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Founders, stop listening to mentors who tell you to build an MVP

Eric Ries popularised the term “Minimum Viable Product (MVP)” in his book The Lean Startup. The concept refers to creating a basic version of a product with the minimum features, just enough to satisfy early customers and gather feedback for future development.

Prioritising speed and cost allows companies to validate their assumptions, test hypotheses, and refine their product based on real-world data and user insights as soon as possible. It also allows startups and product developers to test their ideas quickly, enabling them to learn from real user interactions and iterate based on that feedback.

As such, the MVP approach has become an important principle in modern product development and entrepreneurship.

That sounds like the logical thing to do, right? But here lies the issue.

We had the good fortune to be accepted into multiple incubators. Making an effort to receive as much help as possible for our journey, I also made the effort to connect and to know as many mentors as I could on Linkedin. However, I quickly realised that many of them did not even understand the concept of MVP. 

An MVP should be minimal. But it should also be viable. Many mentors or so-called experts focus on the word minimum but forget about viable. 

Take, for example, what is considered alive. A dog, a cat or a bird are obvious examples. Even children can do high-level definitions. But when it comes to viruses, you will realise that there is a lot of debate among microbiologists. Only if you understand the concept well, your space, and your competition can you decide what your MVP should constitute.

Also Read: Daniel Tan: Banker turned fintech founder, finding opportunity in crisis and market inefficiency

The US Air Force in 1996 estimated the F-22 programme could overrun its budget by US$15 billion. Many engineering projects go over budget because it is impossible to forecast exactly how long it takes to build something.

A different understanding of how a simple website function works between frontend and backend developers alone could have a cascading effect on how other functions are interpreted and, therefore, the time needed.

We did not have enough for the project, and when asking for help to raise funds to complete it, the word build an MVP was thrown around far too often. Nailing everything down to a high degree will, by itself, ironically require months of effort and, thus, cost. 

Reid Hoffman said, “I believe starting a company is like jumping off a cliff and assembling a plane on the way down — your willingness to jump is your most valuable asset as an entrepreneur.”

And sometimes that is what exactly we need to do.

We were building a loan marketplace, and in Singapore alone, we were at least the fifth claiming to be one. When the product was just ready enough to demonstrate the underlying concept to onboard the lenders, we got a rude shock that many lenders were so sick of hearing about yet another marketplace that many of them did not even want to hear us out.

With much effort and gathering the testimonials of earlier onboarded lenders, we were able to show that to subsequent lenders we were trying to onboard, and it helped so much more.

We have begun onboarding lenders even before the MVP was fully built to overlap things and go to market faster. We rehearsed the presentation and demonstrated the capabilities of the platform by carefully navigating the website to show pages that demonstrate what borrowers and lenders can do while avoiding the pages with bugs or not built out. As a result, we were able to attract a good number of lenders while trying to complete the MVP, allowing us to overlap things by a good 6-9 months.

All these would not be possible if we had not stubbornly insisted on what should be constituted as our MVP instead of listening to them. Many tried to guide us by asking us to remove this and that. The reason why lenders were so sick of hearing about other loan marketplaces was because most of them were just tech-enabled brokers but still brokers.

If we had removed many of the functions that allowed a borrower to apply with multiple lenders at once, allowing for back and forth all with a middleman, we would have been just another tech-enabled broker or broker and never be able to onboard the lenders.

Also Read: Depression was the best thing that happened to me as a founder; here’s why

Only if you understand the concept well, your space, and your competition can you decide what your MVP should constitute. It should be differentiated and viable while trying to strike a balance between cost and time to market.

I suspect the issue lies with how incubators recruit mentors. With the boom of the tech scene, many incubators, etc., began to pop up, and next thing, it became a fight to showcase the most exciting names in a bid to draw startups in. Senior directors from banks, insurance companies, marketing gurus, you name it, they got it.

While leaders have their own rights and many things we can learn from them, they don’t necessarily understand startup principles or the particular space you are in, or worse, don’t want to. 

A friend who is the community manager of a large chamber with thousands of members lamented to me about decreasing engagement rates when they started splitting it into chapters run by chapter leaders. I asked how the chapter leaders were nominated. Do they have the know-how, interest or incentive to create activities, engage the chapter’s members and be a bridge to agencies? 

Just like many founders start a company for the wrong reasons, and there are many articles and conversations about it — I believe that is not enough conversation (someone should write another article!) on what it means to be a mentor and how to be one. If teachers have to go through years of training to teach, the least incubators need to do is to ensure the mentors have the correct motivations and not joining just to elevate their branding. 

As the saying goes, no one cares how much you know until they know how much you care. So, founders, stop listening to mentors who tell you to build an MVP until they bother to listen to you first.

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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AI-powered video analytics startup Ailytics nabs US$2.7M funding

(left) CEO & Co-Founder of Ailytics Tan Wei Zhuang (Lenard) with Prateek Manocha, Co-Founder & CTO

Singapore-based B2B startup Ailytics, which utilises AI-powered video analytics solutions to help heavy industry companies enhance their operational safety and productivity, has secured US$2.7 million in oversubscribed pre-Series A funding, led by Tin Men Capital.

The funding will fuel the startup’s expansion into new markets, such as Hong Kong, the Middle East, Japan, and Oceania and R&D efforts.

Also Read: B2B tech startup-focused VC firm Tin Men Capital makes first close of Fund II

Ailytics was founded in 2021 by CEO Wei Zhuang (Lenard) Tan and CTO Prateek Manocha.

The startup’s proprietary solution taps on existing cameras to provide real-time actionable insights into unsafe acts, productivity metrics, and security breaches. It can provide 3D dimensions using a 2D video feed from any single camera, which enables the deployment of complex use cases such as calculating the danger zone under heavy load and a fixed radius around hazardous equipment.

