Adversity is one of life’s greatest teachers.

This adage certainly rings true in the wake of the pandemic, where the world had to restructure its ways of working to adapt to the disruptions and restrictions imposed on a global scale.

The education space saw big changes in this respect, with home-based learning spurring the growth of edutech products. Spark Education was founded a couple of years before that with the goal of using technology to provide a better learning experience than traditional classrooms.

Although we had already seen success with online education, during the pandemic, we experienced an uptick in demand and anxiety from parents who were heavily concerned about finding quality educational products to fill the gaps. We worked hard to meet this demand while, at the same time, taking strides to optimise and continue to improve our classes to maintain an effective student learning experience.

While in-person classes have largely resumed, virtual learning left a bad taste among many parents who had to juggle between working full-time and managing their children’s learning from home and seeing them face zoom fatigue or becoming sad or depressed during distance learning.

Now, we are witnessing parents flocking back to in-person experiences and a hurdle we face is that while we are built on the belief that online education can provide a superior learning experience than traditional classrooms, parents are more reluctant than before to have their children take online classes.

Therefore, for edutechs, we must continuously innovate and showcase the benefits of technology in education to meet our goal of cultivating a genuine love for learning beyond the classroom.

Today, the global edutech market is valued at US$271 billion, with expectations that it will increase to US$410 billion by 2026. What this means is that while edutech is certainly at a crossroads, it is far from reaching an end, with a host of new opportunities for us to grow and showcase our value in bringing truly holistic curriculums to light.

Also Read: The future of edutech: Personalising learning for all

This is not to say, however, that we do not have our work cut out for us. The avalanche of virtual meetings has fostered a general aversion to using conferencing apps to communicate – let alone conduct lessons. This is unsurprising, given that engaging students, especially young minds, requires a dedicated interface tailored to the specific learning needs of its target audience.

As such, curriculums taught over online conferencing tools that were not necessarily made with education at the heart of their features would ultimately fail to deliver fruitful learning experiences, falling short of parents’ expectations and fuelling the sense of fatigue that has become so prominent today.

For edutech to thrive amidst this, it would need to prove how the online realm not only supports but enhances learning. Its offerings must aspire to be a bridge to a more colourful and engaging world of new knowledge and holistic growth that young minds actually want to be a part of.

While a big leap, we do have to think big to make products that truly have an impact. For us at Spark Education, this is an ongoing journey – one that I hope to share some insights on, especially regarding how to reinvent edutech and underscore the value we want to bring to the system.

Embracing collaboration within the education ecosystem

It takes a village to nurture our future changemakers. The edutech industry is but a piece of the education ecosystem, and collaboration among educators who come from different facets of the industry is key to creating products that ultimately complement each other and raise the bar for interactive learning.

For example, our partnership with Marshall Cavendish Education (MCE), the publisher of choice for Singapore’s Ministry of Education’s (MOE) Chinese curriculum, has been key to helping us bring products like LingoSPARK to life.

With our continuous collaboration between our technology team, animators and designers, our Singapore curriculum and pedagogy centre has enabled us to bring core MOE concepts such as the CPA method to life with our MOE-aligned Spark Math programme.

We also believe that different parents and children have different needs, and online learning may not serve everyone’s needs. In-person interaction and peer group learning cultivate soft skills that are irreplaceable, which is why we made a move to launch our first-ever offline centre in Singapore this year.

Some parents prefer the traditional classroom, and we see a great opportunity to make the traditional classroom better, more efficient and fun with our gamified courseware and hands-on manipulatives instead of the traditional blackboard, paper and pencil worksheets. We envision this move to be an integral one in embedding ourselves in the local community.

Listening to and involving your target audience

Parents want the best for their young ones. To prove that we can offer something worthwhile to their children’s education means getting them involved in the curriculum to establish greater synergy with what we collectively hope to achieve.

This means ensuring that there are dedicated systems, such as our proprietary learning maps, which can help parents guide their child’s progress by identifying their strong suits, areas for improvement, and which concepts need to be reinforced at home.

Also Read: In this age of digitalisation, is edutech a bane or boon for educators?

Academic enrichment forms the backbone of everything we do. Beyond learning how to do the basics of addition and subtraction, it is critical to start cultivating habits that enable young ones to evolve into active, lifelong learners.

With Spark Math, our flagship mathematics programme, we empower parents to play an active role in exploring these new digital platforms with their children with initiatives like the “Little Teacher Segment”, where students work with their parents to record a video demonstrating what they have learnt.

From learning to share their knowledge externally with their parents, the segment also helps nurture communication skills and confidence for their holistic development. Parents are empowered with tools in their app version to get an inside look at every step of their children’s learning process — from how they interact during the class, hurdles faced, and their performance on assignments.

Interactive learning at its core, not an afterthought

The biggest strength of gamified courseware is its position to leverage the power of play to make difficult concepts more compelling and nurture positive attitudes toward learning. To this end, gamified elements need to be integrated in a strategic way rather than just being decorations to an app.

With Spark Math, we enable children to establish connections to how understanding math and fractions can be applied to everyday routines that they are already familiar with. This is buoyed by cartoon characters and interactive ‘rewards’ that ultimately work to create a cohesive storyline that is unique to every class — where the characters encounter a challenge, and young learners are guided by their teacher to follow through and grasp new concepts by learning to apply those skills to help the characters solve their problem.

It is certainly an exciting time for the world of edutech as we are now presented with the unique opportunity to push boundaries, reinvent ourselves, and showcase our continued value in the education ecosystem. Much of what we do today will be key in making learning more holistic and – at the core of it all – enjoyable for our young ones.

