Plastic waste is a multi-faceted problem that requires the involvement and cooperation of many stakeholders, with corporations being one of the key players. In Part 1: Unraveling the Causes, I elaborated on some of the main causes of the plastic epidemic in Asia.

In this part, we will delve deeper into the unique challenges stakeholders face when trying to tackle the plastic problem, either through reducing, reusing or recycling. 

The life cycle of plastics

First, let us do a quick run-through of the value chain of plastics. The infographic below is a very simplified depiction of the journey of plastic waste throughout its lifecycle.

Referenced From: OECD (2022, 22 February), Plastic pollution is growing relentlessly as waste management and recycling fall short, says OECD. 

The following problems outlined are some of the most challenging problems to be addressed in the plastic waste space. 

Cost-effectiveness

The greatest problem when it comes to recycling plastics on a large scale is its cost. According to a McKinsey report, based on existing technologies and assuming there are no business model breakthroughs, recycling may only be profitable for about 50 per cent of plastic-waste volume today. Some factors that contribute to this challenge include the increased cost of production of recycled plastics and limited technological capabilities. 

Also Read: Why these startups focus on informal plastic waste workers in the fight against climate crisis

Firstly, the economics of producing recycled plastics such as polyethylene terephthalate (PET) is not in the producer’s favour. There is an increased demand from corporations, especially Fast-Moving Consumer Good (FMCG) companies, to include recycled plastics in new products.

Thus, the price of recycled plastics has been pushed up, causing recycled plastics to become more expensive than virgin plastics for the first time in a few years. A report from S&P Global Platts, a commodity market specialist, reveals that recycled plastic in 2020 costs an extra US$72 (£57) a tonne compared to newly made plastic.

This was further exacerbated by the falling oil prices caused by the pandemic and an increase in petrochemical production from the US driven by the shale gas boom. With shale oil being a key raw material of virgin plastics, this decreases the cost of production of virgin plastics and dramatically increases the relative price of recycled plastics, forcing recyclers in Asia to slash prices by 21 per cent on average. 

However, the effects of COVID-19 extend beyond the short term. The long-lasting impacts are evident in the sheer number of recycling companies forced to shut down in Asia due to the sharp decrease in demand for recycled plastics.

As seen in the following figure, not only are merely 58 per cent of recyclers in the listed Asian countries operating as of June 2020, but their average operating capacities are at a mere 46 per cent of their full installed capacity.

This paints a worrying picture of the plastic recycling scene. Should they permanently leave the industry, the total recycling capability would shrink even further, posing an even greater problem to the already limited recycling capacities in the region. 

Secondly, the recycling process itself still faces significant technological constraints, making it a costly endeavour. The expensive processes used to engineer alternatives to plastics, especially chemical recycling methods, are a huge deterrent to its adoption on a large basis. Another key area which still heavily faces technological limitations is waste sorting.

Single-stream recycling, which is common in many regions, is a system in which all waste materials, such as plastics, papers and metals, are mixed into a single collection truck. This is convenient for consumers yet often results in contamination, and materials must be sorted by both machine and human hand, making it more expensive.

The decreased efficiency and increased cost thus pose a great challenge to the company when it wants to scale up the system. Brands need millions of tons of recycled plastic for their products, and currently, very few recyclers can provide the same volume. Currently, very few companies can produce at this capacity. 

Quality of recycled plastics

The quality of recycled plastics is another key area that needs to be addressed. Recycling plastics often leads to lower-quality materials, which diminishes their attractiveness. More than 10,000 different additives can be used to make plastics.

Plastics of the same type often contain different combinations of additives, resulting in recycled material with unpredictable and often suboptimal additive combinations. Plus, the long polymer chains that make up these materials become slightly shorter each time they are melted down.

This is especially crucial when we look at the plastic packaging used for food, which only allows for the highest grade of plastic to be used. 

The limited recyclability of plastics compounds the problem, as many plastics can only be recycled two-three times before their properties degrade beyond usability. After undergoing multiple recycling cycles, the plastics eventually become environmentally unfriendly, and they would once again be subjected to the processes of incineration or be chucked into landfills. 

Traceability of plastics

In 2020, Coca-Cola was named the top plastic polluter in the world three years in a row, with 13,834 of its discarded plastic bottles found lying on beaches, rivers and parks in 51 out of 55 countries that were surveyed.

This was in spite of its advertising claims that it was “investing in sustainable packaging platforms to reduce (their) carbon footprint”. And Coca-Cola is not the only one. The prominence of greenwashing in plastic recycling is alarming, and a large part of the problem lies in a lack of accountability. 

Also Read: How climate tech companies in Asia measure the impact of their work

“Tracing plastic resolves the anonymity of plastic waste,” Professor Barner-Kowollik of the Queensland University of Technology opined. That means that plastic waste could be traced back to the producer, paving the way for plastic producers to be held accountable for every inch of their waste via regulations.

Thus, there should be a method to assign a unique code to each plastic waste generated and monitor its journey through the plastic value chain, from production to disposal, pressurising corporations to deal with the waste themselves instead of expediting it to other companies or even countries. Traceability hence presents a unique opportunity that startups looking to enter the plastic waste ecosystem can explore. 

Lack of proper plastic recycling schemes and policies

Finally, the lack of proper plastic recycling infrastructures and enforced schemes is a pertinent area that must be addressed. 

With the lack of proper municipal waste management systems, many households and companies may not have easy access to ways to dispose of their waste. In turn, this means that plastic waste and waste, in general, will not be collected regularly, and the percentage of waste collected from the actual total waste generated will be lower.

Thus, recycling companies may face difficulties in obtaining consistent and high-quality feedstock, thus decreasing their abilities to reap economies of scale. As such, the companies may incur a higher cost of production when trying to recycle waste, and this would manifest in the form of higher prices for recycled plastics.

This exacerbates our very first argument on the costly nature of recycled plastics when compared to virgin plastics, further disincentivising more companies from entering the plastic recycling space. 

Next, limited infrastructural development by governments also means that there are insufficient and inadequate waste disposal facilities. The lack of support and funding from the government would further disincentivise entrepreneurs to explore the plastic recycling space, leading existing corporates and startups to struggle when finding appropriate facilities or partners to handle larger volumes of plastic waste.

The best way to scale collaboration is through markets that have the right incentives in place. Thus, without the right financial or business incentives, the lack of structured support can pose a great setback to the growth of this industry. On a larger scale, this can even lead to the decreased capacity of plastic recycling in a country. 

In part three, we will look at some of the possible solutions offered by startups, governments, and many more stakeholders to tackle the plastic problem.

This article is part of a three-part series adapted from the Plastics and Circularity Report under the HyperScale Waste-Tech Accelerator 2023 programme. For more information on the programme and how you can be a part of the inaugural Waste-Tech Accelerator problem in the world, find out more here: https://hyperx.global/hyperscale.

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As the dreary funding winter soars, at e27, we are kickstarting a new article series Line of Hire to understand a company’s culture and hiring philosophies to empower tech workers with the right growth tools to enable business owners to attract talent.

Daryl Lim currently holds the role of Co-Founder and COO at MetaPals, a blockchain entertainment venture designed to facilitate user transition from Web2 to Web3 with the aid of digital pets in the metaverse.