According to Ailytics, the solution can be deployed with high accuracy using existing low-resolution cameras, even in harsh environments, making it suitable for dynamic environments found in construction sites and manufacturing plants.

The B2B software startup’s solutions have already been implemented in over 70 projects, integrating with over 1,000 cameras spanning four countries and multiple industry verticals. It has enabled customers to reduce the need for manual inspections by up to 50 per cent while increasing hazard detection by up to 7x. It has reduced or eliminated bad behaviour, downtime from audits, stop-work orders and fines.

Ailytics clients include Jurong Town Council (JTC), Woh Hup, and ST Engineering.

“We would also be able to increase our R&D efforts to build the next generation of Video Analytics solutions, powered by Large Vision Models (LVM) capable of handling complex domain specific tasks,” said commented Zhuang (Lenard) Tan.

Also Read: Hard for VCs to influence the success of B2C startups beyond capital, advice: Murli Ravi of Tin Men Capital

“Regulators of construction and manufacturing are imposing stricter safety standards in these industries. Non-compliance leads to delays, penalties, and revenue loss. Rising labour costs and a tighter skilled labour market are posing challenges too. The right technology can drive productivity and serve as a reliable tool to safeguard workers lives by detecting and preventing accidents,” said Jeremy Tan, Co-Founder of Tin Men Capital. “Ailytics’s solutions have shown impressive results in reducing accidents, downtime, and boosting productivity.”

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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How BuildBear Labs makes Web3 space more accessible, secure for developers

BuildBear Labs co-founders Emmanuel Antony and Dipesh Sukhani (R)

Having worked in the blockchain industry, Dipesh Sukhani and Emmanuel Antony witnessed firsthand scalability issues related to Web3; these issues could inflate operational costs by up to 30 per cent and take a devastating financial toll on smart contract exploits that often exceeded US$1 million.

The duo believed that a platform capable of providing robust testing solutions was necessary to address the critical security and efficiency gaps.

“BuildBear Labs was launched as a response to these significant challenges,” co-founder Sukhani tells e27. “We were convinced that Web3 is the future of technology as we observed the market’s palpable shift in this direction. It motivated our mission with BuildBear Labs.”

Also Read: Web3 development tools startup BuildBear Labs nets US$1.9M funding

Founded in Singapore in 2022 by Sukhani and Antony, BuildBear Labs seeks to make the Web3 space more accessible and secure for developers. Its main product is the Phoenix Engine, a specialised automated & continuous testing engine (ACTE), which empowers developers to build secure, scalable, and interoperable dApps, mitigating the risks of post-launch fixes and fostering higher user adoption rates.

“Imagine it as a highly-skilled test engineer that continuously checks your work for any mistakes or vulnerabilities, ensuring everything runs smoothly and securely before your project goes live. This is crucial because, in the blockchain world, a small oversight can lead to significant losses or security breaches. This is what Phoenix Engine does,” he elucidates.

Providing a sandbox environment

The engine transforms how developers approach Web3 development by providing a sandbox environment for testing applications under real-world conditions without risking assets or security. Sukhani claims this approach ensures scalability, performance, and cross-chain compatibility.

From a business perspective, the Sandbox “significantly” enhances the capabilities of Web3 development teams by enabling the creation of tailored private testnets. It allows teams to conduct comprehensive and realistic testing of dApps in a secure, isolated environment.

Also Read: Web3 needs novel prevention tools for novel attack vectors: AI saves the day

By offering features that simulate real-world blockchain conditions, including network states, smart contract interactions, and cross-chain functionality, the sandbox empowers developers to rigorously test dApps for scalability, performance, and compatibility issues.

Sukhani claims that BuildBear Labs has already created over 8,100 sandboxes, with a 19 per cent month-over-month growth rate in active users.

Ensuring the security, integrity

BuildBear Labs takes the security and integrity of its testing environments seriously, he says. The firm plans to integrate advanced security measures and form partnerships with industry leaders like RemixIDE, Scaffold-ETH, Cookbook, Catapulta, and Loki.Code, and SolidityScan.

“Through these collaborations, we’ve incorporated cutting-edge security practices and tools into our Phoenix Engine. This provides developers with a secure and comprehensive platform for testing their dApps,” he remarks.

Amidst the abundance of opportunities, BuildBear Labs faces several challenges. “As the Web3 landscape rapidly evolves, we face challenges like adapting to new technological advancements, navigating the ever-changing regulatory environments, and ensuring our platform remains accessible to developers of all skill levels without compromising on advanced functionalities. Addressing these challenges head-on is essential for leveraging our unique position in the market. It’s our mission to drive innovation and cement our status as a pivotal force in simplifying and enhancing the process of blockchain application development.”

The Web3 startup recently raised US$1.9 million in funding co-led by Superscrypt, Tribe Capital, and 1kx, with participation from Iterative, Plug-N-Play, and angels. The money is being used to deepen to expand its core team with top-tier talent and its global footprint, particularly in the US.

Also Read: How AI and blockchain collaborate for a transparent Web3 future

In the upcoming months, BuildBear Labs will introduce a series of developments and advancements to “solidify our role” in the Web3 development landscape. It includes enhancing the Phoenix Engine with new features, integrating advanced analytics for deeper insights into dApp performance, and expanding its collaborative efforts with industry leaders to incorporate cutting-edge technologies and methodologies.

Web3 losing sheen?

Once the hottest vertical, Web3 seems to have lost its sheen largely due to scalability, user experience challenges, and regulatory uncertainties. However, the last few months have signalled a promising shift, he says.

“With Bitcoin reaching an all-time high, we’re witnessing the Web3 market start to heat up again, underscoring the enduring interest and confidence in decentralised technologies. As someone deeply invested in the potential of Web3, I’m optimistic about its resurgence. The comeback will be fuelled not only by technological advancements and clearer regulatory guidelines but also by increased mainstream adoption and strategic collaborations within the ecosystem. This renewed momentum and the convergence of efforts across the sector suggest that Web3 is poised for a significant comeback, ready to redefine the digital landscape in ways we’ve only begun to imagine,” Sukhani concludes.

