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Today’s top tech news: Visa to buy Plaid for US$3.5B, Apple said to decline request to unlock gunman’s phone

Visa is acquiring Plaid for US$3.5B, twice its final private valuation – TechCrunch

Visa today announced that it is buying financial services API startup Plaid for US$3.5 billion, in a deal that is expected to close in the next three or six months, TechCrunch reported.

Plaid is a platform that helps developers share banking and other financial information more easily, kind of what Stripe does for payments.

The report named the exit price, which is twice the company’s final private valuation, as “a triumph” for its investors. Plaid has raised a total of US$353.3 million, according to Crunchbase.

Another TechCrunch report stated that Visa, together with Mastercard, had “quietly” participated in a funding round for Plaid earlier.

Apple said to refuse the government’s request to unlock gunman’s iPhones – SCMP

US Attorney General William Barr criticised tech giant Apple on Monday for not giving “substantive assistance” to investigators in unlocking iPhones belonging to the perpetrator of a recent terrorist attack at a US Navy base in Florida, South China Morning Post reported.

The FBI had gotten court approval on probable cause to search the devices belonging to gunman Mohammed Saeed Alshamrani.

In a statement, Apple said that it was helping the investigation by providing information about the gunman’s Apple accounts, iCloud backups, and transaction information. It also stated that it has handed over “many gigabytes” of data to investigators, stating that it has provided “all of the information” it has.

Also Read: Today’s top tech news: Visa study says cross-border e-commerce sales poised for explosive growth

Lumitics raises seed funding to track the food wasted by Singapore’s F&B outlets, restaurants – e27

Singapore-based food waste tech startup Lumitics has raised US$557,000 in an oversubscribed seed funding round.

Co-led by the business angel and hospitality industry veteran Franck Courmont and ReadyVentures, the funding round also included Startup-O and Louise Daley (Deputy CEO of Accor Hotels Asia Pacific), who invested in her personal capacity.

With this, Lumitics’s total investment raised to date has exceeded US$743,000.

The startup said it will use the fresh investments for further product development, expand its market share in Singapore, and bring its solution to regional markets.

Capital markets platform iSTOX raises US$5M from Korea’s Hanhwa – e27

Singapore-based capital markets platform iSTOX has secured US$5 million in an investment round from South Korea-based Hanwha Asset Management.

iSTOX is a capital markets platform to support the one-stop issuance, custody, and trading of digitised securities. It is currently enrolled in the Monetary Authority of Singapore (MAS) FinTech Regulatory Sandbox, and it expects to graduate in the first quarter of 2020.

Other key shareholders of iSTOX include Singapore Exchange (SGX), and Heliconia, a subsidiary of Temasek, which focusses on investing in fast-growing companies.

Image Credit: Michael Longmire on Unsplash

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Why Kubia is not in a rush to apply for Singapore’s digital bank license

 

It is no surprise that Singapore has been seeing a surge of non-banking institutions applying for a full digital banking license over the past few weeks. With strong law enforcement and transparency in the process, the city-state makes a great choice for entrepreneurs to set up their companies in.

However, in an interview with e27, Gleb Shabanov, founder of Singapore-based Kubia, explains why he is not keen on joining the others in the race … just yet.

Instead, the company opted to stay under Major Payment Institution (MPI) regulations.

According to Shabanov, by not applying for the digital banking license today, Kubia –which dubbed itself as a digital alternative to conventional banks– will actually have greater opportunity to compete and win the market.

“After the MAS gives out the results, there is actually a two-year process to set up the operations, the infrastructure, and help the selected companies to establish their business processes,” says Shabanov.

“So according to the guidelines, in the year 2020 and 2021, they are going to establish the framework and enable the companies to test their products around that time,” he adds.

The time that the digital banking licensees take to set up their business will give Kubia plenty of opportunity to grow its own offerings –and potentially, stay ahead of the competition.

“The [two-year] period will actually give us room to improve the product and grow the community around us,” he stresses.

“As the operations are set up during that due time, it will help us understand the principles and basics much better and will be easier for us to recognise the process for licensing.”

