Negawatts.io, an Australian startup that offers tech solutions to optimise energy consumption for companies, is establishing a new office in Singapore to expand into the Southeast Asia, Australia, and New Zealand (ASEANANZ) markets.

The company recently graduated from the EnergyLab Climate Tech Charge programme and plans to secure contracts with enterprises across Australia and the region.

In this interview with e27, Negawatts.io’s co-founder and CEO, Nigel Grier, discusses the rationale behind the expansion.

Please tell me about Negawatts.io.

Negawatts.io was founded by Kor Choon Meng, Pat Jackson, and myself. We were driven by a shared vision to address the urgent need for energy efficiency and sustainability in today’s world.

“Negawatt” refers to a unit of energy you don’t use—energy saved through efficiency measures. Our mission is to help asset owners exceed their NetZero goals while contributing to cooling the planet and protecting our biosphere.

Also Read: Clean energy in Malaysia: Opportunity amidst uncertainty

Our approach is an “Energy service company (ESCO) on Steroids,” as we dig much deeper into energy efficiency. We guarantee energy reductions between 40 per cent and 70 per cent, compared to the typical 10-30 per cent that traditional ESCOs deliver.

How does Negawatts.io differentiate itself from other energy sustainability startups and solutions in the market?

Negawatts.io positions itself as the intermediary between building owners and ESCOs, setting the standards, managing the financials, and directing the entire process. We still allow the ESCOs to do the heavy lifting, but by getting in the middle, we maintain high leverage over the project’s success.

We set ourselves apart by providing a holistic and integrated approach to energy optimisation. Our platforms are not just standalone solutions—they are designed to work together, creating a comprehensive energy management system that maximises efficiency across the board.

Our “ESCO on Steroids” philosophy, backed by decades of proven success, ensures our clients see significant, measurable energy consumption and operational efficiency improvements. We don’t wait for clients to come to us; instead, we actively seek opportunities, providing a tidy package that makes the process as simple and financially attractive as possible.

Can you provide the details about your three integrated solutions (vChill, mGrid, and vPool)? How do they work together to optimise energy consumption?

vChill is an energy optimisation platform for centralised chiller plants designed to identify inefficiencies and optimise operations. This results in substantial cost savings and reduced environmental impact.

mGrid is a micro-grid control platform for large industrial and commercial facilities, such as hotels and warehouses. It features an intuitive interface for seamless energy resource monitoring, management, and optimisation.

vPool is a platform that facilitates the financing of energy and resource conservation projects. It connects project partners with investors, enabling capital allocation to high-impact conservation projects through a transparent and verifiable process.

They work together to optimise energy consumption and resource management across various sectors.

Can you tell us more about how these three work together to optimise energy consumption and resource management across various sectors?

We believe positioning our solutions to make existing buildings NetZero is far more compelling than simply promising vague “increases in energy efficiency” that most ESCOs offer.

This strategy resonates strongly with property owners looking for substantial, tangible results. Increasing energy savings directly translates into increased returns and enhanced value for property owners.

For instance, a property owner with a US$1 million utility bill could see their costs drop to US$400,000. This 60 per cent reduction in operating costs not only allows owners to raise rents but can also increase the sale price of their buildings by 10X the amount of savings—turning US$600,000 in savings into a $6 million capital value enhancement.

Also Read: Awareness level about the potential benefits of energy efficiency is low in SEA: TablePointer CEO

Our other key differentiator is the comprehensive, turn-key service we offer. We aim to provide everything an owner needs to identify and achieve maximum energy and water savings within a practical framework. Our service includes not just the identification and execution of savings opportunities but also the necessary financing to make these improvements a reality.

How does Negawatts.io leverage data-driven insights and predictive analytics to optimise system performance and prevent downtime?

Our platforms leverage data-driven insights and predictive analytics to optimise system performance and prevent downtime. By continuously monitoring energy usage and system operations, we can predict potential issues before they become problems, ensuring that our client’s operations remain smooth and efficient.

Can you share examples or case studies from pilot projects demonstrating the potential cost savings and efficiency gains achieved through your platforms?

We have several pilot projects that showcase the potential of our platforms. For example, a recent deployment of vChill at a major commercial facility resulted in a 54 per cent reduction in energy consumption, a significant decrease in operational costs and nearly 1,000t of CO2e annually.

Similarly, our mGrid platform has helped industrial clients stabilise their energy costs by integrating renewable energy sources and reducing reliance on the grid.

What factors influenced your decision to expand into the Southeast Asia, Australia, and New Zealand markets?

The decision to expand into the Southeast Asia, Australia, and New Zealand markets was driven by the region’s growing focus on sustainability and the significant opportunities to improve energy efficiency. These markets rapidly adopt green technologies, and we see a strong demand for our integrated solutions.

What strategies are you using to engage with Australian and Southeast Asian investors to support your growth financing efforts?

To support our growth, we are actively engaging with investors in Australia and Southeast Asia through a targeted outreach strategy highlighting our solutions’ financial and environmental benefits. We also focus on securing contracts with enterprises across the region by demonstrating the proven cost savings and sustainability gains our platforms deliver.

What are your plans for securing contracts with enterprises across Australia and the broader ASEANANZ region?

Over the next five to ten years, we expect the energy optimisation and sustainability landscape to evolve significantly, with increased adoption of AI-driven solutions and a stronger focus on integrating renewable energy sources.

