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How to create a green ‘Clickmas’ with sustainable e-commerce operations

In Singapore where we are a nation of gift-givers, online shopping has become second nature due to increased convenience and affordability. We are also big on celebrations and gifting is at the heart of it all — anniversaries, house warming, birthday celebrations, weddings, you name it and we have it. In fact, e-commerce activity is booming in our nation with the likes of year-end sales and this Christmas season is no doubt the best time for online shopping.

As with shopping in brick-and-mortar stores where we get the pleasure of retail therapy once dopamine is released into our brains, we have digital dopamine that works the same for online shopping.

During a sale, as you have guessed it — we are all the more given a harder kick. Commonly called “shopper’s high”, this rush encourages exploration by rewarding us when we stumble upon something salutary. Moreover, the e-commerce market is gradually adapting to the concept of instant gratification as well, establishing the ultimate dream for consumers as they are able to get what they need with a simple tap on their screens, right from their comfort zone.

However, while shaping up ahead this Christmas, it is crucial to shed light on the underrated topic about the negative effects of rabid consumerism on the environment — caused by unwanted things, throwaway packaging and the overall destruction of natural resources.

Also Read: Here’s how global businesses could drive sustainable development

In fact, a study has revealed that Asia consumes 50 per cent of global plastic packaging, which could quadruple in the next three decades. Furthermore, with new consumption patterns, including the continent’s rising appetite for e-commerce and food delivery — up 84 per cent year-on-year — we are witnessing the increasing demands of plastic packaging.

Known to few, the higher the consumption rate, the more waste will be produced. While there is a growing desire among Singapore millennials to discriminate against consumerism and verify the sustainability credentials of products they purchase, there is still room for e-commerce players to be more eco-friendly in their day-to-day practices.

How can we leverage technology for good, while enabling customers to scout for good deals and enjoy a borderless e-commerce experience?

1. Sustainable shipping

Consumers prioritize the ability to receive their products quickly, and at a reasonable price when online shopping. In order to encourage consumers to choose a more environmentally-friendly shipping method, businesses can simply change the order of their suggested shipping method by putting the most sustainable option on top.

At the same time when doing so, companies can educate customers on the positive impact of their sustainable contribution, just by making small changes. Before, most customers would choose the fastest shipping, but after making that small change, businesses can expect to see more customers opting for the sustainable option. Sometimes, all it takes is a consumer education to raise awareness around the increasing need to be environmentally-friendly.

2. Smaller packages

Having big boxes for a small product, coupled with multiple layers of plastic and bubble wrap sure sound familiar for businesses and consumers alike. Shipping out oversized packages certainly comes with a negative impact on the environment as well.

Buyandship’s small contribution to this is by offering free consolidation of packages, which in turn reduces the use of plastic. This also allows users and businesses alike to satisfy their environmental responsibilities by reducing carbon footprint. Additionally, businesses are also able to fit more packages into the vehicle, thereby being able to increase the number of transportation vehicles moving out for deliveries and ship more effectively in a single trip — and going the extra ‘green’ mile.

3. Right delivery partner

Nothing is more important than choosing the right delivery partner when it comes to deliveries, as it forms part of the process which ensures that all products arrive safely in the hands of consumers. At the same time, this also means that our delivery partners are one of the largest contributing factors to the pollution caused by e-commerce. By choosing a partner that has green shipping alternatives such as owning a fleet of electric vehicles, for example, businesses can reduce their online stores’ greenhouse emissions.

Also Read: Want to succeed wildly? Adjust your attitude

If your delivery partner does not own an electric fleet, fret not! There are others ways which businesses can reduce the overall transportation frequency of products. Similar to the above best practices, by informing consumers that should they choose standard delivery (4 to 7 business days) upon the checkout process — as opposed to express (1 to 3 days) or same-day delivery — they will help the environment and save X per cent on emissions, thus reducing carbon footprint. By doing so, consumers may opt for standard delivery and deliveries will ultimately be optimized by engaging fewer suppliers to cover multiple needs, thereby reducing the number of shipments.

Whether it is about cost or environmental savings, sustainability is here to stay. It is crucial for businesses to satisfy its environmental responsibilities and optimize the overall customer experience through collaboration with partners in the ecosystem to develop sustainable practices that delight customers and eliminate waste, while at the same time maintaining quality products and services — by ensuring products arrive undamaged and intact.

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Exploring the current scenario of startup ecosphere in Southeast Asia

 

Whenever you think about startups and entrepreneurs working together at a place on something exciting, what’s the first place that comes into your mind? Silicon Valley, right?

Silicon Valley is the global hub for startups which every other emerging startup ecosphere is trying to replicate. However, over the past few years, Southeast Asian (SEA) countries have topped the growth charts in terms of startups. 