Launched in 2018, Kubia combines traditional banking services such as prepaid cards and inter client transfers with affordable remittances.

Additionally, the bank allows customers to open an account with no minimum deposit or additional admin fees. It also provides customers with real bank current accounts and current accounts for corporates.

Can new names compete against bigger names?

Even as the company wait to get a better view of the fintech scene after the announcement of full digital banking licenses, how do they plan to acquire users as a new bank?

Shabanov holds the view that at this time, it is important for Kubia to be more focussed on the development of the user experience and build a strong product, rather than focus on the legalities of forming a fully licensed digital banking community. The investment-banker-turned-entrepreneur aims to focus on building a transparent and customer-centric product.

“We are very consumer-focused. We want to be focused on the product first. You can work a lot on legal and forget about the project. There are examples of companies who spend too much time on legal matters and forget about the product. We want to integrate the best product which is amazing for the customers, and when we get mass adoption it will be easier for us to get further licenses. I would like to be as open with the customers as possible,” he elaborates.

The digital bank has already run its beta test from July to September 2019, which involved users testing the card programme, remittances, P2P transfers, and top-ups.

The founder also discloses plans to launch in the UAE.

Shabanov expresses that the UAE market for remittances is still yet to be tapped into but currently continues to maintain a strong focus in the Singapore market for now.

Image Credit: Kubia

 

 

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How is technology influencing Southeast Asia’s fintech industry in 2020

Last year was all about fintech rising to the digital demands of financial services, and this year the trend will continue, but with a tweak of technologies that are developing fast.

Fintech startups have gained more traction in these parts of the world, and during the first nine months of the last year, a record of US$735 million was invested in fintech ventures for Singapore alone. 

It is indicative of the larger investment interests in the fintech industry of Southeast Asia. Though there has been a remarkable development in different fintech sectors, there is a need to tap into some new technological domains for better business prospects.

Many of the countries in Southeast Asia are still developing their bandwidth capabilities, and it is the reason why there has been a considerable lapse in digital financial growth in some parts of the region.

Let us explore some technologies that can affect Southeast Asia’s fintech industry.

Smart devices

Smart devices such as health trackers, smartwatches, smart speakers, etcetera have been in the market for quite some time now, and last year, intelligent devices saw exponential growth with US$73,719 million in 2019 with a compound annual growth rate of 16.6 per cent for the forecast period of 2019-2024.

In 2020, this market will further rise and will allow new ways to provide digital financial services.

Asian markets saw a steep soar of smart device revenues last year, with US$35,756 million and a CAGR of 15.9 per cent. But, when we look at the stats, mainly for Southeast Asia, the smart device revenue sums up to US$1,429 million. Though there is a promising growth rate of 22.5 per cent, there is still a technology gap to be overcome.

Smart devices can affect the fintech industries in the following ways:

  • Smart devices can be excellent platforms to support digital transactions and payments.
  • These devices can promote financial products through digital marketing.
  • Smart Speakers can help encourage speech-to-text transactions.
  • There has been a voice commerce market already generating buzz.
  • Smart health trackers can help in digital payments and health-related financial services.

The 5G bliss

 

We all are familiar with the 5G networks to hit most of the parts of the world this year, and Southeast Asia is no different. For the Association of Southeast Asian countries or ASEAN, 5G has a potential market that can benefit both the consumers and enterprises.

For fintech platforms 5G can boost the transaction speeds to help them garner more digital financial services in the region. 

With 5G networks, businesses can look to rack up the revenues by almost 18-22 per cent for a forecast period up to 2025, and that can lift the fintech industry to the next level. 

Also Read: The proliferation of 5G will transform businesses and societies: Here’s how

The impact of 5G on the ASEAN countries can be a reason to cheer for the fintech industry, with Indonesia set to have the most revenue share followed by Malaysia, Singapore, and Thailand. To deliver such 5G capabilities, operators must oblige a contribution of about US$10 billion into the region’s 5G infrastructure.

Artificial Intelligence

Artificial Intelligence and Machine Learning algorithms can help these fintech platforms use the digital data of users to analyse several spending patterns and spending powers to design personalised lending and credit financial products. As these products are exactly according to the needs of the consumers, they can boost digital front of transactions and money lending for the fintech industry.

