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Tricella’s smart pillbox sends you notifications if your loved ones forget to take pills

The pill drawers in Tricella are held in place by magnets which make them easy to slide open for people who have arthritis, but when closed, are secure enough to help prevent accidental openings

Tricella smart pillbox

Tricella smart pillbox

When he was just 15 years, Daniel Weng’s ageing parents, who were living with him in California, wanted to move back to spend rest of their lives in their home country Taiwan, as they had developed conditions that required medication.

After their return, for Weng and his siblings, who remained in the US city to continue their education, the routine long-distance calls with parents would start off with them asking how their health was, and if they were following the doctor’s prescriptions religiously. However, over time Weng started to feel that parents were getting nagged by the regular calls and questions about medication by their children. But Weng had no other option, but to insist on his dad and mom to continue medication without fail.

“Taking this as a starting point, I wanted to build a thoughtful user experience that encompassed pleasant family interactions with patients. And this was the starting point of my entrepreneurial journey. This eventually led me to the creation of Tricella,” Weng told e27 over a Skype call.

Based in Mountain View and Taipei, Tricella is an Internet of Things startup, which has designed a smart pillbox that sends you notifications if your loved ones forget to take their pills. It also features a messenger for you to send them personal reminders, too.

Tricella — which means “three cells”(it embraces three core values: family, health and education) — was founded in 2014 by Weng, a Sociology graduate from the University of California Los Angeles (UCLA). Tricella is the result of years of hard work and research. When he designed the product, Weng wanted a form factor which was familiar to the end user.

Also Read: IoT should be like the air we breathe: UnaBiz on making the technology accessible to everyone

“It’s important that we do not force a complete change in user behaviour when we introduce a new concept. Users still fill the pillboxes as they would with any traditional pillbox. They sort their pills into the pill drawers based on what they need to take a given dose interval,” he said, narrating his journey.

The pill drawers in Tricella are held in place by magnets which make them easy to slide open for people who have arthritis, but when closed, are secure enough to help prevent accidental openings. The pillbox can hold more pills than a traditional arthritis-friendly extra-large capacity pillbox while having a smaller footprint making it very portable, Weng claims.

“We have sensors in each compartment that can detect individual openings of the pill drawers. This also gives us the scalability to add more features that are in our roadmap to improve user experience,” he explained. “The pillbox connects to smartphones and tablets over Bluetooth low energy (BLE) to communicate with our app. By connecting to smartphones, our product fits better in various lifestyles, because many people need to take pills when they are away from home.”

A US$300 billion market

Drug non-adherence is a US$300-billion-per-year problem. It accounts for nearly 10 per cent of healthcare costs in America, that’s approximately US$300 billion in avoidable costs. The cost is not just due to wasting medication, but disease progression and re-hospitalisation rates are also attributed to non-adherence

Drug adherence has a near one to one correlation with health outcomes. For example, if a heart failure patient forgets to take his/her pills in the morning, he/she can potentially have adverse reactions by afternoon. Or, if an organ transplant patient is non-adherent, his/her body may reject the organ, and  this will have a profound impact over his health outcome.

“This is the problem we try to address with Tricella. With this, we aim to replace the existing most popular 7-day/compartment pillboxes in the market,” Weng indicated.

Studies suggest that text messaging alone can significantly increase drug adherence. And family involvement in patient health regimens is likely to increase patient outcomes. Tricella has gone beyond the basics by creating a user experience that incorporates automated reminders for patients/pill users and family interaction. For instance, when a user needs to take his/her pill at 8:00am, he/she will receive a reminder in every 15 minutes. If he/she fails to take it at the one-hour mark (9:00am), an escalated notification will be sent to family members.

“We didn’t stop there. The family members, who have also downloaded the app, will receive a notification screen with three simple call-to-action buttons; they can text, record, or send audio message, or call the users directly through the app. It is important to reduce the friction to respond to drive engagement of family/caregiver with patients/pill users,” Weng elaborated.

For those who need to take pills more than once a day can use multiple pillboxes. The app can show progress over time via the history view inside the app.

But what if someone opens the pill drawer and closes it?

“Well, let me ask you a counter question: what if the person opens and takes out the pills and throws it away? That’s not the market we are serving, we can only help those that want to improve their quality of life by adhering to drug regiments, but need extra help,” he counters.