With a population of over 650 million people and 330 million monthly active users, SEA provides a great avenue for investors and startups. Moreover, the increasing pipeline of customers as well as the revenue act as a motivation for entrepreneurs to expand their businesses there. 

However, just because the region provided entrepreneurs with troves of opportunities, it doesn’t mean that it’s easy to start over there. Several challenges make the process troublesome.

Some giants companies have found it difficult to gain a foothold over there and so chose to either acquire, invest, collaborate with a local business or simply quit the market completely. 

To understand the present scenario for startups on the SEA market, several companies have put millions in research, analysis, and surveys and have gathered a considerable amount of data. In this article, we will be sharing a few most important insights from the gathered data. To start with, let’s check out the challenges in detail first. 

The challenges with investing in Southeast Asia’s startup ecosphere

SEA’s internet economy touched 50 billion USD in 2017 which outpaced the previous expectations by 35 per cent and it is expected that by 2025, it will reach 200 billion USD.

Yet to start a business in the SEA region, investors, as well as entrepreneurs, should be aware of the major hurdles that the region possesses.

Understanding the local market scenario and competitors

How will you beat the competitors who already exist in the market? Your start may have a great user base in the USA or Australia but that won’t help you to gain users in Singapore or Thailand, right?

Also Read: Eating your way in the Philippines: These 6 food startups can kickstart your foodies journey in the country

Researching the present competitors in the market and understanding the workings as well as the target audience helps you to determine if it’s worthwhile endeavour to start a startup in the market and the resources needed to establish your business to provide the desired output and gain sufficient market share. 

For this, companies need to research everything itself because such an in-depth analysis can’t be copied or outsourced. 

Diversity of cultures

Startups that are trying to set up their base in Southeast Asia might find it strenuous to replicate their business because of cultural and language barriers.

The SEA region constitutes around 11 countries and every country has its own language, culture, a form of government, economic system, population age, and technical expertise. In addition to it, as per a report by McKinsey Global Institute, the per capita income may also differ up to 50x in the neighbouring countries. 

Because of the diversity in cultures and languages, the market seems too fragmented and complicated for startups. There are no one-size-fits-all strategies that can be applied here. 

Timing

Is it the right time to expand your business in SEA?

Is your product ready to serve a need? Is there any market need for your product? It’s common in the startup ecosystem to have a thriving business in their region, yet you might struggle to thrive in a foreign market with the same product. 

You need to understand whether it is the right time to start your business in SEA or not. In this case, you’ll need to check the product available in the market and survey if there’s any market need for your product or not.

Financial situation

To determine the financial status of your business is crucial before stepping in the SEA region. Unless you invested a substantial amount of dollars for building a business reputation in the international market, your brand equity overseas is trivial.

There should be a proper strategy along with considerable resources to set up a new business, boost brand awareness and create a business process that can help to backup new business contracts internationally.

A useful idea here is to collaborate with local investors and entrepreneurs for understanding and even cutting off some direct market entry costs as well as associated risk.

A clear and measurable strategy

Before making the leap, do you have a roadmap for success? It’s crucial to have a measurable roadmap. However, it isn’t possible to predict market dynamics in its aggregate, learning from other company’s successes and failures can help in the planning.

This will help you to anticipate possible market risks and checking their mitigation measures can boost your decision-making process. 

Also Read: Indonesian P2P lending startup Amartha snags Series B funding led by LINE Ventures, to grow lending capacity across country

These were the challenges of starting up in the SEA region and now it’s time to reflect some findings of the SEA market.

Growth stage investments are on the horizon

One of the common indicators of the ecosystem maturity is the enhancement in the growth stage capital when funding is needed for scaling the business instead of validating the idea or understanding the market scenario.

As VC investment money is shifting from seed funding to the later rounds, this landscape is showing that organizations are thriving. 

The region has witnessed some massive deals in the past few months including Grab’s USD$2B series G and Tokopedia’s USD$1.1B Series F and now is home to 8 tech unicorns. 

Singapore is the right place to start a business

Singapore has been listed as the most favoured place for starting a startup followed by Kuala Lumpur and Jakarta. The main reason behind this is the strong public infrastructure and the quality of life there.

However, according to the survey, access to capital and the ease of starting and operating a business in Singapore is the reason why entrepreneurs prefer the place. Moreover, Singapore owns several VCs and a supportive government that is ready to invest significantly in small to medium-sized businesses. 

Gender diversity

As an important topic that has been discussed in Silicon Valley as well, gender diversity is a critical issue with a scope of improvement. In SEA, a report found that 40% of the respondents were working in all-male employees company. 

