One trick? Don’t make them supply their own office supplies

To survive and thrive in the 21st century, many businesses are finding it necessary to pivot to a remote work model where their employees are free to achieve from the comfort of their living rooms.

Despite the increased reliance on remote workers we’ve witnessed across the market recently, some entrepreneurs and established corporate professionals don’t know where to begin when it comes to adapting the company structure for remote workers.

Attracting and retaining the best remote workers, in particular, is proving nearly impossible for some business owners.

Here’s how to make your business irresistible to remote workers, and what you’ll need to do to keep them around in the long run.

Give remote workers what they need to succeed

It should go without saying that you need to give your remote workers the tech they need to succeed, yet many businesses are still expecting remote workers to supply themselves with office equipment.

While this may seem like a nifty way of cutting down on the costs of doing business, you’re really harming yourself in the long run by restraining your remote workers’ ability to get their hands on the tech they need to stay in constant contact with you.

If communication isn’t regularly maintained, remote work schemes quickly break down, so it’s imperative that you invest thoroughly in the tech you’ll be giving to your employees.

You should take some time to read up on the best tech tools that are changing the world of remote work if you want to avoid wasting your money on a shoddy investment that produces lackluster results.

Sometimes, you’ll need to look at what others in the marketplace are doing to make the right call yourself and figuring out how other companies are outfitting their remote workers is a great way to get your own remote work program rolling if you’ve been having a rough start.

Besides giving employees the tech they’ll need to stay in touch with their managers and collaborate with one another effectively, you also need to focus on training them in necessary areas while fostering a positive company culture.

Learning how to train remote workers

You’ll quickly discover that training remote workers is fundamentally different than training traditional employees. Besides the fact that remote workers demand digital training procedures thanks to their distant nature, they’ll also need special guidance from managers when it comes to steering them towards profitability.

Learning how to train remote workers begins with modifying your existing training regime to accommodate a remote workforce and developing specific training regimes from there.

Also Read: Malaysia’s PolicyStreet gets central bank approval for financial advisory

All the money you spend training your workers will be wasted if you don’t have a positive company culture which values their efforts and makes it clear that their contributions to the team are highly valued, however.

This is why it’s imperative you don’t get too caught up in running constant training exercises and instead focus on instilling a culture of continuous learning where workers should never feel ashamed to ask for help or begin nurturing an underdeveloped skill.

You need to help them with the loneliness

If you really want your business to be irresistible to remote workers, you need to work hard to help them with the loneliness that’s a natural part of the equation when it comes to remote work.

Staying away from others and working from the comfort of your bedroom has serious perks, and not just their ability to avoid work injury.

Employees who are remote workers are often much more efficient than their traditional counterparts and must necessarily be self-starters who can manage themselves to some extent.

Nonetheless, remote work can be lonely and result in worker burnout much faster than traditional employment schemes, so companies that don’t work hard to destress their workers and make them feel appreciated will soon suffer the consequences.

If you’re committed to avoiding burnout culture and helping your remote workers succeed, you should take some time to learn about how you can help them avoid burnouts and retain robust social lives despite their remote employment status.

Also Read: Why Bangladesh is the next frontier for tech investment

Often, constant communication is the key to success, as managers who leave remote workers to wallow by themselves are effectively setting them up for failure. Making sure that your team leaders are still constantly engaging with your workers is one of the most important elements of making your business irresistible to remote workers, who will come to value the compassion your company demonstrates.

Finally, don’t think you can stiff remote workers just because they’re not in the office. Many entrepreneurs view remote workers as a means to trim down their workforce and save money, but the idea that you shouldn’t fairly compensate someone because they’re not working on your office but instead are at home is absurd.

Companies which stiff remote workers will soon have more than a strike on their hands – they’ll have a tarnished reputation. Keep your pay rates attractive and competitive, and you’ll soon find the doors of your business being flooded by remote workers seeking employment.

—

Photo by Anton Shuvalov on Unsplash

The post How to make your business irresistible to remote workers appeared first on e27.

With resounding success and huge demands in Taiwan, TAIRA 2019 is designed to bring in global AI startups to grow and explore business opportunities with corporations in Southern Taiwan Science Park (STSP)

TAIRA 2019 is officially launched.