Lim is an active mentor for startups, having imparted his knowledge and experience at many platforms, from hackathons to accelerator programmes.

In this episode, Lim shares his organisation’s culture and hiring philosophies.

Excerpts:

What personality traits/qualities do you look for in potential employees?

At MetaPals, we seek innovators with a pioneering spirit, individuals who are unafraid to challenge conventions and push boundaries. Authenticity, values alignment, and the drive to make a genuine impact are crucial to us, more so than titles or years of experience.

We prize a diverse, inclusive and open-minded team, as we believe that diverse perspectives fuel the most creative solutions. Continual improvement and curiosity are not just traits we appreciate but values that are deeply woven into our fabric. If you resonate with our mission and culture, you might just be what we’re looking for.

How do they fit into your company culture? Tell us a little more about your company culture.

Our company culture thrives on creativity and collaboration, fostering an environment where every voice matters.

We’ve created a virtual headquarters using GatherTown, a tool that brings the team together in a digital space, encouraging spontaneous communication and collaboration akin to a physical office. We also utilize Slack to facilitate open dialogue, where every team member’s work is visible and can benefit from the diverse perspectives across the company.

This fusion of technology and culture helps us create our digital companions, MetaPals, enhancing the emotional bond between users and their virtual pets. This approach ensures every MetaPal becomes a unique, trusty companion on the user’s journey through the metaverse.

How do you foster transparency and encourage achievement in the workplace?

At MetaPals, transparency and achievement are deeply woven into our DNA. We run regular alignment meetings across product, development, and growth teams, ensuring each team member is well-informed, and their voices are heard.

Also Read: It is better to have a great team than a team of greats: Jeff Lee of Zoala

During sprint planning sessions, every team member’s input is valued and welcomed, fostering a sense of ownership and commitment. We celebrate achievements in our weekly company-wide meetings where supervisors highlight individual accomplishments, boosting morale and encouraging high performance.

Do you have a mental health policy? What does that look like?

At MetaPals, we emphasize a healthy mental state for all our employees, recognising that our mission of fostering virtual companionship extends to our team as well.

We foster an open-dialogue culture where each team manager has weekly one-on-one discussions with their team members about non-work related matters, ensuring that any personal struggles or events impacting their mental well-being are addressed. Our HR managers play a crucial role as confidants, fostering relationships with team members while maintaining their anonymity.

This approach encourages more open discussions about personal issues and well-being. We also respect and understand the need for personal time off. Hence we have an unlimited leave policy that allows our team to take a break whenever needed.

WFH or WFO, or hybrid?

At MetaPals, we embrace a hybrid work model. By default, we are a remote-first company, leveraging tools like Gather to provide a virtual office that encourages natural communication, collaboration, and team alignment.

However, we also understand the value of physical interaction and are establishing office spaces in Singapore and Jakarta. These spaces foster creativity and collaboration, making them appealing to team members who wish to work in person.

We view the use of our offices not as a requirement but as an added benefit for those who choose to utilise them. Our goal as management is to provide an environment that supports all modes of work and caters to the diverse needs of our team.

How should a tech worker prepare for the funding winter?

Just like a bear prepping for winter, tech workers can fortify themselves for the funding winter. Bears fatten up and find safe dens before the freeze; similarly, tech workers should enhance their skills, make themselves indispensable, and secure a supportive professional network. Like bears storing energy, tech workers should save and invest wisely.

A bear doesn’t sleep through all winter; they wake intermittently, ready to adapt. Similarly, tech workers should stay updated with trends and be ready to pivot. Just as the bear trusts the cycle of seasons, tech workers should remember winter always leads to spring. And in spring, opportunities bloom again.

How do you measure the performance of your employees?

We measure performance through a comprehensive four-part yearly review.

Q1 involves creating a career progression plan, where we set individual KPIs and expectations. In Q2, we have a mid-year review, taking stock of an employee’s culture fit, KPI progress, and overall career trajectory. Q3 is a recalibration stage, where we update the career progression plan based on the year’s experiences. Finally, Q4 hosts the end-of-year review, which significantly impacts salary adjustments, ESOP allocations, and promotions.

This methodical approach ensures constant alignment and transparent dialogue, allowing us to jointly navigate the journey towards each employee’s professional growth.

Will you consider a moderately skilled person with great honesty or a highly skilled person with less honesty when hiring?

We value honesty and personal growth, making us inclined towards moderately skilled individuals with high integrity. Our long-term mindset appreciates the value of trust and authenticity in building a sustainable and innovative team.

Honesty, especially with oneself, fosters introspection and personal growth, which is essential for adapting to our fast-paced industry. While skills can be developed over time, integrity forms the bedrock of our culture, and it’s non-negotiable. We believe in investing in individuals who show potential for growth, especially when they demonstrate a strong alignment with our core values.

Also Read: The ownership is with the leadership to be honest and respectful: Madhura Moulik of KarmaV

Do you encourage ‘intrapreneurship’ in your organisation?

At MetaPals, ‘intrapreneurship’ is not just encouraged; it’s celebrated. We’ve created an ‘Idea Pool’ on Coda where all team members can contribute their visionary concepts for the future of our platform. Our Slack channels are buzzing hubs for innovation, used to brainstorm and discuss the game’s potential.

We also host weekly idea competitions in our company-wide meetings, covering everything from naming our in-game currency to designing inventive guerrilla marketing campaigns. Our employees who bring the most innovative ideas to the table are recognised with unique rewards, fostering a culture where every voice can shape MetaPals’ future.

How do you support upskilling for your employees?

We are committed to nurturing our team’s growth beyond their current roles. We encourage employees to expand their horizons and acquire skills that align with their KPIs and interests.

A perfect example is Rachelle, who started as a junior UX/UI intern and rose to manage our product team, ultimately becoming our full-time product manager.

We provide a rich assortment of online courses, including Masterclass, and offer a flexible compensation allowance for any additional upskilling required. Our aim is to foster an environment that empowers each member of our team to reach their full potential.

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

The post Our company culture thrives on creativity and collaboration: Daryl Lim of MetaPals appeared first on e27.

The gaming revolution is in full swing, with over one-third of the world’s population embracing the fun and excitement of playing games. From hardcore console fanatics to casual mobile players, more than 2.7 billion individuals worldwide engage in gaming across mobile, PC, and console devices today.

The appeal is clear, as outlined by one of the co-authors previously — gaming simultaneously fulfils the need to escape from reality, the need to belong to a community and the need to achieve. Web3, in particular, represents a significant evolution in the gaming industry, as it shifts the traditional power dynamic between players, game developers and game publishers.

Web3 games empower players by offering them shared ownership and financial value, transforming them from mere consumers into active participants. By democratizing access to ownership and value, Web3 gaming creates a more equitable and inclusive gaming experience.

Yet the state of Web3 gaming remains nascent, with general consensus among industry participants that we are at the tail-end of the first “market cycle”. In this first cycle from late 2019 to early 2022, popular play-to-earn games like Axie Infinity introduced millions of gamers to Web3. It would be unsurprising to see the next cycle familiarize an even larger swathe of gamers with Web3, even as US$4.5B of funding was poured into Web3 games in 2022.

