One of the biggest news of 2024 is the announcement by the US Securities and Exchange Commission (SEC) that they have approved the first US-listed exchange-traded funds (ETFs) to track Bitcoin. In the announcement, the securities regulator said it had approved 11 applications, including BlackRock, Ark Investments/21 Shares, Fidelity, Invesco, and VanEck, among others.

The news brought much cheer to the financial sectors as well as the Web3 community, pushing Bitcoin prices up by three per cent and more than 70 per cent in the lead-up to the anticipation of this announcement. This also marks one of the first approved financial products that linked directly to cryptocurrency.

However, as the dust settled, a deeper look into the growing trends where the financial institutions are looking into digital assets as one of their products and services that runs contrary to the initial vision of Bitcoin (and, to a larger extent, the Web3 space) that Satoshi Nakamoto has set when he first published the Bitcoin whitepaper.

Nakamoto first published the Bitcoin whitepaper in 2008, a time when the sentiment and trust in the Government and financial sectors were at their lowest. It is during the time of financial crisis, with the collapse of Lehman Brothers and the Government bailout of financial institutions that were widely deemed as being reckless and greedy, were given a “free pass”.

In the whitepaper, Nakamoto proposed a utopia stage of a “purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution” using blockchain technology and cryptography.

Using such methodology removes the need to depend on the trust of another party (e.g. financial institutions, Government) and instead “based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party”.

Also Read: What investors need to know about Bitcoin halving

In this sense, the birth of Bitcoin, and to a larger extent, the Web3 ecosystem, represents a possible new era – a vision where the world places focus on decentralisation and everyone is equal. It represents an era where power is not consolidated to the privileged few. Instead of relying on trust in institutions and humans, a philosophy of “code is law” will prevail, which removes any possibilities of biases, corruption and political motivation.

To put things in perspective, Bernard Madoff, who was nonexecutive chairman of Nasdaq and a heavyweight on Wall Street, managed to get away with his Ponzi scheme until the financial crisis in 2008 (confidentially the year when Bitcoin was born) when his investors requested their money back until the scheme could no longer hold.

During the investigation, the SEC inspector general H. David Kotz found that during the previous inspection, there was no follow-up on clear evidence of fraud from Madoff’s firm, and the SEC enforcement officers decided to take Madoff’s word that his operation was legitimate. This scandal highlighted that, in reality, trust can be misplaced, misused and being manipulated. It also begged the question – How much trust can be placed on an individual, an entity, or even a society?

Is Bitcoin’s ultimate goal – to make you rich?

Yes, it is true that when institutions start to put their money into Web3, it will be a boost for the community at large. Cryptocurrency prices would likely see a bear market once they start investing in it. In its Big Ideas 2024 report, Ark Invest estimated that Bitcoin’s price could reach US$2.3 million if 19.4 per cent of global assets were allocated towards Bitcoin. If this is true, it will make many of us instant millionaires, or even billionaires.

But is that the vision of what Nakamoto had in mind when he launched the whitepaper in 2008? Just as another product, an avenue for traditional finance institutions to leverage for their own profit?

What is important for the Bitcoin ETF is that it signifies the start for institutions to enter into this market that was previously left unregulated. ETFs, by their very nature, require a custodian to hold the underlying assets.

This means that investors will no longer have direct ownership and control over their Bitcoin holdings. Instead, they will be relying on a trusted third party to safeguard their investments. This goes against the very ethos of decentralisation and self-sovereignty that Bitcoin was built upon.

Also Read: Can Bitcoin help us in the fight against climate change?

Similar to gold and silver, it can be traded in the traditional market, somewhat like commodities. This might also mean that institutions could, in the future, retrofit their existing systems into the Web3 space and slap the existing rules and regulations to Web3 so that they can leverage Web3 as part of their arsenal in their daily businesses and investments in the world that they are comfortable with.

In this sense, aren’t Web3 moving backwards to Web2.5 or even Web2? More importantly, will Web3 become just another tool for the privileged few (whom society placed their trust on or being empowered with authority and trust) to get richer? And that nothing will change but remain status quo.

Yes, some might argue that Web3 should integrate with the traditional world and not try to overthrow or disrupt the existing system. But this system has been around for so long and with so many legacy issues and problems. Wouldn’t it be better to start afresh?

Sometimes, the best thing to do is to knock down everything and rebuild it. It might cause pain and suffering in the short term, but perhaps give a brighter tomorrow for generations to come. Is it a gamble worth taking? Rather than meeting it halfway – like using a cloak to pug any holes coming out.

Finally, if Nakamoto were here today with us and asked if he was satisfied with the development of his ideology and Bitcoin, what would he say?

—

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

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

Image credit: Canva

The post Bitcoin ETF: Is the vision of bitcoin and Web3 at risk? appeared first on e27.

Dear Reader,

Global financial services Group Macquarie dramatically cut its 12-month price target on One97 Communications, the parent of Paytm, citing risks to customers. The stark reduction in Paytm reflects escalating concerns over regulatory pressures and the potential flight of customers from the Indian fintech platform.

