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Beyond the volatility: How crypto is building a stronger financial future

In an era of persistent inflation, geopolitical uncertainty, and shifting monetary policies, a new financial landscape is emerging. Cryptocurrency, once dismissed as a fringe experiment, is now positioned as a powerful tool for economic resilience and innovation. While headlines often focus on price swings, the real story is how digital assets are providing tangible solutions to the weaknesses of our current system.

Let’s explore the powerful role crypto is playing in today’s economy.

The pillars of promise: Crypto’s economic advantages

  • A modern hedge against inflation

With central banks around the world engaging in significant money printing, fears of currency devaluation are real. Bitcoin, with its fixed supply of 21 million coins, was architecturally designed as a direct response to this. This verifiable scarcity positions it as “digital gold” for the modern era — a decentralised asset that can help preserve purchasing power, offering an alternative to traditional safe havens.

  • Financial sovereignty and inclusion

The current global economy highlights the risks of centralised control. Cryptocurrencies operate on borderless, censorship-resistant networks. This isn’t just a technological feature; it’s a paradigm shift. For millions in countries suffering from hyperinflation or restrictive capital controls, crypto provides a viable lifeline — a way to secure wealth, send remittances cheaply, and participate in the global economy on their own terms.

  • Unlocking new avenues for growth

The search for yield in a fluctuating interest rate environment remains fierce. The ecosystem of Decentralised Finance (DeFi) offers a compelling alternative. Through secure processes like staking and liquidity provisioning, individuals can actively earn yield on their digital assets, fostering a new model of economic participation that moves beyond traditional banking.

  • The engine of Web3

Beyond finance, blockchain technology is the foundation for the next evolution of the internet, known as Web3. This represents a future with creator-owned economies (powered by NFTs), transparent supply chains, and user-controlled digital identity. Investing in the crypto space is, in many ways, an investment in the foundational layer of this more open and equitable digital world.

Also Read: CPI countdown: How Friday’s inflation data could make or break the crypto rally

A balanced perspective: Acknowledging the journey

It’s important to acknowledge that the market is maturing. Currently, crypto assets often move in correlation with tech stocks, reacting to broader macroeconomic trends like interest rate hikes. This “risk-on” behavior shows an asset class still finding its independent footing amidst traditional markets.

Furthermore, the path to mainstream adoption is being paved with necessary regulatory frameworks and continued technological scaling to improve user experience. These are not roadblocks, but signposts on the road to maturation.

Looking forward: A pragmatic and optimistic outlook

For those looking to engage with this dynamic space, a strategic approach is key:

  • Focus on the long-term vision: Look beyond short-term volatility to the long-term trajectory of technological integration and adoption.
  • Prioritise education: Understand the fundamentals — from Bitcoin’s monetary policy to the utility of smart contracts. Knowledge is your most valuable asset.
  • Diversify thoughtfully: Consider crypto as a growth-oriented component within a diversified portfolio, aligned with your personal risk tolerance.

The bottom line

Cryptocurrency has firmly transitioned from a conceptual experiment to a formidable force in the global economy. It offers a powerful set of tools for those seeking alternatives: a potential store of value, a gateway to financial inclusion, and a stake in the future of the internet.

While the journey involves volatility and evolution, the underlying trend is one of relentless growth and increasing utility. For forward-thinking individuals and institutions, understanding crypto is no longer optional — it’s essential for navigating the future of finance.

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Why sustainability will be the biggest competitive advantage for startups in 2025

A few years ago, sustainability was seen as a nice bonus—something startups might consider if they had extra resources. Today, it’s a necessity. Consumers demand it, investors prioritise it, and governments are enforcing it. For startups, sustainability is no longer agood to have.It’s becoming the biggest competitive advantage in 2025 and beyond.

Startups that integrate sustainability into their core business strategy aren’t just helping the planetthey’re building more resilient, profitable, and future-proof companies. Here’s why sustainability is set to be the biggest growth driver in the coming years and how startups can capitalise on it.

The business case for sustainability: Why startups can’t ignore it

  • Consumers are voting with their wallets

The modern customer doesn’t just care about what a product does—they care about where it comes from, how it’s made, and what impact it has. Millennials and Gen Z, now the dominant buying force, are willing to pay a premium for sustainable products.

Consider Patagonia, a company that built its brand on environmental activism. When they launched the famousDon’t Buy This Jacketcampaign—urging customers to think twice before making a purchase—it didn’t hurt their sales. Instead, it boosted their reputation and customer loyalty.

For startups, this is a game-changer. A strong sustainability narrative isn’t just about ethicsit’s about differentiation.

  • Investors are pouring money into ESG startups

Venture capitalists (VCs) and institutional investors are increasingly backing sustainability-focused startups. BlackRock, the world’s largest asset manager, has seen its ESG-related assets under management grow significantly. As of 2024, BlackRock’s sustainable funds exceeded $423 billion in assets under management, making it the leading sustainable funds asset manager globally.

This substantial growth underscores the escalating demand for sustainable investment options. For startups, having a clear sustainability strategy can be pivotal in attracting investment, as investors are keen to support businesses that align with environmental, social, and governance (ESG) principles.​

VCs aren’t just investing in green startups out of goodwill—they see sustainability as a risk management strategy. Companies that operate sustainably are less likely to face regulatory fines, public backlash, or sudden shifts in market demand.

For startups looking to raise capital, having a clear sustainability strategy can be the difference between securing funding and being overlooked.

  • Governments are tightening regulations

Governments worldwide are implementing stricter environmental policies, and startups that get ahead of these regulations will have a significant advantage.

For instance, the EU’s Corporate Sustainability Reporting Directive (CSRD) requires businesses to disclose their environmental impact in a standardised way. In Asia, Singapore has introduced mandatory climate-related disclosures for publicly listed companies, signalling a shift toward greater transparency.

Also Read: Some lessons on how to fulfil the climate tech promise

For startups, proactively adopting sustainable practices can mean fewer compliance headaches down the road—and potentially securing grants, incentives, and partnerships with regulatory bodies.

The competitive advantages of sustainability for startups

  • Cost savings and operational efficiency

Many assume sustainability is expensive, but in reality, going green reduces costs in the long run. Energy-efficient supply chains, waste reduction strategies, and sustainable packaging can lower operational expenses significantly.