Additionally, when asked if gender should be considered while choosing an investment opportunity for a startup, the result was highly negative.

Founders had a strong opinion on this and the results were split by gender lines: While 35 per cent of female founders supported to consider the gender, just 2 per cent of male founders supported the same. 

Conclusion

As the number of startups, investors and entrepreneurs are rapidly increasing in the SEA region, the place has started to have the startup fever.

As the startup ecosphere continues to mature, the future too can be expected to have a bright view and there are also chances that SEA may outshine the other startup ecosystems in the world very soon. 

So if you’re planning to startup in SEA or expand your business over there, this time is the best one because of the exploding opportunities and available rooms for new ventures.

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“We’re burning money,” says Lippo Group founder Mochtar Riady, selling 70 per cent stake in the omnipresent e-wallet OVO

Karaniya Dharmasaputra, OVO’s President Director

Digital financial services firm Visionet International’s (OVO) is entering a new era as Lippo Group founder Mochtar Riady has sold 70 per cent of its stake in OVO to other parties.

Stating the reason is its high level of spending, Riady further explained: “We’re not letting go of our stake. We’re merely selling two-thirds of it. We’re retaining the remaining 30 per cent of our stake,” Mochtar said, as quoted in The Jakarta Post, during the 2019 Indonesia Digital Conference, an event organised by the Indonesian Cyber Media Association (AMSI) in Jakarta.

Rumours have been circulated since earlier this year that Lippo Group would sell its stake in OVO as the company could no longer inject more funds into the fintech firm. Lippo Group was paying around US$50 million to OVO per month.

On a different occasion, OVO President Director Karaniya Dharmasaputra denied the rumors, saying that OVO was originally founded and developed by Lippo Group. Dharmasaputra was firm on how the future of OVO has been discussed with Lippo Group director John Riady.

In Fintech Report 2019, it is stated that 82.7 per cent of Indonesians were aware of digital wallet platforms, while 62.4 per cent were aware of digital investment and 56.7 per cent of pay-later services. The report confirms that digital payment is indeed the most popular type of financial technology (fintech) service for Indonesians.

Also Read: OVO expands to P2P lending service by acquiring Taralite

The study, which involved 1,500 respondents nationwide, also found that GoPay topped OVO in terms of digital payment use even with OVO’s awareness being higher than GoPay.

Furthermore, Riady also shared his two cents about the technological development in the sector as the survival key. “Artificial intelligence would be the logical continuation of digital technology in the near future. Digital technology is not new. It began its life in 1946, so it’s now 74 years old, so I believe it will soon be replaced by AI, where everything is done by robots,” added Riady.

A little over a month ago, Finance Asia in its report cited a source that claimed OVO to have reached unicorn status through its latest funding round at US$2.9 billion valuations.

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How not to build a bot: 3 steps to a cringeworthy chatbot experience

 

Chatbots are all the craze. Just like blockchain, it’s something every business simply needs. Or do they? As for most of the chatbots I’ve seen, they do more harm than good. They drive me up the wall. It’s like dancing in a nightclub: Unless you really know what you’re doing, you’re going to make a fool of yourself.

Here are the 3 things to consider if you want customers to be dissatisfied with your effort on user experience:

1. Be emotionless

A chatbot is a bot after all, so who cares about personality or empathy? Just keep those automated messages coming. And definitely, don’t be funny. Singapore’s most successful chatbot (BusUncle) may be known for its jokes, but what do they know?

They are way too popular anyway. People probably don’t like your company to begin with, so why suck up to your audience with well-meant humour? If your users need a friend, they can talk to Siri or Alexa.

2. Keep it random

Why should customers know the reason for you to have a bot? Isn’t that obvious – you did it because it’s cool to have one (and because your competitor does.) So, who really wants to know its purpose or how it can help?

Just like having pepper the robot at your event booth awards you Centurion for your conference booth game, sandwiching bots between customers and your company to serve no particular purpose proves you care about what matters (being random) over the boring stuff (serving customer needs or solving their problems)

3. Make it nice and complicated

Simplicity and intuitive UX is boring. Make it really hard for your customers to figure out what your bot can do. Ideally, pretend like it can handle anything. Then, whatever your users say, make sure you reply with the same template message.

Next, it’s always advisable to ask people whether they have time for a short survey, as you value their opinion. By this time, you will have successfully wasted a few minutes of your customers’ time and sent them scrambling to find the hotline. Which is great, because we all love an overloaded contact centre.

By now, you’re hopefully beginning to understand just how important it is to have bots working for you. If you are also interested in achieving business outcomes as opposed to driving up your users’ stress levels, you may find it pays off to learn from the best bots in business.