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Hiring based on diversity and inclusion has proven to be the innovative spark needed for industry-disrupting startups, and I have seen firsthand how inclusive hiring can transform lives and empower individuals, especially those with intellectual disabilities.

Yet in Singapore, only three in 10 persons with disabilities of working age 15 to 64 are actively employed. Effectively, two-thirds of persons in this age group are outside the labour force, and it’s an even bleaker picture in the Asia Pacific region, with the UN reporting that the unemployment rate for Persons with Intellectual Disabilities (PWIDs) is double that of the general population, often as high as 80 per cent or more.

It must also be noted that PWIDs remain one of the most underserved, misunderstood, and stigmatised populations in the world. According to research done by Special Olympics Asia Pacific, surveying attitudes and perceptions of the public towards PWIDs, awareness of intellectual disabilities is moderate; only 60 per cent of Asia Pacific respondents were aware of intellectual disabilities, and less than one in three respondents have personally interacted with PWIDs. Intellectual disabilities also ranked low as a concern in the region, with environment, poverty, and human rights being the key concerns.

Also Read: Inclusion matters: How GitHub enhances accessibility for individuals with disabilities

Given this, there is a tendency for communities to isolate or keep PWIDs apart from mainstream society because of perceived differences. This amplifies misunderstandings and fear of the unknown, heightening the schism and deepening prejudice.

Breaking down barriers requires a deeper understanding of the issues that PWIDs face, and being able to communicate clearly with them is the first step to bridging the gap. Being open to employing and having authentic conversations with PWIDs in our workplace will bring us together in helping us overcome our own blind spots and challenges when it comes to hiring PWIDs.

Inclusive hiring needs to extend beyond ticking boxes

That being said, the road to inclusion cannot be achieved alone. This is where startups can step in and make a real difference.

Diversity and inclusion are vital elements for fostering a thriving workplace within every organisation. In the realm of startups, the significance of diversity and inclusion cannot be emphasized enough. The ecosystem thrives on creativity, innovation, adaptability, and flexibility in order to flourish, and a diverse workforce plays a crucial role in attaining these objectives.

Cultivating an inclusive work culture is arguably a game-changer for robust organisational performance. According to Great Place To Work, a diverse and inclusive workplace can result in higher revenue growth, greater readiness to innovate, increased ability to hire a diverse talent pool and 5.4 times higher employee retention.

To nurture a diverse workforce, startups must wholeheartedly embrace diversity in their recruiting and hiring practices. This entails going beyond conventional methods and extending the search for talent to encompass diverse communities. By casting a wider net and including PWIDs in the hiring process, startups can tap into a vast talent pool of skilled and motivated workers with different backgrounds and experiences.

Although hiring PWIDs is a significant step in the direction of creating an inclusive workforce, it’s essential to recognise that true inclusion needs to extend beyond just the hiring process.

The key is ensuring meaningful employment versus hiring to meet a diversity quota, meaning organisations should hire PWIDs based on abilities and aptitude.

Also Read: The power of diversity: Leveraging and building an inclusive workplace for all

A referral-based program, for example, can unintentionally cause an imbalance in the diverse makeup of the workforce, especially if employees refer candidates of the same backgrounds.

It is, therefore, important that HR leaders use a wide variety of recruiting mediums in their search for a new hire by broadening their recruitment efforts to encompass individuals from various backgrounds. This practice can help facilitate greater workforce inclusion and construct a stronger team enriched with diverse perspectives and experiences.

A truly inclusive workplace

However, simply bringing PWIDs on board is not sufficient to ensure that an organisation is genuinely inclusive. A truly inclusive workplace is one where PWIDs are able to learn, thrive and be respected.

Startups can make a difference by investing in diversity training for all employees across the organisation to ensure everyone buys into the vision and grasps the critical significance and need for a diverse workforce.

Specific to PWIDs, leaders can instil a role-based approach to inclusivity that considers the environment that PWIDs will be entering and what working in the company would look like for them. This will help PWIDs to thrive in their roles and contribute fully to the success of the organisation, just like any other employee.

Inclusive hiring isn’t just the right thing to do; it’s also the smart thing to do.

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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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In today’s post-COVID-19 world, flexible work arrangements have become more common. Having the flexibility to work from home or anywhere can be more productive for some employees and is even a criterion for some job seekers. The expectations of employees to have some form of hybrid work arrangement have also affected the work policies adopted by employers.

Three out of four (75.6 per cent) employees felt that flexible working arrangements should be the new norm in Singapore. One in two (51.9 per cent) even expressed that if they were to look for a new job, they would only be open to an organisation that offers flexible working arrangements.

Also Read: Is remote work the answer to tech’s layoffs?

While hybrid work arrangement is clearly a priority, it is interesting to note that four in 10 (40.5 per cent) of respondents think that it is fair for organisations that implement flexible working arrangements to also expand workplace surveillance. Among those open to a new job only with a company that offers flexible working arrangements, 1 in 2 are fine with expanded workplace surveillance.

Singaporeans may appreciate greater flexibility at work, but they also recognise that workers can take advantage of this privilege. Hence, surveillance serves as a safeguard against potential abuse.

Fig 2: Hybrid work arrangements to be the new norm

What about employers’ views on flexible work arrangements in Singapore?

Most of the companies surveyed that offered flexible work arrangements were now either more willing to offer such arrangements or to at least keep to the same level of arrangements as during the COVID-19 pandemic.

