Grab in talks with banks for US$500M loan; It will be a revolving loan for 3 or 5-year tenor for 5-6 per cent interest rate. Deal Street Asia

Dropee raises US$1.3M seed-extension round; Investors include Y Combinator, Ondine Capital, Vynn Capital.

Indonesia’s Bank Central Asia launches 3rd SYNRGY Accelerator with 11 startups; Its focus areas are insurtech, data analytics, proptech, Enterprise 2.0, AR/VR, mortgage, blockchain. e27

Antler announces 15 new investees; The list also includes 2 startups from the startup generator’s COVID-19 Initiative. e27

How travel startups can survive when investors withdraw; The term of virtual travel expectedly becomes popular, and inspires several startups capturing this model to survive. e27

MDEC launches 6-month programme to empower tech startups; The ‘Founders Grindstone’ consists of 3 blocks of intensive workshops conducted by global partners from VC firms, ECF operators, media. OpenGov

How to craft your startup’s financial projections. A good starting point in looking at your projections would be the revenue forecasts. e27

Cyber resilience key as SMEs step up digitalisation efforts; To manage cyber attack threat, SMEs can conduct simulated spear phishing campaigns to test employees on a regular basis. sgsme.sg

Crystal-ball gazing: How startup models will evolve in the new, multi-dimensional connected world; The eventual goal for organisations to thrive would be to create a platform of co-creation, co-sharing and co-distribution among collaborating parties. e27

Lazada helps Asia’s malls go online after virus upends retail; The Alibaba-backed e-commerce major launched its virtual mall ‘Lazmall’ in 2018 and the number of brands working with it has grown ninefold to 18K-plus. InsideRetail

Immersive chat startups have a very different vision for the future of voice; As audio-centric platforms garner investor interest, VR founders of old are trying to push 3D audio as the next evolution, presenting the tech in a way that looks entirely different from today’s voice chat platforms. TechCrunch

4 steps for digital success in the COVID-19 era; Overnight shifts to virtual workplaces have reinforced the need for digital transformation of the HR function. hrmasia

Digital economy now contributes one fifth to Malaysia’s GDP; The country’s digital economy is worth US$63B (18% of GDP); It is expected to reach 20% by end-2020. OpenGov

DTI Philippines launches e-forum for MSME resilience amid COVID-19; As per a report, the 3 most-funded categories were all downstream — in-store retail & restaurant tech, with US$115M (across 23 deals); online restaurants and mealkits (US$86M, 13 deals); and e-grocery (US$51M, 9 deals). AgFunderNews

These 5 Asian startups are innovating sustainability solutions, from repurposing waste to clean meat; The 5 startups from Singapore Food Bowl’s latest cohort hail from Philippines, Singapore, Thailand. GreenQueen

Al-Huffaz, Ameenfarm and Yuwal top DARe’s Accelerate programme in Brunei; Over 100 startups have completed ‘Accelerate’ since the programme started in 2016. Biz Brunei

SiHub, Expara launch startup incubation programme in Myanmar capital; The programme aims to incubate at least 20 startups with products suited to the fast-growing market. Vietnam News

Filipino startup trains underskilled women in AI for free; The startup Connected Women trains them to be data annotators, which are considered to be essential in any programme that uses AI. Inquirer.Net

Thai bank SCB to launch own food delivery service to through its venture capital arm; The new company aims to bring 50K restaurants to its Robinhood app by the end of the year. Nikkei Asia Review

Is China the new global e-commerce leader?; Its growth is largely locally driven as a result of the explosive growth of affluent and internet savvy consumers. e27

Prabhjeet Singh is Uber’s new India and South Asia president; He succeeds Pradeep Parameswaran, who was promoted to be the regional GM (APAC); TechCrunch

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When COVID-19 struck in early 2020, universities and schools around the world found themselves suddenly shifting to digital education, a scenario many had never conceived of before. Teachers and professors rapidly switched to Zoom with mixed results.

In this period of rapid technological adoption, the existing educational technology industry, or edutech, led the way in providing mass digital education services in Singapore.

EduSpaze, Singapore’s first edutech accelerator, quickly compiled a bank of useful edutech tools and resources for the pandemic, signalling the key role edutech was going to play during the crisis.

Tapping on the crisis to grow online users

For parents stuck at home, the period of Home-Based Learning (HBL) from April 8 to May 4 was a stressful period, as they had to explore ways to keep their children engaged without compromising their learning.

This was the time for edutech firms that had laid the key groundwork for innovative and engaging digital pedagogy to shine.

Consider the case of Tenopy, a platform for live online education that was launched in 2017. The platform uses a unique in-house algorithm, data analytics, and interactive content to make personalised education content accessible for over 2,000 Primary School students all over Singapore.

Also Read: Edutech in SEA is still “far behind compared to North America” – but there is some hope

Tenopy moved quickly to promote its products and raise awareness of its innovative pedagogy for the online space. Due to Tenopy’s active efforts to reach out to students and parents, the platform saw a 100 per cent increase in active students since March. Even as HBL drew to a close, the company saw a 95 per cent retention rate moving from Term 1 to Term 2, as a result of its engaging and affordable platform.

In the words of Tenopy founder and CEO Soh Chong Kian, on their experience during the pandemic: “The pandemic has made digitalisation a new norm and drastically accelerated the adoption of e-learning, that comes with natural merits such as efficiency, easier accessibility (to high-quality teachers), interactivity and affordability.”

