 3 Billion from a range of investors from across the globe — VCs, PEs, Family Offices, Institutions, Corporate Ventures.

Also read: Elevator Pitch Competition (EPiC) accelerates startups from SEA to the world

Ankit Jain, Partner at 9Unicorns Accelerator Fund, said, “India’s emergence as a global venture capital hub necessitates the development of platforms like ProStar. ProStar will act as a bridge by facilitating fundraising for growth-stage companies, connecting international investors with the tremendous opportunities in the Indian market. While India boasts a robust early-stage venture ecosystem, ProStar aims to propel the growth stage ecosystem forward by fostering valuable connections and global expansion for these companies.”

RSVP for Prostar today!

Kindly RSVP to join us at Prostar and meet the emerging global growth stage companies building out of India. Register here: https://bit.ly/PROSTAR_RSVP

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This article is produced by the e27 team, sponsored by Venture Catalysts

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

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What distinguishes a good business idea from a bad one? Some believe that it should disrupt existing systems, or be outstandingly innovative to succeed.

However, the reality is that the best business ideas with the greatest potential are backed by a comprehensive understanding of the competition, the target audience, and the associated risks.

Any startup or business launching a new product or service should consider these factors to evaluate profitability and avoid wasting valuable resources and time.

This process is called market opportunity analysis, and it may spell the difference between success and failure.

What are the benefits of market opportunity analysis?

As previously mentioned, market opportunity analysis involves in-depth research on competition, audience and risk. It is best applied when a business is looking to reach more clients or increase its revenue share.

By conducting market opportunity analysis, businesses are in a much better position to evaluate the demand for a product or service.

Beyond getting insights into demand, businesses can also identify and prepare for potential challenges in bringing their products to market. This includes laws and regulations, economic uncertainty, social perception and more.

In addition, a more profound understanding of the target market may uncover additional areas for research or more opportunities to explore. For example, certain governments may offer concessions for specific business activities.

Also Read: Preparing your company for Southeast Asia market

And last but not least, with an in-depth understanding of a market, businesses can make more informed strategic decisions that have a greater chance for success.

How to analyse market opportunity

There are four main domains to pay attention to when analysing market opportunities: customers, competition, and internal and external factors.

Of course, this assumes that you have already narrowed down a good product or service to explore. If you haven’t yet identified such an opportunity, your first step will be creating a list of opportunities you are eager to explore. This includes what market segments you wish to penetrate, your target customers, potential partnerships and any other relevant information related to the opportunity.

Once complete, you can begin to unearth the market opportunity of your prospective product or service.

Learn about your customers

Whether a product or service succeeds or fails starts with the customer. You may need to ask questions such as whether your product solves an unmet need or desire, especially if you are looking to avoid challenging market climates.

You’ll need to learn about how your customers make purchasing decisions and what channels you’ll have to use to connect and engage with them. In general, the goal of this step is to acquire a complete evaluation of your customer’s needs and desires.

This can be done in several ways, including but not limited to conducting interviews and surveys, building a customer journey map, as well as leveraging paid or public demographic data.

Learn about your competition

Once you’ve gained a sufficient understanding of your customers, you’ll want to assess your competition. Researching your competitors will uncover insights such as existing products in the market and how they are positioned, the size of the market share, potential gaps to fill, and whether there’s room for differentiation.

Some of the questions you’ll want to ask include

• Who are your main competitors?
• How does your product or service compare to theirs?
• What marketing strategies are they using?
• What distribution channels are they using to reach their customers?
• What are customers saying about their products or services?

Take into account external factors

In addition to understanding your customers and learning about your competition, a comprehensive evaluation of market opportunity should also consider external influences.

Also Read: Bold moves: Capitalising on market dips in edutech

One way to study these key external influences is by using the PESTLE framework, which analyses political, economic, social, technological, legal, and environmental factors.

For example, from a technological standpoint, you may learn if any innovations influence the market. From a social perspective, you can learn whether new trends play in your favour or are poised to stymie your product or service launch.