In episode 2 of the Present To Future podcast, I co-host, BusUncle founder and CEO of BotDistrikt Abhilash Murthy joins us to decode the success of the most popular chatbot used (and proudly made) in Singapore. Most of all, we speak with him about his experience in helping clients build amazing conversational experiences that are fun to use and get the job done.

Watch the video here :

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India’s CarDekho buys Carmudi Philippines, aims to digitise the country’s auto ecosystem

CarDekho Group, which owns and operates a string of auto portals in India, has acquired car classifieds site Carmudi Philippines.

It is the second Southeast Asian country where CarDekho has started operations after its launch of Indonesia operations under OTO.com in 2016

The acquisition of Carmudi is aligned with CarDekho’s business strategy to expand and fortify its footprint across the region. In the Philippines, CarDekho will aggressively focus on building up and digitising the ecosystem and offer solutions to both new and used car buyers.

Also Read: ‘We’re burning money’, says Lippo Group’s Mochtar Riady; to sell 70% stake in e-wallet OVO

“The Philippines’s underlying macro fundamentals make it an extremely promising market. The market demand for new private vehicles in the Philippines has grown at a CAGR of 14 per cent during 2014-2018 with new car sales crossing 380,000 units in 2018. We see this growth as a big opportunity to digitise the Philippines auto ecosystem and engage with consumers throughout their online car buying journey. Our strong ecosystem play has made us a leader in India and Indonesia. And now we are expecting the same for the Philippines,” Umang Kumar, Co-founder and President, CarDekho, said.

“CarDekho’s backing will help us in further strengthening our position in this region. This means added enhancements in technology, processes, and platform resulting in great user experience. Carmudi is already known for quality listings, powerful search, and one-stop convenience but the collaboration with CarDekho will enable us to digitalise and simplify the entire auto ecosystem,” said Cholo Syquia, Country Head, Carmudi Philippines.

Founded in 2008 and headquartered in Jaipur, CarDekho currently operates auto sites such as CarDekho.com, Gaadi.com, ZigWheels.com, BikeDekho.com and PowerDrift.com in India. The group recently launched an insurance portal called InsuranceDekho.com offering services in motor and health insurance, and Gaadi.com is a one-stop destination for selling pre-owned cars.

The group also runs specialised portals like TyreDekho.com and TrucksDekho.com.

Also Read: 10 mistakes that new entrepreneurs tend to make and should avoid in 2020

CarDekho also works actively with over 4,000 new auto dealerships and 3,000 used car dealers across India. Also, it works in collaboration with more than ten financial institutions and 18 insurance companies across the country to facilitate used car financing and insurance for both buyers and sellers.

CarDekho has raised funding from marquee investors which include Sequoia IndiaHillhouse CapitalCapitalG(formerly known as Google Capital), Tybourne Capital, HDFC Bank, Axis Bank, Times InternetRatan Tata, and Trifecta.

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How blockchain technology is impacting cloud accounting and tax?

 

For example, AI-based optical character recognition is transforming the way in which businesses log and store expense information. Blockchain technology delivers interoperability between traditionally siloed tax data structures, streamlining compliance and reporting.

The most profound way in which technology is changing the tax ecosystem, however, is the rise of cloud accounting.  

What is cloud accounting?

Cloud accounting allows businesses to eliminate the need for expensive local financial data storage, which presents security risks and take advantage of powerful taxation software and services based on remote servers.

Cloud accounting services include payroll, accounting, invoicing, accessibility, and third-party integration features, and can significantly reduce the overheads associated with executing an effective tax strategy. Businesses that use cloud accounting services benefit from a cost reduction in hardware maintenance, and an improved user interface.

Enterprise and the cloud

The use of cloud accounting has dramatically increased over the last decade. Data published by Forbes demonstrates that 80 percent of major enterprise organizations now operate critical financial software on cloud-based platforms that significantly improve overall business efficiency. 

Also Read: How I led a startup within a MNC

Getting cloud-based tax and accounting software set up at your business is relatively simple, but it’s best to enlist the help of accountancy services to ensure you’re collecting data and reporting in a compliant manner, which automates tasks that would be time-consuming tasks. 

Cryptocurrency payments

The third-party integration offered by cloud accounting platforms are extremely flexible — many online merchants, for example, accept digital currencies such as Bitcoin as a payment method. Traditional taxation software can struggle to track cryptocurrency payments, whereas third-party applications are able to provide full reporting functionality designed specifically for digital assets.

Another modern tax tech is able to assist with the complex nature of cryptocurrency tax reporting. Major cryptocurrency exchanges can work to keep customer data extremely secure and private, which can make it difficult to track trades for capital gains, income tax reporting and atomic swaps

Financial sensitive data

Data breaches are extremely costly for businesses of all sizes. Both large and small scale enterprises are often the target of hackers that attempt to steal sensitive financial data. A single breach can incur a heavy cost.