Take Tesla’s gigafactories, which operate on renewable energy, dramatically cutting long-term production costs. Similarly, brands like Unilever have reduced expenses by prioritising sustainable sourcing and waste reduction.

For startups, adopting similar efficiency-driven sustainability measures can increase margins and reduce overhead costs—a major advantage in competitive markets.

  • Talent attraction and retention

The best talent wants to work for companies that align with their values. Employees today, especially younger professionals, prioritise mission-driven companies.

Startups like Beyond Meat and Impossible Foods have built passionate teams by positioning themselves as companies with a strong purpose. Their sustainability-driven mission attracts top-tier engineers, marketers, and operations professionals who want to make a difference.

For startups struggling with hiring, sustainability isn’t just a marketing tool—it’s an employer branding advantage.

  • Brand loyalty and market differentiation

When every startup is fighting for attention, sustainability can be the X-factor that makes your brand stand out.

Certifications like B Corp status or carbon-neutral pledges can enhance credibility. Take Allbirds, for example. Their entire marketing revolves around sustainability, from their materials to their supply chain. As a result, they’ve cultivated a fiercely loyal customer base willing to advocate for the brand.

For startups, embedding sustainability into your brand story isn’t just about doing good—it’s about creating a stronger emotional connection with customers.

  • Future-proofing against market risks

What is the biggest risk businesses face today? Climate change and resource scarcity.

Industries relying on finite resources or unsustainable supply chains will face increasing challenges in the coming years. Meanwhile, startups investing in green alternatives—such as renewable energy, circular economy models, or eco-friendly manufacturing—will be better positioned to adapt.

For example, while fossil-fuel-based energy companies struggle, renewable energy startups are thriving. Sustainability isn’t just about survival—it’s about gaining a first-mover advantage in the industries of the future.

Also Read: Investing in climate tech: Why investors should focus on impactful, low-hanging fruits

How startups can integrate sustainability for competitive advantage

  • Innovate with sustainable products and services
  • Use eco-friendly materials and ethical sourcing
  • Explore circular economy models (e.g., renting instead of selling)
  • Example: Lush Cosmetics’ zero-waste packaging
  • Optimise operations and supply chains
  • Partner with green suppliers to reduce your carbon footprint
  • Adopt energy-efficient technologies to lower operational costs
  • Example: Unilever’s sustainable supply chain initiatives
  • Leverage sustainability in marketing and storytelling
  • Be authentic—customers can detect greenwashing
  • Highlight measurable impact (e.g., CO2 reductions, waste saved)
  • Example: The Body Shop’s commitment to ethical sourcing

The future: The rise of the green economy

By 2026, sustainability won’t just be a competitive edge—it will be the baseline expectation.

Startups that embed sustainability into their DNA will attract better talent, gain stronger customer loyalty, and secure funding faster. Those that ignore it? They’ll struggle to stay relevant in a market that increasingly demands responsible business practices.

In short: The startups that win in 2025 will be the ones that make sustainability a core part of their strategy—not an afterthought.

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What angel investors should know before using Y Combinator’s SAFE agreement

The Simple Agreement for Future Equity (SAFE) was popularised by Y Combinator (YC) in 2013 and has quickly become a ‘go-to’ instrument for startups seeking quick, flexible early-stage funding in the venture world. 

However, failing to understand how SAFE works as a legal instrument may pose significant risks, especially for first-time angels. 

How does a SAFE agreement work?

A SAFE (‘Simple Agreement for Future Equity’) is an easy way for startups to raise money without dealing with immediate valuations or shareholder responsibilities. 

A SAFE usually includes terms like a valuation cap or discount rate, which give angels the chance to convert their investment into equity at a better price during a future event, like the next funding round. Unlike loans, SAFEs don’t have interest or a set repayment date, which makes them appealing for startups.

Until the SAFE converts, angels don’t have any ownership or voting rights in the company. But once the agreed event happens, the SAFE turns into equity based on the terms, letting angels receive shares in a startup at a lower price than future angels. This makes SAFEs a flexible and straightforward option for startups looking for quick and easy fundraising.

SAFEs can create uncertainty for angels

For first time angels, it’s important to understand that a SAFE is an early stage, risky investment, in many ways the antithesis of a “safe” investment. While SAFEs promise early access to high-growth ventures, they strip angels of traditional legal safeguards.

  • No priced round: YC’s SAFEs usually have no maturity date, so they would likely sit in a startup’s books in practice “forever” without any legal requirement requiring the startup to do anything about them. If there is no qualified financing, or a sale event, the last closure for the SAFE angel may likely be a wind- up or liquidation, where the angel may be able to receive up to their original investment back. And that’s only if (a) the company has enough assets to liquidate, and (b) those assets are not taken up by secured and other unsecured creditors. 
  • No legal protections, no legal control: Until the SAFE converts, an angel usually does not have any of the rights that a shareholder would have (e.g. any voting rights or say in company decisions). A SAFE holder lacks voting rights, board seats, or liquidation preferences until a SAFE conversion in contrast to preference shareholders in a priced round. In liquidation events, they’re often subordinate to debt holders, risking total loss if the startup fails. According to Carta, a significant number of SAFEs signed by VCs also have side letters with common terms such as Most Favoured Nation (MFN) clauses, pro-rata rights, and information rights. Therefore, you may wish to get a startup lawyer to draft a side letter if you want additional rights beyond those outlined in the standard SAFE. 
  • Complex cap table and conversion roulette: In our experience, as more SAFEs convert into equity and multiple SAFEs with varying terms are in play, the startup’s capitalisation table (‘cap table’) can end up becoming complex.  If you are unfamiliar with cap tables, you may want to read up about “cap table cramming” and how later SAFEs with better terms may dilute your stake.

Also Read: 5 legal mistakes startups make after inception and how you can avoid them

The legal gray zone

In 2021, after transitioning the SAFE agreement to be based on a post-money valuation, YC also began publishing international versions of the SAFE to address jurisdictional issues. To date, versions are available for Canada, the Cayman Islands, and Singapore, with clear warnings to seek local legal advice. 

Therefore, the YC’s SAFE template may usually require extensive customisations by a startup lawyer with direct experience in securities law.   Therefore, you must make sure that the SAFE is customised for your jurisdiction and that you’re complying with applicable securities laws in the country where the startup is domiciled. For example, a Malaysian startup must still comply with local Malaysian securities laws. 