With a substantial slash to 275 rupees, down 57.7%, Macquarie underscores the gravity of the situation, signalling a significant decline from Paytm’s previous market valuation. India’s central bank’s (RBI) recent directive, essentially halting operations at Paytm Payments Bank, amplifies these challenges.

Analyst Suresh Ganpathy’s team foresees a substantial revenue decline and a looming risk of customer exodus. The impending migration of accounts amid the regulatory deadline poses formidable obstacles, further compounded by potential setbacks in retaining lending partners due to regulatory constraints.

Meanwhile, a report has emerged that SoftBank Group sold a major chunk of its stake in Paytm just before RBI imposed sanctions that sent the firm’s share price tumbling by over 42% within three days. The Japanese conglomerate trimmed its exposure in Paytm from 18.5% to nearly 5% between November 2021 and January this year.

The unfolding scenarios cast a shadow of uncertainty over Paytm’s future trajectory, raising existential questions about the leading financial service provider’s resilience amidst regulatory turbulence and market pressures.

Sainul,
Editor.

———​​

NEWS

Macquarie cuts Paytm target on ‘serious risk of exodus of customers’
Macquarie, which famously predicted the slump at Paytm before the listing, lowered its target to US$3.3, the most brutal by any major brokerage firm; Paytm is reeling from the Indian central bank’s clampdown.

SoftBank cut down most of Paytm stake before the crackdown by India’s central bank
SoftBank’s stake in Paytm had gone down from 18.5% in November 2021, when the fintech firm was listed in India, to nearly 5% in January; Paytm has landed in hot water since the Reserve Bank of India froze most of its banking operations on January 31.

Singapore-based electrical infra company Amperesand raises US$12.4M
Lead investors are Xora Innovation and Material Impact; Amperesand offers grid infrastructure solutions that can help improve EV charging hardware; Its system contains high-frequency transformers that are more efficient than traditional ones.

Octopus co-founder Hamish Daud steps down for ‘personal reasons’
In January, it was reported that Moehammad Ichsan, who serves as CEO of Indonesian waste treatment startup Octopus, had shared misleading information about Daud’s academic degrees on multiple platforms, which he denies he wrote.

Peter Thiel’s Founders Fund made US$200M crypto investment before bull run
The previously unreported move by the prominent Silicon Valley venture capital firm underscores some institutional investors’ return to token investments, once the hottest investment strategy before the crypto market crashed in 2022.

Astrotalk nets US$20M funding for international expansion
Left Lane Capital is the investor; The Indian spiritual tech startup connects consumers with over 15,000 astrologers for services such as horoscope reading, birth chart analysis, and virtual prayer.

Modalku co-founder steps down after 8 years of service
Iwan Kurniawan has left his role in the P2P lending firm to take a career break to explore my passions; Modalku helped the firm with its expansion in Indonesia and its entry into Thailand.

X will soon let advertisers run ads next to a ‘curated list’ of creators
The move will allow advertisers to ensure that their ads don’t run next to controversial or offensive content; The launch of the new offering comes as numerous brands pulled their ads from X last year after their ads appeared next to pro-Nazi content.

Singaporean ex-Googler’s AI startup launches new model to rival Bard, ChatGPT
Reka was founded in 2022 by former researchers from Google DeepMind and Meta, including Yi Tay, a Singaporean who serves as Reka’s chief scientist; The new launch follows a US$58 million funding round in June 2023.

North American robot orders dropped 30% last year
31,159 industrial robots were purchased by North American companies in 2023, down from 44,196; These numbers throw a bit of cold water on what has been regarded as a white-hot industry dating back at least to the beginning of the pandemic.

Bitcoin hits US$50K level for first time in more than two years
The cryptocurrency has risen 16.3% so far this year, on Monday touching its highest since Dec. 27, 2021. At 12:56 pm. EST, bitcoin was up 4.96% on the day at US$49,899, having oscillated around the US$50,000 level.

CONTRIBUTIONS

AI-powered visual storytelling is revolutionising marketing strategies
How is AI-driven visual content reshaping the marketing landscape, supported by intriguing statistics and research findings?

Navigating fundraising: Recognising objections vs. rejections
Distinguish between objections and rejections in fundraising, maintaining resilience in the startup landscape.

Why finding your co-founder is a lot like meeting your soulmate
Maegan Yip on what she learned about finding co-founders from her experiences at MaGIC, Entrepreneur First, and Singapore-Deep Tech Alliance.

The AI revolt: How our love affair with technology could turn into a hate story
Despite a rather unsuccessful initial attempt at replicating human behaviour, technology is bound to catch up with our expectations of AI interaction.

FEATURES

‘There’s a shift in behaviour among Indonesian Gen-Z travellers post-pandemic’
Mohit Gandas, Indonesia Head of RedDoorz, on how the hospitality tech company survived the toughest time for tourism industry in the last decade.