Flexible work arrangements were seen as a key factor in attracting and retaining employees, especially new generations of employees who may place greater value on such arrangements. The employers’ views seem to reflect accurately the expectations of the employees regarding hybrid work arrangements.

Fig 3: Almost half of companies are more willing to offer flexible working arrangements now

Flexible work arrangements have brought obvious improvements to the overall well-being of employees, according to the business leaders who responded, although some employers also perceive a negative impact on collaboration among teams and employee communication.

Fig 4: Work-life balance has improved as a positive impact of flexible work arrangements

The future of work is about striking a balance

Our findings show that while greater flexibility at work is very much desired, there is no one-size-fits-all solution for a diverse Singaporean workforce.

Furthermore, business leaders have also shared that not all job roles can accommodate flexible work arrangements and shared that it is a challenge for some industries to hire talent when the potential candidates do not fully understand the nature of the job and still expect flexi-work.

Even those who can work flexibly may not necessarily be better off than those who are required to work onsite. After emerging from the COVID-19 pandemic, a hybrid working arrangement may now be a defining trend in the future of work.

However, there needs to be continual conversations between both the organisation and its employees to navigate the shifts in the future of work and to make tweaks that make sense to both parties.

Perhaps the future of work is more than flexible work arrangements, and conversations can centre around how companies can maximise workers’ potential while at the same time offering them a work-life balance that can help them find fulfilment in and outside of work.

This article is a collaborative effort with RySense, and for additional insights, you can explore the full findings here.

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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

Image credit: Adobe Firefly

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This week’s Southeast Asia startup news showcases a mix of legal challenges and financial triumphs.

Nasdaq-listed Society Pass Inc. faces a US$750K payout to its ex-CTO, while Evo Commerce secures US$2.8M for expansion. Sustainable farming startup Koltiva bags a “seven-figure” Series A funding round, and RegenX gains US$500K for regenerative agriculture tech.

Gene Solutions receives US$21M in Series B funding, and INSEACT gets acquired by Karang Foodie. Insurtech bolttech raises US$50M, and Grab introduces a Web3 wallet for its Singaporean user base.

Plus, a call for more female investors in Indonesia and CrossFund’s US$1.5M fresh funding for expansion.

Society Pass ordered to pay US$750K to ex-CTO

In a significant blow to Nasdaq-listed Society Pass Inc., a US court ordered the data-driven loyalty company to pay approximately US$750,000 to its former CTO, Rahul Narain, for breaching his employment contract.

The judgement was delivered on September 13 by the Supreme Court of the State of New York (the US) on a lawsuit filed by Narain four years ago.

The court will likely add a 9 per cent interest rate, adding another US$270,000 to the total amount.

“…Dennis Nguyen’s email sent in connection with the Warrant is prima facie evidence that the Plaintiff is entitled to 130 shares at a valuation of $749,190 as of September 4, 2019, and the Defendant fails submit any evidence to rebut his prima facie showing,” the judgement (a copy is in e27‘s possession) reads.

Evo Commerce banks US$2.8M

Evo Commerce, a direct-to-consumer health & beauty startup based in Singapore, secured US$2.8 million in equity and debt financing.

Shanghai-based firm IJK Capital led the round, with participation from Carousell Co-Founder and CEO Quek Siu Rui, Fave Co-Founder Joel Neoh, and Tipsy Collective.

This comes about eight months after the D2C startup announced the completion of its pre-series A funding round of US$2 million from GSR Ventures, 33 Capital, Rainforest CEO and Co-Founder JJ Chai, Wallex Co-Founder Hiro Kiga, and BrideStory Co-Founder Emile Etienne.

The company will use the money for product development and market growth. The debt financing will be used for expanding its retail presence across Asia, including renowned retailers such as 7Eleven, Guardian, and Watsons.

Koltiva bags Series A funding

Indonesia-based sustainable farming and supply chain traceability startup Koltiva raised an undisclosed “seven-figure” USD in a Series A financing round led by AC Ventures.

Silverstrand Capital, Planet Rise, Development Finance Asia, Blue 7, The Meloy Fund, and an unnamed impact investor in Southeast Asia also joined.

Koltiva will use the fresh capital to expand its SaaS product for multinational corporations.

Koltiva digitises agribusinesses and helps smallholder producers transition to sustainable practices and traceable sourcing.

Wavemaker Impact backs RegenX

Singapore-based regenerative agriculture-focused climate tech firm RegenX secured US$500,000 in pre-seed funding from Wavemaker Impact.

RegenX, already onboarding farmers and buyers on its platform, will use the fresh round of funding to accelerate its growth in the coffee space in Vietnam.

Founded by serial entrepreneur Bao Nguyen, RegenX enables food buyers to source regenerative agri ingredients directly from Regen Ag farmers.

Conventional agriculture diminishes soil health due to the intensive use of chemical fertilisers and monocultures. This leads to a continuous decrease in yield and threatens food security and farmers’ livelihoods. Regenerative farming, on the other hand, solves climate adaptation and mitigation. Transitioning to regenerative farming, however, remains a daunting challenge for most smallholder farmers.

Mekong Capital invests US$21M in Gene Solutions

Vietnamese genetic testing company Gene Solutions received US$21 million in a Series B financing round from Fund IV of local PE firm Mekong Capital, according to a TechInAsia report.

This comes two years after the firm secured US$15 million from Mekong in 2021.