The plethora of choices gamers have today will further expand as these Web3 games mature through the development cycle. As gamers experience a mind-boggling and ever-increasing array of options, how can pre-launch Web3 games position themselves for success in the next cycle?

We believe the answer lies in selecting the right ecosystem partner to build and publish with. By choosing a partner that is aligned, Web3 games can expand audience reach, support user data sharing, safeguard interests, and support creators.

Also Read: Don’t just build a Web3 community, start a movement

These ecosystems often offer valuable resources such as dev resources, marketing support and user access, thereby helping Web3 games stand out in what is likely to be a hyper-competitive market when the next bull cycle begins. With a growing number of ecosystems, how should Web3 games identify the right partner to collaborate with?

Expanding audience reach

All that glitters are not gold grants. While ecosystems often invite Web3 games to partner up through the disbursement of grants, often in the ecosystem’s native token, we think the primary consideration of Web3 games should not be related to the grant.

While it is tempting to go with the ecosystem that dangles the most attractive “carrot” with a sizable grant amount, founders should take a step back and consider two questions: what is capital used for, and are there more challenging problems to solve than capital access?

On the former, the two largest expense categories for Web3 games are product development and user acquisition, in sequential order. With the average initial funding round approximating US$2.5M to US$5M, Web3 games are likely to invest the majority of funds in product development, only to find themselves with limited remaining capital for user acquisition.

While pursuing subsequent fundraising rounds emerges to be a viable and popular option, the first-principle question Web3 games should ask themselves is — can the ecosystem partner reduce user acquisition costs and expand distribution reach efficiently? 

As it turns out, solving for user acquisition for Web3 games often turns out to be more challenging than capital access. In spite of the funding slowdown in current market conditions, there are still a sizable number of investors, individual or institutional, who are actively investing in Web3 gaming (one of the co-authors leads a venture capital fund that actively invests in Web3 games).

As such, we believe that solving for efficient user acquisition is more complex than accessing capital. Thus an ecosystems’ existing distribution and audience engagement are one of the most important criteria Web3 games should consider when picking an ecosystem partner.

Enabling users to share first-party data

Related to the two largest expense categories for Web3 games — product development and user acquisition — are the perennial questions of “How can we make our game attractive (to new players) and sticky (to existing players)?” and “How can we bring a gamer in for as low a cost as possible?”

These are questions that can only be well answered with data — not just third-party data from in-game actions or on-chain transaction history, but also first-party data around an individual’s preferences, behaviour and peculiarities.

Today, most of this first-party data exists in walled garden silos – the likes of Twitter, Instagram, Twitch, YouTube, among other social media platforms. Accessing this data requires the individual’s consent, and it is the role of the ecosystem to facilitate or even incentivise users to share their first-party data.

As discussed in an earlier piece on incentives around data sharing, incentive mechanisms are varied – from simplistic “pay-to-play” to removing Web3 friction such as gas. Ecosystems can play a role in experimenting with these mechanisms, with the eventual goal of unlocking first-party data on behalf of Web3 games, as in the case of Sky Mavis’ partnership with Qu3st to synthesize on-chain data with first-party data and create user segments. 

The case for ecosystems to be the first-party data aggregator instead of individual Web3 games is clear. Firstly, users want permission for first-party data sharing as few times as possible, and the friction of permissions every Web3 game an individual interacts with is counterproductive.

Secondly, the synthesis of on-chain and off-chain data across multiple sources, each with different formats and granularity, is complex and requires non-trivial engineering effort. Instead of diverting resources away from core game development, Web3 games can begin to look to ecosystems that help unlock the potential of users’ data.

Thirdly, ecosystems play an important role in fostering trust — a fledgling Web3 game asking an individual to connect socials for data sharing might be met with scepticism and uncertainty over privacy and security, whereas an ecosystem often carries more credibility and projects confidence.

Safeguarding the gamer experience

The protection of an individual’s privacy and security extends beyond first-party data to encompass all interactions between the gamer, the game and the ecosystem. Given that a core tenet of Web3 gaming is the creation and sharing of economic value, it is certain that bad actors will emerge to seek profiteering opportunities through hacks, fraud, deception and other devious schemes. As such, the onus is on both the games and the ecosystem to safeguard the gamer experience. 

Also Read: Echelon: Unlocking global growth opportunities with Web3

Interestingly, this could be an opportunity for newer, smaller ecosystems to leapfrog mature, larger ecosystems. If the sole criteria for ecosystem selection were audience reach (the first criterion outlined in this article), mature ecosystems such as Ethereum would almost always emerge as the preferred choice (save for its other shortcomings, such as high costs of transactions).

Yet Ethereum is an open, largely unpoliced ecosystem where fraud is rampant, malicious smart contracts are abundant and mostly masked behind technicalities that are incomprehensible to most. This presents an opportunity for more secure environments to foster user confidence and trust – a gap for ecosystems that are more agile and well-designed to fill.

Nurturing creators to expand UGC

As Web3 games empower players with shared ownership, another pertinent question Web3 games should consider in selecting ecosystems is the support for user-generated content (UGC) by nurturing creators. UGC forms a key growth driver for Web2 and Web3 games alike, allowing players to create and share content and fostering a sense of community and player engagement.

Also Read: Web3 gaming: The next big thing in online entertainment

A trend we have observed from the first market cycle is a tendency for Web3 games to return to the same few content creators and influencers — often, those with sizable distribution and reach. This influencer base tends to be relatively narrow as Web3 gaming is nascent, resulting in the same few individuals monopolizing the share of voice.

We believe this may also be counterproductive for Web3 games, even as these influencers promote multiple games a week, resulting in weak brand recall among audiences. 

Going forward, we see increasing importance in the role of ecosystems to nurture gamers to become creators and get rewarded for sharing their experiences. In a recent pilot by Qu3st in collaboration with Axie Infinity to encourage UGC, 70 per cent of submissions were from first-time content creators. While the incentive mechanism was simple — the first 100 gamers who submitted UGC would receive a reward, the flywheel effect this sparked was a positive surprise.

After the campaign, a significant proportion of participants created subsequent pieces of content, with quite a few gamers even starting to live stream their gameplay consistently. This writing on the wall is clear — ecosystems, alongside the games they support, can create simple yet effective quests and campaigns to nurture creators. Not only will UGC deepen engagement with gamers, but it will also extend game longevity and contribute towards the “fun” experiences players seek.

Building and publishing a successful Web3 game is no easy feat, especially when more than half of mainstream gamers remain unfamiliar. With only 12 per cent of gamers having tried playing a Web3 game to date and a further 15 per cent who have not played but are interested in doing so, it can almost be tempting to write off Web3 gaming as a niche interest for a select few.

Yet we believe that mainstream adoption of Web3 games will accelerate in the next market cycle, with the close-knit support from the ecosystems that envelop these games. These ecosystems can broaden audience reach, facilitate data sharing, protect gamers and nurture creators, which in turn positions the games they support to stand out in the crowded market for gamers’ attention.  

This article has been co-written by Hantao Yuan, Co-Founder of Qu3st. 

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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

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The post How the right ecosystem partners can propel Web3 games in the next market cycle appeared first on e27.