ASEAN lags in AI-related technologies, and yet countries such as Singapore have made the most incredible advances in AI-based fintech and machine learning usages in the financial offerings. Still, there are other promising attempts in places like Malaysia and Vietnam. 

But, as Mckinsey’s report on Artificial Intelligence and Asia’s future suggests, there will be beneficial advancements in the computational powers of the digital infrastructure, and more data will be available for machine learning algorithms to be applied on from hyperconnectivity.

Voice bots

 

Voice bots or chatbots have already revolutionalised the customer service paradigm, and many financial institutions and banking industry are already digitising the consumer services more efficiently through the chatbots. Fintech platforms are already relying heavily on the use of such programmed software that can learn from the user data and recommend effective services through the replication of human-like interactions. 

But other than consumer support applications, how these chatbots can shape the future of fintech industry in Southeast Asia for 2020? 

  • These chatbots can be used to achieve relatively important user data through a questionnaire.
  • Data received can be analysed for the economic and social backdrop of a consumer.
  • We can use algorithms to predict the needs of consumer design specific financial packages.
  • These financial products will be an exact match to the need of users.
  • And as the chatbots discover need to recommend such products during the conversation.
  • It can do so in the most humanised form due to its programming.

Exploring AR

Fintechs and AR (Augmented Reality) may seem a mismatch. But that is not the case. Augmented Reality has been the prime focus for media and marketing purposes these days, and the same can be explored by the fintech industries too. Fintechs can benefit from AR in the following ways.  

  • Developing apps and AR software using software development that can use AR for transactions.
  • Use of AR on Social Media platforms for financial product promotions.
  • AR can also be used to provide product demos and live conversations.
  • Consumer support capabilities can also be achieved through interactive AR in digital platforms.

It is 2020, and the business world is already looking forward to maximising technologies for higher productivity and revenues.

In this quest for the best, there is no way that fintech can ignore the importance of technologies in their growth and exponential profits in this coming 2020.

Southeast Asian region has the potential consumer setup to explore such technologies and advance successfully.

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

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The next generation of cryptocurrency users: A currency and technology that spans the young and old

cryptocurrency_oped

There is no question that the younger generation will adopt cryptocurrency. From Tamagotchis to Neopets and in-game loot and currency, it is apparent that anyone under the age of 45 has spent their childhoods being groomed to see digital assets as having value.

There is seemingly no end to the market that already exists for digital-only assets as the generations that grew up with home video game consoles and internet connectivity continue to join the workforce. Cryptocurrency is the next logical step for generations of people who have spent their entire lives seeing value in digital assets.

This does not mean that cryptocurrency is purely the realm of the young. As society progresses so, unfortunately, do scammers. The older generations are often seen as easy targets for scammers, but they don’t have to be, not anymore.

Cryptocurrency thanks to the unchangeable and secure nature is more resistant to tampering and scams. It can be tracked easily and is difficult to use for money laundering, because of this it is quickly outstripping traditional currencies in terms of security and trust.

As the baby boomer generation heads towards retirement they will suddenly have more time for leisure, and if there’s one thing that the last couple of decades have shown us is that leisure activities are filled with technology even activities you wouldn’t normally think of as requiring technical knowledge.

Most bookings are done electronically for vacations and theme parks and resorts alike are moving towards all-inclusive experiences using digital wristbands, apps, and keycards. Television and movies are moving away from traditional releases and into the realm of digital streaming of content.

The generation that often believes that they don’t know how to use technology has slowly become completely immersed in it. There is no shortage of technology marketed towards the needs of an aging population, from digital assistants to health monitoring devices, and tablets and phones retirement will be filled with technology for baby boomers.

This immersion coupled with the increasingly user-friendly designs behind cryptocurrency means that the older generations are just as prepared to reap all the benefits that cryptocurrency has to offer.