Rayo: Transforming web accessibility worries into confidence for people with disabilities
Impact startup Rayo believes everyone should have equal digital accessibility, regardless of age, gender, race, and conditions.

ARCHIVES

How to split founder equity without splitting up
So, how much equity should you give your co-founder so that he feels motivated to join and work long hours to make the company successful?

New-age internet platforms are breeding grounds for financial crimes. Here’s how to tackle them
nternet platforms are accessible by anyone from anywhere. But given the sophisticated technology-based solutions available on the market, setting up robust defenses need not be difficult or complex.

How should non-tech companies approach AI?
Non-tech organisations often have a completely different set of conditions that call for unconventional strategies for AI deployment.

The art of letting go and how it makes you an even better entrepreneur
As an entrepreneur, are we agile enough to let go of our “grit” and change direction when the twists and turns call for it?

Why tomorrow’s data scientists need storytelling skills to succeed?
For data scientists, the ability to tell a story goes hand-in-hand with the ability to explain technicalities in the simplest way possible.

Want to work at a leading tech company? Here’s how
As the lead recruiter at social media giant Twitter, this is what I can tell you about making a CV that is fit for a leading tech company.

What are some networking benefits that are essential for startups?
From trading information to cultivating relationships with mutual benefits, networking should be a part of any startup’s marketing efforts.

The slow death of financial flexing and the rise of financial fundamentals in the startup world
Below are five common startup accounting mistakes and how founders can avoid them while running their companies.

Looking abroad: Capturing the e-commerce opportunity in SEA
The time is ripe for local e-commerce sellers in SEA to look beyond their borders, supercharged by recent cultural and technological changes.

The slow death of financial flexing and the rise of financial fundamentals in the startup world
Below are five common startup accounting mistakes and how founders can avoid them while running their companies.

Looking abroad: Capturing the e-commerce opportunity in SEA
The time is ripe for local e-commerce sellers in SEA to look beyond their borders, supercharged by recent cultural and technological changes.

—

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.

The post Ecosystem Roundup: Paytm is looking at a bleak future | Octopus co-founder steps down amid row appeared first on e27.

We are delighted to announce that Sinar Mas Land has joined as a supporting sponsor for Echelon X . Renowned for pioneering advancements, they are the visionary force behind Digital Hub – a cutting-edge smart city built with advanced Information and Communication Technology (ICT). This transformative development utilises fiber optics to deliver high-speed data connections and digital services.

At this year’s Echelon, Sinar Mas Land will showcase its visionary approach at an exhibition booth, engaging attendees in insightful discussions about reinventing the workplace in Southeast Asia and opportunities across Indonesia. The exhibition will be a unique opportunity for conference participants to explore the dynamic possibilities that Sinar Mas Land envisions for the future of work and urban living.

Get Echelon X  tickets: Check today’s discounted rates

Digital Hub, serving as a testament to their commitment to technological advancement and sustainability, embodies the essence of an intelligently designed and connected urban space.

As we welcome Sinar Mas Land to Echelon X, we invite attendees to visit their exhibition booth, delve into the intricacies of Digital Hub, and gain valuable insights into the future of smart cities and workplace reinvention in Southeast Asia. Engage with the experts, explore the possibilities, and witness firsthand the innovative solutions that Sinar Mas Land brings to the forefront of urban development.

Also read: Embracing workplace flexibility: The new era begins

Echelon X  promises to be a convergence of visionary ideas, and with Sinar Mas Land on board, the conference becomes a platform for exploring the future of urban living and technological integration. Don’t miss this opportunity to be part of the dialogue, meet the minds behind Digital Hub, and contribute to the evolution of smart cities in Southeast Asia.

Join us at Echelon X, where innovation, collaboration, and groundbreaking ideas come together.  Get your tickets here.

The post Sinar Mas Land joins Echelon X as sponsor appeared first on e27.

Recently, hospitality tech company RedDoorz announced that in Q4 2023, the company experienced a group revenue growth of 30 per cent year-on-year (YOY). It also stated that, since 2019, RedDoorz has recorded a group profit of over 90 per cent.

In a press statement, RedDoorz CEO Amit Saberwal said that the positive growth achieved throughout 2023 is the outcome of implementing the “Mission Freedom” strategy.

“We optimised the operational and financial aspects of the company to attain independence and maximise profit growth. We are also optimising the use of Artificial Intelligence (AI) for service automation and focus on developing businesses in our core markets, Indonesia and the Philippines, to increase the loyalty of domestic tourists in each country,” he said.

But how did the company survive the most challenging time for the travel and tourism industry in the last decade? In this email interview with e27, Mohit Gandas, Country Director, RedDoorz Indonesia, shares all the details.

Also Read: Government support and industry initiatives propel hospitality toward sustainability

The following is an edited excerpt of the interview:

What kind of changes in user behaviour have you noticed in Indonesia in the post-COVID-19 lockdown era?

We have observed changes in user behaviour mainly revolve around travel preferences and increased digital adoption. As lockdowns eased and pandemic restrictions gradually relaxed, people began to travel again.

