The evolution of travel tech has dramatically transformed the way we explore the world. To give us an in-depth look at today’s most exciting developments in travel tech, we recently spoke to Yan Yuan Sng, Singapore Country Head of azgo, a new travel tech innovator that is changing consumer behaviours and redefining the travel landscape as we know it. With azgo, travel planning is not just about bookings, it’s about unlocking a world where every journey is made smarter.

Born from the minds of a group of seasoned industry globe-trotters, the team at azgo is on a mission to become a trusted travel companion to tech-savvy travellers. Here’s what they want you to know!

Travel tech innovator tells it to us straight

e27: Tell us more about azgo and the brains behind it. What is your mission?

azgo: azgo is a one-stop app for smarter travel planning, on a mission to unlock a world where every journey is made smarter. We are taking a new approach to being a trusted travel companion to tech-savvy travellers.

Behind the scenes, we have a dream team of developers and travel experts who are working hard to create an AI-powered platform that makes travel planning effortless, affordable, and rewarding. 

azgo was founded on the principle of shifting power back to consumers when planning their travels, which includes excellent customer service. We aim for our platform to become a trusted travel companion that users can always rely on when booking their trips.

e27: With the growing influence of technology in today’s world, how will digital solutions revolutionise the travel industry?

azgo: The travel industry is ripe for tech revolution, and digital solutions like azgo are transforming the way we work and play. Increasingly, the industry is putting the power of AI and technology in the users’ hands, allowing them to create personalised travel companions to curate itineraries, hunt the best deals, and monitor price fluctuations. 

By streamlining everything in the booking process, users can access all their travel plans in one convenient app such as azgo, making the experience effortless and stress-free.

Also read: Echelon Philippines opens growth opportunities in the Philippines and beyond

e27: The travel app space is crowded. What makes azgo stand out to tech-savvy travellers? 

azgo: The travel app market might be crowded but our use of AI to create a frictionless experience is what sets us apart. We do that by going the extra mile to ensure our users get the best value and experience. 

Our trust-based redemption process for cashback empowers travellers to enjoy rewards at their convenience. By challenging the traditional merchant-led approval processes, azgo aims to push the boundaries of customer satisfaction and empowerment in the travel ecosystem with the use of AI. 

e27: Walk us through a user’s experience on the azgo app. How does AI assist in making smarter travel decisions?

azgo: When a user downloads our application, they have numerous options to choose from across hotels, flights, and experiences. We use data-rich insights from our market studies and data collection to offer the best deals from trustworthy merchants that align with users’ interests.

After making their choice and placing their booking, all they need to do is submit a screenshot of the receipt to our system. Our AI processes the screenshot and approves the cashback quickly, usually within 48 hours. Users will receive cashback confirmation after approval. The entire process is seamless and stress-free, allowing travellers to enjoy their savings and rewards at their convenience.

e27: How does azgo compare to traditional travel booking methods and how much can users expect to save from using azgo? 

azgo: Traditionally, users turn to an online marketplace or platform to scroll through a plethora of merchants. Some travellers will also go straight to their trusted airlines or hotel sites directly to make their booking. For others, it may also be calling or going down to a travel agent in person to book their next flight out of Singapore. 

Today, azgo is in the market to break up this traditional flow, so users can save more and travel smarter. Through azgo, users can tap into our price comparison features to find the best deals across sites and online travel agents. At the same time, users can also tap through azgo into the merchant of their choice to earn cashback rates of up to 20% at times. This can potentially translate into saving hundreds of dollars per trip.

e27: Customer service is a huge pain point when it comes to travel services. How does Azgo support me if I have questions or issues?

azgo: Here at azgo, we are firm believers in customer-centricity. Even as we are driven by technologies such as AI, we believe that customer service should be rendered with heart and humanity. We understand that travel bookings and planning can be a stressful process. Hence, azgo offers personal and tailored customer service with a team of dedicated customer service experts who aim to respond to any queries in 30 seconds during operational hours and as soon as possible otherwise. Users can also reach out to use across all channels, from social media to email and it is our promise to respond accordingly with the best viable solution. 

e27: So, Azgo was at Echelon X. What do you think were some highlights from your exhibition booth?

azgo: EchelonX was a significant success for azgo. We had the opportunity to engage with numerous venture partners who exhibited a high level of interest in our innovative cashback business model. The enthusiasm we received validates our approach and underscores the potential impact we can have on the travel industry.

Additionally, we formed several promising B2B partnerships that are poised to accelerate our internal processes and enhance our service delivery. We’re excited about the opportunities ahead and remain committed to delivering exceptional value to our customers.

Also read: D-Tech Community Hub: Fostering global expansion via local alliances

e27: Looking ahead, what exciting new features are brewing at Azgo? Any updates you’re particularly excited about that will benefit travellers?

azgo: One of the most exciting updates is guaranteeing cashback through our customer-first approach. As we scale our business, we are incorporating advanced AI technology to make this process faster and more reliable.