Building a wearable device startup

Tricella Founder Daniel Weng

Tricella Founder Daniel Weng

In his previous avatar, Weng led the North America efforts in spearheading new commercial channels for Foxconn’s Mobile Group. He was responsible for developing Google, Amazon, Microsoft, Blackberry (RIM), nVidia and also other strategic accounts grossing over US$2.2 billion, annually. He also worked closely with Foxconn’s venture arm for due diligence and deal flow.

Prior to Foxconn, he was a field sales team lead for a 2nd tier telecommunications company that served the SMB (small, medium businesses).

“Following Foxconn, I co-founded a wearable startup called Phyode (now Rooti Labs). We made a wearable (bracelet) that can detect how well a person’s autonomic nervous system was performing, and also his/her emotional susceptibility. It can also infer how a person is breathing, so we built a rhythmic breathing coach that can help regulate the autonomic nervous response,” he said.

“It was because of Phyode I realised that wearable devices have their limitations. The data they collect can be extensive. However, the correlation between the data and health outcomes can be quite low. Detecting biometric data can tell you what state you are in, but it rarely can tell you how your body got there,” Weng went on.

Also Read: IoT is growing exponentially, and Asia Pacific takes top market share

Moreover, if it’s not being worn, wearables have zero value. Studies suggest that consumers tend to abandon their wearable devices by the six-month mark. In most cases, biometric data in the hands of consumers are often rendered useless. They need meaningful information that can be digested and it needs to be actionable.

The startup has a strong engineering team, in addition to in-house design and marketing communications teams. The designs are done in California while the product engineering and execution is done in Taiwan. The final product is manufactured in China.

The smart pillbox is just a starting point, and the startup will continue to build its portfolio of products and services that will contribute to its “pro-active” commerce platform. “This will expand beyond medication and supplements. Our strategy is to eventually have our pillbox subsidised by the payers in healthcare industry — by providing personalised medicine and better out-patient care.”

As of now, it targets markets such as North America (Canada and the US), Europe, and APAC. “So far, we have already launched in North America with Target Corp, one of the largest mass market retailers, and Amazon. We have recently launched in Canada via Amazon Canada. In Taiwan, we launched with the nation’s most popular premium Apple Reseller, Studio A. We are continuing our market expansion in Asia this year,” he said.

Big Data, big opportunity

While its flagship product will continue to be Tricella, at least for the next few years, the startup wants to go beyond as it sits on loads of Big Data of patients.

“Data is the core to our business. However, we are not to sell the data. By gaining insights into our users, we can continue to provide value-added services to our users. This is extremely important because IoT products are inherently negative revenue generators. What I mean is the longer the user uses the product, the more the money a company spends. Because there are costs associated with maintaining an app (man power), server storage, customer service etc,” he observed.

A universal product, Tricella doesn’t want to restrict itself to its existing markets. Said Weng: “Consumer behaviour is strikingly similar in all the markets we operate in. However, it seems like the Asia markets prescribe more medication that is to be taken throughout the day than the US market. We target markets that have high adoption rates for smartphones to start off in.”

Japan and Taiwan market are also unique as they have a rapid growth in the ageing population. Birthrates are low in both these countries, and private and public institutions are trying to find better ways to keep the ageing population living independently in their own homes. “It’s a huge opportunity for us, because if we can help ensure people are able to control and slow down disease progression, they can continue to reside in their homes independently longer. This helps drive the social and healthcare cost lower for the government,” he shared.

A bootstrapped startup, Tricella said it has been receiving lots of inbound interests from many investors. However, Weng feels that it is important to be disciplined.

“I believe if a startup is not trying to raise funds, it needs to focus on its core business. Fundraising is extremely distracting to a business and at times, it can be detrimental to the business, too.”he noted.

“
However, this doesn’t mean we are not open to the idea of outside investment. When/if we do decide to raise a fund, we will want to work with strategic investors that will help us scale the business. I believe that investors and institutional VCs should be an extension to the team, if they don’t provide strategic value, it’s not wise to raise a fund with them,” he concluded.

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Listen to these expert speakers at Echelon to know whether blockchain is just a hype or not

Some skeptics have still their doubts about the security, scalability and reliability of blockchain

 Already excited for Echelon? Buy your tickets here! Enter promo code ECHELONFUTURE for free tickets!

After hype, comes lull.