Also Read: What I’ve learned from building lean in Asia

Data published by IBM reveals that the average data breach costs businesses almost $4 million, with each individual breached record valued at over $150. Cloud-based tax solutions and accounting software help to keep your business data safe with enterprise-scale security, eliminating the threat of data breaches. 

Key takeaway

Many businesses operate under tight budget constraints that doesn’t leave much room for professional full-time accounting staff. Cloud-based tax tech reduces the total amount of time businesses must direct toward financial strategy and tax reporting, freeing up capital that can be reinvested into the business itself. 

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How learning like babies can be the future of AI?

 

 

A three-year-old Stacy sat with her dad beside her one beautiful Sunday morning. It was the one day where she got to interact and play with him. The rest of the week, John was busy experimenting with theories and building machine learning models that could have an impact on the world. Like an enthusiastic toddler, Stacy would get up early on Sunday mornings to do all her favourite things with her father. One of them included building Lego structures.

This Sunday was different than the rest because it was Stacy’s birthday and John had her brought her a brand new Lego set with unique characters. As Stacy and Jon sat in the backyard early morning, John gave her the present.

An excited Stacy immediately unwrapped the Lego box and took out the pieces. Just like every other time, she started building it in an upward direction. Stacy loved building towers, traffic lights, and skyscrapers and was going to do the same this day.

The only difference being she would now make the all-new Lego character sit on top of those structures. But, that’s when John interrupted and suggested building it sideways.

Also Read: How Chinas Greater Bay Area initiative will create a testbed for AI and decentralised tech industry

Could Stacy build the Lego sideways or in any other direction, because she had only been building it upwards? Five minutes later, Stacy starts sticking tapes to the wall. Its fifteen minutes now and little Stacy exclaims, Here Dad! Batman is now sitting on my Lego train track that enters the wall!

A machine inspired experiment

John’s attempt to encourage Stacy is an example of an experiment. Stacy could easily apply her knowledge and experience of building Legos upwards to building them sideways. And all this she could do within minutes. What Stacy demonstrated can be called as mere common sense, which even the most advanced computers of today’s generation fail to display.

Unlike Stacy, who could quickly learn to apply her existing knowledge to a new context, modern artificially intelligent systems still find such a case hard to reproduce. Like John, many other scientists and experts believe that artificial intelligence could learn from babies. While this could open many possibilities for the future, it could also impact the world in ways we can’t even imagine.

Scientists in the past have tried feeding direct knowledge to computers to create artificial intelligence. However, since that approach failed miserably, we now have machine learning to the rescue.

Today’s machine learning techniques enable the computer to learn on their own by figuring out what to do upon looking at a large dataset. Researchers from all across the world claim that these machine learning models can be trained to learn almost anything and everything. It even includes one of the human’s most prized possesions-common sense.

The idea of common sense

But it seems like these researchers are ignoring decades of scientific work in the field of cognitive science and developmental psychology that demonstrate that humans have some innate abilities. The inherent capabilities of humans are nothing but programmed instincts that appear in a child as they are born and grow up. These help us think abstractly, clearly and fundamentally attribute to what we call common sense.

For a more precise distinction, our machine learning models today rely on a large number of data sets to produce accurate results. Even the meta-learning models that learn only from a limited number of data sets need a few hundred for the task. But, the underlying question is, do children learn in this manner? Did John show Stacy a thousand cases of building a Lego sideways before she could make it?

In another instance, let’s take a much simpler problem, where a child learns to identify objects around them. Do we need to show a child a few thousand apples, before they recognize it as one? The answer is no, and it sounds radically mindless when we apply machine learning methods to human beings. The answer to why such practices are inapplicable to even the most underdeveloped human brains lies in our innate abilities.

Artificial Intelligence researchers ought to bring these qualities and instincts of a child’s learning to complex machines. However, most systems that are riding high on machine learning’s success seldom find this of importance. Computer scientists appreciate the simplicity and one of their goals involves reducing the debugging of complex Java development code.

Also Read: How Chinas Greater Bay Area initiative will create a testbed for AI and decentralised tech industry

Josh Tenenbaum, a psychologist at the Massachusetts Institute of Technology (MIT) in Cambridge, says that big companies like Facebook and Google are another reason why artificial intelligence has reached its limits and is being further pushed in that direction. These companies are merely interested in solving short term problems using machine learning.

Some of these are facial recognition and the web search that can be done by training a model on a vast number of data sets. Since such models work remarkably well, there seems no need for exploring an intelligence that is innate like a child.