In 2022, ​Singapore Academy of Law and Singapore Venture and Private Capital Association introduced the Convertible Agreement Regarding Equity (CARE), within the Venture Capital Investment Model Agreements (VIMA) as a local alternative to the YC’ SAFE agreement, to get more venture funding for startups. ​

In my past experience as startup lawyer, issues may arise when counterparties may be unfamiliar, especially over conversion mechanics (adding further to closing timeline compared to traditional equity structures). For instance, SAFE shares to be issued to a startup must be properly allotted and issued upon conversion, including setting the correct issue price at the subscription date, obtaining the necessary preemptive rights waiver from the existing shareholders to filing the necessary share lodgement returns to the registrar by the company secretary.

Final thoughts

Angels must not get fooled by the term “simple”  as there are still complicated mechanics to work through. Therefore, angels should seek legal advice before seeking to deploy capital using SAFE. As with all “standard” forms, one size doesn’t fit all and there are aspects of the YC’s SAFE that needs to be fixed each and every time one is used.

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AI in Southeast Asian newsrooms: The trade-off between trust and speed

Artificial intelligence is transforming media worldwide, yet much of Southeast Asia remains in the early stages of adoption. Studies show more than 80 per cent of the region is still in the stage of early AI adoption. Most media outlets are still exploring initiatives, experimenting with transcription, fact-checking, or content generation tools.

An Accenture report shows that 83 per cent of ASEAN countries are still in early adoption, while only 15 per cent have reached advanced implementation. Fields like communications, media, and technology sectors account for just 19 per cent of advanced adoption, highlighting untapped potential.

In the Philippines, a Vero survey found 90 per cent of journalists are familiar with AI, but only 52 per cent have integrated it into their work. Countries like Thailand, Indonesia, and Vietnam often begin their AI adoption with simple transcription or translation tools, while many navigate AI tools on their own.

This gap between AI’s potential and its implementation isn’t just about technology; it emphasises the absence of structured training and institutional support.

Faster isn’t always better: Why AI in newsrooms needs guardrails

The journalism industry faces ongoing challenges ranging from misinformation, shrinking attention spans, public scepticism, and increasingly polarised consumption. At the same time, fears of job loss, loss of creativity, and the erosion of core journalistic skills make the landscape even more challenging.

Surveys by Cision and Sword & The Script show that nearly 50 per cent of journalists receive more than 50 pitches per week, with up to 79 per cent rejected for being off-beat. Clearly signifying that most don’t match a journalist’s beat.

Meanwhile, modern AI systems are reshaping journalism by predicting trends, analysing massive volumes of data, and tracking reputational risks in real time to sharpen relevance and provide clarity. Yet researchers caution that if the content generated by AI is not transparently labelled and verified, it may blur the line between fact and fiction, particularly with deepfakes and manipulated media.

Also Read: Taiwan and Malaysia forge innovation bridge to advance AI, sustainability, and digital transformation

The field stands at a crossroads between great promise and significant uncertainty. Hence, the question is no longer about the impact of AI but about who gets to control the processes.

Reality check on policy gaps and uneven AI adoption

Despite AI’s potential to transform journalism through fact-checking, multilingual reporting, and crafting personalised content, its adoption remains uneven.

A 2025 Thomson Reuters Foundation report found that while 80 per cent of journalists in the Global South use AI, only 13 per cent of newsrooms have formal AI policies.

In Southeast Asia, surveys reveal that 79.3 per cent of newsrooms lack formal policies for AI. This shortfall raises serious concerns about integrity, creativity, transparency, and critical thinking in journalism.

A 2025 survey conducted by Trust Project examined journalists’ perspectives on AI’s influence and the results illustrate the following data:

  • 53.4 per cent concern about AI’s ethical impact.
  • 54.3 per cent worry it may erode creativity and originality.
  • 51.4 per cent fear it could diminish critical thinking.
  • 49 per cent caution about rising misinformation risks.

The facts clearly highlight the need for establishing formal AI guidelines to mitigate risks.

Also Read: A brief history of AI: Is winter coming?

Three principles for Southeast Asian newsrooms

To combat these risks associated with AI Adoption, newsrooms should know of these three principles to leverage AI responsibly.

  • Transparent labelling of AI-generated content: Newsrooms should establish clear standards on labelling, oversight, and verification before surging into large-scale adoption.
  • Structured training and leadership: While studies reveal more than 57 per cent of journalists using AI are self-taught, to keep pace with the rapid technological change, the industry requires structured training and formal newsroom guidelines to ensure credibility and ethical accountability.
  • A human-in-the-loop model: To ensure journalism adheres to the principles of truth, accuracy, and objectivity, there’s a need for human oversight and institutional mechanisms to monitor and audit AI performance so it does not replace editorial judgment.

To maintain the principles of trust, accuracy, and ethical standards in journalism, the Southeast Asian newsrooms must follow the three principles of transparency, training, and human to balance efficiency with ethics.

Conclusion

Currently, Southeast Asia is at tipping point: eager to harness AI yet cautious of its impact on credibility and editorial integrity. The region’s media leaders must act decisively and establish ethical frameworks to balance speed and trust in journalism amidst the wave of AI adoption.

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 climate x health, innovation alone isn’t enough—inclusion is the multiplier

In the climate x health space, investability is no longer solely about technical innovation; it increasingly depends on context, delivery, and inclusivity.

Investors are learning that non-financial enablers–specifically gender inclusion and capacity building–are not ancillary costs but essential components that multiply returns and ensure long-term sustainability.

Also Read: Asia’s climate-health deals are rising, but the story still lacks a name

The “Unlocking Capital For Climate x Health: The Investment Landscape in Asia” report, prepared by AVPN and Prudence Foundation, in partnership with Catalyst Management Services (CMS), says that women often carry a disproportionate burden of climate x health impacts, whether through increased caregiving roles, vulnerability to vector-borne diseases, or lack of access to adaptive infrastructure.

Consequently, ventures that intentionally expand women’s agency, income, and asset access consistently outperform on social and financial metrics.

Case study: Build Change’s resilience loans

Build Change’s pilot in Indonesia demonstrates gender-responsive models’ commercial and social benefits.