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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Vietnam’s B2B food sourcing platform Kamereo lands US$2.1M funding

The Kamereo team

Kamereo, a food supply B2B e-commerce business based in Vietnam, has raised US$2.1 million in a funding round co-led by Reazon Holdings, Quest Ventures, and Thoru Yamamoto (CEO of Japanese B2B seafood supply chain company FOODISON)

This brings Kamereo’s total amount raised to date to US$7.2 million.

Also Read: Multifaceted effects on Vietnam’s e-commerce: A near-term potential to break through in the Asian market

The company intends to use the funding to strengthen its sales team, increase the range of products and private brands, and expand its warehouse network. It will develop and sell ready-to-eat vegetables for supermarkets and convenience stores under its private brand.

Kamereo is a wholesale food supply e-commerce firm. It owns vegetable and fruit collection centres and directly works with its partners and contract farmers.

With over 200 employees, it serves over 3,000 businesses in Vietnam. Its customer base includes restaurants, supermarkets, convenience stores, factories, schools, and hospitals.

It also develops mobile apps and websites for customer ordering and warehouse and delivery management systems.

Also Read: AI will change the game of tech business in Vietnam by 2024. This is what you need to know about it

Satoshi Kuriga, Senior Executive Director of Reazon Holdings, said: “Kamereo has been diligently constructing a robust food supply chain amidst the logistical challenges of Vietnam, where the infrastructure for supply chain and logistics, akin to that of developed countries, is not readily available. Numerous companies and startups have attempted similar endeavours but ultimately faltered, withdrawing from operations due to the formidable challenges of building and managing teams and operations in this context. Despite the immense size of Vietnam’s food supply market, no clear winner has emerged. We firmly believe that Kamereo is poised to seize this opportunity and emerge as the market leader.”

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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Stay smart, scalable and sustainable: 2024 SME trends in Southeast Asia

Small and medium-sized firms (SMEs) continue to have a significant impact on the Southeast Asian (SEA) economy, where, including micro businesses, they account for over 90 per cent of all SEA enterprises. According to the UOB Business Outlook Study 2024, the outlook for SMEs in the region is positive. Four out of five businesses in SEA reported greater revenue growth in 2023 vs 2022 – with most businesses experiencing a revenue increase of 10 per cent to 50 per cent in 2023.

Due to the sheer scale of SMEs and their impact on the SEA economy, it is imperative that any prospective future developments be closely monitored and examined as the region recovers from recent economic uncertainties.

Looking ahead to 2024, there are several emerging SME trends that can help these companies to further unlock their potential. These include a rising emphasis on sustainability-led support, the proliferation of Green Technology (greentech), and accelerated demand for overseas expansion within SEA.

SMEs demand for greater sustainability-led support

As the 2030 deadline for the United Nations (UN) Sustainable Development Goals (SDGs) approaches, Southeast Asia continues to struggle with environmental and economic challenges. The effects of climate change, from extreme weather to rising sea levels, are the biggest threat to SEA.

It could result in a fall in the region’s GDP by 11 per cent by the end of the century.  Therefore, to retain productivity and profitability, SMEs must assess the impact of climate change on their manpower and business and build the appropriate risk mitigation measures.

Such measures include advocating for greater support in financing, policy and employment regulations for sustainability practices. At a regional level, the Association of Southeast Asian Nations (ASEAN) adopted the ASEAN Strategy for Carbon Neutrality in mid-2023, highlighting eight areas that include greening the regional supply chain, connecting green infrastructure and market, enhancing common standards, and facilitating green talent development and mobility.

Also Read: Will climate change force us to re-imagine travel in the future?

However, since different countries have distinct sustainability concerns, localised support is also crucial for SMEs. Consequently, SEA nations such as Singapore have launched the Financing Asia’s Transition Partnership (“FAST-P”) to mobilise up to US$5 billion for green and transition projects in Asia, while countries across ASEAN introduced various localised initiatives such as Malaysia’s launch of Belanjawan 2023 and Indonesia’s Just Energy Transition Partnership, to name a few.

Rising greentech for greener consumers

Beyond capital and operational support for sustainable incentives, SMEs in Southeast Asia are driving greater sustainability-centric innovations for profitability, with greentech taking centre stage it appeals to the growing eco-consciousness of the region’s consumers who believe that their individual purchasing decisions can contribute to a significant impact on the wider environment.

To expedite GreenTech innovation launches, SEA hosts a variety of accelerator and incubator programmes that are collaborative in nature, bringing together support in terms of funding, mentorship and piloting.

Regional accelerators such as UOB FinLab’s Greentech Accelerator are well-suited to utilising more extensive networks, which can broaden the scope of expertise, mentorship, and pilot support for SMEs and their green innovation ambitions.

On the other hand, local-level accelerators have the advantage of involving local academic institutions, government ministries, and innovation piloting centres that are more geographically accessible for SMEs. Such was the case with Enterprise Singapore’s Enterprise Sustainability Programme, Vietnam’s Greentech Incubator, and the Agri-Aqua Technology Business Incubation (ATBI) programme in the Philippines.  

The three aforementioned countries, as well as others in Southeast Asia, are at varying degrees of sustainable technology adoption. Nonetheless, the growing presence of innovation accelerators focused on enhancing SMEs’ potential to launch greentech illustrates a shared purpose among countries: to leverage the vastness of their respective SME networks to bring more GreenTech innovation to market for the benefit of their population and the economies.