We are also significantly reducing the time it takes for cashback to be confirmed. As soon as we confirm the travel booking, we aim to validate and provide cashback almost immediately. This innovation underscores our commitment to delivering a seamless, efficient, and rewarding experience for all travellers.

e27: Does Azgo dream of global expansion? Are there new markets on the horizon? 

Absolutely. azgo’s infrastructure is designed to scale globally. We are currently perfecting our playbook in key markets such as Singapore, Hong Kong, and Vietnam. Once we validate our business model, we plan to expand throughout Asia, followed by the Middle East and beyond. Our vision is to bring azgo’s innovative travel solutions to travellers worldwide, ensuring a seamless and rewarding experience no matter where they go.

Revolutionising the travel tech landscape

The evolution of travel tech, as exemplified by azgo, is revolutionising the travel industry by putting advanced technology and AI at the forefront of travel planning. Yan Yuan Sng, emphasises that azgo is more than just a booking platform—it’s a comprehensive travel companion aimed at simplifying and enriching the travel experience.

By leveraging AI to offer personalised itineraries, hunt for the best deals, and ensure seamless cashback processes, azgo stands out in a stacked market, ensuring users enjoy a stress-free and rewarding travel planning experience.

Also read: How Telkomsel Ventures leverages insight, innovation, and collaboration

The company’s commitment to customer service and innovative cashback model underscores its mission to shift the power back to consumers. With ambitious plans for global expansion, azgo aims to transform the travel landscape on a larger scale, making smart and efficient travel accessible to all.

As azgo continues to grow, it remains dedicated to enhancing the value and experience for tech-savvy travellers worldwide. To learn more about azgo, visit their official website today.

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This article is produced by the e27 team, sponsored by azgo

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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We’ve all heard stories about inspiring young people who dared to dream big with a deep motivation to leave an impact and launch their own startups. But what about the challenges they face while simultaneously juggling various other commitments like academics and careers?

In 2023, Crunchbase reported that Asia hit an all-time low in venture funding value since 2015, and early-stage startups had been the most affected with a decline of 40 per cent year on year globally. Closer to home in Singapore, the decline in early startup funding value dropped by 37 per cent to US$3.04 billion.

What is fascinating though, is the shift of proportion of funding to the early-stage deals in Singapore in 2023. According to the Singapore Venture Funding Landscape 2023 study by DealStreetAsia, early-stage deals made up a whopping 94 per cent of total deal volume and 49.8 per cent of total deal value, which is a 90 per cent increase from the year before!

Securing funding, especially in the early pre-seed stages, can be a major hurdle for student founders. Thankfully, programs like Protege Ventures (PV) are emerging to bridge the gap and empower student investors to support the next generation of entrepreneurs.

PV is Southeast Asia’s first and Singapore’s only student-run venture fund, supported by SMU Institute of Innovation & Entrepreneurship (IIE). In this article, we’ll share our journey as student investment analysts at PV, culminating in our first exhilarating experience making a real investment decision.

As students from different universities, our paths crossed at PV. As an aspiring software engineer with a keen interest in product management and strategy, I’m passionate about the intersection of finance and technology and love to dive deeply into projects that bridge these areas.

My passion for startups has led me to take part in hackathons and serve in the NTU Entrepreneurship Club as a Vice President. I want to make a meaningful impact among student entrepreneurs through purposeful initiatives that my team has put together. Joining PV provided me with the opportunity to immerse myself in the region’s startup and venture capital scene.

Having founded a data intelligence company, Attribute Data, Joanna is focused on the mission to help decision-makers and organisations solve their most pressing problems by transforming data into actionable intelligence. Joanna discovered the PV Academy when she came back to SMU to pursue her master’s with a specialisation in fintech and analytics.

Also Read: Understanding fundraising and VCs: Essential reads about cap tables, exit strategies, and job titles at a VC firm

PV gave her a unique investor’s viewpoint on valuing and accelerating business growth, extending beyond just venture capital. Working on deals with her peers from different backgrounds also opens up opportunities for future startup collaborations and ventures.

Behind-the-scenes: The investment process

As investment analysts, our primary role is to identify promising startups led by students or recent graduates. We have weekly venture sessions where PV members discuss the interesting startups that we have come across.

During one such venture session, we got to know about Zolo, a startup that aims to be Southeast Asia’s #1 B2B food marketplace helping Suppliers and Restaurants to save cost, and time and reduce waste. Using an AI-powered assistant, they streamline the ordering process by intelligently converting WhatsApp order details into back-office ERP systems.

Sourcing and pre-call preparations

This deal came through our doors as a referral from an early angel investor of Zolo who was connected to one of our managing partners. We assembled a deal team, inclusive of students from business, computer science, and entrepreneurship to analyse the startup.