VERE360 is another edutech firm that had its long-simmering efforts pay off. VERE360 aims to democratise experiential learning for schools across Southeast Asia, using virtual reality.

Before COVID-19, its efforts were primarily geared towards integrating VR content within everyday classroom settings. During the HBL period, it responded quickly and began working with teachers and schools to continue engaging students in learning through its VR content library.

VERE360’s immersive education style hence allowed teachers to close the gaps presented by not being in the same space.

Both VERE360 and Tenopy proactively marketed their unique digital pedagogy during a time of technological adoption, allowing them to offer sought-after services. Their long-standing efforts to develop pedagogy that fully engages students over the digital space paid off, giving them a leg up over traditional tuition businesses during the pandemic.

The crisis forced educators across the industry to ask difficult questions about retaining student development when education shifts online, and adroit edutech startups were able to provide the answers needed.

Also Read: Thai edutech startups Conicle, Vonder receive funding from Stormbreaker Venture

Community service in a time of need

Understanding the severity of the situation, Tenopy did its part to fulfil its mission of making high-quality education accessible to all.

In June 2020, Tenopy inked a Memorandum of Understanding (MOU) with AMKFSC Community Services Ltd. (AMKFSC) to provide free tutoring services to children from underprivileged backgrounds across a range of Primary 3 to Secondary 2 students. Not only does Tenopy provide regular live online classrooms to these children, but it also provides free recorded lessons and homework materials to online tutors from AMKFSC so that they can conduct professional tutoring for affected students.

Another edutech firm, Yumcha Studios, responded to the crisis by using its platform to educate children about the coronavirus through an accessible and humorous quiz. The firm used its in-house characters and stories from its bilingual book-and-app series Little Dim Sum Warriors to develop this quiz released in 8 different languages, such as Bengali, Indonesian, Chinese, and even Singlish.

During HBL, the firm also made all their Dim Sum Chums bilingual mobile app free to download on iOS and Android devices worldwide, engaging many more students in developing their language skills. Yumcha remained cognisant of the differing access challenges faced by low-income students in Singapore and ensured its outreach efforts remained accessible to these students.

Also Read: How the Coronavirus is teaching edutech startups a much-needed lesson

Yumcha Studios and Tenopy worked hard to improve their product accessibility during a challenging period for the country. By actively thinking of those in need, they reached consumers who most needed their products and forged important connections for the future.

Edutech companies quantifiably demonstrated the value of their work in reaching the most vulnerable quickly and hassle-free. They shone a light on the potential of edutech to revolutionise key problems in the education sector, both in Singapore and beyond.

Looking ahead

The edutech industry in Singapore was well-positioned to actively respond to the challenges posed by COVID-19 to traditional education models. COVID-19 may have set the stage for a digital revolution, but it was the hard work of the edutech industry during the crisis to respond to community needs and attract online users that accelerated their growth.

As we move into the post-pandemic world, it is likely that this digital revolution is here to stay, and that the edutech industry will keep booming in a newly digitised world.

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The COVID-19 pandemic put enormous strain on public health systems and governments had to speed up their response and quickly get credible information to concerned citizens.

The scale of Facebook’s platforms means that we are able to help facilitate access to the latest and most reliable information, with people using digital channels like Messenger to stay connected and get information from trusted health authorities that are on the front lines fighting this global pandemic.

Facebook’s mission to help people connect and be closer together when everything moved to virtual was even more important to us.

To do this, we recognised the role our vibrant developer community had in forming the foundation of a collaborative effort to connect people to the right information. We launched a global programme to connect government health organisations and UN health agencies with developers that can help them use Messenger to address various needs, such as sharing official answers from health agencies to the most commonly asked questions on COVID-19; providing the latest information about the outbreak including number of cases, and addressing misinformation among others.

Startups such as Reach52, which participated in Season 1 of Facebook Accelerator Singapore and focuses on providing affordable healthcare to underserved communities, moved quickly to build a COVID Information and Symptom Checker on the Messenger platform to help curb misinformation.

In the first week alone, their solution reached over 6,500 people from rural communities across the Philippines and Cambodia. Now available in more than 15 languages, and also available in India, Reach 52 has plans to scale-up their COVID-19 solutions, including the use of FB messenger to reach over one million people in the next six months, as well as train 1,500 frontline health workers across four countries.

Also Read: Facebook reveals 13 participants selected for its Community Accelerator programme in Asia Pacific

In the Philippines, Aiah.ai responded to the call to support the citizens of the Philippines by building a chatbot in approximately two weeks for the Department of Health (Philippines) in partnership with AI4GOV, a non-profit organisation that researches and develops AI-based solutions to improve public service delivery.

The chatbot known as K.I.R.A KontraCovid, helps to combat misinformation by disseminating official information about COVID-19 and other important facts.

Meanwhile, New Zealand’s ARK team launched a free Messenger chatbot, Āmio. Āmio uses publicly available information from the New Zealand Ministry of Health and other official COVID-19 sources to help people determine if they need to be tested, find the nearest testing lab, receive the latest recommendations, and get updates on cases.

Our community loves to build and when we combine technical skills to a social mission we can have a positive social impact. Here are some of our learnings through the process.

Using constraints to your advantage

The circumstances brought about by the COVID-19 pandemic added another layer of complexity for startups that needed to work faster than ever to bring timely and accurate information to people including underserved communities.