Blockchain and cryptocurrency were two of the widely-discussed topics of 2018. Both these industries caught the imagination of the public; while cryptocurrencies became a hysteria among individuals (despite a ban in some countries), blockchain became a rage among startups.

However, the hype began to die down towards the end of 2018. The value of prominent cryptocurrencies nosedived. As for blockchain, skeptics have their doubts about the efficacy, security and reliability of this technology.

Are crypto and blockchain done and dusted already, or are they here to stay long?

Experts are discussing the these two topics at Echelon 2019.

Panel: Blockchain and crypto: Is the hype over or can the industry overcome headwinds and skepctism?

Moderator: Ryan Chew, Managing Partner, Tribe Accelerator

Ryan Chew is a serial entrepreneur. He spent several years in the startup scene, having founded several startups ranging from gaming apps to utility apps, including Fixir.

Also Read: Everyone talks about cryptocurrency, but the real hero is blockchain

Chew is currently Managing Partner at Tribe Accelerator, a Singapore government-supported blockchain accelerator, championing to be a platform in driving collaboration and growth of the blockchain ecosystem. It aims to provide promising startups a hyperconnected platform to develop innovative solutions together with its network of global corporations, government agencies and top blockchain companies.

The accelerator is already mentoring a few cool blockchain startups, including Limestone Network and WhatsHalal.

Panelist: Shaun Djie, COO and Co-founder, DigixGlobal

Djie is a regular speaker at at blockchain-related topics and is also Lead Co-ordinator at Ethereum Singapore Meetup His startup Digix is a next-generation digital asset tokenisation platform, which turns physical assets (say gold) into tokens, and makes them fungible online through the Ethereum protocol.

Djie has several years of woking experience with various crypto and blockchain-related companies, including Kenetic, IMDA, and Tokocrypto.

Panelist: Michael Ou, CEO & Founder, CoolBitX

Michael Ou is a fintech entrepreneur passionate about blockchain security. Michael owns a 17 year-old banking security solution company, which was originally founded by his father, that helps 50-plus banks in 30-plus countries protect their users’ assets. With his family’s years of expertise in building display cards for Visa, MasterCard, and UnionPay, Ou witnessed the growth of the traditional finance framework.

Also Read: What’s in store for blockchain and cryptocurrency?

When Ou first heard about Bitcoin in 2013, he foresaw similar evolutionary path for cryptocurrency’s infrastructure. Equipped with traditional banking security background along with passion and vision for the crypto and blockchain technology, he decided to start a company that fully focused on the efforts to help crypto space grow.

In 2014, Ou founded CoolBitX, a blockchain security company that offers a mobile hardware wallet, CoolWallet S. Combining the security of cold wallet, and the ease of use of hot wallet, VCs-backed CoolWallet S provides mainstream the highest standard wallet to manage their crypto assets.

Panelist: Xinshu Dong, CEO & Co-founder, Zilliqa

Dong is a computer security expert currently developing secure and scalable blockchain. He used to work on several other aspects of systems security as well, including defence against the threats to web applications, web browsers, mobile platforms, and cyber-physical systems (e.g., smart grid, transportation systems).

Zilliqa is a public blockchain designed to implement sharding (a type of database partitioning that separates very large databases the into smaller, faster, more easily managed parts called data shards) — allowing for linear scaling as the blockchain grows in size. It also promises to support smart contracts.

Panelist: Carylyne Chan, Global Head of Marketing, CoinMarketCap

Carylyne claims herself to be a proven executor, delivering product decisions and operational improvements in fast-paced, agile teams. She has built and launched products in the Artificial Intelligence (AI), payments and consumer space so far. Carylyne is an also an avid student of various AI and blockchain research.

She is currently working with CoinMarketCap, an online platform for crypto market cap ranking and charts. The platform analyses data to offer up-to-the minute updates.

Already excited for Echelon? Buy your tickets here! Enter promo code ECHELONFUTURE for free tickets!