  • The intervention: Build Change’s Incremental Climate Adaptation Loan (ICAL) combines micro-loans with mobile guidance to help low-income households climate-proof their homes.
  • Target audience: The pilot targets and supports women-led households in heat- and flood-vulnerable zones.
  • Impact: By reducing indoor heat exposure and creating safer living spaces, the retrofits improve health outcomes and potential productivity. Crucially, the process strengthens credit and adoption among women, reinforcing community resilience.
  • Scale pathway: The model is highly scalable through existing microfinance networks (like KOMIDA). The Global Innovation Fund (GIF) provided an initial investment of US$460,000 to validate the pilot.

Capacity building as core infrastructure

Technical Assistance (TA) and capacity building are emerging as smart derisking investments that accelerate uptake and long-term resilience. Innovations, whether climate-linked insurance (like WRMS) or resilient housing, require frontline actors–microfinance partners, local health workers, and community-based organisations–to be adequately trained, supported, and confident in their deployment. Technical assistance facilities are referenced explicitly as a form of grant funding for capacity building and project preparation.

Furthermore, behaviour change is the bridge from design to impact. Solutions must embed local engagement and Information, Education, and Communication (IEC) components to shift how institutions and users respond to risks.

Also Read: Why climate x health startups need government backing to survive the valley of death

A portfolio approach that integrates finance with capacity, inclusion, and credible impact pathways is essential for investors seeking catalytic returns. The goal is to back ventures that build systems, not just products, generating both durable value and measurable impact across the climate x health frontier.

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From risk to resilience: Why nature-based solutions must be on every CEO’s agenda

Climate risk has already exposed the fragility of our global supply chains. 

Take semiconductors, for example: Their production requires vast amounts of water, and droughts in Taiwan have already threatened manufacturing that impacts the electronics industry worldwide. These challenges are not isolated. Similar vulnerabilities exist across agriculture, textiles and logistics, where disruption ripples through entire supply chains. 

At the same time, our physical assets are losing value as climate risks mount, operating costs are climbing, and investors are demanding far greater resilience. These nature-based risks result in interconnected risks and require interconnected solutions. 

Nature-based risk is financial risk 

For the business world, nature-based risk is financial risk, and this impacts businesses of all sizes. 

In fact, small and medium-sized enterprises (SMEs) are likely to be most affected given their prevalence, particularly in Asean where they make up more than 99 per cent of firms in the region. SMEs play a vital role in these economies, but they are also the most vulnerable – projected to lose US$237.5 billion in revenue if they fail to keep up with the green agenda. 

While this signals the urgent need for solutions, SMEs also face the added complexity of budget and scale. But before solutions can be implemented, there must be awareness of the issues at hand. Helping SMEs adapt is the single biggest lever we have for building resilient economies. 

The awareness gap is also prevalent among stewards of capital – particularly around what mitigating nature-based risks mean for their portfolios. 

Also Read: Investors bet on algorithms and insurance to tame Asia’s climate-health crisis

Large asset allocators and institutional investors have made constructive progress in steering away from financing the brown economy (such as coal, oil and gas) to focusing on the green and also the emerging blue economy (oceans and marine life), which is projected to have the highest returns in the long term. 

But there is still a need for ongoing education and purposeful integration of these values in their day-to-day investment decisions as investors continue to question the performance of such investments, particularly in volatile markets. Beyond this, investors are also in search of solutions that are capable of unlocking long-term returns as part of their decarbonisation investment strategy. 

The best solutions are nature-based 

All of these risks stem from nature itself, and one thing is clear – the best solutions too are nature-based. 

Nature-based solutions are actions to protect, sustainably manage, and restore natural and modified ecosystems that address societal challenges effectively and adaptively, simultaneously benefiting people and nature. But these solutions are currently underfunded, and innovation across the investment value chain to support these solutions has to be accelerated. 

The World Economic Forum projects that the world needs about US$2.7 trillion worth of investments per year until 2030 to build a nature-positive economy. For businesses and investors, investments and innovations in nature-based solutions hold the key to enhancing resilience against financial risks linked to climate change. 

For investors, the growth of nature-based solutions as an asset class warrants a look. There is increasing demand to align investment portfolios and targets with disclosure frameworks, such as Taskforce on Nature-related Financial Disclosure recommendations. 

Large asset owners are also keen to increase their stewardship and engagement in this asset class. A third of investors surveyed earlier this year by the Asia Investor Group on Climate Change have already adopted biodiversity-related disclosures and/or strategies. 

The vibrant landscape of climate tech solutions for the blue economy for ocean restoration and preservation of coral reefs, among others, are also key financing opportunities for investors to realise long-term value and impact. 

Also Read: Unlocking climate x health capital: A data-driven blueprint for smarter impact investing

For SMEs and businesses, the implementation of nature-based solutions must be practical, scalable and affordable. We must also consider innovation as a key driver. 

For example, we have seen the rise of artificial intelligence (AI)-enabled climate risk modelling and innovative insurance products like parametric insurance. But AI is a double-edged sword; while it has great potential to deliver intelligence and advice at scale and at a low-price point, it is not environmentally-friendly, and we must ensure that our use of tools to protect our businesses is balanced with the impact of the tools themselves. 

An interconnected response is needed now 

Interconnected risk requires an interconnected response. There is a synergistic relationship to be explored between investors who are looking for opportunities and SMEs who are seeking solutions. Financing this gap and allocating capital to nature-based solutions are the key to future-proofing economies. 

Whatever the solution, we must move beyond risk-mapping and take tangible action to build resilience. After all, awareness of risks does not protect our businesses, people and livelihoods. These actionable solutions must be implemented now, as the climate risks we face are already substantial and intensifying year on year. 

Climate resilience is built upon preparedness. This is not a challenge to be met in isolation, but a systemic shift requiring leaders to unite, innovate and catalyse action across borders, supply chains and industries. 

Nature-based solutions, and by extension climate tech, are not the next frontier, they are the present frontier. 

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The 100 per cent ownership trap: Why corporate ventures die before they scale

A significant obstacle preventing successful corporate ventures from escaping the Valley of Death is a poorly conceived or “uninvestable” capital structure that actively deters external financing.

The white paper “The Corporate Venture Valley of Death,” co-authored by Wright Partners and MING Labs (WPML), warns that even a venture built on a solid idea will struggle to scale if the people and incentives behind it are misaligned.

The 100 per cent ownership trap

Venture capital (VC) funding is essential for traditional independent startups to scale beyond the initial seed phase. However, corporate ventures often face a unique structural impediment: the parent corporation frequently owns 100 per cent of the startup. While this might seem safer for the corporation, it is a significant red flag for VCs.