Established in 2017 by Vietnamese scientists, Gene Solutions has developed triSureFirst, a noninvasive prenatal test (NIPT) for detecting abnormalities of chromosome numbers in the fetus, such as Down Syndrome, Edwards, and Patau.

The test, based on detecting cell-free DNA of the placenta, is released into the mother’s blood to assess the risk of the fetus suffering from birth defects due to chromosomal number abnormalities.

INSEACT acquired by Karang Foodie

Singapore-based alternative protein company INSEACT was acquired by local company Karang Foodie in an all-cash deal.

Other details of the deal remain undisclosed.

INSEACT specialises in producing sustainable insect protein for aquaculture, starting with shrimp feed. It uses waste from palm oil operations as a raw material to feed the insects. It enables a fully circular economy by redirecting waste streams from palm oil production away from carbon-emitting landfills to be bioconverted by BSF.

The process generates three products: protein, oil, and organic fertiliser. The protein products are XFprotein (a nutrient-rich animal feed ingredient obtained from dried and ground black soldier fly larvae), XFoil (a clarified insect oil extracted from its farmed black soldier fly larvae), and XFfrass (a by-product of black soldier fly larvae composting).

LeapFrog joins bolttech’s US$50M round

Singapore-based insurtech company bolttech raised US$50 million from impact investor LeapFrog Investments, bringing its total Series B round to US$246 million.

bolttech will use the new capital to grow in emerging markets and expand its technology-enabled ecosystem for protection and insurance for emerging consumers.

LeapFrog’s track record with tech-enabled insurance businesses in Africa and Asia will help bolttech to target its products to these growing markets.

In May this year, bolttech closed its Series B round at US$196 million, led by Japanese insurance holding company Tokio Marine.

Launched in 2020, bolttech aims to make connections between insurers, distributors and customers easier and more efficient to buy and sell insurance and protection products. It partners with insurers, telcos, retailers, banks, e-commerce and digital destinations to embed insurance into their customer journeys at the point of need.

‘Indonesia needs more female investors’

Helen Wong, Managing Partner at early-stage VC firm AC Ventures, said Indonesia needs more female investors willing to back female founders.

Addressing regional policymakers and prominent business leaders at the Women’s CEO Forum at the ASEAN Business & Investment Summit (ABIS) 2023 in Jakarta, she said women entrepreneurs are key economic drivers.

“In a market as vibrant as Indonesia, women entrepreneurs are not just fulfilling a social role; they are key economic drivers. Our research indicates that investing in women-led businesses is not just the right thing to do, it’s the smart thing to do,” said Wong.

Grab rolls out Web3 wallet for Singapore userbase

In a significant move, Southeast Asia’s super-app giant Grab, launched a web3 wallet designed specifically for its Singaporean user base.

The technology behind the new feature is provided by Polygon, a platform striving to establish a multi-chain blockchain system compatible with Ethereum.

According to reports initially covered by The Defiant, Grab’s web3 wallet is gaining attention among users in Singapore. The wallet facilitates payments using XSGD, a stablecoin backed by the Singaporean dollar and issued by StraitsX.

CrossFund secures US$1.5M

Singapore- and Vietnam-based early-stage investment platform CrossFund raised US$1.5 million in fresh funding from undisclosed investors at a US$47 million valuation.

The fintech startup will use the funds to expand its presence in EMEA (Europe, the Middle East, and Africa), where 40 per cent of its 15,000 accredited investors are based.

Founded in 2021 by Ben Cardarelli and Davide Cali, CrossFund is an equity financing tool for early-stage startups in Southeast Asia and Africa. Investors can own equity in international startups with as little as US$5,000.

CrossFund leverages data to match its investors with startups based on sector, stage, geography, areas of expertise, and other more granular factors. The platform also accepts investments in crypto, leveraging third-party providers. It is soon launching a secondary market to foster liquidity for investors and founders.

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The image used in this article is AI-generated.

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Regardless of your level of experience with product development, it is always exciting to learn from other entrepreneurs–especially if they are working in different verticals.

In this article, e27 features professionals from three different startups in Southeast Asia to explain how they are doing product development in their respective companies. These companies are working in different verticals, from fintech to insurtech to logistics, and they reveal everything from the process to their aspirations for the future.

These professionals are:
– Dr Ramesh Rajentheran, CEO and Co-Founder of MiyaHealth
– Howard Law, Director, Product, Lalamove
– Jaya Kapur, VP, Head of Product at Instarem

They have shared their insights with e27 through email interviews, and the following is an edited excerpt of our interview with them:

Can you tell us about the teams that are involved in the product development process in your company?

Dr Rajentheran: We take on a cohesive approach when it comes to building and deploying our products, as our team is made up of software developers, data scientists, and doctors who work closely together to ensure that every product created optimises the patient experience – even though our partners are insurers, governments, and hospitals.

Our strategy of building a foundational technology first allows us to go from ideation to launch very quickly in a new market and in a matter of weeks.

Also Read: Evo Commerce banks US$2.8M more for product development, Asia expansion

Law: The product, UI/UX, and tech teams make up a larger team that comes together to solve the bigger customer problems. The Product team acts as a bridge between the Product and markets, helping to convey the needs of the business. The Product team will also collaborate with individual cities directly to understand local problems as well as solve problems specific to a city. The timeline from idea to product launch is tentative depending on the problem and solutions, but we have backend releases every week and new versions for our mobile apps every two weeks.