At the same time, we noticed a trend among consumers to prioritise saving their budgets and allocate more spending
for holiday seasons. Regarding digital adoption, our users have become more proficient in using technology and have started to book directly through our app rather than make reservations at the hotel.

Is there any change in your user acquisition strategy once Indonesia has opened up again?

During and after the pandemic, we continued to expand our portfolio of property businesses, targeting other market segments. On top of our main brand, RedDoorz, which focused on budget hotels and targeting the middle to low segment, we seized the opportunity to establish multiple brands to target more premium segments, including SANS, UrbanView, and Sunnera, two- to three-star hotels.

We are focusing on attracting domestic travellers and we are confident that the movement of domestic travellers will continue to increase. According to data released by Indonesia’s Central Statistics Agency, the recovery rate of starred hotels from August 2022 – 2023 was only around three to four per cent. However, it is a different story with RedDoorz, which showed a more than threefold increase in room sales during the same period.

Also Read: The days of the ZIRP raise-cash-burn-cash model are gone: ZUZU Hospitality CEO

Through #OpenAllDoors campaign, we also communicate that RedDoorz is not only for holidays but also for workcation, staycation, visiting family and relatives, accommodation after attending concerts, graduation, etc.

Can you tell us more about the use of AI in your operations? How does it make a difference?

We use AI technology to do strategic pricing. In emerging markets such as Indonesia, customers tend to make reservations at the last minute, unlike in advanced ones where people book many months in advance. They will suffer competitively if hotel owners know how and when to price.

Our system for strategic pricing, however, picks up demand signals including surges in traffic in real time, which help to establish optimal room rates for our property partners, enabling them to capitalise on economies of scale. The need for a real-time solution is more important in emerging economies.

How do you maintain profitability with your strategy to acquire more properties?

We will continue to focus on our core business and core markets: Indonesia and the Philippines. We also focused on quality vs quantity of property portfolio as well as a lot more on bigger and more premium properties. We should have roughly 300 properties under our premium brands, SANS, UrbanView and The Lavana. Every property now contributes more money at a per unit level, and we want to grow another 30-50 per cent this year.

What opportunities do you plan to focus on in 2024? What is your major plan?

Our focus in 2024 is to maintain profitability. We aim to have 8,000 property partners in three to four years.

Also Read: How a hospitality career helped me jump into tech

As for Indonesia, we see promise for growth led by the increasing number of young travellers, which is more than 270 million people, the world’s fourth largest. Especially for Gen-Z, we observed a shift in behaviour among Gen-Z travellers post-pandemic, particularly those who are digitally adept and active on social media, that they tend to travel based on influencer recommendations, which are more various destinations and “Instagrammable” hotel designs.

This demographic is becoming increasingly discerning in selecting budget-friendly accommodations as well. So, we will continue to focus on the Gen-Z tourist group.

—

Image Credit: RedDoorz

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Fundraising has always been a daunting task for founders, with many describing it as almost a full-time job and one of the most difficult aspects of their many roles.

It doesn’t help that the power dynamic has always been with the investors — that someone decided to come up with Glasswall, which is sort of Glassdoor to allow founders to review VCs, perhaps in a bid to stem some of the unsavoury behaviour they display and steal some of the power back to founders.

I would like to share a concept that I learned during the early part of my career in the hope that it would help founders do a post-mortem of their conversation, wondering or even blaming themselves for what has gone wrong, to move on slightly easier.

Objection or rejection

An objection, simply put, is a concern that, if successfully addressed, would mean a yes or a sale or at least one step closer. Rejection is a state of mind held by the person that no matter what you say, nothing matters.

Let me give you a scenario. Imagine you are a car salesman. A serious buyer walks in and, after the test drive, remarks on the price. This could suggest he or she is seriously considering buying the car but has some reservations about the price.

Being able to recognise that would allow a good salesman to say something along the lines of, for example, the aftersale service is more, the warranty is longer, actually cars with similar specs and build are higher priced, and that may allay the buyer’s concern.

Also Read: Navigating the capital winter: Strategies for successful fundraising in a slow market

Now imagine a wife who wants to buy a car and asks her husband, who agrees to it begrudgingly and is not prepared to buy a car at all, to come along. In such instances, no matter how much your best effort is, there is almost nothing you could have done.

You can give the same rationale for a longer warranty, and he will quote you another one that is even longer. You recommend a cheaper car, and he would start criticising its build and specs. It is like playing whack-a-mole with him, and no matter what you say, a mole will just pop up.

Such conversations can be soul-crushing.

It is something I made a point of training my salesforce back then so that they could recognise it happening and concentrate on talking to the wife. Or move on and concentrate on greener pastures instead of getting themselves bogged down mentally by it.

That said, while we can do more cold calls to generate more customers to talk to, a chance to present to an investor is hard to come by, and it is only natural to feel dejected afterwards. But I hope being able to tell the difference between Objection and rejection and knowing when you never stood a chance when it is a rejection could spare you those days of ruminating in your head, pondering about what went wrong, what you could have done better.