As the world gets smaller and people think more globally in terms of both goods and lifestyle traditional currency is starting to be found lacking by many. Having to exchange paper money every time a border is crossed or calculate and remember exchange rates along with foreign travel fees to use a credit card abroad quickly becomes tedious in an age where people have grown used to streamlined and often hassle-free services.

There is no reason why in an age where you can order a new phone charger, and have it delivered to your office in the center of a city in just a few hours you shouldn’t expect the same freedom and flexibility from your money.

Humanity’s values have evolved over time, just as society has. Originally value was tied to consumable goods and from there value shifted to precious metals and the gold standard and from there to where we currently are with fiat money.

Fiat money means that the money is government-issued currency not backed by a physical commodity but instead holds value simply because of the stability and trust behind the government backing the currency.

For decades the world has accepted value simply because they have been told the value exists and it is a small leap to move from this value for values sake to value based on digital scarcity and data security.

Cryptocurrency is poised to offer modern solutions to modern problems facing our global society and economy, regardless of age. Be it the instability of changing governments, the shift towards a more global way of thinking, or data security in an age where computer science is evolving faster than we ever thought it would cryptocurrency and blockchain technology is ready to offer solutions. Putting our trust in digital assets the same way we did with gold and later government backing is simply the next step in global finance and will creep into our lives the same way that the internet did; quickly, seamlessly, and without effort regardless of age.

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

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Today’s top tech news: Hong Kong’s digital bank ZA Ltd. diminishes established banks by offering 6% deposit rate

ZA Bank in Hong Kong derogates established banks by offering a 6 per cent deposit rate [Bloomberg News]

As eight companies are granted digital banking licenses, ZA Bank becomes the first digital bank to offer a 6 per cent deposit rate for selected clients, compared to 1.9 per cent to 2.3 per cent granted by Standard Chartered, HSBC and BOC Hong Kong, according to Bloomberg News.

ZA bank, co-owned by online insurer ZhongAn Online P&C Insurance and Sinolink Group, started a pilot programme last month and has said that it will provide users with a ‘full suite of services 24/7’, allowing customers to open an account in five minutes with just a Hong Kong identity card.

Also Read: Things startup founders can learn from the 10 most powerful people in the world

Some industry experts have expressed their concern and doubts over the low rates stressing that new banks might not be able to match it. “This is more of a gimmick, which shouldn’t become a norm,” said Terry Siu, treasurer at CMB Wing Lung Bank Ltd “But competition for funds is indeed getting higher as eight more banks are coming out.”

India’s Ankur Capital raises US$34M [press release]

Ankur Capital, an Indian early-stage venture capital fund, has raised US$34 million from CDC Group Plc, The Dutch Good Growth Fund, and SIDBI.

The VC firm was first incorporated in 2014 by Penn/INSEAD alum Ritu Verma and ex-COO of Zee e-learning Rema Subramanian and has a diversified fund investment across 14 companies covering agritech, food, healthcare and vernacular technologies. Some of the companies include Cropin, Niramai, Healthsutra, ERC, and StringBio, 

AI company from NZ, Soul Machines, raises US$40M in a round led by Temasek [DealStreet Asia]

Soul Machines, an AI company developing digital avatars has secured US$40 million in a round led by Singaporean investment company Temasek.

This funding round saw participation from European VC Lakestar, Salesforce Ventures, Horizons Ventures, University of Auckland Inventors Fund and others, according to a statement.

The fresh capital will be used by the company for research and development and global expansion.

The company in its own words which develops “life-like digital humans that can talk to people face-to-face” has been trusted and used by corporates like Procter & Gamble, Mercedes-Benz, The Royal Bank of Scotland, ANZ and Sony

Pando raises US$9M Series A round led by Chiratae Ventures [press release]

Pando, an Indian company providing networked logistics management solutions, has raised INR 64 crore (US$9 million) in a Series A funding round led by Chiratae Ventures.

Other participants of this round were Nexus Venture Partners and Next47.

Also Read: Reefknot Investments, SGInnovate enter into partnership focussing on logistics innovation

“Global Logistics is going through a disruption, and large enterprises require a platform that can help them leverage these market changes to scale faster. Pando has helped shippers and transporters address this need through a full-stack solution. Their quality of execution at marquee customers, where Pando has become indispensable within a few months of adoption is remarkable. This convinced us to partner with them,” said TC Meenakshisundaram, Founder MD, Chiratae Ventures.