Negawatts.io is positioned to play a crucial role in this future, providing the tools and insights necessary for businesses to navigate these changes and thrive.

What are your biggest challenges in the competitive landscape, and how are you addressing them?

The biggest challenge is the crowded marketplace, with many players offering energy solutions. However, we address this by maintaining a clear focus on our integrated, data-driven approach, which delivers superior results.

Also Read: On the precipice of energy transition

Our commitment to innovation and our “ESCO on Steroids” philosophy ensures that we consistently outperform traditional solutions and drive real, impactful change in the energy landscape. The market is enormous, and demand is growing unchecked, but our substantial and simple differentiator—providing better value to our clients—positions us to succeed and scale effectively.

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Image Credit: Negawatts.io.

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Click, click, click the attention economy is booming.

There are now over five billion active social media users spending on average two and half hours per day using social media platforms.

So what are we doing in there and how are these platforms engaging their users? It seems like Telegram has found a sweet spot between social and gamers. Web3 gaming paired with social media has propelled gaming into the hands of millions of Telegram users in recent months.

The battle for our attention is nothing new. Media and social media giants have long understood the benefits of adding gamification would keep us hooked. However, as Web3 adds in the ability to earn, the lines between playing, socialising and doing business are blurring.

The evolution of gamification

Applying gaming components to non-game contexts has been around for decades. It began in the gaming industry, where early video games like Pac-Man and Super Mario introduced us to addictive mechanics like advancing levels, collecting rings and bonus levels. These elements kept players engaged for hours, often returning for more, laying the foundation for what we now recognise as gamification.

After this, media outlets introduced interactive quizzes, polls and comments sessions to enhance engagement.  But it wasn’t until Facebook and Twitter came along that the use of algorithms to personalise individual timelines and provide an endless loop of engagement mechanics. Everyone loves a like or a share.

How Web3 game publishers capture attention

Now enter the world of Web3, powered by blockchain technology where the game publishers can use real life rewards to entice further engagement. The publishers have the ability to create entire new economies where earning becomes a feature.

Also Read: Using technology to track your tea from leaf to ledger

Take Upland, for example, a blockchain-based property trading game. In Upland, users buy, sell, and trade virtual properties mapped to real-world locations. Users earn the Sparklet currency by owning properties, completing collections, and participating in events. The potential for real-world value, as properties can be bought and sold for real money, adds a layer of high-stakes engagement that traditional games could only dream of.

The genius of Upland lies in its design. The game taps into our intrinsic desire for ownership and achievement. Each property purchased or collection completed triggers a dopamine hit, encouraging players to invest more time and money. The introduction of metaventures — user-owned businesses within the Upland metaverse, turns players into entrepreneurs within a virtual environment. This blend of real estate, gaming, and finance keeps users engaged for the long haul, making Upland not just a game but a thriving digital economy.

Reimagining the relationship between social media and game publishers

Web3 is offering new ways to gamify social interactions. Telegram, with over 900 million users, has become a fertile ground for Web3 games. As of December 2023, only one per cent of these users were gaming, but the rise of simple, hyper-casual games like those on the TON network has changed that. “Hamster Kombat,” a crypto game launched in March 2024, has grown to over 200 million users.

TON games are easy to install, play, and connect to crypto, breaking out of the crypto echo chamber and appealing to mainstream audiences. This simplicity has driven the success of games like “Catizen,” with 23 million users, and “Notcoin,” with over 40 million. These games are not just entertaining—they are a new form of digital interaction where users can earn rewards with real-world value.

Also Read: 7 trends changing the reality of immersive gaming

The beauty of these games is their simplicity, they require minimal effort yet offer rewards. This combination makes them incredibly effective at capturing attention, particularly in an age where micro-engagement is key. Users who are already familiar with the quick hits of dopamine from likes, comments and shares are jumping into these games.

Moreover, the integration of blockchain technology means that these rewards have real-world value. Users can trade their earned tokens for other assets, sell them for cryptocurrency, or use them within the platform, creating a cycle of engagement that’s hard to break. If attention is already a form of currency for media giants and social platforms then why shouldn’t users be earning some of this currency?

The future of gaming in the attention economy

Our attention spans are getting shorter and there are social concerns to consider as we spend more and more online. However, gamified environments that foster positive behaviours, increase motivation and encourage more social interactions need to be applauded.

The key will be having a balance and making informed decisions when it comes to engaging with all online games. Onchain gaming protocol Tashi believes that truly decentralised gaming offers a unique opportunity to bring Web2 and Web3 gamers together.

Looking ahead, emerging trends like augmented reality (AR) and virtual reality (VR) are set to take gamification to new levels, creating immersive experiences that could make today’s digital interactions seem minor by comparison.

Responsible design, transparency, and user empowerment ensure that the right ethical considerations are taken into account when creating future games.

Whether through Upland’s digital real estate empire or Telegram’s hyper-casual games, the world of gamification using Web3 technologies is hitting mainstream. Our attention is dwindling by the day and we yearn for the next dopamine hit. Micro-rewards via these in-app social games are the hit we never knew we needed.

The question now is how will game studios and designers find a way to block out the noise and create the next Mario kart that we can’t stop playing?

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As Southeast Asia celebrates the Independence Days of Singapore, Indonesia, and Malaysia, it’s a fitting moment to reflect on a critical component of true independence in today’s digital age: cybersecurity.

