In an era where technology influences nearly every facet of life, education is no exception. As a global leader in technological adoption, Singapore is pioneering a significant shift in education through the Ministry of Education’s (MOE) EdTech Masterplan 2030, which seeks to integrate technology into classrooms fully, enhancing teaching methods and learning outcomes.

As the world rapidly moves toward a digital future, schools and parents need to ensure that students are not only prepared to navigate this landscape but are also equipped to lead in it.

The move towards tech-driven education

Digital literacy has become a critical focus as Singapore’s education system evolves, extending beyond basic tech skills that encompass the ability to manage, analyse, and critically evaluate digital information. Central to this evolution is the emphasis on Artificial Intelligence (AI) literacy, with the MOE equipping students not only to use AI but also to understand its potential and limitations.

AI is swiftly becoming a cornerstone of modern technology, and its significance is expected to grow. Singapore’s educational approach is designed to ensure that students are prepared to harness AI effectively, both in their academic pursuits and future careers. This forward-thinking strategy aims to provide students with the skills needed for a future where AI will be central to nearly every industry.

Edutech’s role in personalising education

The integration of EdTech into Singapore’s classrooms is more than just adding new tools — it signals a shift towards transforming educational practices to better meet the diverse needs of students. Traditionally, education has relied on a “one size fits all” model, where uniform teaching methods and curricula were designed to cater to the average student.

While this approach has served its purpose for generations, it often falls short in accommodating the varied learning styles, paces, and abilities of today’s students. EdTech offers a transformative alternative, enabling personalised learning experiences that cater to individual needs, fostering a more inclusive and effective educational environment.

This shift from a teacher-centric to a learner-centric approach reflects a broader movement in education, where technology plays a crucial role in facilitating differentiation. For example, edutech platforms offer features that allow teachers to engage in personalised, one-on-one interactions with students, providing targeted support based on individual requirements.

Additionally, these platforms can adapt to the level of difficulty in classroom questions, challenging students of all abilities appropriately. Higher-order questions can stimulate advanced learners, while foundational exercises help those needing additional support.

Why is edutech poised to become the next big thing?

As global education systems increasingly turn to technology, the potential of edutech to reshape learning is immense, with innovations on the brink of revolutionising how we educate future generations.

Among these innovations, Virtual and Augmented Reality (VR/AR) and gamification are emerging as powerful tools that can elevate education by transforming traditional classrooms into immersive, experiential environments. These technologies offer dynamic learning experiences that engage students in ways conventional methods cannot.

Also Read: Edutech is surging, but here are the 3 issues it is facing

Imagine history lessons brought to life through VR, where students can “visit” ancient civilisations and witness historical events firsthand. Consider AR in science classes, enabling students to visualise complex biological processes or chemic al reactions in three dimensions, making abstract concepts more tangible and easier to grasp.

Gamification is another trend gaining momentum in education, as it integrates game-like elements into learning, turning lessons into interactive and engaging challenges. By tapping into students’ natural affinity for play, gamification can transform learning from a routine task into an exciting adventure.

By using real-time dynamic representations of virtual manipulatives in mathematics lessons, students can understand abstract concepts more effectively, making learning both enjoyable and productive.

Looking ahead: Shaping the future of education

The integration of these technologies is not merely about adopting new methods, but about fundamentally reimagining the educational experience.

In Singapore, the future of learning involves harnessing technology to foster a more inclusive and adaptive educational environment. This shift aims to turn students into active participants, driven by curiosity and exploration, while extending learning beyond the traditional classroom into a dynamic digital realm.

Initiatives like the EdTech Masterplan 2030 are leading this transformation, setting a global benchmark for innovation in education. As Singapore continues to pioneer in this space, it exemplifies how the digital classroom is not a distant dream but a current reality shaping the future of education.

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As I went looking for a new pair of sneakers the other day, you could immediately feel the buzz, or not, with the different brands.  Adidas looked revitalised with the “Samba” or “Gazelles” lines. Hoka and their big, almost platform-like soles seemed to be everywhere.  “On”, as a new brand, seems to be pumping, and even New Balance has a bit of pizzazz.

For streetwear like sneakers, there is either buzz or not…. a zeitgeist that captures what’s “in”. Nike, in comparison to other brands, looked stale, like an also-ran brand. It also seemed to be less prevalent — I just didn’t see it as much in my sneaker-shopping journey.

As I dug a little deeper, I saw that the stock has tanked and is half of what it was a year and a half ago. And as we speak, there is a huge investor activist push for significant change.

Yikes, Nike, what happened?

Nike has long personified innovation and leadership in key sporting goods categories such as basketball or running.   The new incoming CEO (John Donahoe) inherited this rich legacy but wanted to show his leadership.   Lots of media coverage and analysis love to point out that he engaged McKinsey, and the strategy outcome was to reorganise and double-down on “digital-first” to drive new efficiencies.

The theory behind the new strategy was to move away from divisions around individual sports categories and go deeper on demographic/persona data and analytics.   This would enable the company to sell more to each market segment.   Simultaneously it would increase digital direct-to-consumer, improve margin and adjust its ecosystem players, such as reducing on-prem wholesaler and retail partners.

“These changes led to hundreds of layoffs and a reorganisation of the company into men’s, women’s, and kids’ categories, moving away from divisions focused on individual sports.”

Nike took its eye off the ball.

True category innovation at the sport level was stifled.  The focus became initiatives such as “how do we sell more to the 35 – 45 male, runner segment?”   And it is less about innovation, and driving the sports categories, and more about a 360 view of consumer behaviour.

Also Read: Lead, don’t follow: The essential guide to category creation and market domination

In other words, I don’t lead you, I listen to you. And that perspective went all wrong: “the company’s failure to innovate and reliance on classic models like Air Force 1s, Air Jordan 1s, and Dunks have left it vulnerable in a rapidly evolving market.”

The leadership and innovation at the category level was kicked aside, in favour of a flawed go-to-market strategy.

If you want to read more on this monumental failure, then The Atlantic had a great article in January this year pointing out the raft of issues from flooding the market with too many of the same line, to a market exhaustion with the retro-cool of Air Jordans.  Unfortunately, they weren’t cool anymore and competitors stole a step on Nike.

And that is at the heart of the issue: true Category Designers and Innovators don’t just look at the data. They look beyond past behaviour. They look at the problem from a different perspective. What’s happening on the urban basketball courts? What happens before and after the hoops game? What’s the missing and how can I attack and solve this gap/problem? How do I define and truly lead the Category?