Consider the impact of internal factors

Much like external factors, internal factors also play a crucial role in determining the success of a new product or service. Internal factors encompass technical skills, access to key partners, capital, manpower and any other resources required to bring a product to market.

Are you ready to scale up?

Expanding into new markets requires careful planning, extensive research, and expertise in the local landscape. Joining an accelerator program can simplify this process by tapping into the program’s network of partners, mentors, and deep knowledge of international markets such as Germany, Singapore, and the United States.

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The above article was originally published on Scaler8.

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SEEK, having merged its Asia Pacific employment marketplaces – SEEK, Jobstreet and Jobsdb – will operate under a single platform powered by SEEK’s world-class AI technology, while retaining the individual brands. This integration brings together millions of jobseekers and employers across APAC to connect more of the right people with the right work. 

As the leading Career partner in Singapore, SEEK aims to provide a comprehensive suite of career enablement offerings ranging from job listings, a resume database, bespoke career resources, and company profiles. The Jobstreet CareerHub, powered by seekMAX, is a new feature designed to help professionals connect and grow. It’s an in-app platform that offers edutainment content and a community forum. Here, professionals can engage with each other and industry leaders, fostering ongoing learning and career discussions. The goal is to create a community where individuals can continually improve their skills and prepare for the future job market. This initiative not only builds a more future-ready workforce but also enhances the relevance of job matches for employers throughout the region.

As a market leader, it facilitates regional job mobility, contributing substantially to economic growth by connecting both job seekers and employers with opportunities – providing valuable data insights on job trends and labour market dynamics. Through its services, Jobstreet by SEEK plays a fundamental role in fostering career opportunities and enhancing the efficiency of the Asia Pacific employment ecosystem. 

Introducing Jobstreet by SEEK’s Hiring, Compensation & Benefits Report 2024

The recently released Hiring, Compensation, & Benefits Report 2024, authored by Jobstreet, is an annual hallmark publication. The report captures data collected from 673 hiring professionals in Singapore in September 2023. It extensively covers hiring activities and holistic HR-related aspects such as remuneration, annual leaves, general benefits, and working conditions among others.

Also read: 9Unicorns and Venture Catalysts launches the 2nd edition of ProStar in Singapore for growth-stage companies

To ensure objectivity, the report includes a diverse range of industries and company sizes. The data is meticulously analysed and weighed according to Jobstreet by SEEK Singapore’s employer network, ensuring a fair representation. Key findings from the report include insights into hiring trends across Malaysia, Singapore, the Philippines, Indonesia, and Vietnam, as well as compensation benchmarks and trends across various industries and job roles. Additionally, the report offers an analysis of benefits packages provided by top employers and their strategies to attract and retain talent, making it a valuable resource for businesses and job seekers alike.

Talent management strategies and trends

Talent management is critical for attracting, retaining, and developing top talent in competitive markets. Consequently, companies with effective talent management strategies are 2.9 times more likely to succeed at leadership development, and 3.8 times more likely to enhance employee performance and productivity and organisational innovation.

While key talent management strategies include offering competitive compensation, fostering a positive culture, and providing growth opportunities, it is worthwhile to note that employee motivation can be achieved through recognition and career advancement – a motion that remains crucial for retention. Specifically, 83.6% of employees, especially among the group of highly motivated employees, believe that receiving recognition influences their drive to succeed at work. If they receive recognition often, 77.9% of employees said they would be more productive and engaged.

Moreover, following the COVID-19 pandemic, flexible work arrangements have become more popular, allowing employees to work efficiently while maintaining their work-life balance and well-being and enhancing job satisfaction. Consequently, traditional working models have become obsolete, and a shift towards hybridisation might be inevitable. Additionally, prioritising diversity and inclusion initiatives also attract diverse talents and foster an inclusive culture, improving engagement and retention. 

Therefore, effective talent management involves a holistic approach to meet the evolving needs of employees and organisations for sustained success in today’s dynamic market.