Photo by Thought Catalog on Unsplash

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8 events you shouldn’t miss in Asia this week

From large conferences to intimate community events, here’s what’s coming up this week

The e27 events page is a treasure trove of activities. If you’re looking for learning or networking opportunities, or generally just want to hang out with the Asia’s tech and startup community, join one (or more) of these:

 

Block Live Asia

Featured event: Block Live Asia

When: 18-19 April, 2019
Where: Marina Bay Sands Expo and Convention Centre, Singapore

Block Live Asia is a lifestyle blockchain festival that is focussed on interactively educating the public on blockchain technology. The two-day festival includes panel discussions and keynote speeches by over 60 guest speakers, and 50 exhibitors, creative installations, experiential zones and retail booths curated by ExpatFairs Singapore across the 45,000 square feet exhibition hall.

With renowned names such as DASH, TenX, bitcoin.com, Consentium, Digifinex and BlockON Group on board as sponsors and partners, Block Live Asia is set to give attendees a whole new experience into the blockchain space. Unlike typical blockchain conferences which are ticketed at high prices and catered towards blockchain professionals, Block Live Asia is open to the public with free entry.

Attendees can expect authentic, constructive and necessary discussions about real work that is being done in the blockchain space through a mix of conference and lifestyle activities, such as keynote speeches, panel discussions, a premiere screening of documentary “Trust Machine”, creative installations, interactive zones and retail booths.

Attendees will get the chance to greet some of biggest change-makers of the blockchain industry players; including Roger Ver, CEO of Bitcoin.com, Garrett Jin, Co-Founder of BitForex, Kiana Shek, Co-Founder of DigiFinex and more. Those who are not ready to learn about blockchain can take Instagram-worthy photos at several installation zones, play interactive games, attend free workshops by Singapore Bitcoin Club, NewCampus and CoinMarketCap, or shop at the retail zone curated by Hoolah.

Get your tickets here

 

 

Other events you can join this week:

1. Echelon Roadshow 2019: Kuala Lumpur
16 April 2019
WeWork Equatorial Plaza, Kuala Lumpur, Malaysia
Register here

 

2. GA Singapore Meet & Greet: Hiring Event for Digital Marketers
16 April 2019
General Assembly, Spacemob Level , Singapore
Register here

 

3. Should We All Be Venture Capitalists?
16 April 2019
WeWork, Anson Road, Singapore
Register here

 

4. Dev Talk: Building on Blockchain for Businesses
17 April 2019
79 Ayer Rajah Crescent, Singapore
Register here

 

5. SME Centre Conference 2019 : Accelerate Digital Transformation, Grow Globally
17 April 2019
Raffles City Convention Centre, Singapore

 

6. Echelon TOP100 Qualifiers 2019: Sarawak
18 April 2019
iCube Innovation, Sarawak, Malaysia
Register here

 

7. STARTUP LAUNCHPAD: Asia’s Largest Consumer Electronics Trade Show
18-21 April 2019
Asia World Expo, Hong Kong
Register here

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Singapore-based GECo to run Brunei accelerator program

Golden Equator Consulting (GECo) will be involved for three consecutive cycles of Accelerate, a Brunei-based accelerator program

The previous cycle top startups

DARe (Darussalam Enterprise), Bruneian national SME body just confirmed a partnership with Golden Equator Consulting (GECo) of Singapore. The partnership will have GECo run the next three cycles of the 100-day Startup Bootcamp, now named Accelerate.

Accelerate will continue to equip Bruneian startups with the core skill sets to help their business succeed. So far, Accelerate has run for four cycles, with the most recent one facilitated by GECo.

The past four cycles of Accelerate claims to have guided more than 100 startups, raised more US$1 million in investments and helped provide employment to approximately 450 people in Brunei.

“We have received very positive feedback from early-stage investors in the region during our Demo Day this year in Singapore, and we are looking forward to helping more startups from Brunei scale and expand into the region. The bootcamps will continue to be facilitated by a blend of our in-house specialists and experts from the Golden Equator ecosystem,” said Adam Flinter, Managing Partner of Golden Equator Consulting.

The next cycles of Accelerate are said to also include more hands-on components such as having startups conduct field surveys. It will also include inspirational and lifestyle elements including sharing sessions by successful startups in the region such as Go-Jek.

Also Read: TheLorry raises funding from Unilever, plans to scale SE Asian wide

“Through Golden Equator’s network in the last cycle, two of our startups are working together with international startups to develop products and services that will benefit both parties,” said Javed Ahmad, CEO of Darussalam Enterprise.

One success story from the fourth cycle of Accelerate, which was facilitated by Golden Equator Consulting, was Memori. The company managed to raise US$100,000 in its seed round.