Driven by an urge to do good, Aiah.ai was able to iterate quickly with partners and compress the time of its sprint process by leveraging existing platforms, its expertise in building chatbots, and focusing on local needs. However, building so quickly also meant having to overcome challenges and improving along the way.

A key takeaway for the team was using the constraints of the chatbot to their advantage. The limited conversation space meant keeping responses concise and ensuring they provide the necessary call to action. It was also important that they set expectations for every interaction so people know what they can expect from the bot, and when they can expect a response from a human for more complex queries.

Also Read: Book Excerpt: What Google, Facebook did to grow from zero to 1,000

Synthesising the use of offline-first apps and online platforms

Messenger allowed these startups to scale accessibility and provide trusted health information quickly to large numbers of people and relieve pressure on official helplines. The reach52 team used their Messenger-powered mobile application and platform to integrate with their existing primary healthcare solution for rural communities.

Synthesising the use of offline-first apps and their virtual platform, they are able to deliver screening, telehealth, health worker training, medicines, diagnostics, and insurance into communities where traditional services can’t reach.

Also, since not everyone has devices that support the download of apps, the startups were still able to deliver streamlined bot-based experiences on mobile web and Facebook Messenger Lite.

With these success stories, it is extremely heartening to see how developers have built on their strengths and channeled their ingenuity towards giving back to their local communities.

Our developer partners have also provided their services free of charge to government health organisations and UN health agencies during this crisis.

We’re proud of the commitment of the developer community to answer the challenges brought about by the pandemic.

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Without question, COVID-19 is a black swan event that has shaken the business landscape across the globe. It has caused billions of dollars to leak away as startups desperately try to get through the day while maintaining their service and products for customers.

Thus, many startups have to make their own sacrifices by shutting down parts of operations and laying off staff members. These actions might sound logical at first, however, once they are executed, it will expose companies to high risks of losing existing customers for failing to deliver the promised results.

So the bottom line is finding the appropriate strategy to let tech startups save costs while still maintaining peak performance. In other words, cutting down on more expensive redundant headcounts and having a more economically viable offshore team to help support your operations.

According to a recent study, the average annual savings of offshore software project costs vs onshoring is about US$56,000 per project. This is a significant reduction, and very valuable for startups.

But why Vietnam? Does it have any cost advantages compared to other popular offshore destinations? And how will offshoring to Vietnam help you save more money than onshoring in Singapore?

The answer lies within the tech labour force that enables Vietnam to surpass others when it comes to saving costs.

Also Read: How Vietnam is accelerating fintech growth

Quick economy recovery with booming talent

Did you know that Vietnam is one of the 30 countries that have zero cases of COVID-19 death? They are also among the first nations in ASEAN to reopen, allowing businesses to resume. Simply put, Vietnam has done well to fight back the outbreak compared to its peers and other developed nations.

This means the country is already starting to recover ahead of others, especially for offshoring which already gets people back to work. In the landscape where everyone has to cut down their operation due to the distancing practices while still trying to meet the customer’s demand, having the capability to keep going without being disrupted is valuable.

Additionally, the country’s GDP growth record is brimming with an average six per cent rate, which is fastest compared to other famous offshoring destinations in ASEAN such as Indonesia, Thailand, Malaysia, and more. As a result, the Vietnamese market also holds much more potential in the near future.

On the other hand, Vietnam is also well known for its breeding ground of technical talent where young engineers, software developers, and entrepreneurs arise. Eddie Thai, general partner at 500 Startups Vietnam, expected Vietnam to be ranked in the top three countries with the highest number of engineers by 2024. As a result, Vietnam provides lots of leeway for offshore tech startups to find and hire the right talent.

From the standpoint of recruitment, having a wide talent pool will save time (and therefore costs) of scaling operations. Recruitment efforts allow businesses to access more candidates and have a higher chance of getting suitable talents for the roles they are hiring for, in a shorter period of time, hence, decreasing the overall time/cost significantly. With better recruitment efficiency, tech startups can better focus on other core business activities.

Affordable and reliable workforce

Shortage of skilled talent is one of the common reasons for sky-high onshore labour costs. In fact, firms often offshore to Southeast Asian countries to take advantage of their human resources.  Still, compared to other competing players, Vietnam is standing in the spotlight due to its lower salaries but a dependable workforce.

The Vietnamese government understands how important foreign investments are to its economic growth more than anyone. Thus, the country has put a lot of work into keeping its currency competitive to allow a fast-growing economy led by exchange rate-sensitive exports.

Also Read: Why 2020 is the year for tech startups in Vietnam

The “fortunate” side effect is that Vietnamese labour costs are approximately 10 per cent to 50 per cent lower than its neighbours such as Indonesia and Singapore, approximately five per cent cheaper than the Philippines when it comes to fresh developer:

Role	Labour Cost per Country (US$/Year)
	Vietnam	Indonesia	Philippines	Singapore
Developer	7,200 – 12,400	17,581 -24,658	8,300 – 12,426	38,000 – 84,500
Senior Developer	12,400 – 24,000	24,658 -30,970	12,426 – 14,620	50,500 – 84,500

Figure 2: Labour cost comparison chart (Sources 1, 2, 3, 4)

As shown in the table above, the low labour costs in Vietnam indicate that it is the better offshoring destination for tech companies and startups to save costs. Even when comparing with its neighbouring countries, Vietnam still presents a noticeable difference in the cost range. 

