Starting from October 8th, the UK Financial Conduct Authority (FCA) will be implementing new regulations aimed at shaping the crypto landscape. These rules have been introduced to prevent the distribution of free non-fungible tokens (NFTs) and cryptocurrencies through airdrops, which were previously used as promotional tactics to encourage investments in digital assets.

FCA’s regulations

In an effort to protect investors, the FCA has classified crypto as a “restricted mass market investment,” requiring explicit risk warnings in advertisements related to cryptocurrencies. Additionally, offering incentives to the general public for investing in cryptocurrencies will now be prohibited.

The FCA’s decision to implement these regulations comes as a response to concerns raised by Matthew Long, the FCA’s director of payments and digital assets. Long emphasized that such promotions, which involve free NFTs and crypto airdrops, could potentially mislead consumers into investing in cryptocurrencies without fully understanding the associated risks.

The FCA’s advertising rules are part of a broader effort to regulate the crypto sector. The UK recently concluded a consultation on new rules and proposed an authorisation regime overseen by the FCA for all crypto firms, including those already registered. This regime aims to address investor protection and market integrity concerns.

Anndy Lian, author of NFT: From Zero to Hero, agrees with FCA’s action. “The FCA is in the right direction. With the surge in popularity of cryptocurrencies, it is crucial that investors are fully informed about the risks and potential rewards associated with this emerging asset class. The FCA’s advertising rules play a vital role in ensuring that investors receive accurate and transparent information, enabling them to make well-informed decisions.

“By mandating explicit risk warnings and prohibiting certain promotional incentives, the FCA aims to prevent hasty investment decisions driven by misleading or incomplete information. As we navigate the dynamic landscape of digital assets, it is encouraging to see regulators like the FCA taking proactive steps to establish a robust regulatory framework.

“By setting reasonable advertising rules, the FCA not only strengthens investor protection but also enhances the credibility and legitimacy of the crypto industry as a whole. It sends a positive signal to market participants, demonstrating that responsible practices and investor welfare are at the forefront of the regulatory agenda.”

Also Read: The battle for regulation: Can cryptocurrency be tamed?

During the consultation on marketing rules conducted last year, the FCA’s policy document revealed that the majority of respondents disagreed with several proposals, including the prohibition of incentives, the classification of crypto as a mass market investment, and restrictions on new investors’ access to non-real-time promotional offers (DOFP).

Currently, only FCA-authorised entities have the authority to approve their own advertisements. However, as there is currently no established authorisation framework for crypto firms, the FCA will grant a temporary exemption to registered crypto firms, allowing them to self-approve their ads starting in October, provided they comply with the FCA’s anti-money laundering requirements. There are concerns within the industry that the requirement for all approvers to have a comprehensive understanding of crypto assets and appropriate permissions may create a restrictive environment.

Resolute in implementation

Despite some pushback from the industry, the FCA remains committed to implementing these measures. The regulator believes that the new rules will provide a safer environment for investors and enhance consumer confidence in the digital asset market.

It is worth noting that the ban specifically applies to promotions involving airdrops, and the use of crypto airdrops and NFTs themselves will not be prohibited. The FCA’s goal is to strike a balance between allowing innovation in the crypto industry and ensuring investor protection.

However, concerns have been raised within the industry regarding the requirement for all approvers of financial promotions to have a comprehensive understanding of crypto assets and appropriate permissions, as it may result in an overly restrictive regime. Crypto organisations voiced the limited number of organisations that would meet the criteria for approver status.

In addition to risk warnings, the FCA’s rules include the introduction of a cooling-off period for first-time investors. This means that new investors will have to wait for 24 hours between their request to purchase crypto and the actual purchase itself. During this time, they cannot receive direct offers of financial promotions until they reconfirm their decision to proceed after the cooling-off period.

Sheldon Mills, Executive Director, Consumers and Competition, said in the press release: “It is up to people to decide whether they buy crypto. But research shows many regrets about making a hasty decision. Our rules give people the time and the right risk warnings to make an informed choice. Consumers should still be aware that crypto remains largely unregulated and high risk. Those who invest should be prepared to lose all their money. The crypto industry needs to prepare now for this significant change. We are working on additional guidance to help them meet our expectations.”

Also Read: Why Elizabeth Warren’s criticisms of crypto might miss the mark

The FCA also plans to ban certain marketing practices in the crypto industry. One of these is the “refer a friend” bonus, which will no longer be allowed. The aim is to prevent incentivised promotions that may encourage hasty investment decisions.

Overall, the new FCA advertising rules for the crypto industry focus on ensuring that consumers understand the risks involved in cryptocurrency investments and have the opportunity to make informed decisions. The rules require clear risk warnings, introduce a cooling-off period for first-time investors, and prohibit certain promotional incentives.

The new regulatory framework has been positively received by legal professionals who believe it will strengthen consumer protection and increase confidence in the digital asset sphere. “These are balanced first steps that reflect a careful analysis of how crypto products are often promoted. I would expect to see other regulators considering similar approaches as the cross-border nature of these products poses specific challenges to regulators,” said Tim Aron, a barrister specialising in crypto and regulatory law at Minerva Chambers.

Since January 2020, the FCA has received a total of 318 registration applications from crypto firms, with 41 successfully completing the registration process. However, the regulator has faced criticism for the lengthy nature of its registration regime. Matthew Long defended the rigorous standards, emphasizing the importance of safe custody and preventing money laundering. He also mentioned that the FCA engages in regular dialogues with crypto companies.

Recently, the UK concluded a consultation on new rules for the crypto sector and proposed an authorisation regime overseen by the FCA, which will encompass all crypto firms, including those that are already registered. The aim of this regime is to address concerns related to investor protection and market integrity, particularly focusing on issues such as fraud and cross-border risks.

In summary, the FCA’s new regulations regarding crypto promotions and their efforts to establish an authorisation regime reflect the regulator’s dedication to safeguarding consumers and maintaining market integrity in the ever-evolving crypto industry.