But why would they do that, you might ask? If they are willing to speak to me, surely they cannot be that begrudgingly husband and should be seriously hunting for a good startup to be so dismissive, you say. 

Well, for starters, there is the Goodhart Law.  Most would instinctively feel like picking one out of 100 vs. one out of 1000. The latter 1 is better than the former one. That is why competitions always feel the need to announce the winner along with the fact of how many have taken part, but at times, it may mean not being able to take the time to hear everyone thoroughly and being overly assumptive. 

Understand that bias (which I also shared more on in this article) also plays a part in any conversation, and at times, nothing you had a role to play in would allow you to walk away undaunted and to keep on trying your fellow founders. 

—

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

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

Image credit: Canva

The post Navigating fundraising: Recognising objections vs. rejections appeared first on e27.

We are thrilled to announce that iScale Solutions has joined Echelon X as supporting sponsor. A managed outsourcing and staff augmentation provider, iScale Solutions is dedicated to delivering customised solutions that seamlessly integrate with their clients’ business processes. This strategic partnership marks a significant step towards fostering sustainable growth and addressing the talent challenges faced by companies across the region.

Get Echelon X  tickets: Check today’s discounted rates

At the heart of iScale Solutions’ commitment lies the mission to provide businesses with services that allow them to focus on core operations while ensuring access to the best talent pool. With a keen understanding of the dynamic business landscape, they offer a comprehensive suite of services that transcends traditional outsourcing models.

 

This year at Echelon X, iScale Solutions is set to make a lasting impression with a dedicated exhibition booth. The booth will serve as a hub of knowledge, where discussions will revolve around how they can be the catalyst for sustainable growth, relieving companies of the complexities of talent recruitment and management.

As the global business landscape evolves, the need for strategic partners like iScale Solutions becomes increasingly critical. This sponsorship underscores Echelon X’s commitment to bringing together innovative solutions that shape the future of business.

Also read: Future-proofing businesses and talent through technology

Echelon X 2024 is not just a conference; it’s a convergence of ideas, solutions, and opportunities. Join us in welcoming iScale Solutions to the Echelon community. Come meet them at Echelon X, and together, let’s explore the potential for transformative growth in the ever-evolving business landscape.

Don’t miss out on this chance to connect, learn, and pave the way for a future where businesses thrive. Get your tickets here.

 

Image Credit: iScale Solutions

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We are delighted to announce that Antler has joined forces with Echelon X as a supporting sponsor. As a global investor committed to supporting the world’s most ambitious founders from day zero to greatness, Antler brings a wealth of expertise and a track record of fostering innovation across diverse industries.

Get Echelon X  tickets: Check today’s discounted rates

With a presence in 27 cities spanning six continents, Antler operates as a global community that rallies behind founders from the very inception of their entrepreneurial journey—whether they are pre-team or even pre-idea. Since 2018, Antler has played a significant role in creating and investing in over 1,000 startups globally, spanning a wide spectrum of industries and technologies. Their ambitious goal is to back more than 6,000 startups by the year 2030, setting the stage for a transformative decade of innovation and growth.

 

At this year’s Echelon X, Antler is set to make a profound impact by bringing 20 startups to the Pitch stage—a testament to their commitment to supporting and showcasing cutting-edge entrepreneurial talent. These startups, nurtured and empowered by Antler, represent a diverse array of industries and embody the spirit of innovation that defines the global startup ecosystem.

Antler’s unique approach involves identifying, investing in, and supporting exceptional founders at the earliest stages of their entrepreneurial journey. By providing strategic guidance, resources, and access to a global network of investors and industry experts, Antler serves as a catalyst for turning bold ideas into successful, scalable businesses.

Also read: Pioneering success: The path for early-stage startups

Echelon X attendees are invited to seize the opportunity to engage with Antler and the 20 startups they are showcasing. This is a rare chance to witness firsthand the transformative power of visionary ideas and the impact of strategic support on the trajectory of early-stage startups.

 

Antler’s involvement in Echelon X  signifies a shared commitment to fostering innovation, driving entrepreneurship, and creating meaningful connections within the global startup community. As we embark on this journey together, we invite all attendees to meet the dynamic team behind the success stories, and explore the future of startup innovation.

Echelon X  is more than a conference; it’s a convergence of visionaries, builders, and game-changers. Come, connect, and be inspired by the startups shaping the future. Get your tickets here.

 

Image credit: Antler

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Whether in small startups or large enterprises, standard operating procedures oftentimes guide operational efficiency and cost-effectiveness, delivering on the business performance expected by stakeholders. Their governing principle? “Doing things right” — to minimise errors and ultimately make the recipients (checkpoints in the processes) satisfied.

In the early 2000s, Google famously adopted “Don’t Be Evil” as their principal motto in their code of conduct. After restructuring as Alphabet Inc, the mantra was dropped and replaced with “Do the Right Thing”, to its fair share of criticism.