“The Accelerate bootcamp is a good example of how a connected and dynamic ecosystem promotes innovation, ease of doing business, collaborations, investments as well as education and learning while helping to accelerate the growth of businesses looking to expand into these regions via Singapore as their base,” said Shirley Crystal Chua, Founder and Group CEO of Golden Equator.

To date, the fifth cycle of Accelerate has seen more than 50 signups in sectors such as F&B, digital services, FinTech, and EduTech, and will close registrations by 17 April. The programme will commence on 27 April with an Ideation Day, an introductory workshop to select the startups to join the bootcamp.

Image Credit: DARe

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RHL Ventures launches US$24.3M sector-agnostic fund to invest in Malaysian startups, SMEs

While a large portion of its previous investments had been channelled towards tech startups, the focus of the latest fund will be broader and more sector-agnostic

(L-R) RHL Ventures’s Teng Chen Shun, Jo Jo Kong, Rachel Lau, Tengku Ahmad Ridhwanuddin, and Raja Hamzah Abidin

Malaysia’s private investment firm, RHL Ventures, has announced the launch of a RM100 million (US$24.3 million) sector-agnostic fund, which will focus on backing startups and early-stage SMEs with significant operations in Malaysia.

Several notable investors backed the fund, with significant money coming from SME Corp. Malaysia, a central coordinating agency under the Ministry of Entrepreneur Development.

While a large portion of its previous investments had been channelled to grow innovative startups within the tech space, the focus of the firm’s latest fund will be broader and more sector-agnostic.

Meet the VC: RHL Ventures on sniffing out a good deal and why VCs need to work together

“Ever since we started RHL Ventures, we have been inspired by how small businesses — even those with the humblest of beginnings — can make transformational impact in their industries and the greater economy,” said Rachel Lau, Managing Partner of RHL Ventures.

“The government has typically led investments that support local businesses during their early stages, so we are glad that the current administration is ramping up its support to instil more innovation within the local business sector. What RHL Ventures aims to do with this fund is to invest in new businesses that are looking to bring new ideas and disruption in the current ways of doing business,” Lau added.

“In Malaysia, SMEs comprise over 98 per cent of total business establishments and contribute more than 37 per cent to the national GDP — they form a central pillar of Malaysia’s economy,” said Noor Azmi Mat Said, CEO of SME Corp. Malaysia. “To ensure a higher contribution of SMEs to the national economy, there is a need for more concerted efforts to be affected by stakeholders within the SME ecosystem; an example which private sector players such as RHL Ventures is helping to lead.”

Founded in 2016, RHL Ventures is led by Rachel Lau, Raja Hamzah Abidin and Jo Jo Kong. To date, it has invested several tech startups, including healthcare SaaS company HealthMetrics, and healthy snacks e-commerce platform Signature Market.

In February, RHL Ventures invested an undisclosed sum in Atap.co, an online marketplace for interior designer sourcing and hiring.

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Today’s top tech news, April 16: YouTube confuses Notre Dame with 9/11 and Byton’s Co-Founder leaves out of boredom

Also, Grab is adopting GrabFood into its app and Monk’s Hill has its first ever female Partner

KIEV, UKRAINE – JUNE 05, 2014: Brand new Apple iPhone 5S with YouTube application service on the screen lying on a desk with headphones. YouTube is the world’s most popular online video-sharing website that founded in February 14, 2005

YouTube accidentally fans the flame by sharing 9/11 info on Notre Dame fire livestream — [CNET]

While Notre Dame was burning on Monday, YouTube accidentally released a 9/11 related entry from the Encyclopedia Britannica to its live coverage of the tragedy. Netizens were quick to voice their criticism on YouTube’s loose algorithms and the company said that the algorithm, “made the wrong call”.

Some speculate that the video site’s algorithms may have misinterpreted the chaotic imagery from Paris as footage from the World Trade Center tragedy. Regardless, CNET reports that this mishap has sparked concerns over Youtube misleading viewers toward videos with fringe or extremist viewpoints.

Grab to integrate GrabFood into everyday super app — [e27]

GrabFood, Grab’s food delivery service, will soon be integrated into its everyday app and will be beta-tested in May. The test will commence in Southeast Singapore covering Kallang, Marine Parade, Geylang, and Bedok at the end of the month before being brought islandwide, the official statement of the company said.