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It all started with Haider Abbas’s research project with Renew Power, a solar energy company in India.

While working on this project, the solar scientist realised the need for better energy forecasting in the renewable energy sector.

“There were some uncertainties in the renewables sector that led to lower energy selling prices and penalties for deviation from energy schedules. This impacted the profitability and stability of solar power projects,” says Abbas, an IIT Delhi graduate.

He sensed an opportunity to improve the accuracy of energy generation forecasts by leveraging advanced technologies like deep learning, satellite imagery, and data analytics to enable solar plant operators to make informed decisions, optimise their operations, and maximise their revenue potential.

That led to the birth of Solarad.ai, a startup providing accurate energy generation forecasts for solar plants and battery storage.

Established by Abbas, Ravi Choudhary (IIT Delhi alumnus) and Bhramar Choudhary (IIT Bombay, ex-JLR), Delhi-based Solarad.ai wants to empower solar plant operators with the tools and insights needed to overcome the challenges of renewable energy generation and trading.

How Solarad works

Solarad.ai uses satellite imagery, numerical weather prediction, and historical solar photovoltaic (PV) generation data to provide “accurate” energy generation forecasts for solar plants and battery storage. Its forecasts are updated hourly and provided in 15-minute time steps, allowing for better energy trading and improved pricing in the energy markets.

Also Read: This startup aims to make rooftop solar accessible to smaller households with zero upfront cost

“Imagine a solar plant located in a region where weather conditions greatly impact power generation. Our deep-tech models analyse satellite imagery to assess cloud cover, atmospheric conditions, and other relevant factors. It then combines this information with historical PV generation data and numerical weather prediction to generate forecasts,” he elaborates.

“Let’s say it’s morning, and our deep-tech models predict that the weather will be partly cloudy with intermittent sunshine throughout the day. Solarad.ai’s software predicts the expected power generation for each 15-minute interval based on this forecast. These forecasts enable solar plant operators to optimise their energy trading strategies, making informed decisions about when to sell excess energy or purchase additional power from the grid,” Abbas shares.

As the day progresses, Solarad’s software continuously updates the forecasts to account for real-time weather conditions and fine-tune the accuracy of the predictions. Solar plant operators can access these forecasts through its interface, allowing them to align their energy production with market demands and minimise penalties for deviation from energy schedules.

“By leveraging deep-tech models and advanced data analysis, Solarad.ai empowers operators to maximise their energy generation efficiency, improve pricing decisions, and optimise their overall energy trading strategies,” he claims.

A B2B SaaS platform, the firm already works with a few commercial and industrial companies, but the focus is players with 10MW+ plants.

Tremendous opportunities globally

According to the company, India presents tremendous opportunities as it is one of the world’s fastest-growing markets for solar energy. With the government’s focus on increasing the share of renewable energy in the overall energy mix, there is a significant need for accurate energy generation forecasts and improved energy trading strategies.

Also Read: A stroll through Mohammed bin Rashid Al Maktoum Solar Park in Dubai

“Solarad.ai can capitalise on these opportunities by providing its innovative solution to solar plant operators in India. By helping them optimise their energy generation, improve pricing decisions, and avoid penalties, Solarad.ai contributes to the growth and profitability of solar power projects in the country,” adds Abbas.

Furthermore, India’s geographical diversity and varying weather patterns make accurate forecasting crucial for efficient energy management. Solarad.ai claims its deep-tech models are designed to handle the complexity of India’s diverse climatic conditions, including monsoons, cloud cover, and extreme temperature variations.

But the Indian solar industry faces several challenges, including:

Uncertainty in renewable energy generation: Solar and wind power generation are dependent on weather conditions, which can be unpredictable. This uncertainty leads to challenges in planning and trading energy effectively.

Grid integration: Integrating renewable energy into the existing power grid infrastructure is complex, requiring accurate forecasting and balancing supply and demand in real-time.

Policy and regulatory framework: Frequent changes in policies and regulations related to deviation settlement mechanisms, tariffs, subsidies, and land acquisition can create uncertainties and impact the financial viability of solar projects.

Financial viability and return on investment: Solar projects require a significant upfront investment, and ensuring a reasonable return on investment over the project’s lifecycle is crucial for sustainability.

Despite the challenges, Solarad doesn’t restrict itself to India. It has identified several key European markets for expansion, such as Germany, Spain, Italy, France, and the United Kingdom. These countries have a significant presence and growth potential in the renewable energy sector, with high adoption of solar power.

“Europe has been actively promoting renewable energy sources and has set ambitious targets for increasing the share of renewables in its energy mix. With a strong focus on sustainability and reducing carbon emissions, European countries offer a conducive environment for our energy generation forecasting solution,” he shares. “Our deep-tech models, which have proven accuracy in forecasting complex and interconnected systems, can help European solar plant operators optimise their energy generation, reduce costs, and maximise revenue.”

Similarly, the US also presents significant opportunities for Solarad.ai. It has a large and rapidly growing solar energy market, with numerous solar plants and a favourable regulatory environment. With the increasing adoption of renewable energy and the need for improved energy forecasting, Solarad.ai can provide its services to solar plant operators across different states.

The startup operates on a subscription-based business model. It charges plant operators a monthly fee for access to its energy generation forecasts and related services. The subscription fee is based on the number of plants a customer has and the value our product provides in terms of increased revenue and savings from penalties.

Also Read: For the cost of an iPhone, you can now buy a wind turbine that can power an entire house for lifetime

“As we expand our market presence and enter new regions, such as Europe and the United States, our subscription-based revenue model will remain the core source of income. Additionally, we are exploring opportunities to offer value-added services and advanced features to cater to the evolving needs of our customers and increase revenue streams,” Abbas remarks.

Early this month, Solarad.ai announced the closing of a seed funding round led by India Quotient. The funds will help it in its international expansion.