Echelon Asia Summit 2023 has just concluded last June 15, and we are delighted to share the key highlights of the two-day conference that took place at the Singapore EXPO. Having gathered startup founders, corporates, investors, and other ecosystem stakeholders from across the Asia Pacific, Echelon 2023 was attended by over 5000 participants, with over 130 booths and exhibitors from different startups, VCs, and enterprises, and over 30 sessions consisting of keynote speeches, fireside chats, panel discussions, and pitching competitions that featured some of the most sought after industry insiders, all spanning three major stages: the TOP100 stage, the Forge stage, and the Forward stage.

Since its inception, the Echelon Asia Summit has facilitated thousands of connections between startup founders, VCs, corporates, and other stakeholders, and has played an important part in building many important partnerships and collaborations over the years.

Also read: These 11 AI companies caught our eyes at Echelon Asia Summit 2023

“It has been humbling to see the resilience and grit of the various stakeholders in the Southeast tech ecosystem and them coming together towards building a better ecosystem. In partnership with the ecosystem, Echelon will collectively drive to support and engage stakeholders towards striving for sustainable growth. We are grateful for the support of the community in making Echelon a success in 2023 and look forward to doubling the scale in 2024,” explained Mohan Belani, Co-Founder and CEO of e27.

This year’s Echelon Asia Summit marks the full comeback of the anticipated Southeast Asian tech conference, having been put on hold in 2020 and 2021 due to the COVID-19 pandemic, returning on a smaller scale in 2022 in partnership with SWITCH.

This year, the Asia Pacific tech startup ecosystem truly came together to help bolster and enable the region’s vibrant business landscape for all stakeholders to thrive in, fostering impactful connections, networking, partnerships, and collaborations — proving that the region’s tech startup community is back in full speed.

Longan Group hailed as the winner of TOP100

After hundreds of applications, pitches, and a rigorous judging process, debt management company Longan Group emerged as the winner of the prestigious TOP100 program. The TOP100 grand finals was one of the biggest highlights of Day 2, featuring pitches from a diverse range of startups operating across different verticals and domains, including fintech, agritech, healthtech, and more.

Longan is an ethical and inclusive debt management company supporting consumers and financial institutions to manage their finances more efficiently, on a mission to solve consumer indebtedness and promote financial health among the two billion population across Asia. The company is currently operating in Indonesia and Vietnam.

This year’s TOP100 grand finals was adjudged by our esteemed panel of investor-judges, including Weisheng Neo, General Partner at Qualgro Partner; Susli Lie, Partner at Monk’s Hill Ventures; Martin Cu, Partner at 500 Global; Tanuja Rajah, Partner at M Venture Partners, and Johan Surani, Vice President, Peak XV Partners.

Forge Stage sparks important conversations

The Forge Stage featured key insights from industry leaders and insiders concerning some of today’s most pressing topics.

The sessions held at the Forge stage spanned a diverse range of subjects, including a panel discussion on the topic, “Building a Sustainable Fintech Ecosystem: Unlocking the Potential of Southeast Asia and Predicting the Future Unicorns”, moderated by Sandeep Laxman, Head of Fintech Business Development, APJ, at Amazon Web Services (AWS) and featuring Nikhilesh Goel, Co-Founder & Group CEO of Validus as the speaker; a fireside chat on “How generative AI can help uncover profitable areas in your business”, moderated by Hung Nguyen, Head of Consulting at e27, and featuring Jinu VM, Sales Engineering Lead at Sendbird as its speaker; and and a fireside chat on the topic, “How Can Women Play an Increasing Role in Tech and is it Time for Southeast Asia to Have More Gender-Neutral Collaborative Organizations”, with Devina Mardiputri, Senior Account Executive for APAC at e27 as moderator and Chrisanti Indiana, Co-Founder and CMO of Sociolla as the speaker.

Also read: Longan Group named as winner of 2023 TOP100

One of the key highlights from the Forge stage was the fireside chat entitled, “What does it take to build an ideal growth equity platform for Southeast Asia?” where Saemin Ahn and Martin Cu, Partners at 500 Global discussed key trends and insights as well as strategies to take on growth equity funding in the region. The session was moderated by Mohan Belani, Co-Founder and CEO of e27.

Trends and key insights at the Forward Stage

Similarly, the Forward Stage became the site of important discussions on trends and key insights as shared by a variety of experts and industry insiders.

These discussions included a keynote on the topic, “The Philippine Opportunity: Mass Digitization of a Population” featuring Franco Varona, Managing Partner for Foxmont Capital Partners; a fireside chat on “Breaking Boundaries, Bridging Korean startup ecosystem to Southeast Asia through an integrated approach” with Jinkyo (Jade) Choi, Director of Startup Ecosystem Development at the Next Challenge Foundation as the speaker and Justin Chin, Head of Business Development at e27 as the moderator; and a panel discussion on “The upcoming rise of the Philippines startup ecosystem, and what founders and investors should take note of”, with John Aguilar, Founder and Host of The Final Pitch, Glenn Estrella, Head of Ideation and Acceleration Group for 917Ventures, Rexy Josh Dorado, Co-Founder and President of Kumu, and Franco Varona, Managing Partner at Foxmont Capital Partners.

Culminating the stage on day 2 was a fireside chat on “Breaking Down Borders: How YC Alum, Dropee, is redefining the SEA supply chain”, with Lennise Ng, CEO and Co-Founder of Dropee serving as our esteemed speaker, joined by Lalitha Wemel, CEO and Co-Founder for Opt-In Studio as the moderator.

Other highlights from Echelon Asia Summit 2023

Prudence Foundation’s SAFE STEPS D-Tech Awards 2023 also culminated at the year’s Echelon Asia Summit, with all six finalists battling it out for the top spot. Emerging as the winner is Wateroam, a social enterprise which provides honest water solutions for a better world. Their vision to end global thirst is being accomplished by producing efficient and affordable water treatment products that are used for emergency relief and rural development. Specifically, their solution is The ROAMfilter Plus 2, a community water filtration system that is simple to operate, long-lasting, lightweight and cost-effective. The system’s hand pump operation requires no electricity, making it an ideal and immediate solution for rural and disaster-hit regions. With the ROAMfilter Plus 2, a person becomes a mobile water station which can produce safe drinking water quickly for 100 people.

Also read: Collaboration with corporates plays a crucial role in climate tech startups’ success

Over at the e27 Ecosystem Booth, apart from being an open networking space that enabled ecosystem stakeholders to meet, chat, and network with their peers, we also saw a series of workshops and sessions including, “e27 Contributor Program Workshop: How to become a thought leader in the startup ecosystem”, featuring Anisa Menur of e27 and Cheryl Liew of Monk’s Hill Ventures; “Building your Investor Network: Strategies for Nurturing VC-Startups Relationships and Effective Fundraising”, with Paulo Oscuro of e27, featuring Sejung Yun of ColoplNext and Davin Dedhia of Auptimate; and “Innovating on the Acceleration Model with Communities, Meet the Leaders and Hear their Impact Stories”, with Jieyu Chan of Work on Climate and featuring Melvin Chew, Founder of Hawkwers United Dabao 2020, Johnson Lam, Founder of KakiRepair, Myles Delfin, Founder of The Bike Scout Project, and Rauf Raphanus, Founder of Peri Kertas.