The move comes just before GrabFood’s first anniversary in Singapore, and is a part of Grab’s everyday super app strategy. The unicorn attempts to provide the most frequently used daily services in one app.

Co-founder and former CEO of China’s Byton is abandoning ship to pursue newer startup endeavours — [TechCrunch]

Chinese electric car startup, Byton has just lost its Co-Founder, former CEO and Chairman, Carsten Breitfield “to start(ing) a new adventure within the start-up industry”, sources from TechCrunch reported.

Byton is currently on a hunt for a new CTO and is trying to close its US$500 million Series C funding amidst reports that it was losing money fast nearing the end of 2018.

Monk’s Hill Ventures appoints Michele Daoud and Justin Nguyen as its new partners — [Tech in Asia]

Monk’s Hill Ventures, a Singaporean tech venture capital firm, has just appointed Michele Daoud and Justin Nguyen to be their new partners. According to Tech In Asia. This is a double-pronged move that will help augment its deal-sourcing presence in Southeast Asia and cushion the growth of its portfolio companies.

Interestingly, Daoud is set to become the first female partner at Monk’s Hill and has previously supported a slew of startups including Ninja Van, Padlet and C88 Financial Technologies.

Nguyen is from Vietnam and already had a seat on Monk’s Hill executive board as their operating advisor since 2016. Prior to this position, he helped launch three startups in China and the US.

Cathay Sustainable PE Fund invests in Whoscall, Taiwan’s answer to Truecaller — [e27]

Taipei-based startup Gogolook, which owns and operates caller ID app Whoscall, has received an undisclosed sum in investment from Cathay Sustainable Private Equity Fund in return for 30 per cent stake.

Whoscall is not just a caller ID app that identifies unknown callers and blocks spam calls for users, but it also offers value-added services to small and micro businesses. The firm claims it can analyse a long history of data with the goal to prevent crimes by simulating call patterns of scammers, with the support of the government as well as telecom companies.

In addition, Whoscall intends to develop Internet of Things (IoT) devices which can be connected to its database of one billion, in order to protect more Whoscall users.

Image by gurgenb

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Go-Jek and Jokowi share flatteries before Indonesia election

Joko Widodo made a campaign appearance at a major Go-Jek event, a calculated risk for the ride-sharing company

Just a few days ahead of Indonesia’s general election, Go-Jek Founder and CEO Nadiem Makarim offered words of support for the incumbent Joko Widodo (Jokowi), according to Nikkei Asian Review.

Makarim, speaking at the company’s ceremony for its drivers, merchants and other partners, said he was grateful for the “working cabinet” and expressed gratitude that the the government viewed technology as a key contributor to economic growth.

Jokowi leveraged the event to make a campaign stop and said that the digital economy is key to the future of Indonesia. He also congratulated the startup for achieving Decacorn status (being valued over US$10 billion).

Widodo is hoping that the support from Indonesia’s largest startup can help him regain momentum in the polls, especially amongst millennials, whose support remains uninspired. For example, according to the article, Jokowi publically defended Bukalapak after the CEO Achmad Zacky criticised the government.

To him, the startup ecosystem in Indonesia is one path for Jokowi to regain a bit of the ‘cool factor’ he has lost as President.

Also Read: Grab to integrate GrabFood into main app starting May

For Makarim, supporting the Widodo administration is a calculated risk. The business community is often hesitant to dive headfirst into politics, under the logic that if things go astray it could hurt their company.

A notable example of this is AirAsia CEO Tony Fernandes, who had to publically apologies for backing Najib Rajak during the 2018 Malaysian election. AirAsia shares also tumbled after Mahathir Bin Mohamad won the campaign.

Although Jokowi is considered the favourite ahead of tomorrow’s polls, it is not a foregone conclusion that he will win.

As for the competition, Prabowo Subianto is working to woo the business community by proposing an eight per cent corporate tax cut. According to the article, local business leaders are dubious that he can follow through with this campaign promise.

Also Read: These fantastic Echelon speakers are set to tackle this crucial ecosystem challenge

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Why Bukalapak likens its unicorn status to stopping at a gas station during a journey

The unicorn status is a mean and not an end, according to Bukalapak President and Co-Founder Fajrin Rasyid

bukalapak_echelon_interview

Bukalapak President and Co-Founder Fajrin Rasyid

Get insights from Fajrin Rasyid and more at Echelon Asia Summit 2019. Happening on May 23-24 at the Singapore Expo. Tickets are now available at US$10 each!