With the consequences of climate change manifesting and the world slowly transitioning into renewable energy, deep-tech solutions such as the ones developed by Solarad.ai can have a massive role to play. A helping hand from world governments and the private sector could help Solarad co-founders go a long way.

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The creator economy, also known as the influencer economy, was born in the Web2 era thanks to social media platforms such as Facebook and YouTube and the rise of user-generated content and online celebrities. It is Web3, however, that will drive the evolution of the creator economy by empowering content creators and allowing them to own not only their content but also their community.

While Web2 allowed content creators and influencers to build a huge online following, the middlemen such as Facebook and YouTube were the ones who actually owned the platforms and set the rules, making it difficult for most of them to monetise their content.

Which is ironic, considering that the creator economy is now worth US$100B globally, with Goldman Sachs predicting it could grow to US$480 billion by 2027.

How creators got their groove back

In fact, it was the pain points that she herself experienced as an influencer that led SO-COL Founder Irene Zhao to launch the Singapore-based Web3 social platform.

“Even though I have a huge following on social media. I don’t get most of it. I don’t own my content or my community. The only way for me to monetise is through advertisements,” Zhao said.

Web3, however, is disrupting this business model thanks to non-fungible tokens (NFTs), which are also becoming more popularly known as digital collectibles. NFTs allow creators to own their content. By buying these NFTs, fans can own part of the creators’ work. More importantly, creators and their fans can build a community by using NFTs as proof of identity.

“Web3 is truly impactful on content creators in two big ways. First, creators can truly own their community on a decentralised platform not subject to fast-changing social media policies. Second, with DAOs (decentralised autonomous organisations), they can build deeper, more meaningful, and more two-way interactions with their audience instead of fans simply liking and commenting on their posts,” Zhao said.

The power of smart contracts

While some might have the wrong notion that NFTs are just fancy JPEGs, they are actually digital assets powered by smart contracts on a blockchain, such as Ethereum. Anything can be tokenised, allowing content creators to directly monetise their works, whether art, music, articles, literature, videos, and so on.

Also Read: How to stay creative in the age of Generative AI and Web3

This is why Web3 is a game changer for the creator economy because it allows content creators to own their data and get paid for what others consume.

“Smart contracts ensure timely payments as they eliminate the middleman, meaning creators will receive their revenue share the moment it has been paid. As Web2 platforms begin to disappear, smart contracts and NFTs will emerge as the new standard, with a record of ownership for every piece of content posted onto immutable public blockchains. 

“With NFTs, artists will be able to keep track of the value of their older creations and continue to monetize them through royalties. Under the old system, if an artist sold a painting for US$10,000 and it was later sold again for US$5 million, the artist would not receive anything more, with the dealer pocketing the difference. That won’t happen with NFTs, as the artists can create a smart contract that ensures they will receive a percentage of any future sale.” 

Launching the Creator Circle

Offering a powerful platform for content creators is one thing. Educating them on Web3 and helping them optimise these digital tools, however, is another.

This is precisely why BlockchainSpace, a Web3 community enabler in Southeast Asia, has partnered with leading Philippine telecommunications provider Smart Communications to accelerate Web3 adoption and launch its Creator Circle program for content creators across the region. 

By joining the Creator Circle, content creators gain access not only to exclusive events and perks but also to funding that will help them launch their projects and build their communities.

Starting out as a physical venue for Web3 events, BlockchainSpace evolved into a guild hub for play-to-earn communities around blockchain games such as Axie Infinity. Since 2020, it has empowered over 100 communities and raised US$20M from top investors, including Animoca Brands, CoinGecko, and Crypto.com Capital. This year, it expanded from gaming into the creator economy.

By partnering with Smart, BlockchainSpace now hopes to make Web3 more mainstream by reaching out not only to gamers but also to content creators and their huge communities.

“Filipinos have been at the forefront of utilising Web3 since the peak of the pandemic. With millions already owning crypto wallets and participating in GameFi, the Philippines has consistently been one of the leaders of Web3 adoption in Southeast Asia. Through this partnership, BlockchainSpace and Smart will continue to build on that foundation by enabling more communities to connect in a truly open, meaningful and secure manner,” said BlockchainSpace CEO Peter Ing.

“This partnership aligns with Smart’s mission to empower FIlipinos with the latest digital innovations so they can live more today,” said Smart First Vice President and Head of Prepaid and Content Lloyd Manaloto.

Also Read: How a decentralised localisation and building a community of trust can lead to global success

Decentralisation is the way

Web3 is all about decentralisation, allowing anyone to have the opportunity to create their own content and build their own communities. It is bringing power back to the content creators, and turning their fans into co-creators and community stakeholders, instead of just passive consumers. 

This trend toward decentralisation has been happening for years. Web3 will accelerate the process, making this the best time to be a creator.   

“Despite flooding platforms with content, centralised institutions have held a monopoly on privacy, content, audience and on revenue. Even in the traditional publishing world and music industry, record labels and publishers keep the majority of all earnings while the artists and authors sign contracts to keep a small percentage of royalties.

An increasing number of authors, however, are choosing to forgo the traditional route and instead are self-publishing, supported to best-seller status through swathes of their army of YouTube followers buying their book. This can be seen as evidence that a cultural and socio-economic shift is already well underway.”

The revolution is already underway. Will you be part of it?

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Slice Group, an Indonesia-based creator relationship management (CRM) platform, has completed a US$645,000 seed round of financing led by Intudo Ventures and Arise.

With this capital, Slice plans to refine its product offerings, accelerate platform development, drive sales, and enhance recruitment efforts.

The startup plans to build embedded finance features for brands/agencies and content creators within the platform. The features include invoice financing for agencies to offer invoice loans for agencies to manage cash flow and help creators get paid faster, besides a digital wallet for brands, agencies, and creators to facilitate payments and track financial transaction history.