Overall, the Echelon Asia Summit 2023 was a huge success and we have the APAC tech startup ecosystem to thank! We hope that the connections built over the 2-day conference will yield a lasting impact that will help define the business landscape of the region and beyond.

We can’t wait to see what’s next in store for all of you. See you at the Echelon Asia Summit 2024!

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Echelon Asia Summit is e27’s flagship tech conference, bringing APAC’s startup ecosystem together to build connections, gain insights, and meet talent from all over Asia. Explore how startups, investors, corporates and government bodies work together across borders to tackle similar challenges and pressing issues and empower the larger ecosystem to build the Future of Asia. Gather meaningful insights from industry leaders and stakeholders through stage discussions; build connections within the industry with over 300 exhibition booths. As Asia’s leading platform for tech startups and investments for 13 years now, Echelon Asia Summit will take on cross-border engagements, talent growth, and showcasing APAC’s emerging and leading companies from the heart of Singapore.

The post Wrap Up: Highlights of Echelon Asia Summit 2023 appeared first on e27.

Artificial Intelligence (AI) is one of the biggest trends in the global tech industry today for good reasons. Increasingly popular tools such as ChatGPT have opened the public’s eyes to the possibilities of its implementation–and tech companies around the world are rising up to this challenge.

At Echelon Asia Summit 2023, held at Singapore Expo on June 14-15, a number of AI companies from various countries opened their booths to showcase their innovation to the attendees. These companies are working in various sectors from education to agriculture to property and construction, and many of them are part of the TOP100 programme.

The following are some that caught our eyes:

AI Communis
Singapore-based AI Communis builds Auris AI, a platform that generates transcripts, subtitles, and translations using its own ASR technology.

Ailytics
Through its Ailyssa platform, Ailytics leverages AI to help construction companies enhance safety and maximise productivity by providing actionable insights from camera feeds in real time.

CAWIL.ai
The company provides an industry-agnostic AI solution that focuses on computer vision and IoT integration for smart city applications. It is originating in the Philippines.

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

DashoContent
The company is a pay-as-you-go content platform to create marketing content for businesses that are consistent with their brand voice. Hailing from the Philippines, the company is currently not fundraising.

FINEXT
Coming from Malaysia, FINEXT helps users to automate personal finance tasks using AI technology. Users only have to scan and upload their receipts.

HeyHi
Singapore-based HeyHi provides an AI-enabled assessment and a personalised learning system that allows educators to upload worksheets for their students and work on them in a collaborative manner. It is currently in the Pre-Series A stage.

MOVE IT MOVE IT LIMITED
The Hong Kong-based company is a one-stop logistics platform that connects clients and service providers by using AI detection technology with the goal of creating a comprehensive property ecosystem. It is currently in the seed stage.

The Pond
South Korea-based LetiTu builds a platform called The Pond that enables academic curriculum building for each grade based on students’ personal goals. It allows students to gain insights into suitable career and educational paths based on their interests and academic performance.

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

Tictag
Tictag is a crowdsourcing data platform that enables high-quality data annotation and collection that aims to provide “exceptional” AI results. Originating from Singapore, the company is currently in the Pre-Series A stage.

TRADEMONDAY
Originating from Hong Kong, TRADEMONDAY is an AI-as-a-Service, low-code platform for retail and consumer brands. Its patent-pending technology allows retailers to gain insight into their customers. The company has raised Series A funding.

Wizher Laundry
Originating from the Philippines, Wizher Laundry is a digital laundry management platform that utilises AI to help enhance the laundry experience for both shop owners and their customers. It has raised a seed funding round.

 

 

 

 

 

 

 

 

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It is quite a well-known fact that the management team is the most important factor for any startup. If the team members are good and gel with one another, then they can take their business to great heights. If the team is bad and members don’t trust each other, that is a perfect recipe for the failure of such an organisation.

This is why every VC puts strong emphasis on the management team.

Singapore-based KK Fund is no different. But this VC, which invests in seed-stage internet and mobile startups across Southeast Asia, Hong Kong and Taiwan, also looks at several other factors before injecting their money into a business.

Also Read: Genesis Alternative Ventures makes final close of US$80M venture debt fund

In a webinar, titled Fundraising Fundamentals‘, hosted by e27, Bookyung Kim, Investment Associate at KK Fund, spells out the VC firm’s evaluation criteria.

Below are edited excerpts from the webinar:

When is the right time to raise money from investors?

Founders should raise money when they have figured out the market opportunity, understand the customer, when they have the delivered product that matched the opportunity and the product is being adopted at a rapid rates.

You need money when you have something that can attract investors/investor interest and you can convince that the investors can make attractive return.

How much should I raise?

Try to dilute only 10-20 per cent maximum for each round. It means if you give up so much equity from the very beginning, you will end up with too little amount of equity in your hands in the end.

When you raise VC money, think ahead of time. Think about at least one/one-year-and-a-half ahead for the runway. Because, it takes time to raise fund. It is always better to think ahead so you don’t face the financial problem in a very short time.

What is the valuation of my company?

The general approach is the comparable method. So you look at other similar companies that have secured funding before you did and then you compare them. You try to find companies that have a similar traits with your competence, and then you can use it as an example.

But that’s not all, always keep in mind that you should find a valuation that allows you to raise the amount needed with acceptable dilution. What it means is that if you give up too much amounts of equity in order to attract VCs at the moment, it’s gonna be a big problem in the future. So always think about how much equity you can, can give away to investors.

You are now all set to raise fund. The next step is to meet the VC that aligns with the goals of its business. Before asking a VC for the money, of course, you need to understand what they are are looking for.

I would like to point out here that different VCs follow different approach and perspectives when evaluating a startup. There is no a single answer to how VCs evaluate a startup for investment.

From KK Fund’s point of view, we look for many important things while evaluating an early-stage startup — the team, market size, business model, traction, and competitive landscape.

Here, I will explain the most important factors.

1) The team

The management team is the most important factor. This is because we cannot change the management team once we invest in the business.

It is possible to change the leadership team in the private equity sector but it is not in an early-stage startup. The management team is the one that actually lives our vision. If they don’t do well, what we can do is to go down with them. Of course, we will try to help them as much as we can, but I’m just talking about the worst case.

The second reason is that for an early-stage startup, the management team is literally all what the company has. They don’t have too much things to ponder over; they don’t have a solid product or service. They don’t have revenue track record or meaningful data so that we can forecast the future.

So team is the most important asset and is the one that decides the future of a company.

2) Target market

Target market is also important. It is more important than the business model of a company because if the business model doesn’t work, we can work on it together and change it. However, changing the target market is hard.

Let’s assume I started a company in Korea but it failed. Then, I think I can work on launching it in Thailand. However, I don’t know anyone there, so it won’t work.

Also Read: Future Flow’s cap table helps founders easily monitor the evolution of their stake, equity dilution

Equally important is the size of the market. If the target market size is so small, there’s nothing you can do.

3) Exit opportunity

Another important factor is exit opportunity. This is somewhat important because you don’t know what’s going to happen in the future. But from an investor point of view, they need to make a decision.

For example, you come to me and then you explain your idea to me. And then I have to deliver it to my boss/the investment committee.