Also Read: Leading the category, then losing it all: What WeWork can teach us

So Nike whiffed big time on creativity and innovation in the key categories that they used to lead.  And then they made it worse.

Categories don’t exist as a singular company and need an ecosystem to endure. Nike by all accounts messed that up as well.  The overwhelming focus on D2C seemed like a great way to drive improved efficiencies and margin. They exited multiple wholesale and retail relationships (and are now negotiating to get them back). The reality is that many consumers still wanted the physical experience to look and feel the shoe.

Key analysts have commented “Nike’s decision to disengage from long-standing wholesale partners in favor of a direct-to-consumer strategy backfired.  This move allowed competitors like Hoka, On, and New Balance to capture market share at key retail chains.”  Nike clearly blinked, and the competition moved on it.

Will Nike get its “soul” (“sole” ahem) back? They are hiring previous talents who left and that may help, but at the heart of the issue is innovation at Category level, reinforced with an ecosystem that buys into that vision and leadership.

Of all brands, we expect Nike to lead, and not follow. Somehow that got lost, and we will now need to see if they can just do it.

For nimble startups and aggressive growth companies, it offers a master-class in how to look at their own category and ecosystem, and seize opportunities when the competition blinks.

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The post Seizing opportunity when the competition blinks: Look for category and ecosystem openings appeared first on e27.

Dear reader,

TNG Digital’s potential IPO signals a significant milestone for Malaysia’s fintech landscape. As the largest fintech player in the country, the company has grown rapidly since its inception in 2017 through strategic partnerships with major global players like Ant Financial and Alibaba’s Lazada.

The projected IPO, which could raise over US$300 million, highlights its ambition to strengthen its presence both domestically and across Southeast Asia. The move also aligns with the broader trend of the region’s tech firms seeking capital to expand and compete in a region marked by digitalization and fast-growing financial inclusion.

TNG Digital’s services, including its widely adopted Touch ‘n Go eWallet, already position it as a key enabler of digital payments in Malaysia, boasting over 20 million verified users. With cross-border capabilities and partnerships with global payment giants like Visa, the company is poised for further growth, potentially reaching unicorn status before the IPO.

This expansion into adjacent financial services, such as lending, remittances, and insurance, will only solidify its leadership in the digital financial ecosystem.

However, the timeline remains fluid, as ongoing deliberations suggest the company is carefully considering market conditions before making a final decision on its public offering.

Sainul,
Editor.

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NEWS & VIEWS

TNG Digital eyes Malaysian IPO in next 2-3 years, sources say
The Malaysian fintech could raise over US$300M; TNG Digital could potentially fetch the valuation of a unicorn before the potential IPO; The company raised US$179.30M from an equity funding round in 2022 led by Lazada and Touch ‘n Go.

Google CEO Sundar Pichai announces US$120M fund for global AI education
Pichai pointed to four broad opportunities for AI: helping people access information in their own language, accelerating scientific discovery, providing alerts and tracking around climate disasters, and fueling economic progress.

Crypto scammers hack OpenAI’s press account on X
Late Monday afternoon, OpenAI Newsroom, an account OpenAI recently created to spotlight product- and policy-related announcements, posted about a supposedly new OpenAI-branded blockchain token, “$OPENAI.”

SoftBank’s Masayoshi Son has been planning his comeback
Son largely disappeared from the public eye after SoftBank’s Vision Fund took huge losses from investments like WeWork; Now SoftBank is betting big on AI, and finding success by taking chip design company Arm public.

Temasek-backed ABC Impact leads Aye Finance’s US$30M Series G
Aye is an MSME lender; With a national presence spanning over 478 branches, Aye has diversified its product offerings to cater to the diverse needs of India’s rapidly growing MSME customer segment across various industries and clusters.

Adam Neumann’s startup Flow opens co-living community in Saudi Arabia
The rent for the furnished units starts at US$3,500 a month and includes hotel-style services such as laundry and housekeeping; Flow is building three other properties with nearly 1,000 apartments in Riyadh.

India’s Oyo acquires Motel 6 for US$525M
The Indian startup opened its first US location in 2019 and now operates more than 320 hotels across 35 states; Motel 6 is arguably the best-known budget motel brand in the US, with a franchise network of around 1,500 locations in the US and Canada.

Sam Altman catapults past founder mode into ‘god mode’ with latest AI post
The OpenAI leader presents an incredibly positive update on the state of AI, hyping its world-changing potential; Far from being an occasionally helpful alternative to a Google search or a homework helper, AI will change humanity’s progress.

MDEC launches investor matching programme
It is a key initiative aimed at connecting tech startups with a vast network of investors; Since its inception in 2020, the programme has facilitated over US$300M in capital matching, significantly supporting the growth of Malaysia’s digital economy.

Vietnam’s VinFast’s Q2 gross loss widens on impairment charge
The gross loss stood at US$224M, which is equivalent to a gross margin of negative 62.7%; This was primarily due to an impairment charge on NRV of US$104 million, compared to US$5 million in Q1.

Indonesia’s eFishery to expand Indian market after positive first year achievements
In India, eFishery has adopted business practices that have been implemented in Indonesia, including the automated smart eFeeder, feed trading services, fingerling support, medication, and pond management with best practices for farmers.

Mox Capital announces strategic support for rapid-scaling startups across SEA
COO Nguyen Dinh Giang said the US-based VC firm seeks to nurture rapid growth in Vietnam and Southeast Asia, especially those that fit the fund’s fast pace and alternative mandate.

FEATURES & INTERVIEWS

The future of Thai startups: Key players shaping the ecosystem
Thailand’s startup ecosystem is booming, driven by government support, investor interest, and key sectors like fintech and agritech.

FROM ARCHIVES

Expert advice for crafting a winning pitch deck, straight from the community
While there are many factors that contribute to the success of a fundraising process, you want to make sure that your pitch deck is spot on.

Cracking the code: Key traction metrics early-stage investors seek in startups
Different investors might consider different traction metrics, depending on the verticals that the startup is working on.

Innovation meets piety: How Netverse sets itself apart as a sharia-compliant metaverse
The IBF Net Group’s involvement in Web3 includes the IBFX token and a number of blockchain projects, including Netverse.