These three nations, each with their own rich histories and vibrant cultures, are also emerging as significant players in the global tech arena. To sustain this growth and ensure the tech startups that drive innovation can thrive independently, robust cybersecurity measures are imperative.

Singapore: A beacon of cyber resilience

Singapore, celebrating its National Day on August 9th, is often hailed as a global technology hub. The city-state’s commitment to cybersecurity is evident in its comprehensive Cybersecurity Strategy, which aims to create a trusted and resilient cyber environment. For tech startups in Singapore, this means operating in an ecosystem where their innovations are protected from cyber threats, allowing them to focus on growth and innovation without the looming fear of cyber attacks.

Singapore’s Smart Nation initiative is a testament to the importance of cybersecurity in fostering innovation. By integrating cybersecurity into the core of its digital infrastructure, Singapore ensures that its startups can develop groundbreaking technologies safely and securely. This proactive approach not only protects the intellectual property but also instils confidence in investors and consumers, driving further innovation and economic growth.

Indonesia: Safeguarding a growing digital economy

Indonesia, celebrating its Independence Day on August 17th, is experiencing a digital revolution. With a burgeoning tech startup scene, the largest economy in Southeast Asia is rapidly becoming a hotspot for innovation. However, with rapid digitalisation comes the heightened risk of cyber threats. Recognising this, Indonesia has been strengthening its cybersecurity framework to safeguard its digital economy.

Also Read: Cybersecurity in the AI age: How startups can stay ahead

For Indonesian tech startups, cybersecurity is not just about protection; it’s about enabling progress. A robust cybersecurity infrastructure ensures that startups can innovate without interruption, securing their intellectual property and sensitive data from malicious actors. This security is essential for maintaining trust in the digital ecosystem, fostering a culture of innovation, and driving sustainable growth.

Malaysia: Building a secure foundation for innovation

Malaysia, celebrating its Independence Day on August 31st, is another Southeast Asian nation making significant strides in the tech world. The Malaysian government’s commitment to cybersecurity is reflected in initiatives like the National Cyber Security Policy (NCSP), which aims to create a secure and resilient cyber environment.

For Malaysian tech startups, a secure foundation is crucial for independence and growth. Cybersecurity measures protect their innovative work from cyber threats, ensuring that their ideas can develop into successful enterprises. This security not only protects the startups but also contributes to a stable and trustworthy digital economy, attracting investment and fostering innovation across the nation.

The role of cybersecurity in tech independence

Across Singapore, Indonesia, and Malaysia, the critical role of cybersecurity in protecting innovation cannot be overstated. For tech startups, cybersecurity is the backbone of their independence, enabling them to operate in a secure environment where their ideas can flourish.

By investing in robust cybersecurity measures, these nations are not only protecting their digital assets but also fostering a culture of innovation. Startups can focus on what they do best—innovating—while having the confidence that their digital environment is secure. This protection is essential for building a resilient digital economy that can withstand the challenges of the modern world.

Celebrating independence through cyber resilience

As we celebrate the Independence Days of Singapore, Indonesia, and Malaysia, let us also celebrate the strides these nations are making in cybersecurity. By prioritising cyber resilience, they are not only protecting their innovative work but also ensuring the independence and growth of their tech startups.

In a world where digital threats are ever-evolving, the commitment to cybersecurity is a testament to the resilience and forward-thinking nature of these nations. It is this dedication that will continue to drive innovation and secure a prosperous future for Southeast Asia’s tech industry.

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Andrew Ng, the Founder of Deeplearning.ai and former Co-Founder of Google Brain and Chief Scientist at Baidu, explores the fundamental aspects of responsible AI through his Generative AI course. Within this discourse, the significance of data, particularly large datasets, in constructing expansive language models like Chat GPT and Bard becomes strikingly apparent.

In examining the sourcing and governance of this data, pertinent questions arise: Where does this data originate? Who regulates its flow? And how do businesses discern the inputs essential for optimising real-world applications? These inquiries resonate with practitioners in the realm of responsible AI, where the focus extends beyond mere technical prowess to encompass ethical considerations and societal impact.

By leveraging blockchain’s decentralised framework, coupled with transparent and reliable data streams from verified sources, companies of all sizes are redefining access to information. This democratisation of data not only fosters a more inclusive ecosystem but also reshapes the dynamics of how information is utilised across sectors.

Why does society need responsible AI?

This will be immediately obvious to those who study or work with large language models, but the implications of how these models are developed have yet to reach the mainstream. What the public is familiar with today is the noise around AI investments, the potential of AI to obliterate jobs, and the danger of AI clouding our judgements as the public is fed streams of fake news. However, the value of AI and the repercussions around implementation don’t make sense without first considering the approach to development. 

Also Read: How AI and blockchain collaborate for a transparent Web3 future

Blockchain technology has a role to play in addressing ethical concerns and advancing the principles of responsible development outlined by Ng: fairness, transparency, privacy, security, and ethical use.

Let’s examine how blockchain contributes to each dimension of responsible AI.

Fairness

Bias in AI algorithms can stem from skewed or inadequate data sets, leading to discriminatory outcomes. Blockchain technology offers a decentralised and immutable ledger that transparently records data transactions.

By leveraging blockchain for data collection and storage, developers can ensure the integrity and diversity of data sets used for training AI models.“Flare allows applications to leverage diverse data sources. This enables businesses to make data-driven decisions and execute actions based on real-world events. The native protocol eliminates the need for third-party data oracle solutions, ensuring a highly decentralised and cost-effective infrastructure for accessing external data, ”says Nick Camion, Head of Marketing for Flare Network.