Initial calls and decision to progress deal

We conducted a thorough review of the company’s background, business models and challenges faced in the B2B food supply industry. We had calls with Zolo’s founders and investors to gain insights into their motivations, competitive landscape assumptions, and market opportunity perspectives. Post-call, we completed our initial research and prepared a pre-investment document outlining our decision to proceed with further due diligence.

Conducting due diligence and preparing the investment memorandum

Our due diligence applied PV’s Pre-Investment framework, rigorously evaluating Zolo’s management team, product-market fit, market size, revenue model, and other crucial factors. This assessment formed the basis for our investment thesis, outlining our rationale for investing in Zolo.

We presented our findings to the PV team, sparking a discussion and we addressed any concerns. We then proceeded to craft the Investment Memorandum (IM).

The IM served as a comprehensive summary of our due diligence efforts. It detailed Zolo’s competitive advantages, growth strategies, exit opportunities, risk mitigations, and financial projections. We meticulously built and defended financial models using MOIC (Multiple on Invested Capital) to showcase potential returns under various scenarios.

Presenting our proposal to the investment committee

With the Investment Memorandum finalised, our deal team was called on to present our proposal to the members of the PV Investment Committee (IC). This IC consists of PV’s managing partners and past partners — ensuring a diverse and objective group of investors.

As we articulated our vision for Zolo’s future and underscored its potential to yield substantial returns, the Investment Committee deliberated thoughtfully before rendering their final decision in a vote to invest in Zolo.

Our biggest learnings as first-time investors

While the investment process may sound straightforward, there were various discussions and considerations that significantly shaped our eye-opening journey as first-year analysts. As we delved deeper into the intricacies of due diligence and decision-making, we encountered several learning points that underscored the importance of thorough analysis and strategic thinking, which we would summarise into the following key takeaways.

Being prepared

Ensuring thorough due diligence and accessing accurate data from reliable sources are paramount in the investment process. This involved comprehensive research, including market analysis, competitor landscape, and financial modelling.

Also Read: Crafting compelling problem statements: Captivating VCs with your vision

For instance, our findings highlighted Zolo’s strong product-market fit, innovative utilisation of technology, and promising growth potential. On top of obtaining data, it is also important to develop a well-rounded perspective about the industry of the startup, which is especially important for us as a sector-agnostic venture capital.

Also, defining the right market that the startup is serving, properly sizing the market with well-founded assumptions and anticipating inquiries from the investment committee is essential.

Having conviction in the deal

Before presenting our proposal to the rest of PV, it was imperative for us to harbour a deep-seated conviction in the potential of Zolo. This conviction stemmed from a thorough evaluation of various aspects, as mentioned earlier.

In Zolo’s case, we were impressed by their ability to address critical pain points within the industry, such as cost reduction, ease of adoption without disrupting existing order-making routines and efficiency enhancement for suppliers and restaurants.

Furthermore, Zolo’s robust management team and strategic vision bolstered our confidence in their ability to execute and scale effectively. These key factors further solidified our conviction in Zolo’s prospects and paved the way for our investment decision.

Embracing teachability

Along the way, our journey involved engaging with diverse stakeholders, including startup founders, fellow analysts, and members of the Investment Committee. These thought-provoking questions and discussions served as invaluable learning opportunities, enabling us to broaden our perspectives and enhance our analytical skills.

While disagreements occasionally arose, we approached them with open-mindedness and constructive dialogue, leveraging diverse viewpoints to arrive at well-informed decisions. Overall, these experiences underscored the importance of adaptability, collaboration, and continuous learning in our roles as investors.

Our final thoughts

As we reminisce about our journey, we deeply appreciate the experiences, mentorship, and personal development opportunities provided by PV. Through our involvement, we’ve gained not only confidence but also first-hand insights into life as a VC analyst.

The world of VC was once an exclusive club, often dominated by finance professionals. PV had shattered those barriers, empowering students from diverse backgrounds like us – computing students, no less – to become skilled investment analysts.

A true highlight of our PV experience was the unparalleled access we gained to some of the region’s most accomplished VCs. These industry leaders generously invested their time in preparing materials, nurturing our potential, and coaching us on a mix of essential soft skills and hard technical competencies.

Their masterclasses weren’t just theoretical – they were top-notch and always included hands-on sessions that pushed us to be ready for entry-level VC roles. They allow us to apply theoretical knowledge in a practical setting, fostering critical thinking, and honing our analytical skills.

These built up to a rigorous and unforgettable experience, pitching and defending our investment recommendation for Zolo in a real boardroom setting. The pressure and lessons learned during this hot seat moment will stay with us for a long time.

Our journey with PV has also reaffirmed our admiration for the entrepreneurial spirit thriving among young founders in Singapore. Interacting directly with founders and being in a community of fellow students in PV who share similar interests has been both enriching and inspiring.