Also Read: Cash isn’t the problem: The hidden traps that kill 90 per cent of startups

The report explains that when a corporate venture is set up such that the corporation retains full ownership and the founder has no equity stake, external VCs often shy away from investing later. They sense that the founder may not be adequately incentivised to drive the venture through the gruelling startup journey, or they fear excessive interference from the corporate parent.

This lack of “skin in the game” for the internal team undermines the venture’s attractiveness in the broader investment ecosystem.

WPML, which assists in building ventures, stresses the importance of designing an “investable structure from day one”. This strategy involves structuring the capitalisation table to allow outside investors to participate and, crucially, provide the founding team with an equity stake or a clear path toward obtaining one. The authors highlight that they co-invest in the ventures they help create–a move intended to align everyone’s interests with the venture’s success and signal commitment.

The need for founder mentality and incentives

The choice of leader is paramount; “not just any smart manager can run a startup venture; it requires a founder’s mentality”. A founding team structure based purely on corporate Key Performance Indicators (KPIs) and salaried compensation, lacking equity, makes it unrealistic to expect “startup-like passion and hustle”.

The venture leader must be fully accountable, entrepreneurial, and resilient. The ideal venture team structure should mirror a startup, featuring a small group of multi-skilled individuals comfortable with ambiguity and rapid execution.

The report advises corporate executives to be willing to “break the mould” in terms of hiring and compensation, sometimes requiring the internal team to be augmented or led by an external entrepreneur to instil the necessary drive. The leader must be resilient enough to persevere through the inevitable setbacks–failed marketing channels, key departures, or missed partnerships–that characterise the startup journey.

Stage-gated funding and the path to independence

To enhance financial discipline and investor confidence, the white paper advocates for a stage-gated approach to internal funding. Rather than allocating a huge budget upfront, corporations should define concrete, unemotional “kill switches” and only release the next tranche of funding once specific milestones–such as a target number of paying customers, regulatory approval, or defined performance metrics–have been met.

This approach mirrors disciplined VC portfolio management, encouraging the team to stay lean, focused on tangible targets, and ensuring that initial spend does not exceed what ventures in the wild spend to reach similar milestones. This practice conserves corporate resources and increases the likelihood of long-term success.

Moreover, the authors advise corporate venture leaders to proactively plan for the potential withdrawal of corporate support. If the parent company’s strategy shifts, the venture needs “exit ramps”. Capitalisation and governance should be set up so that the venture can be divested or spun out, potentially by arranging co-investors or structuring a deal that allows the corporation to reduce its stake while the venture continues with outside capital. By having outside interest and a clear route to sustain the venture independently, the founders can present a “graceful exit” alternative rather than simply being shut down.

Also Read: 5 things startups should know about Corporate Venture Capital

Ultimately, structuring the venture for independence and external investment is a critical safeguard. The authors conclude that corporations must be willing to give up 100 per cent control and allow equity for founders and future investors, viewing this trade-off as essential for long-term venture success and resilience.

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CPI countdown: How Friday’s inflation data could make or break the crypto rally

Recent market movements reflect a cautious optimism that hinges on several interlocking variables, none more pivotal than the upcoming release of the US Consumer Price Index (CPI) for September. With core CPI projected to rise 0.3 per cent month-over-month, marking the third consecutive month at that pace, and annual core inflation holding steady at 3.1 per cent, investors are navigating a narrow corridor between hope for monetary easing and fear of persistent price pressures. This tension is evident across both traditional and digital markets, where risk appetite has improved but remains fragile.

Equity markets responded positively to signals of thawing US-China relations, as the White House confirmed that former President Donald Trump will meet with Chinese President Xi Jinping during his Asia tour. Though Trump is not currently in office, the symbolic weight of such a meeting, combined with broader expectations of de-escalation in trade tensions, lifted sentiment.

US equities posted gains across the board on Thursday, with the Dow Jones Industrial Average climbing 0.31 per cent, the S&P 500 up 0.58 per cent, and the Nasdaq Composite leading the charge with a 0.89 per cent advance, driven largely by technology stocks. This tech-led rally underscores a persistent dynamic. Bitcoin and other risk assets continue to trade in close correlation with the Nasdaq-100, currently exhibiting a 0.61 correlation coefficient. As such, any volatility in the tech sector will likely spill over into crypto markets.

Simultaneously, Treasury yields moved higher in anticipation of Friday’s CPI release. The 10-year yield rose by 5.2 basis points to 4.001 per cent, while the 2-year yield climbed 4.4 basis points to 3.489 per cent. These moves reflect investors recalibrating their expectations for Federal Reserve policy. Markets now assign a 98.3 per cent probability to a rate cut at the upcoming Fed meeting, a dramatic shift fuelled partly by the delayed CPI report and partly by perceived regulatory leniency.

Reports circulated that Trump pardoned Changpeng Zhao, the founder of Binance. While the veracity of that pardon claim warrants scrutiny given Trump’s current non-presidential status, the market interpreted it as a signal of reduced regulatory hostility toward major crypto players. This perception alone has been enough to ease anxiety and encourage capital deployment.

The US Dollar Index edged up marginally to 98.936, a modest gain of 0.04 per cent, while gold rose 0.68 per cent to US$4,126.28 per ounce, a notable level that reflects both safe-haven demand and inflation hedging ahead of the CPI print. Meanwhile, Brent crude surged 5.4 per cent to US$65.99 per barrel following the enforcement of US sanctions on leading Russian oil firms, adding another layer of macro uncertainty through potential energy price volatility.

Also Read: October’s perfect storm: Earnings, regulation, and the crypto sell-off

Within the crypto sphere, the past 24 hours saw a 1.96 per cent increase in total market capitalisation, extending a weekly gain of 1.44 per cent. Despite this momentum, the market remains 3.87 per cent below its 30-day high, suggesting that while sentiment has stabilised, full bullish conviction has yet to return. Three primary forces are driving this rebound. Binance’s reinforced market dominance, improving macro conditions, and renewed excitement around decentralised finance innovation, particularly around stablecoin design and real-world asset tokenisation, all contribute to the current uplift.

Binance’s role in this rally cannot be overstated. The exchange reported US$2.55 trillion in monthly futures trading volume, according to CoinMarketCap, and captured a staggering 87 per cent of Bitcoin futures taker volume. Its spot market share has climbed to 41.1 per cent, with institutional inflows concentrating in BTC/USDT pairs. This dominance signals a significant shift in market psychology.