Founded in January 2022 by Jesse Bouman (CEO) and Nesha Hanzdima (COO), Slice Group is a creator management solution that helps agencies and brands manage creator relationships. Its integrated CRM platform simplifies reporting, payments, and relationships for sponsored brand content.

Also Read: We are now in an era of cultivating organisational culture: Flash Group CEO

The group offers a wide range of targeted features for brands and agencies designed to streamline creator management with automated and customised products and services. They include automated reporting, providing validated campaign reports within 24 hours of the most recent creator post; creator discovery, helping brands and agencies find creators for campaigns; and payment distribution, enabling payment of multiple creators simultaneously and making sure creators are rewarded for their work in a timely, transparent manner.

By working with Slice Group, content creators can unlock brand deal opportunities, analytics, and media kits to transition to become full-time creators through stable and recurring income streams and ultimately position creators to launch their own brands.

“Despite brands investing more in creators and influencer marketing, far too many marketers are still relying on manual processes, which siloes a lot of brand dollars to the same few mega influencers. We created Slice Group with the needs of both brands and creators in mind, to help them build sustainable relationships and work more efficiently on influencer campaigns,” said Bouman.

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Artificial Intelligence, or AI, is making headlines as it explodes in prevalence across the globe.  It serves as a key marker of the new technological era and promises drastic change in the future.  But what is it, exactly?

AI is defined as the ability of a computer or machine to learn from previous experiences.  Previous experiences include written prompts, math problems, and images.  AI studies these experiences and responds to them, generating content, trends, and predictions.  

There are different AI models and types.  For example, AI can be categorised as a machine learning program, a deep learning program, or an expert systems program.  Machine learning AI is able to learn from data without manual human programming.  Deep learning AI programs specialise in high-complexity patterns and often outperform machine learning data inputs. 

Expert systems are AI programs designed to copy human-level decision-making.  Expert systems have been used in the medical field; for example, AI of chest X-rays can identify lung cancer type and stage by analysing the image in context with the disease. 

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

Other key terms include Application Programming Interface (API), data extraction, JavaScript Object Notation (JSON), and Optical Character Recognition (OCR).  API is made up of a set of defined rules that allows various applications to communicate with each other.  It acts as an intermediary layer between systems. 

Data extraction allows AI programs to pull usable information from large and unconsolidated sources.  JSON is a lightweight format for storing and transporting data and is used when data needs to transmit from a server to a webpage.  Finally, OCR is text recognition that allows users to extract printed or handwritten text from images and documents. 

AI applications can also be categorised further, leading to more terminology.  Important categories include generative AI, predictive analytics, natural language processing, and computer vision.  Each of these has its own uses.  For example, generative AI, as seen in programs like NovelAI, creates news content through existing data.  Computer vision, on the other hand, is a program that can interpret digital images.  

The above terminology is important to know, as AI is predicted to continue having a massive impact on society.  In fact, Ark Invest predicts that AI will contribute US$200 trillion to the global economic output by 2030.  Additionally, by 2023, global spending on AI by governments and businesses is expected to exceed US$500 billion. 

The impact and applications of AI

To further demonstrate the proliferation of AI in businesses, we can examine the number of AI capabilities used by businesses over time.  In 2018, businesses used an average of 1.9 capabilities.  By  2022, this number doubled, with an average of 3.8 capabilities.  This number is expected to double once again in 2023.  The most common AI capabilities are automating processes through robotics, computer vision, and natural language text understanding. 

Also Read: Singapore’s YC-backed AI startups making waves globally with generative technology

Governments and businesses turn to AI for its several benefits.  For one, AI increases efficiency and productivity, as it frees up workers to focus on more advanced tasks.  It generates greater speed by shortening development cycles and cutting the time between design and commercialisation.  This in turn increases ROI.  AI also improves monitoring and results in higher quality and increased accuracy.  Finally, AI can increase talent management by improving the hiring process. 

There are five steps that businesses should keep in mind when incorporating AI into their operations.  To begin, a business needs to understand its own needs and goals and how AI fits into those goals.  Businesses should also set near-term goals for AI use and then evaluate the approach that will work best for them.  Once businesses have established the foundation, they make sure the data is accurate and complete, then begin testing AI. 

One type of AI that businesses might consider is Intelligent Document Processing.  Lazarus AI provides an option for this with its RikAI program, which is an input-agnostic language model.  It works with no training or retraining and can pull data from any document, even if the type, format, or language varies.  It specialises in contextualising information and can help businesses find answers to natural language questions. 

There are countless types of AI, and the numbers will continue to grow as technology advances.  Many businesses are implementing AI into their organisations, and understanding the terminology and role of various AI models is key to navigating an increasingly-technological future.

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Indonesian coffee chain startup Fore Coffee revealed the secrets behind its recent positive EBITDA achievement for Q3 2021, one of them being cutting off its promotional budget by up to 50 per cent. The company said that this move continued all the way to 2022 by 30 per cent and is set to continue by 20-30 per cent in 2023.

Apart from that, Fore Coffee stated that about 50 per cent of its non-functional outlets were badly hit by the pandemic in 2020-2021. This was caused by changes in supply and demand, supply chain as well as coffee production and distribution process. This situation encouraged coffee chain industry players to keep on innovating in order to survive.

Under the leadership of Co-Founder & CEO Vico Lomar, Fore Coffee has been reviewing its business strategy. He shifted the focus of the company back to its core business as a provider of quality food and beverage products that the customers adore.

In the fifth year of its operations, Lomar explained the three strategic steps that have become Fore Coffee’s secret sauce to success in expanding and achieving profitability: Producing quality products through R&D, optimising the quality of human resources, and targeting new outlets.

Up until today, Fore Coffee owns 134 outlets in Greater Jakarta Area, Java, Sumatra, and Borneo. The company intends to add around 75 new outlets and expand to mid-sized cities, aiming to operate a total of 200 outlets by the end of 2023.