Muuse wants to eliminate single-use containers in Singapore’s thriving F&B scene
In this project, Muuse received support from the SG Eco Fund. It is also expected to launch a full commercial partnership in 2024.

Evercomm wants to pave the way for corporate decarbonisation success
In 2024, Evercomm is looking forward to expanding to the Middle East and Europe, after winning an award at the COP28.

Startups should celebrate failures. This is how to keep the experimenting culture alive
As founders, how do decide which experiments to run and what needs to be considered before experimenting? Startups should celebrate failures.

Essential insights: Crafting a comprehensive cap table for founders
When preparing for a cap table, pre- and post-money valuations are some of the key elements that founders must consider and include.

Visenze reveals its approach to B2B customer acquisition
B2B platforms have their own unique approach to customer acquisition. This is how Visenze does theirs.

The way startups are finding out if there is a pain point to solve
Only when the customers are willing to pay for the solution can the idea be said to be validated.

The coworking experience is not just about space but more about community
Coworking spaces are pushing the boundaries of traditional office spaces, embodying the perfect representation of the modern world.

Equity harmony: Strategies for fair founder equity distribution without discord
So, how much equity should you give your co-founder so that he feels motivated to join and work long hours to make the company successful?

THOUGHT LEADERSHIP

Brands as forces for change: Shaping the future through purpose
In today’s world, where things are fractured — geopolitically, socially, economically — brands have the power to bring people together.

Mastering AI prompt craft: One rule to rule them all
AI models are powerful, but they rely on clear, structured, and thoughtful inputs to generate useful outputs; A well-crafted prompt can save you time, ensure more relevant results, and enable you to fully leverage the AI’s capabilities.

Transforming customer insights into preventative wellness solutions: NalaGenetics’ story
NalaGenetics integrates preventive care with genetic testing to improve health outcomes and drive lasting change.

Filling the funding gap to fuel startup success
Thankfully, the landscape of startup financing is undergoing a significant transformation with the emergence of alternative funding options.

How to use Gen AI enabled chatbots for workplace safety?
By using the power of Gen AI, industries can not only meet but exceed current safety standards, setting a new benchmark for the future.

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The post Ecosystem Roundup: TNG Digital eyes IPO in 2-3 years | Google CEO announces US$120M fund for AI education | Oyo acquires Motel 6 for US$525M appeared first on e27.

Yield Guild Games (YGG) is a Web3 guild protocol that enables players and gaming guilds to find their community and discover games. It allows people to earn rewards by playing Web3 games and participating in the global decentralised digital economy. It has a network of gaming guilds focused on Web3 games, reaching over 7 million players globally,

The company recently launched Future of Work, a programme that matches AI and DePIN’s (Decentralised Physical Infrastructure Networks) training and growth needs with a global talent pool.

In this interview with e27, YGG co-founder Beryl Li shares more insights into the Future of Work programme.

Edited excerpts:

YGG started with the play-to-earn (P2E) model during the pandemic. How did this evolve into the Future of Work programme, and what inspired this expansion beyond gaming?

In late 2020, YGG spearheaded the P2E movement, allowing people to earn rewards by playing Web3 games and participating in the global decentralised digital economy. This was a lifeline for those locked down amid the COVID-19 pandemic and otherwise unable to work. 

Today, YGG represents a diverse and globally dispersed decentralised community with extensive experience completing in-game tasks and quests for rewards. Gamers have an intrinsic desire to improve their skills, demonstrate achievement, and level up, reflecting their pursuit of mastery.

Also Read: How Web3 games are taking the attention economy to the next level

As such, expanding beyond gaming into other emerging technologies that offer similar opportunities to learn, earn and grow was a natural progression for YGG. 

In a press release, you mentioned that 1,000+ YGG community members have participated in Future of Work’spilot activities. Can you share more details on the types of tasks they’ve worked on and the impact these tasks have had on both participants and AI training?

In the last iteration of one of YGG’s questing initiatives, the Guild Advancement Programme (GAP), we introduced AI Bounties, a set of quests with our AI partners FrodoBots, Navigate and Sapien. 

We successfully onboarded our community into these AI platforms through GAP, with 3,095 participants signing up for the quests. Questing adds a layer of fun to completing microtasks like data labelling. It challenges them to test their skills and reach milestones on these platforms while rewarding participants for their contributions. Above all, these activities are something they can do together as a community.

We are also partnered with Synesis One, another platform that trains AI models. It is opening up new types of tasks on its platform, and it started by working with us to deliver a pilot programme in which a small group of people were selected to complete a range of tasks.

For this group to be successful and provide helpful feedback, we needed to provide a level of training and upskilling, which we deliver through our onboarding and educational programme, Web3 Metaversity. 

We are very intentional about the types of AI training opportunities we introduce to our community. We only partner with projects whose vision aligns with ours. Our partners are driven to democratise data and sincerely want to uplift our community and improve the world.

You also noted that human input is crucial for AI training. Why is it crucial? How does YGG ensure that its members’ contributions are valuable and aligned with AI systems’ requirements?

Human input is crucial to AI training algorithms and refining data sets. It is also crucial to AI labelling because it ensures the accuracy, relevance, and contextual understanding of data that machines lack.

Additionally, human input enables the continuous adaptation of AI models to evolving real-world scenarios, cultural sensitivities, and ethical standards. Likewise, in DePIN, resources like spare GPU or CPU capacity are in demand. 

Gamification can be an effective strategy to encourage more people to contribute specialised knowledge for training AI models by making the process engaging, rewarding, and accessible. By incorporating elements like points, leaderboards, challenges, and rewards, contributors are motivated to participate in tasks like labelling data, identifying patterns, or correcting errors in AI systems.

Also Read: Web3 games should aim to have sustainable tokenomics, ecosystems: Froyo Games’s Douglas Gan

This approach transforms a typically monotonous task into a fun and competitive experience, attracting more participants, including experts in specialised fields. Gamification also fosters a sense of community and purpose, allowing contributors to feel that their input is valuable and impactful. Thus, it improves both the quantity and quality of the data used to train AI models.

YGG has a vast global network of gamers. How are you attracting non-gaming participants to the Future of Work program, and how do you help them transition into these roles?

Our community is always keen to try something new. We’ve already introduced our community to a few Future of Work partners through GAP and Web3 Metaversity, and we see a lot of traction from gamers trying out our AI bounties. 