The way machines learn

However, there is no doubt that the existing techniques have led to some out of the ordinary breakthroughs. Today, you can give a machine some millions of pictures of animals and label them like a cat or a dog. Even in the absence of any further information about the characteristics of cats and dogs, the machine will be able to classify new examples of cats and dogs. To achieve this, the machine learning models abstract some statistical patterns from the pictures and then use them for classification.

Similarly, a machine called Google’s Deep Mind’s Alpha Zero can be trained to play a game of Chess or a video game right from scratch. The logic behind it is simple. When a computer performs a game, it gets a score. Over time, as it keeps on playing millions of such games, it learns to maximize its score. Alpha Zero has also been able to beat IBM’s Deep Blue, another trained model, at Chess. The surprise comes when these models don’t even understand the mechanics of the game and go on finding statistical patterns to increase their learning. In other words, they are not intelligently learning but learning from their experiences.

In spite of being a great use, the problem is that these algorithms have developed a limitation. The more you feed them with data, the better they will learn. But when it comes to generalizing from all this data, they fail miserably.

Imagine this in the context of babies. They don’t need millions of samples to learn. They learn much more generally and accumulate a more robust kind of knowledge when compared to artificially intelligent machines. For researchers, the future of artificial intelligence lies in unravelling the mystery behind the way babies learn, and the way devices can implement it.

Thinking about the big picture or the future, scientists need to develop AI so that it can solve many fierce problems involving common sense and flexibility than today. If we want to imagine a world with autonomous cars that can run in chaotic traffic, or bots that explain the news to a reader, we need a build AIs to solve problems in a more generalized environment.

However, with some research going on in the world, there is some hope left for the future. Massachusetts Institute of Technology (MIT) recently launched a research initiative called Intelligent Quest to understand human intelligence in terms of engineering. The initiative is already raising millions of dollars by now and in some ways, trying to answer a similar issue like that of nature versus nurture in learning theories.

Even the Defense Advanced Research Projects Agency is working on a project called the Machine Common Sense to understand how babies and young children learn. As astonishing as it sounds, the government research lab that helped invent the Internet and the computer, is now partnering with child psychologists and computer scientists for the task.

A different approach to learning

There might be evidence for developing a system with childlike learning capabilities because many credible organizations across the world are investing in such research. But there are problems with machines that we seek to solve. Human babies, the smartest among all other species, learn by the trial and error method. Apart from this, cognitive development scientists say that as babies, we are born with some basic instincts that help us quickly gain a flexible common sense.

For machines, it has been challenging because we haven’t since any conceptual breakthroughs in machine learning since the 1980s. Most of the popular machine learning algorithms came into the picture back then. To date, all we have seen in the name of advancements is ever-expanding sets of data that are being used to train machine learning models on a large scale.

Young children, on the other hand, learn differently from the machines. The kind of data that the machine learns from are generally curated by the people and of good quality and clear category.

You won’t find people posting blurry pictures of themselves. All they try is to display the best shot. Similarly, games like Chess are defined by people to work within a fixed range of possibilities and under specific rules. But when it comes to children, it is the opposite of clarity.

Ongoing research at Stanford University suggests that babies see a series of chaotic and poorly filmed videos that consist of a few familiar things such as toys, parents, dogs, food, etc. These move around at odd angles and are the opposite of millions of clear photographs present in an internet data set.

Another factor comes into play when machines learn. It is called ‘Supervision’. Machines need to be told what they’re learning. When images are annotated, they are given particular labels. Similarly, when machines play games, each of their moves is scored. All this helps the machine see what it exactly needs to learn.

The data for children is, however, largely unsupervised. Parents do tell their babies notions such as ‘good job’, ‘danger’ or tell them what animal is given in a picture. But it is mostly to keep them safe and sound. A large part of the baby’s learning is spontaneous and motivated by one’s self.

Also Read: Today’s top tech news: Tourplus raises US$400K, developer school 42 launches in Malaysia

Even if we provide large data sets of data to a machine, they cannot figure out the same kind of generalizations as children do. Their knowledge can be considered shallow, and they can be fooled very easily with what is known as adversarial examples. For example, if you give an AI an image that has jumbled pixels, it will most probably classify it as a cat if the pixels fit the right statistical pattern of its learning. However, a child will seldom make that mistake.

In a similar instance, advanced AI models such as Alpha that we have today, do not imply common sense in their learning. If an AI learned the game Go on a standard 19 * 19 board, it wouldn’t be able to demonstrate the same playing skills on a 21 * 21 board. Instead, the AI would have to learn the game anew. Scientists have also tested this theory with the domain of odd and even numbers. A network was trained to take input as an even number and simply spit it out. However, when the same number was tested with odd numbers, it immensely faltered. This isn’t the case with a child.