To convince them, I need to show them that these are the possible exit opportunities and we can make this much return on this investment. So it it’s always good to have some level of exit opportunity, some plan or forecasting.

4) Business model

In terms of the business model, if the management team and VC are good, then it shouldn’t be a big problem and it can be fixed.

5) Traction

The last thing is traction. I don’t really care about traction. Of course, if it’s a Series A deal, I’ll probably look more for traction record. But still, we are more focused on the growth trend rather than their current revenue.

So normally, we don’t really care about how much they’re making now at the moment. We don’t ask questions like ‘why is your ARR/MRR less than US$200,000’. Of course, high MRR numbers are good to have but we don’t expect the early-stage startups to have a certain revenue figure.

Also Read: Ex-VinaCapital Ventures exec’s US$50M fund Touchstone Partners hits first close

Rather, what we focus more on is the company’s potential and growth trend. If the revenue is kind of low but if they can show me that it’s growing like 4x, 5x or 10x, then I can say, ‘oh, this company has a potential and maybe I can join them’.

Again, speaking of the revenue, we don’t care about the performance forecasting either. How can someone forecast the future performance of a young startup? Especially, how can you, as a VC, trust the numbers prepare by a startup just to get some money out of them. Even conglomerates cannot predict their future performance, so it doesn’t really matter.

According to my mentor who has over 10 years’ experience in this business, he has never seen a startup that got their traction right. So, you don’t have to spend one whole slide/two slides to show all these small numbers and come up with three years or five years of prediction. It doesn’t have much effect when I evaluate a startup.

But if you still want to include the forecast performance, I think one year should be enough. So, in terms of recording revenue, if you do well in the future and get the highest revenues, great. But how can you be so confident that you can achieve these numbers?

What matters most is the cost prediction, because unlike the revenues, you can always control costs. When I look at a startup, I look at the details of the cost plan to understand how sensible and how skilled the management team/founders are.

For example, when you look at the forecasting cost, I might ask ‘why hiring cost is so high’, ‘how many people are you hiring’, ‘what was the salary range you were thinking about’ and ‘what level of people are you hiring’ etc.

Through these kinds of things, we can sense the skills of the management team and founders. So I suggest you focus on the side that you can control and show your management capabilities.

Again, this shows much important the management team is. When you look at the reasons why startups fail, you may find it is the management team. If your team is bad, it is highly likely to jeopardise the company and your business.

So my suggestion is, try to form a great management team. When you’re meeting an investor, try to appeal him that you have a great team work.

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The article was first published on April 15, 2021.

Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: KK Fund

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“We need to take a “Swiss cheese” approach to plastic waste management. Focusing on just one aspect of the plastic recycling and waste management system will not be enough — we have to apply multiple strategies to mitigate the complexities or “holes” in the plastic value chain,” –  Laura Benns, Director, Programs, SecondMuse. 

Plastic pollution soared from two million tonnes in 1950 to 348 million tonnes in 2017, becoming a global industry valued at US$522.6 billion, said UNEP. It is expected to double in capacity by 2040. Given the statistics, it is clear that to a capitalistic firm, the plastic industry presents a highly lucrative opportunity to aspiring and seasoned entrepreneurs alike. 

In this final part of this three-part series, we will look at some of the solutions and startups that are already in this space in Asia. 

Strategies by startups

Firstly, in the plastic waste space, the areas with the greatest room for innovation are: 

• Plastic alternatives
• Plastic reduction
• Better waste and collection methods
• Recycling

At Marico Innovation Foundation, an organisation with a keen focus on nurturing disruptive Indian innovations, they have identified that the most effective startups tend to have a mix of the following qualities: 

• The solution is cost-effective or has a path to becoming cost-effective with scale.
• The solution addresses a problem area gap that few startups are working on at present or a problem area that is severely underserved.
• The solution is based on a proprietary technology that can help the startup create a moat and be defensible as a business in the future.
• The solution should save carbon emissions on a net level.
• The solution is supplemented with strategies to procure waste in bulk and has the potential to supply an output level required by corporates.

Below are some examples of notable and interesting startups for each category in Asia. 

Also Read: Alterpacks converts food grains into bio-degradable containers to combat single-use plastics

Plastic alternatives

The startups below provide alternative materials that can replace plastic to create plastic products such as packaging. 

Startup	Founded	Country	Details
Evoware	2016	Indonesia	Produces packaging made of seaweed and algae, which provides nutrients to the soil and water when it decomposes and breaks down.
AlterPacks	2019	Singapore	Created a new material from food waste to replace plastics.
Cleanbodia	2015	Cambodia	Utilises cassava, a root vegetable grown extensively throughout Southeast Asia, to make biodegradable bags, which can decompose within five years in water, soil, and buried garbage.
Mushroom Material	2020	Singapore	Mushroom Material has developed mushroom-based packaging materials that are sustainable and compostable as a direct replacement for expanded polystyrene/styrofoam.
Evlogia Eco Care	2018	India	Produces straws made from fallen-down coconut palm leaves.

Plastic reduction

The startups in this category tackle the demand side of the plastic ecosystem, which includes directly encouraging consumers to change their consumption habits by reusing or removing the plastic component in consumer products and services. 

Out of all the categories for plastic waste solutions, this is likely the one that is the hardest to scale. Ironically, this is likely the most effective solution, as it completely removes plastic from the equation. 

Startup	Founded	Country	Details
Mottainai World Eco Town	2015	Cambodia	Refills household and personal hygiene products, enabling households to reuse plastic containers.
Klean	2012	Malaysia	Offers a Malaysian-made smart reverse vending machine (SRVM) and an app that rewards people for recycling empty PET bottles and aluminium cans with a points scheme.
AYA REUSABLE CUP	2019	Vietnam	Allows a request of an eco-friendly cup AYA at any participating coffee shop or smoothie bar with consumers’ ID code. With the Life Time Membership Pass option, consumers can drop the AYACUP at any participating location.
Siklus	2019	Indonesia	Delivers refills of everyday needs to people’s doors without plastic waste and offers refill station services.
MUUSE	2018	Singapore	Supplies restaurants and cafes with reusable and returnable takeout containers to F&B partners.

Better waste collection and sorting

The solutions under this category aim to improve the efficiency and effectiveness of waste collection systems. 

Startup	Founded	Country	Details
Ishitva	2018	India	Ishitva makes automation solutions for sorting of recyclable materials using Artificial Intelligence, Machine Learning and IoT.
P.E.T. Plastic Ecological Transformation	2017	China	Incorporates blockchain technologies in their products which are recycled from plastic materials, allowing for plastic traceability.
GEPP Sa-Ard	2017	Thailand	A one-stop shop for waste management with data and traceability.
Gringgo	2014	Indonesia	Provide on-demand services to book a truck to collect regular or specific waste types and uses artificial intelligence to give waste workers tools to track their collections and productivity.
Kudoti	2019	India	Their platform works to track and trace waste materials both internally and across supply chain partners and provides real-time data to support decision-making.