Transparency

Blockchain’s tamper-proof nature enhances the transparency of AI systems by providing an auditable record of data transactions and algorithmic processes. Through blockchain-based data provenance, stakeholders can trace the origins and transformations of data inputs, ensuring accountability and facilitating algorithmic transparency. Projects like Flare and SingulatityNET are driving access to data and the sharing of innovative AI capabilities using blockchain technology. 

Privacy

Privacy-preserving techniques are crucial for safeguarding sensitive data in AI systems. Blockchain technology offers cryptographic solutions such as zero-knowledge proofs that enable privacy-preserving computations while maintaining data integrity. 

Also Read: Understanding the role of fintech, blockchain in transitioning to net zero

Security

Smart contracts deployed on blockchain platforms can enforce access control policies and automate security measures, ensuring the resilience and robustness of AI systems against cyber threats and adversarial attacks. “We need the cost to disrupt the data supply to be greater than the benefit of doing so. Decentralised data access is far harder to disrupt, supporting the secure management of significantly greater value,” says Campion. 

Ethical use

Ethical considerations in AI development include societal impacts, human well-being, and responsible governance. Blockchain technology facilitates decentralised governance models through consensus mechanisms and decentralised autonomous organisations (DAOs), enabling transparent and participatory decision-making in AI development and deployment.

Incorporating blockchain technology into AI development and deployment processes holds promise for advancing the five dimensions of responsible AI. As we navigate the ethical landscape of AI, the integration of blockchain offers a pathway towards a more equitable, transparent, and responsible AI-driven future.

The responsible use of AI is no longer a choice but a necessity for corporations of all sizes. As AI becomes increasingly integrated into business operations, from customer service chatbots to predictive analytics for decision-making, the ethical implications of AI deployment come to the forefront.

Consumers, stakeholders, and regulatory bodies will continue to demand more transparency in AI practices, and unethical AI deployment can lead to reputational damage and long-term financial repercussions for businesses. 

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This article was first published on March 4, 2024

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Generative AI was firmly at centre stage throughout 2023, as individuals and businesses across multiple sectors implemented tools such as ChatGPT to perform various tasks, like information processing and content generation, with astounding speed and time savings. In fact, our internal organisational study last year revealed that implementing Generative AI boosted productivity by a staggering 62 per cent across different departments, saving us 26 hours in a week.

Furthermore, a Gartner study conducted in the third quarter of 2023, which involved 1,400 executive leaders, revealed a sharp uptick in the adoption of Generative AI. The study found that 45 per cent were in piloting mode, and an additional 10 per cent had already deployed Generative AI solutions into production.

This marks a substantial increase from an earlier study in April 2023, where only 15 per cent of respondents were piloting Generative AI, and four per cent were in production. This clearly indicates that there is a growing trend towards an increased adoption of Generative AI technology.

Generative AI grabs simultaneous global regulatory attention

As AI permeates every industry, concerns about bias, privacy, and unintended consequences loom large. In keeping up with these developments and risks,  companies and professionals must prioritise AI governance training even as they assess and develop Generative AI-enabled technologies. This allows them to appreciate the value of its use cases, assess the risks, and recommend appropriate constraints for the safe and responsible use of Generative AI.

Also Read: Riding the affluence surge: How Generative AI can power growth in financial advisory

Globally, regulatory bodies are taking proactive measures to address AI governance gaps. The immediate and widespread accessibility of this technology and the rate of it being embedded in daily use is unprecedented. ChatGPT alone reached 100 million users within months of its launch. Since then, there’s been an exponential increase in the introduction of large language models, with AI-embedded applications being launched daily. 

Furthermore, the EU’s forthcoming AI Act will set a global precedent when it comes into force within two years, while nations in ASEAN, like Malaysia and the Philippines, are crafting governance frameworks aligned with responsible AI principles. Meanwhile, Singapore has set itself as the frontrunner in AI adoption on the world stage, emphasising responsible governance through initiatives like the Model AI Governance Framework for Generative AI (MGF-GenAI). 

A new marketplace emerges

In 2024, Open AI’s Custom GPT Marketplace will further accelerate the use of Generative AI. Consequently, we will see increased instances of uploaded content being used with Generative AI, enabling GPTs to be customised in their knowledge and behaviour.

This, of course, will present challenges associated with the IP and copyright. Additional concerns about security and privacy have been raised on occasions where some of these new custom GPTs have been attacked with adversarial prompts that tricked the Custom GTPs’ prompts into leaking their instructions and even their uploaded files.

Also Read: How Generative AI will advance embedded lending

Companies hoping to cash in on this bandwagon of Custom GPTs, akin to the Apple App Store, should seek counsel from AI-informed or trained Data Governance Professionals for ethical and responsible development and deployment to protect their interests.

Emerging data professionals: New competencies required

AI deployment is imminently on the rise alongside regulatory guidelines and rules from regulators, particularly from Data Privacy-related agencies, which is changing the role of data governance professionals. A recent study by the Data Protection Excellence Network tracking Data Protection and Governance jobs in Singapore showed that there was a 173 per cent increase in demand for data governance roles year on year from 2022 to 2023. 