Moreover, Singapore has always been one of Vietnam’s largest foreign investors, with US$49 billion worth of projects in 2018. There has always been a positive relationship between the two countries, where investors are encouraged to venture into various sectors such as startups, software development, Industry 4.0, manufacturing, and offshoring.

Therefore, building an offshore IT team and accessing the labor market in Vietnam is much easier for Singapore companies and startups.

Also Read: As a startup investor, here is why we aim to focus more on Vietnam in 2021

By observing a 30 per cent yearly increase of IT growth in Vietnam at a relatively lower turnover rate and higher stability compared to Thailand or Malaysia, offshoring software development to Vietnam seems like a given.

Time is now

Now, rather than asking yourself, “Why do firms outsource or offshore?” try questioning this: “Why do firms outsource or offshore to Vietnam?”

While our list of reasons for offshoring software development to Vietnam will help businesses understand the opportunity present by the market, it is crucial for you to take action immediately before things get more chaotic from COVID-19. 

However, instead of venturing into it blindly, it is recommended to consult a trusted offshoring service provider for detailed legal information and market insight.

After all, modern problems require modern solutions! 
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The ongoing US-China trade war has been talked about for more than two years and the glooming uncertainty that it brings towards the world economy is worrying. The relationship between the two nations was getting better at the start of the year when they signed a Phase 1 Trade Deal.

However, with the recent Luckin Coffee accounting scandal followed by the US Senate passing a bill to delist Chinese companies from its exchange and the US blaming China for the coronavirus outbreak, this tension could possibly re-escalate and worsen the relationship again.

But because of the current pandemic crisis that is happening across the globe, both countries have put their ongoing tension aside to focus on saving their own respective countries from this unprecedented crisis.

Singapore is well known to be an open economy and highly dependent on international trade. In 2019, Total Merchandise Trade stood at S$1,022 billion (US$738 million), which is a 3.19 per cent decline from SG$1,055 billion (US$762 million) in the previous year. Geographically, Singapore is strategically located as it is at the crossroads of major air and sea routes within the Asia Pacific region and the Indian subcontinent.

Singapore also has the highest trade to GDP ratio in the world, averaging about 400 per cent from 2008 to 2011 and 326 per cent in 2018. Being at the centre of international trade, the US-China trade war will no doubt have a negative impact on Singapore.

Also Read: In brief: eBay launches e-commerce accelerator in Singapore; Circles.Life introduces eSIMs

Singapore is more exposed to the Chinese market with about 25 per cent of exports bound for mainland China (13 per cent) and Hong Kong (12 per cent), whereas the US only accounts for 7.64 per cent. Majority of the export items compromised of electronics and types of machinery.

As for Singapore’s re-exports, approximately 20 per cent of re-exports (which is SG$274 billion or 52 per cent of total exports) goes to China (13.6 per cent) and US (6.1 per cent). According to the Ministry of Trade and Industry, the US-China bilateral trade made up 1.1 per cent of Singapore’s GDP in 2018. Hence, if there was a fallout between the US and China, these are the numbers that would be heavily impacted.

US tariffs that are directly applicable to Singapore affect a relatively small set of products which include solar panels, modules, washing machines, steel, and aluminium. Singapore’s exports of these products to the US accounts for only about 0.1 per cent of total exports. While many of the tariffs do not directly affect Singapore, they would still have a spillover effect due to Singapore’s role in China’s supply chain.

With that being said, goods and merchandise trade will definitely be impacted by the trade war. However, a silver lining could result from the US-China trade war and that is from the ongoing Hong Kong-China nationalisation dispute. Should Beijing impose the new National Security Law on Hong Kong, the US may remove its special treatment towards Hong Kong.

The removal of this special treatment could lead to the US to treat Hong Kong the same way as it treats China, such as higher tariffs and export controls over sensitive technology. Apart from that, the Chinese government will also be able to track and seize rich Chinese money in Hong Kong as more than half of Hong Kong’s estimated private wealth of over US$1 trillion comes from the mainland.

Also Read: Singapore’s Insider raises US$32M Series C to scale up its multichannel growth management platform

Ultimately, this would impact Hong Kong’s status as one of Asia’s leading business and financial hub, therefore, forcing businesses, financial services and private wealth to relocate to Singapore, which is clearly the next best alternative in Asia.

Last year alone during the early phase of the protest in Hong Kong, Goldman Sachs reported US$4 billion outflows to Singapore because of concerns over the protest and while global FDI stagnated in 2019, Singapore’s inward FDI jumped 42 per cent to US$110 billion.

Singapore will emerge as a winner in Asia thanks to the US-China trade war but the question is: Will this gain on the financial service sector be able to offset the decline in merchandise trade in the long run?

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As a Star Wars fan, I had a great time watching The Mandalorian recently. It struck me that there are some lessons that we can pick from the series, especially for all of us in the startup ecosystem.

(Disclaimer: I consider myself a noob. I have just enjoyed the movies but have not read any books or comics from the canon. Please excuse any errors!)

These are my reflections on what it can teach us.

Overcome your prejudices

The  Din Djarin or The Mandalorian is deeply distrustful of droids. We see many references right from the first episode when the IG-11 droid encounters Din Djarin. In chapter seven, even the re-programmed IG 11 still evokes his prejudices. Din Djarin could only benefit when he is ready to let go and move ahead.