Leaders and tough decision-making

After dropping “Don’t be Evil”, there was a shift in attitude towards business, with Google shifting its ethical needle in pursuit of business opportunities. In 2018, there were revelations that Google was actively involved with the Department of Defence for drone surveillance technology — prompting 4,000 outraged and concerned employees to sign an internal petition protesting the partnership. Was Google dealing with technology for making killer machines “Doing the right thing”?

Leaders are constantly faced with tough decisions in day-to-day engagements within their businesses. Understandably, profit margins are at the heart of every business and its success, so how do you continue to do things right while doing the right thing?

“Doing the right thing” goes beyond simply achieving profitability; it encompasses the responsibility of balancing the needs of the business with the demands of society, your staff, and your moral compass.

According to the Global Leadership Forecast 2023, only 46 per cent of employees trust their manager to do what is right, with the number dropping to 32 per cent for senior leaders. It is paramount that leaders be able to navigate the complex landscape of business survival while upholding the need to do the right thing.

The two pillars guiding decision-making

At the core of “doing the right thing” in leadership is integrity — involving consistent adherence to a set of moral principles and values, even in the face of challenges or temptations. An integral leader is honest, transparent, and takes responsibility for their actions. They inspire trust and create an environment where employees feel safe and valued.

According to Harvard Business Review, all organisations, regardless of performance level, ranked integrity and ethics as the most important characteristics of leadership. When leaders lead with integrity, they set the tone for the entire business, fostering a culture that promotes ethical behaviour and accountability.

Also Read: Embracing global entrepreneurship: Redefining startup success beyond Silicon Valley

Working hand in hand with integrity, ethics provide the framework within which leaders make decisions. Ethical considerations in leadership weigh the impact of one’s actions on various stakeholders, including employees, customers, shareholders, and the wider community their business affects. Ethical leaders prioritise doing the right thing, even when it may not be the easiest or most profitable path.

They understand that long-term success is built on trust and reputation, which can be easily eroded by unethical behaviour. By demonstrating ethical conduct, leaders inspire their teams to follow suit, creating a positive and sustainable business culture.

I was once offered a very attractive job offer to relocate and lead a marketing team for one of the largest cigarette companies in the world. The marketing budget alone ran into hundreds of millions a year, which is the dream of any marketer. Despite this, I did not accept the offer simply because it goes against my ethos.

Leading with integrity and ethics often means making tough decisions that may not be easy or popular choices. As the founder of a burgeoning health-tech startup, I found myself facing a challenge similar to Google’s profit-driven exploits, albeit on a smaller scale.

Drawing inspiration from Geoffrey Moore’s seminal work, “Crossing the Chasm,” I have come to appreciate the relevance of his insights in guiding our startup through its evolution. Moore’s theory emphasises the significance of new technology transcending its early adopters and making inroads into the mainstream market, ultimately leading to scaling up.

With that, the influx of interest from potential partners presented a dilemma. While a wider adoption of our health-tech solution could propel us into the mainstream in line with Moore’s theory, I grappled with concerns about its ability to deliver enhanced productivity and convenience in the realm of healthcare through all the partners, two cornerstones of our business ethos.

Ultimately, I made the conscious choice to be discerning in selecting our partners, prioritising the genuine benefit our solution brings to both partners and users over immediate expansion and profits. It was a tough but right decision to make.

Also Read: Why all leaders need to understand the impact of modern observability

The ability to make tough decisions requires courage, integrity, ethical reasoning, and a deep understanding of the organisation’s purpose and values. It is during these challenging moments that leaders have the opportunity to demonstrate their commitment to doing the right thing, even when it comes at a cost.

Strategies for leading with integrity and ethics

Although I recognise there is no one-size-fits-all approach, there are strategies that can help leaders navigate the complexity of balancing business survival, profitability, and “doing the right thing”.

Firstly, it is imperative for leaders to articulate a clear set of values and ethical guidelines that serve as the cornerstone for decision-making processes. These principles not only offer a framework for navigating complex choices but also provide a reference point for you and your employees, aligning actions with the business’ overarching mission and values.

In doing so, you can cultivate a harmonious and purpose-driven work environment where ethical considerations are paramount in every decision made.

Secondly, leaders should place a premium on fostering open and transparent communication within the organisation. By prioritising a culture of honesty and openness, leaders can lay the groundwork for trust and accountability to thrive.

Clear and candid communication channels enable employees at all levels to voice concerns, share ideas, and contribute to the business’ growth, ultimately fostering a cohesive and inclusive work environment.

Whilst you make the final decision, the opinion of everyone on board should be taken into consideration. This commitment to transparency not only bolsters trust but also engenders a sense of ownership and responsibility.

Finally, it falls upon leaders to lead by example by exemplifying ethical behaviour and integrity and upholding the business’ values through their actions. By consistently demonstrating integrity, honesty, and ethical conduct, leaders set the standard for others to follow.