As AI becomes ingrained in decision-making processes, AI governance training becomes indispensable, and professionals should look at various training options, such as the Advanced Certificate in Generative AI, Ethics and Data Protection, which Straits Interactive recently launched in partnership with Singapore Management University Academy (SMU Academy). Another option is the AI Governance Professional Course, which was developed in collaboration with IAPP and includes training on different variations of AI, including Generative AI. 

Ultimately, there is a bright future for Data Governance professionals to augment their competencies in Generative AI, particularly in Singapore, where the government is looking to triple its AI talent pool in the next three to five years. This way, they can become trusted advisors who can advise their management and organisations with a more holistic governance framework that encompasses Generative AI and new applications coming into their workplace and in products being developed.

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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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This article was first published on March 4, 2024

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We are always in a continual state of ecosystem and category disruption.

Imagine jumping in a time machine back to your local supermarket 30 years ago.  Many of the categories from today wouldn’t exist.  There wouldn’t be an organic section or plant-based options for pasta or meat.  There wouldn’t be an energy drink section. Vegan or high-protein as an additional element to our regular foodstuffs wouldn’t have happened yet.

And if we do a reverse time journey to our supermarket 30 years in the future, it will be filled with new categories that we never thought of and never thought that we needed.

What is at the core of this evolution and constant change is a problem that has been redefined and explained to us.  It is a problem we didn’t even realise we had:

• Organic: I don’t trust the food supply chain and want additional assurances
• Vegan: I don’t want to make all of my vegetarian food from scratch
• High-Protein: I worry about getting enough protein (for myself or family members)
• Energy Drink: I want a pick-me-up, and regular sugar-based colas are not enough

These categories hide in plain sight across industries.

Switch gears from consumer to corporate, such as finance/investing, and it seems obvious that real estate as a capital asset should be available as an exchange-traded asset and be part of my portfolio (a REIT).

When I was working at a large bank and launching the first REIT product in the Asia-Pacific region, a huge amount of education and awareness was needed to explain this problem (and new category): “Real estate is expensive to invest in and can have significant risk, but an aggregated fund, linked to assets, and managed by experts enables me to solve this problem”.

I gained diversification in my assets, and this new category is very clearly explained and labelled for me.  And so: “I need to have a REIT in my portfolio”, and it becomes an established category.

Markets and categories are thus in continual flux and redefinition. And importantly, the ones who lead the change and define the category are usually the ones who dominate it. There’s plenty of data and precedence around this ‘Category King’ outcome and their consistent lion’s share of the market.

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

For example, have a look at Paul Gerovski and his Nobel-winning research on how markets and categories consistently evolve.

But now, all indications are that we are in an extraordinary time of accelerated change and new categories are being defined and monetised.

Consider these four accelerants and ecosystems being impacted:

Supply and value chain disruption

The reverberations of the pandemic are still being felt.  Given that it is one of the biggest black swan events of our lifetime, the changes and impact will resonate with us for the rest of our careers. In particular, it exposed the fragility of our global value chains.

These established GVCs account for 70 per cent of global trade.  For three decades, we saw the primary driver around lowering cost, and in this era of trade liberalisation and the ‘world is flat’ mentality, the concentration of value chains became extreme.

Now, we are seeing radical changes to the ecosystems that were built up. Nearshoring or friend shoring is changing value chains.  A swing to the right and nationalism have also led to increased tariffs, requirements, and trade disputes. It is more difficult for smaller companies to conduct cross-border trade today than it was 10 years ago!  Customs documentation is more complex.  Shipping, cost, and predictability are more challenging.

Asia-based innovators such as Cogoport are great examples of companies seizing this opportunity and defining a new category around a global trade platform.   Small to mid-size companies that don’t have dedicated internal teams for overseas trade and complex shipping decisions, customs documentation, or insurance can be guided on optimal decisions.  This drives confidence for these companies to expand their business and horizons.

It also leads to innovators creating new categories to deal with this changed environment.  It is an area prime for disruption and new Category Kings to emerge!

Web3

Web3, at its heart, is a new level of decentralisation compared to what the internet represents to us today.

It is decentralised across computer networks (and data), finance (with crypto and blockchain as core elements), and identity.

Consider the evolution and current state of identity that we find ourselves in.  Web1 was built upon username and password. Web2 evolved to login via Google, Apple, Facebook, or Twitter.

The ramifications for identity, as well as data, have been monumental.  We find ourselves in a time of almost outrageous concentration of data and analytics in a few massive technology players (FANG or The Magnificent Seven).

Now, contemplate the Web3 emerging vision around privacy, security, and freedom, and connect through your digital wallet by logging in via a Web3 ID (which can be real-world or anonymous).  This means control of your own data, and you are not reliant on centralised corporations or institutions.

This current imbalance of too much data and power in too few hands is a beacon for innovators and for new categories to form.   If this seems too far-fetched, consider that two decades ago, the biggest tech players were IBM, Cisco, HP and Dell!

Climate and sustainability

Could there be a bigger elephant (ecosystem) in the room?  Climate and sustainability will necessarily be at the top of the geopolitical and increasingly business agenda.  It is the ultimate ecosystem play, resulting in a plethora of new categories and ways of thinking that:

Measurement is key

And is evolving rapidly. Carbon measurement, tracking, valuation, and trading will formalise and create tremendous new solutions and categories. New models and metrics are forming across innovations and start-ups in the sustainability space. Linear models for growth and development are being challenged with sustainable boundary prototypes (sometimes called ‘doughnut economics’). Innovators will eventually crack this problem, driving new thinking and aligning new categories.