Kapur: The composition of teams involved in our product development process varies depending on the specific demands of each project. The usual suspects in our development process include Product Managers, developers, QA, Risk & Compliance, Legal, Design, Marketing, and Analytics … to name a few! Likewise, the timeline from idea inception to product launch can range from a few weeks to multi-year, depending on the level of complexity and priority.

While our dedication to speed remains constant, the actual duration can vary significantly based on the complexity and scale of the product in question.

Can you tell us about the product development process in your company?

Dr Rajentheran: Healthcare remains highly fragmented both within countries and across borders … With this in mind, we wanted to build a global company that would make healthcare more efficient for everyone, everywhere. Hence, we started by building a methodology of classifying and harmonising healthcare data into a common language, or what we like to call a data dictionary. For example, our machine would be able to recognise what the drug is, even if it has twenty different brand names. We then added rule engines and analytics to it. This is the technology that forms the foundation of all our products.

One example would be MiyaPayor – a platform that automates processes for health insurers, effectively eliminating inefficiencies and waste costs. It is a combination of the data dictionary, rules engine and analytics. Through this approach of classifying and harmonising healthcare data, we are able to speed up product development and deploy them internationally relatively quickly.

We also believe that the key to making healthcare more efficient and accessible is to have products that are able to benefit all stakeholders, including payors (i.e. insurers), patients, and healthcare providers, and ensure that these products are interoperable with each other based on one common language. Hence the rationale behind our broad product focus.

Also Read: Evo Commerce banks US$2.8M more for product development, Asia expansion

Law: Product development at Lalamove follows a structured four-step process of problem definition, solution crafting, development, and finally, rollout and review. Iteration is a constant theme throughout, allowing us to refine and enhance our products continuously.

Kapur: At Instarem, we pride ourselves on our streamlined and cross-functional product development lifecycle, an iterative process aimed at placing our users at the forefront of our product launches. This approach enables us to move quickly, taking into account user and stakeholder feedback along the way so that we can deliver cutting-edge solutions with rapid speed and efficiency. We believe bringing together feedback from multiple teams through the process–from user feedback and discovery to go-to-market–helps us think end-to-end and reduce churn.

As a result of this process, we’ve significantly improved our product velocity, despite increasing the amount of investment we are making in user research. The process was set up based on prior learnings from large technology companies, tailored to the needs of a fast-moving, iterative start-up environment. This synergy of strong product execution and cross-functional collaboration is the driving force behind our commitment to delivering exceptional value to our users.

How about the testing process?

Dr Rajentheran: Our MiyaPayor platform is customisable, as we understand that each insurer’s needs are different. We also provide support through re-engineering some of our insurer partners’ workflows based on our operational expertise. Testing for that product is iterative and happens continuously as features are rolled out.

The approach we take for MiyaPatient, our chronic disease management platform, is slightly different. Before a full-scale rollout, we often run pilot testing phases with healthcare institutions and patient groups. This is what we did in Europe, where we partnered with an innovation-first biotech company to launch a pilot initiative for a diabetes management platform that is adapted and customised from MiyaPatient.

It is through these pilot tests that we can validate the effectiveness and real-world impact of the technology and solutions that we offer, paving the way for an anticipated full-scale roll-out of the application later this year.

At MiyaHealth, we are committed to meeting the healthcare industry’s standards for quality and safety. If our products fall short of meeting these standards, we will go back to the drawing board to make the necessary improvements to meet the needs of patients.

Also Read: How Moom taps into the power of community in product development, user acquisition

Law: Product testing occurs extensively during solution development. There are multiple steps, such as designing the user interface, establishing seamless system interactions, implementing data tracking mechanisms, configuration settings, wireframing, and prototyping. User testing and the creation of Product Requirement Documents also occur to ensure that the solution aligns with user needs and business objectives. Alignment sessions are conducted to ensure everyone is on the same page.

During the development stage, there is technical refinement, sprint planning, progress monitoring, and rigorous testing (Quality Assurance). Each step is carefully put into place to bring the solution to life while maintaining the highest standards of quality and efficiency, and if a product fails to meet standards, we will immediately identify where it went wrong and refine it from there.

Kapur: Our products are all about managing our customers’ money, so we don’t take testing lightly. We will release products only if they go through rounds of testing, employee betas and, where relevant, limited public releases.

We have teams on standby to monitor and, in rare instances, roll back changes as needed. Our impressive, hyper-responsive Tech Support team operates 24/7 to ensure any technical issues are addressed as we learn of them. Our biggest priority is keeping our customers’ finances safe and making sure they’re happy with our services.

How do you measure the success of a product?

Dr Rajentheran: There are multiple ways to measure the success of a product. For us, a few indicators include the impact it has generated for our partners in terms of driving efficiency and, ultimately, the impact it has on patients in terms of creating improved health outcomes and patient journeys.

Also Read: How efficient communication drives positive relationships in product development

Law: We look at quantifiable metrics, where Product Managers will estimate the business impact of each feature on the business, after which they set quantifiable goals (e.g. higher usage rate, shorter time of completing a flow, lower dropout rate, higher transaction value, etc.) throughout the design process. They then validate the results with trackers embedded in the apps and websites to see if the expectations are met.

Qualitative feedback is also important. The Product research team and product team will monitor app store reviews, app store ratings and in-app feedback. We do ride-along with our driver partners and shadow our frontline staff and users. This is now mandatory for all product team members. We also have a budget to use the service ourselves.

When it comes to a good design, it will create a smooth offline and online delivery and transaction experience, and a good indicator of this means that users can usually complete a task (e.g. placing an order) on the app or website successfully without training. A poor design, on the other hand, can result in confusion, disputes, complaints, dropouts, etc.