SMEs to leverage digitalisation for regional expansion

Sustainable development, rapid urbanisation, and digital transformation have all contributed to Southeast Asia’s reputation as an ideal market for business. SMEs are aware of these benefits, with 60% expressing a desire to prioritise regional SEA expansion through 2026, according to the UOB Business Outlook Study 2024. Such expansive mindsets can also be attributed to the revitalised consumer travel in Southeast Asia, which has been on the rise since the region began to recover from the COVID-19 pandemic.

However, trade tensions and restrictions in Southeast Asia can make such regional expansion difficult, prompting SMEs to seek out novel and borderless expansion opportunities, such as digitalisation. Southeast Asia’s digital economy consists of five key sectors: e-commerce, travel, food and transportation, online media, and digital financial services. These sectors have a significant profit potential, with combined revenues reaching an estimated US$100 billion in 2023.

Also Read: The climate change and gender equality connection: How to support underfunded women-owned business

Beyond profit prospects, sustainable factors such as bridging the economic divide can motivate such expansion. ASEAN recently announced implementing a new regional cross-border payment system that allows users to conduct cross-border transactions in Indonesia, Malaysia, Thailand, and Singapore using only a QR code. Not only does this method help streamline payment processes, but it also enables SMEs to easily reach underprivileged communities throughout Southeast Asia.  

Another driver of rising SME expansion-based digitalisation is the increasing support of diverse industry players. For example, tech providers such as cloud providers, system integrators, and cybersecurity specialists have been crucial in assisting SMEs to counter market-proven digital challenges such as lack of digital skill sets among employees and concerns over cyber-security issues.

Furthermore, multinational corporation (MNC) support through foreign direct investment (FDI) can be crucial for SME digitisation because it provides the optimal channel of global networks, research and development (R&D), and accumulated expertise to fill in any gaps of knowledge and resources that SMEs might lack.

A positive outlook for SMEs in Southeast Asia

Overall, while some common issues for SMEs persist, such as access and capital flows, there is hope that old problems can be overcome with new solutions based on sustainability-focused initiatives, novel technologies, and widespread support from the public and private sectors. SMEs in Southeast Asia are an intriguing space to watch, and UOB will continue to keep an eye on new developments.

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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How to spot the hidden gems: A guide for savvy angel investors

Angel investors serve as the lifeblood of the entrepreneurial ecosystem, providing not just financial backing but also invaluable mentorship and guidance to nascent startups.

However, in the midst of an ever-increasing stream of startup pitches, the ability to discern the diamonds in the rough becomes a critical skill. The art of evaluating startup pitches requires a meticulous evaluation of various factors to pinpoint the most promising investment opportunities.

In this article, we delve into the essential elements that every savvy angel investor should consider when evaluating startup pitches:

Vision and passion

At the heart of every compelling startup pitch lies a visionary founder brimming with passion for their concept. Seek founders who can eloquently articulate their vision, showcasing a profound understanding of the problem they intend to solve. It’s often these fervent founders who weather storms and inspire their teams to do the same.

Market opportunity

Begin by scrutinising the market opportunity that the startup seeks to tap into. Does it address a significant problem, and is the addressable market substantial? Investors should gravitate toward startups with the potential to scale and capture a meaningful slice of their target market.

Unique value proposition

Distinguish the startup by examining its Unique Value Proposition (UVP). Does it offer a solution that stands out among competitors? A robust UVP can be a game-changer in a crowded marketplace.

Traction and validation

The presence of traction and validation cannot be underestimated. Has the startup garnered early customers, forged strategic partnerships, or secured noteworthy endorsements? Traction offers invaluable insights into a startup’s growth potential.

Business model

Get a firm grasp of the startup’s business model. How does it intend to monetise its product or service? A lucid and viable business model forms the bedrock of long-term sustainability.

Team

The strength of the team is often the linchpin of success. Scrutinise the team’s capabilities and experience. A well-rounded, synergistic team with industry-specific expertise can significantly enhance a startup’s prospects.

Also Read: Angel investors vs Venture Capitalists for startup funding: Which is right for you?

Technology and innovation

For tech startups, scrutinise the technology underpinning their solution. Is it innovative, defensible, and adaptable to evolving market demands? Investors should be on the lookout for startups armed with sustainable technological advantages.

Scalability

Contemplate whether the startup’s operations and business model possess the scalability required for substantial growth and the maximisation of ROI.

Go-to-market strategy

Analyse the startup’s go-to-market strategy. How does it plan to acquire and retain customers? A meticulously crafted strategy should present a clear path to revenue generation.

Competitive landscape

Examine the competitive landscape and associated risks. Investigate how the startup intends to navigate the competitive terrain and leverage its unique strengths.

Terms of investment

Last but not least, the terms of the investment itself must be carefully evaluated. Understand the equity, SAFE or convertible note structure, valuation, and any protective provisions. Ensuring that the terms are equitable and reasonable is paramount.

Final thoughts

The art of evaluating startup pitches transcends mere identification of winners; it’s about astute risk mitigation. Diversification within your investment portfolio, coupled with thorough due diligence, should constitute the bedrock of your investment strategy.

Additionally, trust your instincts and foster open, transparent communication with founders. Cultivating strong relationships with entrepreneurs can yield not only valuable insights but also mutually beneficial opportunities for growth.

Your journey as an angel investor is as unique as the startups you support, and by navigating these key considerations, you can enhance your ability to unearth the next big success story in the dynamic world of entrepreneurship.

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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Demystify cybersecurity: EPP vs EDR vs MDR vs XDR

In today’s digital world, where threats lurk around every corner, protecting your organisation’s data and systems is paramount. However, navigating the intricate world of cybersecurity solutions can be overwhelming and filled with acronyms like EPP, EDR, MDR, and XDR.

Understanding the distinct roles each plays is key to building a robust defence against cyber threats. This article aims to simplify your cybersecurity understanding of these solutions using clear and relatable analogies.