GAP quests and bounties are a great way to onboard the YGG community to new partner platforms while welcoming newcomers. GAP incentivises participants to explore new products from our partners by rewarding them with soulbound tokens (SBTs) and YGG tokens for every quest they complete. It’s a lot of fun for the community because they are working on their quests together while sharing tips and strategies to support each other.

The SBTs they collect enable them to build their on-chain reputation. Our community feels a greater sense of fulfilment because they understand that these are the skills of the future that will open them up to all sorts of economic opportunities.

We also have comprehensive education programmes to bring to our community at in-real-life (IRL) events. For example, Web3 Metaversity was a highlight at the YGG Pilipinas Roadtrip, where we travelled to six cities in the Philippines and onboarded new members to our Filipino community. We partnered with schools and universities to educate students on emerging technologies and teach them the skills they need to take on those opportunities.

How does YGG’s Web3 Metaversity equip its members for the future workforce? 

To ensure equal access, YGG provides onboarding and educational guidance to its community members through initiatives such as its Web3 Metaversity programme, which conducts learning activities to equip community members with skills needed in the web3 ecosystem.

Participants hone their community-building skills through the programme, and our graduates can eventually pursue careers as community managers or moderators, events organisers, media analysts, content creators, and more. 

Web3 is one of the world’s fastest-growing industries, and there is a huge need for skilled and knowledgeable people to fill a range of roles. We aim to help the YGG community be in the best possible position to take advantage of these exciting new job opportunities and career pathways. 

How has YGG’s Future of Work programme impacted the lives of participants, especially those in emerging economies? 

Our collaboration with Web3 Metaversity has allowed us to empower people from remote places who may not haveaccess to all the education and job opportunities more widely available in the city centres. We’ve seen this in the Philippines, where locals from far-flung provinces would travel together in groups to attend the YGG Pilipinas Roadtrip, which visited five major regional locations, including Batangas, Baguio, Davao, Cebu and Bacolod, as well as Metro Manila.

Also Read: How Sipher won high-profile VCs’ hearts even before its blockchain games hit the market

This demonstrates the great value our growing community attributes to the upskilling opportunities we can provide through our online and offline programmes and events. 

As I previously noted, more than 1,000 people have participated in our pilot programmes. Each has had fun and earned rewards while learning in-demand skills in AI and DePIN. These pilot programmes are a springboard for participants to uncover more earning opportunities in emerging technology industries through YGG and beyond. 

How do you see AI, DePIN, and Web3 technologies shaping the future of work globally? What role do you believe YGG will play in this evolution? 

The popular sentiment around AI continues to be that it will destroy jobs and take away people’s livelihoods. Similarly, while we’ve seen tremendous progress in Web3 over these past couple of cycles, we are still quite early, and the industry continues to face scepticism and pushback. New technology may elicit fear and anxiety, but societal and economic advancement cannot be made without technological disruption.

YGG has always been at the forefront of emerging technologies. We’re cultivating a global community that doesn’t fear disruption but embraces it as the key to growth and progress. We are developing our initiatives to bring these opportunities to as many people as possible.

We want to show that while emerging technologies like AI may phase out some jobs, they will also create new and better ones.

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Image Credit: YGG.

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According to statistics, there were approximately 16 major injuries per 100,000 workers in Singapore in 2023, with a fatality rate of less than one per 100,000 workers. Several local startups, including Operva AI, have developed various solutions to deal with the problem.

Operva AI aims to revolutionise the facade inspection industry with its cutting-edge platform, Airpland. This cloud-based solution enables pilots and enterprises to autonomously deploy drones, visualise detailed maps and 3D data, and access a global network of drone talent. Airpland not only streamlines drone operations but also enhances collaboration and progress tracking, making it a comprehensive tool for efficient facade inspections.

“Our objective is to improve inspection and monitoring processes within the built environment regarding efficiency, safety, and financial outcomes,” says Terry Ng, Head of Strategy and Operations at Operva AI.

“Our software solution for inspection of buildings streamlines the whole process by using AI to detect and label defects and observations while applying a structured inspection methodology with automated reports and dashboards. Our solution for monitoring progress at construction sites uses photogrammetry to build quality 3D models and extensive 2D orthophotos, such that the before-and-after can be compared on-demand.”

The startup has recently participated in the International Built Environment Week (IBEW) 2024 in Singapore, a global event that features tech innovation in the construction and built environment sectors.

In an email to e27, Ng explains the company’s work and plans for the future in detail. The following is an edited excerpt of the conversation.

Why is your solution better than the existing alternative?

If we compare it against preexisting traditional manual methods, the combination of drones and software is definitely less labour-intensive and safer.

Also Read: YGG’s Future of Work: Empowering gamers for the AI age

When compared to other drone-based competitors, we see an edge in that we have good synergies between our different products and have been focusing a lot on process improvements, which drives down costs.

If we compare against overseas companies, being in Singapore has its natural advantages as the Building Construction Authority (BCA) and relevant government agencies have already set up strong frameworks and regulatory regimes-–when we develop our solutions in alignment with that, we offer not just good software but also robust methodologies in which overseas markets will see the value.

Can you tell us about your product development journey at Operva AI?

I would say the journey has been one of experimentation.

We initially started with photogrammetry and common data environment endeavours, which laid the foundation for our development efforts. Our first product was a mobile app that helps pilots plan their flight paths, which is now an integral part of our overall Airpland platform product suite.

Through a recent cycle of the Built Environment Accelerate to Market Programme (BEAMP), an open innovation programme organised by BCA, Enterprise Singapore (ESG), and JTC Corporation (JTC), we were able to explore the enhancement of our photogrammetry solution more deeply.

This involved integrating advanced tools and metrics to improve 3D models, significantly influencing our design process from mission planning to data gathering, processing, and, eventually, model output. Simultaneously, we ventured into creating solutions for building inspections, which proved to be commercially valuable as they address practical, everyday challenges faced by the industry.

Can you tell us more about your users’ profiles? How do you acquire them?

Our user base comprises professional engineers, façade inspectors, asset managers, construction project managers, and drone pilots.

Also Read: How to use Gen AI enabled chatbots for workplace safety?

Regarding customer acquisition, warm introductions, referrals, and a good track record always help. Secondly, the company must be visible at a certain level so that people know about us before we even knock on doors.

In this aspect, BCA has always supported home-grown businesses. Programmes such as the BEAMP have been instrumental in connecting industry players with local startups while showcasing their innovative capabilities and products.