Kapur: We use data to measure how well our product is doing. We have clear definitions of what success would look like at the start of the product launch process. User behaviour can sometimes be unpredictable, so things don’t always go to plan, but it helps to have clear objectives to measure against.

We pay close attention to what our users are saying. We listen to their feedback through customer support, app store ratings, social media, and more. We even have teams dedicated to this. Our main goal is to make sure our customers are happy, and we use their input to shape our product and iterate further.

We talk to our users at different times during the product launch process. Post-launch, we get user feedback and iterate our product based on this feedback.

Also Read: Partipost raises US$7M to accelerate product development, regional expansion

Is there anything that you would like to improve from this process?

Dr Rajentheran: In the initial stages, developing that foundational technology was a challenge for us. It meant that we were building on a global scale but that we could only sell products later. We are now reaping the rewards of that approach as we have signed long-term contracts in multiple geographies over the last year, so we have that commercial acceleration.

For us, the process of development and utilising our foundational technology will not change. We are, however, continuously improving the deployment process to ensure it is optimal.

Law: The reality is that we can never 100 per cent accurately foresee the exact outcome until the feature is deployed, so we see an advantage in getting the product out as quickly as possible and rolling it out to the market as long as there is no huge risk involved.

For relatively complicated features, we are looking to break them into small phases for faster execution. It is not uncommon that companies pass their opportunities to their competitors because they want year-long research to reassure them of the decision to proceed with the development.

Kapur: We get together for review sessions every few months to talk about how things are going and get input on what we’re doing. Our process is always changing and improving. As our business gets bigger, the challenges we face change too, so it’s something we’re always working on.

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Image Credit: RunwayML

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In this episode of We Live To Build with Sean Weisbrot, we speak to Jeff Mains, the Founder and CEO of Champion Leadership Group, a growth accelerator which helps entrepreneurs scale their business from US$1 to US$10 million.

Mains is also the Founder and CEO of Intelligent Contacts, a SaaS platform that helps hospitals make their billing as great as their bedside manner. Before these two businesses, he previously started and sold four additional businesses that were each grossing over US$10 million annually.

Apart from that, Mains is also the Host of SaaS Fuel, a podcast started almost a year ago that seeks to help founders spark creative thinking on their wild journey of entrepreneurship.

Also Read: AI’s distinction lies in its vast scale and accessibility: Raunak Mehta of Igloo

Some of the points that we will cover include the importance of processes, problem-solving, and delegation, highlighting the power of assembling a complementary team. Furthermore, the discussion touches on understanding one’s strengths and weaknesses as a CEO, building relationships, and effective leadership in team management. The need to validate ideas with revenue and the transition from US$1 million to US$2 million in revenue is discussed, emphasising sustainable business models.

Additionally, the conversation delves into potential pitfalls, such as hiring the wrong individuals and the significance of structured processes for company growth. Cultural fit in hiring processes and leadership growth are explored, underlining the importance of finding the right fit for an organisation. The session concludes by likening entrepreneurship to a marathon rather than a sprint, highlighting the long-term commitment required for business success.

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This article was first published on June 12, 2023. 

AI tools can help boost your productivity at work. But do they also make life easier for cyber attackers? A Salesforce survey of senior IT leaders showed that while two-thirds (67 per cent) are prioritising generative AI for their business in the near future, a similar majority (71 per cent) also believe it will introduce new security risks to data.

Attackers are already using ChatGPT and generative AI to write malicious code (and are boasting about it on developer forums). While ChatGPT advocates may downplay the risk, researchers have found that ChatGPT can be tricked into producing viruses and spyware.

Don’t slam the panic button just yet. These latest “advancements” are not entirely new developments – they are simply accelerating traditional hacker tactics. Likewise, AI tools are agnostic, which can also be leveraged by security teams for defensive tasks – from identifying cybersecurity anomalies to creating evasion codes.

Where to start?

As with any new threat, organisations should be evaluating what potential risks ChatGPT poses to their specific attack surface. That isn’t a call to completely rethink cybersecurity. But companies need to double down on their cyber hygiene to ensure a robust defence.

Also Read: How to unlock new horizons with generative AI

Most organisations are still struggling to identify, prioritise, and remediate the most basic threats. Only 15 per cent are cyber “mature,” according to a recent Cisco study, and more than half are still in the “beginner” or “formative” stages. There are plenty of fundamental security gaps that need to be addressed first before diverting resources to the latest AI threats. Or to put it another way, don’t rush to bake a cake when you’ve been missing the recipe for years.

Headlines would have you believe that generative AI and ChatGPT are radically new forms of cyber threats when, in reality, they’re just magnifying the age-old attack classics. Where AI changes the game is enabling these same attacks at an unprecedented scale. Still, none of that matters if you don’t have the right fundamentals in place.

How can I protect myself?

Zero Trust, which authenticates users in a modern security architecture, is a framework that addresses many of the modern challenges of today’s businesses. It helps secure remote workers, protects hybrid cloud environments, and shields the company from ransomware threats.

Many organisations have adopted some form of Attack Surface Management (ASM) to discover and analyse vulnerabilities and potential attack vectors. Zero Trust likewise looks beyond traditional security perimeters. It’s not sufficient on its own, but it is necessary.

The principle is simple: never assume identity, and implement least privilege access to reduce the attack surface. This applies equally when confronting generative AI.

What’s the right process?