Also Read: Flash Coffee extends Series B round to US$50M, aims to grow footprint across APAC

“Our dream is for Fore Coffee to become a beloved and trusted brand by Indonesian customers. This might seem like a simple goal, but it requires a great commitment from every element within the company. With the principles of openness and transparency, and willingness to innovate, we believe that we can make it come true,” Lomar said.

The company also performed a brand image reposition to become a trendy, affordable beverage. It presents seasonal products all together with its core products.

Fore Coffee CMO Matthew Ardian said in a press statement that the company has a different approach to other coffee brands. This encouraged customers to believe that Fore Coffee is a premium local brand–a perception that it aims to change.

“In early 2022, we decided to sharpen our position not to be known as a premium player but instead as a power house brand that provides essential, unique, high-quality products that customers love. We understand that customers deserve a better product,” Ardian said.

Some of its notable products in 2022 include Aren Latte, Pandan Latte, and Butterscotch Sea-Salt Latte. The company claimed that these products had carried the Fore Coffee brand into the list of top five brands with the highest top-of-mind score in Indonesia.

“In 2022, Fore Coffee has achieved many firsts, from launching a children’s beverage product called Fore Junior and Fore Deli line to collaborating with premium lifestyle brands such as Grab, Laneige, Green Rebel and Oma Elly. These launches are packed with trendy, digital-centric marketing campaigns,” Ardian said.

Also Read: Bootstrapped: How dating service Sirf Coffee takes on the likes of Tinder without raising VC money

Organic marketing

Moreover, the company highlighted the key role that marketing plays in R&D and operations. In addition to understanding the aspirations and inspirations of Indonesian customers, marketing helps to answer their demands with a range of product innovations.

The target is to perform organic and sustainable marketing in 2023. The high number of new customers acquired through either online or offline channels is attributed to the sharpening of the company’s brand. Apart from that, the company also actively perform monthly campaigns, leading to customers spreading their content on various social media network.

Based on research that it performs with a third party, Fore Coffee is discovered to have experienced a sharp increase in customer satisfaction level and (Net Promoter Score) by 25 per cent, placing it as a top NPS scorer amongst Indonesian brands.

“Our own core beverage products are the most effective promotional instruments. These products have successfully carried the message of the quality of the products that Fore Coffee served to Indonesia. This is why we focus on intensive, sustainable research and development to help us start new trends and introduce new products that the customers are going to love,” Lomar closed.

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The article was written in Bahasa Indonesia by Kristin Siagian for DailySocial. English translation and editing by e27.

Image Credit: Fore Coffee

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With ChatGPT as its all-conquering, headline-grabbing (and generating) primary use case, automation and AI have catapulted from the tech and business sections to the front pages in 2023. Hundreds of millions of users globally are using transcendent software for billions of tasks. From Singapore to San Francisco, consumers are using it to summarise novels, write cover letters and suggest recipes.

However, for all the hype, it’s overshadowing its potential to provide businesses with tangible benefits that improve their efficiency and productivity. Those benefits can be felt by businesses in any industry.

Take hospitality, for example. Because their core provision, food, drink and connection, cannot be automated; restaurants, bars and cafes are relatively low on the list of businesses that can gain from the technology.

In reality, the opposite is true.

In the wake of the pandemic, many hospitality businesses across APAC struggled to access labour from front-of-house to administrative staff. At the same time as their resources were limited, the expectations from consumers reached all-time highs.

ChatGPT and a business strategy grounded in automation won’t replace the provision of food, drink and connection, but it can improve businesses’ ability to provide those exceptional experiences. Here’s how.

Leveraging ChatGPT

In February, a UBS report revealed ChatGPT had reached 100 million users, making it the fastest-growing consumer application in history. It reached the milestone in just two months, far quicker than other global apps like TikTok (nine months) and Instagram (2.5 years).

Its user base is likely far bigger now, and it’s no longer just students looking for homework help or intrigued consumers testing their imagination and its capabilities. Its users are businesses, using it to do less with more and enhance rather than impede the face-to-face, human side of their business.

Also Read: AI in banking: Unlocking success with ChatGPT and embracing the future

For businesses, especially with the threat of a global recession looming and labour shortages continuing to bite, time is money. By automating time-consuming, non-revenue-generating tasks in seconds, hospitality businesses can work more cost- and time-effectively. The impact of ChatGPT can be felt business-wide, directly by employees and indirectly by customers.

Restaurants are experts at composing the best combination of ingredients to create a perfect dish. They’re not always experts at crafting impactful messages through words, though. It’s essential for businesses to be discovered by, and engage with, consumers online, but it can and does fall down the list of priorities.

However, ChatGPT can analyse masses of online data in milliseconds and use it to create compelling custom website landing page copy, blogs and even email marketing. Through ChatGPT, that content can be instantly translated into any language, a huge time-saver for businesses in APAC, a region with so many dialects and is hugely reliant on international tourism.

It’s not only about creating content but responding to it too. Venues receive multiple reviews and emails every day. Responding to them, whether good, bad or neutral, is an important part of building deeper relationships with existing and prospective customers. Again, though, it can be a daunting and time-consuming task.

However, venues are using ChatGPT to draft copies or provide templates to refine. And through A/B testing, they can analyse the performance and suitability of different versions, so they’re not just responding but responding strategically.

Not only can ChatGPT automate the creation of content, but it can also create entire strategies for specific audiences. For example, if a venue’s target customers are those who like expensive and exclusive experiences, ChatGPT can suggest tactics and messaging that would appeal to their characteristics or any other demographic for that matter.

Venues are even integrating ChatGPT within their website through a chatbot or instant messaging widget. Rather than requiring a member of staff to look after the website full time or risk losing a visitor who can’t quickly find the information they’re looking for, venues can automatically answer frequently
asked questions, registered reservations and even processed online orders.