A programme dedicated to establishing STSP to become an international innovation ecosystem by partnering with global startups

TAIRA, which stands for Taiwan AI x Robotics Accelerator, is a joint programme co-curated by Southern Taiwan Science Park (STSP) and StarFab Accelerator. It is the most well-established corporate innovation accelerator in Taiwan, and it officially kickstarted at the TAIRA 2019 launch press conference in InnoVEX, the startup arm of Asia’s Iconic B2B exhibition, COMPUTEX TAIPEI.

Several ecosystem key players have been invited to partake in this grandeur launch and co-work together to provide more international resources to accelerate the growth of STSP startup ecosystem – representing Taiwanese corporations, technology platforms, and investors, The Allied Association for Science Park Industries, Cloud Computing & IoT Association in Taiwan, Taiwan ITRI New Venture Association, and other international startup builders like TNB Aura, FocusTech Ventures, Bangkok Bank InnoHub, ParticleX, Infinity Ventures (IVP), Sphere 5200.

What is TAIRA (Taiwan AI x Robotics Accelerator)?

The founding story behind TAIRA can be traced back to 2017, when STSP and StarFab started supporting and enabling corporation-startup matchmaking, helping startups to secure over US$110 million in funding and close to US$20 million deal tractions along the way.

Since then, STSP and StarFab saw the great potential and unfulfilled gap between corporations and startups, leading to the decision to pilot the TAIRA programme in 2018. The TAIRA programme intends to facilitate collaborations by partnering with corporations to combine domain expertise with new and innovative technologies.

With that said, in 2019, STSP and StarFab have committed to putting in more resources to connect international accelerators and venture capital with the southern Taiwan startup ecosystem. This includes test beds for corporate collaborations, technical platforms, and funds to further equip AI startups with business and fundraising opportunities to expand in the Taiwan market, increasing market shares and acquiring more clients.

Why TAIRA 2019 and how to apply

In the press conference, Amanda Liu, StarFab CEO, mentioned that building on the foundations of existing industries in southern Taiwan, TAIRA 2019 has invited numerous corporations from smart manufacturing, smart healthcare, smart banking, and smart agriculture sectors to come onboard.

The key role that TAIRA 2019 plays is to partner with corporations to come up with current corporate problem statements and provide a test bed, where they can work with startups to validate different innovative ideas and technologies. This will pave the way for STSP and StarFab to reach out and bring in overseas startups with relevant and qualified technology capabilities to co-work and transform the current industry.

This year, TAIRA 2019 programme will be inviting global startups with applied AI technologies/products to work with several world-class southern Taiwan tech corporations, including United Microelectronics Corporation (UMC), Castec International, AllRing-Tech (ART), Chi Mei Hospital, Taiwan Stipendiary and King’s Town Bank.

The top shortlisted startups will have the chance to receive up to US$64,000 research & development grants and product/technology development support from IBM, AWS, GCP, NVIDIA, Advantech, Epistar, Himax, Chunghwa Telecom, and Mighty Net.

TAIRA 2019 calling for global startups NOW

“TAIRA 2018 acts as a stepping stone for us to fine-tune the accelerator programme, and make TAIRA 2019 more comprehensive,” highlighted Director-General Wei-Chen Lin of the Southern Taiwan Science Park in the press conference.

TAIRA is not just an accelerator programme, but a holistic online-to-offline innovation platform designed to support local Taiwan corporations to work hand-in-hand with global AI startups. The platform will enable participants to co-create and explore business opportunities based on corporate internal growing demands, to further advance the current industries.

If you are an AI startup, keen to work with Taiwan tech corporations and expand to Taiwan market, then you are the right fit! TAIRA 2019 will be accepting startup applications until June 30. For more information, please check out the TAIRA website here: http://www.tairax.com.tw/index.aspx.

The post TAIRA 2019 sets the stage for global AI startups to expand in Southern Taiwan appeared first on e27.