Plastic recycling

Startup	Founded	Country	Details
Magorium	2019	Singapore	By marrying the industries of waste management and construction, Magorium created an inter-industry to convert plastic waste into an innovative new material – NEWBitumen.
Ricron Panels	2009	India	Ricron is a technology-driven company that converts multi-layer plastic waste into 100 per cent eco-friendly scalable substitutes of plywood.
PURA Loop	2021	Hong Kong	Builds solutions for the treatment and recovery of non-recyclable hazardous industrial sludge and mixed plastics, and the entire process requires no pre-processing or sorting of waste.
Rebricks	2012	Indonesia	Rebricks Indonesia recycles multi-layered plastic waste into building materials with an eco-friendly production process.

Of all the categories, the category that currently has the least solutions or least scaleable solutions is the “Waste Reduction” category, especially when it includes the concept of reusing. Case in point, a study by Front Sustain highlighted that the vast majority of solutions (79.8 per cent) from waste reduction are pilots or startups, indicating that this area within the plastic waste industry still remains at its nascency.

Ironically, amongst the vast plethora of solutions, plastic reduction is the exact area that we should be focusing our resources on. A recent UNEP study confirmed that it is not recycling or carbon taxes but rather reusing that will emerge as the most promising solution. 

“Reuse – as opposed to recycling – was identified as the most effective measure, and would cut plastic pollution by up to 30 per cent by 2040 with the introduction of things like refillable water bottles, packaging take-back schemes and ‘reverse vending machines’”  – United Nations Environment Programme, May 2023.

Other solutions, such as recycling and diversifying from plastic as our most common material, are also key. The same UNEP study shed light on how recycling plastics can reduce plastic pollution by an additional 20 per cent by 2040, while replacement of plastic packaging and related materials can deliver an additional 17 per cent decrease.

Strategies from the public sector

To garner more inspiration for what the public sector can do in Asia, we can also look towards some solutions that have been offered by governments in other regions. 

Also Read: Climate conferences won’t save us: How to start taking action all year round (Part 1)

In European countries such as Germany, Deposit Return Schemes (DRS) for plastic bottles have been implemented with much success. DRS refers to adding a small deposit to the cost of a plastic bottle, which is refunded to consumers when they return the bottle for recycling. With the monetary incentive, consumers will be more inclined to change their habits, thus pushing forth a culture of recycling. This same idea can be implemented in Asian countries when we wish to also cultivate a culture of recycling instead of disposing.

Of course, this also means that the recycling infrastructures in the country must favour the easy formation of the habit — another aspect that the public sector can look towards improving. 

Funding for corporates and startups to implement better waste management practices and technology is also another aspect that is hindering the rapid transformation in the Asian ecosystem. This is something that governments should prioritise, especially with the numerous positive spillover benefits to society in terms of increased hygiene when municipal waste management systems are improved. 

In Asia, it is also worth mentioning that the informal sector plays a large role in the plastic waste industry. In fact, it contributes to 97 per cent of all PET collected for recycling in the nine cities studied in SEA, making it pertinent to include the informal sector in any solutions to increase recycling efforts.

By studying a case study in Suzhou, China and how they formalised their informal recycling system, researchers have suggested that governments of developing countries looking to integrate the informal recycling system with the following methods:

• Giving professional training to recycling practitioners and improving their recycling facilities.
• Giving the formal recycling channels a price advantage.
• Setting up information platforms.
• Optimising the layouts of recycling systems.

The role of consumers

However, having briefly discussed what the government can do, we must also look at the biggest stakeholders in the ecosystem – consumers. 

Large-scale systemic change can only be achieved should consumers be willing to change their consumption habits. In order for large-scale policy and corporate changes to take place, consumers must take a real stance and pressure governments.

Voting with our wallets by consciously choosing more sustainable products, though minuscule at the individual level, can achieve serious influence on a collective scale. For instance, in 2019, after widespread climate protests, the UK parliament declared a symbolic climate change “emergency” on Wednesday. 

Additionally, consumers should also be educated on not only the importance of recycling but also the ways in which they can contribute. For example, some countries like Japan have embraced the idea of multi-stream recycling, which is when consumers have already sorted their waste into specific categories such as plastics and glass, leading to more efficient recycling processes.

Also Read: How to navigate the investment opportunity in climate tech sector

The efficacy of the Japanese system can be seen in how around 85 per cent of all of the country’s plastic bottles are recycled, with the aim of reaching 100 per cent by 2030. 

Role of accelerators

Finally, accelerator programmes also form a key solution to increasing recycling rates in a country. To better bridge the gap between supply and demand, accelerators can provide networking opportunities to allow for a mutually beneficial relationship to be forged between corporates looking for solutions for their pain points and startups who are aspiring to scale up their initiatives. 

One such programme is HyperScale. As the inaugural waste-tech accelerator in the world, HyperScale has a hyper-focus on helping startups with waste solutions and corporates who wish to reduce or eliminate their waste in a sustainable manner.

With the programme, startups can access expert mentorship and guidance tailored to their unique business needs, connect with a powerful network of industry leaders, investors, and potential partners and accelerate their market expansion within Asia’s waste ecosystem.

HyperScale accepts applications from Seed to Series A startups working on innovative waste solutions in Electronics Waste, Plastics Waste, Food Waste, Textiles Waste, or Mixed Waste. 

Conclusion

As economies develop, everyone has a part to play in working towards a world where plastic is produced on a need-to basis. In order to maximise the effectiveness of schemes, it is pertinent that governments, corporations and consumers work hand in hand. We look forward to innovative solutions that will help to solve the plastic problem.

At the same time, corporates and governments should be unwavering and show their commitment to creating policies that will support these causes. My final words are that you, as the consumer, decide the type of life you want to lead; a life of plastic or a life that’s fantastic. It starts with you. 

This article is part of a three-part series adapted from the Plastics and Circularity Report under the HyperScale Waste-Tech Accelerator 2023 programme. For more information on the programme and how you can be a part of the inaugural Waste-Tech Accelerator problem in the world, find out more here: https://hyperx.global/hyperscale.

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Vietnam’s e-commerce is expected to keep growing in 2023 and rise steadily in the years to follow, supported by several growth drivers, including the wave of digital transformation, consumer trust, technological infrastructure, and advantageous processes and laws issued by the Government.

The event has been organized annually by the Vietnam E-commerce Association (VECOM) from 2017 to the present. With the theme “Smart E-commerce”, this year’s event attracts more than 2,500 individuals and businesses operating in the field of e-commerce in Vietnam and internationally.

Speaking at the opening of the forum, Mr. Nguyen Ngoc Dung, Chairman of the Vietnam E-commerce Association shared: In the context of the post-epidemic economy and affected by the wave of the world economic crisis, the e-commerce industry has been and is one of the industries with the fastest and strongest changes to adapt to the new situation in Vietnam. Exploiting the “smart” perspective in e-commerce, the forum focuses deeply on current and future e-commerce trends, business models, and solutions for e-commerce in the world.

“Smart e-commerce will be a prominent trend in 2023 when AI is considered an inevitable development trend. AI applications will completely change the e-commerce industry not only in Vietnam. Because Therefore, “Smart E-commerce will be a long story that many experts and big brands in the field of e-commerce… will share at this year’s Vietnam E-commerce Panorama Forum,” Mr. Nguyen Ngoc Dung emphasized.