From the fundamental examples to the funner ones. In the US, some SevenRooms customers have used ChatGPT creates guest cocktails, which then compete with house cocktails or those created by the staff. While a fun novelty, it can be revenue-generating. ChatGPT has taken the world by storm but is still in its infancy. Behind the scenes, automation is enacting tangible positive change in other processes.

Also Read: Is ChatGPT a great invention or is it being ‘hype’

Embracing automation

Consumers don’t select a restaurant, bar or cafe specifically because of the technology that business uses. They select a venue based on the quality of the overall experience they receive, and that is guided by the technology that underpins that. Automation cannot and will not replace meaningful, personalised and human experiences, but it can enhance them.

For businesses, automation has become one of the biggest competitive differentiators and the best way to do less with more in the face of labour shortages. In hospitality, these shortages have inhibited many businesses’ ability to provide those exceptional, personalised and human experiences. But that’s where automation comes in.

Technology that enables restaurants, bars, and cafes to streamline or entirely automate time-consuming, repeat, and non-revenue-generating tasks that once required human involvement is essential. For example, rather than requiring a staff member to register reservations manually, check in guests and facilitate payments, these processes can be automated through online reservations, contactless check-in, and order and pay via QR codes.

It’s about more than operational efficiency and overcoming labour shortages, it’s about loyalty and long-term growth strategies. When venues can use technology to automate these processes, it enables them to automatically collect approved guest data, use it to understand individual customers’ habits and preferences, and then send personalised, automated marketing.

If a venue can automate these previously time-consuming, manual processes, they can spend more time providing the face-to-face, meaningful interactions that consumers across APAC remember, recommend and reward.

While the hype around ChatGPT is unlikely to subside for some time, when it does, it will leave in its wake businesses that have tapped the software and automation more broadly to work smarter, more strategically and more streamlined than ever before. And all that in the hospitality industry is often labelled too ‘traditional’ to embrace.

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The significance of intellectual property (IP) has grown tremendously in today’s business environment, especially during high-profile mergers, acquisitions, and legal disputes. However, the true value of IP is often not fully understood, particularly in the context of knowledge-based economies.

In Malaysia, where both the encouragement of domestic innovation and the protection and commercialisation of IP are essential to realising the country’s goal of becoming a developed nation, understanding the value of IP is more critical than ever.

Despite the significant expansion of the Malaysian economy in recent years, with an average annual GDP growth rate of 5.3 per cent between 1994 and 2014, many businesses still struggle to leverage their IP assets to grow their business and stay ahead of the competition. It is crucial to recognise that protecting IP alone is not enough. Businesses must also understand the value of their IP assets and leverage them to stay ahead of the competition.

However, many companies reach a bottleneck as they fail to realise the true worth of their IP. Thus, it is crucial to develop an IP policy that considers the needs and priorities of various economic stakeholders, given the diversity of Malaysia’s economy.

That is why I decided to develop Valuing IP, for companies to make their intangibles tangible by placing values on their IP assets.

Started from awareness to accessibility

When I began my career in IP in 2006, there was a notable lack of awareness among clients about the importance of IP. Even with consultations, clients were often confused and uncertain about the different types of IP rights. As a result, I encountered numerous challenges in those early stages of my career as people struggled to understand the true meaning and value of IP valuation.

Also Read: How tech startups should protect their intellectual property assets

It is evident that intellectual property has transitioned from being perceived as a luxury to a necessity for most businesses today. However, there are still crucial gaps within the industry that require attention, particularly in the realm of securing accurate valuations for a company’s IP assets. The optimal approach for obtaining and determining an accurate valuation significantly relies on the sector and type of firm.

Unfortunately, due to the lack of access to reliable and precise IP valuation, these companies face limited prospects of securing funds. We can effectively address these challenges and make IP valuation more accessible, flexible, and affordable for businesses.

While our focus on Valuing IP is on democratising and disrupting the IP landscape, our ultimate goal is to facilitate IP financing in the ASEAN region using IP as collateral. I have always wanted to operate in the ASEAN region as there are plenty of opportunities that I would like to pursue and even more solutions to offer. One example would be an alternative financing product that would enable businesses to access funding beyond the traditional method of using company shares and or equity.

My goal is to make Valuing IP’s solutions a part of the few digital options accessible to a wider range of businesses. However, for IP financing to become a reality, a strong IP valuation ecosystem is essential.

Navigating challenges and opportunities

As we grow to be one of the leaders in the intellectual property valuation industry, I recognize that educating key stakeholders, professionals, clients, financial institutions, ecosystems, and industry partners in the ASEAN region is a considerable challenge.

However, I remain motivated and dedicated to providing a different perspective on how their intellectual property assets can enhance corporate value and increase the chances of business growth or exit strategy.

Despite the initial difficulties, we have made substantial progress in raising awareness about IP valuation and financing. Our efforts have been rewarded by the support of IP practitioners, lawyers, accountants, and IT companies from across the ASEAN region, including Malaysia, Singapore, Indonesia, Taiwan, and India. In collaboration with IP firms in Malaysia, we are working to foster IP valuation and financing to encourage expansion and growth for the IP industry as a whole.

Even so, we continue to face new challenges as we seek to expand our software and digital platform offerings, including an IP marketplace portal for IP trading, and broaden our presence in the ASEAN region.

To achieve these goals, we require significant capital investment, and I am proud to say that our first round of funding in 2022 was a success, raising almost MYR 990,000 through PitchIn, with additional support from the Malaysia Co-Investment Fund and Cradle Fund‘s CIP Spark Grant Programme.

Moving forward, we remain committed to driving growth and innovation in the IP valuation industry and providing valuable insights and services to businesses and organisations across the ASEAN region.

Staying afloat in the shifting landscape of IP valuation

The most challenging aspect of staying ahead in the intellectual property industry is educating businesses about the value of their IP assets. To achieve success in this area, companies need to adopt a broader view of their business and its role within the wider commercial landscape. While IP protection is vital, it is IP valuation that distinguishes a business’s corporate value from its competitors.