Joining Chiang Mai Smart Mobility Alliance Network, the initiative signed by Grab seeks to bring cleaner mobility solutions for Thais

Grab announced that it has signed a Memorandum of Understanding (MoU) with partners from both government and private sector organisations to establish the Chiang Mai Smart Mobility Alliance Network. By doing so, Grab marked the launch of GrabTukTuk Electric, which the company claimed to be the first in Southeast Asia.

With GrabTukTuk, Grab will work to integrate electric vehicles into the Tuk Tuk network. The goal is to reduce pollution from private vehicles by 35 per cent, which is the part of the public-private partnership.

Users in Chiang Mai can start booking their GrabTukTuk Electric ride from the Grab app.

“Over the past year, we have improved the infrastructure in the Nimmanhaemin area under the ‘Smart Nimman’ project where the development of transportation has been our top priority so as to increase the efficiency of public transportation, reduce air pollution, elevate the quality of life for the people and move towards Smart Mobility.”

“The Chiang Mai Smart Mobility Alliance Network will thus be key to unlocking the full potential of both the public and private sectors to drive Chiang Mai forward and become one of the first smart cities in Thailand,” said Wirun Panthewee, Deputy Governor of Chiang Mai.

Based on statistics from the Energy Conservation Laboratory (EnConLab), KMUTT, one electric TukTuk is estimated to reduce the emission of greenhouse gas by up to 4.18 tons per year.

Also Read: How Solve Education wants to help a billion people

GrabTukTuk Electric also allows locals and tourists to easily book this transport through the Grab app. The new service is also expected to create better income-earning opportunities for GrabTukTuk Electric driver-partners as it allows them to save 80 per cent in fuel costs (costs only THB1,400 to charge an electric TukTuk compared to THB6,000 monthly fuel expenses).

GrabTukTuk Electric service is part of Grab’s long-term push into environmentally friendly transportation options such as electric and plug-in hybrid vehicles across Southeast Asia for a more sustainable mobility network. Grab claimed that it operates the largest network of eco-friendly vehicles in Southeast Asia and welcomes partnerships with city governments and industry partners to drive greater adoption of electric vehicles across the region.

–

The post Grab launches GrabTukTuk Electric in Chiang Mai for greener transportation appeared first on e27.

STP claims its platform allows for the transparent tokenisation of any asset, which will improve the way digital assets behave and how individuals interact with them

Standard Tokenization Protocol (STP), an open-source standard and decentralised network for the tokenisation and issuance of any asset, has announced that it in May closed a US$7M financing round with investors, including Singapore-based NEO Global Capital, Beijing-based fund BlockVC, and crypto-asset investment company Alphabit Fund.

Additionally, the Singapore-based company has announced it will be conducting its initial exchange offering (IEO) on Bittrex International, a digital assets trading platform. Interested and qualified users can participate in the STP IEO via Bittrex, starting at 10pm SGT on Tuesday, June 11th. The token sale will end at 10pm SGT on Tuesday, June 12th, or once the total supply is sold if earlier.

Also Read: Grab launches GrabTukTuk Electric in Chiang Mai for greener transportation

Mike Chen, Founder and CEO of STP, said: “We decided to go with Bittrex because their community, like ours, is global, and the platform allows users to purchase more tokens in comparison to other IEO platforms. With the help of Bittrex, we will be able to unlock trillions of dollars of value using the STP-Standard.”

STP was co-founded by Sinhae Lee and Richard Lee.

STP claims its platform allows for the compliant and transparent tokenisation of any asset, which will improve the way digital assets behave and how individuals interact with them. Tokenised assets in the STP ecosystem are enabled with new asset features that eliminate the hassle of manual and labour-intensive back-end processes.

STP helps lower the barrier to entry for accessing digitally native assets by allowing for fractional ownership, thereby removing illiquidity discounts and creating flexibility for the assets.

Use cases

Issuers can use STP to execute the tokenisation of their assets. STP’s on-chain Compliance Validator ensures global compliance at all times, giving issuers various financing options: the liquidity of an IPO, the speed and efficiency of an ICO, and the compliance assurances of a regulated offering.

Retail investors will be able to access new STP-Standard token offerings through the mobile app as well as wealth management tools for managing their STP-Standard token holdings. This single platform for all STP offerings will help individuals find and invest in the right projects for them, while helping projects reach the right audience and grow their communities.