Image Credit: Nattu Adnan

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7 ways to build a better brand that defines you in 2020

7 Ways to Build a Better Branding can Define You in 2020

The word brand or logo is often cast-off in the technological world and though it is one of the most important factors to work on digitally. Branding has been stated to companies for a long time, but nowadays almost every next person has its own brand. Not the majority of the people know about that but they’re there nonetheless.

A footmark marked digitally in the shingle of time and technology is crowdsourced by the top managers and supervisors.
In this digital world, your own branding ties you with the world and your online presence is the essence if you want to grow your brand. Besides, every company is based on branding like a brand is an identity for their business.

Making a personal brand can help you reach your goals of success but it takes a lot of enthusiasm and dedication. Marketers every so often market those services and products that are needed to be market for themselves too.

If you’re having a goal for 2020 to enhance your brand name and identity then try to stay focused. Make sure you’re paying full attention and a special dedication to your brand or blog to get success. To enlighten your brand name in google insights, polish your digital skills, and work on marketing the most.

There are 7 ways to build a better brand that can define you in 2020, let’s just make your year’s resolution and work on it:

Work with a designer

Thousands of graphic designers are working in the digital industry for sure but to make your brand worthy, try to hire a skillful designer for your brand as designing is one of the most important factors to work on.

However, very few of the designers have an understanding of branding and the importance of it for real. Consistency is one of the most critical steps to take when you’re building a brand of your own.

Convey your brand message

You know that you need to clearly define your brand’s strategy and identity to your consumers. The font you choose affects your brand and the message you want to convey through the image. The right font can help you deliver the accurate message and the wrong font can mess up the whole business of yours.

Professionally, it is a basic rule to have an authentic brand font that attracts the naked eye and catches the message that what you’re selling and what your product is all about to the clients. Use something that is high in energy and would work in a better way for your business.

Emotions are coloured

We, in this era of technology, should know this how much it is valuable to understand that colors have psychological impacts on our brain and sight. Also, they’re connected with the emotions and can give us the ultimate direction.

Certain colors convey certain emotions to the audience and a large corporate world has devoted significant resources to run the market test just to extract out accurate emotions of the audience to colors.

For instance, the red color used to show intensity, yellow is for joy, orange is for creativity, and black is all about boldness and seriousness. Try to choose the right color for your branding and take it as a top strategy to put effort into.

Use social media correctly

You’re already spending much time on social media so why not make those minutes worthy enough to give your brand the identity it requires. No matter how your clients are reaching you and what platform they are trying to find your business on the most, try your best to expel your business’s magic on all platforms.

Dedicatedly, work on consistency and maintenance of your daily activity. Customers are trying to find you or listen from you but you’re not answering them then they lose their interest in your brand and move to the place where engagement and insights are amazingly driven.

Stick to your brand specification

Start thinking about what your brand is all about and how it can change your business growth. Like, which colors should be used to convey the message with correct emotions and what font uplifts your brand identity.

Being specific about the message you want to deliver and select your targeting audience to work on the niche explicitly. This strategy will help you drive more customers towards your business and do not forget to make deals for your loyal customers.

Attract your customer’s brain not only eyes

It is necessary to drag yourself and slip into the brain of your customers. While we’re talking about the mission statement, try to figure out what values and conclusions your business is based on.

It is really to get into their brain just by prospecting your target. Whenever you figure out what your customers are thinking and why you are considered about this then your brand will make you lots of money and success. As this begins to happen, your conversion rates are going to go through the roof on top of the moon and you will spend less time talking to customers lately.

Get inspired

If you find that you are having a problem with your business that the conversion rate is not growing up and you need to target almost thousands of audiences this month then make sure to follow the correct footsteps.

You can take inspiration from any other brand but try to follow possible branding strategies that other top brands are using. More often than not, what you’re going to discover is that they have dedicated their sweats towards curtailing their brands to make it look more appealing and interesting.