ESG is broken

Speaking and interacting with leading players and startups in the carbon footprint space, it’s clear that ESG is an unwieldy combination of measurements from carbon to diversity and inclusion. ‘It is the best we have’ is a common lament and is ripe for disruption and a new model to emerge.

Also Read: Darryl Dickens: Shaping success through Category Design

Cities are critical

Climate and sustainability is a global issue, but we have to solve them at the city level:

• Cities account for 75 per cent of global CO2 emissions (but are only three per cent of total land mass).
• 50 per cent of all global waste is concentrated in cities and 75 per cent of natural resource consumption.

Southeast Asia’s Atlas Capital and their Adaptive Cities Challenge for startups is a great example of the increasing understanding and focus on the city as a lab.

Climate and sustainability are thus primed as a key source of new categories and a radically modified ecosystem of players.  Not only is this inevitable, but we need it to happen faster!

AI and work as we know it

Imagine the implications for work itself changing, how big is that? Even before the hype and explosion of AI discussion, key Asia-based players like Laiye were looking at the practical yet massive impact of AI on work and the new category of a ‘Work Execution System’.

Existing categories, such as intelligent document processing (machine learning combined with computer vision), now combined with massively enhanced large language models, will further remove low-productivity areas of our work. Invoice processing, timesheets, expenses, purchase orders, tax filings, business trip bookings, and project management are examples of the massive areas of day-to-day work that are manual, repetitive, and tedious.

But when the very nature of work experiences a radical, accelerated change, how does the ecosystem of existing technologies and players change?  When we each have a personalised digital assistant, how will our work patterns change?  What are the new categories that will emerge?

These four examples of ecosystems being disrupted should then catalyse our next big questions:

What new categories will form, and how will I seize these opportunities?

If I don’t seize them, then what are the ramifications when someone else does?

Lead, don’t follow! Those who design the Category are best poised to dominate it!

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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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This article was first published on March 19, 2024

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The acquisition of emerging businesses in Vietnam is a well-planned strategy that regional companies and large corporations employ to enrich their ecosystems with the least amount of resources. 

The M&A sector has been witnessing a rebound in recent years 

According to KPMG Vietnam, the Vietnamese merger and acquisition (M&A) market is anticipated to surpass US$4.4 billion in 2023 and continue to increase in the years ahead. It is important to note that M&A are not only occurring in traditional sectors such as finance, real estate, and retail but are also gaining significant momentum in emerging sectors like technology and the digital economy. 

Technology is undergoing accelerated development and evolution. Any company — big and long-standing, or tech giants like Google, Meta, Microsoft, etc. — is struggling to keep ahead of rivals in terms of technology. 

In the past, large corporations invested billions of USD annually in research and development (R&D) to reduce the technology disparity. However, R&D is a long-term investment process that may have potential hazards if the research results are not commercialised. Consequently, large corporations are accelerating the adoption of new technology by pursuing startups that offer emergent technology solutions and pursuing mergers. 

According to Mrs. Le Hoang Uyen Vy, Co-Founder and CEO of Do Ventures, the Vietnamese technology industry has experienced a resurgence in M&A activities in recent years, indicating a dynamic consolidation and expansion. 

This is also the reason why the Vietnamese M&A market has also witnessed the emergence of new buyers, such as regional companies, big tech companies, and domestic corporations. Each organisation implements its own unique acquisition strategies. 

Also Read: M&A in Asia: A strategic roadmap for venture builders

Merging with like-minded partners and venture capital funds through M&A 

The most prevalent M&A strategies for reginal large-scale companies involve the acquisition of market leaders by regional mega apps to fortify their ecosystems. SEA Group’s acquisition of Foody (2018) and the acquisition of a majority stake in Giao Hang Tiet Kiem (2017) are two typical examples. Furthermore, they acquire market-leading companies in the same industry to strengthen their positions. For example, Mynavi acquired IT Viec (2020), Woowa Brothers acquired Vietnammm (2019), and Traveloka acquired Mytour (2018). 

In order to conserve time and resources, large regional technology companies frequently acquire licensed businesses in regions with stringent legal regulations rather than pursuing new licenses independently. Typically, Grab acquired Moca (2018), Ant Financial acquired eMonkey (2019), Gojek acquired Wepay (2016), or Truemoney acquired 1Pay (2017). 

In additon to the “big guys” in the region, significant domestic technology companies also have a strategy to acquire early-stage startups to upgrade and expand their business ecosystem. For example, FPT’s acquisition of Base.vn (2021), Momo’s acquisition of Nhanh.vn (2022) and Pique AI (2021), and Tiki acquired Ticketbox (2019).

Alternatively, they pursue digital startups with the objective of expediting the digital transformation process, as evidenced by the acquisitions of Vicare (2018) by Vinmec (a subsidiary of Vingroup), Mobicast (2021) by Masan, and Hocmai (2020) by Galaxy Media & Entertainment. 

As the domestic tech market grows, local startups are also emerging as a new destination for large corporations. Local businesses, which possess substantial resources, have also undergone a transformation from passive participants to key architects in the development of the M&A market. They have actively improved their technological capabilities and market presence through strategic transactions. 

“Through M&A activities, numerous domestic enterprises have initiated engagement in open innovation.” Mr. Do Tien Thinh, Deputy Director of the National Innovation Center, Ministry of Planning and Investment, is aware that certain large corporations have established a distinct M&A committee. The committee will select enterprises to begin merging monthly to acquire technology and market share. 