Also Read: The ‘gold mine’ of food ordering apps in Vietnam

The numbers tell the truth

With over 100 cross-border e-commerce platforms, Vietnam is one of the top five countries in the world in terms of the 20 per cent annual growth of the industry, according to eMarketer. The top four platforms in the nation, Shopee, Lazada, Tiki, and Sendo, generated 135 trillion VND (US$5.73 billion) in sales last year.

The size of the nation’s retail e-commerce market was estimated to be US$16.4 billion in size last year, or 7.5 per cent of the nation’s income from the sale of products and services. Vietnamese consumers spent an average of US$260–285 online purchasing, numbering 57–60 million.

Up to 74.8 per cent of Vietnamese internet users purchased goods and services online, according to the White Book on Vietnamese E-Business 2022, with clothes and cosmetics, household goods, and technological and electrical devices being the most popular products.

Business on e-commerce and social networks is on the throne

According to the Vietnam E-commerce Association, business activities on e-commerce platforms and social networks are the highlights of Vietnam’s e-commerce industry in 2022 and the first quarter of 2023. Survey results show that up to 65 per cent of businesses have implemented business activities on social networks.

In addition, the number of employees in enterprises who regularly use tools such as Zalo, WhatsApp, Viber, or Facebook Messenger has also continuously increased year by year.

Selling on social networks is also considered to be the most effective, surpassing other forms such as business websites or applications as well as e-commerce platforms. The most prominent is the birth and strong growth of TikTok Shop. Doing business on this platform is creating a great attraction for a large number of traders across the country.

Besides retail e-commerce platforms have emerged B2B data technology platforms that connect small-scale traditional retailers with manufacturers or wholesalers on a centralized platform. By aggregating demand, platforms can provide small retailers with more choices, better prices, and more efficient logistics.

Also Read: Shoppertainment in Vietnam fuels e-commerce profitability

Competition is expected to continue to be fierce

The total revenue and output of the entire e-commerce market in the first quarter of 2023 both increased by about 22 per cent compared to the same period in 2022, but the number of homes for sale decreased sharply by 17 per cent.

At the same time, the revenue share of retail and non-professional retailers in the first quarter of 2023 decreased by 0.46 per cent compared to the same period in 2022, while the genuine stores — Shop Mall increased both market share and market share revenue.

It can be seen that amateur retailers are being left in the game and gradually withdrawing from the market. This means that profits go to really professional sellers who have invested in selling on e-commerce platforms. According to Metric’s forecast, the shift to the Shop Mall model will be a trend for sellers to increase their reputation and revenue on e-commerce.

In addition, before the rapid development of logistics, domestic sellers also face stiff competition from foreign sellers. To be able to survive and develop, business people on the e-commerce floor need to prepare carefully for all factors, starting right from the step of analyzing the market and developing an effective business strategy.

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It is the world, but bigger and more accessible. It is a vision of the internet’s future — a single, shared, immersive, persistent, 3D virtual space where humans experience life in ways they could not in the physical world.

Essentially an interoperable online space, the metaverse merges physical and digital reality, giving people across the globe a space to shop, socialise, trade and interact with one another. All you need is an internet connection. 

And with the integration of metaverse technology such as AR, VR, 3D displays, haptics and more, the ultimate goal of creating a seamless, immersive experience that provides new ways to connect and collaborate seems almost within reach.

Coming from a career in Business Analytics and Strategy Planning, the metaverse and its implications were something almost dreamlike for me, especially its ability to foster empowerment and inclusivity in the community. Of course, this does not always guarantee equal opportunities. 

Addressing the “miss-ues”…

Some of the problems from reality seem to have tailed us into the metaverse — right at the foundational level. Imagine a space for limitless connection, unlimited opportunities to reach out and network, and still navigating people who think that tech “isn’t really for girls”. 

It’s no secret that gender imbalance and inequities are something the tech sector has long faced criticism for, as evidenced by renowned tech giants like Apple and Meta maintaining a male-to-female employee ratio of 6:4. While there is some hope in the growing trend towards greater gender inclusivity in the tech sector, with 41 per cent of applicants to the field consisting of women between 2020 to 2021, more needs to be done. 

Also Read: Bridging the gender gap and boosting women entrepreneurship with embedded finance

Beyond the process of actually joining the field, a major obstacle for women in tech is constantly having to deal with implicit gender bias within the workspace. A blunt example would be the GitHub coding case: When the gender of coders was undisclosed, computer code authored by women had an acceptance rate of 78.6 per cent on GitHub, which is four per cent higher than that of code written by men. However, when contributors’ gender is identifiable, the acceptance rate of code written by men tends to be higher.

In spite of women being more than capable, there remains a belief that technical roles are more suitable for men — which only further compounds the notion that women are not naturally inclined or competent in technology-related fields.

Instead, women are believed to be more sensitive and empathetic rather than tech-savvy. Consequently, women have been underrepresented in technical positions, with a greater emphasis placed on non-technical roles such as project management or user experience.

…and dodging them

The resultant domino effect does not bode well for the future of women in IT. Bias also impedes our professional advancement, leaving us overlooked for promotions or experiencing unequal pay compared to our male counterparts.

With stereotypes keeping women firmly entrenched in specific roles, young girls entering the tech arena find themselves without any representation, making even envisioning a successful future in the field a challenge. But there are some ways to get around these roadblocks. 

Playing your strengths and focusing on achieving your tasks as quickly and efficiently as possible — hard to argue about your inability to manage a task when the task is already done! As for arguments that women are more ‘emotional’, it always helps to have the relevant data and evidence ready to add weight to your arguments. Substantiating decisions, arguments, or opinions with factual information prevents them from being discredited as solely emotional or subjective.

In the workspace, know your allies, both male and female. These are the people who will provide unwavering support, empowerment, and encouragement to strive for excellence. Recognising and appreciating managers and male allies from previous workplaces can be particularly beneficial. And most importantly, communicating, voicing one’s aspirations and taking the initiative to create opportunities is crucial. 

It’s important to challenge gender stereotypes and recognise the individual potential in all areas of tech in order to create a more inclusive workforce that will leverage everyone’s talents, regardless of gender. By enhancing the visibility and acknowledgement of accomplished female tech leaders, we can foster a more inclusive and equitable industry that benefits everyone — and we have to start at the roots. 

Also Read: Women in tech have leaned in enough. This is what we should do instead

In Malaysia and across Asia, students’ career choices are often limited by cultural influence, parental expectations, and a lack of awareness about alternative paths. The cultural emphasis on prestigious professions in fields like medicine, law, business, and engineering reinforces this narrow focus. To address this, two strategies can be implemented: promoting STEM education and fostering industry-academia collaboration.

Why IT matters, and why it matters

Enhancing STEM education from an early stage introduces students to technology-related fields and cultivates their interests and skills. Curriculum enhancements and engaging teaching methodologies can achieve this goal. Close collaboration between the tech industry and educational institutions is equally crucial.

Internships, apprenticeships, and industry-led training programs provide real-world tech experiences and inspire students, including women, to pursue tech careers. Industry professionals serve as mentors, guiding students in career exploration.

More than overcoming traditional career limitations, we need to implement these strategies to broaden perspectives and empower and guide students with the necessary skills to explore diverse tech career paths. The metaverse is a mine of untapped potential, and we have both the talent and the drive to unleash that same potential, regardless of gender. It is time we utilise it.

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