The STP token also enables new financial tools such as onchain crowdfunding, where investors access new offerings by sending STP tokens directly to a smart contract which automatically returns the new STP-Standard token to the investor.

Photo by Storm on Unsplash

The post Asset tokenisation platform STP Network raises US$7M; to launch IEO on Bittrex appeared first on e27.

Ever wonder how to get an MVP off the ground? This is a nice first-person account of the process

Hi, I’m Nicholas Lim, the Co-Founder of Outside — a community tasking app that makes it easier for people to help each other with their daily inconveniences.

The Outside team is made out of students and fresh graduates who are passionate about tech and the sharing economy. We have previously attempted several business ideas together and ultimately got back together to build Outside.

The Beginning

I met my co-founder and friend, Dion, back at a social entrepreneurship program in secondary school. After graduation, we decided to try starting up businesses together. Within a few years, we attempted 6 different ideas, ranging from tech enabled crowdsourcing, sustainability, gaming, to even contract jobs and events.

After testing out multiple concepts, we finally arrived at the idea of creating a platform that would make it easier for people to help each other. Thus, Outside was born.

Like most people who lack the ability to build an app themselves, we resorted to outsourcing. However, the experience was not the best. The constant check-ins with the outsourced developers were very time consuming and the development process took 3 months longer than what was planned.

Worst of all, the app did not perform as expected. The 6 months of designing and gathering feedback led to more functions, and building more functions led to a much bigger price tag.

The constant unexpected delays and changes were slowly diminishing our savings. Soon, we realised that we had to raise more money or drop the app.

As 20 year-olds, this was the toughest decision that we had to make. We considered borrowing money and even tried to apply for bank loans (the banks obviously rejected). Ultimately, with rising tensions and tighter finances, we had no choice but to let go of the app.

Leveling up

However, soon after, Dion and I felt that it was possible to pick up programming by ourselves to save the app.

After numerous research, as well as four-to-five months of tumbling around and attempting two different frameworks (Dartlang+Flutter and React Native), we finally created a Minimal Viable Product (MVP) that performed the basic function of tasking and task management.

The journey was not at all smooth. While building the app, we hit roadblocks such as learning the wrong language and had difficulty seeking help. We failed to hit our targets and the release for private beta was pushed back for nearly 3 months.

While rushing for the private beta release, we were constantly in the office up till the last available bus home. This routine of pushing ourselves only resulted in burning out and increased tensions within the team.

After realising the detrimental effects of our working style, we agreed on building a proper work schedule and system to better manage our work process ( You can learn more about it here ). With everything in place, we managed to launch our private beta in December 2018.

Also Read: Grab launches GrabTukTuk Electric in Chiang Mai for greener transportation

While we also initially intended for our public beta to launch in December, we received several crucial feedback and noted problems from our private beta testers. This led to us making the decision of doing a controlled scale test instead. Doing so allowed us to focus on understanding our current testers and helped us in better adding value to the app.

After fixing up issues and restructuring the app we successfully (and proudly) launched the public beta of Outside in February 2019.

Side note: we were very lucky and thankful that we were given the opportunity to both open our first booth and pitch for the finals at Unicon Arena 2019. We came in as runner up within 48 hours of our launch too yay!

Whats Next

Although we have already launched our public beta, we are still very much at The Start of our journey. We recently onboarded new members and are currently preparing for our demo day in mid April!

We are currently getting more beta testers so that we can collect more feedback to improve on the product. There are also several pretty interesting functions coming down the pipeline that we are very excited to share!

Also Read: Asset tokenisation platform STP Network raises US$7M; to launch IEO on Bittrex

We can’t wait to see how you guys react to them. In the meantime, keep an eye OUT for us!

—

Photo by Pablo Heimplatz on Unsplash

The post Learning from early failures: Inside our startup Outside appeared first on e27.

In a world of heightened stress and anxiety, make sure you’re creating a healthy work environment where everyone can thrive

The state of the world has been extremely turbulent, with people experiencing fires, war, earthquakes and other tragedies, in addition to an increasingly competitive working environment. Lately, people have been experiencing more stress and anxiety in their lives than ever before. Some people reach for meditation apps, go to yoga sessions or take breaks to travel internationally. Humanity appears to be constantly seeking peace in its heart.