Also Read: Neuroscience to the rescue: How startups can dodge burnout

Moreover, holding both themselves and others accountable for their actions reinforces the business’ commitment to ethical conduct. Through this demonstration of ethical leadership, organisations can instil a culture where ethical behaviour is not only encouraged but expected, permeating every facet of the organisation and guiding “doing the right thing” at all levels.

The lasting impact of  “doing the right thing”

Embracing integrity and ethics in leadership is crucial for balancing business survival, profitability, and ultimately “doing the right thing”.

Leaders who prioritise doing the right thing create a culture of integrity, trust, and accountability. They navigate the challenges of tough decisions by considering the impact on various stakeholders and aligning actions with their values.

Doing the right thing in leadership has a lasting impact on company culture, fostering an environment where employees feel valued and motivated. By leading with integrity, leaders can build trust and credibility and, ultimately, achieve long-term success for their organisations.

Nelson Mandela, a personal hero of mine, once said a quote that I keep close: “A good head and a good heart are always a formidable combination.”

 As we strive to “do things right” daily, always ask of ourselves if we are “doing the right thing” in our decisions.

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It’s more important than ever for brands to be socially responsible. Consumers are keeping a close eye on what businesses are doing to give back to the community and  support employees throughout the pandemic. And, they aren’t afraid to call out businesses on social media if they feel they’re not doing enough to give back. 

As a result, social media is booming as we continue to wrangle the challenges facing us as a society. Consumers are increasingly using their hard earned cash to vote for the future they want to live in. The majority of Singaporeans agree that they are more likely to purchase from brands with a strong social conscience.

Here, we examine best practice and guidelines for brands looking to publicly communicate their social conscience.

Support through legitimate effort

Consumers want businesses to address the social injustices confronting our world, including equality and climate change. Although, at the same time, consumers are sceptical about ‘woke washing’ where businesses are leveraging these issues as marketing stunts, rather than genuine acts of activism and solidarity. 

Consequently, brands are being denounced for inauthentic effort. In the case of Singapore’s Pride Season, IndigNation, which is celebrated nationally in August each year, many brands have been criticised for ‘rainbow washing’ where they used the rainbow colours or flag, but do not undertake any tangible work to support the LGBTQIA+ community. 

For brands seeking to demonstrate their social conscience, it’s imperative to consider what value they’re adding and what the desired outcome is. Corporate allies and advocates have an important role in society and can champion meaningful change, however, it must feel credible to consumers and the public.

This can be achieved through brand storytelling, with leaders revealing why they are so passionate about the cause and the brand’s journey to relevant efforts of activism. 

Reflecting on IndigNation as an example, brands could look to showcase stories from the LGBTQIA+ community, use their money and platform to address real issues or be educated on the issues faced by the community.

Also Read: How these four India-based startups are impacting the earth

Align social conscience with brand values

Before commenting on social justice issues, businesses should ensure they have a clear track record of actively supporting the cause.

During last year’s global Black Lives Matter (BLM) movement, Ben & Jerry’s rallied against racial inequality and were vocal advocates. With decades of experience in campaigning for a range of social justice issues, such as refugee and human rights, climate change and gender equality, Ben & Jerry’s published one of the strongest public statements regarding the #BLM movement.

The brand went so far as to claim that police brutality “is perpetuated by a culture of white supremacy”. Validating this with real action, Ben & Jerry’s published on its website a list with actionable steps to demolish white supremacy as an open source for other businesses and leaders to lean on.

Corporate activism must be bolstered by a brand’s values in order to feel authentic. In this case, Ben & Jerry’s has a robust history of educating employees and consumers about structural racism and inequality, is focused on diversifying the recruitment process and has created foundations to support important social causes.

As a result, Ben & Jerry’s is a superb example of a business that’s corporate activism is intrinsically matched with its brand values. 

Reinforce with real action

In order to comment on social justice movements, brands must display real action to address the challenges and champion change. 

For example, Bettr Barista believes that coffee can taste good and do good for society too. The brand is committed to changing and improving the lives of marginalised women and youth at risk.

Bettr Barista holds specialty barista classes and over 1,200 professional coffee courses for those looking to upskill. All proceeds go to supporting higher education for youth and communities in need. 

This is an enthralling example of a brand putting its money where its mouth is, while using its platform to champion socially responsible practices and have a positive, far-reaching impact that serves a greater purpose. 

It’s more important than ever before for brands to be socially engaged. In an era where customers hold all the power, brands are being summoned to remain relevant by demonstrating their commitment to a better future. This means being aligned with consumer ideals and important social justice movements. 

There’s generally a fine line between brands doing the ‘right’ thing and being labelled opportunistic. With this in mind, it’s vital to thoughtfully consider what value can be added to the movement and whether their social conscience is in tune with a brand’s actions. 

Brands should be looking to get behind the movements that are important to customers. And if unsure what these are, the best way to find out is to simply ask.

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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

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

Image credit: artursz

This article was first published on September 1, 2021

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As businesses receive stronger pressure to focus on their environmental impact, startups across Southeast Asia (SEA) offer their expertise to help businesses achieve their sustainability goals. In Malaysia, one example of such a startup is Pantas.