Endpoint Protection Platform (EPP): Your digital doorman 

Imagine Endpoint Protection Platforms (EPP) as the diligent doorman guarding your organisation’s digital entryway. They act as the first line of defence, meticulously checking incoming traffic and preventing known threats like malware and viruses from infiltrating your endpoints (devices like laptops, desktops, and servers) in the first place. Think of them as the initial security checkpoint, ensuring only authorised individuals and information enter your network.

Endpoint Detection and Response (EDR): Investigating suspicious activity 

If a threat bypasses the doorman (EPP), Endpoint Detection and Response (EDR) steps in as the investigative team. It continuously monitors your endpoints for suspicious activities, like unauthorised access attempts or unusual file behaviour.

When EDR detects something fishy, it alerts your security team, providing them with the necessary information to investigate and respond swiftly. Think of them as the security detectives who delve deeper, looking for hidden threats that might have slipped past the initial check.

Managed Detection and Response (MDR): Cybersecurity as-a-service

For organisations lacking the internal expertise or resources to manage their own EDR, Managed Detection and Response (MDR) acts as the dedicated security team. It offers the same investigative capabilities as EDR but with the added benefit of 24/7 monitoring and response by a team of security professionals.

Also Read: Securing tomorrow’s finances: Navigating the rise of digital banks with cybersecurity

They handle the entire process, from threat detection and mitigation to elimination and remediation, freeing up your internal resources for other critical tasks. Think of them as the outsourced security experts, providing continuous vigilance and taking decisive action against potential threats.

Extended Detection and Response (XDR): Seeing the bigger picture 

Extended Detection and Response (XDR) takes security a step further, acting as a central command centre. It goes beyond just endpoints and gathers data from a broader range of security tools across your entire IT infrastructure, encompassing networks, cloud workloads, email, user activities, and more.

By analysing this holistic view, XDR can identify hidden threats and potential vulnerabilities that individual tools might miss, providing a comprehensive understanding of your security posture. Think of them as the central hub that gathers information from all corners of your digital landscape, offering a unified view of potential security risks.

Nightclub security: Analogy for cybersecurity solutions

Still confused with those technical explanations. Let’s make it simple. Imagine a bustling nightclub with different security measures in place:

  • Door bouncers (EPP): These are your first line of defence. They check IDs, prevent suspicious people from entering, and stop them from bringing in illegal items. In the cybersecurity world, Endpoint Protection Platforms (EPP) act similarly, safeguarding your network by blocking known threats and malware at the entry point (endpoints like laptops and servers).
  • Security patrol (EDR): Once patrons enter, an internal security team keeps an eye on things inside the club. They monitor for suspicious behaviour, identify troublemakers, and take action to address any issues. Endpoint Detection and Response (EDR) works the same way in cybersecurity. It continuously monitors your endpoints for unusual activities and potential threats and alerts your security team for investigation and response.
  • 24/7 security service (MDR): If you don’t have your own security staff, you can hire a security company to manage your nightclub security. They provide 24/7 monitoring, threat detection, and response. Similarly, Managed Detection and Response (MDR) is a service offered by security professionals who handle threat monitoring, mitigation, and remediation for organisations lacking internal security expertise.
  • Central control room (XDR): A central command centre oversees the entire security operation of the nightclub. It collects data from various sources, like security cameras and bouncers’ reports, to get a unified view of everything happening. Extended Detection and Response (XDR) functions similarly in cybersecurity. It gathers data from various security tools across your network (firewalls, email security, etc.) to provide a comprehensive view of your security posture and identify hidden threats.

Also Read: How an AI cybersecurity company harnesses the power of AI for optimal business performance

Choosing the right cybersecurity solution

The best solution for your organisation depends on your specific needs and resources. Here’s a quick guide to help you choose:

  • EPP: Offers basic protection against known threats, ideal for organisations with limited security needs.
  • EDR: Suitable for organisations with an internal security team seeking deeper insights into endpoint activity and the ability to investigate potential threats.
  • MDR: Provides the same investigative capabilities as EDR but with the added benefit of 24/7 monitoring and response by security professionals. Ideal for organisations lacking in-house expertise or requiring constant vigilance.
  • XDR: Offers a comprehensive view of your organisation’s security posture by collecting data from various security tools across your network. Best suited for organisations seeking a holistic understanding of their security landscape and wanting to leverage insights from multiple tools.

Remember, a strong cybersecurity strategy involves layering different tools. Combining these solutions strategically creates a robust defence mechanism, safeguarding your organisation against ever-evolving cyber threats. Understanding the differences between EPP, EDR, MDR, and XDR empowers you to make informed decisions and build optimal protection for your organisation.

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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Securing Singapore’s leadership in AI Innovation

Singapore’s 2024 budget has reinforced our dedication to becoming a global leader in Artificial Intelligence (AI) innovation, with an investment of an additional SG$1 billion (US$740 million) into the National AI Strategy (NAIS 2.0) over the next five years. This investment is directed towards enhancing AI computing, talent development, and industry growth, underpinning NAIS 2.0 as a cornerstone of Singapore’s digital economy and economic expansion.

The strategy emphasises the importance of upskilling and reskilling in keeping Singapore competitive amidst rapid technological advancements. Partnerships between the government and leading industry players are essential in driving progress in enterprises through continuous training and transformation.

Generative AI has seen a surge in interest and application across various sectors, demonstrating its capacity to transform business operations and daily life. Success in AI adoption hinges on thorough preparation and understanding of its mechanics, applications, and risks, necessitating collaborative efforts from government, private sector, and research institutions to harness AI’s benefits.

Singapore’s journey towards AI leadership is evident in the wide-ranging impact of AI technologies across different sectors, enhancing productivity, risk assessment, and decision-making processes. Notable examples include Nanyang Polytechnic’s use of AI for course preparation and the development of Temus’s AI-powered platforms to streamline talent management and support real-time verbal interaction.