Startup learning: Are you distrustful of a partner due to some past experience? Can you give them the benefit of doubt and start afresh? Similarly, in dealing with customers and partners, have you ensured that there is no miscommunication? Do you have an NDA, terms of engagement, and deliverable well documented?

Importance of trust

As a bounty hunter, survival is key. They do whatever it takes to be alive and fight another day. Din Djarin always looks out for people he can trust. Kuiil, Cara, and Omera  are good examples of people he starts to trust (cautiously).

Also Read: What startup founders can learn from Netflix’s “The boy who harnessed the wind”

Startup learning: People that you can trust are your safety net. Having said that, have you yourself built trust in your dealings? Do you deliver as committed?

Build  Partnerships/ alliances!

Din Djarin develops a good partnership with Cara in chapter four. He shares the big vision and recruits Cara for his trip to Nevarro. We see Kuiil, Cara, IG 11, and Din Djarin build a good alliance in chapter seven.

Startup learning: You cannot win alone. Have you developed a good partnership with ecosystem players? Have you looked at how you can help other startups, i.e sharing leads via a referral programme?

You can pivot

IG 11 shows us that it is possible to transform –with thanks to Kuiil’s craftsmanship– from a bounty hunter to a nurse or protector.

Startup learning: Do you have the flexibility to pivot if the situation so demands? Or would you like to be rigid and crumble? We have seen many successful startup pivots, from Instagram to Twitter. The current COVID-19 situation is already showing some interesting startup pivots.

Also Read: Why moving fast and pivoting is necessary for startups

Think long term

The Armorer gives Dijn Djarin a long term perspective. Until The Child discovers its origin or is united with his own kind, Dijn should look after it as his own, as its Father. She even gives him his own signet for a clan of two.

Startup learnings: What is the higher calling as a startup? Are you committed to pursuing it? Do you have mentors or coaches who can give you perspectives such as the Armorer?

Give back to the community

Dijn is grateful to be a part of the Mandalorian tribe and gratefully remembers that he was a foundling who was rescued and taken in as a Mandalorian.  In chapter three, he requests the excess Beskar steel to be given to the foundlings. That is the way.

Startup learning: Are you giving back to the community, i.e mentoring foundling startups? Buying from fellow startups?

I have spoken.

These are my reflections. What do you think?  What more can you add? I look forward to your comments below. Do tag a Star Wars fan!

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With thoughts about a more sustainable future, businesses should prepare for all scenarios that may play out in the post-coronavirus world. Companies are capable of predicting the market conditions and overcoming a recession if they accept the real state of things.

“Now” requires us to transit most of the business operations in the online world, rethink customer experience, and invest in establishing trust-based relationships with customers.

From my experience, building customer loyalty is an essential part of digital marketing for new normal that can do wonders with your conversions.

Why invest in building customer loyalty?

Customer loyalty has become the most significant value for businesses in a crisis. Loyal customers are more likely to stay with your brand regardless of changing market rules and operational conditions during the lockdown.

The loyal audience is a self-fueling organism that generates increasingly more returning customers. They leave positive feedback on the web, share information about a favourite brand with their micro-circles of influence, or in other words, they share it by word-of-the-mouth. Don’t underestimate the power of this traditional method since most of our words are “digital” today and spread at the wind speed on the web.

Customers can expand the company’s impact in the digital world by sharing comments and reviews about a brand and its products on Twitter, Facebook, Instagram, and YourTube.

Also Read: What you need to know about digital marketing for the new normal

It helps increase brand awareness, acquire new customers, build trust with them, and grow conversions. Without further ado, let’s consider several practices that can help you increase customer loyalty during an economic downturn.

Let them know your brand cares

Let people know that your company co-experiences post-pandemic challenges together with customers. Sharing unobtrusive, un-salesy, cheerful, and useful content on social media and a corporate blog, your company can be helpful and build trust with customers. Empathise your messaging, remind customers to keep safe, update them about global news on how the world is adopting the post-COVID reality.

You can also share real-life stories on how your team and customers are adapting to the new normal collaboratively. Interviews with customers, social re-posts, and incorporating user-generated content may be helpful.

The content is a powerful medium for communicating and empathising with your audience. And yes, it brings long-term results in terms of conversions and brand popularity.

Emphasise the importance of social equality and integration

We all are small if taken separately. And we are big if gather all together. Don’t forget to remind your customers about it when nailing content for social networks, internal blogs, and online media. Inspire people to care about each other and stay “human” even during this period evoking slight associations with the pre-apocalyptic times in zombie movies.

Inside, we want to stay “human,” but often forget about it in the rush of everyday life. Show that your brand isn’t indifferent to what happens to everyone on a global scale and reflect it in your content.

Also Read: The art of customer loyalty

You would be surprised to see how many likes and shares a social media post with such messaging usually collects. That’s a great way to build trust and a positive brand reputation in online space.

Involve brand executives in building trust with an audience

Like the human body has the heart, every brand has its heart too. These are brand founders and CEOs. They dictate the rhythm of the whole brand and always evoke a huge audience’s resonance. Staying often in the shadow, they can step into light on social media and address customers personally today.

Today, many companies send exclusive newsletters and publish video-speeches of brand leaders expressing their opinions on the current situation and sharing about what measures are taken to keep customers safe and help them adapt to the new normal.

Make customer learning entertaining

You can increase custom loyalty and gain trust by offering helpful and entertaining video-content to your audience. Try to educate your customers on how to use your products and services in engaging explainer videos. Animated videos also work great for user onboarding on a website or mobile application.