Through my experience as a startup founder, I’ve realised that mental health issues are especially prominent among founders and people who play major roles in entrepreneurial endeavors. After addressing my own mental health and witnessing many of my close founder friends sink into depression, I have taken steps to ensure my company sustains a healthy work environment in order for everyone to thrive.

Let go of negative influences

I founded Humm.ly six months ago with several others. I trusted one particular team member wholeheartedly, overlooking some questionable behaviours because I thought his skills and talent would be valuable to the team. They delivered impeccable work whenever needed. I let him lead an entire project because I trusted his high standard of work. However, trying to get a startup going can be perilous. They were highly critical of other employees in circumstances that called for patience. Gradually, this person’s temper discouraged almost everyone in the company. I was afraid to start frank conversations with him because of unreasonable criticisms and arguments. It was a difficult realisation for me. I had to convince myself that having him as a leader in the company would significantly slow down work performance and impact others’ job satisfaction. After a lot of consideration and consultation with more experienced startup founders, I made the difficult decision to let them go. Even though I had sympathy for him, his departure ultimately prevented negativity from spreading to other team members.

Encourage physical wellness

Years of research shows that physical activity can reduce anxiety and depression for healthy adults. Yet, exercising regularly can be difficult, especially when starting a new company and experiencing high levels of stress. During the beginning of my startup life, I experienced tremendous weight gain, living on spicy ramen and late-night delivery options. One of my founding members ate Big Macs for a month straight! This was not the image we wanted to present, especially with a mission to promote healthy lifestyles for our users. I encouraged the team to sign up for boxing and yoga classes with me. I reminded them to eat healthfully and sleep well every day.

Also Read: Malaysian healthtech startup Naluri raises US$250K seed funding from 500 Startups, BioMark

We have been able to maintain medium- to high-intensity exercise routines ever since then. If you are worried about how to keep your team motivated to accomplish fitness goals, lead by example. You can initiate a great sense of well-being within your company by creating opportunities for regular exercise and fitness partnerships within your team. I’ve seen that with a proper routine, memory recall and creativity can increase and team members can feel more relaxed and positive about themselves and their lives, potentially increasing their performance and attitude at work.

Develop meaningful one-to-one communication

The most challenging thing in my startup experience so far has been managing the emotional highs and lows over the past several months. Although the ups and downs are a natural part of building a new company, it’s crucial to keep track of all team members’ well being, especially during the initial development of the business. I have found that regular one-to-one meetings are valuable for building rapport between you and the individuals you work with every day. Get coffee, go for lunch, hike and even take spontaneous trips with the team member you want to check in with. One-to-one communication can develop trust, increase productivity, and support the team’s alignment and development of a shared mental model.

Foster a supportive and positive culture

Creating a supportive and positive culture became the most important priority for my company after stress and burnout caused internal discord and issues with team members. Although startups are always pushing to meet crucial deadlines, it is ultimately more important to reinforce your team and support them in going the extra mile. You want to help your team feel welcome, secure in their position and valued within the company. Lead by example and set a positive tone through supportive behaviours. As you build relationships with team members and grow your company’s culture, over time you will create a supportive and positive place that people love working at.

Competition in the startup world can be brutal. If founding team members are constantly overwhelmed and not receiving support for mental or physical wellness, the company could crumble. Every founder should consider working on their own skills, including mindfulness, listening, clear communication and empathy. The team and the company will benefit from their founder leading by example, resulting in longevity, prosperity and happiness for all involved.

—

Joanna Yu
Founder and CEO of Humm.ly

The Young Entrepreneur Council (YEC) is an invite-only organisation comprising the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched BusinessCollective, a free virtual mentorship programme that helps millions of entrepreneurs start and grow businesses.

Photo by You X Ventures on Unsplash

The post How to embrace mental wellness in startup culture appeared first on e27.

Never lose sight of your vision, always stay true to your DNA

The public relations (PR) firm I work at, Asia PR Werkz, is 23 years old, making it one of the oldest in Singapore. Contrary to deriving our own ethos, the way we think and act has been shaped by working with so many founders.