Talent development: Core to Singapore’s AI strategy

NAIS 2.0, part of Singapore’s Smart Nation vision, aims to foster a digital transformation ecosystem where Singaporeans can build AI capabilities and facilitate idea and knowledge exchange, highlighting the importance of human capital in this AI-driven journey.

Also Read: Globalise your strategy, localise your conversations: the key to nailing native in new markets

This is where talent development programmes like Step IT Up come in, and they exemplify the national commitment to tech career transitions, aligning with SkillsFuture initiatives to ensure employability and meaningful careers in the tech industry. This approach, supported by industry leaders partnering with SkillsFuture, underscores the ‘hire, train, and place’ model’s effectiveness in achieving practical learning outcomes and business benefits.

Public and private sector partnership to accelerate safe AI adoption

As Singapore advances its AI agenda, addressing the ethical and regulatory challenges of AI will continue to be crucial, necessitating a collaborative approach between the public and private sectors to establish best practices and foster AI innovation responsibly.

AI Singapore’s (AISG) 100 Experiments (100E) Programme, for example, represents a significant move towards translating AI research into practical applications, signalling a shift from research to application phase and promising greater real-world impact and value creation.

The AI Singapore (AISG) community gathers multiple parties, such as economic agencies, academia, and the private sector, to drive AI innovation and adoption in the industry.  Since 100E’s launch in 2018, the programme has surpassed its research phase and is now well into its application phase, having supported over 100 projects with companies across various sectors, which will create even more opportunities and value for real lives and enterprises.

However, the journey towards securing Singapore’s leadership in AI innovation is not without challenges. With a proactive approach to addressing the complexities and opportunities of an AI-driven future, Singapore is laying the foundation for sustainable growth.

By fostering an ecosystem that encourages experimentation, investment, and knowledge exchange, Singapore is creating an environment where AI technologies can thrive. Through continued collaboration, research, and investment in talent development, the nation is equipping itself to tackle the challenges and seize the opportunities that lie ahead.

With determination, foresight, and a collaborative spirit, Singapore is poised to shape the future of AI innovation and emerge as a global leader in this transformative field.

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Wavemaker Impact backs Elevate Foods that combats food loss and waste

Elevate Foods founder Gayatri Bhatia and her team with representatives from BVG Group’s Satara Food Processing Unit

Elevate Foods, a platform for small- and medium-sized farm-gate processors, has closed a US$525,000 pre-seed funding led by Wavemaker Impact (WMi).

Elevate Foods (owned by Singapore-based GBN Food Solutions) will use the capital to establish a network for processed agri-produce. It will also assemble a specialised team focused on sustainable food systems and enhanced quality management tools while building its footprint across the Gulf and Southeast Asian markets.

Also Read: A deep-dive into Wavemaker Impact’s decarbonisation strategies in SEA

Focused on combating food loss and waste, Elevate Foods empowers small-scale farm-gate food processors across India by providing access to global markets and ensuring compliance with stringent quality standards whilst creating a traceable and sustainable source of produce. It leverages technology and market insights to upgrade existing processors and build a more sustainable and resilient food ecosystem.

Elevate Foods’s business model intervenes at the beginning of the supply chain, creating a more sustainable and traceable solution for agri-produce buyers while working with farm-gate manufacturers to upgrade their operations and enforce stringent quality standards.

Its vision is to achieve US$100 million in revenue and mitigate 100 million tons of carbon dioxide (CO2) emissions in the future.

“We see great potential in Elevate Foods’s creative approach of working through developing Indian farm-gate processors to tackle the trillion dollar food waste problem, which is responsible for about 4.5 Gigatonnes of Carbon Dioxide Emissions Equivalent (GtCO2e) globally,” said Quentin Vaquette, Co-Founding Partner at Wavemaker Impact. “By addressing the challenges faced by processors through greater profit-purpose alignment, Elevate Foods is poised to unlock new opportunities that will drive meaningful change in both the agricultural and food processing sectors.”

Also Read: How The Radical Fund discovers, backs, spearheads climate-resilient ventures in SEA

The global food supply chain grapples with unprecedented inefficiencies, witnessing alarming food loss and waste levels. Nearly one-third of all food produced annually is lost or wasted, translating to a staggering US$1 trillion in economic losses.

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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Change is hard, so here are the 8 steps to make sure you’ll succeed

“You are a whole that exists to live a life not half a life”– Kahlil Gibran

Your days are numbered. It really is.

After being in a bus accident in the deserted highway of Kenya where I saw death, I know in my bones that life is gorgeous and fragile.

If there are changes in your life that you silently craved but not had the courage to create. Whether it is starting a passion project, finding a life-partner, building a company, or feeling healthy and alive.  

Time gives you another chance.

You can change, you can evolve, you can help your life to blossom in the way that is gorgeous to you.

But change is hard, isn’t it? How many time did you set resolutions and forgot all about it? How many time did you intellectually know what you “should do,” and yet can’t help not doing it?

I had done it plenty of times… until I realized the nature of change and started helping myself

In this article, I’ll show you how.

You see. Change doesn’t happen overnight.

If you want to stop being depressed and start being happy, or if you want to be done with insecurity and begin to exude confidence, or if you want to stop being in the wrong relationships and start attracting healthy happy love…

There is no silver bullet, no magic pill, no motivational video that will help you change overnight.

I’m saying this from my 8 years of being both student and teacher in the field of personal transformation.

Change occurs in stages.

Look at nature, there are 20,000 species of butterflies in the world, but they all go through the same stages.

I’ve worked with serial entrepreneur, solopreneur, small and medium business owner, high-level executive, school teacher, sabbatical-taker, etc.

I’ve helped people going from painful breakup to blissful engagement, from being depressed and exhausted with work to have the “This is my dream job!” moment, from decades of taunting self-hate to finding self-love and experiencing the bliss that comes with it.

These are not small changes like changing a bathroom carpet. These are deep fundamental changes.