Outside of such events, whenever an industry player faces a challenge that a local startup may be able to solve, BCA would also not hesitate to actively help make a connection.

In the near term, we remain focused on inspecting buildings in the local market while gradually building an overseas presence. We are looking forward to exporting our experiences and offerings to other countries in Asia Pacific.

Sector-wise, we aim to be involved in more mid-size construction projects.

What is the funding history of Operva AI?

We have so far been primarily funded by shareholder equity and revenue from projects, with some support from government grants.

In terms of investors, we believe the best fit will be an investor who is familiar with the built environment industry and has a roadmap for creating value with us or who is keen to bring us into adjacent sectors such as infrastructure.

Also Read: Mastering AI prompt craft: One rule to rule them all

What is your big plan for 2024 and beyond?

Our current software suite is now fully commercialised, which marks a significant milestone in terms of product development.

So, firstly, as a business, in the short term, we aim to become even better at providing our current solution offerings to bring more value to our customers. Second, in terms of technology, we will be moving onto the next phase, where we integrate our current suite of products more tightly and enhance our 3D model outputs so that they can be applied to more use cases.

Overall, the next two years will be both critical and exciting, and we are looking forward to seeing how Operva AI develops alongside the industry in this current wave of digital transformation.

We deeply appreciate the open communication channels with government agencies like the BCA and their continuous support. Events such as the International Built Environment Week (IBEW) allow us to understand the latest trends ahead to better plan our next strategic moves.

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Image Credit: Operva AI

The post Operva AI elevates facade inspections with autonomous drone, collaborative cloud platform appeared first on e27.

As the business evolves, disputes may arise due to diverging interests or expectations among team members. Growth may bring tensions usually among founders, investors, or employees as they grapple with differences in vision or priorities among the stakeholders.

This post looks at the common legal tools and instruments that can be agreed among the shareholders to resolve disputes, and provide a line of sight for a business continuity. Understanding these deadlock clauses are critical for founders and investors alike, as they offer upfront mechanisms when it comes to resolving disagreements to exit strategies.

Aligning expectations early

Our usual advice to any aspiring founder before onboarding any new shareholder is to align expectations among themselves (especially before forming a company). Clauses that outline key issues include the roles and responsibilities of each founder, how decisions will be made among the founding team, and the strategic direction that can help avoid conflicts in the first place. 

In situations where shareholders cannot agree on key decisions (such as when two shareholders own an equal stake in a 50/50 ownership structure), deadlock clauses are essential to address likely impasses that may otherwise paralyse the startup’s operations.

Casting vote

In the event of a deadlock when it comes to a decision making (usually by the board in a tie vote), the chairperson of the board is usually given a  casting vote to a deadlock event. Ordinarily, a majority shareholder or a lead investor nominee may be designated to act as the chairperson for this purpose.

“Shotgun” or “Russian Roulette” clause

In a “Shotgun” or a “Russian Roulette” mechanism one shareholder offers to purchase the rest of the existing shareholders’ shares at a certain price. As it is a more aggressive approach of a buy-sell agreement, the recipients involved must either accept the offer or buy the offering shareholder’s shares at the same price. 

Also Read: Navigating startup funding: A primer on 10 investor types every entrepreneur should understand

In our experience, it may be rare to find this clause included in a shareholders’ agreement involving a startup. This may likely be due to the practical aspect of the mechanism i.e. the shareholders involved are expected to have the necessary liquidity to complete the transaction at the shares’ valuations.

Arbitration or mediation clause

If there is no casting vote or even an agreed independent party to assist in the deadlock, an arbitration or mediation clause in the shareholders’ agreement may allow for the parties to engage a neutral forum for dispute resolution. 

Arbitration clauses mandate that disputes be settled by an arbitrator or arbitration panel, while mediation clauses encourage parties to engage in facilitated negotiations before pursuing litigation. 

Both methods seek to offer an alternative method when it comes resolving shareholder conflicts, while maintaining confidentiality as the proceedings are held behind closed doors unlike a normal court process. In practice, exercising this clause may or may not be practical as the parties involved are expected to incur fees and charges when it comes to agreeing on the appointment of a  mediator or arbitrator (as the case may be) and also legal representation to act for them in the relevant alternative dispute resolution process.

Put and call options

A put and call option is a mechanism that can be used to force a buyout of a shareholder in certain situations. A put option gives one shareholder the right but not an obligation to require another shareholder to buy their shares at a predetermined price or based on a valuation formula. 

Conversely, a call option allows a shareholder to compel another shareholder to sell their shares under specific circumstances, such as after a deadlock or a breach of the shareholders’ agreement.

In practice, we may likely find these clauses exercised  and often triggered in events such as a shareholder’s death, incapacity, bankruptcy, or breach of contract. The different option strategies aim to provide  flexibility in dealing with disputes and ensuring that the company can continue without the presence of unwilling or uncooperative shareholders. 

Exit through a sale of the startup

If the dispute cannot be resolved, the shareholders’ agreement can outline an orderly process for the sale of the company as a whole. 

An exit is usually by a trade sale i.e. a third party buyer acquires the shares of the existing shareholders  to unlock value for all shareholders (in practice, the acquisition price may also be tied to the timing of the exercise). In this case, drag-along rights (as stated above) may also be useful, ensuring that the sale occurs without obstruction from any likely dissenting minority shareholders.

Voluntary winding  up/liquidation

As a last resort, the parties may agree to voluntary winding-up of the company in the event of a serious and irreconcilable shareholder dispute. This allows shareholders to recover value from the sale of assets and distribution of proceeds, albeit often at a discounted value due to the timing of the exercise. 

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

In practice, winding up is generally discouraged and should be viewed as a measure of last resort when other dispute resolution methods have failed.

Final thoughts

Shareholder disputes, especially involving a key figure in the startup, would likely affect the stability and continuity of the business. Disputes are usually managed effectively when the parties involved have agreed at the outset with the right legal mechanisms in place.

A startup lawyer can guide you to include any or a mix of the different mechanisms above such as the casting vote, “shotgun” or “Russian Roulette” clause, or put and call options to allow for an orderly exit from the company. This way founders and investors can better protect their interests and ensure that the company may continue to run even during times of conflict.

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In an era of rapid innovation and entrepreneurship, startups find themselves at a crossroads in seeking financial backing to fuel their growth. Traditionally, the paths available to these fledgling companies have primarily been through securing venture capital or pursuing traditional bank loans. However, both routes come with distinct challenges and constraints, from dilution of ownership to stringent credit requirements and collateral. 