As a leader, I believe that it is essential to facilitate conversations, discussions, and engagements between different groups in the intellectual property community. Our approach should be to educate and provide a different perspective on how intellectual property assets can enhance corporate value and increase the chances of business growth or exit strategy rather than simply trying to convince businesses of their value.

Also Read: This is how you can protect your online intellectual property

In order to completely understand IP valuation, it is crucial for firms to seek expert IP guidance to determine whether they are operating correctly. Understanding the potential and perceived value of a company’s IP portfolio is essential if the business is considering expansion, evaluating an M&A bid, or putting the company up for sale to prospective investors.

Raising the profile of IP valuation and financing is critical to unlocking the value of IP within businesses and encouraging the financial system to make better use of this value in financing decisions. In the upcoming years, I will continue to work tirelessly to achieve this goal, using various efforts to help educate and raise awareness about the importance of IP valuation and financing.

A path forward into the future

As we look to the future, we are committed to enhancing and expanding our software and digital platform offerings. Our plans include the development of an IP marketplace portal for IP trading and expanding our presence in the ASEAN region. Our team remains dedicated to providing software demonstrations to interested companies, and we are excited about the possibilities that lie ahead.

Our target for 2023 is to raise more funds, and we are continuously engaging in conversations with IP stakeholders, financial institutions, and the Malaysian government to achieve this goal. Our determination to expand regionally to countries such as Indonesia, Singapore, the Philippines, and India remains strong, and we are currently in talks with a few companies to make this a reality.

For aspiring entrepreneurs in the field of IP, we offer a piece of advice: the IP market has massive potential. To succeed, it’s crucial to look beyond traditional practices and focus on solving industry pain points to help clients improve or strengthen their IP value.

Together with the IP community, let us facilitate the growth and refinement of the IP ecosystem in ASEAN.

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Through my experiences as an entrepreneur, I have learnt that running a sustainable business is not merely the result of good strategy and sound financial management. There is a hidden element that powers the engine of every thriving company — its team.

And in the digital marketing landscape, a substantial part of that team comprises the ambitious and digitally native Generation Z. This vibrant generation has brought a new wave of expectations about work-life balance that are, quite honestly, challenging and transformative.

When I took my first steps into entrepreneurship, my knowledge of Human Resources (HR) was virtually non-existent. Candidly speaking, I held the somewhat dismissive view that HR was a mundane field. However, as I began to navigate the dynamics of managing a team, I realised that HR is not just integral but crucial to any company that aspires to grow. 

Consider the futile cycle of endlessly training new hires because the environment you’ve created lacks opportunities for growth. Or, picture the countless hours invested into the hiring and interviewing process.

I soon grasped the significance of carving out a clear growth pathway within the organisation and fostering a positive company culture. These factors undeniably impact an employee’s sense of contentment.

When employees are fulfilled, their morale skyrockets, enhancing their dedication to their work. Their pleasure in their role shines through when interacting with clients, creating a ripple effect that, more often than not, beneficially impacts the company’s profitability.

Now, let’s demystify this concept of ‘work-life balance’. Often, we tend to equate maximum work with maximum productivity. The belief is the longer the hours, the more work gets done. But through my experience, I believe that there is a productive way to operate that both satisfy Gen Z employees and ensures business success.

Understanding ‘best work’ through a new lens

First, let’s redefine what we understand by ‘best work’. It isn’t about clocking in marathon hours or being the last one to turn off the office lights. It’s about achieving goals efficiently and creatively. It’s about having a clear headspace to innovate and problem-solve. It is important that you encourage your team to produce their best work within their working hours and respect their personal time.

Nurturing efficiency and motivation

A thriving workplace is not merely about productivity but also about prioritising the well-being of employees. Studies indicate that content employees are 20 per cent more productive. This elevated productivity often translates into heightened motivation, unwavering loyalty, enhanced performance, synergistic teamwork, satisfied customers, and, ultimately, a positive impact on the company’s bottom line.

Also Read: Our company culture thrives on creativity and collaboration: Daryl Lim of MetaPals

Instead of simply expecting employees to work long hours, business owners should focus on inspiring and training their teams to be more efficient. By honing their skills and helping them manage their time effectively, businesses can maintain high productivity levels without overburdening their workforce.

At Creative For More, we emphasize communicating clearly to prevent misdirection, daily stand-ups to enable team alignment and improve accountability and task tracking. My team and I also keep meetings short to avoid time wastage before people start checking out. The cumulative of these small habits contribute to fostering efficiency in the workplace.

Motivation also plays a significant role in improving efficiency, recognising good work, providing growth opportunities, and maintaining a positive work environment. All these contribute towards keeping an employee motivated, resulting in increased productivity.

Win-win outcomes

This approach also provides a win-win situation. On one side, it respects the priorities of Gen Z, offering them the work-life balance they seek. On the other hand, it helps businesses in achieving their goals without expecting employees to work beyond their regular hours.

As we reshape our work culture, we aren’t just trying to satisfy our team — we’re also paving the way for a more successful, efficient and respectful business environment. As entrepreneurs, it is our responsibility to build a company culture that not only aligns with our business vision but also respects the evolving expectations of our teams.

This journey of transformation is certainly challenging, but it’s a necessary one, and the lessons I’ve learnt over the years are invaluable. They remind me that the right culture isn’t about squeezing the most hours out of the workforce but about fostering an environment that brings out your team’s best potential – every single day.

And on a personal note, fostering a happy and dynamic workplace doesn’t just boost my team’s morale. It amplifies my own enjoyment of work. I love walking into an office buzzing with animated chatter, brimming with laughter, and witnessing my team passionately engage in discussions.