Conclusion

AI as a program keeps an eye on the learner and dictate them whether they are right or wrong at every step of the way. This is quite unlike human children, who under helicopter parenting might be able to do a designated task well but fail in critical matters such as creativity and resiliency.

Alter the problem even with the smallest degree, and they will have to learn all over again. That’s the case with machines, and it is exactly how they differ from human children.

No doubt we are far away from approaching a human-like intelligence level in machines. While this might not be our sole purpose, we still want an AI like C3PO that can make us even smarter. Our only solution to achieve a desirable AI is to take cues from babies and create more curious AIs than obedient ones.

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Image Credit:  Franck V

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Today’s top tech news: Lynk gets new funding, Ola considering IPO and layoffs

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Global “Knowledge-as-a-Service” platform Lynk announces successful funding round- Press release

Lynk, that spearheaded the “Knowledge-as-a-Service” (KaaS) sector, announced the close of a funding round led by Singapore-based MassMutual Ventures Southeast Asia (MMV SEA). Alibaba Entrepreneurs Fund and Wavemaker Partners, who led the seed round, also participated.

Lynk allows customers to access expertise and insights from advisors to innovate, enter new markets, and quickly understand business risk and evaluate opportunities. Unlike other expert access products, Lynk is focused on its KaaS technology platform that utilizes natural language processing, conversational AI analytics, and machine learning with human-in-the-loop to enable expert knowledge acquisition and sharing at scale.

Anvesh Ramineni, Managing Director at MassMutual Ventures Southeast Asia said, “Lynk’s unparalleled growth and proprietary approach to harness unstructured data in building out a platform that can enable a wide range of potential applications made it an obvious choice for us. We look forward to supporting the company’s expansive growth across various regions of the world.”

Indian insurtech startup Acko raises funds from Ascent Capital- DealStreetAsia

Insurance tech startup Acko General Insurance has raised US$16 million in fresh funding from growth capital provider Ascent Capital, according to the company’s filings with the registrar of companies (RoC), said a report by DealStreetAsia.

Founded by Coverfox co-founder Varun Dua in 2016, Acko offers general insurance products, including auto, smartphone, and travel insurance. The startup has built a diverse base of partnerships with consumer internet platforms across e-commerce and travel categories, besides auto manufacturers, to expand its customer base. Acko has a tie-up with cab-hailer Ola and other online travel aggregator platforms, such as RedBus and Goibibo, for offering online travel insurance. It has around 45 million registered customers and around 20 digital partners, including travel, cab-hailing, and e-commerce platforms.

The Mumbai-based insure-tech startup had earlier raised money from Binny Bansal, SoftBank’s Kabir Mishra, Amazon Inc., Accel Partners and Infosys founders Narayana Murthy and Kris Gopalakrishnan.

In March, it had secured a US$65-million Series C round led by Bansal. In May 2018, Acko had secured a US$12 million round led by Amazon India and Ashish Dhawan, founder of homegrown private equity fund ChrysCapital. In 2017, it had raised US$30 million in seed money from Accel Partners and SAIF Partners, among others. To date, it has raised over US$100 million.

Facebook caught in the crossfire of Singapore’s ‘fake news’ law- Bloomberg

The Singaporean government on Friday invoked its recently enacted “fake news” law, this time ordering Facebook Inc. to publish a correction notice on a post made by an anti-government blog, according to a news article by Bloomberg.

In the third such order in a week, an arm of the Ministry of Communications and Information instructed Facebook to correct a States Times Review post accused of using falsehoods to criticize the ruling People’s Action Party. The government had previously denounced the report that police had arrested a government whistle-blower and taken down information that exposed a plot to turn the affluent city into a Christian state.

Also read: The world should wish the Singapore fake news law is Fake News

Singapore introduced its controversial fake-news law as it prepares to hold general elections by April 2021, though the ruling party has called for early polls in recent cycles. Officials, including Home Affairs and Law Minister K Shanmugam, have openly questioned the ability of internet companies to handle widespread misinformation — a growing scourge of elections around the world. But critics worry the new legislation can be used to clamp down on free speech. A Facebook representative acknowledged it has received the government request but declined further comment.

Ola may lay off 225 employees as SoftBank-backed firm gears up for IPO- Reuters

Softbank-backed Indian ride-hailing firm Ola, aims to begin the IPO process by the end of March 2021 and plans to cut its 4,500-strong workforce by up to 5% or 225 heads as part of preparations, people with direct knowledge of the matter told Reuters.

The news comes as tech investor SoftBank smarts from the abandoned share sale of major portfolio firm WeWork, as well as its first quarterly loss in 14 years after an $8.9 billion hit to its Vision Fund, through which it is Ola’s top stakeholder.