Instead of writing long and boring tutorials, you can convert them in a creative and easy-to-understand format that allows people to learn and have fun at the same time.

Just imagine that your product is introduced by an animated mascot in a funny and exciting video-story that features your brand values and mission. You can also discover how illustrations can add value to your website and make educational content on your blog more “entertaining.”

Also Read: Customer is not always the king, says Tokopedia’s customer engagement expert

Address local communities

By addressing online marketing to local communities and adjusting messaging to their cultures, your brand demonstrates that it appreciates the uniqueness of every target group.

You can adjust your social media content and visuals to audiences of different demographics, religions, and nationalities. KFC Arabia’s recent tweet is a great instance of how a business can address a local culture.

Invest in a powerful customer support

It’s not surprising that brands can retain customers and grow their trust by providing outstanding customer support. Particularly now, when everything goes beyond its schedule, and there is a growing feeling of anxiety, customers need fast and round-the-clock customer care.

Give them confidence that a support team is easily accessible by incorporating AI-powered chatbots on a website, creating a separate business page for customer support queries on social media such as @Apple Support, and timely answering tickets via email.

While concerns toward the post-coronavirus future are now embracing the world, your brand and its culture may become the island of calmness and confidence for your customers. Let them feel you not only sells but also try to help and care about them.

In the current business landscape, marketing’s primary goal is simple — to establish a more personal connection with customers, cheer them up, and build trust with them in times of uncertainty.

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We’re taught right off the bat in business that cash is king. It’s all about profit, the bottom line, and expanding revenues. And while money is undeniably important in a business, I do believe our values in how we conduct business is a chief consideration.

Money should never come before ethics.

Of course, this can sound standard, like something everyone knows. But the truth is, there are many entrepreneurs who may be crossing the money and ethics line without really knowing it because we see it modelled so frequently.

I believe the only way to really know for sure is to have honest conversations about where we, as business owners, maybe valuing money over helping others.

The honest exchange of goods and services for money will always be inherently helpful. But, where does profit matter more than impact?

In thinking through examples I’ve seen in today’s “guru” oriented industry, I believe the following three scenarios demonstrate happenings that occur more frequently than many like to admit… especially in coaching.

But, assessing them is a good opportunity to determine whether you are living by an ethics-first value in your own life and business.

Also Read: Singapore’s Genesis Alternative Ventures secures investment from Capria Fund to back impact-focussed startups

Offering a service or coaching without plenty of experience

Unfortunately, there are many coaching programmes out there where ‘gurus’ teach students strategies and principles that they haven’t actually learned on their own. This happens in droves: coaches who have never actually built a business from the ground up to teach business boot camps, simply from what they have learned elsewhere (rather than from their own experience).

Even if an aspiring coach studies all the educational content in the world about how to start a business, inviting students or clients into the fold without the insights from real-world experience can be an example of valuing money over ethics. 

It comes down to this question: can you really and sincerely help the students that will trust you and buy from you? Or, do you just know that they will buy from you because of your airtight marketing strategy and PR efforts? If it’s the latter, you’re wasting peoples’ time and money for content that won’t actually help them.

This is harmful to you in the long run, too — you’ll receive less (if any) glowing testimonials, and students will be honest about how much you actually helped.

Copy-pasting someone else’s hard-earned business model or content

There’s also a tendency to completely model businesses or content after what someone else is doing since everything is so public nowadays. You can only know for sure if this is something you are doing if you are self-reflective of how you are creating, such as by getting a creative business idea only after you see someone else is launching something similar.

This isn’t fair to others in your industry. Think of it this way: what if you ideated an entirely new course module with a unique mastermind concept attached to it, and launched it only to see someone else shortly after launch something that mimicked the model?

Also Read: In Brief: Impact Partners supports US$1.1M funding round in solar energy marketplace SOLshare, CARRO opens used car automall

The truth is, people can sense the energy of authenticity. Even if you think someone’s model or content is incredible, that’s never a reason to copy it. Learn from how they think, but launch a product that’s all yours.

Only offering paid services and content with little free value

Finally, assess how often you give out value for free. I’m not at all advising you to leave your calendar open to help anyone who wants to book time with you. But, there needs to be a balance in which you are seeking to offer some type of value that doesn’t have a price tag. I firmly believe that the ethics of business is helping others, and this is where push comes to shove. Does it matter more to you to help, or to make a profit?

These can be uncomfortable questions, but the silver lining is that it’s the individuals and businesses that help others most that end up making the most profit.

You don’t have to choose ethics or money. Just put ethics first, hold your intention to help others as front and centre, and create products or services that people love.

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Make no mistake, the secret is out. The tech market potential in Southeast Asia (SEA) has been realised and the region is now the global hotbed for tech startups. Renowned global investors are chomping to enter the market and the digital payments sector in Indonesia is a testament to that.

OVO, an Indonesian digital payments company backed by Grab and Dana (an e-wallet provider backed by the financial arm of Alibaba, Ant Financial) have agreed to merge with the aim to compete against Gojek, who counts Facebook and PayPal amongst its investors.

Given that digital payments only constitute a portion of the tech industry with other sectors such as lending and insurance, the diversity and size of investors serve as validation of the fact that the region is where the next major growth will occur. However, the investing lenses have been over-focused on only the key economies such as Singapore and Indonesia.