Looking ahead, we’re excited to see the startup scene continue to grow and hope to see more support for students and youths, just like PV has supported us. We also urge aspiring innovators and investors to seek out similar opportunities like PV, where they demonstrate the power of empowering young minds, regardless of background, to become active participants in shaping the future of innovation.

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The shifting global investment climate took a toll on Vietnam’s startup ecosystem, with venture funding declining 52.7 per cent in the first half of 2024 compared to H1 2023, a Tracxn report revealed.

The total funding raised by Vietnam-based startups was down to US$46.5 million in H1 this year, compared to US$98.5 million in H1 2023 and US$77.4 million in H2 2023.

Also Read: SEA startups raised US$371M across 42 rounds in March: Tracxn report

According to Tracxn‘s Geo Semi-Annual Report: Vietnam Tech H1 2024, seed-stage funding decreased 29 per cent to US$5.2 million in H1 this year from US$7.4 million in H2 2023 and a 23.5 per cent decline from US$6.8 million in H1 2023.

Early-stage investments in Vietnam stood at US$41.3 million, a 41 per cent decrease from the US$70 million raised in H2 2023 and a 53.4 per cent drop from US$88.6 million in H1 2023.

No late-stage funding was reported in H1 2024, mirroring the trend from H2 2023, whereas US$3 million was raised in H1 2023.

Transportation and logistics tech, edutech, and retail emerged as the top-performing sectors in H1 2024. Companies in the transportation and logistics tech sector witnessed a 940 per cent spike in funding from US$3 million in H1 2023 to US$31.2 million in the first six months of 2024. The edutech segment also recorded a 280 per cent rise in funding from US$2.5 million in H1 2023 to US$9.52 million in H1 2024.

No new unicorns were created in Vietnam in H1 2024, continuing a similar trend in the previous period. The M&A landscape also contracted, with only two acquisitions in H1 2024 compared to three in H1 2023.

Also Read: Insurtech shines amidst overall funding decline in Indonesia in H1

Key players such as CyberAgent Capital, Insignia Ventures Partners, and Genesia Ventures drove investment activity in Vietnam’s tech ecosystem. Northstar Ventures, Ansible Ventures, and Monk’s Hill Ventures also stood out as significant contributors to the investment landscape in H1 2024.

Despite the funding challenges, Vietnam’s tech startup ecosystem continues to exhibit resilience, driven by strong performances in key sectors and strategic regional investments.

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Singapore-based Pawprints Group, a provider of allergy-friendly pet nutrition products, has raised an undisclosed sum in a seed extension funding round led by Asia Fund X (AFX), an opportunity fund supported by MSW Ventures and anchored by Pavilion Capital.

Existing investors Creative Gorilla Capital and the Japfa Comfeed family office Altrui Investments also joined the round.

Also Read: From pet abandonment to pet care ease

This strategic financing round follows a US$1.7 million seed round announced in November 2023.

The new capital injection and strategic alliances will bolster the Pawprints’s innovation capabilities and operational capacities through measured bench-building and onboarding of veterinary and nutritional experts.

Formulated in accordance with AAFCO (the Association of American Feed Control Officials) standards, Pawprints harnesses the power of the superfood insect protein (black soldier fly) to offer quality hypoallergenic novel protein, along with essential amino acids and minerals crucial for the health of cats and dogs.

Following the launch of its signature Pawprints brand in June 2023, the group claims to have more than doubled its monthly revenue and sold over 120 tons of pet food. It has completed over 35,000 orders and is available in over 700 offline outlets.

Also Read: Insect-based pet food company Pawprints Inspired bags US$1.7M financing

Pawprints aims to capitalise on Asia’s expanding pet care industry, now valued at US$47 billion and growing at a CAGR of 11 per cent. The company plans to penetrate this burgeoning consumer segment by introducing more than ten new product SKUs by the end of 2024.

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Image Credit: Pawprints.

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Global tech giant Amazon plans to develop innovative AI solutions and support Singapore’s Smart Nation and National AI Strategy 2.0 (NAIS 2.0) goals, it announced at the 10th AWS ASEAN Summit in the island nation on Tuesday.

Furthermore, the company’s cloud business unit, Amazon Web Services (AWS), said it plans to invest an additional S$12 billion (US$9 billion) into its existing cloud infrastructure in Singapore from 2024 to 2028. AWS invested S$11.5 billion in the Asia Pacific (Singapore) region through 2023. With the new tranche, the total planned investment into its existing cloud infrastructure is set to double to more than S$23 billion by 2028.

For the AI initiative, Amazon has partnered with SEA-LION, GovTech Singapore’s Analytics.gov, the Maritime and Port Authority of Singapore’s Maritime AI-ML Digital Hub, the National Library Board’s StoryGen, and Synapxe for this initiative, named AWS AI Spring for Singapore.