After the collapse of FTX, users and institutions alike grew wary of centralised exchange counterparty risk. Binance’s ability to not only survive its own regulatory reckoning but also expand its liquidity depth has restored a measure of trust. Capital is flowing back, not just from retail, but from institutional players seeking reliable on and off ramps. The upcoming relaunch of WazirX on October 24, with zero-fee trading, could further catalyse retail participation, especially in emerging markets where cost sensitivity remains high.

On the macro front, the delayed CPI report has created a temporary window of ambiguity that markets are exploiting for risk-taking. With inflation expectations anchored around 3.1 per cent year-over-year for core CPI, traders are betting that the Fed will pivot toward easing as early as next week.

Historically, lower interest rates weaken the US dollar and boost non-yielding assets like Bitcoin and gold. The tight correlation between Bitcoin and the Nasdaq-100 complicates this narrative. If tech stocks stumble, perhaps on disappointing earnings or hawkish Fed commentary, crypto could quickly lose its footing, regardless of monetary policy shifts.

Also Read: 7-day crypto sell-off deepens – is this the start of a full capitulation?

Perhaps the most forward-looking driver of current market dynamics lies in DeFi innovation. Solana’s ecosystem has gained attention with the launch of USX, a yield-bearing stablecoin developed by SolsticeFi. Unlike traditional algorithmic or fiat-collateralised stablecoins, USX employs a proof-of-reserve model verified by Chainlink oracles, enhancing transparency and trust. Social mentions of USX surged 67 per cent, indicating strong community and developer interest. This innovation arrives at a critical time, as the stablecoin sector seeks alternatives to centralised models following repeated regulatory crackdowns.

Concurrently, Ethereum shows technical signs of recovery, with its 14-day Relative Strength Index at 48.38, below the neutral 50 mark but with room to run if it breaches the US$3,900 resistance level. Institutional-grade DeFi applications are also gaining traction, exemplified by T-RIZE’s US$300 million real estate tokenisation initiative, which bridges traditional finance with blockchain infrastructure.

Despite these positive developments, caution remains warranted. Bitcoin’s market dominance stands at 59.3 per cent, a level that typically signals investor preference for safety within the crypto space and hesitation toward altcoins. This suggests that while capital is returning, it is doing so selectively. Ethereum and Solana benefit from strong narratives, including scalability, institutional adoption, and novel financial primitives, but they must contend with Bitcoin’s gravitational pull.

The immediate future hinges on Friday’s CPI data. A print below 3.1 per cent year-over-year for core inflation would likely validate the market’s dovish expectations, potentially extending the current rally across equities, crypto, and commodities. A hotter-than-expected number could trigger a sharp reversal, as it would force a reassessment of Fed policy and reignite fears of prolonged high rates. In such a scenario, even Binance’s liquidity depth and DeFi’s innovation might not be enough to sustain momentum.

In conclusion, today’s market wrap reveals a complex interplay of short-term catalysts and long-term structural trends. The crypto market is no longer an isolated domain. It responds acutely to macroeconomic signals, regulatory whispers, and technological breakthroughs. Binance’s dominance provides a foundation of liquidity, easing macro fears offer temporary tailwinds, and DeFi’s evolution promises sustainable growth beyond speculative cycles.

The path forward remains contingent on external data, most immediately the CPI report, that will either confirm the market’s optimism or expose its fragility. Investors would do well to balance enthusiasm with vigilance, recognising that in this new era of interconnected finance, no asset class moves in isolation.

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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Meet Forgettable, the startup transforming the world’s most forgettable product: insurance

Most people do not think about insurance until disaster strikes: when flights are cancelled, phones break, or medical bills pile up. That is when they realise they were either never covered or did not understand their coverage. Gideon Hurwitz, co-founder and CEO of Forgettable, knows this problem all too well.

“When things go wrong, life is stressful enough without deciphering your policy,” Hurwitz said. “Forgettable provides instant, clear answers without needing an agent, helping users resolve issues quickly and confidently.”

Forgettable is an app designed to decode existing insurance policies—including those tied to credit cards, jobs, or past purchases—and present them in plain language within seconds. Unlike platforms that push new products, Forgettable focuses on helping users maximise what they already own.

“We are solving the confusion, missed claims, and wasted money that happen when the stakes are high,” Hurwitz explained. “Forgettable helps people use the protection they already have, right when they need it most.”

That mission has resonated particularly with a younger, digital-first generation that views traditional insurance as slow, opaque and outdated. For Hurwitz, the disconnect between young consumers and the insurance industry was both an obstacle and an opportunity.

Also Read: Investors bet on algorithms and insurance to tame Asia’s climate-health crisis

“It is not that they do not care,” he said. “They just do not feel connected to it. That disconnect can quietly cost years of savings when they miss out on coverage or buy protection they didn’t need.”

Building for a digital generation

Forgettable’s development has been shaped by eight months of co-creation with early users through interviews, usability tests, and live pilots. Each feature, from easy onboarding to the ability to share policies with an emergency contact, was inspired by real-world feedback.

“Our mission is to help the younger generation take control of their financial protection,” Hurwitz said. “Feeling protected also means making sure someone else knows too.”

Soon, the app will go beyond explanation. Users can explore and purchase additional protection directly through Forgettable, guided by gaps identified in their current coverage. “It is not about selling more insurance,” Hurwitz noted. “It’s about helping people make smarter, proactive decisions before something happens, not after.”

Forgettable’s acquisition strategy reflects its understanding of how Gen Z and young Millennials engage with financial products. The app does not chase attention; it earns it.

“Our users are digital natives who live their lives online, and we meet them where they actually look for answers,” Hurwitz said.

That means being present when people need you and building trust through value-driven content on LinkedIn and Reddit. Forgettable’s posts explain, for example, what travel insurance comes with your credit card or how to use hidden work benefits.

Also Read: Indonesia’s Bang Jamin secures US$4M pre-Series A to scale digital insurance

Users can instantly see visual summaries of their coverage in plain English inside the app before paying anything. Hurwitz said the experience’s simplicity becomes its strongest growth engine. “Forgettable doesn’t try to make insurance exciting; it makes it clear. When someone discovers they are already covered, they tell five friends. That’s how we grow.”