Effective vulnerability management begins with knowing which vulnerabilities you need to prioritise and then automating your team’s remediation workflow to tackle them systematically. Eliminate any blind spots in the cybersecurity perimeters and focus on what matters to your organisation.

To achieve cyber hygiene, intelligent solutions are capable of aggregating data from dozens of siloed security tools that most firms already have in place and analysing more than 200,000 common vulnerabilities and exposures. AI can help with that.

Start with the basics. Conduct analysis to know the critical risks specific to your business and how they translate in terms of your technical assets. You cannot protect what you do not know. Have clear accountability, identify the stakeholders in charge of cybersecurity: from top to bottom and, yes, including the board. Employees can be your first line of defence or your attacker’s point of entry based on your investments.

Also Read: How to stay creative in the age of Generative AI and Web3

Implement a step-by-step approach. Cybersecurity is a journey of continuous improvement. Adopt the 80:20 rule: Start with the 20 per cent of actions that cover 80 per cent of your risks. Secure your quick wins and basic protections, then take your Vulnerability Management program to the next level.

Should we invest more in technology?

Start by adopting detection tools and practices to protect your network and endpoints. For smaller enterprises that don’t have the bandwidth and funds to invest in technology, consider managed service providers that can cover an extensive range of security services. From there, ensure those data flows are contributing to the same bigger picture for your security teams.

What we observe is that 80 per cent of breaches still come from a lack of basic cybersecurity hygiene that could have been prevented with steady investments, top-down willingness, and awareness of the risks. Investing in not only people and processes but also the right technologies can make the difference. AI can be a great ally, but only if you get the cyber defence fundamentals right first: gain visibility, secure and protect, monitor, respond, and evaluate.

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The post Stop the doomsday talk: How dangerous is AI for your organisation? appeared first on e27.

In a significant move, Southeast Asia’s super-app giant Grab, has launched a web3 wallet designed specifically for its Singaporean user base.

The technology behind the new feature is provided by Polygon, a platform striving to establish a multi-chain blockchain system compatible with Ethereum.

According to reports initially covered by The Defiant, Grab’s web3 wallet is gaining attention among users in Singapore. The wallet facilitates payments using XSGD, a stablecoin backed by the Singaporean dollar and issued by StraitsX.

Also Read: Driving performance: How Grab develops products that support driver-partners’ productivity

Polygon has described this new offering as a “Polygon-based Web3 Wallet for digital payment vouchers and collectibles.” It aims to showcase the practical application of dedicated funds for commercial payments using StraitsX’s XSGD.

The emergence of Grab’s web3 wallet has garnered additional attention since Circle, the company responsible for the USDC stablecoin, revealed its involvement in providing technology for Grab’s web3 wallet pilot in Singapore on September 14th.

With a substantial user base of 180 million individuals, Grab offers a wide array of services, including banking, food delivery, car rentals, and insurance.

Last week, Circle Internet Financial announced a partnership with Grab to pilot Web3 customer experiences in Singapore by integrating the former’s new Web3 Services platform into the latter’s app.

Grab Web3 Wallet allows them to create a blockchain-powered wallet, accumulate rewards and collectibles, and utilise NFT vouchers. In its initial phase, the wallet enables users to employ SG Pitstop Pack NFT vouchers at well-known establishments and attractions across Singapore, coinciding with the upcoming F1 Singapore Grand Prix.

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GGV Capital to separate China business amid geopolitical tension
GGV Capital was one of the companies under review by a US congressional committee in July that aimed to investigate American firms over their funding of Chinese technology companies, the Wall Street Journal had reported.

Malaysian pension fund KWAP launches US$107M vehicle to invest in startups, VCs
Dana Perintis will allocate 50% of the corpus for direct investments into startups and the other half to invest in funds-of-funds; KWAP seeks to select 10 VCs in total from 38 proposals received earlier this year.

Singapore, India among top countries by number of ‘scaleups’: report
Five Asian countries – China, India, Israel, Singapore, and South Korea – make up half of the top 10 countries with the most scaleups’, a Startup Genome report found; The report defined scaleups as startups valued at or above US$50M.

LeapFrog Investments joins bolttech captable with a US$50M investment
This brings the insurtech company’s Series B round to US$246M; bolttech will use the new capital to grow in emerging markets and expand its technology-enabled ecosystem for protection and insurance for emerging consumers.

Japan’s Terra Drone acquires Indonesian drone services firm Avirtech
Avirtech – which also has offices in Singapore, Malaysia, and Thailand – uses AI to optimise pesticide spraying and map out farms for better crop management; Terra Drone is a Japan-headquartered drone and urban air mobility tech provider.

‘Indonesia needs more female investors willing to back female founders’
Helen Wong of AC Ventures says in Indonesia, women entrepreneurs are not just fulfilling a social role but are driving economic growth; Investing in women-led businesses is not just the right thing to do, it’s the smart thing to do.

Mekong Capital invests US$21M in Vietnamese genetic testing firm
Gene Solutions has developed triSureFirst, a noninvasive prenatal test for detecting abnormalities of chromosome numbers in the fetus.

2C2P records US$15M loss in 2022 as it invests in employees
The reversal came despite a 10.3% year-on-year increase in revenue to US$124.5M; The payments firm’s majority backer is Chinese fintech giant Ant Group.

Peak XV leads US$12M round in startup that simplifies visa applications
Atlys allows users to apply for visas from anywhere in the world through its platform; Aside from unifying the process in one place, the platform helps predict visa processing time while reducing rejection rates.