Also Read: Microsoft to empower 2.5M Southeast Asians with AI skills by 2025

The multifaceted collaboration will help accelerate the adoption of AI and generative AI in the city-state. The programme looks to help advance the government’s goal to triple the pool of AI practitioners to 15,000 over five years.

AWS will collaborate with Institutes of Higher Learnings (IHLs) like universities and polytechnics, and the Institute of Technical Education (ITE) on AI learning, with an aim to train 5,000 individuals across these learning institutions on AI skills yearly over three years, from 2024-2026. It will also leverage its generative AI services to empower teachers and students in IHLs, facilitating their learning, exploration, and experimentation with the technology.

AWS AI Spring for Singapore has six strategic pillars:

1. AI Spring Public Sector: to collaborate on driving AI initiatives within the Singapore Government and government agencies to benefit industries and citizens
2. AI Spring Workforce: a series of AI skilling and professional certification programmes
3. AI Spring Enterprise: to drive AI adoption in local enterprises
4. AI Spring Startups: to nurture core AI startups in Singapore
5. AI Spring Communities: to contribute to community development with AI
6. AI Spring Research and Development: to drive R&D for and with AI.

Elsie Tan, Country Manager, Worldwide Public Sector, Singapore, AWS. “By leveraging AWS’s broadest and deepest set of artificial intelligence and machine learning services, cloud infrastructure, and network, AWS will empower local organisations and students with technology and skills to tackle unique challenges, unlock new opportunities, delight customers, and scale in a secure, resilient, and sustainable manner.”

Also Read: Top 7 startup funding deals in Southeast Asia in April 2024

According to a report by Access Partnership commissioned by AWS ‘Accelerating AI Skills: Preparing the Asia-Pacific Workforce for Jobs of the Future’, hiring AI-skilled talent is a priority for eight in 10 Singapore employers, but 74 per cent struggle to find the AI talent they need, highlighting a looming AI skills gap in the country.

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With my lived experiences in the last 18 months as a software startup founder in Singapore, I hope to make a few points to support the argument that now, June 2024, during the funding winter, is the best time to start a company.

My five main reasons:

Money is plenty, especially in Singapore

The VC funds and family offices have only increased in weight over the last few years. The interest rate environment has only pushed the ecosystem to apply more scrutiny, but it didn’t reduce the overall fund size, and there is added pressure to find great ways to invest.

One little thing that helped persuade me to start the company right after the first Meta layoff was a simple thought: “Anyone I approach on Orchard Road can probably shed 50k easily to angel invest”. It’s hilariously naive, but it’s somehow on point; money is plenty enough for the early stage to get off the ground.

You stand out because good projects and teams are scarce

On the contrary, the founder population declined. I have a few hypotheses:

• Less “free money” resulted in less “tourists” venturing into the game
• Calculated folks are treasuring their current salary-making positions more, resulting in less risk-taking

Interestingly, I argue that it’s much easier for good founding teams, and good projects to stand out now. It means you have stronger commitment to the cause.

The focus you get now is unparalleled

You get less pressure to spray money just because of FOMO. In a bull market, everyone worries about being outcompeted by sheer capital, resulting in less solid strategic thinking, soaking in customer feedback and long-term behaviour, and solidifying good value propositions and strong plays. In a bear market, you get less external pressure to deploy money in a dumb way.

We (Heymax.ai) are super lucky at this point. I don’t think we have known exactly what we are doing for quite a long time. In the first 15 months, the luxury of simply exploring wild thoughts and the room to wiggle around and test out different ideas without the pressure to burn money and prove some fake results were critical to our eventual growth.

Also Read: Confessions of a founder: There’s no fun in fundraising in 2024

Bear market helps to dissuade quick followers. Whether it’s small company (no investors want to just bet on “money will fast track my portco over the current market leader”) or large companies (everyone worried about the potential of layoff, less risk taking, less room to change strategies just so that it can squash a smaller competitor) — you get more room to think, tinker and grow.

You can time your growth phase to warm the funding phase

This is the critical piece. For software companies, money helps to grow the company, not to build the company. Ideally, during funding winter, you build the value proposition, early traction and moat, figure out the growth strategies in a sustainable manner.

When spring comes, guess what, you’re the prime target for any fund who are looking to now quickly deploy their dry powder! It seriously took us 15 months to get some sort of clarity on what we are actually building, even though, along the way, we always pretend we know.

Don’t wait till spring to start!

Talents!

Do I need to say more here? Co-founders and early founding teams are the hardest things to get right in my past startup experiences. If it were not for the tech winter and specifically the Meta layoff, we would not have had the luck to quickly get so many talented people together to build the companies. I could’ve easily spent a year trying to find the right co-founders. Winter is a good reshuffle of resources, and it’s clearly in early-stage startups’ favour.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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Artificial intelligence (AI) is here to stay, and its role in business continues to grow. However, while 70 per cent of business leaders anticipate that AI will disrupt their industry within the next five years, only 20 per cent feel their organisation is adequately prepared for this impending change.