Hurwitz admits that trust is the most complex challenge for any insurtech startup. “Insurance is one of those topics where people immediately assume you’re trying to sell them something,” he said. Forgettable addresses this by practising what he calls “radical transparency.”

“We don’t earn from upselling new policies on day one,” he emphasised. “Forgettable starts by helping users understand what they already have.”

The company also relies on “human storytelling,” or real stories of missed claims and surprise coverage, to show users the tangible value of clarity. Because attention is fleeting, Forgettable is built to feel as natural as checking your bank balance: visual, quick, and mobile-first.

Forgettable’s business model is built around alignment, not exploitation. Its freemium tier lets anyone upload and decode their policies for free. A premium subscription adds extra features such as family accounts and automated claim tools. Finally, a transactional layer lets users fill gaps in their coverage, with transparent commissions shown in-app.

“We are building sustainability by aligning incentives with clarity,” Hurwitz said. “The more users trust Forgettable to help them understand their protection, the more naturally they will use it to manage or upgrade it.”

Also Read: Indonesia’s Bang Jamin secures US$4M pre-Series A to scale digital insurance

From Singapore to the world

Currently a Singapore-first startup, Forgettable plans to expand across Southeast Asia and other digitally mature markets. Its AI engine can extract and explain insurance details from policy documents, which means localising for new languages and insurers is relatively simple.

“Insurance confusion looks the same everywhere — fragmented, opaque, and full of missed opportunities,” Hurwitz said. “Forgettable’s goal is to become the universal layer that translates that chaos into clarity.”

Backed by global early-stage VC firm Antler, Forgettable is set firmly in 2026. The company aims to evolve into a complete insurance platform where users can simulate scenarios, analyse protection gaps, and act instantly to close them.

“By the end of 2026,” Hurwitz said, “Forgettable will move beyond explanation into action, helping this generation not just understand their insurance, but truly take control of it.”

Image Credit: forgettable

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Ecosystem Roundup: Corporate venture traps, Vietnam’s e-commerce boom, AI pause plea, and Trump’s crypto clemency

In corporate venture building, control often masquerades as prudence—but can easily become poison. The Wright Partners–MING Labs white paper,”The Corporate Venture Valley of Death”, exposes how the very structure of corporate ownership often seals a startup’s fate before it ever scales.

When corporations insist on 100 per cent ownership, they signal to outside investors that the venture is uninvestable. Without equity or meaningful upside, internal founders lack the drive to endure the grind that true startups face. Meanwhile, external investors see a red flag: no founder “skin in the game” and the looming shadow of corporate interference.

The fix, as WPML argues, lies in designing an investable structure from day one—one that grants founders equity, invites outside capital, and fosters accountability. A startup led by salaried managers chasing KPIs is not a venture; it’s an internal project with a shelf life.

Stage-gated funding, clear milestones, and eventual independence create the discipline and flexibility that real innovation demands. Corporations that learn to loosen their grip—sharing control and incentives—will give their ventures a fighting chance to cross the Valley of Death. Those that don’t will keep mistaking ownership for success, and control for longevity.

REGIONAL

Vietnam leads SEA in e-commerce optimism despite regulatory frictions: A new report by Singapore-based Blackbox Research, “The Next Leap for E-Commerce in Southeast Asia,” reveals that Vietnam ranks highest in logistics infrastructure (84%), platform competitiveness (77%), and buyer experience innovation (70%).

Endowus bags US$70M, eyes positive free cash flow in 2 years: UK-based Illuminate Financial is the lead investor. The investment will open the doors to closer partnerships with Illuminate’s base of limited partners, which mostly consists of large financial institutions.

Pave Bank secures over US$39M to redefine banking for the on-chain era: Investors include Accel, Tether Investments, Quona Capital, and Wintermute. Bank offers commercial banking services alongside digital asset custody, instant settlement, and OTC trading under a single regulatory and compliance framework.

XDC Ventures acquires Contour to bridge TradFi and Web3 in global trade: XDC is launching a dedicated stable coin lab to deepen institutional trade-finance integration. Contour will immediately integrate the XDC Network as its tokenisation and settlement backbone, ensuring lower costs and faster cross-border transactions.

Singapore-based stablecoin settlement company StraitsX secures US$10M: UQPAY is the lead investor. The funding, along with continued support from existing shareholder NTT Docomo of Japan, will support StraitsX’s expansion in Asia.

Filmmakers-turned-founders raise US$1.35M for ChatCut that makes video editing as easy as texting: The investors are ZhenFund and Antler. ChatCut aims to revolutionise post-production by translating natural-language prompts into polished, professional video edits. This enables creators and teams to accelerate the process from raw footage to published content in minutes.

Xendit plans to expand operations in Latin America: The Indonesian firm that offers digital payments infrastructure plans to launch in Mexico and Colombia by the end of 2025, with further expansion to Chile, Argentina, and Brazil set for 2026.

Singapore’s Agnes AI hits 2M users in three months: The AI assistant platform reported around 150,000 daily active users, with half of its user base in Southeast Asia. Agnes AI also ranked among the top 10 productivity tools on Google Play in the Philippines, Vietnam, and Indonesia.

Danantara hires ex-GIC execs to lead private markets: sources: Daniel Lim and Weihan Wong will now be Directors of Investment at the Indonesian sovereign wealth fund. Lim will focus on private credit, including structured debt and hybrid instruments, while Wong will oversee private equity.

Indonesia’s finance minister plans AI system to curb customs fraud: The system will monitor violations and fraud in customs transactions within the next three months. The AI implementation is aimed at the country’s Customs Directorate and will be integrated with the existing system at the Tax Directorate General.

REPORTS, FEATURES & INTERVIEWS

The 100 per cent ownership trap: Why corporate ventures die before they scale: Corporate ventures often fail due to rigid ownership and misaligned incentives, making them uninvestable; success requires equity flexibility, founder mentality, and independence.

Cash isn’t the problem: The hidden traps that kill 90% of startups: Research indicates that the number one cause of startup failure is a lack of market need for the offering, accounting for 42 per cent of failures–a rate higher than running out of cash or internal team issues.

Asia’s first Llama incubator turns Singapore into a launchpad for frontier AI: Singapore’s AI ecosystem surges as Meta’s Llama Incubator empowers startups and SMEs to build, scale, and deploy frontier AI innovations responsibly.