Across the board, I’ve observed that there are 8 stages of change. They happen in a beautiful order.

The reason people failed to make the last changes in life is that they skip the foundations. So it’s like asking a tree to grow without giving it the time to take roots.

If you’re still reading now, I know you want to change your life for the better.

First, let me ask you two questions

1. What change do you want to bring into your life?

I want to change/move from ________________ to ________________.

Example: I want to change myself from depression to happiness.

2. What are the things you want to make/build/create in your life?

I want to create _____________________.

Example: I want to create a healthy, supportive, and loving relationship.

Don’t spend too much time overthinking it. Just be intuitive and write down the first thing you sense coming in your mind or heart.

Make sure this is something your heart genuinely desires. Not something you think you want because society tells you that you should want those kinds of things. (Like how all your friends dream of becoming a corporate consultant. And you end up buying into that dream.)

Now, get to know the stages below. As you read, hold the change you desire in mind and reflect to see where you are.  

* This is just a summary of the stages. They’re too deep for me to cover in only 1 article. However, this will give you a comprehensive roadmap.

Stage 1 – Awareness: I see

Change is an intense process. But to resist change is ten times more painful.

If you’ve been living the same old year, having the same old problems over and over again, I know that you’re in pain. But you may not.

One of the biggest reasons why we don’t change and let our life evolve is that we’re numb from our own pain. We’re so busy being busy, distracting yourself with deadlines, Facebook notifications, games, alcohol… Being so distracted, we become desensitized. We’re sitting on a hot stove refusing to move because we can’t feel our buttock. And one day we wake up completely fried with depression, hormonal breakdown, cancer, or the urge to kill ourselves.

Often the first thing I need to do with people who come to me for coaching is to wake them up so they can see their reality loud and clear.

If you’re in a job that makes you exhausted and miserable and dead. It’s good to know that. If you’re in a relationship that drags you down instead of lifting you up. It’s good to know that. If you have everything from the outside but emotionally and spiritually bankrupt. It’s also good to know that.

Not to pity yourself and resent your life but to be aware. Allow yourself to feel the pain of your life acutely. And then allow it to fuel your desire for change.  

As a human, we’re wired to resist change.

The most potent reason for the change is when a person is so acutely aware of her life and surrender to the truth that she has no other choice.

Stage 2 – Desire: I want

“I want to find a new job.” “I want to find a life partner who supports me in all my endeavours.” “I want to make a good living doing what I love.” “I want to stop being depressed and start being happy.” “I want to start my own business.” “I want to write and publish a book.”

Statements like this, once clearly declared, has tremendous power. However, chances are, if it really means a lot to you, you don’t even dare to say it aloud.

Why?

Maybe you’ve turned failures into hopelessness. Or you’re afraid that you will disappoint yourself. The voice of your mother chimes in advising you to be “realistic.” And if you’re a woman, you think you shouldn’t want too much because you don’t want to be “demanding.”

One client asked me when I was guiding her through the process of uncovering her desires: “Is it okay for me to want this much?” As if she needs an authority to give her permission to want something.

So you choose to be “realistic” and be “content with what you have,” while in fact, you’re just playing small.

I say this with a lot of love because I’ve been there before.

However, your heart’s desire is life yearning for itself. The same way a plant yearns for sunlight. Then it’s our responsibility to stop being small, start to own what we want.

Stage 3 – Confidence: I can

Every single person I’ve ever worked with struggle with insecurity in the area of their life that they want to make a breakthrough.

You need confidence. Not “I hope I can.” But “I know I can.”  

They hear the voice of their Self-doubt: “I’m not young/smart/old/rich/experienced/strong… enough to do this.”

As soon as you believe in this thought, you’re hit by the fear of failure. These thoughts aren’t going to disappear soon. So you need to train yourself to be aware of them as they bubble up in your mind and choose not to believe in them.

However, it’s impossible to be confident all the time. Especially for women who have hormonal fluxes every month. There are days when I wake up feeling a complete failure. And that is totally fine.

A lot of people don’t know that confidence is highly experiential. I was born a highly sensitive introvert. I struggled with anxiety and insecurity all my life until I realize that I can fake it. I’ve spoken in 6 different countries, including 3 times on TEDx. Almost every single time before I came on stage I felt like I might vomit.

If you’re having a hard time with confidence, ask yourself: “What would I do if I were confident?” “What would I do if I absolutely believe that I can succeed?” Journal the answer and do just that. It doesn’t matter if you feel insecure, fake it and do it anyway. The doing will give you confidence.

A client of mine was a brilliant woman who felt shy about raising her voice at her workplace. As I guided her to repeatedly choosing to speak up, even if her voice shakes a bit while she does so, confidence slowly grows inside her. Now speaking up is her second nature.

Stage 4 – Deservedness: I deserve

This is the tricky one. Hardly anyone of us escapes childhood without any limiting beliefs about ourselves.

Beliefs like: “I’m not lovable.” “I don’t deserve love.” will absolutely block the change you want to happen. Because this translates to “I don’t deserve what I want because there’s something fundamentally wrong with me.”

When I was small, my father went through a tough period with alcohol. My child’s mind couldn’t understand why he was never happy with me. There must be a reason for it, and it concluded that there was something wrong with me.

Therefore throughout my early adulthood, I struggled with unworthiness and the shame of being fundamentally flawed. Naturally, I unconsciously punished myself the way my father punished me, through bad relationships, smoking, alcohol, sex, irresponsible spending, self-criticism… I’m sharing this is not to blame him. I love my father. But I needed to do a lot of deep inner work to heal our relationship and heal my inner child.

Once I was healed, I was able to release those beliefs. Then, I started allowing myself to receive beautiful things in life (instead of punishments). And I could work on creating a beautiful marriage, friendships, passion business, realizing my childhood dream… instead of sabotaging it.   