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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

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affable.ai CTO and Co-Founder Swayam Narain opens an email interview with e27 by sharing about the company’s first client back in 2017-18. It was a men’s fashion and apparel company trying to launch in Singapore through the use of male micro-influencers with a predominantly male following.

The client attempted to accomplish this manually and worked with various agencies but could never find the most suitable influencers until they began using affable.ai products.

“Using affable.ai, they had access to sieve through the data for every influencer in Singapore and were able to shortlist influencers in an hour! We were the only solution in Singapore with rich insights about any influencer’s followers. They had a successful launch and drove sales on day one through these influencers — a huge validation for us,” says Narain.

affable.ai builds an influencer engine on top of social media data that includes “best-in-class” machine learning models that add several layers of intelligence to raw data that is aggregated and indexed at a massive scale.

According to Narain, beyond saving users’ time, the company’s innovations include deep learning models to profile influencers, brands, audience interests, demographics, authenticity and engagement metrics, and more. It enables marketers to make data-driven decisions when it comes to influencer marketing.

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

“Rather than relying on vanity metrics like an influencer’s followers or post likes or comments, we used data to suggest the right influencers. Using image analysis, we’ve built a language-agnostic solution that could be scaled to any market speaking any language,” he elaborates.

“Today, we’ve grown 100 per cent YOY while building a cash-efficient business. We continue to evolve by applying the most advanced technologies to solve pain points experienced when running influencer campaigns at scale.”

The company has just launched Skye–what it describes as the world’s first Generative AI (GenAI) companion in influencer marketing.

Empowering brand with magic search

Skye is an AI-powered tool developed by affable.ai in collaboration with Google Cloud to provide advanced capabilities for influencer discovery. The tool leverages cutting-edge GenAI technology, which enables it to analyse visual content and identify the best influencers for a particular campaign.

One of Skye’s key features is magic search, which allows brands to chat with Skye to find the best influencers for their use case. This feature is especially useful for marketers who are looking for influencers in a specific niche or with a particular aesthetic.

Also Read: These Artificial Intelligence startups are proving to be industry game-changers

For example, if a client is looking for pet influencers for their latest campaign, they can upload a moodboard to Skye, and the tool will analyse the images to find the perfect influencers.

Skye not only identifies that the marketer is looking for pet influencers, but it also identifies that the pet must be a small dog breed, wearing cute accessories and featuring multiple dogs. This capability is an industry first and is made possible thanks to the advancement in generative AI.

Skye also allows users to talk to it conversationally to refine the search results. For example, a user might say “10-50K followers, living in the US, min. one per cent engagement,” and Skye automatically applies these filters to the search results.

This feature helps marketers find in-context lookalikes, which are influencers who have a similar aesthetic or content style to the brand.

“We have received stellar feedback from marketers that have used this product, simplifying their workflow and significantly reducing the time it takes to find the ideal influencers. These are game-changing product features, and affable.ai is proud to be the first company in our industry to introduce them to influencer marketers. Importantly, these are not thin wrappers over GenAI APIs. We leaned in on our AI DNA and innovated both the user experience and the machine learning data services,” Narain explains.

Also Read: RevComm’s MiiTel, Cloud IP phone powered by artificial intelligence, is changing how businesses engage customers

“We’re talking about several hours of trying to find the right creator all boiled down to searching using simple text or mood board uploads. A rigorous recommendation system suggests lookalike creators users can collaborate with. Using Skye to help send out personalised emails to creators at scale and even helping markets keep tabs on brand risk monitoring. This launch is a game-changer in the industry as we reimage how efficient the use of a platform like affable.ai can be.”

Narain says that affable.ai works with over 150 brands and agencies. The company is seeing a high level of interest in the adoption of Skye as it rolls it out.

“With our speed of execution, we aim to build upon Skye to offer a truly differentiated and reliable offering that brings delight to influencer marketers in their everyday tasks. Our early adopters see higher ROI through their Skye-recommended influencers already,” he stresses.

Influencing through data and insights

As a company that helps brands run their Influencer Marketing in-house with its end-to-end Influencer Marketing Platform, affable.ai works closely with marketers to identify all the manual steps in their workflows and automate them. Then it offers data and insights at every stage of the process which was lacking before.

“Unlike most companies which offer managed services, we offer a B2B SaaS-only subscription that allows marketers to run influencer campaigns at scale and own the relationship with their influencers,” Narain answers when asked about the company’s revenue model.

“We believe that influencer marketing delivers the most ROI when it is viewed as a long-term strategy to build influence around one’s brand. We love working with brands and marketing agencies over long-term influencer strategies to maximise their impact. This is why we only do yearly subscriptions.”

Also Read: Will China lead the Artificial Intelligence game by 2030?

In detail, affable.ai users are influencer marketing, social media and marketing leaders from brands and agencies.

“We run an efficient inbound and outbound system, with community building at the heart of it. Our long-term acquisition models are geared towards higher organic, direct and social models, which are already our major contributors. And for an almost six-year company, it showcases fantastic market interest and PMF,” Narain.

Narain says that in the company’s initial years, the challenge that it faced lay in the effort to drive awareness about why brands should work with micro-influencers and do it in-house. affable.ai tackled this challenge by building successful case studies to show the long-term impact and higher ROI when brands work with micro-influencers at scale.

“Today, as we expand internationally and bring affable.ai to more marketers, the main challenge is the perceived competitiveness of the industry. There are many players that offer campaign services or talent management services. We have put in a lot of effort to position ourselves as a tech player in a crowded agency world of influencer marketing.”

This year, affable.ai plans to lean further into GenAI and work with clients to identify and launch even more copilot use cases.

“Skye’s magic search is live, while the other capabilities are in active development. We aim to release more useful features that supercharge the workflow of our clients, making the platform do most of the heavy lifting so that marketers can achieve maximum ROI with minimum time,” Narain closes.

“We recently set up our US office and are expanding aggressively in this new market.”

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Image Credit: affable.ai

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