According to a recent poll, in order to address this issue, 66 per cent of executives will recruit AI specialists externally, while 34 per cent said they will train existing staff to fill the technological gap.

But is this enough? What do business leaders really need to know about artificial intelligence – and how exactly can we utilise this wave of technology to increase our return on investment (ROI) significantly?

This article is designed to shine a light not only on the power of AI in business but also on real-life, usable steps for incorporating AI into a company seamlessly and successfully.

The benefits of AI

Let’s take a look at the various benefits AI can bring to a business. For us at Lean Partner, we merge the Lean Six Sigma methodology with our approach to using AI in several ways, where everything we do must create value for the end customer.

With this in mind, the first big benefit is that AI can greatly improve productivity. With AI automating repetitive tasks, business leaders can focus on enhancing customer service or developing new products instead of worrying about manual data entry or account management.

In fact, when it comes to improving customer service, AI can also play a role. Through Natural Language Processing (NLP) and machine learning capabilities, AI-based customer service platforms are able to speed up response times and offer personalised recommendations based on purchase or browsing history, improving the overall customer experience.

From here, let’s look at how AI can impact both sales and marketing strategies. Business owners can use AI to gather data on customer preferences, market profiles, and competitor activities. In turn, AI’s more efficient capacity for data analytics can also identify the best ways to allocate marketing budgets and which marketing channels are more likely to bear fruit – and of course, automating marketing tasks is a breeze with AI as well.

Finally, let’s look at every business’s bread and butter – finance. At the root level, AI is fantastic for anything involving numbers, so budgeting, forecasting and planning can be completely automated, as well as cash flow and liquidity management and other operational support services.

Also Read: From experts: Tips to improve operations and maximise ROI

Looking even further afield, AI can also assist with risk management, fraud detection, and tax optimisation, or even compliance with regulations around reporting corporate earnings or bank accounts abroad! All in all, it’s clear that using AI can make any business run smoother, faster, and more efficiently.

Using AI to Improve Your ROI

With all that in mind, here are four practical steps any business owner can take to start implementing AI into the day-to-day workflow. Firstly, identify high-impact areas by asking, “Which parts of the business can quickly and positively benefit from AI?” For example, an e-commerce company could start by automating the categorization and tagging of product images to save time and improve accuracy.

Next, create a strategic AI roadmap with clear goals for the identified high-impact areas. Using the example above, the goal could be to reduce image tagging time by 50% within six months. Start with a small pilot project to test various AI image recognition tools and identify the best one. Once found, implement that tool for all product images.

On that note, the third step is to invest in both the right tools and talent. While having image recognition software is good, for further efficiency, finding a machine learning-based image recognition tool that can automatically tag product images and continuously update its own database would work even better. Then, hiring a data scientist to lead the project and train the team on using the new tool would be the perfect follow-up.

Also Read: The future of finance: ESG integration in tokenised funding

Finally, it is imperative to continuously monitor and optimise the AI tool. Here, the measurable data points to track regularly include the time saved and the overall accuracy of the AI tool. This ongoing monitoring allows for adjustments and refinements to the tool’s settings, facilitating further enhancements in its performance over time.

The stories of AI-forward success

We not only wholeheartedly believe in the power of AI to completely transform operational efficiency, but have seen it for ourselves. Among the clients we’ve assisted, many have been able to leverage AI tools to improve their day-to-day workflow in leaps and bounds.

For one, a hospital used AI for early disease detection, analysing patient data to swiftly identify disease patterns for faster diagnoses and improved patient outcomes. Similarly, a bank employed AI to detect fraudulent transactions, automatically flagging suspicious activities to prevent financial losses and maintain customer trust.

Additionally, we also assisted a manufacturing plant in integrating AI for predictive maintenance, analysing machinery sensor data to predict and prevent equipment failures, reducing downtime, and production losses, and extending equipment lifespan.

In conclusion, the integration of AI technologies offers a practical pathway to achieving – and even surpassing – a 10x ROI. The strategic application of AI can unlock new levels of efficiency, innovation, and profitability. The journey of using AI to boost ROI is complex, but with the right approach, it is well within reach for businesses ready to embrace the AI revolution.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

Join our e27 Telegram group, FB community, or like the e27 Facebook page.

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At the sidelines of the recent SuperAI 2024 event in Singapore, Vishal Harnal, Global Managing Partner at 500 Global, revealed the challenges businesses in Southeast Asia (SEA) face in adopting new technology, including Artificial Intelligence (AI).

According to him, businesses in the region tend to move slower in this matter.