Start looking for their foundation they have made and built their business on, tighten up your business, and target the audience with better connectivity.

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

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

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Grab appoints Nguyen Thai Hai Van to drive its Vietnam business, ‘Grab for Good’ roadmap

Nguyen Thai Hai Van

Grab has announced the appointment of Nguyen Thai Hai Van as Managing Director of Grab in Vietnam, effective February 1, 2020.

In this role, she will oversee business strategy and operations across all of Grab’s businesses in the country. Van will continue to drive the growth of ride-hailing, on-demand food delivery, logistics and fintech across Vietnam.

Also Read: The factors driving the success of Grab and what it took to become a market leader

With Grab’s recently announced US$500 million more investment into Vietnam over the next five years, Van will tap and invest in new opportunities emerging from the fintech, mobility and logistics space. She will also drive the ‘Grab for Good’ roadmap for Vietnam.

Van joined Grab Vietnam on November 01, 2019, after a 17-year-long career at Unilever Vietnam. At Unilever, she ran P&L and marketing in Vietnam and regionally across varied product lines.

She is also Co-Chair of the Vietnam Mobile Marketing Association.

Van succeeds Jerry Lim, who will return home to Singapore-based role as Regional Head of Customer Experience. He will lead Grab’s customer experience teams across eight Southeast Asian countries, including Vietnam.

Also Read: Grab reveals details of Vietnam investment plan, to invest US$500M over 5 years

Lim is credited with building GrabFood in Vietnam from scratch, empowering Vietnamese micro-entrepreneurs and small businesses to digitize and grow.

Image Credit: Grab

 

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Grab promotes “safe driving”, initiates GrabBike pilot programme in Malaysia

 

 

Grab announced today that it has officially launched its 6 months pilot programme for motorcycle drivers in Klang Valley, Malaysia.

Singapore’s leading ride-hailing app is promoting safety by leveraging on many of its already inbuilt features which include passenger selfie verification, safety centre, and driver safety toolkits, into the GrabBike system in order to promote security. Since after dark hours from 9pm to 2am is not seen as safe in the country, the service will be blocked during then.

Apart from that Grab has also declared that it will be offering safety training lessons and practical riding assessments to its drivers, for safety being one of Grab’s prime concern.

According to the press release statement, the major objective of the pilot is also to evaluate the feasibility and cultural fit of bike-hailing in a local context.

Also Read: Grab, Singtel form consortium for Singapore digital banking license

The programme has already been commenced since January 3rd and is collaborating with the government on “gathering data and evaluating demand for the service, while working on drafting legislation to govern bike-hailing according to Loke, Minister of Transport.

“Safety continues to be Grab’s main priority. All GrabBike motorcycles are equipped with helmets for driver-partners and passengers, as well as reflective jackets for drivers. As with all Grab rides, both drivers and passengers are covered by personal accident insurance,” quoted Sean Goh, Country Head of Grab Malaysia according to KrAsia.

Also Read:  Breaking down the hiring process for early-stage founders : team or product first?

Gojek has reportedly also affirmed its plans of bringing in the same service to Klang Valley on January 2020 and has already received approval from the Malaysian Cabinet.

Image Credit: Grab

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3 things startup founders can learn from Elon Musk’s Thailand cave rescue drama

The #ThaiCaveRescue event provides lessons in product development, publicity, and dealing with failures

thaicaverescue_elon_musk

Last week, the world held its breath as they watched 12 members of a Thailand junior football team, and their coach, be successfully rescued after having been trapped in a flooded cave for weeks.

For a few days, it was the biggest story in the world.

There were also several side incidents that grabbed attention during this period — particularly the behaviour of tech billionaire Elon Musk.

As soon as rescue plan was executed, Musk announced plans to build a mini-submarine that would help the rescue process by carrying the children out of the cave one-by-one.

What seemed like a good idea with well-meaning intention was soon hit with a wave of criticism from both internet-users and experts.

The mini-submarine ended up unused as the rescue team decided to complete the rescue mission in a more traditional fashion.