Leveraging the insights of the Hiring, Compensation, & Benefits Report 2024 for better talent management

The implications of the Hiring, Compensation, & Benefits Report 2024 for employers are significant, offering actionable insights to optimise recruitment and retention strategies. Understanding the intricate trends of the different markets is crucial for gaining a competitive edge in strategic recruitment. With a noticeable decline in confidence for the second half of 2024, attributed to higher uncertainty influenced by economic conditions and global events, employers must adapt to changing landscapes.

Also read: Unlock growth and scalability by leveraging data with PatSnap

Large companies, which are more inclined to conduct compensation and benefits reviews, should leverage this advantage to effectively attract and retain talent. Moreover, with the growing preference for hybrid workplace arrangements, especially in high-demand sectors such as technology, companies can enhance their appeal by considering the adoption of flexible work options.

The report also sheds light on workplace stress factors, with the majority (76%) rating their companies as moderately stressful, citing heavy workload (34%), insufficient resources (27%), and lack of growth opportunities as top stressors. To address these challenges, employers can conduct comprehensive employee satisfaction surveys and engage in benefits benchmarking to refine compensation and benefits strategies, enhancing job satisfaction and fostering a competitive work environment. Moreover, fostering transparency in bonus pay-outs and prioritising leaves such as birthdays, family care, and parental leave can strengthen employer-employee relationships and support employee well-being.

Looking ahead, there is a growing emphasis on flexible benefits, indicating a shift towards more customisable financial perks to suit individual employee needs and preferences. Employers must adapt their strategies accordingly to stay ahead in talent management and create an attractive workplace environment conducive to talent retention and organisational success.

A glimpse into Jobstreet by SEEK’s Hiring, Compensation & Benefits Report 2024

Jobstreet by SEEK’s Hiring, Compensation, & Benefits Report 2024 offers crucial insights into Singapore’s job market, highlighting deal breakers for job seekers, including financial compensation, work-life balance, and relationships with bosses. It also identifies Singaporeans’ preferences for hybrid work models over full-time office or remote work, emphasising the need for flexibility. Despite a reluctance to return to full-time office work, 38% are open to the idea, indicating a shifting hiring paradigm.

Also read: Elevator Pitch Competition (EPiC) accelerates startups from SEA to the world

Additionally, the report underscores Singaporeans’ preference for a traditional 5-day workweek, aligning with global trends. These findings underscore the importance for employers to adapt their recruitment and retention strategies to meet the evolving preferences of Singaporean workers, offering flexible work arrangements while also ensuring a positive workplace environment and competitive compensation packages.

To gain more detailed insights and actionable strategies, download Jobstreet by SEEK’s Hiring, Compensation, & Benefits Report 2024 for further information.

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

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Staple, a Singapore-based AI-driven document processing company, has secured US$4 million in a pre-Series A funding round led by Wavemaker Partners.

The fresh funding will support Staple’s global market expansion, AI technology refinement, and expansion of its document processing solutions. As part of its expansion strategy, Staple aims to strengthen its presence in key markets to better address businesses’ document management needs.

Founded in 2018, Staple offers a comprehensive platform that leverages AI to bridge the gap between physical documents and digital workflows.

Also Read: Deep tech startup Nibertex secures funding for sustainable textile technology

Staple’s solution is able to process any document type, including structured, semi-structured, and unstructured formats. It also manages data in over 200 languages and is utilised by customers across more than 53 countries.

Designed for enhanced efficiency, accuracy, scalability, and transparency, Staple’s cloud-based platform features a user-friendly design that makes it easy to integrate with existing systems. Its suite of specialised modules, from scanning to workflow automation, caters to a wide array of document processing requirements, offering a reliable and affordable solution for businesses globally.

“We are focused on breaking down language barriers and simplifying complex document processing tasks. With this funding, we’re setting our sights on broadening our impact, particularly in regions rich in linguistic diversity and complexity, such as Southeast Asia. We aim to expand our market presence and continue innovating, making our solutions even more accessible and efficient for businesses,” said Ben Stein, CEO and Co-founder of Staple.

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Image credit: Staple

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