“Traditional businesses in SEA are generally slower in adopting technology, but that is changing as the first wave of successful tech startups has emerged. Prior to 2012/2013, the idea of a small company selling a technological solution to a large enterprise is new behaviour,” he told e27.

“In the last five years, this has changed as established companies witness their competitors adopting new innovations and becoming more technologically proficient.”

In general, there are two hurdles that businesses are facing when it comes to new technology adoption.

“The first hurdle is that, for traditional enterprises adopting AI often requires significant changes to processes, skills, and culture. Many established companies lack the technological fluency to implement AI solutions,” he said, adding that changes are now more apparent as the next generation of leaders make technology purchasing and acquisition decisions.

“The second hurdle is that AI applications are still in their nascent stages, and the suite of enterprise-ready products and services are still being built.”

Also Read: Artificial intelligence and the art of building presentations

In this interview, Harnal explains in more detail how 500 Global approaches investing in AI, which has gained a significant surge in popularity recently.

The following is an edited excerpt of the conversation:

What is your investment strategy in Asia, particularly regarding AI?

500 Global is a multi-stage venture capital firm. We invest worldwide and have backed 3,000+ companies operating in 80+ countries in various sectors. The volume of our investments over the last 14 years has allowed us to build our expertise and sharpen our long-term investment theses in Asia and globally.

We think about where the world will be in the next five to ten years, the main drivers of value, what consumers will want, and the way we live, work and play. We identify and invest in technological trends that are hard for the mind to comprehend today but that we believe will drive the global economy in the future.

One of the trends we identified well ahead of the curve in SEA is agritech. In 2015, we started building a thesis around agriculture. SEA is home to large agrarian communities, with eight out of 10 countries in ASEAN dependent on agriculture and its production. Yet, farming practices were primitive, and farmers were disconnected from technology.

So, we invested in a company called eFishery, a full-stack fish and shrimp farming management system (app, IoT devices, and SaaS) supporting more than 200,000 fish and shrimp farmers across 280 cities in Indonesia, and has also launched in India with plans to expand its footprint to five new states by the end of 2024.

eFishery is boosting aquafarm productivity and sustainability by equipping farmers with an AI co-pilot that understands their language (Bahasa Indonesia, Javanese, and English). This allows farmers to actually use the data collected to get answers on how to optimise their farms.

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500 Global has been looking into what we’re now calling AI for about eight or nine years now, so it is one of our long-term investment thesis. Back then, we thought about AI more from the perspective of machine learning and automation before it became mainstream in the minds of the public with ChatGPT in 2022.

We see AI opportunities in three main areas: infrastructure/model building, tooling, and applications. The area we invest in depends on the strength of the markets.

Infrastructure/model-building startups that we invest in are based in the US, Canada, and Europe, and even researchers who move to Japan. For instance, we invested in a company called Sakana AI, an AI research lab at the forefront of exploring alternatives to foundation models that are more adaptive and resilient.

In Singapore, we recently invested in a photonics company focused on supporting data centres in achieving higher computing power for AI.

Tooling is often an overlooked category in general; opportunities in this area are generally in more mature AI markets like the US. In 2009, we invested in Twilio, an AI-powered SaaS company that strengthens businesses’ customer engagement by unifying their data to build insightful customer journey maps.

Applications impact all of us, and this is where we see investment opportunities globally. Startups are using AI to build products and services that solve real problems and create value for their customers.

So, when you look at companies across these three different layers, are there any specific criteria that you use to decide that “this is the company that I invest in”?

It really depends on what area you are targeting in the AI ecosystem.

With infrastructure/model building, we look for subject matter experts with a deep knowledge of AI. As a generalist, you are unlikely to understand the opportunities meaningfully without understanding the core technology and developments. The people in our team who are investing actively in AI are conversant in the scientific research and papers that post-docs are publishing in this space.

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With applications, we look for companies that use AI non-trivially to significantly optimise how they run their business, such as lowering costs or increasing productivity. With AI, what you need to scale changes phenomenally. Even for companies in SEA, AI can allow early-stage founders to punch above their weight.

As for the team, we look for exceptional founding teams with a strong mix of technical expertise in AI/ML and deep domain knowledge in their target industry. They should have a clear vision of how AI can create value for their customers.

What is the big plan when it comes to AI for this year? Apart from all the companies that you have already invested in, is there anything else that you are looking at?

The thinking needs to shift from “Are you looking for AI companies?” to thinking about AI as a technology layer that everyone will adopt somehow.

From an investment perspective, we are focusing on two broad areas:

Companies building core AI hardware. For instance, we’re bullish on the chip space as SEA has been a semiconductor manufacturing hub for the rest of the world, especially in Malaysia.

Companies building vertical AI applications. We are doubling down on startups building specialized AI applications for specific industry verticals such as agriculture, healthcare, finance, and more. These solutions are tailored to each sector’s unique challenges and data environments, enabling faster adoption and value creation.