This continuous challenge in getting access to funding resulted in a 30 per cent year-on-year decline in startup fundraising in Southeast Asia in 2023. More substantially, the total capital raised by venture-backed companies in the region fell 53 per cent to US$7.72 billion.

Thankfully, the landscape of startup financing is undergoing a significant transformation with the emergence of alternative funding options.

Breaking the mould

For decades, venture capital has been the go-to source for startups needing significant capital. This method injects substantial funds into the business and opens doors to networking, mentorship, and further business opportunities. However, the cost is substantial – losing equity. Founders often relinquish considerable control and future earnings, betting on long-term success driven by external partners.

Similarly, traditional bank loans offer another path but come with their hurdles. Startups, particularly those in the nascent stages without solid credit histories or substantial collateral, find this path steep and sometimes impassable. Moreover, the fixed repayment terms set by banks do not account for the volatile nature of startup revenues, posing a substantial financial strain during lean periods.

A fresh alternative for startups

Revenue-Based Financing (RBF) offers a fresh alternative for startups, particularly for those with consistent revenue inflow but who remain reluctant to part with business equity or are unable to satisfy the stringent conditions of traditional banking. It also allows business owners to access capital that might be tied up in payment cycles or to free up capital that can be better spent elsewhere.

RBF allows companies to receive upfront capital in exchange for a percentage of their future ongoing revenue, incorporating a cap on total repayment. This dynamic arrangement means repayments decrease during lower revenue months, creating invaluable flexibility.  

Also Read: Navigating the shifting landscape of Southeast Asian funding: An analysis of H1 2024 trends

This model offers several compelling advantages:

• Adaptable repayment terms: Repayments are tied to real-time revenue, accommodating the ebb and flow of business cycles and providing breathing room when needed.
• Preservation of control: Entrepreneurs retain full ownership and creative control over their startups, avoiding the equity dilution often associated with venture capital investments.
• Swift and accessible funding: RBF processes are typically less cumbersome and faster than traditional loans, making them ideal for seizing timely market opportunities. 

Crossing the finish line

Consider the case of Cheak (formerly known as butter), a Singaporean activewear startup launched during the pandemic. Cheak initially relied on bootstrap financing as a young brand in the capital-intensive retail industry. However, this method struggled to cover the significant upfront funding required to fulfil orders.

Facing challenges such as supply chain disruptions and shipping delays and being unable to meet the stringent requirements of traditional financial institutions, Cheak’s co-founders turned to RBF through Choco Up. This strategic decision marked a turning point, enabling Cheak to generate six-figure revenue in its first year and ultimately lead to its acquisition by Love Bonito.

Catalysing innovation through diverse financial instruments

The rise of RBF indicates a larger movement towards varied and accessible funding models tailored to the unique needs of modern startups. Malaysia serves as a prime example of this shift in the financial landscape. Peer-to-Peer (P2P) and Equity Crowdfunding (ECF) platforms in Malaysia raised over US$1.6 billion in 2022, significantly challenging the traditional venture capital model.

This substantial capital flow through alternative platforms is a testament to their growing popularity and effectiveness in supporting a wide range of industries beyond the typical tech-focused ventures. Each ecosystem offers distinct benefits and enables startups to tailor their financial strategies to best fit their operational and growth objectives.

The evolution of startup financing reflects a broader democratisation of entrepreneurship. As we continue to rethink capital, the landscape for startup success becomes increasingly diverse and inclusive, breeding more innovation without the constraints of traditional capital sources. This shift not only empowers founders but also enriches the entire startup ecosystem, fostering more sustainable business growth and innovation.

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Artificial intelligence (AI) has revolutionised many aspects of our personal and professional lives, but prompt engineering is one often overlooked skill in the AI world. This essential skill ensures you get the most accurate, relevant, and creative outputs from AI models. In this article, we’ll dive into the one rule that governs all effective, prompt crafting, breaking it down step-by-step so you can master this essential skill.

Step one: Understanding the importance of prompt crafting

Before diving into the rule, it’s essential to understand why prompt crafting matters. AI models are powerful, but they rely on clear, structured, and thoughtful inputs to generate useful outputs. A well-crafted prompt can save you time, ensure more relevant results, and enable you to fully leverage the AI’s capabilities.

Why is this important?

Without a clear prompt, the AI may give you broad or irrelevant answers, forcing you to refine your queries repeatedly. Effective, prompt crafting minimises this back-and-forth, providing precise results from the start.

Step two: Introducing the rule — Clarity is king

The one rule that underpins all prompt crafting is clarity. When crafting a prompt, the clearer you are, the better the response you will receive. Whether you’re asking for a specific piece of information, generating creative ideas, or solving a complex problem, a clear and unambiguous prompt is key to getting the best result.

Example:

Instead of asking:  “What can AI do?”

Ask:  “Can you list five ways AI can help improve customer service in small businesses?”

The difference is night and day. The second prompt is specific, targeted, and leads to actionable insights.

Step three: Structuring your prompts for success

Once you grasp the importance of clarity, the next step is structuring your prompt. A well-structured prompt contains three essential elements:

• Context: Give the AI background information
• Task: Clearly define what you want
• Format: Specify how you’d like the answer to be structured

Also Read: Why AI will be critical to brand strategy

Example:

Instead of: “Tell me about AI tools.”

Try:  “For a small e-commerce business, list five AI tools that can help improve customer experience. Provide a short description and a key feature for each tool.”

This structured approach gives the AI the context (small e-commerce business), the task (list five AI tools), and the format (short description and key feature). This clarity helps the AI deliver precise and useful information.

Step four: The ultimate prompt – A prompt to create prompts

Sometimes, even with the best strategies, we may struggle to come up with the perfect prompt. That’s where the “prompt to rule them all” comes in. This technique allows you to ask ChatGPT to generate prompts for you, creating a recursive system of improvement and refinement. Essentially, you’re using AI to help you interact more effectively with AI.

Here’s the ultimate prompt to guide ChatGPT in crafting prompts tailored to your needs:

The prompt to rule them all:

“You are an AI expert in [specific field], with [X years of experience]. Your task is to create a prompt that will generate [desired outcome], ensuring the response is tailored to [target audience or purpose].