Ola, officially ANI Technologies Pvt Ltd, is India’s home-grown rival to US peer and fellow SoftBank portfolio firm Uber Technologies Inc. Local media have previously reported Ola was targeting an initial public offering (IPO).

As part of that effort, Ola has engaged McKinsey & Company and EY as consultants said the executive. At the same time, Ola plans to reduce its 4,500-strong permanent workforce by 4% to 5%, said another person.

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Fintech startup Halofina secures pre-Series A funding led by Mandiri Capital Indonesia, helping millennials managing finances

Indonesian financial management startup Halofina announces that it has raised an undisclosed amount of pre-Series A funding round led by Mandiri Capital Indonesia, backed by Finch Capital, DealStreetAsia has learned.

The company said that it will use the fresh capital for product development, organization and talent enhancement, as well as strategic partnerships.

This is the company’s second round of funding, as it previously received funding from Singapore-based Plug and Play, and Rekanext as well as Indonesian firm Radika in late 2018.

Halofina was founded in 2017 by Adjie Wicaksana and financial industry veteran Eko Pratomo. It is an AI-based personal financial planning application that helps its users manage their finances and build investment strategies.

Halofina said that its users are largely the millennial generation and middle-upper income group.

Also Read: Plug and Play Indonesia brings in 17 startups into its 3rd batch

The company first launched its app in March 2018, and started off as a company that operated in the field of offline and online personal finance education, said Halofina co-founder and CEO Wicaksana in an interview with DealStreetAsia.

According to studies, the middle-income class in 2020 is expected to be 140 million people. And the majority of the middle-income group is the millennials. Upper middle income, millennials and digital savvy population amount to around 35 million people in Indonesia.

“The number is significant, particularly when we take into account the fact that the investors in our capital market are only over 1.5 million,” Wicaksana said.

Halofina’s main feature is LifePlan, which helps users calculate and plan their future financial needs for life goals like marriage, housing, education, vehicle, by giving them a cost estimate and calculating how much needs to be saved per month. The feature also gives a recommendation on asset allocation, based on users’ goals, risk profile, and financial profile, helping users decide on the investment products to purchase, which currently consists of mutual fund and gold.

The platform then continues to provide users with the option of the products they need, as well as track and monitor it afterward.

Also Read: Meet the 10 Indonesian fintech startups you may have never rooted for before

“In the first quarter of next year, we will work with third parties to develop educational content such as an audiobook, podcast, video, and even online consultation which will enable experts to make content and provide consultation service,” Wicaksana said.

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RHL Ventures launches accelerator programme for startups in emerging technologies in Malaysia

Private investment firm RHL Ventures has announced the launch of an accelerator programme to identify and scale Malaysian businesses dealing in emerging technologies.

The VC firm has also inaugurated its new office in Kuala Lumpur.

RHL Ventures made the announcement during a press conference hosted by its Managing Partners, Rachel Lau and Raja Hamzah Abidin, as well as General Partner Jo Jo Kong. During this session, they shared RHL’s upcoming plans to nurture Malaysian companies that have high potential in scaling their innovations within the domestic market and abroad.

This was followed by a panel discussion comprising Yang Berhormat Syed Saddiq Syed Abdul Rahman (Minister of Youth and Sports of Malaysia), Yang Mulia Tengku Dato’ Sri Zafrul Tengku Abdul Aziz (Group Chief Executive Officer & Executive Director of CIMB Group Holdings Berhad) and En. Jalil Rasheed (President and Group CEO, Permodalan Nasional Berhad). Their deliberations centred around the state of Malaysia’s SME and entrepreneurial ecosystems.

The discussion particularly focused on what efforts they need to take to scale in a new era of industry underpinned by business innovation and technological transformation, as well as the significant role that investors need to take to promote sustainable economic growth.

Meet the VC: RHL Ventures on sniffing out a good deal and why VCs need to work together

“Our new accelerator programme underlines our firm’s stronger refocusing of efforts to grow Malaysia’s entrepreneurial and investment ecosystem along more sustainable lines,” said Lau. “With Malaysia’s innovation landscape now being more vibrant and dynamic than ever before, we are looking forward to identifying and working with the country’s best and most forward-thinking businesses. This way, we want to help them scale their innovations and grow them to become local and global champions.”

As part of its drive to support the growth of local businesses and entrepreneurs, RHL Ventures earlier this year announced the launch of RM100 million (US$24.3 million) fund to support the growth of local SMEs.

Founded in 2016, RHL has invested several tech startups, including healthcare SaaS company HealthMetrics, and healthy snacks e-commerce platform Signature Market. In February, RHL invested an undisclosed sum in Atap.co, an online marketplace for interior designer sourcing and hiring.

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