Our firm works across several PR verticals such as government, property, education, consumer and most recently, startups. But, unlike other firms, we aren’t as ‘traditionally-tuned’.

How did this happen?

Along the years, I started to see our firm’s startup accounts team (myself included) thinking more like a startup and less like a PR firm. Was it the founders working closely with us that made us think this way? Or was it the startup media? We didn’t know.

When we started working with some of these startups, they were young, nimble, small teams with a single country presence. Their story was different, and so was their stage of growth.

They compelled us to think non-traditionally, just like how they broke barriers when they first got off the ground.

Over the years as they grew, so did we. When they expanded regionally, we realised it was imperative for us to then study and understand the media landscape in the region. We needed to be as nimble and agile as them. Being adaptable became one of our key strengths.

What makes a startup grow exponentially?

Just over a year ago, this startup was half its current size and was only in one market outside Singapore. So, did they get lucky? Did they do something right? Was it because of the industry they were in? Was it their team dynamic? Did their DNA play a role in their growth?

I would say all of the above.

Without a doubt, the founder always plays the key role of sitting in the driver’s seat. They set the pace and define the ‘DNA’ of their firms. We often meet founders who are extremely passionate and in a big rush to build their brand.

For startups, PRs can be an important tool during growth to build up credibility.

Establishing a brand is easier said than done today. In the earlier days, when I was a young PR practitioner, all it took to build a brand were a few press releases, key editor meetings and top line advertising.

Fast-forward 20 years and today, building brands require help from PR firms, digital marketing, top line advertising, events, trade shows, below the lines and what not. This can truly be an overwhelming feat for founders who have never done brand building before or startups that have just begun to scale.

Building up the brand’s origin story on the home ground becomes key as this leads to pure brand and image building.

Some questions founders often ask when we meet for the first time include: “When should I start doing Public Relations? How will it affect my growth? Will it help me attract talent? Will my investors be influenced?”, and “how long will this all take?”

Also Read: Learning from early failures: Inside our startup Outside

Unfortunately, these questions will only continue getting more complex as the startups begin to scale. The startup needs to be taken across multiple markets while still keeping true to the story and, the biggest challenge would be to hold the narrative close to the DNA of the firm and never be in a rush to get it done.

We believe that our DNA comes from how the founders think, where they want to get to (sadly this is often more short term than long term), how their story can be best portrayed with the brand, how we can ensure consistency, who we are impacting and how effective we are in building the brand.

We often tell the founders that large corporations have the luxury of time and money to build a brand. Unfortunately for startups, that journey is short and has to be done right. Most campaigns need to focus on business challenges with clear goals and impacts.

Sometimes, the tactical short-term campaigns can have deep influences on the long-term growth of the firm, as long as the strategy is clear and effective.

For example, about a year ago during a casual catch up with one of our founders, he discussed some of the challenges he faced at a business level in another market where the firm was scaling. He revealed that he now saw how social impact had been a key player for their growth and their potential to grow even bigger.

Hearing this first-hand got our minds ticking. After all, there was a problem the startup was striving to solve and identifying it and quantifying the impact was the answer.

The same issue could have come to us in a page-long brief but we doubt we would have understood it as clearly then. The founders play a key role in helping us stay close to that DNA.

The campaign development went on for a year across multiple cities and played a crucial role in accelerating the pace and growth for that firm in a market. It’s just a small example of how the non-traditional approach works for startups and how just one campaign can have such a deep impact on the business.

A founder’s key role is never to lose sight of the idea that got them this far. Focusing on short-term business goals is important but linking it back to the overall business goal is more critical.

From launching a product to on-boarding a key partnership, all these factors are slowly bringing the firm closer to its core identity; its DNA — the reason why it even took shape.

Also Read: Asset tokenisation platform STP Network raises US$7M; to launch IEO on Bittrex

To bring out the overall message and give context to the problems you are trying to solve is truly the role of public relations. And, to build up a brand from scratch is that of the startup’s.

A startup is usually borne out of a wild idea, over a coffee in a café or beer in a bar. If that idea got you this far, make sure you never lose sight of it as it is the core purpose of your startup’s existence.