You see. The sense of deservedness is a consequence of doing inner healing work. I’ve met many people who are resistant to healing their inner child. They just want to get what they want. I always needed to remind them that healing is essential. Otherwise, it’s like a chain on your ankles. You just can’t move forward.

Stage 5 – Resolve: I take action

When you’re clear about your desire, when you’re in a state of confidence (or fake confidence) and when you believe you deserve what you want; your actions carry a different level of magnitude.

You’ll show up in your life more powerfully. You’ll make powerful choices and take powerful actions.

Still, I can guarantee that you will feel resistance towards it. In his book Do the Work, Steven Pressfield simply put: “Rule of thumb: The more important a call or action is to our soul’s evolution, the more Resistance we will feel”

I don’t resist watching the entire Harry Potter series for the 6th time, but I indeed resisted writing this article. Anxiety, fear, procrastination, perfectionism, distractions… you name it. These are all resistance.

The big mistake is to think that you need to have the motivation and a perfect plan before you start working. But most of the time it’s the other way around, the actions itself bring momentum, motivation, and clarity.

So stick your butt on the chair to write that article. Or get out butt out the door for that meeting. Show up. Get to work.

Stage 6 – Wholeness: I give 100 per cent

I want to quote Khalil Gibran again here:

“Half a life is a life you didn’t live,

A word you have not said

A smile you postponed

A love you have not had

A friendship you did not know

To reach and not arrive

Work and not work

Attend only to be absent”

Over-thinking, second-guessing, doubting… These are all energy and time suckers on your path.

This year, I wrote my first book. After finishing the manuscript, I went into despair because I believed in the thought “This book isn’t any good. It’s a horrible idea.” I almost scrapped it. I wasted months going back and forth until I realized that these thoughts are just blocking me.

My book 10,000 Miles for Love is now published, and the response has been incredibly positive. 2 days ago, I got an email from a woman saying the book has such a profound impact on her that after finishing one chapter and she cried like a baby.

So if you’re on the journey, see it through to the end. Don’t talk yourself out of greatness.

Stage 7 – Grit: I’ll never give up

When you start working on making powerful changes in your life, you’ll be met with forceful challenges. You will experience failures, disappointments, disapproval, rejection, and heartbreaks. Notice I didn’t say “may.”

Even if you’ve done deep healing work, even if you hire the best coach who shows you every step of the way, even if you’ve read the Law of Attraction cover to cover and spent time daily to feel into what you want… there are always things out of your control.

The investor said no, the interviewer say I’m very sorry, the client said it’s not the right time, the ideal partner whom you gathered all your courage to confess your love to said he isn’t in the place to have a serious relationship right now, a reader left a negative comments on your book.

Or worse, nobody seems to care. Except for your family and friends who are very worried about your changes. They wonder why you’re trying so hard and acting so weird. They suggest/pressure/beg you to get back to “normal.”

And even if none of those things actually happen to you. Chances are: you’ll fall off course on the way.

Did you know that Apollo 11 mission on its way to the Moon was off course 97% of the time? Still, it reached its destination because of constant feedback and course-correction.

Your journey of transformation is a zigzag line. At times, you’ll look up and not even see the moon. And yet, you will need to persist.

One of the biggest lessons I’ve learned after nearly a decade of continuously reinventing myself is the importance of having support.

A mentor, a coach, an accountability buddy, a community, a soul-sister friend, a supportive husband… The more support I can gather for myself from the onset and along the way, the higher the chance of success I have – and the more joyful the journey become.    

These people can call me out when I’m bullshitting my way out of my dream. Tell me “No way” when I’m about to quit. They love me for the person I am and at the same time raise me up to the person I can become.

The biggest problem I often see when I work with strong independent people is that they want to figure everything out by themselves. They don’t know how to ask for support. They feel weak and almost ashamed that they need help from others. I’ve been there before.

True strength is to be vulnerable enough to ask for and receive help.

True wisdom is to recognize that you don’t know what you don’t know and use the expertise of others as powerful leverage for your dream.

Stage 8 – Alignment: I am

In this state, you have gone through the journey of change. You’ve given your absolute 100% and pushed through the darkest night.

You’re no longer the wannabe; you’re the dare-to-become.

I don’t believe in the motivational pop culture that says you’ll succeed in all of your endeavours if you work hard and believe. Like if you give it all up to follow your passion for a living, you’ll get exactly the stuff you want. I don’t think it’s that simple.

I’ve put 100% of myself in many things in my life, and I’ve “failed” many times (fail = not getting the outcome I expected.)

However, I always learned invaluable lessons. Secondly, whenever I pour my heart-work and hard-work into something and not getting it, I always was detoured to a path that is even more rewarding – the thing my soul needed more. I see the same thing in the clients I work with.

Two years ago, a woman started working with me because she wanted to be with a soulmate. After a few months of deep inner work, she let go of the old relationship, opened her heart, and was ready for new love. However, she realized a change in career was what she needed more.

So she quit the stable high-paying corporate job in which she felt comfortable but empty. Now she is leading a medium-sized business, continue challenging herself, and exploring her passion for art.

The universe told her that she needed to learn to be happy on her own before sharing her happiness with the man of her life. (Which is, by the way, the definition of real love.)

So you see, the journey is always, always worth it.

You climb a mountain not because you want to be on the mountaintop, just for the sake of it. Sure, while you’re up there you can marvel at the view for a few hours, or even a few days. But eventually, it gets boring.

You climb a mountain because of the things you get to experience on the wild trail.

The peaks, the pits, the plateaus. The morning of brilliant sunlight. The night with no moon. The flower on the water edge of a hidden spring. The song of a bird at dawn. The hoot of an owl at dusk. The times when you fall on your faces. And the times when you decide to move forward no matter what…

These experiences have enriched your soul and evolved your being in ways you couldn’t imagine. And isn’t that the whole point of living?

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This article was first published on October 24, 2019

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