Conclusion 

According to a projection, startups will constitute 44 per cent of the innovation sources for corporations and businesses of all sizes within the next five years.  

This development is advantageous for both corporations and entrepreneurs. The tech giants will provide startups with additional resources (finance, human resources, infrastructure, customer network, etc.) to facilitate their expansion. Corporations and organisations will have access to new technology and solutions that will enhance their competitiveness against rivals. 

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Singapore-based Evo Commerce, an omnichannel retailer offering supplements and personal care products directly to consumers, has raised US$2.1 million in a fresh investment round.

Existing investor Shanghai-based IJK Capital Partners led the round.

Chen Capital (Min-Liang Tan’s family office), Reuben Lai (former MD of the Grab Financial Group), Octave Wellbeing Economy Fund, Orvel Ventures, Straits Angels, and Ascend Angels participated.

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

Evo Commerce will use the funds to develop new products, expand retail touch points in core markets, and conduct A/B testing for new market expansion.

“This US$2.1 million investment will significantly enhance our capabilities in product innovation and market expansion. By ramping up R&D, boosting our retail footprint, and exploring new markets, we’re set to supercharge our growth and scale our business profitably over the next three years,” said CEO Roy Ang.

Started in January 2022, Evo Commerce builds premium yet affordable supplements and personal care products for emerging generations. Its flagship products are Bback (formerly known as Bounceback), a hangover relief solution, and Stryv, which specialises in quality personal care electronics and beauty products.

According to the startup, Stryv has seen exponential growth and is now available in Singapore, Hong Kong and Malaysia.

Stryv runs a flagship store at Suntec City in Singapore and a retail store in Kuala Lumpur.

The startup claims its topline has increased by 300 per cent annually over the past two years.

In September, Evo Commerce secured US$2.8 million in equity and debt financing from IJK Capital; Quek Siu Rui, co-founder and CEO of Carousell; Joel Neoh, co-founder of Fave; and Tipsy Collective. A few months earlier, it announced the completion of its pre-series A funding round of US$2 million.

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Image Credit: Evo Commerce

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In the last two years, the Philippine startup ecosystem has seen a significant boom, including increased funding and growth, which can be attributed largely to its young and vibrant talent. However, challenges remain, such as improved infrastructure, regulatory hurdles, and the need to further develop local talent to sustain long-term growth and innovation.

According to the Startup Genome report, the Philippines achieved a GDP growth of 5.6% in 2023, making it the fastest-growing economy among major ASEAN nations. Manila, the vibrant capital at the heart of the archipelago, leads the country’s dynamic startup ecosystem, which includes nearly 1,100 startups, 60 incubators and accelerators, 50 venture capitalists, and 200 coworking spaces.

Its ecosystem growth has climbed steadily in the Global Innovation Index, rising from #100 in 2014 to #56 in 2023, with a goal to break into the top 50 by 2028 as outlined in the 2023-2028 Philippine Development Plan. 

Since then, different ecosystem players have popped up, including a more focused approach in venture studios that allows founders to be nimble and disruptive in their decision-making. According to a report done by the GSSN, “84% of companies created at a venture studio survive to reach growth and secure funding”. 

AHG Lab, one of the Philippines’ largest independent venture studios, aims to unite visionary founders and creative minds with the shared ambition to revolutionise the startup landscape.

A community and hub for disruptors in the local and regional markets

From the idea stage to pre-series A, AHG Lab operates, invests, and builds an ecosystem that empowers, accelerates, and scales technology and tech-enabled startups and founders in the Philippines, Southeast Asia, and beyond. 

Rene Cuatero, CEO at AHG Lab, shared, “We envision a future where no founder feels lost or unsupported and where every startup in the Philippines, Southeast Asia, and beyond is poised for accelerated growth and success.”

Also read: Ushering an AI-ready future with Techsauce Global Summit 2024

Cuartero added, “Our mission is to build an ecosystem that addresses the needs and pain points of founders and startups, fostering a conducive environment that drives their success so the founders can focus on building the solution to the pain point they are solving.”

As an industry-agnostic venture studio, AHG Lab welcomes local and regional strategic partners or ecosystem development institutions to participate. Their objectives are to accelerate the Philippine innovation space to bridge startups and talent with the rest of the region. 

While this is an expansive list of potential connections, from investors to governments, other venture builders and studios, and civil society, AHG Lab believes that as a collective, so much development work is possible.

Committed to empowering local talent on a global scale

AHG Lab operates to empower founders and startups through advisory, capital formation, venture-building, acceleration, and other programmes and activities related to ecosystem building. 

Their influence is highlighted by their team’s keen understanding of various industries, market dynamics, and fundraising environments. As a result, AHG Lab is uniquely positioned and embedded in the networks that are running the space.

Specifically, AHG Lab is eager to partner with experts/practitioners of early-stage startup funding, early-stage ecosystem development, angel investing or angel investment syndicates, M&A deal-makers, and other players who are looking into expanding, partnering, and growing into the Philippines. Ultimately, to bridge the regional with the local.

The purposes of these partnerships may, in the immediate future, be to co-host events, facilitate introductions to portfolio companies, strategise co-investment opportunities, as well as deliver trainings and workshops for stakeholders in the startup space in the Philippine ecosystem. Ultimately, these are what AHG Lab aim to achieve with regional partners as they participate in Echelon Philippines 2024.