The situation was got more tense when Vern Unsworth, who was involved in the rescue effort, dubbed Musk’s idea as “just a PR stunt.”

“It just had absolutely no chance of working. He had no conception on what the cave passage was like. The submarine … was about five-foot-six long, rigid, so it wouldn’t have gone around corners or any obstacles,” he told CNN.

Things took a turn to the worse when Musk fired a baseless accusation at Unsworth, calling him a paedophile on his personal Twitter handle which has 22.3 million followers.

The tweet has since been taken down, but reports have coming in that Unsworth is considering a legal action against Musk.

Also Read: Facebook is shameless and Elon Musk wants your brain, your essential weekend reading courtesy of e27

Despite temptations to dwell on the dramatic side of the incident, there are actually some useful lessons to take from the whole debacle. .

Here are the three major lessons that startup founders can learn from this mishap:

Don’t try to solve a non-existing problem

Tech innovation was built on top of the idea that existing solutions no longer work.

But in the case of the #ThaiCaveRescue, existing solutions did work. Yes, it was tough and a Thai Navy SEAL member lost his life in the process.

But the effort ended in a happy ending and it’s not clear how the submarines would have many chances of success more likely.

The challenges that the team met along the way did not signify that the rescue process was flawed or in dire need of “disruption”. It was a complicated rescue process, which has never been a walk in the park.

Any startup founder who had participated in a Lean Startup Methodology workshop – or at least had read the book– understands that the failure in identifying customers’ pain points is one of the reasons why many startups fail.

Engineers and developers often insist on building a sophisticated tech to solve a problem, while all that the users would need is actually a simple tool. Instead of solving a problem, they build a platform that nobody needs.

Musk fell into this trap and built a submarine that essentially performed the same task as a breathing tube.

Beware in how you use publicity

Publicity is a nice thing –but as many startups have proven it, it can be very tricky.

Does that mean that being silent about plans and milestones is the way to go? For some startups, yes. It is also the reason why they opt for stealth mode.

But the point here is not to say silence is better/worse than speaking up. The point is to be mindful of the consequences of your choices. If you decide to go public, remember that you will be held accountable for every claim that you make, so make sure you are prepared. Think of what happened to Theranos.

There will be times when you fail to keep up with your own promises; but even then, know how to deal with your failure.

Because it leads to the final lesson …

Fail like a startup founder

Compared to other industries, tech has a relatively open-minded attitude towards failure. It was treated as part of the development process, even sometimes as a necessity, instead of an abomination or a shame.

Personally, I would go as far as claiming that if you are still afraid of failure, or being seen making one, then perhaps you should avoid working in a startup.

Understanding this, it would be natural that the world would expect a startup founder to deal with failure gracefully. To bravely admit to themselves (and the world) that they have made mistakes, even apologise to involved parties for any detrimental effects, before heading back to the drawing board.

Essentially, it’s the old adage of “don’t be a jerk” because accusing a rescuer of being a paedophile for criticising your idea sounds as mature as spreading nasty rumours about a person for declining your offer to go to prom together.

Image Credit: Bruno van der Kraan on Unsplash

The article was first published on July 16, 2018.

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Creativity meets entrepreneurship: Why it is the next big thing Singapore needs to thrive

creativity_entrepreneurship

As a country with just over 50 years of independence, Singapore has, for many decades, punched above her own weight on the international stage. We’re one of the most successful cities in the world, and we have the education to thank for that. 

Much of Singapore’s success has been deeply rooted in our ability to survive against the odds. However, one may question how far this survivalist mentality can take us forward into SG100, after decades of trudging through excellence.

Against the unprecedented socio-environmental challenges of our shared future, we have to begin asking what a thriving nation will look like, and how we can create a culture for that to happen. 

Finding roots in creativity 

For a long time, the streets were crying out for help in the arts. As a growing nation, our government had its initial priorities placed in the fundamental societal needs– housing, healthcare, education.

Many of our artists were silenced and shackled, many literally behind bars. Even up till the early 21st century, Singapore continued to debate whether creativity was an “unaffordable luxury” in a society like ours.