The year 2018 was fantastic for Indonesian e-commerce startup Bukalapak.

After expanding to fintech verticals with the launch of their gold and mutual funds trading in 2017, the startup continued on adding new offerings for their customers with the launch of its O2O initiative Mitra Bukalapak, which enables individuals or small businesses owners to act as an agent for Bukalapak services.

With the launch of the initiative, the company managed to secure a total of 1.2 million new users (500,000 small businesses or warung owners and more than 700,000 individuals) in addition to the four million merchants in its online marketplace.

The company had also secured a partnership with Bandung Institute of Technology (ITB) and the Ministry of Research and Technology to launch an artificial intelligence (AI) and cloud innovation lab at the campus, in addition to its own R&D centre.

Last but not least, Bukalapak had been crowned as Indonesia’s fourth unicorn startup through its latest funding round.

Also Read: Bukalapak confirms new funding round by Mirae Asset-Naver Asia Growth Fund

In an interview at the startup’s office in South Jakarta with e27, President and Co-Founder Fajrin Rasyid explains their views on the unicorn status.

“Being a unicorn is a means, not an end. It is just like gas stations; we need to stop at a gas station to add fuel [to our vehicle] so that we can reach our destination … We don’t build companies in order to look for investments. We are here to serve the customers,” he says.

“However, we are grateful of the trust given by our users and investors, which had encouraged us to give more to our customers, employees, and stakeholders,” he adds.

The sleeping giant

During our interview, we also discussed about the state of Indonesian e-commerce industry. Despite being the breeding ground of four unicorn startups, and continuing to receive a flow of funds from abroad, Rasyid sees that there are many parts of Indonesia’s potential that remains unknown to the international community.

“Some even called Indonesia the biggest invisible country,” he points out.

Also Read: Naver Corp possibly takes part in Bukalapak’s potential fresh funding

This has led to Indonesian talents being overlooked by the global tech community. Rasyid describes how the global tech industry is more familiar with tech talents from China, India, and Russia, but not with Indonesia. Meanwhile, there are actually many Indonesian talents who are working in tech giants such as Google and Facebook, indicating their level of capability.

Apart from the issue of visibility, the e-commerce industry in Indonesia also faced several challenges, including in the matter of payments. This issue has led to an even greater problem for industry players: Lack of trust towards online services.

“Many people [in Indonesia] have gone online, but only limited to functions such as chatting and social media. The percentage of people shopping online leaves much to be desired, and this is strongly related to trust,” Rasyid explains.

The launch of services such as Mitra Bukalapak is a form of the company’s effort to tackle the issue of trust among potential users, apart from introducing escrow system to their platform in 2011-2012.

“[Mitra Bukalapak] is able to give an introduction to online shopping through a more intimate setting with customers. Some people may feel overwhelmed when they first open our app, but when they are being offered our services by their owner of the warung, whom they might already known, it can help build trust between the customers and our platform,”

Get insights from Fajrin Rasyid and more at Echelon Asia Summit 2019. Happening on May 23-24 at the Singapore Expo. Tickets are now available at US$10 each.

Image Credit: Bukalapak

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(In photos) India’s Droom is your dream workplace

This heavily-funded online automobile marketplace has done everything possible to make its employees happy and healthy


What is the greatest asset of an enterprise? Is it a great business idea, a team of experienced and veteran leaders or great infrastructure and resources?

While every aspect has a significant role to play, it is the employees of an organisation that bring all these elements together and turn ideas into reality. This, then makes employees arguably the most significant organisational resource, which demand focused attention and engagement.

In India, online automobile marketplace Droom has been giving great focus to employee engagement and care, organising fun activities. The company claims careful planning has gone in identifying the right kind of activities that result in holistic care of employees.

Recently, Droom tied up with one of the leading spa and massage service providers in Gurugram, which will frequently organise Zumba training sessions, rejuvenating massages, chair yoga sessions and meditation days at its office.


While Zumba, chair yoga and meditation sessions are to be held once in a week, the massage sessions will be available to Droom employees once in a month.