For example, if you want to generate blog ideas for a marketing audience, you would prompt ChatGPT like this:

Example prompt:
You are an AI expert content creator with 15 years of experience in digital marketing. Your task is to create a prompt that will generate blog post ideas for small businesses looking to improve their social media presence.”

ChatGPT would then respond with a list of tailored prompts that you can further refine and use.

This technique enhances your productivity and ensures that the AI consistently provides relevant and focused outputs. It’s especially useful when you’re unsure how to approach a complex question or need inspiration for creative tasks.

Step five: Iterating and refining your prompts

Even with a well-crafted prompt, it’s sometimes necessary to refine it based on the AI’s response. This process is called iterating. If the response isn’t exactly what you need, tweak your prompt until you get the desired outcome.

Example:

Initial Prompt:  “Explain AI.”

Response:  “AI is a broad field of computer science…”

Refined Prompt:  “Explain AI in the context of customer service automation, focusing on chatbots and sentiment analysis.”

Also Read: Adobe’s APJ Digital Trends Report 2024: The rise of generative AI

By narrowing down the context, you guide the AI to focus on specific areas, ensuring that the response is aligned with your needs.

Step six: Practical applications of effective prompt crafting

Prompt crafting is not just a theoretical skill –f it has numerous practical applications across industries. From improving workflows to generating content, here are some ways clear prompts can make a difference:

• Content creation: Generating blog ideas or drafting articles based on clear prompts
• Data analysis: Summarising large datasets or identifying trends with targeted prompts
• Customer support: Automating responses and troubleshooting with well-defined questions

In all these cases, the clarity of the prompt determines the usefulness of the AI’s output.

Conclusion

By following this step-by-step guide and applying the one rule of clarity, you can ensure that your AI tools work smarter for you. Whether you’re automating tasks, generating content, or solving complex problems, mastering this skill will help you get the most out of AI technology. Don’t forget to leverage the “prompt to rule them all” to enhance your productivity by having AI assist you in generating effective prompts.

In the evolving world of AI, the ability to craft clear and structured prompts will give you a competitive edge, enabling you to unlock the full potential of these powerful tools. Happy prompting!

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Our story at NalaGenetics began with a deep commitment to advancing genetic testing, particularly in the field of pharmacogenomics — the science of identifying the right medications based on an individual’s DNA. However, as our company grew, we quickly realised that delivering these tests alone was not enough to truly impact health outcomes. To create lasting change, we needed to build a sustainable business model that integrated preventive care with genetic insights.

This shift in focus led us to restructure internally and expand our scope beyond delivering cutting-edge genetic tests. Inspired by the success of wellness and beauty clinics, which offer a more consumer-friendly approach to healthcare, we began exploring ways to make genetic testing more accessible to out-of-pocket payers. This marked a pivotal moment for us as we transitioned from a purely product-centric model to one that combined both product and service.

Looking forward, we see insurance reimbursement as a crucial milestone for the future of genetic testing. While the U.S. took decades to reach this stage, we are optimistic that other markets will follow suit, opening significant opportunities for growth and wider adoption.

Challenges and resilience: The startup’s journey

Like many startups, we encountered numerous challenges along the way, particularly in the rapidly shifting landscape brought about by COVID-19. The pandemic accelerated adoption in some areas while stalling it in others, forcing us to adapt quickly.

One of our most significant hurdles was the prevalence of unvalidated genetic testing products on the market. Many of these tests offered risk predictions with little to no actionable insights, eroding consumer trust. We made the difficult decision to prioritise quality over speed, ensuring that our tests were both scientifically sound and meaningful to users. It took time to find the right product-market fit, but we remained steadfast in our commitment to delivering reliable, actionable results.

Throughout our startup journey, we learned that the product alone is not enough to ensure long-term success. It became clear that a service layer was essential to help consumers interpret their results and make informed health decisions. This realisation led to the birth of NalaCare Clinic, which has become a cornerstone of our offering. This hybrid model, blending product innovation with personalised service, has proven highly effective. Consumers are more engaged when they feel supported, and the clinic model ensures that they receive actionable insights from their genetic tests.

Also Read: Bridging healthcare gaps in the Philippines: Innovation and opportunities beyond telehealth

Navigating the healthcare startup ecosystem: Short-term goals vs long-term vision

As a healthcare and biotech startup, we’ve had to navigate the delicate balance between short-term goals and long-term vision. While we believe that genetic testing will eventually become a universal need, in the short term, we’ve focused on segmenting our market to reach those who will benefit the most from our services.

For example, a large study with 6,944 individuals has shown that 93.5 per cent of people carry at least one actionable variant for pharmacogenomics, making it a cost-effective solution at the population level. However, current practice often limits the use of these tests to patients with indications of medication resistance. By focusing on those who need it most initially, we ensure that the resources spent are maximised while continuing to innovate for more affordable and comprehensive genetic testing for broader use.

Product-market fit in one country can be achieved with a slightly different algorithm based on the country’s ancestry and the availability of follow-up services. By tailoring our approach, we ensure that our solutions are not only well-researched but also capable of delivering long-term value to both our business and customers.

Zurich Innovation Championship: A transformative experience

Participating in the Zurich Innovation Championship (ZIC) 2024 has been a pivotal moment in NalaGenetics’ journey. ZIC is an annual program coordinated by Zurich Insurance Group for startups and entrepreneurs around the world to bring innovative solutions that can address pressing challenges in the insurance industry. We were honoured to be selected as one of the nine global winners for this year.

While insurance is traditionally seen as a slow-to-change industry, Zurich proved to be forward-thinking as they are willing to explore how genetic testing could benefit their customers and the broader healthcare ecosystem.

What made this experience truly transformative was the close working relationship we developed with Zurich’s Malaysia business unit. We didn’t just collaborate from a distance; we became an integrated team, working together towards the common goal of improving health outcomes for their customers. This level of cooperation helped us refine our approach and create a more cohesive product offering.

Also Read: How to tackle employee mental health to build a resilient workforce

Success in the Malaysian market: The pilot

As part of the ZIC’s accelerator phase, one of our most successful initiatives has been our collaboration with Zurich in Malaysia. In a survey of 200 Malaysian residents, 90 per cent were willing to participate in a genetic testing and wellness program. Additionally, over two-thirds of respondents expressed comfort with insurance companies offering genetic tests as part of a health program, seeing it as a proactive way to enhance their quality of life.