Today, we see a huge shift in the narrative– Singaporean local theatre productions capture full-house audiences, Singaporean films are up on Netflix, our local bands play at international music festivals and visual artists have galleries that are displayed across the globe.

We have come a pretty long way. 

What used to be associated with the bourgeoisie has largely made its way into the masses. Music and art lessons are even compulsory in schools. In fact, we’re beginning to see creativity not just as a form of expression in the arts, but also in the frontiers of technology, education, and policy.

Earlier this year, we had the opportunity to be selected as one of the twenty teams to join the *SCAPE Create Fellowship – a programme supported by Startup X that supports budding entrepreneurs through mentorship and guidance in the creative scene.

Also read: Three *SCAPE judges offer advice for young startups

We met passionate individuals and teams determined to make an impact in the arts — Musicians and producers for bespoke music, production houses designed to digitalise plays, dancers using tech to facilitate the creative process, ideas for the local literature scene to build community, and everything in between. 

Clearly, creativity is no longer the debate it used to be. What has changed, and what’s next?

Where creativity meets innovation meets entrepreneurship

At the launch of an art exhibit just last year, former Minister of Education Heng Swee Kiat spoke of how collaboration between STEM (Science, Technology, Engineering and Math) and the arts results in “the best ideas”

Citing key leaders in the science industry and how the arts had influenced the way they saw the world, Heng raised the value of multidisciplinary learning in an increasingly global world.

The best Ideas. What do you think about when you think of the best ideas in the modern world? Is it Grab and how it married transport and food? Or Apple and how they managed to weave clean, aesthetic typography and functionality into the palm of our hand?

In a world where startups pop up every other day, and where schools prepare their students with Entrepreneurship Minors (and even majors), what really sets people apart? 

Innovation has always been seen as a key part of entrepreneurship. Learning from the past to make the future better. But we also often forget that innovation is, after all, derived from the spirit of creativity. 

At its root, creativity is simply the act of putting non-obvious connections together. Take apart the divide between the arts and sciences, and all the other differences we may have, we’re all problem-solvers and creatives at heart. We are people. 

The question then shifts: how do we tap into the creative process to expand our minds beyond what we already know? How might we creatively problems solve? 

In the schools and partners that we’ve worked with at The Maju Collective, we see things through a similar lens. 

Through our eyes, the unprecedented challenges our population faces require, more than ever, collaboration and creativity. Collaboration between people who see the world differently – problem-seekers and critical minds – with those that thrive on thinking of ways to tackle things differently. 

Which brings us back to education

In our start-up journey bringing quality education to developing regions, while allowing for corporates to have a stake in these areas, we have learned so much about people and the ecosystems within which they exist. 

Looking at, and tackling, the socio-environmental challenges we face today is not the job of any one person, organisation or generation. It’s not about pointing fingers or feeling burdened to change the world alone. Creativity isn’t just about thinking outside of the box. It’s about thinking beyond borders, or any dimension at all.

We do what we do because we believe that education creates space. Space for creative minds, problem-seekers, problem-solvers, but also space for collaboration, friendships, empathy, values, identity-building, ownership. 

Also read: 7 must-have apps to inspire entrepreneurial creativity

At the end of the day, much of who we are is a sum of our parts. What would it look like if we could nurture a generation of youth who understand the global issues they face?

How would things be different if they could own these problems and innovate through the creativity of their childhood? What would our next generation look like if their space of education could bring together problem-solving skill sets that integrate math with geography, physics with history, biology with literature, and everything else in between? 

How differently would we solve the issues we face today if we could think creatively, collaboratively?

In the words of Dr. Paul Kalanithi, a promising neurosurgeon who held a Master of Arts in English Literature,

In the end, it cannot be doubted that each of us can see only a part of the picture. The doctor sees one, the patient another, the engineer a third, the economist a fourth, the pearl diver a fifth, the alcoholic a sixth, the cable guy a seventh, the sheep farmer an eighth, the Indian beggar a ninth, the pastor a tenth. 

Human knowledge is never contained in one person. It grows from the relationships we create between each other and the world, and still, it is never complete.”

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Image credit: Edu Lauton on Unsplash

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