Co-founded by Eong Tat Ooi, Nurul Syaheedah Jes Izman, and Max Lee, Pantas enables businesses to track, manage, and disclose their ESG metrics, with a particular focus on carbon emissions. It aims to address inherent pain points in the traditional process of managing ESG metrics, such as manual data handling and the scarcity of specialised climate expertise.

In March 2023, Pantas became the main software partner and coordinator of the Central Bank of Malaysia’s Greening Value Chain (GVC) Programme, an initiative to assist SMEs in implementing impactful long-term change to green their operations. It serves as a customised solution to enable large corporate buyers (“anchors”) to measure and manage their supply chain emissions (known as Scope 3), facilitating anchors to address regulations such as the EU’s Carbon Border Adjustment Mechanism (CBAM).

Starting from its Kuala Lumpur headquarters, Pantas has expanded to Thailand and Indonesia with a team of over 20 employees. The company has raised a US$2.5 million seed funding round from VCs and angel investors.

Serving clients from a wide range of industries, from healthcare to aviation, Pantas collaborates with both local and international partners such as Huawei, Solarvest, Safetruck, SOLS Energy and more, to offer smart bespoke decarbonisation solutions to businesses looking to manage their emissions.

Also Read: Why Quest Ventures believes that the human-centricity of ESG investing will be more apparent

The following is an edited excerpt of our interview with it.

Please tell us about your product development process and how you developed this solution.

In developing our solution at Pantas, we recognised a significant gap in the market, particularly in SEA, where businesses grappled with the challenges of carbon emission management and disclosure. The prevalent reliance on manual processes not only introduced risks of human error, misreporting, and potential greenwashing but also hindered companies’ ability to manage and communicate their decarbonisation efforts effectively.

Motivated by the urgent need for a more efficient, accurate, and user-friendly approach, we set out to innovate a solution that would alleviate these pain points. Our product development was driven by a deep understanding of the complexities involved in carbon management and a commitment to empowering businesses to meet and exceed regulatory and stakeholder expectations.

Through leveraging advanced technology, Pantas developed a platform that transforms the arduous task of measuring carbon emissions, recommends smart decarbonisation strategies from ecosystem partners, and facilitates access to specialised financing options through its network of banking partners. This end-to-end experience enables our clients to lead with confidence in their sustainability initiatives whilst promoting operational efficiency and building long-term resilience.

Who are your users? How do you acquire them?

Our clients are large enterprises/listed companies whose regulators or customers mandate disclosure and reduction of their carbon footprint. With the rise of global climate regulations like the International Sustainability Standards Board (ISSB) under IFRS and stringent EU regulations (such as the EU’s Carbon Border Adjust Mechanism), the number of disclosures impacting these companies is growing.

At Pantas, we respond to this need by offering a customised carbon management and ESG platform designed to streamline the tracking, management, and reporting process, ensuring our clients comply with these regulations and lead in corporate environmental responsibility.

Also Read: How STACS aim to help businesses comply with ESG regulations with its ESGpedia tool

What is your revenue model? How do you balance between creating an impact and making a profit?

Pantas operates on a Software as a Service (SaaS) model, where clients subscribe to our solutions on a yearly basis. The subscription includes our cutting-edge management platform and includes added features/services such as API integration with ERP systems, tailored decarbonisation strategies, and access to financing through its network of banking partners.

As part of the offering, Pantas provides its clients with a white-glove service where the solution will be customised to meet each client’s unique needs.

Our revenue model is designed to align our success with that of our clients; we view ourselves as a software provider and a committed partner in their sustainability journey.

Can you tell us about how the Central Bank of Malaysia partnership came to be?

The partnership between Pantas and BNM for the GVC Programme was initiated at a crucial time when global awareness and regulations focusing on supply chain emissions (such as EU’s CBAM) were on the rise.

Given the complexity of measuring and managing supply chain emissions, an end-to-end solution was needed to achieve GVC’s goal effectively. As a result, the programme includes the relevant capacity building, technical advisories, a simplified carbon management and ESG platform from Pantas, and sustainability-linked financing for SMEs, where SMEs benefit from reduced financing rates upon achieving carbon reduction targets.

What is your major plan for 2024?

In 2024, we are focusing on expanding our business with a strong emphasis on international growth, particularly in Thailand, where we have hired local expertise to serve the Thai market better.

Also Read: For startups, embracing ESG focus is a sure-fire way to secure corporate success

In addition, we are deepening our collaborations with new and existing decarbonisation partners, especially in renewable energy, waste management, and Battery Energy Storage Systems (BESS).

Furthermore, we are strengthening our engagement with financial institutions to promote and facilitate sustainable finance across the region more effectively.

For Pantas, 2024 is poised to be a year of leveraging strategic partnerships, fostering innovation, and championing sustainable practices as we aim to expand our footprint both locally and internationally.

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Image Credit: Pantas

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