—

Photo by Austin Distel on Unsplash

e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

The post Why PR firms need to think more like startups appeared first on e27.

The Singapore-based mobile data plan operator is planning to launch in over five countries, starting with Taiwan and Australia

Circles.Life Co-founder Abhishek Gupta

Less than four months after securing US$50 million in Series C from Sequoia India, Singapore’s mobile data plan operator Circles.Life has closed another round of funding from government-backed fund EDBI (lead investor) and Silicon Valley-based Founders Fund.

This round will help Circles.Life — which claims to have grown its subscriber base by more than 9X from Q1 2017 to Q1 2019 —  expand its presence across APAC and beyond, starting with Taiwan in June 2019. This will be followed with the launch of services in Australia.

In both Taiwan and Australia, the plan is to roll out digital mobile solutions as the first step in creating a platform of personalised digital services. In total, it will launch services in more than five countries over the next 18 months.

The new financing round will also be used to build a tech hub in Singapore and continue to innovate in the personalised digital services space in the country and beyond. It aims to grow the global team with the Singapore engineering team expanding by 50 per cent by the end of 2019.

“We have raised the bar in Singapore’s telco space and will continue our effort to digitise the global mobile services industry — delighting consumers with highly personalised digital services,” said Abhishek Gupta, Co-founder of Circles.Life.

Also Read: Circles.Life raises Series C from Sequoia India to expand abroad

With support from EDBI Circles.Life aims to align itself with the country’s ambition to make the smart nation a reality. “Homegrown Circles.Life is reinvigorating Singapore’s telco industry with its customer-first, data-driven approach enabled by its innovative digital platform. Built from ground-up, the platform not only provides a more flexible mobile service but also personalised lifestyle experiences for the consumer. As a strategic investor, EDBI looks forward to supporting Circles.Life in its next phase of growth to be a regional champion, leveraging Singapore as their springboard,” said Chu Swee Yeok, CEO and President of EDBI.

Established in 2005 by a group of technology pioneers including Peter Thiel, the San Francisco-based venture capital firm has notably been the first investor into Facebook and SpaceX, both currently leading the technology revolution in their respective fields.

“Circles.Life is demonstrating a new model for how telcos should operate. By being a digital-first telecom, they are able to provide superior customer experience, something that is very uncommon in an industry dominated by oligopolies who outsource the work on their technology stack to consulting companies,” said Jeff Lonsdale of Founders Fund.

Founded in 2016, Circles.Life’s strategy is to launch an innovative digital mobile solution and use this as the platform to build more personalised digital services. At the core of Circles.Life’s unique business model is Circles-X, a proprietary software platform in the cloud which delivers a highly flexible and completely digital customer experience across the entire service journey.

Circles.Life operates by purchasing bandwidth from the local telco M1 and then selling it to customers at discounted prices (or giving a huge amount of data). For example, in February the company pulled a clever marketing stunt by announcing it was killing its 20GB for US$20 plan at the end of the month. Then, a day later, it announced that it was offering unlimited data for US$20 a month.

Circles.Life claims to have crossed 5 per cent mobile telco market share in Singapore since its launch.

The post Circles.Life to go global with investment from EDBI and Facebook’s early investor appeared first on e27.

Humans make logic leaps to help process the world around us. Understanding how this works can be a game changer in the funding process

 

“Each of your brains creates its own myth about the universe.”
― Abhijit Naskar, Autobiography of God: Biopsy of A Cognitive Reality

The post How to apply cognitive biases into the fundraising process appeared first on e27.

Ridesharing involves a lot of micro-transactions, but how does it compare to the one-time purchase of a car?

As Uber and Ola continue to grow and compete for rider demand in India, some may wonder which is the cheaper ride hailing service to call when they need a lift.

However, a much bigger question is whether one could substitute ride hailing everyday for car ownership altogether. This is a complex question that depends on multiple different variables particular to one’s unique situation.

To provide some guidance in answering the question, we compared the monthly cost of using UberGo or Ola Micro everyday to the costs associated with purchasing a similar vehicle, namely a Datsun GO.