Therefore, countries in the Mekong sub-region such as Laos, where the startup ecosystem and support is not as developed, have yet to catch the attention of institutional investors. Given the growth potential their domestic market offer, they represent hidden gems in a regional market where the world is opening its eyes towards.

Hidden gems

Countries in the Mekong sub-region represent what angel investors term, “Frontier Markets”. Consisting of countries beginning to see early signs of economic prosperity and great growth potential, they have flown under the radar when we discuss economic growth prospects in SEA.

Laos, in particular, has escaped this limelight. Research by the World Bank has shown that in the decade to 2015, the Laotian economy grew by an average of 7.8 per cent per year, with annual growth never dipping below 7.0 per cent.

Also Read: From the quieter region of Laos, ride-hailing service LOCA emerges to address the potential market that Uber, Grab overlooked

Consequently, GDP per capita increased from US$476 in 2005 to an estimated US$1,812 in 2015. Hence, it is no surprise that Laos ranks among the fastest-growing economies in Asia.

Not without hurdles

However, the startup ecosystem in Laos is playing catchup with others in the region. Research by the Emerging Markets Consulting shows the private sector development in Laos is often impeded by three main obstacles. Complex business registration, difficulty in accessing financial funding and skill gaps in the labour force.

By analysing each of the above steps, we would be able to understand why startups are far and few in Laos and the ecosystem is not currently thriving.

Red tape

Bureaucracy is often cited as the key pain point for would-be entrepreneurs. It is commonly opined that formulating the idea is the easiest part of the business journey while implementation is the hardest. The Laotian regulatory body for enterprises does little to aid budding entrepreneurs in this aspect. Simply registering a business involves visits to at least three different ministries.

While there have been efforts to streamline the process in recent years, many still complain about the complexity of these procedures and the time it takes to register a business. Therefore, the administrative burden of registering a business serves as a clear disincentive to formalise the business and execute it.

Given registration is usually the first hurdle that entrepreneurs face, they often give up due to the sheer amount of effort required to just legalise their business.

Also Read: From the quieter region of Laos, ride-hailing service LOCA emerges to address the potential market that Uber, Grab overlooked

Funding

For the few determined entrepreneurs that made it through the tedious registration process, they would face their next big obstacle, securing financial support. The lack of financial support impedes startups from achieving their optimal operating model given they will not have the necessary financial ability to invest in R&D or expand to achieve economies of scale.

Given that lack of cash is often cited as the top reasons for startups failing, it is small wonder why Laos has not seen its startup ecosystem excel even when the economy is expanding. Upon exploring the issue at a societal and institutional level, we can unmask these issues.

On the ground, Research by the Asian Development Bank to study the correlation between financial literacy and awareness of fintech development has shown that even though Laos has a relatively high financial literacy rate per capita income that is on par with Vietnam, the level of awareness and adoption of financial services and technologies to potentially secure funding for their businesses is low.

As for financial institutions, they are not inclined to supply loans given the low collateral young entrepreneurs possess and the difficulty in repossessing them if there is a default. However, actions have been taken to address this issue. The World Bank will conclude its Small and Medium Enterprise Access to Finance Project in 2020.

With the main aim to provide long-term funding sources for local banks, World Bank hopes these banks, in turn, can provide long-term credit to small and medium enterprises. Even though we are yet to be able to fully ascertain the initiative’s full effectiveness, it is nonetheless heartening to see changes being implemented to reduce financial barriers of entry for entrepreneurs and give them greater opportunities to succeed.

Also Read: Thailand E-Sports Arena raises funding from Japan’s GameWith; to foray into Myanmar, Laos, Cambodia in 2020

Human capital

Recruiting the right talent is one of the key factors for startups to succeed. Given the lean operating structure, startups adopt, it is paramount that everyone on the team has skillsets that enable them to achieve high levels of productivity. This where the quality of the local labour force matters.

Unfortunately, Laos does not perform well in this aspect. Through analysing the labour market, we will realise the root cause behind the lack of skilled labour is the local education system and skills training framework. On a tertiary educational level, there appears to be a mismatch between what students are studying and what employers are looking for. There is a surplus of university graduates with business degrees and a shortfall of technical vocational graduates such as engineering.

The lack of student demand for vocational training most likely reflects the low status of vocational training and blue-collar jobs, as well as the lack of high-quality vocational training in the country. Therefore, the labour market is highly saturated with plan makers (businessmen) but lacking in executors (engineers).

Ultimately, without the right talent and skills, business ideas would remain as thoughts on paper rather than concrete solutions in the market that address a problem.

But there is hope

Given that the overall SEA startup ecosystem is thriving and the influx of large tech companies investing in it will be the new normal, it is a matter of time before Laos and other countries in the Mekong sub-region catch up to the rest. For that to become a reality, reforms must be done on a governmental level.

Also Read: Book Excerpt: What Google, Facebook did to grow from zero to 1,000

Policies should be streamlined and educational systems need to be upgraded and linked to the future demand of the local economy to produce the required talent. Realistically, it will take a decade or two before we are able to fully assess the efficacy of such initiatives.

With the hope by then that the local startup ecosystem will be thriving together with the region, who knows? Laos might be home to a unicorn.

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Though online grocery has been around for years in Vietnam, it’s only started to gain traction since the emergence of the novel coronavirus outbreak.