VinFast delivers 11,315 units in H1 2023
For Q2, the Vietnamese EV maker said 9,535 electric vehicles were delivered, representing an over 5x growth compared to Q1 2023; However, the number appears to be far below its chair Pham Nhat Vuong’s expectation of selling 50K cars this year.

The copyright issues around generative AI aren’t going away anytime soon
Over the past year or so, artists have filed suit against Stability AI, Midjourney and DeviantArt, arguing that models released by the companies infringe on their copyrights by training on the artists’ works and generating outputs in their styles.

Alternative protein startup INSEACT acquired by Karang Foodie
INSEACT specialises in producing sustainable insect protein for aquaculture, starting with shrimp feed; It uses waste from palm oil operations as a raw material to feed the insects.

Startup Genome reveals how local and global connections drive startup scalability
Despite the importance of connectedness on a global level, this did not mean that local connectedness did not play a role.

Chinese video games generate US$17B revenue in overseas markets in 2022
In 2022, the US, Japan, South Korea, and Germany were key destinations for China’s mobile game exports, with the US, Japan and South Korea collectively accounting for over 56% of the total revenue, a report says.

Recharge Capital implements thematic-first strategy to empower women’s health industry
It has appointed Margaret Wang to spearhead operations in the APAC region; In June, Recharge Capital launched a US$200M women’s health fund backed by the likes of Peter Thiel, The Disney Family, The Olayan Family, and Ian Osbourne.

SC Ventures launches fintech platform addax.
It is designed to empower banks and financial institutions to accelerate their digital transformation, deliver new business models, serve new customer segments and derive new revenue streams.

We see prevalence of robotics, IoT solutions across the globe: SIMPPLE CEO
SIMPPLE, which recently listed on the Nasdaq, IoT devices and robotics to empower facility owners to streamline their operations.

Is it possible to regulate artificial intelligence?
The issue of whether AI should be regulated, and to what extent, heated up this summer when UN Secretary General António Guterres convened the first ever UN Security Council meeting to discuss its potential dangers specifically.

‘Semiconductor making nations set for growth as AI takes center stage’
In this interview, Alpha Intelligence Capital CEO Antoine Blondeau also discusses the hurdles that large enterprises may face in adopting AI successfully.

20 global investors fuelling Southeast Asia fintech boom in 2023
International investment powerhouses drive Southeast Asia’s fintech revolution, backing innovative startups in 2023’s dynamic market expansion.

How Grab develops products that support driver-partners’ productivity
Once the first version of the solutions is built, Grab will invite driver- and delivery partners to test it in real-life situations.

BasisAI co-founder steps down from Aicadium
Liu Feng Yuan’s BasisAI was acquired by Temasek subsidiary Aicadium in 2021; This news comes months after Aicadium investigated Liu because of a whistleblower complaint involving staff departures at BasisAI.

TikTok vs Shopee EC war in SEA: How can startups leverage the competition?
In this piece, we spotlight startups capitalising on the TikTok vs. Shopee battle in Southeast Asia’s social and live commerce scene.

The future of Indonesia’s payment services: 3 predictions for the advancement of direct debit
The accessibility and adoption of diverse digital payment methods have experienced a significant surge throughout Indonesia.

Why inclusive hiring matters for a startup ecosystem
A truly inclusive workplace is one where Persons with Intellectual Disabilities (PWIDs) are able to learn, thrive and be respected.

Post-pandemic education: Why edutech remains a game-changer
It is an exciting time for the world of edutech as we are now presented with the unique opportunity to push boundaries and reinvent ourselves.

Striking the balance: AI, leadership, and the modern workplace
Leaders should embrace transparency, include staff in AI-related decisions, and offer thorough training to overcome reluctance.

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The image used in this article is AI-generated.

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Singapore- and Vietnam-based early-stage investment platform CrossFund has raised US$1.5 million in fresh funding from undisclosed investors at a US$47 million valuation.

The fintech startup will use the funds to expand its presence in EMEA (Europe, the Middle East, and Africa), where 40 per cent of its 15,000 accredited investors are based.

Founded in 2021 by Ben Cardarelli and Davide Cali, CrossFund is an equity financing tool for early-stage startups in Southeast Asia and Africa. Investors can own equity in international startups with as little as US$5,000.

CrossFund leverages data to match its investors with startups based on sector, stage, geography, areas of expertise, and other more granular factors. The platform also accepts investments in crypto, leveraging third-party providers. It is soon launching a secondary market to foster liquidity for investors and founders.

Also Read: 26 fintech startups that raised funding in 2023 so far

The firm claims over US$40 million was raised across 80 investments. Its portfolio also includes Clever (APAC), Vulcan (Vietnam), Lipa Later (Kenya), Styched (India), beU (Ethiopia), and Swag Kicks (Pakistan).

CrossFund also has an exit to its credit (Hong Kong-based Edugo, which raised a funding round led by CrossFund, was acquired in June by Nasdaq-listed Docebo).

“Having spent the past ten years in Asia, SEA was our natural birthplace and we quickly built a strong base of investors and startups here,” said Cardarelli.

“Demographically, these markets we are in – like Indonesia, India, Vietnam, and Philippines – have extremely large populations, a young, tech-savvy workforce, low labor costs, and an emerging middle class. Entrepreneurship and angel investing is still at its nascent stage in many of these markets, but on the rise. Our vision has always been to invest early in local founders and give people access to valuable startup equity in the economies of the future,” he added.

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The image used in this article is AI-generated.

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