Car Ownership Wins for Medium/Long Average Distances, RideShare Wins for Short Average Distances

Upon running through various scenarios, we found that car ownership may be more affordable if one typically drives medium-to-long distances, such as around 20km, while ridesharing may be more affordable if one typically drives short distances around 7km or less.

However, these findings require a bit of explanation because the cost of car ownership depends primarily on the on-road price of the vehicle, the loan one takes out (if necessary), maintenance costs and fuel efficiency & prices.

To explore our question, we assume an individual buys a Datsun GO for Rs. 400,000 and takes out a 5-year car loan with a 10% interest rate.

Also Read: Shopee takes aim at Lazada with live streaming play

Second, while the Datsun GO requires Rs. 32,100 of maintenance over 6 years, we conservatively assume this full cost is incurred over 5 years to account for potential car issues, which can be common for vehicle owners.

Last, we assume an owner could conservatively recover Rs. 100,000 by selling the car after 5 years.

Medium/Long Average Trips – Car Ownership Wins

For an individual who typically takes medium-to-long trips, we found that car ownership is 24-44% cheaper than ridesharing over 5 years depending on location.

For this case, we assume an individual takes an average of two 20-km trips (lasting 40 minutes) per day over 5 years, which would require Rs. 149 of fuel cost per day. On top of the abovementioned expenses, car ownership would cost Rs. 706,124 over 5 years.

In contrast, UberGo or Ola Micro would cost an average of Rs. 1,050,173 in India’s 5 largest cities, assuming the rider experiences 1.5x surge pricing 25% of the time.

Short Average Trips – RideShare Wins

On the other hand, if someone typically takes short trips, we found rideshare is 4-24% cheaper than car ownership over 5 years depending on location. In this case, we assumed that the individual’s twice-daily rides are only 7 km (lasting 15 minutes).

Due to the lower distance, the 5-year cost of car ownership declines by 25% to Rs. 529,072, reflecting lower fuel consumption.

However, the cost of riding Uber or Ola everyday becomes 56% cheaper versus the first case, illustrating that rideshare cost is very dependent on how much one uses it.

Is RideShare a Feasible Replacement?

Our exercise suggests rideshare may only be a feasible replacement for car ownership if one typically travels short distances on a regular basis. Of course, the cost considerations we examined could vary greatly by individual, and a few others to consider could be car upgrades, parking prices or cost-saving rideshare subscriptions.

Additionally, one could surely supplement car ridesharing with motorbike ridesharing, buses or rickshaws. Purchasing one’s own motorbike could be another, cheaper option for vehicle ownership, too. Apart from financial costs, someone may find car ownership provides more flexibility, while others may find it burdensome.

Or, someone else may feel safer owning a personal vehicle versus riding with strangers. In all, one should carefully examine one’s specific circumstances when making this decision.

How to Get the Most Value Out of Car Ownership and RideShare

Using a credit card responsibly for all possible purchases ensures one gets the most value back on spending. Further, one could consider a subscription with Uber or Ola to save money.

Use a Credit Card

In general, using a credit card to pay for daily purchases, including rideshares, is the best way to get the most out of your spending due to the valuable rewards offered like cashback, airline miles or even fuel rewards.

It might even be possible to use one’s credit card for a car down payment, but make sure to do so responsibly. It’s possible to incur a fee for this type of transaction, so make sure it wouldn’t outweigh the rewards received.

RideShare Subscriptions

Using one’s Paytm wallet, one can buy a Ride Pass within the Uber app for assured trip savings. This program also comes along with discounts on UberEats and offers on flights and movies. However, Uber does not disclose comprehensive numbers on its website, so it appears savings and pricing vary by individual and location.

Also Read: Temasek, Tencent inject US$35M into open-banking software company TrueLayer

Second, with Ola Select a rider gets no surge pricing on certain vehicle types, booking queue priority, Prime Sedan for the price of Mini and free Wi-Fi. Last, Ola Share Pass allows a rider to lock in the same fare each day (no surge) within a city.

As with Uber, it appears one would need to check the Ola app for pricing on both of these subscriptions.

—

Photo by Sri Jalasutram on Unsplash

This article originally appeared on ValueChampion’s blog

The post In India, should you buy a car or just Uber/Ola everywhere? appeared first on e27.