The country’s grocery space has witnessed the spike in demand for home delivery of fresh produce and staples, due to the reluctance of customers to step outside and go to crowded places.

A recent survey by Nielsen Vietnam and Infocus Mekong Mobile Panel stated that the COVID-19 pandemic had caused Vietnamese consumers to reduce the visit frequency to supermarkets and grocery stores by 50 per cent.

Back then, there was no denying that Vietnamese shopping habits were still very traditional when it comes to groceries, with most preferring to go directly to brick-and-mortar stores to purchase goods instead of browsing online platforms.

However, given the recent growth in e-commerce, consumers’ changing habits and preferences, and the advent of new technologies, the country’s penetration into online grocery shopping has become increasingly popular, especially in metro cities, particularly amongst the young, tech-savvy and time-crunched people.

To put it bluntly, with a broad base of young customers, the online grocery market in Vietnam holds high-growth potential.

COVID-19 changed the grocery delivery scene in Vietnam

Noticeably, there are different business models around grocery delivery services – be it the shopping model, warehouse model, platform-based model, or the combination of those means.

The shopping model is the easiest and fastest for businesses to deploy. It only manages in-house delivery networks; neither does it need to associate with existing grocery stores nor update the product catalogue on the platform.

Also Read: These 5 Vietnam-based agritech startups are tackling the country’s fragmented farming sector

Customers will provide the list of items they want to buy as well as preferred shopping places. Upon receiving the order, the platform transfers the details directly to its delivery personnel who will shop from stores on customers’ behalf. In fact, many existing online food delivery and e-commerce businesses in Vietnam have extended in this model.

With the warehouse model, delivery players import goods from producers and manufacturers, stock them in the warehouses and then run logistics operations to distribute them to customers. Some of the notable players following this model consist of US-based FreshDirect, Walmart Grocery, or China-based Miss Fresh.

On the other hand, the platform-based model utilises the logistics and distribution networks rather than operating independent warehouses. The drivers will pick up groceries directly from retail stores and deliver straight to customers’ doorsteps, eliminating the need for physical warehouses. Participants who have excelled in this space include Instacart, Peapod, Shipt, etc.

COVID-19 has proved to be a transformative moment for Vietnam’s grocery delivery market. Demand has surged, the industry has seen unprecedented growth, and a slew of service providers have decided to enter the sphere to cater to this overwhelming need.

That is to say, major delivery and e-commerce players such as Grab, Be, and Lazada has recently rolled out their grocery deliveries in Vietnam. Meanwhile, the country’s retail giants like VinMart, Big C, or Co.op Mart have also jumped on the bandwagon to facilitate home delivery.

These brick-and-mortar stores are now waking up to the fact that consumer behaviours are increasingly shifting towards e-commerce and that they need to evolve to stay competitive.

On the other end of the spectrum, Loship, a Vietnam-based aspiring unicorn startup in fields of e-commerce and delivery, seems to be one step ahead as it had stepped into the grocery game since 2018, and that was one year before the arrival of coronavirus.

Grocery delivery battle in Vietnam

With regional, resource-rich companies participating in the game, along with an army of local startups vying for space, who will win the grocery delivery war in Vietnam?

No doubt, major regional players have the resources and brand reputation to capitalise on yet another niche. However, when it comes to grocery delivery, local businesses are poised to have assets that give them a competitive advantage over foreign rivals.

The scenario is somewhat similar to David and Goliath’s classic story. That said, Goliath was tall, dense and powerful, but was also very slow to move and respond. In the business world, large companies represent Goliath, which may have huge budgets, countless resources, and significant market share, but often lack the speed and agility of a startup.

They can be lumbering in decision making or getting new products to market, even illy prepared to confront the smaller yet faster-moving players.

Also Read: Is Vietnam the new golden child of tech startups in SEA?

On the other hand, due to lacking in sheer size, small and nimble startups are more agile, adaptable, and responsive to changing customer needs and business environments. And that’s a distinct competitive advantage for these entrepreneurial Davids.

Take Loship as an example. The Vietnamese unicorn aspiring startup got into the grocery delivery game in 2018 by launching the Lomart service, way before other competitors stepped in vying for a slice of the pie. This exemplifies the startup’s ability to sniff out unique opportunities and execute more efficiently than their counterparts.

Loship is proof positive that the possibility of wearing the grocery delivery crown is not limited to the international resource-rich players. Lomart follows the platform-based business model that doesn’t require warehouses – its drivers will fulfill customer orders directly from store locations and get them delivered within an hour. Over two years, Lomart by Loship has served about 30,000 customers across four big cities in Vietnam, with nearly 1,000 transactions per day.

Loship’s promise of one-hour grocery delivery is capitalised on its vast network of more than 100,000 drivers. By making free delivery available, Loship is pulling the biggest lever it has in the grocery wars: the ability to offer fast, free delivery. The platform has partnered with nearly 10,000 variously-sized grocery stores and supermarkets conveniently located throughout the suburbs of the four major cities in Vietnam.

Grocery delivery war in Vietnam, in a nutshell, may witness another “David vs. Goliath” story in the foreseeable future – with Loship being natural Davids, fighting against larger and more established competitors who seemingly have all the advantages of strength, size, and resources.

In such a case, don’t think of an underdog that got lucky; instead, think of a brave competitor who knows to utilise its strengths and unique capabilities to overcome the odds against larger rivals.

Believe it or not, the world is full of business upstarts that took on industry giants and emerged victoriously.

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