Also read: Check out some of the most exciting Thai innovations at SITE 2024

Their Chief of Staff, Jaymes Shrimski, explained, “What allows us at AHG Lab to be nimble and disruptive with our decision-making is the fact we’re independent of conglomerate investment and hence independent of the machinery that comes with conglomerate decision-making.”

Shrimski added, “This also gives us the opportunity to understand which investors and startups have a strategic eye on the Philippines as well as why. While we have our own positive views on the Philippines, our exposure to our portfolio’s various industries allows us to gain a pulse on what investors think, how other startups fare, and the general macro environment sentiment in many sectors across the Philippines.”

Palpable excitement awaits the first-ever Echelon in the Philippines

Echelon Philippines’ participants can expect to see a showcase of AHG’s portfolio companies and successful case studies of their working model as a venture studio. The audience can expect insights and learnings on how they have supported startups as they have grown to maturity.

According to Cuartero, AHG is poised to create more networks and build more bridges between the Philippine ecosystem and the rest of the region — both of which are part of their job as ecosystem builders. “While we learn from examples set by other ecosystems, finding ways to enter them as well as provide entry to them is a key thrust of our mandate — all while ensuring value creation for all stakeholders involved throughout this process,” Cuartero remarked.

Get to know AHG Lab at Echelon Philippines!

AHG Lab is among the many dynamic industry leaders joining us for Echelon Philippines 2024. Alongside them will be other key leaders, visionary entrepreneurs, and innovative startups from across the region. They will converge for an action-packed two-day event on September 26-27 at Level 2, SMX Convention.

Also read: Malaysia’s Tech and Industrial IoT Takes Off with a Technology Showcase at SEMICON 2024

Echelon Philippines 2024, hosted by e27 in partnership with Brainsparks, offers dedicated content stages, exhibitions, panel discussions, and much more — all designed to support and empower the regional tech startup ecosystem with practical insights through various knowledge-sharing activities.

Whether you’re looking to expand your expertise, connect with influential figures in the tech startup world, or present your groundbreaking ideas, Echelon Philippines 2024 presents an unmatched experience sure to give you and your company a boost. Secure your spot now on our official page and join us as a participant or an official partner. Together, we can shape the future and create a lasting impact.

Join us at Echelon Philippines 2024, where innovation knows no boundaries and the possibilities are limitless!

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Indonesian dental wellness startup KLAR Smile announced that it has achieved a 40 per cent compound monthly growth rate for its “smile care line” from April 2023 to March 2024.

In a press statement, the company said that revenue as of May 2024 soared 10x higher than its level at its last funding round in 2022 when it secured a US$4.55 million Pre-Series A funding round co-led by AC Ventures and East Ventures.

KLAR Smile also announced the launch of its aligner treatment and new smile care product line: KLAR Signature, made with premium, best-in-class material for patients seeking ultimate comfort, and KLAR Aligner, designed for value-conscious patients who still desire high-quality treatment.

“The market for smile care is the next big trend after skincare in Indonesia, representing a blue ocean opportunity,” says Ellen Pranata, Founder and CEO of KLAR Smile.

“At KLAR, we celebrate a revolution in smile care, where innovation meets delight. Our relentless focus on delivering gentle solutions and infusing joy into at-home routines has resonated with consumers, driving our growth. This and upcoming product launches reflect our commitment to innovation and our ability to meet the evolving needs of our customers. We are excited to continue driving the smile care industry forward.”

Also Read: Innovating medical devices towards better dental patient care

Founded during the peak of the COVID-19 pandemic in 2020, KLAR Smile began by offering tailor-made clear aligners to correct teeth misalignments without needing conventional metal braces, resulting in a shorter treatment period overall.

To date, KLAR Smile has been trusted by over 1,000 dentists across 32 cities in Indonesia. It says it has transformed more than 6,500 Indonesian smiles and has a patient satisfaction rate of 92 per cent.

Its expansion strategy includes diversifying its product line to cater to different market segments. The company is introducing a more affordable line of clear aligners alongside its high-end products, aiming to make high-quality smile care solutions accessible to a wider audience and further solidify its market leadership.

Beyond skin deep

KLAR Smile is an example of a startup in the beauty and wellness field that regional venture capital firms have been investing in. As the Indonesian middle class continues to grow, so does the demand for non-essential products and services in the beauty and wellness industries. Beyond skincare and haircare, dental care is also included in this segment.

Ken Research predicts the Indonesian dental services market will generate revenues worth US$4 billion by 2026, driven by rising dental consciousness throughout society, growing demand in the dental aesthetics industry, a changing tech landscape, and higher insurance coverage across the country.

Also Read: Dental startup Zenyum secures US$13.6M in Series A funding, making personalised dental products accessible

“Beyond skincare, Indonesian consumers are increasingly focusing on other aspects of beauty, including hair care, body care, and notably, smile care. We’ve observed significant traction in the oral care sector with innovative products, such as those from our portfolio company KLAR. Their purple teeth whitening booster and whitening masks have garnered considerable popularity,” said Madeline Rantung, Investment, AC Ventures.

According to her, this trend means a “broader shift” in Indonesian consumers today as they go beyond the traditional skincare range to something more holistic, including dental care.

KLAR Smile is set to introduce a new range of products in the near future: KLAR Remineral, KLAR ColorPop Electric Toothbrush in vibrant colors, and KLAR Kids Electric Toothbrush.

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Image Credit: KLAR Smile

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