We successfully launched the first batch of our genetic testing and wellness program with Zurich’s customers in Malaysia, serving 42 customers who were willing to participate in this profiling exercise, within nine days of recruitment. This early success has encouraged us to continue rolling out the program in subsequent batches, demonstrating the potential for genetic testing to become a key component of preventive health programs when aligned with insurance offerings.

One customer shared their thoughts on the program, saying, “The program helped me to understand myself better and how I should prepare physically and financially for my future. Although I am still worried about my health conditions, I know I am being supported.” This kind of feedback reinforces our belief in the value of what we are building, especially in showing how health and financial wellbeing go hand in hand.

Insurance agent feedback: A new perspective on customer care

One of the most inspiring aspects of our journey has been the feedback we have received from agents who have been involved in our wellness program. One agent remarked, “It’s not just about selling a product; it’s about showing love and care for individuals and their health.”

This sentiment perfectly captures the heart of our mission and aligns with Zurich’s commitment to innovation and customer-centric solutions. We’re not just providing a service—we’re helping people take proactive steps to improve their health in a meaningful and supportive way.

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The business landscape — plagued by economic headwinds, trade sanctions, supply chain disruptions, and staffing shortages, amongst others — is a shifting terrain that demands constant adaptation. In this environment, a strong foundation in ethics and compliance (E&C) becomes even more critical.

However, navigating this terrain requires more; it demands a dedicated and ethical workforce. Employees are the backbone of every business, and their decisions and actions all have an impact on an organisation’s reputation, resilience, and ability to adapt.

Yet, a common misconception amongst startups and small and medium enterprises (SMEs) in Singapore is the belief that ethics and compliance training is complicated and cumbersome and something that only larger, established organisations and multinational corporations need to deal with.

However, the reality is that E&C is crucial and beneficial to all organisations, large and small, including SMEs. Recent high-profile cases of bribery and corruption, false testimony and even degree forgery serve as a sober reminder that not adopting standards and strategies for E&C training can be detrimental in the long term.

In fact, LRN Corporation’s recent Benchmark of Ethical Culture Report 2024 found that companies with strong ethical cultures outperform those with weak ethical cultures by an average of ~50% across traditional business metrics such as customer satisfaction, employee loyalty, competitiveness, innovation, and adaptability.

Adopting a foundational E&C training programme can help organisations better navigate the legal and regulatory landscape, avoid fines and ethical pitfalls, and build a positive workplace culture where the business and its people can thrive by acting upon shared values. It also contributes towards the building of an organisation’s ethical culture – the values, attitudes and behaviours of individuals and organisations that influence ethical decision-making.

Proper E&C training and up-skilling are more crucial than ever, and building an effective and measurable E&C training programme will look different for every organisation. However, there are a few key concepts that are universal and can help guide organisations, big or small, to ensure a secure and well-supported programme.

Create a clear code of conduct

A code of conduct is a set of principles and expectations that employees are expected to adhere to, and should accurately reflect the organisation’s values, beliefs and aspirations. It includes codifying key policies on anti-discrimination, harassment, data privacy and more.

Serving as a useful guide for employees at various levels to help influence ethical decision-making, the code of conduct should be easily accessible, visually engaging and simple to parse. For instance, by making its code of conduct searchable, web-based and mobile-enabled, a company can ensure that employees can easily consult it regularly to check misconduct parameters or locate a reporting hotline.

Also Read: Empowering change: Singapore’s female-led startup success stories

The code should not just be a check in a box for leadership or employees. To make it a ‘living document’ practised across the organisation, leadership teams need to champion the code and demonstrate the right behaviours, including treating everyone in the organisation with equal respect, acting with integrity and taking a values-based approach to decision-making.

Further strengthen the code of conduct by regularly recognising and rewarding employees who exemplify the code’s values. This encourages a holistic, top-down, bottom-up approach towards E&C.

Identify and avoid cultural hindrances

The fastest growing cohort of workers, Gen Z, is making it known they won’t work for companies whose visible values don’t align with their own. Furthermore, LRN’s Benchmark of Ethical Culture Report has also revealed that 25 per cent of Gen Z and 45 per cent of Millennials surveyed in Singapore find it acceptable to break the rules if needed to get the job done. Such attitudes directly undermine the importance of an organisation’s code of conduct, perpetuating the notion that it’s irrelevant or unimportant.

To prevent this, organisations should also evaluate if a potential new hire’s values align with the organisation’s values and ethical standing. Additionally, retaining employees with strong ethical compasses can help foster and strengthen a positive and inclusive work environment. Ensure that E&C objectives and criteria are inbuilt into performance evaluations – making ethical behaviour a core job requirement while also recognising employees that contribute towards organisational culture.

The importance of relevant and effective E&C programmes

New ethical issues and compliance risks arise all the time. Regulations are constantly being updated with increasing regulatory scrutiny, and a heightened public awareness of ethical issues has put a spotlight on corporate behaviour. Outdated E&C training leaves companies and their employees vulnerable to lapses, penalties, lawsuits, and blowbacks.

Also Read: Navigating the AI maze in Malaysia’s martech: Striking a balance between efficiency and ethics

Organisations need to ensure that their E&C programmes are up-to-date and relevant — equipping employees with training and knowledge to handle new challenges and the latest threats ethically and compliantly.

Start by regularly measuring ethical culture and relevant qualitative key performance indicators, such as behaviour change to determine employees’ compliance and ethical standing against the current code of conduct; and revising training programmes where required. This can help organisations stay ahead of potential misconduct while identifying potential areas of improvement.

Model programmes should also foster alignment across relevant departments such as human resources (HR), legal, compliance, risk and information technology to ensure that all knowledge gaps are addressed. This should be done regularly to ensure that training is up-to-date according to evolving needs.

Additionally, employ the latest technology to make training more engaging and effective. For example, gamified compliance training – utilising points, badges, leaderboards and interactive scenarios – can turn a dry and tedious topic into an enjoyable and stimulating experience that encourages active participation. Pulse surveys can also be incorporated into the gamified training to track sentiment, identify problem areas, measure change over time and benchmark performance.

In today’s ever-evolving business landscape shaped by shifting E&C demands and compliance pressures, companies must mandate an effective E&C training programme that will help inculcate a strong, resilient and positive ethical culture and boost an organisation’s ability to stay ahead of growing uncertainties.

Far from just an optional extra adopted by MNCs, E&C training is crucial to success for organisations of all sizes, and the creation and upkeep of such programmes can empower sustainable growth and resilience.

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