In climate x health, innovation alone isn’t enough–inclusion is the multiplier: A portfolio approach that integrates finance with capacity, inclusion, and credible impact pathways is essential for investors seeking catalytic returns. The goal is to back ventures that build systems, not just products, generating both durable value and measurable impact across the climate x health frontier.

Why climate x health startups need government backing to survive the valley of death: Government-backed demand and public–private alignment are key to unlocking private investment in Asia’s emerging climate x health startup ecosystem.

Asia’s climate-health deals are rising, but the story still lacks a name: Creating a clear taxonomy is the most fundamental step to bring climate-and-health deals into the financial mainstream. A widely used label for climate x health projects would allow regulators to set incentives, help investors benchmark returns, and enable databases to accurately flag relevant deals.

How Gen-Z travellers are driving the comeback of online travel agencies: Research shows that Millennials and Gen Z engage with twice as many brands as older generations. They want the ability to fly with any airline and pay however they like. Freedom to book and freedom to pay have both been critical to our early success.

INTERNATIONAL

Apple co-founder joins 850 people urging AI superintelligence pause: They urge a halt to the development of superintelligence, AI that could surpass human intelligence, until there is strong public support and a scientific consensus that it can be built and controlled safely.

Apple loses US$2B UK lawsuit over App Store fees: The Competition Appeal Tribunal (CAT) ruled that Apple overcharged developers on its App Store from October 2015 to the end of 2020, potentially making the company liable for hundreds of millions of pounds in damages.

Binance founder pardoned by Trump in crypto clemency move: Changpeng Zhao served four months in prison in 2024 for failing to implement anti-money laundering controls at the cryptocurrency exchange. Binance settled with the US government for US$4.3B in connection with Zhao’s guilty plea.

OpenAI acquires Mac automation app maker: Software Applications Incorporated is known for developing Sky, a natural language interface for Mac computers. OpenAI plans to bring Sky’s macOS integration to ChatGPT. Sky allows users to interact with their Mac through natural language and integrates with existing apps.

Microsoft rolls out 12 new AI features for Copilot: The update introduces Groups, which allows up to 32 users to collaborate in real time, and Imagine, a tool for sharing and remixing AI-generated ideas. A new character, Mico, offers a customisable visual presence for Copilot, making interactions more engaging.

OpenAI calls for ‘AI infrastructure revolution’ to reboot Japan’s growth: OpenAI’s new Japan Economic Blueprint outlines how AI could add US$665B to Japan’s economy through innovation, infrastructure, and education. The blueprint calls for sustained national investment in both digital and physical infrastructure.

SEMICONDUCTOR

Intel Q3 revenue rises 3% to US$13.7b, posts US$4.1B profit: This is a turnaround from the US$16.6B loss in Q3 2024. Intel’s Client Computing Group revenue rose 5% to US$8.5B, while Data Center and AI revenue slipped 1% to US$4.1B.

US chip equipment maker Applied Materials to cut 1,400 workers: The firm said the cuts will affect employees across all levels and regions. The company cited automation, digitalisation, and geographic changes as reasons for the restructuring. The layoffs come as the company faces a projected US$600M revenue hit in fiscal 2026 linked to new US export restrictions.

Nvidia, AMD back US AI company Uniphore in US$260M round: Uniphore develops business-focused AI software and platforms. The new funding will be used to advance its Business AI Cloud platform and expand its ecosystem.

AI

AI in Southeast Asian newsrooms: The trade-off between trust and speed: In Southeast Asia, surveys reveal that 79.3 per cent of newsrooms lack formal policies for AI. This shortfall raises serious concerns about integrity, creativity, transparency, and critical thinking in journalism.

GEO: The missing strategy in Asia’s marketing playbook: Search marketing’s click era is ending as AI assistants replace links with answers. Generative Engine Optimisation (GEO) helps brands become cited, trusted responses—vital for visibility, credibility, and growth in Asia’s rapidly accelerating AI-driven discovery landscape.

Bridging AI and human connection: Feihong Chen’s approach to building adaptable skills: She supports mid-career professionals navigating change, helping them strengthen communication and stage presence, often drawing on improving techniques to build confidence and creativity.

Never fear, AI is here: Helping midlife artists build their social media voice: Storytelling turns passive viewers into engaged followers. It transforms art from something nice to look at into something meaningful to feel. And for midlife artists, who often carry decades of life experience, these stories are not just promotion, they are a way of passing on wisdom and perspective.

How AI is powering Asia’s next generation of superstreamers: AI is increasingly present behind the scenes: from optimising lighting and sound to analysing audience sentiment and suggesting products in real time. Beyond these support functions, some creators are also experimenting with AI avatars as virtual co-hosts.

THOUGHT LEADERSHIP

7-day crypto sell-off deepens–is this the start of a full capitulation?: Cryptocurrency markets face steep losses amid global uncertainty, with Bitcoin pressured by whale movements, collapsing sentiment, and bearish technicals, reflecting broader risk aversion from shifting central bank policy, weak earnings, and renewed US-China trade tensions.

From buzzword to application: Southeast Asia’s AI momentum: Startups and SMEs in the region are no longer just catching up to global AI trends; they’re using AI to solve real-world problems in ways that reflect the region’s unique contexts and challenges.

Why private credit is becoming the hottest alternative for smart investors: Private credit is overtaking venture capital as investors chase yield, flexibility, and transparency through SPVs, enabling smaller players to access customised, collateral-backed deals offering higher returns, diversification, and real-economy impact beyond traditional banking systems.

From risk to resilience: Why nature-based solutions must be on every CEO’s agenda: Nature-based solutions are actions to protect, sustainably manage, and restore natural and modified ecosystems that address societal challenges effectively and adaptively, simultaneously benefiting people and nature.

Data privacy for startups: Simple steps to protect sensitive documents: For startups, data privacy is no longer optional, it’s a business imperative. Securing your sensitive documents protects your intellectual property, builds customer trust, and ensures compliance with laws that could otherwise cost you significantly.

What is digital PR, and how can you develop an effective strategy?: Digital PR increases visibility through media features, influencer campaigns, and shareable content. By being featured on top sites, your brand attracts targeted visitors and amplifies awareness.

What angel investors should know before using Y Combinator’s SAFE agreement: Until the SAFE converts, angels don’t have any ownership or voting rights in the company. But once the agreed event happens, the SAFE turns into equity based on the terms, letting angels receive shares in a startup at a lower price than future angels. This makes SAFEs a flexible.

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