According to Founder and CEO Sandeep Aggarwal, it is the organisational constituents that determine its success. “Employee engagement and attention is an avenue that needs considerable attention and at Droom, we ensure every one of us feels constantly connected to the team, colleagues and the organisation and the bond grows stronger throughout the hierarchies.”

Droom was founded by Aggarwal, who is also Co-founder and former CEO of ShopClues, an e-commerce unicorn in India. Droom is an online marketplace for buying and selling new and used automobiles.

Droom is headquartered in Gurugram, with a team size of over 365. It has four marketplace formats — B2C, C2C, C2B and B2B. The platform offers a range of categories from bicycle to plane and all automobile services such as warranty, RSA, insurance and auto loan.

Droom boasts of having nearly 250,000 auto dealers in more than 500 cities across India on its platform and 27.3 million monthly visitors.

Droom is a Singapore holding company with subsidiaries in India and the United States. The company has so far raised close to US$125 million over six rounds of funding.

Some of the prominent investors are Lightbox, Beenext, Beenos, Digital Garage, Toyota Tsusho Corporation, Integrated Assets Management and family office of Japanese investor Joe Hirao, Founder ZIGExN.

Last May, Droom secured US$30 million in Series D funding, led by Toyota Tsusho Corporation, a member of automobile giant Toyota Group, and co-led by Japanese tech company Digital Garage.

Image Credit: Droom.

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Today’s top tech news, April 15: MaGIC finds new CEO and Jumper.ai launches Amazon integration

Plus, Aida raises Series A round and Jack Ma defends 996 culture

MaGIC announces Dzuleira Abu Bakar to take over top job 

Malaysian Global Innovation and Creativity Centre (MaGIC) has announced the appointment of Dzuleira Abu Bakar today by the Malaysian Ministry of Entrepreneur Development (MED). She was the motor behind Cradle Seed Ventures (CSV) for the past 2.5 years and will be replacing Ashran Ghazi as the new MaGIC CEO.

Dzuleira Abu Bakar brings on board her 15 years of VC & PE experience to focus on driving national entrepreneurship via MED, according to Digital News Asia.

MED has been under the spotlight for stalling on the appointment of MaGIC’s new CEO, but Abu Bakar’s appointment now has been welcomed positively, according to an aware resource. “She is a good choice for the role. Learning from Mavcap’s and CSV’s dealflow and industry relationships, I’m sure she has the experience to differentiate between ‘valuable’ and ‘investible’ ventures,” the source told Digital News Asia.

Jumper.ai integrates social media product for Amazon merchants —[PaymentsSource]

The Singaporean social-selling startup Jumper.ai has launched a product that allows people to buy Amazon goods online without ever having to visit the website. According to PaymentsSource, the product allows Merchants who sell via Amazon Prime to complete the checkout process via their social media accounts.

Jumper.ai Co-founder Nyha Shree posted on Facebook that it is the first deal of its kind with Amazon.

The product allows people to post sales links in their social media accounts (like Instagram) which help people complete an entire e-commerce checkout process within the platform.

Jack Ma defends China tech 996 culture

Asking, ‘if not now, then when’, Jack Ma defended China’s 996 tech working culture last week, according to CNBC.

He sent a message to employees via WeChat that said employees should be grateful for the opportunity not granted to workers in other industries.

The workplace culture has recently come under scrutiny after recent reports have suggested the industry faces a much higher burnout rate than its global peers.

Aida nabs Series A from trio of investors — [e27]

Singapore-based machine learning insights provider AIDA Technologies announced that it has raised an undisclosed amount of series A round from Mastercard, Kuok Ventures of Kuok Group, and Singapore government-tied SG Innovate.

According to Deal Street Asia, the company noted that the investment will be focussed on supporting its market penetration and North Asia’s expansion, especially Hong Kong and Japan.

AIDA Technologies was founded in 2016 by its chief executive Dr. Tan Geok Leng. Tan Geok Leng was a senior fellow and executive director at A*STAR, the Singapore government’s research agency.

Singapore trials facial recognition technology at Malaysia Johor Strait immigration check point — [CNA]

The Singapore Immigration and Checkpoints Authority announced today they are testing a system that allows people to “breeze-through” the immigration checkpoint at Tuas Link, according to Channel News Asia.

The system would not require people to register their passport as the system automatically registers their information. Currently, the trial is open to Singapore citizens whose passport names ends with the letter K.

The trial, which was announced today, is set to run for six months.

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