One thing I have noticed that has not reached its full potential in SEA is the integration of AI into the startup stack—how startups are utilising AI tools to significantly lower costs and increase their efficiency. It is not happening at the scale it is in the US, so I hope that changes and global teams like ours can help accelerate it.

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Opilot, a Singapore-based AI startup focusing on data privacy and protection, has raised an undisclosed pre-seed amount from Iterative Capital.

This capital will allow it to scale its premium and enterprise tiers as it begins pilot tests with companies.

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With the increase in AI adoption across the workforce, more people are using AI to write emails, create reports and brainstorm ideas. However, the data shared could put users and businesses at risk — with client data, business data and trade secrets at stake.

As a result, companies have started banning or restricting AI usage, resulting in non-compliant workarounds, such as employees using their personal ChatGPT accounts to process emails and company data.

Opilot seeks to create a win-win solution, with employees and companies benefiting from AI to improve overall productivity while maintaining airtight data privacy and protection.

The startup has launched a local, secure, and private AI copilot solution running fully on-device, which is particularly useful for industries or functions that demand the highest data protection and confidentiality standards.

Also Read: Navigating the AI landscape in 2024: Why there is an urgency for enhanced governance

With Opilot, all data is processed locally, with no inputs shared with cloud servers. This additional layer of data protection prevents data breaches encountered by companies using cloud-based services, such as ChatGPT.

Industries that have held back AI usage for employees, such as law and insurance, can increase their productivity as even their most sensitive information, such as contracts with client data or financial models, can now be processed securely.

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Image Credit: Opilot.

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A new era has dawned. The era of Gen Z consumerism. And the travel industry is reaping benefits for young consumers today. For younger generations, travel isn’t just an occasional indulgence — it’s a top priority.

According to a recent McKinsey survey, 66 per cent of travellers are now more interested in travel than they were before the COVID-19 pandemic. And this surge in interest is particularly strong among Gen Zs and Millennials.

And they’re not just talking about it, they’re making it happen. In fact, they are planning more trips in 2024 than they did in 2023. In 2023, they took an average of nearly five trips each, outpacing Gen Xs and Baby Boomers, who took fewer than four.

Travel for Gen Zs and Millennials is more than just ticking off destinations on a map; it’s about creating memorable experiences, discovering new cultures, and sharing these moments on social media. This shift in travel preferences and behaviours is becoming more and more prevalent.

Experience over expenses

For Gen Z and Millennial travellers, it’s all about the experience.

A McKinsey survey revealed that 33 per cent of consumers plan to splurge on travel, making it the third most popular splurge category (behind eating at home and eating out). And of these consumers, younger generations are more willing to devote significant spend towards travel experiences, compared to other generations.

These younger generations prioritise immersive experiences, cultural encounters, and Instagram-worthy moments over the cost of their trips. They’re willing to splurge over US$2,000 to make their travel dreams a reality and create meaningful adventures.

And for those who splurge on travel, they’re determined to cut costs in other areas before trimming their spending on travel experiences. They’re willing to save on flights and local transportation, but when it comes to unique and memorable experiences, they’re all in.

Social media influence

The influence of social media creators is massive. Around 80 per cent of travel bookings are now influenced by their recommendations.

Travel content creators make destinations come alive with authentic, personal stories that feel more relatable than traditional ads. They highlight not just the must-see sights but also the little-known gems, making followers feel like they’re getting tips from a local friend; and in turn, driving FOMO (fear of missing out) of course.

Take TikTok for example. TikTok has completely changed the game for travel inspiration. With a whopping over 443 million views on #travel content, TikTok is one of the key channels where young travellers turn for fresh ideas and hidden gems.

The power of TikTok lies in its ability to deliver bite-sized, visually compelling content that captures the imagination and sparks wanderlust in seconds. It is the ultimate match for the content consumption habits of the younger generation.

Intentional travel planners

Contrary to the stereotype of spontaneous youth, Gen Z and Millennial travellers are becoming more intentional planners, with 65 per cent of them organizing their trips 2-6 months in advance. This trend highlights their independent travel habits, centered around their desire for control, flexibility, and maximising their travel experiences.

These young travellers love the pre-trip planning process. It’s part of the excitement, the buildup to the adventure. This intentional approach ensures they get the most out of their travel experiences, balancing spontaneity with a well-thought-out plan.

What next?

Gen Z and Millennials are redefining travel. They’re not just tourists; they’re explorers, planners, and storytellers, shaping the future of travel with their passion for meaningful, well-crafted adventures.

The travel industry must adapt to these shifting preferences, catering to the experiential demands of these next-gen travellers. By understanding their priorities and behaviours, travel businesses can curate tailored experiences, leveraging social media influencers and intentional planning to stay ahead in the game.

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